Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
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 | 501,105,185 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 49,200,000,000 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income | |||
Loans | $ 7,203,000,000 | $ 7,427,000,000 | $ 7,866,000,000 |
Investment securities | 1,679,000,000 | 1,624,000,000 | 1,749,000,000 |
Other | 441,000,000 | 380,000,000 | 392,000,000 |
Total interest income | 9,323,000,000 | 9,431,000,000 | 10,007,000,000 |
Interest Expense | |||
Deposits | 403,000,000 | 325,000,000 | 344,000,000 |
Borrowed funds | 642,000,000 | 581,000,000 | 516,000,000 |
Total interest expense | 1,045,000,000 | 906,000,000 | 860,000,000 |
Net interest income | 8,278,000,000 | 8,525,000,000 | 9,147,000,000 |
Noninterest Income | |||
Asset management | 1,567,000,000 | 1,513,000,000 | 1,342,000,000 |
Consumer services | 1,335,000,000 | 1,254,000,000 | 1,253,000,000 |
Corporate services | 1,491,000,000 | 1,415,000,000 | 1,210,000,000 |
Residential mortgage | 566,000,000 | 618,000,000 | 871,000,000 |
Service charges on deposits | 651,000,000 | 662,000,000 | 597,000,000 |
Net gains on sales of securities | 43,000,000 | 4,000,000 | 99,000,000 |
Other | 1,294,000,000 | 1,384,000,000 | 1,493,000,000 |
Total noninterest income | 6,947,000,000 | 6,850,000,000 | 6,865,000,000 |
Total revenue | 15,225,000,000 | 15,375,000,000 | 16,012,000,000 |
Provision For Credit Losses | 255,000,000 | 273,000,000 | 643,000,000 |
Noninterest Expense | |||
Personnel | 4,831,000,000 | 4,611,000,000 | 4,743,000,000 |
Occupancy | 842,000,000 | 833,000,000 | 833,000,000 |
Equipment | 925,000,000 | 859,000,000 | 763,000,000 |
Marketing | 249,000,000 | 253,000,000 | 246,000,000 |
Other | 2,616,000,000 | 2,932,000,000 | 3,096,000,000 |
Total noninterest expense | 9,463,000,000 | 9,488,000,000 | 9,681,000,000 |
Income (loss) before income taxes and noncontrolling interests | 5,507,000,000 | 5,614,000,000 | 5,688,000,000 |
Income taxes | 1,364,000,000 | 1,407,000,000 | 1,476,000,000 |
Net income | 4,143,000,000 | 4,207,000,000 | 4,212,000,000 |
Net income (loss) attributable to noncontrolling interests | 37,000,000 | 23,000,000 | 11,000,000 |
Preferred stock dividends | 220,000,000 | 232,000,000 | 237,000,000 |
Preferred stock discount accretion and redemptions | 5,000,000 | 5,000,000 | 12,000,000 |
Net income attributable to common shareholders | $ 3,881,000,000 | $ 3,947,000,000 | $ 3,952,000,000 |
Earnings Per Common Share | |||
Basic | $ 7.52 | $ 7.44 | $ 7.45 |
Diluted | $ 7.39 | $ 7.3 | $ 7.36 |
Average Common Shares Outstanding | |||
Basic | 514 | 529 | 528 |
Diluted | 521 | 537 | 532 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 4,143,000,000 | $ 4,207,000,000 | $ 4,212,000,000 |
Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Net unrealized gains (losses) on non-OTTI securities, Before Tax | (569,000,000) | 375,000,000 | (1,211,000,000) |
Net unrealized gains (losses) on OTTI securities | (13,000,000) | 79,000,000 | 231,000,000 |
Net unrealized gains (losses) on cash flow hedge derivatives | 127,000,000 | 168,000,000 | (527,000,000) |
Pension and other postretirement benefit plan adjustments, net activity, Before tax | (54,000,000) | (446,000,000) | 852,000,000 |
Other | (42,000,000) | (39,000,000) | 21,000,000 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (551,000,000) | 137,000,000 | (634,000,000) |
Income tax benefit (expense) related to items of other comprehensive income | 178,000,000 | (70,000,000) | 236,000,000 |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (373,000,000) | 67,000,000 | (398,000,000) |
Comprehensive income | 3,770,000,000 | 4,274,000,000 | 3,814,000,000 |
Less: Comprehensive income (loss) attributable to noncontrolling interests (a) | 37,000,000 | 23,000,000 | 11,000,000 |
Comprehensive income attributable to PNC | $ 3,733,000,000 | $ 4,251,000,000 | $ 3,803,000,000 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets | |||
Cash and due from banks (a) | [1] | $ 4,065,000,000 | $ 4,360,000,000 |
Federal funds sold and resale agreements (b) | [2] | 1,369,000,000 | 1,852,000,000 |
Trading securities | 1,726,000,000 | 2,353,000,000 | |
Interest-earning deposits with banks (a) | [1] | 30,546,000,000 | 31,779,000,000 |
Loans held for sale (b) | [2] | 1,540,000,000 | 2,262,000,000 |
Investment securities | 70,528,000,000 | 55,823,000,000 | |
Loans (b) | [2] | 206,696,000,000 | 204,817,000,000 |
Allowance for loan and lease losses | (2,727,000,000) | (3,331,000,000) | |
Net loans (a) | [1] | 203,969,000,000 | 201,486,000,000 |
Goodwill | 9,103,000,000 | 9,103,000,000 | |
Mortgage servicing rights | 1,589,000,000 | 1,351,000,000 | |
Other intangible assets | 379,000,000 | 493,000,000 | |
Equity investments (a) | [1] | 10,587,000,000 | 10,728,000,000 |
Other (a) (b) | [1],[2] | 23,092,000,000 | 23,482,000,000 |
Total assets | 358,493,000,000 | 345,072,000,000 | |
Deposits | |||
Noninterest-bearing | 79,435,000,000 | 73,479,000,000 | |
Interest-bearing | 169,567,000,000 | 158,755,000,000 | |
Total deposits | 249,002,000,000 | 232,234,000,000 | |
Borrowed funds | |||
Federal funds purchased and repurchase agreements | 1,777,000,000 | 3,510,000,000 | |
Federal Home Loan Bank Borrowings | 20,108,000,000 | 20,005,000,000 | |
Bank notes and senior debt | 21,298,000,000 | 15,750,000,000 | |
Subordinated debt | 8,556,000,000 | 9,151,000,000 | |
Commercial paper | 14,000,000 | 4,995,000,000 | |
Other (c) (d) | [3],[4] | 2,779,000,000 | 3,357,000,000 |
Borrowed funds | 54,532,000,000 | 56,768,000,000 | |
Allowance for unfunded loan commitments and letters of credit | 261,000,000 | 259,000,000 | |
Accrued expenses (c) | [4] | 4,975,000,000 | 5,187,000,000 |
Other (c) | [4] | 3,743,000,000 | 4,550,000,000 |
Total liabilities | 312,513,000,000 | 298,998,000,000 | |
Equity | |||
Preferred stock (e) | [5] | 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 | 3,452,000,000 | 3,946,000,000 | |
Capital surplus - common stock and other | 12,745,000,000 | 12,627,000,000 | |
Retained earnings | 29,043,000,000 | 26,200,000,000 | |
Accumulated other comprehensive income | 130,000,000 | 503,000,000 | |
Common stock held in treasury at cost: 38 and 18 shares | (3,368,000,000) | (1,430,000,000) | |
Total shareholders' equity | 44,710,000,000 | 44,551,000,000 | |
Noncontrolling interests | 1,270,000,000 | 1,523,000,000 | |
Total equity | 45,980,000,000 | 46,074,000,000 | |
Total liabilities and equity | $ 358,493,000,000 | $ 345,072,000,000 | |
[1] | Our consolidated assets at December 31, 2015 included the following assets of certain variable interest entities (VIEs): Cash and due from banks of $11 million, Interest-earning deposits with banks of $4 million, Net loans of $1.3 billion, Equity investments of $183 million, and Other assets of $402 million. Our consolidated assets at December 31, 2014 included the following assets of certain VIEs: Cash and due from banks of $6 million, Interest-earning deposits with banks of $6 million, Net loans of $1.6 billion, Equity investments of $492 million, and Other assets of $483 million. | ||
[2] | Our consolidated assets at December 31, 2015 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $137 million, Loans held for sale of $1.5 billion, Loans of $.9 billion, and Other assets of $521 million. Our consolidated assets at December 31, 2014 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $155 million, Loans held for sale of $2.2 billion, Loans of $1.0 billion, and Other assets of $412 million. | ||
[3] | Our consolidated liabilities at December 31, 2015 and December 31, 2014 included Other borrowed funds of $93 million and $273 million, respectively, for which we have elected the fair value option. | ||
[4] | Our consolidated liabilities at December 31, 2015 included the following liabilities of certain VIEs: Other borrowed funds of $148 million, Accrued expenses of $44 million, and Other liabilities of $202 million. Our consolidated liabilities at December 31, 2014 included the following liabilities of certain VIEs: Other borrowed funds of $347 million, Accrued expenses of $70 million, and Other liabilities of $206 million. | ||
[5] | Par value less than $.5 million at each date. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash and due from banks | [1] | $ 4,065,000,000 | $ 4,360,000,000 |
Interest-earning deposits with banks | [1] | 30,546,000,000 | 31,779,000,000 |
Net loans | [1] | 203,969,000,000 | 201,486,000,000 |
Equity investments | [1] | 10,587,000,000 | 10,728,000,000 |
Other assets | [1],[2] | 23,092,000,000 | 23,482,000,000 |
Other borrowed funds | [3],[4] | 2,779,000,000 | 3,357,000,000 |
Accrued expenses | [4] | 4,975,000,000 | 5,187,000,000 |
Other liabilities | [4] | $ 3,743,000,000 | $ 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 | 38 | 18 | |
Preferred stock (e) | [5] | $ 500,000 | $ 500,000 |
Portion at Fair Value, Fair Value Disclosure | |||
Federal funds sold and resale agreements, fair value | [2] | 137,000,000 | 155,000,000 |
Loans held for sale, fair value | [2] | 1,500,000,000 | 2,200,000,000 |
Loans, Fair Value | [2] | 900,000,000 | 1,000,000,000 |
Other assets, fair value | [2] | 521,000,000 | 412,000,000 |
Other borrowed funds, fair value | [3] | 93,000,000 | 273,000,000 |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Cash and due from banks | [1] | 11,000,000 | 6,000,000 |
Interest-earning deposits with banks | [1] | 4,000,000 | 6,000,000 |
Net loans | [1] | 1,300,000,000 | 1,600,000,000 |
Equity investments | [1] | 183,000,000 | 492,000,000 |
Other assets | [1] | 402,000,000 | 483,000,000 |
Other borrowed funds | [4] | 148,000,000 | 347,000,000 |
Accrued expenses | [4] | 44,000,000 | 70,000,000 |
Other liabilities | [4] | $ 202,000,000 | $ 206,000,000 |
[1] | Our consolidated assets at December 31, 2015 included the following assets of certain variable interest entities (VIEs): Cash and due from banks of $11 million, Interest-earning deposits with banks of $4 million, Net loans of $1.3 billion, Equity investments of $183 million, and Other assets of $402 million. Our consolidated assets at December 31, 2014 included the following assets of certain VIEs: Cash and due from banks of $6 million, Interest-earning deposits with banks of $6 million, Net loans of $1.6 billion, Equity investments of $492 million, and Other assets of $483 million. | ||
[2] | Our consolidated assets at December 31, 2015 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $137 million, Loans held for sale of $1.5 billion, Loans of $.9 billion, and Other assets of $521 million. Our consolidated assets at December 31, 2014 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $155 million, Loans held for sale of $2.2 billion, Loans of $1.0 billion, and Other assets of $412 million. | ||
[3] | Our consolidated liabilities at December 31, 2015 and December 31, 2014 included Other borrowed funds of $93 million and $273 million, respectively, for which we have elected the fair value option. | ||
[4] | Our consolidated liabilities at December 31, 2015 included the following liabilities of certain VIEs: Other borrowed funds of $148 million, Accrued expenses of $44 million, and Other liabilities of $202 million. Our consolidated liabilities at December 31, 2014 included the following liabilities of certain VIEs: Other borrowed funds of $347 million, Accrued expenses of $70 million, and Other liabilities of $206 million. | ||
[5] | Par value less than $.5 million at each date. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) | Total | Series L Preferred Stock [Member] | Series K Preferred Stock [Member] | Common Stock [Member] | Preferred Stock Including Additional Paid in Capital [Member] | Preferred Stock Including Additional Paid in Capital [Member]Series L Preferred Stock [Member] | Preferred Stock Including Additional Paid in Capital [Member]Series R Preferred Stock [Member] | Preferred Stock Including Additional Paid in Capital [Member]Series K Preferred Stock [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | ||
Beginning Balance (in shares) at Dec. 31, 2012 | [1] | 528,000,000 | |||||||||||||
Common Stock, Beginning Balance at Dec. 31, 2012 | [1] | $ 2,690,000,000 | |||||||||||||
Capital surplus - Preferred Stock, Beginning Balance at Dec. 31, 2012 | [1] | $ 3,590,000,000 | |||||||||||||
Capital surplus - Common Stock, Beginning Balance at Dec. 31, 2012 | [1] | $ 12,193,000,000 | |||||||||||||
Retained Earnings, Beginning Balance at Dec. 31, 2012 | [1] | $ 20,210,000,000 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance at Dec. 31, 2012 | $ 834,000,000 | $ 834,000,000 | [1] | ||||||||||||
Treasury Stock, Beginning Balance at Dec. 31, 2012 | [1] | $ (569,000,000) | |||||||||||||
Noncontrolling interests, Beginning Balance at Dec. 31, 2012 | [1] | $ 2,772,000,000 | |||||||||||||
Total Equity, Beginning Balance at Dec. 31, 2012 | 41,720,000,000 | ||||||||||||||
Cash dividends declared [Abstract] | |||||||||||||||
Preferred stock redemption, shares | 1,500 | ||||||||||||||
Beginning Balance (in shares) at Dec. 31, 2012 | [1] | 528,000,000 | |||||||||||||
Common Stock [Abstract] | |||||||||||||||
Common stock activity, shares | 2,000,000 | ||||||||||||||
Treasury stock activity, shares | 3,000,000 | ||||||||||||||
Ending Balance, (in shares) at Dec. 31, 2013 | 533,000,000 | ||||||||||||||
Ending Balance, (in shares) (Cumulative effect of adopting ASU 2014-01 [Member]) at Dec. 31, 2013 | 533,000,000 | ||||||||||||||
Common Stock, Beginning Balance at Dec. 31, 2012 | [1] | $ 2,690,000,000 | |||||||||||||
Capital surplus - Preferred Stock, Beginning Balance at Dec. 31, 2012 | [1] | 3,590,000,000 | |||||||||||||
Capital surplus - Common Stock, Beginning Balance at Dec. 31, 2012 | [1] | 12,193,000,000 | |||||||||||||
Retained Earnings, Beginning Balance at Dec. 31, 2012 | [1] | 20,210,000,000 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance at Dec. 31, 2012 | 834,000,000 | 834,000,000 | [1] | ||||||||||||
Treasury Stock, Beginning Balance at Dec. 31, 2012 | [1] | (569,000,000) | |||||||||||||
Noncontrolling interests, Beginning Balance at Dec. 31, 2012 | [1] | 2,772,000,000 | |||||||||||||
Total Equity, Beginning Balance at Dec. 31, 2012 | 41,720,000,000 | ||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Net income | 4,212,000,000 | 4,201,000,000 | 11,000,000 | ||||||||||||
Other comprehensive income (loss), net of tax | (398,000,000) | (398,000,000) | |||||||||||||
Cash dividends declared [Abstract] | |||||||||||||||
Common | (911,000,000) | (911,000,000) | |||||||||||||
Preferred | (237,000,000) | (237,000,000) | |||||||||||||
Preferred stock discount accretion | 5,000,000 | (5,000,000) | |||||||||||||
Redemption of noncontrolling interests | (375,000,000) | (7,000,000) | (368,000,000) | ||||||||||||
Common stock activity | 105,000,000 | 8,000,000 | 97,000,000 | ||||||||||||
Treasury stock activity | 114,000,000 | (47,000,000) | 161,000,000 | ||||||||||||
Other | (539,000,000) | 173,000,000 | (712,000,000) | ||||||||||||
Common Stock, Ending Balance at Dec. 31, 2013 | 2,698,000,000 | ||||||||||||||
Common Stock, Ending Balance (Cumulative effect of adopting ASU 2014-01 [Member]) at Dec. 31, 2013 | $ 2,698,000,000 | ||||||||||||||
Capital surplus - Preferred Stock, Ending Balance at Dec. 31, 2013 | 3,941,000,000 | ||||||||||||||
Capital surplus - Preferred Stock, Ending Balance (Cumulative effect of adopting ASU 2014-01 [Member]) at Dec. 31, 2013 | 3,941,000,000 | ||||||||||||||
Capital surplus - Common Stock, Ending Balance at Dec. 31, 2013 | 12,416,000,000 | ||||||||||||||
Capital surplus - Common Stock, Ending Balance (Cumulative effect of adopting ASU 2014-01 [Member]) at Dec. 31, 2013 | 12,416,000,000 | ||||||||||||||
Retained Earnings, Ending Balance at Dec. 31, 2013 | 23,251,000,000 | ||||||||||||||
Retained Earnings, Ending Balance (Cumulative effect of adopting ASU 2014-01 [Member]) at Dec. 31, 2013 | 23,253,000,000 | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance at Dec. 31, 2013 | 436,000,000 | 436,000,000 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance (Cumulative effect of adopting ASU 2014-01 [Member]) at Dec. 31, 2013 | 436,000,000 | ||||||||||||||
Treasury Stock, Ending Balance at Dec. 31, 2013 | (408,000,000) | ||||||||||||||
Treasury Stock, Ending Balance (Cumulative effect of adopting ASU 2014-01 [Member]) at Dec. 31, 2013 | (408,000,000) | ||||||||||||||
Noncontrolling interests, Ending Balance at Dec. 31, 2013 | 1,703,000,000 | ||||||||||||||
Noncontrolling interests, Ending Balance (Cumulative effect of adopting ASU 2014-01 [Member]) at Dec. 31, 2013 | 1,703,000,000 | ||||||||||||||
Total Equity, Ending Balance at Dec. 31, 2013 | 44,037,000,000 | ||||||||||||||
Total Equity, Ending Balance (Cumulative effect of adopting ASU 2014-01 [Member]) at Dec. 31, 2013 | 44,039,000,000 | ||||||||||||||
Cash dividends declared [Abstract] | |||||||||||||||
Noncontrolling Interest Decrease From Deconsolidation | 675,000,000 | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | ||||||||||||||
Cumulative effect adjustment | 2,000,000 | 2,000,000 | |||||||||||||
Preferred stock redemption, value | (150,000,000) | $ (150,000,000) | |||||||||||||
Preferred stock issued, value | 496,000,000 | $ 496,000,000 | |||||||||||||
Common stock activity, shares | 1,000,000 | ||||||||||||||
Treasury stock activity, shares | (11,000,000) | ||||||||||||||
Ending Balance, (in shares) at Dec. 31, 2014 | 523,000,000 | ||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Net income | 4,207,000,000 | 4,184,000,000 | 23,000,000 | ||||||||||||
Other comprehensive income (loss), net of tax | 67,000,000 | 67,000,000 | |||||||||||||
Cash dividends declared [Abstract] | |||||||||||||||
Common | (1,000,000,000) | (1,000,000,000) | |||||||||||||
Preferred | (232,000,000) | (232,000,000) | |||||||||||||
Preferred stock discount accretion | 5,000,000 | (5,000,000) | |||||||||||||
Common stock activity | 88,000,000 | $ 7,000,000 | 81,000,000 | ||||||||||||
Treasury stock activity | (1,008,000,000) | 14,000,000 | (1,022,000,000) | ||||||||||||
Other | [2] | (87,000,000) | 116,000,000 | (203,000,000) | |||||||||||
Common Stock, Ending Balance at Dec. 31, 2014 | 2,705,000,000 | $ 2,705,000,000 | |||||||||||||
Capital surplus - Preferred Stock, Ending Balance at Dec. 31, 2014 | 3,946,000,000 | 3,946,000,000 | |||||||||||||
Capital surplus - Common Stock, Ending Balance at Dec. 31, 2014 | 12,627,000,000 | 12,627,000,000 | |||||||||||||
Retained Earnings, Ending Balance at Dec. 31, 2014 | 26,200,000,000 | 26,200,000,000 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance at Dec. 31, 2014 | 503,000,000 | 503,000,000 | |||||||||||||
Treasury Stock, Ending Balance at Dec. 31, 2014 | 1,430,000,000 | (1,430,000,000) | |||||||||||||
Noncontrolling interests, Ending Balance at Dec. 31, 2014 | 1,523,000,000 | 1,523,000,000 | |||||||||||||
Total Equity, Ending Balance at Dec. 31, 2014 | 46,074,000,000 | ||||||||||||||
Cash dividends declared [Abstract] | |||||||||||||||
Preferred stock redemption, value | [3] | 0 | |||||||||||||
Preferred stock issued, value | [4] | $ 0 | |||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | ||||||||||||||
Preferred stock redemption, shares | 50,000 | ||||||||||||||
Beginning Balance (in shares) at Dec. 31, 2014 | 523,000,000 | ||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Common stock activity, shares | 1,000,000 | ||||||||||||||
Treasury stock activity, shares | (20,000,000) | ||||||||||||||
Ending Balance, (in shares) at Dec. 31, 2015 | 504,000,000 | ||||||||||||||
Common Stock, Beginning Balance at Dec. 31, 2014 | $ 2,705,000,000 | $ 2,705,000,000 | |||||||||||||
Capital surplus - Preferred Stock, Beginning Balance at Dec. 31, 2014 | 3,946,000,000 | 3,946,000,000 | |||||||||||||
Capital surplus - Common Stock, Beginning Balance at Dec. 31, 2014 | 12,627,000,000 | 12,627,000,000 | |||||||||||||
Retained Earnings, Beginning Balance at Dec. 31, 2014 | 26,200,000,000 | 26,200,000,000 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance at Dec. 31, 2014 | 503,000,000 | 503,000,000 | |||||||||||||
Treasury Stock, Beginning Balance at Dec. 31, 2014 | 1,430,000,000 | (1,430,000,000) | |||||||||||||
Noncontrolling interests, Beginning Balance at Dec. 31, 2014 | 1,523,000,000 | 1,523,000,000 | |||||||||||||
Total Equity, Beginning Balance at Dec. 31, 2014 | 46,074,000,000 | ||||||||||||||
Common Stock [Abstract] | |||||||||||||||
Net income | 4,143,000,000 | 4,106,000,000 | 37,000,000 | ||||||||||||
Other comprehensive income (loss), net of tax | (373,000,000) | (373,000,000) | |||||||||||||
Cash dividends declared [Abstract] | |||||||||||||||
Common | (1,038,000,000) | (1,038,000,000) | |||||||||||||
Preferred | (219,000,000) | (219,000,000) | |||||||||||||
Preferred stock discount accretion | 6,000,000 | (6,000,000) | |||||||||||||
Common stock activity | 49,000,000 | 3,000,000 | 46,000,000 | ||||||||||||
Treasury stock activity | (1,994,000,000) | (56,000,000) | (1,938,000,000) | ||||||||||||
Other | (162,000,000) | 128,000,000 | (290,000,000) | ||||||||||||
Common Stock, Ending Balance at Dec. 31, 2015 | 2,708,000,000 | $ 2,708,000,000 | |||||||||||||
Capital surplus - Preferred Stock, Ending Balance at Dec. 31, 2015 | 3,452,000,000 | $ 3,452,000,000 | |||||||||||||
Capital surplus - Common Stock, Ending Balance at Dec. 31, 2015 | 12,745,000,000 | $ 12,745,000,000 | |||||||||||||
Retained Earnings, Ending Balance at Dec. 31, 2015 | 29,043,000,000 | $ 29,043,000,000 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance at Dec. 31, 2015 | 130,000,000 | $ 130,000,000 | |||||||||||||
Treasury Stock, Ending Balance at Dec. 31, 2015 | 3,368,000,000 | $ (3,368,000,000) | |||||||||||||
Noncontrolling interests, Ending Balance at Dec. 31, 2015 | 1,270,000,000 | $ 1,270,000,000 | |||||||||||||
Total Equity, Ending Balance at Dec. 31, 2015 | 45,980,000,000 | ||||||||||||||
Cash dividends declared [Abstract] | |||||||||||||||
Depositary Shares | 500,000 | ||||||||||||||
Preferred stock redemption, value | (500,000,000) | $ (500,000,000) | |||||||||||||
Preferred stock issued, value | [4] | $ 0 | |||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | ||||||||||||||
[1] | The par value of our preferred stock outstanding was less than $.5 million at each date and, therefore, is excluded from this presentation. | ||||||||||||||
[2] | Includes an impact to noncontrolling interests for deconsolidation of limited partnership or non-managing member interests related to tax credit investments in the amount of $675 million during the second quarter of 2013. | ||||||||||||||
[3] | 1,500 Series L preferred shares with a $1 par value were redeemed on April 19, 2013. | ||||||||||||||
[4] | Par value less than $.5 million at each date. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Operating Activities | |||||
Net income | $ 4,143,000,000 | $ 4,207,000,000 | $ 4,212,000,000 | ||
Adjustments to reconcile net income to net cash provided (used) by operating activities | |||||
Provision for credit losses (benefit) | 255,000,000 | 273,000,000 | 643,000,000 | ||
Depreciation and amortization | 1,088,000,000 | 988,000,000 | 1,146,000,000 | ||
Deferred income taxes | 404,000,000 | 255,000,000 | 1,196,000,000 | ||
Net gains on sales of securities | (43,000,000) | (4,000,000) | (99,000,000) | ||
Changes in fair value of mortgage servicing rights | 274,000,000 | 514,000,000 | (261,000,000) | ||
Gain on sales of Visa Class B common shares | (169,000,000) | (209,000,000) | (168,000,000) | ||
Noncash charges on trust preferred securities redemptions | 57,000,000 | ||||
Undistributed earnings of BlackRock | (407,000,000) | (441,000,000) | (373,000,000) | ||
Excess tax benefits from share-based payment arrangements | (29,000,000) | (28,000,000) | (23,000,000) | ||
Net change in | |||||
Trading securities and other short-term investments | 203,000,000 | 757,000,000 | (455,000,000) | ||
Loans held for sale | 393,000,000 | (405,000,000) | (94,000,000) | ||
Other assets | 1,568,000,000 | (8,000,000) | 3,954,000,000 | ||
Accrued expenses and other liabilities | (1,788,000,000) | 169,000,000 | (3,990,000,000) | ||
Other | (396,000,000) | (511,000,000) | (190,000,000) | ||
Net cash provided (used) by operating activities | 5,496,000,000 | 5,557,000,000 | 5,555,000,000 | ||
Sales | |||||
Securities available for sale | 6,723,000,000 | 4,432,000,000 | 7,974,000,000 | ||
Loans | 2,040,000,000 | 2,870,000,000 | 2,559,000,000 | ||
Repayments/maturities | |||||
Securities available for sale | 7,920,000,000 | 6,915,000,000 | 9,668,000,000 | ||
Securities held to maturity | 2,032,000,000 | 1,987,000,000 | 2,483,000,000 | ||
Purchases | |||||
Securities available for sale | (26,367,000,000) | (7,989,000,000) | (18,419,000,000) | ||
Securities held to maturity | (4,896,000,000) | (500,000,000) | (1,883,000,000) | ||
Loans | (748,000,000) | (750,000,000) | (1,975,000,000) | ||
Net change in | |||||
Federal funds sold and resale agreements | 481,000,000 | 131,000,000 | (530,000,000) | ||
Interest-earning deposits with banks | 1,233,000,000 | (19,643,000,000) | (8,151,000,000) | ||
Loans | (3,972,000,000) | (12,147,000,000) | (10,790,000,000) | ||
Net cash (paid for) received from acquisition and divestiture activity | (62,000,000) | ||||
Other | (706,000,000) | (137,000,000) | 129,000,000 | ||
Net cash provided (used) by investing activities | (16,260,000,000) | (24,893,000,000) | (18,935,000,000) | ||
Net change in | |||||
Noninterest-bearing deposits | 5,765,000,000 | 3,182,000,000 | 341,000,000 | ||
Interest-bearing deposits | 10,812,000,000 | 8,130,000,000 | 7,463,000,000 | ||
Federal funds purchased and repurchase agreements | (1,733,000,000) | (778,000,000) | 965,000,000 | ||
Commercial paper | (156,000,000) | (112,000,000) | (5,607,000,000) | ||
Other borrowed funds | 147,000,000 | 221,000,000 | 221,000,000 | ||
Sales/issuances | |||||
Federal Home Loan Bank borrowings | 2,250,000,000 | 15,685,000,000 | 16,435,000,000 | ||
Bank notes and senior debt | 8,173,000,000 | 6,184,000,000 | 3,938,000,000 | ||
Subordinated debt | 745,000,000 | 1,986,000,000 | |||
Commercial paper | 1,394,000,000 | 8,797,000,000 | 12,595,000,000 | ||
Other borrowed funds | 694,000,000 | 505,000,000 | 695,000,000 | ||
Preferred stock issuance | 496,000,000 | ||||
Common and treasury stock | 139,000,000 | 252,000,000 | 244,000,000 | ||
Repayments Maturities Financing [Abstract] | |||||
Federal Home Loan Bank borrowings | (2,147,000,000) | (8,592,000,000) | (12,960,000,000) | ||
Bank notes and senior debt | (2,624,000,000) | (3,089,000,000) | (1,420,000,000) | ||
Subordinated debt | (524,000,000) | 57,000,000 | (731,000,000) | ||
Commercial paper | (6,219,000,000) | (8,687,000,000) | (10,444,000,000) | ||
Other borrowed funds | (1,622,000,000) | (467,000,000) | (340,000,000) | ||
Preferred stock redemption | (500,000,000) | (150,000,000) | |||
Excess tax benefits from share-based payment arrangements - financing | 29,000,000 | 28,000,000 | 23,000,000 | ||
Redemption of noncontrolling interests | (375,000,000) | ||||
Acquisition of treasury stock | (2,152,000,000) | (1,176,000,000) | (24,000,000) | ||
Preferred stock cash dividends paid | (219,000,000) | (232,000,000) | (237,000,000) | ||
Common stock cash dividends paid | (1,038,000,000) | (1,000,000,000) | (911,000,000) | ||
Net cash provided (used) by financing activities | 10,469,000,000 | 19,653,000,000 | 12,203,000,000 | ||
Net Increase (Decrease) In Cash And Due From Banks | (295,000,000) | 317,000,000 | (1,177,000,000) | ||
Cash and due from banks at beginning of period | 4,360,000,000 | [1] | 4,043,000,000 | 5,220,000,000 | |
Cash and due from banks at end of period | 4,065,000,000 | [1] | 4,360,000,000 | [1] | 4,043,000,000 |
Supplemental Disclosures | |||||
Interest paid | 1,005,000,000 | 863,000,000 | 891,000,000 | ||
Income taxes paid | 919,000,000 | 1,102,000,000 | 234,000,000 | ||
Income taxes refunded | 286,000,000 | 12,000,000 | 3,000,000 | ||
Non-cash Investing and Financing Items | |||||
Transfer from (to) loans to (from) loans held for sale, net | (119,000,000) | ||||
Transfer from (to) loans to (from) loans held for sale, net | 285,000,000 | 724,000,000 | |||
Transfer from loans to foreclosed assets | $ 435,000,000 | $ 604,000,000 | $ 703,000,000 | ||
[1] | Our consolidated assets at December 31, 2015 included the following assets of certain variable interest entities (VIEs): Cash and due from banks of $11 million, Interest-earning deposits with banks of $4 million, Net loans of $1.3 billion, Equity investments of $183 million, and Other assets of $402 million. Our consolidated assets at December 31, 2014 included the following assets of certain VIEs: Cash and due from banks of $6 million, Interest-earning deposits with banks of $6 million, Net loans of $1.6 billion, Equity investments of $492 million, and Other assets of $483 million. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Accounting Policies | Notes To Consolidated Financial Statements The PNC Financial Services Group, Inc. B usiness The PNC Financial Services Group, Inc. (PNC) is one of the largest diversified financial services companies in the United States and is headquartered in Pittsburgh, Pennsylvania. We have businesses engaged in retail banking, 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, Florida, North Carolina, Kentucky, Washington, D.C., Delaware, Virginia, Alabama, Georgia, Missouri, Wisconsin and South Carolina. We also p rovide certain products and services internationally. N ote 1 A ccounting P olicies Basis o f 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 int ercompany 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, we e valuate 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 adjustments to correct immaterial errors related to previously reported periods. 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. Investment in BlackRock , Inc. We account for our investment in the common stock and Series B P referred Stock of BlackRock (deemed to be in-substance common stock) under the equity method of accounting. The investment in BlackRock is reflected on our Consolidated Balance Sheet in Equity investments, while our equity in earnings of BlackRock is repor ted on our Consolidated Income Statement in Asset management revenue. We also hold shares of Series C Preferred Stock of BlackRock pursuant to our obligation to partially fund a portion of certain BlackRock long-term incentive plan (LTIP) programs. Since these preferred shares are not deemed to be in-substance common stock, we have elected to account for these preferred shares at fair value and the changes in fair value will offset the impact of marking-to-market the obligation to deliver these shares to BlackRock . Our investment in the BlackRock Series C Preferred Stock is included on our Consolidated Balance Sheet in Other assets. Our obligation to transfer these shares to BlackRock is classified as a derivative not designated as a hedging instrument und er GAAP as disclosed in Note 14 Financial Deri vatives. Special Purpose Entities Special purpose entities (SPEs) are defined as legal entities structured for a particular pu rpose. We use special purpose entities in various legal forms to conduct normal business activities. We review the structure and activities of special purpose entities for possible consolidation under the applicable GAAP guidance. A variable interest ent ity (VIE) is a corporation, partnership, limited liability company, or any other legal structure used to conduct activities or hold assets that either: • Does not have equity investors with voting rights that can directly or indirectly make decisions abou t the entity’s activities through those voting rights or similar rights, or • Has equity investors that do not provide sufficient equity for the entity to finance its activities without additional subordinated financial support. A VIE often holds financ ial assets, including loans or receivables, real estate or other property. VIEs are assessed for consolidation under ASC 810 - Consolidation when we hold a variable interest in these entities. We consolidate a VIE if we are its primary beneficiary. The p rimary beneficiary of a VIE is determined to be the party that meets both of the following criteria: ( i ) has the power to make decisions that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Upon consolidation of a VIE, we recognize all of the VIE’s assets, liabilities and noncontrolling interests on our Consolidated Balance Sheet. On a quarterly basis, we determine whether any changes occurred requiring a reassessment of whether PNC is the primary beneficiary of an entity. In applying this guidance, we consolidate a credit card securitization trust and certain tax credit investments. See Note 2 Loan Sale and Servicing Activities and Variable Interest Entities for information about VIEs that we consolidate as well as those that we do not consolidate but in which we hold a significant variable interest. Revenue Recognition We earn interest an d noninterest income from various sources, including: • Lending, • Securities portfolio, • Asset management, • Customer deposits, • Loan sales and servicing, • Brokerage services, • Sale of loans and securities, • Certain private equity activities, and • Securities, derivatives and foreign exchange activities. We earn fees and commissions from: • Issuing loan commitments, standby letters of credit and financial guarantees, • Selling various insurance products, • Providing treasury management services, • Providing merger and acquisition advisory and related services, and • Participating in certain capital markets transactions. Revenue earned on interest-earning assets, including unearned income and the amort ization/accretion of premiums or discounts recognized on acquired loans and debt securities, is recognized based on the constant effective yield of the financial instrument or based on other applicable accounting guidance. The Consolidated Income Statem ent caption Asset management includes asset management fees, which are generally based on a percentage of the fair value of the assets under management. Additionally, Asset management noninterest income includes our share of the earnings of BlackRock recog nized under the equity method of accounting. Service charges on deposit accounts are recognized when earned. Brokerage fees and gains and losses on the sale of securities and certain derivatives are recognized on a trade-date basis. We record priv ate equity income or loss based on changes in the valuation of the underlying investments or when we dispose of our interest. We recognize gain/(loss) on changes in the fair value of certain financial instruments where we have elected the fair value opti on. These financial instruments include certain commercial and residential mortgage loans originated for sale, certain residential mortgage portfolio loans, resale agreements and our investment in BlackRock Series C preferred stock. We also recognize gain/ (loss) on changes in the fair value of residential and commercial mortgage servicing rights ( MSRs ) . We recognize revenue from servicing residential mortgages, commercial mortgages and other consumer loans as earned based on the specific contractual terms . These revenues are reported on the Consolidated Income Statement in the line items Residential mortgage, Corporate services and Consumer services. We recognize revenue from securities, derivatives and foreign exchange customer-related trading, as well as securities underwriting activities, as these transactions occur or as services are provided. We generally recognize gains from the sale of loans upon receipt of cash. Mortgage revenue recognized is reported net of mortgage repurchase reserves. When appropriate, revenue is reported net of associated expenses in accordance with GAAP. Cash And Cash Equivalents Cash and due from banks are considered “cash and cash equivalents” for financial reporting purposes. Investments We hold interests in va rious types of investments. The accounting for these investments is dependent on a number of factors including, but not limited to, items such as: • Ownership interest, • Our plans for the investment, and • The nature of the investment. Debt Securitie s Debt securities are recorded on a trade-date basis. We classify debt securities as held to maturity and carry them at amortized cost if we have the positive intent and ability to hold the securities to maturity. Debt securities that we purchase for cer tain risk management act ivities or customer-related trading activities are carried at fair value and classified as Trading securities on our Consolidated Balance Sheet. Realized and unrealized gains and losses on trading securities are included in Other no ninterest income. Debt securities not classified as held to maturity or trading are designated as securities available for sale and carried at fair value with unrealized gains and losses, net of income taxes, reflected in Accumulated other comprehensive income (loss). On at least a quarterly basis, we review all debt securities that are in an unrealized loss position for other than temporary impairment (OTTI). An investment security is deemed impaired if the fair value of the investment is less than its amortized cost. Amortized cost includes adjustments (if any) made to the cost basis of an investment for accretion, amortization, previous other-than-temporary impairments and hedging gains and losses. After an investment security is determi ned to be impaired, we evaluate whether the decline in value is other-than-temporary. As part of this evaluation, we take into consideration whether we intend to sell the security or whether it is more likely than not that we will be required to sell the s ecurity before expected recovery of its amortized cost. We also consider whether or not we expect to receive all of the contractual cash flows from the investment based on factors that include, but are not limited to: the creditworthiness of the issuer and , in the case of securities collateralized by consumer and commercial loan assets, the historical and projected performance of the underlying collateral. In addition, we may also evaluate the business and financial outlook of the issuer, as well as broader industry and sector performance indicators. Declines in the fair value of available for sale debt securities that are deemed other-than-temporary and are attributable to credit deterioration are recognized in Other noninterest income on our Consolidated I ncome Statement in the period in which the determination is made. Declines in fair value which are deemed other-than-temporary and attributable to factors other than credit deterioration are recognized in Accumulated other comprehensive income (loss) on ou r Consolidated Balance Sheet. We include all interest on debt securities, including amortization of premiums and accretion of discounts on investment securities, in net interest income using the constant effective yield method. Effective yields reflect either the effective interest rate implicit in the security at the date of acquisition or the effective interest rate determined based on improved cash flows subsequent to impairment. We compute gains and losses realized on the sale of available for sale d ebt securities on a specific security basis. These securities gains/(losses) are included in the caption Net gains on sales of securities on the Consolidated Income Statement. In certain situations, management may elect to transfer certain debt securitie s from the securities available for sale to the held to maturity classification. In such cases, the securities are reclassified at fair value at the time of transfer. Any unrealized gain or loss included in Accumulated other comprehensive income (loss) at the time of transfer is retained therein and amortized over the remaining life of the security as a yield adjustment, such that only the remaining initial discount/premium from the purchase date is recognized in income. Equity Securities and Partnership I nterests We account for equity securities and equity investments other than BlackRock and private equity investments under one of the following methods: • Marketable equity securities are recorded on a trade-date basis and are accounted for based on the securities’ quoted market prices from a national securities exchange. Those purchased with the intention of selling in the near term a re classified as trading and included in Trading securities on our Consolidated Balance Sheet. Both realized and unrealiz ed gains and losses on trading securities are included in Noninterest income. Marketable equity securities not classified as trading are designated as securities available for sale with unrealized gains and losses, net of income taxes, reflected in Accumul ated other comprehensive income (loss). Any unrealized losses that we have determined to be other-than-temporary on securities classified as available for sale are recognized in current period earnings. • For investments in limited partnerships, limited l iability companies and other investments that are not required to be consolidated, we use either the equity method or the cost method of accounting. We use the equity method for general and limited partner ownership interests and limited liability companie s in which we are considered to have significant influence over the operations of the investee . Under the equity method, we record our equity ownership share of net income or loss of the investee in Noninterest income. We use the cost method for all other investments. Under the cost method, there is no change to the cost basis unless there is an other -than-temporary decline in value or dividends received are considered a return on investment. If the decline is determined to be other-than-temporary, we write down the cost basis of the investment to a new cost basis that represents realizable value. The amount of the write-down is accounted for as a loss included in Noninterest income. Distributions received from the income of an investee on cost method inves tments are included in Noninterest income. Investments described above are included in the caption Equity investments on the Consolidated Balance Sheet. Private Equity Investments We report private equity investments, which include direct investments i n companies, affiliated partnership interests and indirect investments in private equity funds, at estimated fair value. These estimates are based on available information and may not necessarily represent amounts that we will ultimately realize through di stribution, sale or liquidation of the investments. Fair values of publicly traded direct investments are determined using quoted market prices and are subject to various discount factors for lack of marketability, when appropriate. The valuation procedure s applied to direct investments in private companies include techniques such as multiples of adjusted earnings of the entity, independent appraisals, anticipated financing and sale transactions with third parties, or the pricing used to value the entity in a recent financing transaction. We value affiliated partnership interests based on the underlying investments of the partnership using procedures consistent with those applied to direct investments. We value indirect investments in private equity funds ba sed on net asset value as provided in the financial statements that we receive from their managers. Due to the time lag in our receipt of the financial information and based on a review of investments and valuation techniques applied, adjustments to the ma nager-provided values are made when available recent portfolio company information or market information indicates significant changes in value from that provided by the manager of the fund. We include all private equity investments on the Consolidated Bal ance Sheet in the caption Equity investments. Changes in the fair value of private equity investments are recognized in Noninterest income. We consolidate affiliated partnerships when we are the general partner and have determined that we have control of the partnership or are the primary beneficiary if the entity is a VIE. The portion we do not own is reflected in the caption Noncontrolling interests on the Consolidated Balance Sheet. Loans Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff. Management’s intent and view of the foreseeable future may change based on changes in business strategies, the economic environment, market condition s and the availability of government programs. Measurement of delinquency status is based on the contractual terms of each loan. Loans that are 30 days or more past due in terms of payment are considered delinquent. Except as described below, loans hel d for investment are stated at the principal amounts outstanding, net of unearned income, unamortized deferred fees and costs on originated loans, and premiums or discounts on purchased loans. Interest on performing loans (excluding interest on purchased i mpaired loans, which is further discussed below) is accrued based on the principal amount outstanding and recorded in Interest income as earned using the constant effective yield method. Loan origination fees, direct loan origination costs, and loan premiu ms and discounts are deferred and accreted or amortized into Net interest income, over periods not exceeding the contractual life of the loan. When loans are redesignated from held for investment to held for sale, specific reserves and allocated poole d reserves included in the Allowance for loan and lease losses (ALLL) are charged-off to reduce the basis of the loans to the lower of cost or estimated fair value less cost to sell. In addition to originating loans, we also acquire loans through portfol io purchases or acquisitions of other financial services companies. For certain acquired loans that have experienced a deterioration of credit quality, we follow the guidance contained in ASC 310-30 - Loans and Debt Securities Acquired with Deteriorated Cr edit Quality. Under this guidance, acquired purchased impaired loans are to be recorded at fair value without the carryover of any existing valuation allowances. Evidence of credit quality deterioration may include information and statistics regarding bank ruptcy events, updated borrower credit scores, such as Fair Isaac Corporation scores (FICO), past due status, and updated loan-to-value (LTV) ratios. We review the loans acquired for evidence of credit quality deterioration and determine if it is probable that we will be unable to collect all contractual amounts due, including both principal and interest. When both conditions exist, we estimate the amount and timing of undiscounted expected cash flows at acquisition for each loan either individually or on a pool basis. We estimate the cash flows expected to be collected using internal models that incorporate management’s best estimate of current key assumptions, such as default rates, loss severity and payment speeds. Collateral values are also incorporated into cash flow estimates. Late fees, which are contractual but not expected to be collected, are excluded from expected future cash flows. The excess of cash flows expected to be collected on a purchased impaired loan (or pool of loans) over its carrying value represents the accretable yield which is recognized into interest income over the remaining life of the loan (or pool of loans) using the constant effective yield method. The accretable yield is calculated based upon the difference between the undis counted expected future cash flows of the loans and the recorded investment in the loans. Subsequent decreases in expected cash flows that are attributable, at least in part, to credit quality are recognized as impairments through a charge to the provision for credit losses resulting in an increase in the ALLL. Subsequent increases in expected cash flows are recognized as a provision recapture of previously recorded ALLL or prospectively through an adjustment of the loan’s or pool’s yield over its remaining life. Prior to December 31, 2015, upon final disposition of a loan within a pool and for loans that had nominal collateral value/expected cash flows, the loan’s carrying value was removed from the pool and any gain or loss associated with the transactio n was retained in the pool’s recorded investment. Effective December 31, 2015 , in anticipation of the end of the life of our purchased impaired pooled consumer and residential real estate loans, and pursuant to supervisory direction, we changed our derecog nition policy for these loans such that we will write-off the loan’s recorded investment and derecognize the associated ALLL upon final disposition. Gains and losses on such loans will be recognized as either an adjustment to the pool’s associated ALLL, or yield, as appropriate. The transition to this new policy on December 31, 2015 resulted in a $468 million derecognition of recorded investment and associated ALLL on such loans. 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. Leases We provide financing for various types of equipment, including aircraft, energy and power systems, and vehicles through a variety of lease arrangements. Direct financing leases are carried at the aggregate of lease payments plus estimated residual value of the leased property, less unearned income. Leveraged leases, a form of financing lease, are carried ne t of nonrecourse debt. We recognize income over the term of the lease using the constant effective yield method. Lease residual values are reviewed for impairment at least annually. Gains or losses on the sale of leased assets are included in Other noninte rest income while valuation adjustments on lease residuals are included in Other noninterest expense. Loan Sales, Loan Securitizations And Retained Interests We recognize the sale of loans or other financial assets when the transferred assets are legally isolated from our creditors and the appropriate accounting criteria are met. We have sold mortgage, credit card and other loans through securitization transactions. In a securitization, financial assets are transferred into trusts or to SPEs in tra nsactions to effectively legally isolate the assets from PNC. ASC 860 - Transfers and Servicing requires a true sale legal analysis to address several relevant factors, such as the nature and level of recourse to the transferor, and the amount and nature of retained interests in the loans sold to support whether the transferred loans would be legally isolated from the transferor’s assets in the case of bankruptcy. Once the legal isolation test has been met, other factors concerning the nature and extent o f the transferor’s control and the rights of the transferee over the transferred assets are taken into account in order to determine whether derecognition of assets is warranted. In a securitization, the trust or SPE issues beneficial interests in the fo rm of senior and subordinated securities backed or collateralized by the assets sold to the trust. The senior classes of the asset-backed securities typically receive investment grade credit ratings at the time of issuance. These ratings are generally achi eved through the creation of lower-rated subordinated classes of asset-backed securities, as well as subordinated or residual interests. In certain cases, we may retain a portion or all of the securities issued, interest-only strips, one or more subordinat ed tranches, servicing rights and, in some cases, cash reserve accounts. Securitized loans are removed from the balance sheet and a net gain or loss is recognized in Noninterest income at the time of initial sale. Gains or losses recognized on the sale of the loans depend on the fair value of the loans sold and the retained interests at the date of sale. We generally estimate the fair value of the retained interests based on the present value of future expected cash flows using assumptions as to discount ra tes, interest rates, prepayment speeds, credit losses and servicing costs, if applicable. With the exception of loan sales to certain U.S. government-chartered entities, our loan sales and securitizations are generally structured without recourse to us e xcept for representations and warranties and with no restrictions on the retained interests. We originate, sell and service commercial mortgage loans under the Federal National Mortgage Association (FNMA) Delegated Underwriting and Servicing (DUS) program. Under the provisions of the DUS program, we participate in a loss-sharing arrangement with FNMA. We participated in a similar program with the Federal Home Loan Mortgage Corporation (FHLMC). When we are obligated for loss-sharing or recourse, our policy i s to record such liabilities initially at fair value and subsequently reserve for estimated losses in accordance with guidance contained in applicable GAAP. Refer to Note 21 Commitments and Guarantees for more information about our obligations relat ed to sales of loans under these programs. Loans Held For Sale We designate loans as held for sale when we have the intent to sell them. We transfer loans to the Loans held for sale category at the lower of cost or estimated fair value less cost to sell. At the time of transfer, write-downs on the loans are recorded as charge-offs. We establish a new cost basis upon transfer. Any subsequent lower-of-cost-or-market adjustment is determined on an individual loan basis and is recogni zed as a valuation allowance with any charges included in Other noninterest income. Sale proceeds that are in excess of the new cost basis upon transfer and are received within 90 days of classifying the loan as held for sale are recorded as a recovery to the ALLL up to the amount previously charged off. Any remaining proceeds that exist after recovery are recorded as a gain on sale included in Other noninterest income. Sale proceeds that are less than the new cost basis upon transfer and are received withi n 90 days of classifying the loan as held for sale are recorded as a charge off to the ALLL. Any proceeds received after 90 days of classifying the loan as held for sale are recorded as a gain or loss on sale and included in Other noninterest income. We have elected to account for certain commercial and residential mortgage loans held for sale at fair value. The changes in the fair value of the commercial mortgage loans are measured and recorded in Other noninterest income while the residential mortgage loans are measured and recorded in Residential mortgage noninterest income each period. See Note 7 Fair Value for additional information. Interest income with respect to loans held for sale is accrued based on the principal amount outstanding and the loan’s contractual interest rate. In certain circumstances, loans designated as held for sale may be transferred to held for investment based on a change in strategy. We transfer these loans at the lower of cost or estimated fair value; however, any loans originated or purchased for held for sale and designated at fair value remain at fair value for the life of the loan. 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 and full collection of principal and interest is not probable. ● Loans accounted for at the lower of cost or market less costs to sell (Held for Sale) and full collection of principal and interest is not probable. Loans Excluded from Nonperforming Classification and Nonaccrual Accounting ● 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 and full collection of principal and interest is not probable. ● Loans accounted for at the lower of cost or market less costs to sell (Held for Sale) and full collection of principal and interest is not probable. Loans Excluded from Nonperforming Classification and Nonaccrual Accounting ● 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 pa |
Loan Sale and Servicing Activit
Loan Sale and Servicing Activities and Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] | |
Loan Sale and Servicing Activities and Variable Interest Entities | N ote 2 L oan S ale and S ervicing A ctivities and V ariable I nterest E ntities Loan Sale and Servicing Activities We have transferred residential and commercial mortgage loans in securitization or sales transactions in which we have continuing involvement. These transfers have occurred through Agency securitization, Non-agency securitization, and loan sale transactions. Agency securitizations consist of securitization transactions with Federal National Mortgage Association (FNMA), Federal Home L oan Mortgage Corporation (FHLMC) and Government National Mortgage Association (GNMA) (collectively the Agencies). FNMA and FHLMC generally securitize our transferred loans into mortgage-backed securities for sale into the secondary market through special p urpose entities (SPEs) that they sponsor. We, as an authorized GNMA issuer/servicer, pool Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) insured loans into mortgage-backed securities for sale into the secondary market. In Non- agency securitizations, we have transferred loans into securitization SPEs. In other instances, third-party investors have also purchased our loans in loan sale transactions and in certain instances have subsequently sold these loans into securitization SP Es. Securitization SPEs utilized in the Agency and Non-agency securitization transactions are variable interest entities (VIEs). Our continuing involvement in the FNMA, FHLMC, and GNMA securitizations, Non-agency securitizations, and loan sale transactio ns 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. Depending on the t ransaction, we may act as the master, primary, and/or special servicer to the securitization SPEs or third-party investors. Servicing responsibilities typically consist of collecting and remitting monthly borrower principal and interest payments, maintaini ng escrow deposits, performing loss mitigation and foreclosure activities, and, in certain instances, funding of servicing advances. Servicing advances, which are reimbursable, are made for principal and interest and collateral protection and are carried i n Other assets at cost. We earn servicing and other ancillary fees for our role as servicer and, depending on the contractual terms of the servicing arrangement, we can be terminated as servicer with or without cause. At the consummation date of each typ e of loan transfer where PNC retains the servicing, we recognize a servicing right at fair value. See Note 7 Fair Value and Note 8 Goodwill and Intangible Assets for further discussion of our servicing rights. Certain loans transferred to th e Agencies contain removal of account provisions (ROAPs). Under these ROAPs, we hold an option to repurchase at par individual delinquent loans that meet certain criteria. In other limited cases, the U.S. Department of Housing and Urban Development (HUD) h as granted us the right to repurchase current loans when we intend to modify the borrower’s interest rate under established guidelines. When we have the unilateral ability to repurchase a loan, effective control over the loan has been regained and we recog nize an asset (in either Loans or Loans held for sale) and a corresponding liability (in Other borrowed funds) on the balance sheet regardless of our intent to repurchase the loan. At December 31, 2015 and December 31, 2014 , these assets and liabilities both totaled $ 120 million and $ 136 million, respectively. The Agency and Non-agency mortgage-backed securities issued by the securitization SPEs that are purchased and held on our balance sheet are typically purchased in th e secondary market. PNC does not retain any credit risk on its Agency mortgage-backed security positions as FNMA, FHLMC, and the U.S. Government (for GNMA) guarantee losses of principal and interest. We also have involvement with certain Agency and Non-agency commercial securitization SPEs where we have not transferred commercial mortgage loans. These S PEs were sponsored by independent third-parties and the loans held by these entities were purchased exclusively from other third-parties. Generally, our involvement with these SPEs is as servicer with servicing activities consistent with those described ab ove. We recognize a liability for our loss exposure associated with contractual obligations to repurchase previously transferred loans due to breaches of representations and warranties and also for loss sharing arrangements (recourse obligations) with th e Agencies. Other than providing temporary liquidity under servicing advances and our loss exposure associated with our repurchase and recourse obligations, we have not provided nor are we required to provide any type of credit support, guarantees, or comm itments to the securitization SPEs or third-party investors in these transactions. See Note 21 Commitments and Guarantees for further discussion of our repurchase and recourse obligations. The following table provides cash flows associated with PNC's loan sale and servicing activities: Table 50: Cash Flows Associated with Loan Sale and Servicing Activities Residential Commercial Home Equity In millions Mortgages Mortgages (a) Loans/Lines (b) CASH FLOWS - Year ended December 31, 2015 Sales of loans (c) $ 8,121 $ 4,398 Repurchases of previously transferred loans (d) 580 $ 135 Servicing fees (e) 339 120 15 Servicing advances recovered/(funded), net 90 48 3 Cash flows on mortgage-backed securities held (f) 1,458 184 CASH FLOWS - Year ended December 31, 2014 Sales of loans (c) $ 8,344 $ 3,469 Repurchases of previously transferred loans (d) 744 $ 14 Servicing fees (e) 346 132 19 Servicing advances recovered/(funded), net 70 113 (20) Cash flows on mortgage-backed securities held (f) 934 308 (a) Represents 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) Gains/losses recognized on sales of loans were insignificant for the periods presented. (d) Includes residential mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our ROAP option, and loans repurchased due to alleged breaches of origination covenants or representations and warranties made to purchasers. Includes home equity lines of credit repurchased at the end of their draw periods due to contractual requirements. (e) Includes contractually specified servicing fees, late charges and ancillary fees. (f) Represents cash flows on securities we hold issued by a securitization SPE in which PNC transferred to and/or services loans. The carrying value of such securities held were $6.6 billion in residential mortgage-backed securities and $1.3 billion in commercial mortgage-backed securities at December 31, 2015 and $3.4 billion in residential mortgage-backed securities and $1.3 billion in commercial mortgage-backed securities at December 31, 2014. The table below presents information about the principal balances of transferred loans that we service and are not recorded on our Consolidated Balance Sheet. We would only experience a loss on these transferred loans if we were required to repurchase a loan due to a breach in representations and warranties or a loss sharing arrangement associated with our continuing involvement with these loans. For more information regarding our recourse and repurchase obligations, including our reserve of estimated los ses, see the Recourse and Repurchase Obligations section of Note 21 Commitments and Guarantees. Table 51: Principal Balance, Delinquent Loans, and Net Charge-offs Related to Serviced Loans For Others Residential Commercial Home Equity In millions Mortgages Mortgages (a) Loans/Lines (b) December 31, 2015 Total principal balance $ 72,898 $ 53,789 $ 2,806 Delinquent loans (c) 1,923 1,057 904 December 31, 2014 Total principal balance $ 79,108 $ 60,873 $ 3,833 Delinquent loans (c) 2,657 707 1,303 Year ended December 31, 2015 Net charge-offs (d) $ 117 $ 595 $ 28 Year ended December 31, 2014 Net charge-offs (d) $ 136 $ 1,288 $ 61 (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 commercial mortgage backed securitizations. Realized losses for Agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information. Variable Interest Entities (VIEs) W e are involved with various entities in the normal course of business that are deemed to be VIEs. We assess VIEs for consolidation based upon the accounting policies described in Note 1 Accounting Policies. The following provides a summary of VIEs, including those that we have consolidated and those in which we hold variable interests but have not consolidated into our financial statements as of December 31, 2015 and December 31, 2014 . We ha ve not provided additional financial support to these entities which we are not contractually required to provide. Table 52: Consolidated VIEs – Carrying Value (a) (b) Credit Card and Other Tax Credit In millions Securitization Trusts Investments Total December 31, 2015 Assets Cash and due from banks $ 11 $ 11 Interest-earning deposits with banks 4 4 Loans $ 1,335 6 1,341 Allowance for loan and lease losses (48) (48) Equity investments 183 183 Other assets 22 380 402 Total assets $ 1,309 $ 584 $ 1,893 Liabilities Other borrowed funds $ 148 $ 148 Accrued expenses 44 44 Other liabilities 202 202 Total liabilities $ 394 $ 394 December 31, 2014 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. Credit Card Securitization Trust We were the sponsor of several credit card securitizations facilitated through a trust. This bankruptcy-remote SPE was established to purchase credit card receivables from the sponsor and to issue and sell asset-backed securities created by it to independent third-parties. The SPE was financed primarily through the sale of these asset-backed securities. These transactions were originally structured to provide liquidity and to afford favorable capital treatment. Our co ntinuing involvement in these securitization transactions consisted primarily of holding certain retained interests and acting as the primary servicer. We consolidated the SPE as we were deemed the primary beneficiary of the entity based upon our level of continuing involvement. Our role as primary servicer gave us the power to direct the activities of the SPE that most significantly affect its economic performance and our holding of retained interests gave us the obligation to absorb expected losses, or th e ability to receive residual returns that could be potentially significant to the SPE. The underlying assets of the consolidated SPE were restricted only for payment of the beneficial interests issued by the SPE. Additionally, creditors of the SPE have no direct recourse to PNC. During 2012, the last series issued by the SPE, Series 2007-1, matured. At December 31, 2015 , we continued to consolidate this SPE as we were the primary beneficiary of the SPE through our holding of seller’s interest an d our role as the primary servicer. Tax Credit Investments We make certain equity investments in various tax credit limited partnerships or limited liability companies (LLCs). The purpose of these investments is to achieve a satisfactory return on ca pital and to assist us in achieving goals associated with the Community Reinvestment Act. Also, we are a national syndicator of affordable housing equity. In these syndication transactions, we create funds in which our subsidiaries are the general part ner or managing member and sell limited partnership or non-managing member interests to third parties. In some cases PNC may also purchase a limited partnership or non-managing member interest in the fund. The purpose of this business is to generate income from the syndication of these funds, generate servicing fees by managing the funds, and earn tax credits to reduce our tax liability. General partner or managing member activities include identifying, evaluating, structuring, negotiating, and closing the fund investments in operating limited partnerships or LLCs, as well as oversight of the ongoing operations of the fund portfolio. Typically, the general partner or managing member will be the party that has the right to make decisions that will most sign ificantly impact the economic performance of the entity. However, certain partnership or LLC agreements provide the limited partner or non-managing member the ability to remove the general partner or managing member without cause. This results in the limit ed partner or non-managing member being the party that has the right to make decisions that will most significantly impact the economic performance of the entity. The primary sources of benefits for these investments are the tax credits and passive losses which reduce our tax liability. We have consolidated investments in which we have the power to direct the activities that most significantly impact the entity’s performance, and have an obligation to absorb expected losses or receive benefits that could be potentially significant. The assets are primarily included in Equity investments and Other assets on our Consolidated Balance Sheet with the liabilities classified in Other borrowed funds, Accrued expenses, and Other liabilities and the third-party invest ors’ interests included in the Equity section as Noncontrolling interests. Neither creditors nor equity investors in these investments have any recourse to our general credit. The consolidated assets and liabilities of these investments are provided in Tab le 52 . The following table provides a summary of non-consolidated VIEs with which we have significant continuing involvement but are not the primary beneficiary. We do not consider our continuing involvement to be significant when it rela tes to a VIE where we only invest in securities issued by the VIE and were not involved in the design of the VIE or where no transfers have occurred between PNC and the VIE. We have excluded certain transactions with non-consolidated VIEs from the balance s presented in Table 53 where we have determined that our continuing involvement is not significant. Table 53: Non-Consolidated VIEs PNC Risk of Loss (a) Carrying Value of Assets Owned by PNC Carrying Value of Liabilities Owned by PNC In millions December 31, 2015 Commercial Mortgage-Backed Securitizations (b) $ 1,498 $ 1,498 (c) $ 1 (e) Residential Mortgage-Backed Securitizations (b) 6,680 6,680 (c) 1 (e) Tax Credit Investments and Other 2,551 2,622 (d) 836 (f) Total $ 10,729 $ 10,800 $ 838 December 31, 2014 Commercial Mortgage-Backed Securitizations (b) $ 1,550 $ 1,550 (c) $ 1 (e) Residential Mortgage-Backed Securitizations (b) 3,385 3,385 (c) 4 (e) Tax Credit Investments and Other 2,270 2,304 (d) 777 (f) Total $ 7,205 $ 7,239 $ 782 (a) This represents loans, investments and other assets related to non-consolidated VIEs, net of collateral (if applicable). (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. Values disclosed in the PNC Risk of Loss column represent our maximum exposure to loss for those securities’ holdings. (c) Included in Trading securities, Investment securities, Other intangible assets and Other assets on our Consolidated Balance Sheet. (d) Included in Loans, Equity investments and Other assets on our Consolidated Balance Sheet. (e) Included in Other liabilities on our Consolidated Balance Sheet. (f) Included in Deposits and Other liabilities on our Consolidated Balance Sheet. Residential and Commercial Mortgage-Backed Securitizations In connection with each Agency and Non-agency securitization discussed above, we evaluate each SPE utilized in these transactions for consolidation. In performing these assessments, we evaluate our level of continuing involvement in these transactions as the nature of our involvement ultimately determines whether or not we hold a variable interest and/or are the primary beneficiary of the SPE. Factors we consider in our consolidation assessment i nclude the significance of ( i ) our role as servicer, (ii) our holdings of mortgage-backed securities issued by the securitization SPE, and (iii) the rights of third-party variable interest holders. The first step in our assessment is to determine whether we hold a variable interest in the securitization SPE. We hold variable interests in Agency and Non-agency securitization SPEs through our holding of mortgage-backed securities issued by the SPEs and/or our recourse obligations. Each SPE in which we hold a variable interest is evaluated to determine whether we are the primary beneficiary of the entity. For Agency securitization transactions, our contractual role as servicer does not give us the power to direct the activities that most significantly affect the economic performance of the SPEs. Thus, we are not the primary beneficiary of these entities. For Non-agency securitization transactions, we would be the primary beneficiary to the extent our servicing activities give us the power to direct the activit ies that most significantly affect the economic performance of the SPE and we hold a more than insignificant variable interest in the entity. Details about the Agency and Non-agency securitization SPEs where we hold a variable interest and are not the pr imary beneficiary are included in Table 53 . Our maximum exposure to loss as a result of our involvement with these SPEs is the carrying value of the mortgage-backed securities, servicing assets, servicing advances, and our liabilitie s associated with our recourse obligations. Creditors of the securitization SPEs have no recourse to PNC’s assets or general credit. Tax Credit Investments and Other For tax credit investments in which we do not have the right to make decisions that will most significantly impact the economic performance of the entity, we are not the primary beneficiary and thus they are not consolidated. These investments are disclosed in Table 53 . The table also reflects our maximum exposure to lo ss exclusive of any potential tax credit recapture. Our maximum exposure to loss is equal to our legally binding equity commitments adjusted for recorded impairment, partnership results, or amortization for qualifying low income housing tax credit investme nts when applicable. For all legally binding unfunded equity commitments, we increase our recognized investment and recognize a liability . As of December 31, 2015 , we had a liability for unfunded commitments of $ .5 billion related to investments in qu alified affordable housing projects which is reflected in Other liabilities on our Consolidated Balance Sheet. Table 53 also includes our involvement in lease financing transactions with LLCs engaged in solar power generation that t o a large extent provided returns in the form of tax credits. The outstanding financings and operating lease assets are reflected as Loans and Other assets, respectively, on our Consolidated Balance Sheet, whereas related liabilities are reported in Deposi ts and Other liabilities. |
Asset Quality
Asset Quality | 12 Months Ended |
Dec. 31, 2015 | |
Asset Quality [Abstract] | |
Asset Quality | N ote 3 A sset Q uality We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk. Trends in delinquency rates may be a key indicator, among other considerations, of credit risk within the loan portfolios. The measurement of delinquency status is based on the contractual terms of each loan. Loans that are 30 days or more past due in terms of payment are considered delinquent. Loan delinquencies exclude loans held for sale, purchased i mpaired 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 in clude 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. However, when nonaccrual criteria is met, i nterest income is not recognized on these loans. Additionally, certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest are not reported as nonperforming loans and continue to accrue interest . P urchased 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 Policies for addi tional delinquency, nonperforming, and charge-off information. The following tables display the delinquency status of our loans and our nonperforming assets at December 31, 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) December 31, 2015 Commercial Lending Commercial $ 98,075 $ 69 $ 32 $ 45 $ 146 $ 351 $ 36 $ 98,608 Commercial real estate 27,134 10 4 14 187 133 27,468 Equipment lease financing 7,440 19 2 21 7 7,468 Total commercial lending 132,649 98 38 45 181 545 169 133,544 Consumer Lending Home equity 29,656 63 30 93 977 1,407 32,133 Residential real estate (f) 10,918 142 65 566 773 549 $ 225 1,946 14,411 Credit card 4,779 28 19 33 80 3 4,862 Other consumer (g) 21,181 180 96 237 513 52 21,746 Total consumer lending 66,534 413 210 836 1,459 1,581 225 3,353 73,152 Total $ 199,183 $ 511 $ 248 $ 881 $ 1,640 $ 2,126 $ 225 $ 3,522 $ 206,696 Percentage of total loans 96.36 % .25 % .12 % .43 % .80 % 1.03 % .11 % 1.70 % 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. 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) 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 $1.4 billion and $1.7 billion at December 31, 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 December 31, 2015 include government insured or guaranteed Residential real estate mortgages totaling $56 million for 30 to 59 days past due, $45 million for 60 to 89 days past due and $545 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 December 31, 2015 include government insured or guaranteed Other consumer loans totaling $116 million for 30 to 59 days past due, $75 million for 60 to 89 days past due and $220 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. 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 that 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 incr eases in market interest rates, and interest-only loans, among others. We also originate home equity and residential real estate loans that are concentrated in our primary geographic markets. We originate interest-only loans to commercial borrowers. Suc h 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 features are considered during the underwriting process to mitigate the i ncreased 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 create a concentration of credit risk. At December 31, 2015 , we pledged $ 20.2 billion of commercial loans to the Federal Reserve Bank (FRB) and $ 56.4 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 . Table 55: Nonperforming Assets December 31 December 31 Dollars in millions 2015 2014 Nonperforming loans Total commercial lending $ 545 $ 626 Total consumer lending (a) 1,581 1,884 Total nonperforming loans (b) 2,126 2,510 OREO and foreclosed assets Other real estate owned (OREO) 279 351 Foreclosed and other assets 20 19 Total OREO and foreclosed assets (c) 299 370 Total nonperforming assets $ 2,425 $ 2,880 Nonperforming loans to total loans 1.03 % 1.23 % Nonperforming assets to total loans, OREO and foreclosed assets 1.17 1.40 Nonperforming assets to total assets .68 .83 Interest on nonperforming loans Computed on original terms 115 125 Recognized prior to nonperforming status 22 25 (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 December 31, 2015 and December 31, 2014, which included $.3 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 within this Note . Total nonperforming loans in the nonperforming assets table above include TDRs of $ 1.1 billion at December 31, 2015 and $1.4 b illion at December 31, 2014 . TDRs that are performing, including consumer credit card TDR loans, totaled $1.2 billion at December 31, 2015 and December 31, 2014 and are exc luded from nonperforming loans. T hese include TDRs that ar e not placed on nonaccrual status as permitted by regulatory guidance. Nonperforming 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. Lo ans where borrowers have been discharged from personal liability through Chapter 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 t he 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 Loan Class For commercial loans, we monitor the performance of the borrower in a disciplined and regular manner based upon the level of credit risk inherent in the loan. To evaluate the level of credit risk, we assign an internal risk rating reflecting the borrower’s PD and LGD. This two-dimensional credit risk rating methodology provides granularity in the risk monitoring process on an ongoing basis. These ratings are reviewed and updated, generally at least once per year. Additionally, no le ss 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 commerci al 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 historical 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 reporting 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 an estimate of exposure at date of default, which we also periodically update based upon historical d ata. 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 lo ans which we perceive to be of higher risk, based upon PDs and LGDs, or loans for which credit quality is weakening. If circumstances warrant, it is our practice to review any customer obligation and its level of credit risk more frequently. We attempt to proactively manage our loans by using various procedures that are customized to the risk of a given loan, including ongoing outreach, contact, and assessment of obligor financial conditions, collateral inspection and appraisal. Commercial Real Estate Loan Class We manage credit risk associated with our commercial real estate projects and commercial mortgage activities similar to commercial loans by analyzing PD and LGD. Additionally, risks connected with commercial real estate projects and commercial mortg age 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 s chedule of periodic review is also performed to assess market/geographic risk and business unit/industry risk. Often as a result of these overviews, more in-depth reviews and increased scrutiny are placed on areas of higher risk, including adverse changes in risk ratings, deteriorating operating trends, and/or areas that concern management. These reviews are designed to assess risk and take actions to mitigate our exposure to such risks. Equipment Lease Financing Loan Class We manage credit risk associated with our equipment lease financing loan class similar to commercial loans by analyzing PD and LGD. Based upon the dollar amount of the lease and of the level of credit risk, we follow a formal schedule of periodic review. Generally, this occurs quarterly, although we have established practices to review such credit risk more frequently if circumstances warrant. Our review process entails analysis of the following factors: equipment value/residual value, exposure levels, jurisdiction risk, indust ry risk, guarantor 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 val ue, receipt of additional collateral, secondary trading prices, circumstances of possible and/or ongoing liquidation, capital availability, business operations and payment patterns. We attempt to proactively manage these factors by using various procedur es 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 assessment of obligor financial conditions, collateral inspection and appraisal. See Note 4 Purcha sed 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 December 31, 2015 Commercial $ 93,364 $ 2,029 $ 3,089 $ 90 $ 98,572 Commercial real estate 26,729 120 481 5 27,335 Equipment lease financing 7,230 87 150 1 7,468 Purchased impaired loans 6 157 6 169 Total commercial lending $ 127,323 $ 2,242 $ 3,877 $ 102 $ 133,544 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 Residen tial 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 December 31 December 31 In millions 2015 2014 Home equity and residential real estate loans - excluding purchased impaired loans (a) $ 42,268 $ 43,348 Home equity and residential real estate loans - purchased impaired loans (b) 3,684 4,541 Government insured or guaranteed residential real estate mortgages (a) 923 1,188 Difference between outstanding balance and recorded investment in purchased impaired loans (c) (331) 7 Total home equity and residential real estate loans (a) $ 46,544 $ 49,084 (a) Represents recorded investment. (b) Represents outstanding balance. (c) The December 31, 2015 amount was impacted by the change in derecognition policy for purchased impaired pooled consumer and residential real estate loans. See Note 4 Purchased Loans for additional information. Table 58: Home Equity and Residential Real Estate Asset Quality Indicators – Excluding Purchased Impaired Loans (a) (b) Home Equity Residential Real Estate December 31, 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 $ 283 $ 960 $ 284 $ 1,527 Less than or equal to 660 (d) (e) 40 189 68 297 Missing FICO 1 8 5 14 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 646 1,733 564 2,943 Less than or equal to 660 (d) (e) 92 302 102 496 Missing FICO 3 4 8 15 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 698 1,492 615 2,805 Less than or equal to 660 88 226 94 408 Missing FICO 1 3 10 14 Less than 90% and updated FICO scores: Greater than 660 13,895 7,808 9,117 30,820 Less than or equal to 660 1,282 923 570 2,775 Missing FICO 31 18 105 154 Total home equity and residential real estate loans $ 17,060 $ 13,666 $ 11,542 $ 42,268 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 $3.4 billion and $4.5 billion in recorded investment, certain government insured or guaranteed residential real estate mortgages of approximately $0.9 billion and $1.2 billion, and loans held for sale at December 31, 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. We generally utilize origination lien balances provided by a third-party, where applicable, which do not include an amortization assumption when calculating updated LTV. Accordingly, the results of these calculations do not represent actual appraised loan level collateral or updated LTV based upon lien balances held by others, and as such, are necessarily imprecise and subject to change as we 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 December 31, 2015: New Jersey 14%, Pennsylvania 12%, Illinois 11%, Ohio 11%, Florida 7%, Maryland 7% and Michigan 5%. The remainder of the states had lower than 4% of the higher risk loans individually, and collectively they represent approximately 33% of the higher risk loans. The following states had the highest percentage of higher risk loans at December 31, 2014: New Jersey 14%, Pennsylvania 12%, Illinois 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) December 31, 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 $ 164 $ 147 $ 317 Less than or equal to 660 6 79 76 161 Missing FICO 7 5 12 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 12 331 186 529 Less than or equal to 660 9 145 118 272 Missing FICO 8 7 15 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 10 167 133 310 Less than or equal to 660 6 75 68 149 Missing FICO 4 3 7 Less than 90% and updated FICO scores: Greater than 660 106 345 665 1,116 Less than or equal to 660 91 182 455 728 Missing FICO 1 13 31 45 Missing LTV and updated FICO scores: Greater than 660 1 14 15 Less than or equal to 660 1 6 7 Missing FICO 1 1 Total home equity and residential real estate loans $ 249 $ 1,520 $ 1,915 $ 3,684 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 December 31, 2015: California 16%, Florida 14%, Illinois 11%, Ohio 9%, 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 38% 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. We generally utilize origination lien balances provided by a third-party, where applicable, which do not include an amortization assumption when calculating updated LTV. Accordingly, the results of these calculations do not represent actual appraised loan level collateral or updated LTV based upon lien balances held by others, and as such, are necessarily imprecise and subject to change as we enhance our methodology. Credit Card and Other Consumer Loan Classes We monitor a variety of asset quality information in the management of the credit card and other consumer loan classes. Other consumer loan classes include education, automobile, and other secured and unsecured lines and loans. Along with the trending of delinquencies and losses for each class, FICO credit score updates are generally obtained monthly, as well as a variety of credit bureau attributes. Loans with high FICO scores tend to have a lower likelihood of loss. Conversely, loans with low FICO scores tend to have a higher likelihood of loss. 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 December 31, 2015 FICO score greater than 719 $ 2,936 60 % $ 9,371 65 % 650 to 719 1,346 28 3,534 24 620 to 649 202 4 523 4 Less than 620 227 5 604 4 No FICO score available or required (c) 151 3 501 3 Total loans using FICO credit metric 4,862 100 % 14,533 100 % Consumer loans using other internal credit metrics (b) 7,213 Total loan balance $ 4,862 $ 21,746 Weighted-average updated FICO score (d) 734 744 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 December 31, 2015, we had $34 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 December 31, 2015 balance related to higher risk credit card loans was geographically distributed throughout the following areas: Ohio 17%, Pennsylvania 15%, Michigan 8%, New Jersey 8%, Florida 7%, Illinois 6%, Indiana 6%, Maryland 4% and North Carolina 4%. 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 fo |
Purchased Loans
Purchased Loans | 12 Months Ended |
Dec. 31, 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. Prior to December 31, 2015, upon final disposition of a loan within a pool and for loans that had nominal collateral value /expected cash flows, the loan’s carrying value was removed from the pool and any gain or loss associated with the transaction was retained in the pool’s recorded investment. Effective December 31, 2015, in anticipation of the end of the life of our purcha sed impaired pooled consumer and residential real estate loans, and pursuant to supervisory direction, we changed our derecognition policy for these loans such that we will write-off the loan’s recorded investment and derecognize the associated ALLL upon final disposition . Gains and losses on such loans will be recognized as either an adjustment to the pool’s associated ALLL, or yield, as appropriate. The transition to this new policy on December 31, 2015 resulted in a $468 million derecognition of recorded investment and associa ted ALLL on such loans. See the discussion 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 December 31, 2015 and December 31, 2014 : Table 65: Purchased Impaired Loans - Balances December 31, 2015 December 31, 2014 In millions Outstanding Balance (a) Recorded Investment Carrying Value Outstanding Balance (a) Recorded Investment Carrying Value Commercial lending Commercial $ 94 $ 36 $ 24 $ 159 $ 74 $ 57 Commercial real estate 155 133 96 307 236 174 Total commercial lending 249 169 120 466 310 231 Consumer lending Consumer 1,769 1,407 1,392 2,145 1,989 1,661 Residential real estate 1,915 1,946 1,700 2,396 2,559 2,094 Total consumer lending 3,684 3,353 3,092 4,541 4,548 3,755 Total $ 3,933 $ 3,522 $ 3,212 $ 5,007 $ 4,858 $ 3,986 (a) Outstanding balance represents the balance on the loan servicing system. Recorded investment may be greater than the outstanding balance due to expected recoveries of collateral. 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 r eferred to as the non-accretable difference and is not recognized in income. Subsequent changes in the expected cash flows of individual or pooled purchased impaired loans will either impact the accretable yield or result in an impairment charge to provisi on for credit losses in the period in which the changes become probable. Decreases to the net present value of expected cash flows will generally result in an impairment charge recorded as a provision for credit losses, resulting in an increase to the ALLL , and a reclassification from accretable yield to non-accretable difference. During 2015 , $ 82 million of provision recapture was recorded for purchased impaired loans compared to $ 91 million of provision rec apture during 2014 . Charge-offs (which were specifically for commercial loans greater than a defined threshold) during 2015 were $ 12 million compared to $42 million during 2014 . At December 31, 2015 and December 31, 2014 , the ALLL on total purchased impaired loans was $.3 billion and $.9 billion, respectively. The decline in ALLL was primarily due to the change in our derecognition policy. For purchased impaired loan pools where an allowance has been recognize d, subsequent increases in the net present value of cash flows will result in a provision recapture of any previously recorded ALLL to the extent applicable, and/or a reclassification from non-accretable difference to accretable yield, which will be recogn ized 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 quarterl y to evaluate the appropriateness of the ALLL associated with the purchased impaired loans. Activity for the accretable yield during 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) (466) (587) Net reclassifications to accretable from non-accretable 226 208 Disposals (68) (118) December 31 $ 1,250 $ 1,558 |
Allowances for Loan and Lease L
Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters Of Credit | 12 Months Ended |
Dec. 31, 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 December 31, 2015 Allowance for Loan and Lease Losses January 1 $ 1,571 $ 1,760 $ 3,331 Charge-offs (255) (550) (805) Recoveries 240 179 419 Net (charge-offs) / recoveries (15) (371) (386) Provision for credit losses 55 200 255 Net change in allowance for unfunded loan commitments and letters of credit (3) 1 (2) Write-offs of purchased impaired loans (a) (468) (468) Other (3) (3) December 31 $ 1,605 $ 1,122 $ 2,727 TDRs individually evaluated for impairment $ 43 $ 276 $ 319 Other loans individually evaluated for impairment 76 76 Loans collectively evaluated for impairment 1,437 585 2,022 Purchased impaired loans 49 261 310 December 31 $ 1,605 $ 1,122 $ 2,727 Loan Portfolio TDRs individually evaluated for impairment (b) $ 434 $ 1,917 $ 2,351 Other loans individually evaluated for impairment 309 309 Loans collectively evaluated for impairment (c) 132,632 66,977 199,609 Fair value option loans (d) 905 905 Purchased impaired loans 169 3,353 3,522 December 31 $ 133,544 $ 73,152 $ 206,696 Portfolio segment ALLL as a percentage of total ALLL 59 % 41 % 100 % Ratio of the allowance for loan and lease losses to total loans (a) 1.20 % 1.53 % 1.32 % December 31, 2014 Allowance for Loan and Lease Losses January 1 $ 1,547 $ 2,062 $ 3,609 Charge-offs (360) (661) (1,021) Recoveries 305 185 490 Net charge-offs (55) (476) (531) Provision for credit losses 100 173 273 Net change in allowance for unfunded loan commitments and letters of credit (18) 1 (17) Other (3) (3) December 31 $ 1,571 $ 1,760 $ 3,331 TDRs individually evaluated for impairment $ 62 $ 324 $ 386 Other loans individually evaluated for impairment 77 77 Loans collectively evaluated for impairment 1,353 643 1,996 Purchased impaired loans 79 793 872 December 31 $ 1,571 $ 1,760 $ 3,331 Loan Portfolio TDRs individually evaluated for impairment (b) $ 542 $ 2,041 $ 2,583 Other loans individually evaluated for impairment 309 309 Loans collectively evaluated for impairment (c) 127,207 68,826 196,033 Fair value option loans (d) 1,034 1,034 Purchased impaired loans 310 4,548 4,858 December 31 $ 128,368 $ 76,449 $ 204,817 Portfolio segment ALLL as a percentage of total ALLL 47 % 53 % 100 % Ratio of the allowance for loan and lease losses to total loans 1.22 % 2.30 % 1.63 % Table 67: Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data (continued from previous page) Commercial Consumer In millions Lending Lending Total December 31, 2013 Allowance for Loan and Lease Losses January 1 $ 1,774 $ 2,262 $ 4,036 Charge-offs (e) (606) (982) (1,588) Recoveries 357 154 511 Net charge-offs (249) (828) (1,077) Provision for credit losses 36 607 643 Net change in allowance for unfunded loan commitments and letters of credit (13) 21 8 Other (1) (1) December 31 $ 1,547 $ 2,062 $ 3,609 TDRs individually evaluated for impairment $ 24 $ 446 $ 470 Other loans individually evaluated for impairment 155 155 Loans collectively evaluated for impairment 1,235 745 1,980 Purchased impaired loans 133 871 1,004 December 31 $ 1,547 $ 2,062 $ 3,609 Loan Portfolio TDRs individually evaluated for impairment (b) $ 578 $ 2,161 $ 2,739 Other loans individually evaluated for impairment 649 649 Loans collectively evaluated for impairment (c) 115,245 69,724 184,969 Fair value option loans (d) 1,150 1,150 Purchased impaired loans 673 5,433 6,106 December 31 $ 117,145 $ 78,468 $ 195,613 Portfolio segment ALLL as a percentage of total ALLL 43 % 57 % 100 % Ratio of the allowance for loan and lease losses to total loans 1.32 % 2.63 % 1.84 % (a) A portion of the ALLL associated with purchased impaired pooled consumer and residential real estate loans was derecognized on December 31, 2015 due to the change in the derecognition policy for these loans. The December 31, 2015 ratio of ALLL to total loans was impacted by the derecognition. See Note 4 Purchased Loans for additional information. (b) TDRs individually evaluated for impairment exclude TDRs that were subsequently accounted for as held for sale loans, but continue to be disclosed as TDRs. (c) Includes $150 million of loans collectively evaluated for impairment based upon collateral values and written down to the respective collateral value less costs to sell at December 31, 2015. Accordingly, there is no allowance recorded for these loans. The comparative amounts as of December 31, 2014 and December 31, 2013 were $195 million and $252 million, respectively. (d) 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. (e) Pursuant to alignment with interagency guidance on practices for loans and lines of credit related to consumer lending in the first quarter of 2013, additional charge-offs of $134 million were taken. Net interest income less the provision for credit losses was $ 8.0 billion for 2015 compared with $ 8.3 billion for 2014 and $ 8.5 billion for 2013 . 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 incurred 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 2013 January 1 $ 259 $ 242 $ 250 Net change in allowance for unfunded loan commitments and letters of credit 2 17 (8) December 31 $ 261 $ 259 $ 242 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities Disclosure [Abstract] | |
Investment Securities | N OTE 6 I NVESTMENT S ECURITIES . Table 69: Investment Securities Summary Amortized Unrealized Fair In millions Cost Gains Losses Value December 31, 2015 Securities Available for Sale Debt securities U.S. Treasury and government agencies $ 9,764 $ 152 $ (42) $ 9,874 Residential mortgage-backed Agency 24,698 250 (128) 24,820 Non-agency 3,992 247 (88) 4,151 Commercial mortgage-backed Agency 1,917 11 (10) 1,918 Non-agency 4,902 30 (29) 4,903 Asset-backed 5,417 54 (48) 5,423 State and municipal 1,982 79 (5) 2,056 Other debt 2,007 31 (12) 2,026 Total debt securities 54,679 854 (362) 55,171 Corporate stocks and other 590 (1) 589 Total securities available for sale $ 55,269 $ 854 $ (363) $ 55,760 Securities Held to Maturity (a) Debt securities U.S. Treasury and government agencies $ 258 $ 40 $ 298 Residential mortgage-backed Agency 9,552 101 $ (65) 9,588 Non-agency 233 8 241 Commercial mortgage-backed Agency 1,128 40 1,168 Non-agency 722 6 (1) 727 Asset-backed 717 (10) 707 State and municipal 1,954 116 2,070 Other debt 204 (1) 203 Total securities held to maturity $ 14,768 $ 311 $ (77) $ 15,002 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 recorded 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 $97 million and $125 million at December 31, 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 December 31, 2015 , Accumulated other comprehensive income included pretax gains of $ 98 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 December 31, 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 ) . The increase in total unrealized loss es at December 31, 2015 when compared to December 31, 2014 was primarily due to higher interest rates. 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 December 31, 2015 Debt securities U.S. Treasury and government agencies $ (40) $ 5,885 $ (2) $ 120 $ (42) $ 6,005 Residential mortgage-backed Agency (103) 11,799 (25) 1,094 (128) 12,893 Non-agency (3) 368 (85) 1,527 (88) 1,895 Commercial mortgage-backed Agency (7) 745 (3) 120 (10) 865 Non-agency (22) 2,310 (7) 807 (29) 3,117 Asset-backed (30) 3,477 (18) 494 (48) 3,971 State and municipal (3) 326 (2) 60 (5) 386 Other debt (8) 759 (4) 188 (12) 947 Total debt securities (216) 25,669 (146) 4,410 (362) 30,079 Corporate stocks and other (a) 46 (1) 15 (1) 61 Total $ (216) $ 25,715 $ (147) $ 4,425 $ (363) $ 30,140 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 $ 82 million at December 31, 2015 , with $ 59 million of the loss related to securities with a fair value of $ 5.5 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 $ 953 million that had been in a continuous loss position for more than 12 months. The gross unrealized 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 million 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 December 31, 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 basi s. An OTTI loss must be recognized 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 recognized 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 m arket or changes in market interest 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 p erformance metrics if applicable, 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. Resu lts of the periodic assessment 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 f actors, in determining whether 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 residential 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 col lateral performance statistics. 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 m arket , employment and other macro 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-ba cked 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 $1.1 billion at December 31 , 2015. During 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 For the year ended December 31 2015 $ 6,829 $ 56 $ (13) $ 43 $ 15 2014 4,480 33 (29) 4 1 2013 8,178 146 (47) 99 35 The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at December 31, 2015 . Table 72: Contractual Maturity of Debt Securities December 31, 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 $ 586 $ 4,172 $ 4,234 $ 772 $ 9,764 Residential mortgage-backed Agency 99 986 23,613 24,698 Non-agency 3 3,989 3,992 Commercial mortgage-backed Agency 22 109 232 1,554 1,917 Non-agency 50 28 8 4,816 4,902 Asset-backed 9 1,526 1,787 2,095 5,417 State and municipal 1 127 336 1,518 1,982 Other debt 186 1,377 289 155 2,007 Total debt securities available for sale $ 854 $ 7,441 $ 7,872 $ 38,512 $ 54,679 Fair value $ 861 $ 7,497 $ 7,926 $ 38,887 $ 55,171 Weighted-average yield, GAAP basis 2.76 % 2.23 % 2.28 % 2.91 % 2.73 % Securities Held to Maturity U.S. Treasury and government agencies $ 258 $ 258 Residential mortgage-backed Agency $ 4 $ 321 9,227 9,552 Non-agency 233 233 Commercial mortgage-backed Agency $ 119 810 142 57 1,128 Non-agency 722 722 Asset-backed 3 590 124 717 State and municipal 62 938 954 1,954 Other debt 204 204 Total debt securities held to maturity $ 119 $ 1,083 $ 1,991 $ 11,575 $ 14,768 Fair value $ 119 $ 1,112 $ 2,059 $ 11,712 $ 15,002 Weighted-average yield, GAAP basis 3.02 % 3.41 % 3.18 % 3.46 % 3.42 % Weighted-average yields are based on historical cost with effective yields weighted for the contractual maturity of each security. At December 31, 2015 , there were no securities of a single issuer, other than FHLMC and FNMA, that exceeded 10% of Total shareholders’ equity. The FHLMC investments had a total amortized cost of $4.9 billion and fair value of $5.0 billion. The FNMA investments had a total amortiz ed cost of $21.0 billion and fair value of $21.1 billion. The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings. Table 73: Fair Value of Securities Pledged and Accepted as Collateral December 31 December 31 In millions 2015 2014 Pledged to others $ 9,674 $ 10,874 Accepted from others: Permitted by contract or custom to sell or repledge 1,100 1,658 Permitted amount repledged to others 943 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 | 12 Months Ended |
Dec. 31, 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 lia bility on the measurement date. GAAP focuses on the exit price in the principal or most advantageous market for the asset or liability in an orde rly transaction between market participants. GAAP also establishes a fair value hierarchy to maximize the use of observable inputs when measuring fair value and defines the three levels of inputs as noted below. Level 1 Fair value is determined using a q uoted price in an active market for i dentical assets or liabilities. Level 1 a ssets and liabilities may include debt securities, equity securities and listed derivative contracts that are traded in an active exchange market and certain U . S . Treasury securities that are actively tra ded in over-the-counter markets. Level 2 Fair value is estimated using inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly or indirectly. The majority of Le vel 2 assets and liabilities include debt securities, equity securities and listed d erivative contracts with quoted prices that are traded in markets that are not active, and certain debt and equity securities and over-the-counter derivative contracts whose fair value is determined using a pricing model without s ignificant unobservable in puts. Level 3 Fair value is estimated using unobservable inputs that are significant to the fair value of the assets or liabilities. Le vel 3 assets and liabilities include financial instruments whose value is determined using pricing models and disc ounted cash flow metho dologies, or similar techniques for which the significant valuation inputs are not observable and the determination of fair value requires significant man agement judgment or estimation. Certain assets which have been adjusted due to impairment are accounted for at lower of amortized cost or fair value on a n onrecurring basis and consist primarily of certain nonaccrual loans, OREO and foreclosed assets and long-lived assets held for sale. These assets, which are generally classified as Level 3, are included in Table 77 in this Note 7 . We characterize active markets as those where transaction volumes are sufficient to provide objective pricing information, with reasonably narrow bid/ask spreads and where d ealer quotes received do not vary widely and are based on current information. Inactive markets are typically characterized by low transactio n volumes, price quotations that vary substantially among market participants or are not based on current informati on, wide bid/ask spreads, a significant increase in implied liquidity risk premiums, yields, or performance indicators for observed transactions or quoted prices compared to historical periods, a significant decline or absence of a market for new issuance, or any combination of the above factors. We also consider nonperformance risks including credit risk as part of our valuation methodology for all assets and liabilities measured at fair value. Any models used to determine fair values or to validate deal er quotes based on the descriptions below are subject to review and independent testing as part of our model validation and internal control testing processes. Our Model Risk Management Committee reviews significant models on at least an annual basis. In a ddition, the Valuation Committee approves valuation methodologies and reviews the results of independent valuation reviews and processes for assets and liabilities measured at fair value on a recurring basis. Assets and liabilities measured at fair value, by their nature, result in a higher degree of financial statement volatility. Assets and liabilities classified within Level 3 inherently require the use of various assumptions, estimates and judgments when measuring their fair value. As observable market activity is commonly not available to use when estimating the fair value of Level 3 assets and liabilities, we must estimate fair value using various modeling techniques. These techniques include the use of a variety of inputs/assumptions including credit quality, liquidity, interest rates or other relevant inputs across the entire population of our Level 3 assets and liabilities. Changes in the significant underlying factors or assumptions (either an increase or a decrease) in any of these areas underlyin g our estimates may result in a significant increase/decrease in the Level 3 fair value measurement of a particular asset and/or liability from period to period. Assets and Liabilities Measured at Fair Value on a Recurring Basis Securities Available for Sale and Trading Securities Securities accounted for at fair value include both the available for sale and trading portfolios. We primarily use prices obtained from pricing services, dealer quotes, or recent trades to determine the fair value of securitie s. As of December 31, 2015 , 87% of the positions in these portfolios were priced by using pricing services provided by third-party vendors. The third-party vendors use a variety of methods when pricing securities that incorporate relevant market data to arrive at an estimate of what a buyer in the marketplace would pay for a security under current market conditions. One of the vendor’s prices are set with reference to market activity for highly l iquid assets, such as U.S. Treasury and agency securities and agency residential mortgage-backed securities, and matrix pricing for other asset classes, such as commercial mortgage-backed and other asset-backed securities. Another vendor primarily uses dis counted cash flow pricing models considering adjustments for spreads and prepayments for the instruments we value using this service, such as non-agency residential mortgage-backed securities, agency adjustable rate mortgage securities, agency collateraliz ed mortgage obligations (CMOs), commercial mortgage-backed securities and municipal bonds. The vendors we use provide pricing services on a global basis and have quality management processes in place to monitor the integrity of the valuation inputs and the prices provided to users, including procedures to consider and incorporate information received from pricing service users who may challenge a price. We monitor and validate the reliability of vendor pricing on an ongoing basis through pricing methodology reviews, by performing detailed reviews of the assumptions and inputs used by the vendor to price individual securities, and through price validation testing. Price validation testing is performed independent of the risk-taking function and involves corro borating the prices received from third-party vendors with prices from another third-party source, by reviewing valuations of comparable instruments, by comparison to internal valuations, or by reference to recent sales of similar securities. Securities no t priced by one of our pricing vendors may be valued using a dealer quote. Dealer quotes received are typically non-binding. Securities priced using a dealer quote are subject to corroboration either with another dealer quote, by comparison to similar secu rities priced by either a third-party vendor or another dealer, or through internal valuation in order to validate that the quote is representative of the market. Security prices are also validated through actual cash settlement upon sale of a security. Securities are classified within the fair value hierarchy after giving consideration to the activity level in the market for the security type and the observability of the inputs used to determine the fair value. When a quoted price in an active market ex ists for the identical security, this price is used to determine fair value and the security is classified within Level 1 of the hierarchy. Level 1 securities include certain U.S. Treasury securities and exchange-traded equities. When a quoted price in an active market for the identical security is not available, fair value is estimated using either an alternative market approach, such as a recent trade or matrix pricing, or an income approach, such as a discounted cash flow pricing model. If the inputs to the valuation are based primarily on market observable information, then the security is classified within Level 2 of the hierarchy. Level 2 securities include agency debt securities, agency residential mortgage-backed securities, agency and non-agency com mercial mortgage-backed securities, certain non-agency residential mortgage-backed securities, asset-backed securities collateralized by non-mortgage-related consumer loans, municipal securities, and other debt securities. Level 2 securities are predominan tly priced by third parties, either a pricing vendor or dealer. In certain cases where there is limited activity or less transparency around the inputs to the valuation, securities are classified within Level 3 of the hierarchy. Securities classified as Level 3 consist primarily of non-agency residential mortgage-backed and asset-backed securities collateralized by first- and second-lien residential mortgage loans. Fair value for these securities is primarily estimated using pricing obtained from third-pa rty vendors. In some cases, fair value is estimated using a dealer quote, by reference to prices of securities of a similar vintage and collateral type or by reference to recent sales of similar securities. Market activity for these security types is limit ed with little price transparency. As a result, these securities are generally valued by the third-party vendor using a discounted cash flow approach that incorporates observable market activity where available. Significant inputs to the valuation include prepayment projections and credit loss assumptions (default rate and loss severity) and discount rates that are deemed representative of current market conditions. The discount rates used incorporate a spread over the benchmark curve that takes into consid eration liquidity risk and potential credit risk not already included in the credit loss assumptions. Significant increases (decreases) in any of those assumptions in isolation would result in a significantly lower (higher) fair value measurement. Prepayme nt estimates generally increase when market interest rates decline and decrease when market interest rates rise. Credit loss estimates are driven by the ability of borrowers to pay their loans and housing market prices and are impacted by changes in overal l macroeconomic conditions, typically increasing when economic conditions worsen and decreasing when conditions improve. An increase in the estimated prepayment rate typically results in a decrease in estimated credit losses and vice versa. Discount rates typically increase when market interest rates increase and/or credit and liquidity risks increase. Similarly, discount rates typically decrease when market interest rates decline and/or credit and liquidity conditions improve. Price validation procedures p erformed for these securities include comparing current prices to historical pricing trends by collateral type and vintage, and by obtaining corroborating prices from another third-party source. Certain infrequently traded debt securities within the Stat e and municipal and Other debt securities available-for-sale and Trading securities categories are also classified in Level 3 and are included in the Insignificant Level 3 assets, net of liabilities line item in Table 76 (for the 2015 period). The significant unobservable inputs used to estimate the fair value of these securities include an estimate of expected credit losses and a discount for liquidity risk. These inputs are incorporated into the fair value measurement by either increa sing the spread over the benchmark curve or by applying a credit and liquidity discount to the par value of the security. Significant increases (decreases) in credit and/or liquidity risk could result in a significantly lower (higher) fair value estimate. Financial Derivatives Exchange-traded derivatives are valued using quoted market prices and are classified as Level 1. However, the majority of derivatives that we enter into are executed over-the-counter and are valued using internal models. These deriv atives are primarily classified as Level 2 as the r eadily observable market inputs to these models are validated to external sources . The external sources for these inputs include industry pricing services, or are corroborated through recent trades, dealer quotes, yield curves, implied volatility or other market-related data. Level 2 financial derivatives are primarily estimated using a combination of Eurodollar future prices and observable benchmark interest rate swaps to construct projected discounted cas h flows. Financial d erivatives that are priced using significant management judgment or assumptions are classified as Level 3. Fair value information for Level 3 financial derivatives is presented separately for interest rate contracts and other contract s. I nterest rate contracts include residential and commercial mortgage interest rate lock commitments and certain interest rate options . Other contracts include risk participation agr eements, swaps related to the sale of certain Visa Class B common shares and other types of contracts. The fair values of residential mortgage lo an commitment assets as of December 31, 2015 and 2 014 are included in the Insignificant Level 3 assets, net of liabilities line item in Table 76 in thi s Note 7 . Significant unobservable inputs for these commitments include the probability of funding and embedded servicing. The probability of funding for residential mortgage loan commitments represents the expected proportion of loan commitments in the pipeline that will fund. Additionally, embedded in the market price of the underlying loan is a value for retaining servicing of the loan once it is sold. Significant increases (decreases) in the fair value of a residential mortgage loan commitment as set (liability) result when the probability of funding increases (decreases) and when the embedded servicing value increases (decreases). The fair values of commercial mortgage lo an commitment assets and liabilities as of December 31, 2015 and 2014 are included in the Insignificant Level 3 assets, net of liabilities line item in Table 76 in this Note 7 . Signific ant unobservable inputs for these commitments include spread over the benchmark interest rate and the estimated servicing cash flows for loans sold to the agencies with servicing retained . The spread over the benchmark curve reflects management assumpt ions regarding credit and liquidity risks. Significant increases (decreases) in the fair value of commerc ial mortgage loan commitments result when the spread over the benchmark curve decreases (increases) or the estimated servicing cash flows for loans sold to the agencies with servicing retained increases (decreases). The fair values of interest rate optio n assets and liabilities as of December 31, 2015 and 2014 are included in the Insignificant Level 3 assets, net of liabilities line item in Table 76 in this Note 7 . The significant unobservable input used in th e fair value measurement of the interest rate options is expected interest rate volatility. Significant increases (decreases) in interest rate volatility would result in a significantly higher (lower) fair value measurement. The fair values of risk partic ipation agreement assets and liabilities as of December 31, 2015 and 2014 are included in the Insignificant Level 3 assets, net of liabilities line item in Table 76 in this Note 7 . The significant unobservable inputs used in the fair value measurement of risk participation agreements are probability of default and loss severity. Significant increases (decreases) in probability of default and loss severity would result in a significan tly higher (lower) fair value measurement. In connection with the sales of portions of our Visa Class B common shares, we entered into swap agreements with the purchasers of the shares to account for any future risk of converting Class B common shares to Class A common shares and to account for the corresponding change in value to the Class B shares. These adjustments result from resolution of the specified litigation or t he changes in the amount in the litigation escrow account funded by Visa as well as from changes in the estimated litigation resolution date (see Note 20 Legal Proceedings and Note 21 Commitments and Guarantees for additional information). Th ese swaps also require payments calculated by reference to the market price of the Class A common shares and a fixed rate of interest. The swaps are classified as Level 3 instruments and the fair values of the liability positions totaled $ 104 million at December 31, 2015 and $ 135 million at December 31, 2014 , respectively. The fair values of the swap agreements are determined using a discounted cash flow methodology. The significant unobservable in puts to the valuations are estimated changes in the conversion rate of the Class B common shares into Class A common shares and the estimated growth rate of the Class A share price. A decrease in the conversion rate will have a negative impact on the fair value of the swaps and vice versa. Independent of changes in the conversion rate, an increase in the estimated growth rate of the Class A share price will have a negative impact on the fair value of the swaps and vice versa, through its impact on periodic payments due to the counterparty until the maturity dates of the swaps. The fair values of our derivatives include a credit valuation adjustment (CVA) to reflect our own and our counterparties’ nonperformance risk . Our CVA is computed using new loan pri cing and considers externally available bond spreads, in conjunction with internal h istorical recovery observations. Residential Mortgage Loans Held for Sale We account for certain residential mortgage loans originated for sale at fair value on a recurri ng basis. The election of the fair value option aligns the accounting for the residential mortgages with the related hedges. Additionally, we have elected to account for loans repurchased due to breaches of representations and warranties at fair value. R esidential mortgage loans are valued based on quoted market prices, where available, prices for other traded mortgage loans with similar characteristics, and purchase commitments and bid information received from market participants. The prices are adjuste d as necessary to include the embedded servicing value in the loans and to take into consideration the specific characteristics of certain loans that are priced based on the pricing of similar loans. These adjustments represent unobservable inputs to the v aluation but are not considered significant given the relative insensitivity of the value to changes in these inputs to the fair value of the loans. Accordingly, the majority of residential mortgage loans held for sale are classified as Level 2. This categ ory also includes repurchased and temporarily unsalable residential mortgage loans. These loans are repurchased due to a breach of representations and warranties in the loan sales agreement and typically occur after the loan is in default. The temporarily unsalable loans have an origination defect that makes them currently unable to be sold into the performing loan sales market. Because transaction details regarding sales of this type of loan are often unavailable, unobservable bid information from brokers and investors is heavily relied upon. Accordingly, based on the significance of unobservable inputs, these loans are classified as Level 3. Residential Mortgage Servicing Rights Residential MSRs are carried at fair value on a recurring basis. Assumptions incorporated into the residential MSRs valuation model reflect management’s best estimate of factors that a market participant would use in valuing the residential MSRs. Although sales of residential MSRs do occur, residential MSRs do not trade in an acti ve, open market with readily observable prices so the precise terms and conditions of sales are not available. As a benchmark for the reasonableness of its residential MSRs fair value, PNC obtained opinions of value from independent parties (“brokers”). Th ese brokers provided a range (+/- 10 bps) based upon their own discounted cash flow calculations of our portfolio that reflect conditions in the secondary market and any recently executed servicing transactions. PNC compares its internally-developed reside ntial MSRs value to the ranges of values received from the brokers. If our residential MSRs fair value falls outside of the brokers’ ranges, management will assess whether a valuation adjustment is warranted. For the periods presented, PNC’s residential MS Rs value did not fall outside of the brokers’ ranges. We consider our residential MSRs value to represent a reasonable estimate of fair value. Due to the nature of the unobservable valuation inputs, residential MSRs are classified as Level 3. The signifi cant unobservable inputs used in the fair value measurement of residential MSRs are constant prepayment rates and spread over the benchmark curve. Significant increases (decreases) in prepayment rates and spread over the benchmark curve would result in low er (higher) fair market value of residential MSRs. Commercial Mortgage Servicing Rights Commercial MSRs are carried at fair value on a recurring basis. Assumptions incorporated into the commercial valuation model reflect management’s best estimate of fac tors that a market participant would use in valuing the commercial MSRs. Although sales of commercial MSRs do occur, commercial MSRs do not trade in an active, open market with readily observable prices so the precise terms and conditions of sales are not available. Due to the nature of the valuation inputs and the limited availability of market pricing, commercial MSRs are classified as Level 3. The fair value of commercial MSRs is estimated by using a discounted cash flow model incorporating unobservable inputs for assumptions such as constant prepayment rates, discount rates and other factors. Significant increases/(decreases) in constant prepayment rates and discount rates would result in significantly lower/(higher) commercial MSR value determined base d on current market conditions and expectations. Commercial Mortgage Loans Held for Sale We account for certain commercial mortgage loans classified as held for sale in whole loan transactions at fair value. In addition, as of September 1, 2014, we have e lected to apply the fair value option to commercial mortgage loans held for sale to agencies. This election applies to all new commercial mortgage loans held for sale originated for sale to the agencies effective on or after September 1, 2014. The election of the fair value option aligns the accounting for the commercial mortgages with the related commitments to sell the loans. We determine the fair value of commercial mortgage loans held for sale based upon discounted cash flows. Fair value is determine d using sale valuation assumptions that management believes a market participant would use in pricing the loans. Valuation assumptions may include observable inputs based on the benchmark interest rate swap curves, whole loan sales and agency sales transac tions. The significant unobservable inputs are management’s assumption of the spread applied to the benchmark rate and the estimated servicing cash flows for loans sold to the agencies with servicing retained. The spread over the benchmark curve includes m anagement’s assumptions of the impact of credit and liquidity risk. Significant increases (decreases) in the spread applied to the benchmark would result in a significantly lower (higher) asset value. The wide range of the spread over the benchmark curve i s due to the varying risk and underlying property characteristics within our portfolio. Significant increases (decreases) in the estimated servicing cash flows would result in significantly higher (lower) asset value. Based on the significance of unobserva ble inputs, we classified this portfolio as Level 3. Equity Investments – Direct Investments The valuation of direct and indirect private equity investments requires significant management judgment due to the absence of quoted market prices, inherent lack of liquidity and the long-term nature of such investments. The carrying values of direct and affiliated partnership interests reflect the expected exit price and are based on various techniques including multiples of adjusted earnings of the entity, indep endent appraisals, anticipated financing and sale transactions with third parties, or the pricing used to value the entity in a recent financing transaction. A multiple of adjusted earnings calculation is the valuation technique utilized most frequently an d the multiple of earnings is the primary and most significant unobservable input used in such calculation. The multiple of earnings is utilized in conjunction with portfolio company financial results and our ownership interest in portfolio company securit ies to determine PNC’s interest in the enterprise value of the portfolio company. Significant decreases (increases) in the multiple of earnings could result in a significantly lower (higher) fair value measurement. The magnitude of the change in fair value is dependent on the significance of the change in the multiple of earnings and the significance of portfolio company adjusted earnings. Valuation inputs or analysis are supported by portfolio company or market documentation. Due to the size, private and u nique nature of each portfolio company, lack of liquidity and the long-term nature of investments, relevant benchmarking is not always feasible. A valuation committee reviews the portfolio company valuations on a quarterly basis and oversight is provided b y senior management of the business. These investments are classified as Level 3. Unfunded commitments related to direct investments totaled $ 23 million and $28 million at December 31, 2015 and December 31, 2014, respectively. Outstanding contractual obli gations to existing direct investm ents totaled $11 million and $9 million at December 31, 2015 and De cember 31, 2014, respectively. During 2015, $5 million of financial support was provided to existing direct investments compared to $39 million during 2014. Equity Investments – Indirect Investments We value indirect investments in private equity funds based on net asset value (NAV) as provided in the financial statements that we receive from their managers. Due to the time lag in our receipt of the financial inform ation and based on a review of investments and valuation techniques applied, adjustments to the manager-provided value are made when available recent portfolio company information or market information indicates a significant change in value from that prov ided by the manager of the fund. In accordance with ASC 820-10, these investments are not classified in the fair value hierarchy. These indirect investments are not redeemable, however PNC receives distributions over the life of the partnerships from liqu idation of the underlying investments by the investee, which we expect to occur over the next twelve years. The forced sale or restructuring of these investments would likely result in PNC receiving less value than it would otherwise have received in the o rdinary course of business. Unfunded commitments related to indirect investments totaled $ 103 million and $ 112 million at of December 31, 2015 and December 31, 2014 , respectively . During 2015, $17 million of financ ial support was provided to indirect investments to satisfy capital calls for commitments. The comparable amount was $24 million during 2014. Customer Resale Agreements We have elected to account for structured resale agreements, which are economically hedged using free-standing financial derivatives, at fair value. The fair value for structured resale agreements i s determined using a model that includes observable market data such as interest rates as inputs. Readily observable market inputs to this mod el can be validated to external sources, including yield curves, implied volatility or other market-related data. These instruments are classified as Level 2. Loans Loans accounted for at fair value consist primarily of residential mortgage loans. Thes e loans are generally valued similarly to residential mortgage loans held for sale and are classified as Level 2. However, similar to residential mortgage loans held for sale, if these loans are repurchased and unsalable, they are classified as Level 3. I n addition, repurchased VA loans, where only a portion of the principal will be reimbursed, are classified as Level 3. The fair value is determined using a discounted cash flow calculation based on our historical loss rate. Due to the unobservable nature o f this pool level approach, these loans are classified as Level 3. Additionally, we have elected to account for certain home equity lines of credit at fair value. These loans are classified as Level 3. This category also includes repurchased brokered hom e equity loans. These loans are repurchased due to a breach of representations or warranties in the loan sales agreement and occur typically after the loan is in default. Similar to existing loans classified as Level 3 due to being repurchased and unsalabl e, the fair value price is based on bids and market observations of transactions of similar vintage. Because transaction details regarding the credit and underwriting quality are often unavailable, unobservable bid information from brokers and investors is heavily relied upon. Accordingly, based on the significance of unobservable inputs, these loans are classified as Level 3. The fair value of these loans is included in the Loans – Home equity line item in Table 76 in this Note 7 . Significant inputs to the valuation of residential mortgage loans include credit and liquidity discount, cumulative default rate, loss severity and gross discount rate and are deemed representative of current market conditio ns. Significant increases (decreases) in an assumption would result in a significantly lower (higher) fair value measurement. BlackRock Series C Preferred Stock We have elected to account for the shares of BlackRock Series C Preferred Stock received in a stock exchange with BlackRock at fair value . A s of both December 31, 2015 and December 31, 2014 , we hold approximately 1.3 million shares of BlackRock Series C Preferred Stock, which are available to fund our obligation in connection with the BlackRock LTIP programs. See Note 24 Subsequent Events for information on the February 1, 2016 transfer of 0.5 million shares of the Series C Preferred Stock to BlackRock to satisfy a portion of our LTIP obligation. The Series C Preferred Stock economically hedges the BlackRock LTIP liability that is accounted for as a derivative. The fair value of the Series C Preferred Stock is determined using a third-party modeling approach, which includes both observable and uno bservable inputs. This approach considers expectations of a default/liquidation event and the use of liquidity discounts based on our inability to sell the security at a fair, open market price in a timely manner. Although dividends are equal to common sha res and other preferred series, significant transfer restrictions exist on our Series C shares for any purpose other than to satisfy the BlackRock LTIP obligation. Due to the significance of unobservable inputs, this security is classified as Level 3. Sign ificant increases (decreases) in the liquidity discount would result in a significantly lower (higher) asset value for the BlackRock Series C and vice versa for the BlackRock LTIP liability. Other Assets and Liabilities We have entered into a prepaid forward contract with a financial institution to mitigate the risk on a portion of PNC’s deferred compensation, supplemental incentive savings plan liabilities and certain stock based compensation awards that are based on PNC’s stock price and are subject to market risk. The prepaid forward contract is initially valued at the transaction price and is subsequently valued by reference to the market price of PNC’s stock and is recorded in either Other Assets or Other Liabilities at fair value and is classified as Level 2. In addition, deferred compensation and supplemental incentive |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Other Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | N OTE 8 G OODWILL AND I NTANGIBLE A SSETS Assets and liabilities of acquired entities are recorded at estimated fair value as of the acquisition date. Goodwill Changes in goodwill by business segment during 2015 and 2014 follow: Table 82: Goodwill by Business Segment (a) Corporate & Asset Retail Institutional Management In millions Banking Banking Group Total December 31, 2013 $ 5,795 $ 3,215 $ 64 $ 9,074 Other 29 29 December 31, 2014 $ 5,795 $ 3,244 $ 64 $ 9,103 December 31, 2015 $ 5,795 $ 3,244 $ 64 $ 9,103 (a) The Residential Mortgage Banking, BlackRock and Non-Strategic Assets Portfolio business segments did not have any goodwill allocated to them during 2015, 2014, and 2013. We conduct a goodwill impairment test on our reporting units at least annually, in the fourth quarter, or more frequently if events occur or circumstances have changed significantly from the annual test date. The fair value of our reporting units with goodwill is determined by using discounted cash flow and, when applicable, market comparability methodologies. Based on the results of our analysis, there were no impairment charges related to goodwill in 2015 or 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 December 31, 2015 and December 31 , 2014 , respectively, and consisted of loan servicing contracts for commercial and residential mortgages measured at fair value. Commercial Mortgage Servicing Rights As of January 1, 2014, PNC made an irrev ocable election to subsequently measure all classes of commercial MSRs at fair value in order to eliminate any potential measurement mismatch between our economic hedges and the commercial MSRs. The impact of the cumulative-effect adjustment to retained ea rnings was not material, and the valuation allowance associated with the commercial MSRs was reclassified to the gross carrying amount of commercial MSRs. We recognize gains/(losses) on changes in the fair value of commercial MSRs as a result of the electi on. Commercial MSRs are subject to declines in value from actual or expected prepayment of the underlying loans and defaults as well as market driven changes in interest rates. We manage this risk by economically hedging the fair value of commercial MSRs w ith securities and derivative instruments which are expected to increase (or decrease) in value when the value of commercial MSRs declines (or increases). The fair value of commercial MSRs is estimated by using a discounted cash flow model incorporating i nputs for assumptions as to constant prepayment rates, discount rates and other factors determined based on current market conditions and expectations. Changes in the commercial MSRs accounted for at fair value during 2015 and 2014, follow: Table 83: Commercial Mortgage Servicing Rights Accounted for at Fair Value In millions 2015 2014 January 1 $ 506 $ 552 Additions: From loans sold with servicing retained 63 53 Purchases 55 43 Changes in fair value due to: Time and payoffs (a) (89) (89) Other (b) (9) (53) December 31 $ 526 $ 506 Related unpaid principal balance at December 31 $ 145,823 $ 143,738 Servicing advances at December 31 $ 251 $ 299 (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. Prior to 2014, commercial MSRs were initially recorded at fair value and subsequently accounted for at the lower of amortized cost or fair value. These rights were substantially amortized in proportion to and over the period of estimated net servicing income of 5 to 10 years. Commercial MSRs were periodically evaluated for impairment. For purposes of impairment, the commercial MSRs were stratified based on asset type, which characterized the predominant risk of the underlying financial asset. If the car rying amount of any individual stratum exceeded its fair value, a valuation reserve was established with a corresponding charge to Corporate services on our Consolidated Income Statement. Changes in commercial MSRs during 2013, prior to the irrevocable fair value election, follow: Table 84: Commercial Mortgage Servicing Rights Accounted for Under the Amortization Method In millions 2013 Commercial Mortgage Servicing Rights - Net Carrying Amount January 1 $ 420 Additions (a) 138 Amortization expense (97) Change in valuation allowance 88 December 31 $ 549 Servicing advances at December 31 $ 412 Commercial Mortgage Servicing Rights - Valuation Allowance January 1 $ (176) Provision (21) Recoveries 108 Other 1 December 31 $ (88) (a) Additions for 2013 included $53 million from loans sold with servicing retained and $85 million from purchases of servicing rights from third parties. Residential Mortgage Servicing Rights We recognize mortgage servicing right assets on residential real estate loans when we retain the obligation to service these loans upon sale and the servicing fee is more than adequate compensation. Residential MSRs are subject to declines in value from actual or expected prepayment of the underlying loans and defaults as well as market driven changes in interest rates. We manage this risk by economically hedging the fair value of residential MSRs with securities and derivative instruments which are expected to increase (or decrease) in value when the value of residential MSRs declines (or increases). The fair value of residential MSRs is estimated by using a discounted cash flow valuation model which calculates the p resent value of estimated future net servicing cash flows, taking into consideration actual and expected mortgage loan prepayment rates, discount rates, servicing costs, and other economic factors which are determined based on current market conditions. Changes in the residential MSRs follow: Table 85: Residential Mortgage Servicing Rights In millions 2015 2014 2013 January 1 $ 845 $ 1,087 $ 650 Additions: From loans sold with servicing retained 78 85 158 Purchases 316 45 110 Sales (4) Changes in fair value due to: Time and payoffs (a) (178) (134) (193) Other (b) 2 (238) 366 December 31 $ 1,063 $ 845 $ 1,087 Unpaid principal balance of loans serviced for others at December 31 $ 123,466 $ 108,010 $ 113,994 Servicing advances at December 31 $ 411 $ 501 $ 571 (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 December 31, 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 86: Commercial Mortgage Loan Servicing Rights - Key Valuation Assumptions December 31 December 31 Dollars in millions 2015 2014 Fair value $ 526 $ 506 Weighted-average life (years) 4.7 4.7 Weighted-average constant prepayment rate 5.71 % 8.03 % Decline in fair value from 10% adverse change $ 10 $ 10 Decline in fair value from 20% adverse change $ 19 $ 19 Effective discount rate 7.49 % 6.59 % Decline in fair value from 10% adverse change $ 14 $ 13 Decline in fair value from 20% adverse change $ 29 $ 26 Table 87: Residential Mortgage Loan Servicing Rights - Key Valuation Assumptions December 31 December 31 Dollars in millions 2015 2014 Fair value $ 1,063 $ 845 Weighted-average life (years) 6.3 6.1 Weighted-average constant prepayment rate 10.61 % 11.16 % Decline in fair value from 10% adverse change $ 44 $ 36 Decline in fair value from 20% adverse change $ 85 $ 69 Weighted-average option adjusted spread 8.93 % 10.36 % Decline in fair value from 10% adverse change $ 34 $ 31 Decline in fair value from 20% adverse change $ 67 $ 61 Fees from mortgage loan servicing, which includes contractually specified servicing fees, late fees and ancillary fees, follows: Table 88: Fees from Mortgage Loan Servicing In millions 2015 2014 2013 Fees from mortgage loan servicing $ 510 $ 503 $ 544 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 9 years , with a weighted-average remaining useful life of 6 years . Other intangible assets were as follows at December 31, 2015 and December 31 , 2014 : Table 89: Other Intangible Assets December 31 December 31 In millions 2015 2014 Gross carrying amount $ 1,499 $ 1,502 Accumulated amortization (1,120) (1,009) Net carrying amount $ 379 $ 493 Changes in other intangible assets during 2015 and 2014 follow: Table 90: Summary of Changes in Other Intangible Assets In millions December 31, 2013 $ 580 Additions 41 Amortization (128) December 31, 2014 $ 493 Amortization (114) December 31, 2015 $ 379 Amortization expense on existing other intangible assets for 2015, 2014 and 2013, as well as estimated future amortization expense for the next five fiscal years, follows: Table 91: Amortization Expense on Existing Intangible Assets In millions 2013 (a) $ 243 2014 128 2015 114 2016 97 2017 83 2018 72 2019 61 2020 37 (a) Amounts include amortization expense related to commercial MSRs. As of January 1, 2014, PNC made an irrevocable election to measure commercial MSRs at fair value, and, accordingly, amortization expense for commercial MSRs is no longer recorded. |
Premises, Equipment and Leaseho
Premises, Equipment and Leasehold Improvements | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises, Equipment and Leasehold Improvement | N ote 9 P remises, E quipment and L easehold I mprovements Premises, equipment and leasehold improvements, stated at cost less accumulated depreciation and amortization, were as follows: Table 92 : Premises, Equipment and Leasehold Improvements December 31 December 31 In millions 2015 2014 Total Premises, equipment and leasehold improvements (a) $ 10,257 $ 9,416 Accumulated depreciation and amortization (4,349) (3,773) Net book value $ 5,908 $ 5,643 (a) Primarily relates to equipment and buildings. Depreciation expense on premises, equipment and leasehold improvements and amortization expense, excluding intangible assets, primarily for capitalized internally developed software was as follows: Table 93 : Depreciation and Amortization Expense Year ended December 31 In millions 2015 2014 2013 Depreciation $ 643 $ 618 $ 546 Amortization 40 30 23 Total depreciation and amortization 683 648 569 We lease certain facilities and equipment under agreements expiring at various dates through the year 2081 . We account for these as operating leases. Rental expense on such leases was as follows: Table 94 : Lease Rental Expense Year ended December 31 In millions 2015 2014 2013 Lease rental expense: $ 460 $ 414 $ 412 Required minimum annual rentals that we owe on noncancelable leases having initial or remaining terms in excess of one year totaled $ 2.7 billion at December 31, 2015 . Future minimum annual rentals are as follows: • 2016 : $ 378 million, • 2017 : $ 350 million, • 2018 : $ 315 million, • 2019 : $ 264 million, • 2020 : $ 222 million, and • 2021 and thereafter: $ 1.2 billion. |
Time Deposits
Time Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Time Deposits [Abstract] | |
Time Deposits | NOTE 10 Time Deposits Total time deposits of $ 20.5 billion at December 31, 2015 have future contractual maturities, including related purchase accounting adjustments, as follows: • 2016: $ 15.1 billion, • 2017: $ 1.2 billion, • 2018: $ 0.4 billion, • 2019: $ 0.4 billion, • 2020: $ 0.8 billion, and • 2021 and thereafter: $ 2.6 billion. |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowed Funds [Text Block] | N ote 11 B orrowed F unds The following shows the carrying value of total borrowed funds of $ 54.5 billion at December 31, 2015 (including adjustments related to purchase accounting, accounting hedges and unamortized original issuance discounts) by remaining contractual maturity: • 2016: $ 10.9 billion, • 2017: $ 10.6 billion, • 2018: $ 11.2 billion, • 2019: $ 8.4 billion, • 2020: $ 4.7 billion, and • 2021 and thereafter: $ 8.7 billion. The following table presents the contractual rates and maturity dates of our FHLB borrowings, bank notes, senior debt and subordinated debt as of December 31, 2015 . Table 95 : FHLB Borrowings, Bank Notes, Senior Debt and Subordinated Debt December 31, 2015 - Dollars in millions Carrying Value Stated Rate Maturity FHLB (a) $ 20,108 zero-6.50% 2016-2030 Bank notes and senior debt Bank notes $ 16,033 zero-3.30% 2016-2043 Senior debt 5,265 2.70%-6.70% 2016-2022 Total bank notes and senior debt $ 21,298 Subordinated debt Junior $ 205 .98% 2028 Other 8,351 .82%-6.88% 2016-2025 Total subordinated debt $ 8,556 (a) FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and commercial mortgage-backed securities. In the table above, the carrying values for bank notes, senior debt and subordinated debt include basis adjustments of $ 36 million, $ 175 million and $ 246 million, respectively, related to fair value accounting hedges as of December 31, 2015 . Also i ncluded in borrowed funds are repurchase agreements . S ee Note 21 Commitments and Guarantees f or additional information on tho se agreements. Addi tionally, certain borrowings are reported at fair value. Refer to Note 7 Fair Value for more information on those borrowings. Junior Subordinated Debentures PNC Capital Trust C, a wholly-owned finance subsidiary of PNC, owns junior subordinated debentures issued by PNC with a c arrying value of $ 205 million. In June 1998, PNC Capital Trust C issued $200 million of trust preferred securities which bear interest at an annual rate of 3 mon th LIBOR plus 57 basis points. The trust preferred securities are due June 1, 2028 and are currently redeemable b y PNC Capital Trust C at p ar. At December 31, 2015, the interest rate in effect was .98 %. This carrying value and related net discounts of $ 1 million comprise the $ 206 million principal amount of junior subordinated debentures associated with $200 million of trust preferred securities that were issued by the Trust. In accordance with GAAP, the financial statements of the Trust are not included in PNC’s consolidated financial statements. The obligations of PNC, as the parent of the Trust, w hen taken collectively, are the equivalent of a full and unconditional guarantee of the obligations of the Trust under the terms of the trust preferred securities. Such guarantee is subordinate in right of payment in the same manner as other junior subordi nated debt. There are certain restrictions on PNC’s overall ability to obtain funds from its subsidiaries. For additional disclosure on these f unding restrictions, see Note 19 Regulatory Matters. PNC and PNC Bank are also subject to restrictions on dividends and other provisions potentially imposed by the REIT preferred securities, including under the Exchange Agreement with PNC Preferred Funding T rust II, as described in Note 16 Equity. PNC is subject to certain restrictions, including restrictions on dividend payments, in connection with the outstanding j unior subordinated debentures. Generally, if there is ( i ) an event of default under the debenture, (ii) PNC elects to defer interest on the debenture, (iii) PNC exercises its right to d efer payments on the related trust preferred securities, or (iv) there is a default under PNC’s guarantee of such payment obligations, then PNC would be subject during the period of such default or deferral to restrictions on dividends and other provisions protecting the status of the debenture holders similar to or in some ways more restrictive than those potentially imposed under the Exchange Agreement with PNC Preferred Funding Trust I I, as described in Note 16 Equity. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Certain Employee Benefit and Stock Based Compensation Plans | N ote 12 E mployee B enefit P lans Pension and Postretirement Plans 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. Earnings credit percentages for those employees who were plan participants on December 31, 2009 are frozen at the level earned to that point. Earnings credits for all employees who become participants on or after Januar y 1, 2010 are a flat 3% of eligible compensation. All plan participants earn interest on their cash balances based on 30-year Treasury securities rates with those who were participants at December 31, 2009 earning a minimum rate. New participants on or aft er January 1, 2010 are not subject to the minimum rate. Any pension contributions to the plan are based on an actuarially determined amount necessary to fund total benefits payable to plan participants. In February 2015, PNC made a voluntary contribution o f $200 million to the qualified pension plan. 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. PNC reserves the right to terminate or make changes to these plans at any time. The nonqualified pension plan is unfunded. In November of 2015, PNC established a voluntary employee beneficiary association (VEBA) to partially fund postretirem ent medical and life insurance benefit obligations. PNC made a contribution of $200 million to the VEBA in December 2015. We use a measurement date of December 31 for plan assets and benefit obligations. A reconciliation of the changes in the projected benefit obligation for qualified pension, nonqualified pension and postretirement benefit plans as well as the change in plan assets for the qualified pension plan follows. Table 96: Reconciliation of Changes in Projected Benefit Obligation and Change in Plan Assets Qualified Nonqualified Postretirement Pension Pension Benefits December 31 (Measurement Date) – in millions 2015 2014 2015 2014 2015 2014 Accumulated benefit obligation at end of year $ 4,330 $ 4,427 $ 292 $ 316 Projected benefit obligation at beginning of year $ 4,499 $ 3,966 $ 322 $ 292 $ 379 $ 375 Service cost 107 103 3 3 5 5 Interest cost 177 187 11 12 15 16 Plan amendments (7) Actuarial (gains)/losses and changes in assumptions (126) 504 (10) 40 (9) 4 Participant contributions 5 8 Federal Medicare subsidy on benefits paid 2 2 Benefits paid (260) (254) (28) (25) (28) (31) Settlement payments (1) Projected benefit obligation at end of year $ 4,397 $ 4,499 $ 298 $ 322 $ 368 $ 379 Fair value of plan assets at beginning of year $ 4,357 $ 4,252 Actual return on plan assets 19 359 Employer contribution 200 $ 28 $ 25 $ 222 $ 21 Participant contributions 5 8 Federal Medicare subsidy on benefits paid 2 2 Benefits paid (260) (254) (28) (25) (28) (31) Settlement payments (1) Fair value of plan assets at end of year $ 4,316 $ 4,357 $ 200 Funded status $ (81) $ (142) $ (298) $ (322) $ (168) $ (379) Amounts recognized on the consolidated balance sheet Noncurrent asset Current liability $ (27) $ (31) $ (2) $ (25) Noncurrent liability $ (81) $ (142) (271) (291) (166) (354) Net amount recognized on the consolidated balance sheet $ (81) $ (142) $ (298) $ (322) $ (168) $ (379) Amounts recognized in accumulated other comprehensive income consist of: Prior service cost (credit) $ (13) $ (22) $ 1 $ 1 $ (3) $ (4) Net actuarial loss 794 673 71 88 22 31 Amount recognized in AOCI $ 781 $ 651 $ 72 $ 89 $ 19 $ 27 At December 31, 2015 , the fair value of the qualified pension plan assets was less than both the accumulated benefit obligation and the projected benefit obligation. The nonqualified pension plan is unfunded. Contributions from PNC and, in the case of the postretirement benefit plans, participant contributions cover all benefits paid under the nonqualified pension plan and postretirement benefit plans. The postretirement plan provides benefits to certain retirees that are at least a ctuarially equivalent to those provided by Medicare Part D and accordingly, we receive a federal subsidy as shown in Table 96 . In March 2010, the Patient Protection and Affordable Care Act (PPACA) was enacted. Key aspects of the PPA CA which are reflected in our consolidated financial statements include the excise tax on high-cost health plans beginning in 2018 and fees for the Transitional Reinsurance Program and the Patient-Centered Outcomes Research Institute. These provisions did not have a significant effect on our postretirement medical liability or costs. The Early Retiree Reinsurance Program (ERRP) was established by the PPACA . Con gress appropriated funding of $ 5.0 billion for this temporary ERRP to provide financial assistance to employers, unions, and state and local governments to help them maintain coverage for early retirees age 55 and older who are not yet eligible for Medicare, including their spouses, surviving spouses, and dependents . PNC did not receive reimbursement in 2014 related to the 2013 plan year. The ERRP terminated effective January 1, 2014. PNC Pension Plan Assets Assets related to our qualified pension plan (the Plan) are held in trust (the Trust). Effective July 1, 2011, the trustee is The Bank of New York Mellon. The Trust is exempt from tax pursuant to section 501(a) of the Internal Revenue Code (the Code). The Plan is qualified under section 401(a) of the Code. Plan assets consist primarily of listed domestic and international equity securities, U.S. government and agency securities, corporate debt securities, and real estate investments. The Plan held no PNC common stock as of December 31, 2015 and December 31, 2014 . The PNC Financial Services Group, Inc. Administrative Committee (the Adminis trative Committee) adopted the Pension Plan Investment Policy Statement, including target allocations and allowable ranges, on August 13, 2008. On February 25, 2010, the Administrative Committee amended the investment policy to include a dynamic asset allo cation approach and also updated target allocation ranges for certain asset categories. On February 24, 2014, the Administrative Committee amended the investment policy to update the target allocation ranges for certain asset categories. The long-term inv estment strategy for pension plan assets is to: • Meet present and future benefit obligations to all participants and beneficiaries, • Cover reasonable expenses incurred to provide such benefits, including expenses incurred in the administration of the T rust and the Plan, • Provide sufficient liquidity to meet benefit and expense payment requirements on a timely basis, and • Provide a total return that, over the long term, maximizes the ratio of trust assets to liabilities by maximizing investment retur n, at an appropriate level of risk. Under the dynamic asset allocation strategy, scenarios are outlined in which the Administrative Committee has the ability to make short to intermediate term asset allocation shifts based on factors such as the Plan’s fu nded status, the Administrative Committee’s view of return on equities relative to long term expectations, the Administrative Committee’s view on the direction of interest rates and credit spreads, and other relevant financial or economic factors which wou ld be expected to impact the ability of the Trust to meet its obligation to participants and beneficiaries. Accordingly, the allowable asset allocation ranges have been updated to incorporate the flexibility required by the dynamic allocation policy. The Plan’s specific investment objective is to meet or exceed the investment policy benchmark over the long term. The investment policy benchmark compares actual performance to a weighted market index, and measures the contribution of active investment managem ent and policy implementation. This investment objective is expected to be achieved over the long term (one or more market cycles) and is measured over rolling five-year periods. Total return calculations are time-weighted and are net of investment-related fees and expenses. The asset strategy allocations for the Trust at the end of 2015 and 2014 , and the target allocation range at the end of 2015 , by asset category, are as follows. Table 97: Asset Strategy Allocations Target Allocation Range Target Percentage of Plan Assets by Strategy at December 31 PNC Pension Plan 2015 2014 Asset Category Domestic Equity 20 - 40 % 32 % 34 % International Equity 10 - 25 % 23 % 23 % Private Equity 0 - 15 % 8 % 6 % Total Equity 40 - 70 % 63 % 63 % Domestic Fixed Income 10 - 40 % 17 % 17 % High Yield Fixed Income 0 - 25 % 12 % 13 % Total Fixed Income 10 - 65 % 29 % 30 % Real estate 0 - 15 % 5 % 5 % Other 0 - 5 % 3 % 2 % Total 100% 100 % 100 % The asset category represents the allocation of Plan assets in accordance with the investment objective of each of the Plan’s investment managers. Certain domestic equity investment managers utilize derivatives and fixed income securities as described in their Investment Management Agreements to achieve their investment objective under the Investment Policy Statement. Other investment managers may invest in eligible securities outside of their assigned asset category to meet their investment objectives. Th e actual percentage of the fair value of total Plan assets held as of December 31, 2015 for equity securities, fixed income securities, real estate and all other assets are 70 % , 21 % , 5 % and 4 % , respectively. We believe that, over the long term, asset allocation is the single greatest determinant of risk. Asset allocation will deviate from the target percentages due to market movement, cash flows, investment manage r performance and implementation of shifts under the dynamic allocation policy. Material deviations from the asset allocation targets can alter the expected return and risk of the Trust. On the other hand, frequent rebalancing to the asset allocation targe ts may result in significant transaction costs, which can impair the Trust’s ability to meet its investment objective. Accordingly, the Trust portfolio is periodically rebalanced to maintain asset allocation within the target ranges described above. In ad dition to being diversified across asset classes, the Trust is diversified within each asset class. Secondary diversification provides a reasonable basis for the expectation that no single security or class of securities will have a disproportionate impact on the total risk and return of the Trust. The Administrative Committee selects investment managers for the Trust based on the contributions that their respective investment styles and processes are expected to make to the investment performance of the o verall portfolio. The managers’ Investment Objectives and Guidelines, which are a part of each manager’s Investment Management Agreement, document performance expectations and each manager’s role in the portfolio. The Administrative Committee uses the Inve stment Objectives and Guidelines to establish, guide, control and measure the strategy and performance for each manager. The purpose of investment manager guidelines is to: • Establish the investment objective and performance standards for each manager, • Provide the manager with the capability to evaluate the risks of all financial instruments or other assets in which the manager’s account is invested, and • Prevent the manager from exposing its account to excessive levels of risk, undesired or inappro priate risk, or disproportionate concentration of risk. The guidelines also indicate which investments and strategies the manager is permitted to use to achieve its performance objectives, and which investments and strategies it is prohibited from using. Where investment strategies permit the use of derivatives and/or currency management, language is incorporated in the managers’ guidelines to define allowable and prohibited transactions and/or strategies. Derivatives are typically employed by investment managers to modify risk/return characteristics of their portfolio(s), implement asset allocation changes in a cost-effective manner, or reduce transaction costs. Under the managers’ investment guidelines, derivatives may not be used solely for speculation or leverage. Derivatives are to be used only in circumstances where they offer the most efficient economic means of improving the risk/reward profile of the portfolio. BlackRock receives compensation for providing investment management services. The Asse t Management Group business segment also receives compensation for payor -related services. Compensation for such services is paid by PNC and was not significant for 2015 , 2014 or 2013 . Non-affiliate service providers for the Trust are compensated from Plan assets. Fair Value Measurements As further described in Note 7 Fair Value, GAAP establishes the framework for measuring fair value, including a hierarchy used to classify the inputs used in measuring fair value. A description of the valuation methodologies used for assets measured at fair value at both December 31, 2015 and December 31, 2014 follows: • Money market and mutual funds are valued at the net asset value of the shares held by the pens ion plan at year end. • U.S. government and agency securities, corporate debt, common stock and preferred stock are valued at the closing price reported on the active market on which the individual securities are traded. If quoted market prices are not av ailable for the specific security, then fair values are estimated by using pricing models or quoted prices of securities with similar characteristics. Such securities are generally classified within Level 2 of the valuation hierarchy but may be a Level 3 d epending on the level of liquidity and activity in the market for the security. • The collective trust fund investments are valued based upon the units of such collective trust fund held by the Plan at year end multiplied by the respective unit value. The unit value of the collective trust fund is based upon significant observable inputs, although it is not based upon quoted marked prices in an active market. The underlying investments of the collective trust funds consist primarily of equity securities, d ebt obligations, short-term investments, and other marketable securities. Due to the nature of these securities, there are no unfunded commitments or redemption restrictions. Certain collective trust fund investments based on net asset value are not classi fied as part of fair value hierarchy, in accordance with ASU 2015-07. • Limited partnerships are valued by investment managers based on recent financial information used to estimate fair value. Other investments held by the pension plan include derivative financial instruments and real estate, which are recorded at estimated fair value as determined by third-party appraisals and pricing models, and group annuity contracts, which are measured at fair value by discounting the related cash flows based on curre nt yields of similar instruments with comparable durations considering the credit-worthiness of the issuer. In accordance with ASC 820-10, these investments are not classified in the fair value hierarchy. These methods may result in fair value calculatio ns that may not be indicative of net realizable values or future fair values. Furthermore, while the pension plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumption s to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2015 and 2014 . Table 98: Pension Plan Assets - Fair Value Hierarchy Fair Value Measurements Using: In millions December 31, 2015 Fair Value Quoted Prices in Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds $ 154 $ 154 U.S. government and agency securities 324 186 $ 138 Corporate debt (a) 575 568 $ 7 Common stock 660 630 30 Preferred stock 7 7 Mutual funds 213 5 208 Interest in Collective Funds (b) 1,888 1,888 Other 13 1 12 Investments measured at net asset value (d) 482 Total $ 4,316 $ 976 $ 2,851 $ 7 Fair Value Measurements Using: In millions December 31, 2014 Fair Value Quoted Prices in Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds $ 121 $ 121 U.S. government and agency securities 294 147 $ 147 Corporate debt (a) 648 638 $ 10 Common stock 1,041 1,040 1 Preferred Stock 6 6 Mutual funds 220 2 218 Interest in Collective Funds (c) 1,589 1,589 Limited partnerships 2 2 Other 55 (4) 59 Investments measured at net asset value (d) 381 Total $ 4,357 $ 1,306 $ 2,660 $ 10 (a) Corporate debt includes $29 million and $34 million of non-agency mortgage-backed securities as of December 31, 2015 and 2014, respectively. (b) The benefit plans own commingled funds that invest in equity securities. The funds seek to mirror the benchmark of the S&P 500 Index, Morgan Stanley Capital International ACWI X US Index, Morgan Stanley Capital EAFE Index, Morgan Stanley Capital Emerging Markets Index and the NCREIF ODCE NOF Index with the exception of the BlackRock Index Fund. (c) The benefit plans own commingled funds that invest in equity and fixed income securities. The funds seek to mirror the performance of the S&P 500 Index, Russell 3000 Index, Morgan Stanley Capital International ACWI X US Index and the Dow Jones U.S. Select Real Estate Securities Index. The commingled fund that holds fixed income securities invests in domestic investment grade securities and seeks to mimic the performance of the Barclays Aggregate Bond Index. (d) In accordance with ASC 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the Consolidated Balance Sheet. The following summarizes changes in the fair value of the pension plan’s Level 3 assets during 2015 and 2014 . Table 99: Rollforward of Pension Plan Level 3 Assets . Corporate Debt In millions January 1, 2015 $ 10 Net realized gain/(loss) on sale of investments 1 Net unrealized gain/(loss) on assets held at end of year Purchases 4 Sales (8) December 31, 2015 $ 7 Corporate Debt In millions January 1, 2014 $ 13 Net realized gain/(loss) on sale of investments 3 Net unrealized gain/(loss) on assets held at end of year Purchases Sales (6) December 31, 2014 $ 10 The following table provides information regarding our estimated future cash flows related to our various plans. Table 100: Estimated Cash Flows Pension Plans Postretirement Benefits In millions Qualified Pension Nonqualified Pension Gross PNC Benefit Payments Reduction in PNC Benefit Payments Due to Medicare Part D Subsidy Estimated 2016 employer contributions $ 27 $ 2 Estimated future benefit payments 2016 $ 273 $ 27 $ 25 $ 1 2017 289 26 26 1 2018 305 28 27 1 2019 303 25 27 1 2020 304 24 28 1 2021-2025 1,560 105 133 5 The qualified pension plan contributions are deposited into the Trust, and the qualified pension plan benefit payments are paid from the Trust. In February 2015, PNC made a $200 million voluntary contribution to the Trust. Notwithstanding the contribution, we do not expect to be required to make a contribution to the qualified plan for 2016 based on the funding calculations under the Pension Protection Act of 2006. For the other plans, total contributions and the benefit payments are the same a nd represent expected benefit amounts, which are paid from general assets. Postretirement benefits are net of participant contributions. Estimated cash flows reflect the partial funding of postretirement medical and life insurance obligations in the VEBA. The components of net periodic benefit cost/(income) and other amounts recognized in Other comprehensive income (OCI) were as follows. Table 101: Components of Net Periodic Benefit Cost Qualified Pension Plan Nonqualified Pension Plan Postretirement Benefits Year ended December 31 – in millions 2015 2014 2013 2015 2014 2013 2015 2014 2013 Net periodic cost consists of: Service cost $ 107 $ 103 $ 113 $ 3 $ 3 $ 3 $ 5 $ 5 $ 6 Interest cost 177 187 170 11 12 12 15 16 14 Expected return on plan assets (297) (289) (288) Amortization of prior service cost/(credit) (9) (8) (8) (1) (2) (3) Amortization of actuarial (gain)/loss 31 87 7 4 8 Settlement (gain)/loss 7 1 Net periodic cost (benefit) 9 (7) 74 21 19 30 19 19 18 Other changes in plan assets and benefit obligations recognized in Other comprehensive income: Current year prior service cost/(credit) (7) Amortization of prior service (cost)/credit 9 8 8 1 2 3 Current year actuarial loss/(gain) 152 434 (784) (10) 40 (26) (9) 4 (9) Amortization of actuarial gain/(loss) (31) (87) (7) (4) (15) (1) Total recognized in OCI 130 435 (863) (17) 36 (41) (8) 6 (7) Total amounts recognized in net periodic cost and OCI $ 139 $ 428 $ (789) $ 4 $ 55 $ (11) $ 11 $ 25 $ 11 The weighted-average assumptions used (as of the beginning of each year) to determine the net periodic costs shown above were as follows. Table 102: Net Periodic Costs - Assumptions Net Periodic Cost Determination Year ended December 31 2015 2014 2013 Discount rate Qualified pension 3.95 % 4.75 % 3.80 % Nonqualified pension 3.65 % 4.35 % 3.45 % Postretirement benefits 3.80 % 4.50 % 3.60 % Rate of compensation increase (average) 4.00 % 4.00 % 4.00 % Assumed health care cost trend rate Initial trend 7.50 % 7.75 % 8.00 % Ultimate trend 5.00 % 5.00 % 5.00 % Year ultimate reached 2025 2025 2019 Expected long-term return on plan assets 6.75 % 7.00 % 7.50 % The weighted-average assumptions used (as of the end of each year) to determine year end obligations for pension and postretirement benefits were as follows. Table 103: Other Pension Assumptions Year ended December 31 2015 2014 Discount rate Qualified pension 4.25 % 3.95 % Nonqualified pension 3.95 % 3.65 % Postretirement benefits 4.15 % 3.80 % Rate of compensation increase (average) 3.50 % 4.00 % Assumed health care cost trend rate Initial trend 7.25 % 7.50 % Ultimate trend 5.00 % 5.00 % Year ultimate reached 2025 2025 The discount rates are determined independently for each plan by comparing the expected future benefits that will be paid under each plan with yields available on high quality corporate bonds of similar duration. For this analysis, 10 % of bonds with the highest yields and 40 % with the lowest yields were removed from the bond universe. The expected return on plan assets is a long-term assumption established by considering historical and anticipated returns of the asset classes invested in by the pension pl an and the allocation strategy currently in place among those classes. We review this assumption at each measurement date and adjust it if warranted. The health care cost trend rate assumptions shown in the preceding tables relate only to the postretireme nt benefit plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects. Table 104: Effect of One Percent Change in Assumed Health Care Cost Year ended December 31, 2015 In millions Increase Decrease Effect on year end benefit obligation $ 10 (9) Unamortized actuarial gains and losses and prior service costs and credits are recognized in AOCI each December 31, with amortization of these amounts through net periodic benefit cost. The estimated amo unts that will be amortized in 2016 are as follows . Table 105: Estimated Amortization of Unamortized Actuarial Gains and Losses - 2016 2016 Estimate Year ended December 31 In millions Qualified Pension Nonqualified Pension Postretirement Benefits Prior service (credit) $ (7) $ (1) Net actuarial loss 45 $ 4 Total $ 38 $ 4 $ (1) Defined Contribution Plans The PNC Incentive Savings Plan (ISP) is a qualified defined contribution plan that covers all eligible PNC employees. Effective January 1, 2015, newly-hired full time employees and part-time employees who became eligible to participate in the ISP after that date are automatically enrolled in the ISP with a deferral rate equal to 4% of eligible compensation in the absence of an affirmative election otherwise. Employee benefits expense related to the ISP was $ 126 million in 2015 , $ 108 million in 2014 and $ 120 million in 2013 , representing cash contributed to the ISP by PNC. Under the ISP, employee contributions up to 4% of eligible compensation as defined by the ISP are matched 100% once an employee has reached match-eligibility, subject to IRS Code limitations. PNC will contribute a minimum matching contribution up to $2,000 annually for eligible employees who contribute at least 4% of eligible compensation every pay period he or she is eligible during the year. This amount is prorated for certain employees, including part-time employees and those who are eligible for the company match for less than a full year. Additionally, PNC ma kes an annual true-up matching contribution to ensure that eligible participants receive the full company match available. Effective January 1, 2012, in the case of both the minimum and true-up matching contributions, eligible employees must remain employ ed on the last day of the applicable plan year in order to receive the contribution. Employees hired prior to January 1, 2010, became 100% vested in employer matching contributions immediately, while employees hired on or after January 1, 2010, generally b ecome 100% vested in employer matching contributions after three years of service. Minimum matching contributions made with respect to the 2014 and 2013 plan years are immediately 100% vested. The ISP is a 401(k) Plan and includes an employee stock owners hip (ESOP) feature. Employee contributions are invested in a number of investment options, including pre mixed portfolios and individual core funds, available under the ISP at the direction of the employee. Although employees were also historically permitt ed to direct the investment of their contributions into the PNC common stock fund, this fund was frozen to future investments of such contributions effective January 1, 2010. All shares of PNC common stock held by the ISP are part of the ESOP. Effective Ja nuary 1, 2011, employer matching contributions were made in cash. We also maintain a nonqualified supplemental savings plan for certain employees, known as The PNC Financial Services Group, Inc. Supplemental Incentive Savings Plan. Effective January 1, 2012, the Supplemental Incentive Savings Plan was frozen to new participants and for any deferrals of amounts earned on or after such date. It was replaced by a new plan called The PNC Financial Services Group, Inc. Deferred Compensation and Incentive Pl an . |
Stock Based Compensation Plans
Stock Based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock Based Compensation Plans [Text Block] | Note 13 Stock Based Compensation Plans 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 shares , restricted share units, other share-based awards and dollar-denominated awards to executives and, other than incentive stock options, to non-employee 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 December 31, 2015 , no stock appreciation rights were outstanding. Total compensation expense recognized r elated to all share-based payment arrangements during 2015 , 2014 and 2013 was approximately $ 173 million, $ 181 million and $ 154 million, respectively. The total tax benefit r ecognized related to compensation expense on all share-based payment arrangements during 2015 , 2014 and 2013 was approximately $63 million, $66 million and $56 million, respectively. At December 31, 2015 , there was $ 191 million of unamortized share-based compensation expense related to nonvested equity compensation arrangements granted under the Incentive Plans. This unamortized cost is expected to be recognized as expense over a period of no longer than f ive 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 and did not grant any options in 2015 and 2014 . Prior to 2014 , options were granted at exercise prices not less than the market value of a share of common stock on the grant date. Generally, options become exercisable in installments after the grant date. No option can be exercised after 10 years from its grant date. Payment of the option exercise price may be in c ash or by surrendering shares of common stock at market value on the exercise date. The exercise price may also be paid by using previously owned shares. Option Pricing Assumptions For purposes of computing stock option expense for grants made in 2013, we estimated the fair value of stock options at the grant date by using the Black-Scholes option pricing model. Option pricing models require the use of numerous assumptions, many of which are subjective. We used the following assumptions in the Black-Scholes option pricing model to determine 2013 grant date fair value: The risk-free interest rate is based on the U.S. Treasury yield curve, The dividend yield is indicative of our current dividend rate, Volatility is measured using the fluctuation in month-end closing stock prices over a period which corresponds with the average expected option life, but in no case less than a five-year period, and The expected life represents the period of time that options granted are expected to be outstanding and is based on a weighted-average of historical option activity. Table 106: Option Pricing Assumptions (a) Weighted-average for the year ended December 31 2013 Risk-free interest rate .9 % Dividend yield 2.5 Volatility 34.0 Expected life 6.5 yrs. Grant date fair value $ 16.35 (a) PNC did not grant any stock options in 2015 and 2014. There were no options granted in 2013 where the grant date fair value exceeded the market value. The following table represents the stock option activity for 2015 . Table 107: Stock Option Rollforward Year ended December 31, 2015 PNC PNC Options Converted From National City Total In thousands, except weighted-average data Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding, January 1 6,701 $ 56.41 343 $ 585.23 7,044 $ 82.17 Granted (a) Exercised (1,741) 59.18 (1,741) 59.18 Cancelled (29) 44.61 (100) 738.18 (129) 580.37 Outstanding, December 31 4,931 $ 55.50 243 $ 522.54 5,174 $ 77.47 3.2 years $ 196,292 Vested and expected to vest, December 31 (b) 4,931 $ 55.50 243 $ 522.54 5,174 $ 77.47 3.2 years $ 196,286 Exercisable, December 31 4,883 $ 55.42 243 $ 522.54 5,126 $ 77.60 3.2 years $ 194,782 (a) PNC did not grant any stock options in 2015 and 2014. (b) Adjusted for estimated forfeitures on unvested options. To determine stock-based compensation expense, the grant date fair value is applied to the options granted with a reduction for estimated forfeitures. We recognize compensation expense for stock options on a straight-line basis over the specified vesting period. At December 31, 2014 and 2013 , options for 6,810,000 and 10,204,000 shares of common stock were exercisable at a weighted-average price of $ 82.86 and $ 89.46 , respecti vely. The total intrinsic value of options exercised during 2015 , 2014 and 2013 was $ 62 million, $ 90 million and $ 86 million, respectively. Cash received from option exercise s under all Incentive Plans for 2015 , 2014 and 2013 was approximately $ 103 million, $ 215 million and $ 208 million, respectively. The tax benefit realized fr om option exercises under all Incentive Plans for 2015 , 2014 and 2013 was appro ximately $ 23 million, $ 33 million and $ 31 million, respectively. Shares of common stock available during the next year for the granting of options and other awards under the Incentive Plans were approximately 14 million at December 31, 2015 . Total shares of PNC common stock authorized for future issuance under equity compensation plans to taled approximately 15 million shares at December 31, 2015 , which includes shares available for issuance under the Incentive Plans and the Employee Stock Purchase Plan (ESPP) as described below. During 2015 , we issued approximately 1.2 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. Awards granted to non-employee directors in 2015 , 2014 and 2013 in clude 18,048 , 21,490 and 27,076 deferred stock units, respectively, awarded under the Outside Directors Deferred Stock Unit Plan. A d eferred stock unit is a phantom share of our common stock, which is accounted for as a liability until such awards are paid to the participants in cash. As there are no vesting or service requirements on these awards, total compensation expense is recogniz ed in full for these awards on the date of grant. Incentive/Performance Unit Awards and Restricted Share / Restricted Share Unit Awards The fair value of nonvested incentive/performance unit awards and restricted share/restricted share unit awards is initially determined based on prices not less than the market value of our common stock on the date of grant. The value of certain incentive/performance unit awards is subsequently remeasured based on the achievement of one or more fin ancial and other performance goals. The Personnel and Compensation Committee (“P&CC”) of the Board of Directors approves the final award payout with respect to certain incentive/performance unit awards. These awards primarily have either a three-year or a four-year performance period and are payable in either stock or a combination of stock and cash. Restricted share/restricted share unit awards have various vesting periods generally ranging from 3 years to 5 years. Beginning in 2013, we incorporated several enhanced risk-related performance changes to certain long-term incentive compensation programs. In addition to achieving certain financial performance metrics on both an absolute basis and relative to our peers, final payout a mounts will be subject to reduction if PNC fails to meet certain risk-related performance metrics as specified in the award agreements. However, the P&CC has the discretion to waive any or all of this reduction under certain circumstances. The weighted-a verage grant date fair value of incentive/performance unit awards and restricted share/restricted share unit awards granted in 2015 , 2014 and 2013 was $ 91.57 , $ 80.79 and $ 64.77 per share, respectively. The total intrinsic value of incentive/performance unit and restricted share/restricted share unit awards vested during 2015 , 2014 and 2013 was approximately $ 175 million, $ 119 million and $ 63 million, respectively. We recognize compensation expense for such awards ratably over the corresponding vesting and/or performance periods for each type of program. Table 108: Nonvested Incentive/Performance Unit Awards and Restricted Share/Restricted Share Unit Awards - Rollforward Nonvested Nonvested Weighted- Restricted Weighted- Incentive/ Average Share/ Average Performance Grant Date Restricted Share Grant Date Shares in thousands Units Fair Value Units Fair Value December 31, 2014 1,837 $ 69.84 3,652 $ 69.03 Granted (a) 711 90.77 1,112 92.08 Vested/Released (a) (682) 66.17 (1,259) 61.15 Forfeited (36) 73.56 (172) 79.25 December 31, 2015 1,830 $ 79.27 3,333 $ 79.26 (a) Includes adjustments for achieving specific performance goals for Incentive/Performance Unit Awards granted in prior periods. In the preceding table, the unit s and related weighted-average grant date fair value of the incentive/performance unit awards exclude the effect of dividends on the underlying shares, as those dividends will be paid in cash if and when the underlying shares are issued to the participants. Liability Awards A summary of all nonvested, cash-payable incentive/performance units and restricted share unit activity follows: Table 109: 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 (a) 81 364 445 Vested and Released (a) (98) (350) (448) Forfeited (43) (8) (51) Outstanding at December 31, 2015 117 664 781 (a) Includes adjustments for achieving specific performance goals for Cash-Payable Incentive/Performance Units granted in prior periods. Included in the preceding table are cash-payable restricted share units granted to certain executives. The se 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 , c ompensation expense recognized related to these awards was recorded in prior periods as part of the annual cash bonus process . Due to certain requ isite service 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 year s of service-based vesting requirements. As of December 31, 2015 , the aggregate intrinsic value of all outstanding nonvested cash-payable incentive/performance units and restricted share units was $ 74 million. The total of all share-based liab ility awards paid out during 2015 , 2014 and 2013 was approximately $ 41 million, $ 38 million and $ 29 million, respectively. E mployee Stock Purchase Plan As of December 31, 2015 , our ESPP had approximately 1 million shares available for issuance. Full-time employees with six months and part-time employees with 12 months of continuous employment with a participating PNC entity are eligible to participate in the ESPP at the commencement of the next six-month offering period. Eligible participants may purchase our common stock at 95 % of the fair market value on the last day of each six-month offering period. No charge to earnings is recorded with respect to the ESPP. Table 110: Employee Stock Purchase Plan - Summary Year ended December 31 Shares Issued Purchase Price Per Share 2015 168,962 $90.87 and $90.55 2014 157,856 $84.60 and $86.67 2013 167,260 $69.27 and $73.70 BlackRock LTIP and Exchange Agreements BlackRock adopted the 2002 LTIP program to help attract and retain qualified professionals. At that time, PNC agreed to transfer up to 4 million shares of BlackRock common stock to fund a portion of the 2002 LTIP program and future LTIP programs approved by BlackRock’s Board of Directors, subject to certain conditions and limitations. Approximately 1.1 million shares of BlackRock common stock were transferred by PNC and distributed to LTIP participants in connectio n with the 2002 LTIP program. In 2009, PNC’s obligation to deliver its BlackRock common shares to BlackRock under LTIP programs was replaced with an obligation to deliver shares of BlackRock’s Series C Preferred Stock. This change was part of an Exchan ge Agreement with BlackRock whereby PNC acquired 2.9 million shares of Series C Preferred Stock from BlackRock in exchange for common shares. In 2011, we transferred approximately 1.3 million shares of BlackRock Series C Preferred Stock to BlackRock in c onnection with our obligation. In 2013, we transferred an additional .2 million shares to BlackRock . At December 31, 2015 , we held approximately 1.3 million shares of BlackRock Series C Preferred Stock which were available to fund our obligation in connection with the BlackRock LTIP programs. See Note 24 Subsequent Events for information on our February 1, 2016 transfer of 0.5 million shares of the Series C Preferred Stock to BlackRock to satisfy a portion of our LTIP obligation. PNC accounts fo r its BlackRock Series C Preferred Stock at fair value, which offsets the impact of marking-to-market the obligation to deliver these shares to BlackRock . The fair value of the BlackRock Series C Preferred Stock is included on our Consolidated Balance Shee t in the caption Other assets. Additional information regarding the valuation of the BlackRock Series C Preferred Stock is included in Note 7 Fair Value. |
Financial Derivatives
Financial Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Derivatives | N ote 13 F inancial D erivatives 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 cash flows. We also enter into derivatives with customers to facilitate their risk management activities. Derivatives represent contracts between parties that usually require little or no initial net investment and resu lt in one party delivering cash or another type of asset to the other party based on a notional amount and an underlying as specified in the contract. Derivative transactions are often measured in terms of notional amount, but this amount is generally no t exchanged and it is not recorded on the balance sheet. The notional amount is the basis to which the underlying is applied to determine required payments under the derivative contract. The underlyin g is a referenced interest rate ( commonly LIBOR ) , securi ty price, credit spread or other index. R esidential and commercial real estate loan commitments as sociated with loans to be sold also qualify as derivative instruments. The following table presents the notional amounts and gross fair values of all deriva tive assets and liabilities held by PNC: Table 111: Total Gross Derivatives December 31, 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 $ 52,074 $ 1,159 $ 174 $ 49,061 $ 1,261 $ 186 Derivatives not designated as hedging instruments under GAAP 295,902 3,782 3,628 291,256 3,973 3,841 Total gross derivatives $ 347,976 $ 4,941 $ 3,802 $ 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, when appropriate, any related cash collateral exchanged with counterparties. Further discussion regarding the offsetting rights associated with these legally enforceable master netting agreements is included in the Offsetting, Counterparty Credit Risk, and Contingent Features s ection below. Any nonperformance risk, including credit risk, is included in the determination of the estimated net fair value of the derivatives. Further discussion on how derivatives are acc ounted for is included in Note 1 Accounting Policies . 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 112: Derivatives Designated As Hedging Instruments under GAAP December 31, 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 $ 25,756 $ 699 $ 18 $ 20,930 $ 827 $ 38 Pay-fixed swaps (c) 5,934 13 153 4,233 3 138 Subtotal 31,690 712 171 25,163 830 176 Cash flow hedges: Receive-fixed swaps 17,879 412 2 19,991 400 10 Forward purchase commitments 1,400 4 1 2,778 25 Subtotal 19,279 416 3 22,769 425 10 Foreign exchange contracts: Net investment hedges 1,105 31 1,129 6 Total derivatives designated as hedging instruments $ 52,074 $ 1,159 $ 174 $ 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 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 113: Gains (Losses) on Derivatives and Related Hedged Items - Fair Value Hedges Year ended December 31, 2015 December 31, 2014 December 31, 2013 Gain (Loss) Gain (Loss) Gain (Loss) Gain on Related Gain on Related Gain on Related (Loss) on Hedged (Loss) on Hedged (Loss) on Hedged Derivatives Items Derivatives Items Derivatives Items Recognized Recognized Recognized Recognized Recognized Recognized in Income in Income in Income in Income in Income in Income In millions Hedged Items Location Amount Amount Amount Amount Amount Amount Interest rate contracts U.S. Treasury and Government Agencies Securities and Other Debt Securities Investment securities (interest income) $ (111) $ 116 $ 111 $ (115) Interest rate contracts Subordinated debt and Bank notes and senior debt Borrowed funds (interest expense) $ (108) $ 67 123 (158) (744) 711 Total (a) $ (108) $ 67 $ 12 $ (42) $ (633) $ 596 (a) The ineffective portion of the change in value of our fair value hedge derivatives resulted in net losses of $41 million for 2015 compared with net losses of $30 million for 2014 and net losses of $37 million for 2013. 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 December 31, 2015 , we expect to reclassify from the amount currently reported in Accumulated other comprehensive income, net der ivative gains of $ 190 million pretax, or $ 124 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 December 31, 2015 . The maximum length of time over which forecasted loan cash flows are hedged is 7 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 December 31, 2015 , we expect to reclassify from the amount currently reported in Accumulated other comprehensive income, net derivative gains of $ 24 million pretax, or $ 16 million after-tax, as adjustments of yield on investment securities. As of December 31, 2015 , the maximu m length of time over which forecasted purchase contracts are hedged is 2 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 2015 , 2014 and 2013 , 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 (losses) on derivatives and related cash flows is presented in the following table: Table 114: Gains (Losses) on Derivatives and Related Cash Flows - Cash Flow Hedges (a) (b) Year ended December 31 In millions 2015 2014 2013 Gains (losses) on derivatives recognized in OCI - (effective portion) $ 415 $ 431 $ (141) Less: Gains (losses) reclassified from accumulated OCI into income - (effective portion) Interest income 293 263 337 Noninterest income (5) 49 Total gains (losses) reclassified from accumulated OCI into income - (effective portion) $ 288 $ 263 $ 386 Net unrealized gains (losses) on cash flow hedge derivatives $ 127 $ 168 $ (527) (a) All cash flow hedge derivatives are interest rate contracts as of December 31, 2015, December 31, 2014 and December 31, 2013. (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. Net investment hedge deri vatives are classified as foreign exchange contracts. There were no components of derivative gains or losses excluded from the assessment of the hedge effectiveness. For 2015 , 2014 and 2013 , there was no net investment hedge ineffe ctiveness. Gains (losses) on net investment hedge derivatives recognized in OCI was net gains of $ 60 million as of December 31, 2015, net gains of $54 million at December 31, 2014 and net losses of $21 million at December 31, 2013. Derivatives Not Designated As Hedging Instruments under GAAP We also enter into derivatives that are not designated as accounting hedges under GAAP . Further detail regarding the notional amounts and fair values related to derivatives not designated in hedge relationships is presented in the following table: Table 115: Derivatives Not Designated As Hedging Instruments under GAAP December 31, 2015 December 31, 2014 In millions Notional / Contract Amount Asset Fair Value (a) Liability Fair Value (b) Notional / Contract Amount Asset Fair Value (a) Liability Fair Value (b) Derivatives used for residential mortgage banking activities: Residential mortgage servicing Interest rate contracts: Swaps $ 37,505 $ 758 $ 416 $ 32,459 $ 777 $ 394 Swaptions 650 27 14 1,498 29 22 Futures (c) 17,653 22,084 Futures options 6,000 1 12,225 4 Mortgage-backed securities commitments 3,920 4 8 710 4 Subtotal 65,728 789 439 68,976 814 416 Loan sales Interest rate contracts: Futures (c) 20 58 Bond options 200 2 300 Mortgage-backed securities commitments 6,363 16 8 4,916 10 21 Residential mortgage loan commitments 1,580 16 1,852 22 Subtotal 8,163 34 8 7,126 32 21 Subtotal $ 73,891 $ 823 $ 447 $ 76,102 $ 846 $ 437 Derivatives used for commercial mortgage banking activities: Interest rate contracts: Swaps $ 3,945 $ 77 $ 46 $ 3,801 $ 67 $ 48 Swaptions 439 439 2 1 Futures (c) 18,454 19,913 Commercial mortgage loan commitments 1,176 11 6 2,042 16 10 Subtotal 24,014 88 52 26,195 85 59 Credit contracts 77 95 Subtotal $ 24,091 $ 88 $ 52 $ 26,290 $ 85 $ 59 Derivatives used for customer-related activities: Interest rate contracts: Swaps $ 157,041 $ 2,507 $ 2,433 $ 146,008 $ 2,632 $ 2,559 Caps/floors - Sold 5,337 11 4,846 16 Caps/floors - Purchased 6,383 18 6,339 34 Swaptions 4,363 86 13 3,361 62 12 Futures (c) 1,673 3,112 Mortgage-backed securities commitments 1,910 5 2 2,137 3 3 Subtotal 176,707 2,616 2,459 165,803 2,731 2,590 Foreign exchange contracts 10,888 194 198 12,547 223 240 Credit contracts 5,026 2 4 5,124 2 4 Subtotal $ 192,621 $ 2,812 $ 2,661 $ 183,474 $ 2,956 $ 2,834 Derivatives used for other risk management activities: Interest rate contracts $ 833 $ 1 Foreign exchange contracts $ 2,742 $ 59 $ 6 2,661 85 $ 1 Credit contracts 15 15 Other contracts (d) 2,542 462 1,881 510 Subtotal 5,299 59 468 5,390 86 511 Total derivatives not designated as hedging instruments $ 295,902 $ 3,782 $ 3,628 $ 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. Our residential mortgage banking activities consist of originating, selling and servicing mortgage loans. Residential mortgage loans that will be sold in the secondary market, and the related loan commitments, which are considered derivatives, are accounted for at fair value. Changes in the fair value of the loans and commitments due to interest rate risk are hedged with forward contracts to sell mortgage-backed securities, as well as U.S. Treasury and Eurodollar futures and options. Gains and losse s on the loans and commitments held for sale and the derivatives used to economically hedge them are included in Residential mortgage noninterest income on the Consolidated Income Statement. We typically retain the servicing rights related to residential mortgage loans that we sell. Residential mortgage servicing rights are accounted for at fair value with changes in fair value influenced primarily by changes in interest rates. Derivatives used to hedge the fair value of residential mortgage servicing rig hts include interest rate futures, swaps, options, and forward contracts to purchase mortgage-backed securities. Gains and losses on residential mortgage servicing rights and the related derivatives used for hedging are included in Residential mortgage non interest income. Commercial mortgage loans held for sale and the related loan commitments, which are considered derivatives, are accounted for at fair value. Derivatives used to economically hedge these loans and commitments from changes in fair value du e to interest rate risk and credit risk include forward loan sale contracts, interest rate swaps, and credit default swaps. Gains and losses on the commitments, loans and derivatives are included in Other noninterest income. Derivatives used to economicall y hedge the change in value of commercial mortgage servicing rights include interest rate futures, swaps and options. Gains or losses on these derivatives are included in Corporate services noninterest income. The residential and commercial mortgage loan commitments associated with loans to be sold which are accounted for as derivatives are valued based on the estimated fair value of the underlying loan and the probability that the loan will fund within the terms of the commitment. The fair value also take s into account the fair value of the embedded servicing right. We offer derivatives to our customers in connection with their risk management needs. These derivatives primarily consist of interest rate swaps, interest rate caps and floors , swaptions and foreign exchange contracts. We primarily manage our market risk exposure from customer transactions by entering into a variety of hedging transactions with third-party dealers. Gains and losses on customer-related derivatives are included in Other noninter est income. Included in the customer, mortgage banking risk management, and other risk management portfolios are written interest-rate caps and floors entered into with customers and for risk management purposes. We receive an upfront premium from the cou nterparty and are obligated to make payments to the counterparty if the underlying market interest rate rises above or falls below a certain level designated in the contract. Our ultimate obligation under written options is based on future market condition s. Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table: Table 116: Gains (Losses) on Derivatives Not Designated As Hedging Instruments under GAAP Year ended December 31 In millions 2015 2014 2013 Derivatives used for residential mortgage banking activities: Residential mortgage servicing Interest rate contracts $ 103 $ 240 $ (223) Loan sales Interest rate contracts 83 (3) 286 Gains (losses) included in residential mortgage banking activities (a) $ 186 $ 237 $ 63 Derivatives used for commercial mortgage banking activities: Interest rate contracts (b) (c) $ 34 $ 82 $ 12 Credit contracts (c) (1) (2) Gains (losses) from commercial mortgage banking activities $ 34 $ 81 $ 10 Derivatives used for customer-related activities: Interest rate contracts $ 71 $ 41 $ 149 Foreign exchange contracts 79 47 80 Equity contracts (3) Credit contracts (1) (1) (1) Gains (losses) from customer-related activities (c) $ 149 $ 87 $ 225 Derivatives used for other risk management activities: Interest rate contracts $ (19) $ 3 Foreign exchange contracts $ 281 188 2 Other contracts (d) 1 (134) (168) Gains (losses) from other risk management activities (c) $ 282 $ 35 $ (163) Total gains (losses) from derivatives not designated as hedging instruments $ 651 $ 440 $ 135 (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 - Risk Participation Agreements We have entered 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. The notional amount of risk participation agreements sold was $ 2.5 billion at December 31 , 2015 and 2.8 billion at December 31, 2014 . Assuming all underlying third party customers referenced in the swap con tracts defaulted at December 31, 2015 , the exposure from these agreements would be $ 122 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 all outstanding derivative instruments under the master netting agreement with the same counterparty upon the occurrence of an event of default. The master netting agreement also may require the exchange of cash or marketable securiti es to collateralize either party’s net position. In certain cases, minimum thresholds must be exceeded before any collateral is exchanged. Collateral is typically exchanged daily based on the net fair value of the positions with the counterparty as of the preceding day. Collateral representing initial margin, which is based on potential future exposure, is also required to be pledged by us in relation to derivative instruments with central clearing house counterparties. Any cash collateral exchanged with co unterparties under these master netting agreements is also netted, when appropriate, against the applicable derivative fair values on the Consolidated Balance Sheet. However, the fair value of any securities held or pledged is not included in the net prese ntation on the balance sheet. In order for derivative instruments under a master netting agreement to be eligible for closeout netting under GAAP, we must conduct sufficient legal review to conclude with a well-founded basis that the offsetting rights incl uded in the master netting agreement would be legally enforceable upon an event of default, including upon an event of bankruptcy, insolvency, or a similar proceeding of the counterparty. Enforceability is evidenced by a legal opinion that su pports, with sufficient confidence, the enforceability of the master netting agreement in such circumstances. The following derivative Table 117 shows the impact legally enforceable master netting agreements had on our derivative ass ets and derivative liabilities as of December 31, 2015 and December 31, 2014 . The table includes cash collateral held or pledged under legally enforceable master netting agreements. The table also includes the fair value of any securities collateral held or pledged under legally enforceable master netting agreements. Cash and securities collateral amounts are included in the table only to the extent of the related net derivative fair values. Refer to Note 21 Commitments and Guaran tees for additional information related to resale and repurchase agreements offsetting. Table 117: Derivative Assets and Liabilities Offsetting Amounts Securities Collateral Offset on the Held/(Pledged) Consolidated Balance Sheet Under Master December 31, 2015 Gross Fair Value Cash Net Netting Net In millions Fair Value Offset Amount Collateral Fair Value Agreements Amounts Derivative assets Interest rate contracts: Cleared $ 1,003 $ 779 $ 195 $ 29 $ 29 Over-the-counter 3,652 1,645 342 1,665 $ 178 1,487 Foreign exchange contracts 284 129 13 142 2 140 Credit contracts 2 1 1 Total derivative assets $ 4,941 $ 2,554 $ 551 $ 1,836 (a) $ 180 $ 1,656 Derivative liabilities Interest rate contracts: Cleared $ 855 $ 779 $ 57 $ 19 $ 19 Exchange-traded 1 1 1 Over-the-counter 2,276 1,687 530 59 59 Foreign exchange contracts 204 85 20 99 99 Credit contracts 4 3 1 Other contracts 462 462 462 Total derivative liabilities $ 3,802 $ 2,554 $ 608 $ 640 (b) $ 640 December 31, 2014 In millions 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 (c) $ 5,234 $ 2,141 $ 506 $ 2,587 (a) $ 144 $ 2,443 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 (c) $ 4,027 $ 2,141 $ 503 $ 1,383 (b) $ 1,383 (a) Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet. (b) Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet. (c) As of December 31, 2014, cleared derivatives were not subject to offsetting. Gross derivative assets and derivative liabilities for cleared derivatives totaled $807 million and $657 million, respectively, at December 31, 2014. Derivative assets and liabilities related to exchange-traded contracts were not material at December 31, 2014. The table above includes over-the-counter (OTC) derivatives, cleared derivatives, and exchange-traded derivatives. OTC derivatives represent contracts executed bilaterally with counterparties that are not settled through an organized exchange or cleared through a central clearing house. Cleared derivatives represent contracts executed bilaterally with counterparties in the OTC market that are novated to a central clearing house who then becomes our counterparty. Exchange-traded derivatives repres ent standardized futures and options contracts executed directly on an organized exchange. A s of December 31, 2015, derivative fair values and related cash collateral for derivatives cleared through a central clearing house are, when appropriate, present ed on a net basis. The derivative fair values in the table not identified as cleared or exchange-traded represent OTC derivatives, the majority of which are governed by ISDA documentation or other legally enforceable industry standard master netting agre ements and are subject to offsetting. In addition to using master netting agreements and other collateral agreements to reduce credit risk associated with derivative instruments, we also seek to manage credit risk by evaluating credit ratings of counter parties and by using internal credit analysis, limits, and monitoring procedures. At December 31, 2015 , we held cash, U . S . g overnment securities and mortgage-backed securities totaling $ .9 billion under master netting agreements and other collateral agreements to collateralize net derivative assets due from counterparties, and we pledged cash totaling $ .9 billion under these agreements to collateralize net derivative liabilities owed to counterparties and to meet initial margin requirements . These totals may differ from the amounts presented in the preceding offsetting table because these totals may include collateral exchanged under an agreement that does not qualify as a master netting agreement or because the total amount of collateral held or pledged exceeds the net derivative f air values with the counterparty as of the balance sheet date due to timing or other factors, such as initial margin. To the extent not netted against the derivative fair values under a master netting agreement, the receivable for cash pledged is included in Other assets and the obligation for cash held is included in Other 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 remai n on our balance sheet. Certain derivative agreements contain various credit-risk related contingent provisions, such as those that require PNC’s debt to maintain a specified credit rating from one or more of the major credit rating agencies. If PNC’s de bt ratings were to fall below such specified ratings, the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full collateralization on derivative instruments in net liability positions. The aggregat e fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position on December 31, 2015 was $ .8 billion for whi ch PNC had posted collateral of $ .6 billion in the normal course of business. The maximum additional amount of collateral PNC would have been required to post if the credit-risk-related contingent features underlying these agreements had been triggered on December 31, 2015 would be $ .2 billion. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings per Share | |
Earnings per Share | N OTE 15 E ARNINGS P ER S HARE Table 118: Basic and Diluted Earnings per Common Share In millions, except per share data 2015 2014 2013 Basic Net income $ 4,143 $ 4,207 $ 4,212 Less: Net income (loss) attributable to noncontrolling interests 37 23 11 Preferred stock dividends and discount accretion and redemptions 225 237 249 Net income attributable to common shares 3,881 3,947 3,952 Less: Dividends and undistributed earnings allocated to participating securities 17 11 18 Net income attributable to basic common shares $ 3,864 $ 3,936 $ 3,934 Basic weighted-average common shares outstanding 514 529 528 Basic earnings per common share (a) $ 7.52 $ 7.44 $ 7.45 Diluted Net income attributable to basic common shares $ 3,864 $ 3,936 $ 3,934 Less: Impact of BlackRock earnings per share dilution 18 18 18 Net income attributable to diluted common shares $ 3,846 $ 3,918 $ 3,916 Basic weighted-average common shares outstanding 514 529 528 Dilutive potential common shares (b) 7 8 4 Diluted weighted-average common shares outstanding 521 537 532 Diluted earnings per common share (a) $ 7.39 $ 7.30 $ 7.36 (a) Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities). (b) Excludes number of stock options considered to be anti-dilutive of 1 million for 2013. No warrants were considered to be anti-dilutive for 2013. No stock options or warrants were considered to be anti-dilutive for 2014 and 2015. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | N OTE 15 E QUITY Preferred Stock The following table provides the number of preferred shares issued and outstanding, the liquidation value per share and the number of authorized preferred shares that are available for future use. Table 119: Preferred Stock - Authorized, Issued and Outstanding Liquidation December 31 value per Preferred Shares Shares in thousands share 2015 2014 Authorized $1 par value 16,588 16,588 Issued and outstanding Series B $ 40 1 1 Series K $ 10,000 50 Series O $ 100,000 10 10 Series P $ 100,000 15 15 Series Q $ 100,000 5 5 Series R $ 100,000 5 5 Total issued and outstanding 36 86 The following table discloses information related to the preferred stock outstanding as of December 31, 2015. Table 120: Terms of Outstanding Preferred Stock Fractional Interest in a share of Number of preferred stock Depositary represented by Optional Preferred Issue Shares each Depositary Annual Per Share Redemption Stock Date Issued Share Dividend Dates (a) Dividend Rate Date (b) Series B (c) (c) N/A N/A Quarterly from March 10 th $1.80 None Series O (d) July 27, 2011 1 million 1/100 th Semi-annually beginning on February 1, 2012 until August 1, 2021 6.75% until August 1, 2021 August 1, 2021 Quarterly beginning on November 1, 2021 3 Mo. LIBOR plus 3.678% per annum beginning on August 1, 2021 Series P (d) April 24, 2012 60 million 1/4,000 th Quarterly beginning on August 1, 2012 6.125% until May 1, 2022 May 1, 2022 3 Mo. LIBOR plus 4.0675% per annum beginning on May 1, 2022 Series Q (d) September 21, 2012 18 million 1/4,000 th Quarterly beginning on December 1, 2012 5.375% December 1, 2017 October 9, 2012 1.2 million Series R (d) May 7, 2013 500,000 1/100 th Semi-annually beginning on December 1, 2013 until June 1, 2023 4.85% until June 1, 2023 June 1, 2023 Quarterly beginning on September 1, 2023 3 Mo. LIBOR plus 3.04% per annum beginning June 1, 2023 (a) Dividends are payable when, as, and if declared by our Board of Directors or an authorized committee of our Board. (b) Redeemable at PNC's option on or after the date stated. With the exception of the Series B preferred stock, redeemable at PNC's option within 90 days of a regulatory capital treatment event as defined in the designations. (c) Cumulative preferred stock. Holders of Series B preferred stock are entitled to 8 votes per share, which is equal to the number of full shares of common stock into which the Series B preferred stock is convertible. The Series B preferred stock was issued in connection with the consolidation of Pittsburgh National Corporation and Provident National Corporation in 1983. (d) Non-Cumulative preferred stock. Our Series L preferred stock was issued in connection with the National City transaction in exchange for National City’s Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series F. Dividends were paid at a rate of 9.875% prior to February 1, 2013 and at a rate of three-month LIBOR plus 633 basis points beginning February 1, 2013. On April 19, 2013, PNC redeemed all 6,000,000 depositary shares representing interests in PNC’s Series L preferred stock an d all 1,500 shares of Series L preferred stock underlying such depositary shares, resulting in a net outflow of $150 million. Our Series K preferred stock was issued on May 21, 2008. Dividends were paid at a rate of 8.25% until May 21, 2013 and at a rate of three-month LIBOR plus 422 basis points beginning May 21, 2013. On May 4, 2015, PNC redeemed all 500,000 depositary shares representing interests in PNC’s Series K preferred stock and all 50,000 shares of Series K preferred stock underlying such depos itary shares, resulting in a net outflow of $500 million. We have authorized but unissued Series H and Series I preferred stock. As described below in the Perpetual Trust Securities portion of the Noncontrolling Interests section of this Note , the PNC Pr eferred Funding Trust II securities ar e automatically exchangeable into shares of PNC Series I preferred stock under certain conditions relating to the capitalization or the financial condition of PNC Bank and upon the direction of the Office of the Comptr oller of the Currency. The Series A preferred stock of PNC REIT Corp. is also automatically exchangeable under similar conditions into shares of PNC Series H preferred stock. Warrants We had 13.4 million warrants outstanding as of Decembe r 31, 2015 compared to 16.9 million as of December 31, 2014. The reduction was due to 3.5 million warrants that were exercised during 2015. Each warrant entitles the holder to purchase one share of PNC common stock at an exerci se 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 the excess of the market price of PNC comm on stock on the exercise date over the exercise price of the warrant. In 2015, we issued 1.1 million common shares resulting from the exercise of the warrants. The issuance of these shares resulted in a reclassification within Capital surplus – Common stock and other with no impact on PNC’s Shareholders’ equity. These warrants were sold by the U.S. Treasury in a secondary public offering that closed on May 5, 2010 after the U.S. Treasury exchanged its TARP Warrant (issued on December 31 , 2008 under the TARP Capital Purchase Program) for 16.9 million warrants. These warrants expire December 31, 2018. Other Shareholders’ Equity Matters We have a dividend reinvestment and stock purchase plan. Holders of preferred stock and PN C common stock may participate in the plan, which provides that additional shares of common stock may be purchased at market value with reinvested dividends and voluntary cash payments. Common shares issued pur suant to this plan were : 0.3 million shares in 2015 , 0.3 million shares in 2014 and 0.4 million shares in 2013 . At December 31, 2015 , we had reserved approximately 93 million common shares to be issued in connection with certain stock plans . We repurchased 4.4 million shares in 2015 and 13.5 million shares in 2014 under the stock repurchase program that the Board of Directors approved effective October 4, 2007. Effective March 31, 2015, the Board of Directors terminated this share repurchase program and effective April 1, 2015 the Board of Directors replaced it with a new stock repurchase program authorization in the amount of up to 100 million shares of PNC common stock which may be purchased on t he open market or in priva tely negotiated transactions. We repurchased 17.9 million shares under this program in 2015 . A maximum amount of 82.1 million shares remained available for repurchase under this program at December 31, 2015 . This program will remain in effect until fully utilized or until modified, superseded or terminated. Noncontrolling Interests Perpetual Trust Securities In December 2006, one of our indirect subsidiaries, PNC REIT Corp., sold $500 million of 6.517% Fixed-to-Floating Rate Non-Cumulative Exchangeable Perpetual Trust Securities (the “Trust Securities”) of PNC Preferred Funding Trust I (“Trust I”), in a private placement. PNC REIT Corp. had previously acquired the Trust Securities from the trust in exchange for an equivalent amount of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Securities (the “LLC Preferred Securities”), of PNC Preferred Funding LLC, (the “LLC”), held by PNC REIT Corp. The LLC’s initial material assets consist of indirect interests in mortgages and mortgage-related assets previously owned by PNC REIT Corp. The rate on these se curities at December 31, 2015 was 2.162%. In March 2007, the LLC, sold $500 million of 6.113% Fixed-to-Floating Rate Non-Cumulative Exchangeable Perpetual Trust Securities (the “Trust II Securities”) of PNC Preferred Funding Trust II (“Trust II ”) in a pr ivate placement. In connection with the private placement, Trust II acquired $500 million of LLC Preferred Securities , from the LLC. The rate on these securities at December 31, 2015 was 1.735%. The Trust I Securities and Trust II Securities are redeemable in whole or in part at par ($100,000 per security), plus any declared and unpaid dividends to the redemption date, on the quarterly dividend payment date in March 2017 and on the March quarterly dividend payment date in each fifth succeeding ye ar (each, a "Five Year Date"). The Trust I Securities and Trust II Securities are also redeemable in whole, but not in part, on any quarterly dividend payment date that is not a Five Year Date at a redemption price equal to the sum of: ( i ) the greater o f (A) $100,000 per security or (B) the sum of present values of $100,000 per security and all undeclared dividends for the dividend periods from the redemption date to and including the next succeeding Five Year Date, discounted to the redemption date on a quarterly basis at the 3-month USD LIBOR rate applicable to the dividend period immediately preceding such redemption date plus (ii) any declared and unpaid dividends to the redemption date. The Trust I Securities and Trust II Securities are also redeema ble in whole, but not in part, on any quarterly dividend payment date that is not a Five Year Date in the case of certain tax, investment company or regulatory capital events at a redemption price of par plus declared and unpaid dividends to the redemption date. Upon certain conditions relating to the capitalization or the financial condition of PNC Bank and upon the direction of the OCC, the Trust I Securities are automatically exchangeable into shares of Series F preferred stock of PNC Bank and the Trust II Securities are automatically exchangeable into shares of Series I preferred stock of PNC. Any redemption is subject to compliance with the applicable Replacement Capital Covenant (see below) and approval of the OCC. PNC REIT Corp. owns 100% of the LLC’s common voting securities. As a result, the LLC is an indirect subsidiary of PNC and is consolidated on our Consolidated Balance Sheet. Trust I and Trust II’s investment in the LLC Preferred Securities is characterized as a noncontrolling interest on our Consolidated Balance Sheet since we are not the primary beneficiary of Trust I and Trust II. This noncontrolling interest totaled approximately $ 981 million at December 31, 2015 . Information related to the capital covenants and contractual commitments of the perpetual trust sec urities, including limitations potentially imposed on PNC and PNC Bank’s payment of dividends on their respective equity capital securities, follows . Table 121: Summary of Replacement Capital Covenants of Perpetual Trust Securities Replacement Capital Covenant (RCC) (a) Trust Description of Capital Covenants Trust I RCC Trust I Neither we nor our subsidiaries (other than PNC Bank and its subsidiaries) would purchase the Trust Securities, the LLC Preferred Securities or the PNC Bank Preferred Stock unless such repurchases or redemptions are made from proceeds of the issuance of certain qualified securities and pursuant to the other terms and conditions set forth in the Trust I RCC. Trust II RCC Trust II Until March 29, 2017, neither we nor our subsidiaries would purchase or redeem the Trust II Securities, the LLC Preferred Securities or the Series I Preferred Stock unless such repurchases or redemptions are made from proceeds of the issuance of certain qualified securities and pursuant to the other terms and conditions set forth in the Trust II RCC. (a) As of December 31, 2015, each of the Trust I RCC and the Trust II RCC are for the benefit of PNC Capital Trust C as the sole holder of $200 million of junior subordinated debentures issued in June 1998. See Note 11 Borrowed Funds for additional information regarding these debentures. Table 122: Summary of Contractual Commitments of Perpetual Trust Securities Trust Description of Restrictions on Dividend Payments (c) Trust I (a) If full dividends are not paid in a dividend period, neither PNC Bank nor its subsidiaries will declare or pay dividends or other distributions with respect to, or redeem, purchase or acquire or make a liquidation payment with respect to, any of its equity capital securities during the next succeeding period (other than to holders of the LLC Preferred Securities and any parity equity securities issued by the LLC). (d) Trust II (b) If full dividends are not paid in a dividend period, PNC will not declare or pay dividends with respect to, or redeem, purchase or acquire, any of its equity capital securities during the next succeeding dividend period. (e) (a) Contractual commitments made by PNC Bank. (b) Contractual commitments made by PNC. (c) Applies to the applicable Trust Securities and the LLC Preferred Securities. (d) Except: (i) in the case of dividends payable to subsidiaries of PNC Bank, to PNC Bank or another wholly-owned subsidiary of PNC Bank or (ii) in the case of dividends payable to persons that are not subsidiaries of PNC Bank, to such persons only if, (A) in the case of a cash dividend, PNC has first irrevocably committed to contribute amounts at least equal to such cash dividend or (B) in the case of in-kind dividends payable by PNC REIT Corp., PNC has committed to purchase such in-kind dividend from the applicable PNC REIT Corp. holders in exchange for a cash payment representing the market value of such in-kind dividend, and PNC has committed to contribute such in-kind dividend to PNC Bank. (e) Except for: (i) purchases, redemptions or other acquisitions of shares of capital stock of PNC in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors or consultants, (ii) purchases of shares of common stock of PNC pursuant to a contractually binding requirement to buy stock existing prior to the commencement of the extension period, including under a contractually binding stock repurchase plan, (iii) any dividend in connection with the implementation of a shareholders' rights plan, or the redemption or repurchase of any rights under any such plan, (iv) as a result of any exchange or conversion of any class or series of PNC's capital stock for any other class or series of PNC's capital stock, (v) the purchase of fractional interests in shares of PNC capital stock pursuant to the conversion or exchange provisions of such stock or the security being converted or exchanged or (vi) any stock dividends paid by PNC where the dividend stock is the same stock as that on which the dividend is being paid. On March 15, 2013 we redeemed all $375 million of the PNC Preferred Funding Trust III securities with a distribution rate of 8.7%. |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Other Comprehensive Income [Abstract] | |
Other Comprehensive Income Disclosure [TextBlock] | N ote 17 O ther C omprehensive I ncome Details of other comprehensive income (loss) are as follows: Table 123: Other Comprehensive Income Year ended December 31 In millions 2015 2014 2013 Net unrealized gains (losses) on non-OTTI securities Increase in net unrealized gains (losses) on non-OTTI securities $ (494) $ 410 $ (1,122) Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 27 31 39 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 48 4 50 Net increase (decrease), pre-tax (569) 375 (1,211) Effect of income taxes 208 (137) 443 Net increase (decrease), after-tax (361) 238 (768) Net unrealized gains (losses) on OTTI securities Increase in net unrealized gains (losses) on OTTI securities (17) 68 215 Less: OTTI losses realized on securities reclassified to noninterest income (4) (11) (16) Net increase (decrease), pre-tax (13) 79 231 Effect of income taxes 5 (29) (84) Net increase (decrease), after-tax (8) 50 147 Net unrealized gains (losses) on cash flow hedge derivatives Increase in net unrealized gains (losses) on cash flow hedge derivatives 415 431 (141) Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income 270 251 284 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 23 12 53 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income (5) 49 Net increase (decrease), pre-tax 127 168 (527) Effect of income taxes (47) (61) 192 Net increase (decrease), after-tax 80 107 (335) Pension and other postretirement benefit plan adjustments Net pension and other postretirement benefit activity (82) (440) 760 Amortization of actuarial loss (gain) reclassified to other noninterest expense 38 4 103 Amortization of prior service cost (credit) reclassified to other noninterest expense (10) (10) (11) Net increase (decrease), pre-tax (54) (446) 852 Effect of income taxes 20 163 (312) Net increase (decrease), after-tax (34) (283) 540 Other PNC's portion of BlackRock's OCI (39) (36) 15 Net investment hedge derivatives 60 54 (21) Foreign currency translation adjustments (a) (63) (57) 27 Net increase (decrease), pre-tax (42) (39) 21 Effect of income taxes (a) (8) (6) (3) Net increase (decrease), after-tax (50) (45) 18 Total other comprehensive income, pre-tax (551) 137 (634) Total other comprehensive income, tax effect 178 (70) 236 Total other comprehensive income, after-tax $ (373) $ 67 $ (398) (a) 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 124: Accumulated Other Comprehensive Income (Loss) Components In millions, after-tax Net unrealized gains (losses) on non-OTTI securities Net unrealized gains (losses) on OTTI securities Net unrealized gains (losses) on cash flow hedge derivatives Pension and other postretirement benefit plan adjustments Other Total Balance at December 31, 2012 $ 1,177 $ (123) $ 578 $ (777) $ (21) $ 834 Net activity (768) 147 (335) 540 18 (398) Balance at December 31, 2013 $ 409 $ 24 $ 243 $ (237) $ (3) $ 436 Net activity 238 50 107 (283) (45) 67 Balance at December 31, 2014 $ 647 $ 74 $ 350 $ (520) $ (48) $ 503 Net Activity (361) (8) 80 (34) (50) (373) Balance at December 31, 2015 $ 286 $ 66 $ 430 $ (554) $ (98) $ 130 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 18 Income Taxes The components of i ncome tax expense are as follows: Table 125 : Components of Income Tax Expense Year ended December 31 In millions 2015 2014 2013 Current Federal $ 927 $ 1,084 $ 263 State 33 68 17 Total current 960 1,152 280 Deferred Federal 320 220 1,119 State 84 35 77 Total deferred 404 255 1,196 Total $ 1,364 $ 1,407 $ 1,476 Significant components of deferred tax assets and liabilities are as follows: Table 126 : Deferred Tax Assets and Liabilities December 31 - in millions 2015 2014 Deferred tax assets Allowance for loan and lease losses $ 1,032 $ 1,250 Compensation and benefits 654 822 Partnership investments 295 247 Loss and credit carryforward 502 545 Accrued expenses 542 581 Other 320 290 Total gross deferred tax assets 3,345 3,735 Valuation allowance (61) (65) Total deferred tax assets 3,284 3,670 Deferred tax liabilities Leasing 1,413 1,494 Goodwill and intangibles 320 328 Fixed assets 391 381 Net unrealized gains on securities and financial instruments 453 619 BlackRock basis difference 2,327 2,166 Other 542 619 Total deferred tax liabilities 5,446 5,607 Net deferred tax liability $ 2,162 $ 1,937 A reconciliation between the statutory and effective tax rates follows: Table 127 : Reconciliation of Statutory and Effective Tax Rates Year ended December 31 2015 2014 2013 Statutory tax rate 35.0 % 35.0 % 35.0 % Increases (decreases) resulting from State taxes net of federal benefit 1.4 1.2 1.1 Tax-exempt interest (2.3) (2.2) (1.9) Life insurance (1.7) (1.7) (1.7) Dividend received deduction (1.7) (1.5) (1.2) Tax credits (3.9) (4.4) (3.7) Other (2.0) (a) (1.3) (1.7) Effective tax rate 24.8 % 25.1 % 25.9 % (a) Includes tax benefits associated with settlement of acquired entity tax contingencies. The net operating loss carryforwards at December 31, 2015 and 2014 follow: Table 128 : Net Operating Loss Carryforwards and Tax Credit Carryforwards December 31 December 31 In millions 2015 2014 Net Operating Loss Carryforwards: Federal $ 878 $ 997 State $ 2,272 $ 2,594 Tax Credit Carryforwards: Federal $ 64 $ 35 State $ 3 $ 7 The federal net operating loss carryforwards expire in 20 32 . The state net operating loss carryforwards will expire from 20 16 to 20 35 . The majority of the tax cre dit carryforwards expire in 20 32 . 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 $ 61 million has been recorded against certain state tax carryforwards as of December 31, 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. As of December 31, 2015 , PNC had approximately $ 110 million of earnings attributed to foreign subsidiaries that have been indefinitely reinvested for which no incremental U.S. income tax provision has been record ed. If a U.S. deferred tax liability were to be recorded, the estimated tax liability on those undistributed earnings would be approximately $ 34 million. Retained earnings at both December 31, 2015 and December 31, 2014 included $ 117 million in allocations for bad debt deductions of former thrift subsidiaries for which no income tax has been provided. Under current law, if certain subsidiaries use these bad debt reserves for purp oses other than to absorb bad debt losses, they will be subject to Federal income tax at the current corporate tax rate. PNC had u nrecognized tax benefits of $ 26 million at December 31, 2015 and $ 77 million at December 31, 2014 . At December 31, 2015 , these unrecognized tax benefits, if recognized, would favorably impact the effective income tax rate by $ 20 million. A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows: Table 129 : Change in Unrecognized Tax Benefits In millions 2015 2014 2013 Balance of gross unrecognized tax benefits at January 1 $ 77 $ 110 $ 176 Increases: Positions taken during a prior period 17 11 Decreases: Positions taken during a prior period (9) (27) (22) Settlements with taxing authorities (52) (1) (48) Reductions resulting from lapse of statute of limitations (7) (5) (7) Balance of gross unrecognized tax benefits at December 31 $ 26 $ 77 $ 110 It is reasonably possible that the balance of unrecognized 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 $ 4 million within the next twelve months. PNC is subject to U.S. federal income tax as well as income tax in most states and some foreign jurisdictions. Examinations were completed f or PNC’s consolidated federal income tax returns for 2007 through 2010 and National City’s consolidated federal income tax returns through 2008 and were settled with the IRS. The IRS is currently examining PNC’s consolidated federal income tax returns for 2011 through 2013 . In addition, we are under continuous examinations by various state taxing authorities. With few exceptions, we are no longer subjec t to state and local and foreign income tax examinations by taxing aut horities for periods before 2010 . Fo r all open audits, any potential adjustments have been considered in establishing our unrecognized tax benefits as of December 31, 2015 . Our policy is to classify interest and penalties associated with income taxes as income tax expense. For 2015 , we had a benefit of $ 46 million of gross interest and penalties , decreasing income tax expense. The total accrued interest and penalties at December 31, 2014 was $ 41 mil lion . At December 31, 2015 , the total accrued interest and penalties was not significant. During 2015, we recognized $ 202 million of amortization, $ 224 million of tax credits and $ 74 million of other tax benefits associated with qualified investments in low income housing tax credits within I ncome taxes. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Matters | Note 19 Regulatory Matters We are subject to the regulations of certain federal, state, and foreign agencies and undergo periodic examinations by such regulatory authorities. The ability to undertake new business initiatives (including acquisitions), the access to and cost of funding for new business initiatives, the ability to pay dividends, the ability to repurchase shares or other capital instruments, the level of deposit insurance costs, and the level and nature of regulatory oversig ht depend, in large part, on a financial institution’s capital strength. At December 31, 2015 and December 31, 2014, PNC and PNC Bank, our domestic banking subsidiary, were both considered “well capitalized,” based on applicable U.S. regulatory capital ra tio requirements. Beginning in 2015, to qualify as “well capitalized”, PNC must have Transitional Basel III capital ratios of at least 6% for Tier 1 risk-based capital and 10% for Total risk-based capital, and PNC Bank must have Transitional Basel III capital ratios of at least 6.5% for Common equity Tier 1 risk-based capital, 8% for Tier 1 risk-based capital, 10% for Total risk-based capital, and a Leverage ratio of at least 5%. To qualify as “well capitalized” in 2014, regulators required insured depository institutions, such as PNC Bank, to maintain Transitional Basel III capital ratios of at least 6% for Tier 1 risk-based, 10% for Total risk-based and 5% for Leverage, and required bank holding companies, such as PNC , to maintain Transitional Basel III regulatory capital ratios of at least 6% Tier 1 risk-based and 10% for Total risk-based. The following table sets forth the Transitional Basel III regulatory capital ratios at December 31, 201 5 and December 31, 2014 for PNC and PNC Bank. Table 130: Basel Regulatory Capital (a) Amount Ratios December 31 Dollars in millions 2015 2014 2015 2014 Risk-based capital Common equity Tier 1 (b) PNC $ 31,493 N/A 10.6 % N/A PNC Bank 27,484 N/A 9.7 N/A Tier 1 PNC 35,522 $ 35,687 12.0 12.6 % PNC Bank 29,425 29,328 10.4 10.7 Total PNC 43,260 44,782 14.6 15.8 PNC Bank 36,482 37,559 12.9 13.7 Leverage PNC 35,522 35,687 10.1 10.8 PNC Bank 29,425 29,328 8.7 9.2 (a) Calculated using the Transitional Basel III regulatory capital methodology applicable to PNC during both 2015 and 2014. (b) For 2014, Common equity Tier 1 was not applicable to U.S. regulatory capital ratio requirements for "well capitalized." The principal source of parent company cash flow is the dividends it receives from its subsidiary bank, which may be impacted by the following: • Capital needs, • Laws and regulations, • Corporate policies, • Contractual restrictions, and • Other factors. Also, there are statutory and regulatory limitations on the ability of national banks to pay dividends or make other capital distributions. The amount available for dividend payments to the parent company by PNC Bank without prior regulato ry approval was approximately $ 1.7 billion at December 31, 2015 . Under federal law, a bank subsidiary generally may not extend credit to, or engage in other types of covered transactions (including the purchase of assets) with, the parent company or its non-bank subsidiaries on terms and under circumstances that are not substantially the same as comparable transactions with nonaffiliates . A bank subsidiary may not extend credit to, or engage in a covered transaction with, the parent compa ny or a non-bank subsidiary if the aggregate amount of the bank’s extensions of credit and other covered transactions with the parent company or non-bank subsidiary exceeds 10 % of the capital stock and surplus of such bank subsidiary or th e aggregate amount of the bank’s extensions of credit and other covered transactions with the parent company and all non-bank subsidiaries exceeds 20 % of the capital and surplus of such bank subsidiary. Such extensions of credit, with limit ed exceptions, must be at least fully collateralized in accordance with specified collateralization thresholds, with the thresholds varying based on the type of assets serving as collateral. In certain circumstances, federal regulatory authorities may impo se more restrictive limitations. Federal Reserve Board regulations require depository institutions to maintain cash reserves with a Federal Reserve Bank (FRB). At December 31, 2015 , the balance outstanding at the FRB was $ 30.0 b ill ion . |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2015 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | N OTE 20 L egal P roceedings We establish accruals for legal proceedings, including litigation and regulatory and governmental investigations and inquiries, when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. Any such accruals are adjusted thereafter as appropriate to reflect changed circumstances. When we are able to do so, we also determine estimates of possible losses or ranges of possible losses, whether in 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 20 ). For Disclosed Matters where we are able to estimate such possible losses or ranges of possible losses, as of December 31, 2015, we estimate that it is reasonably possible that we could incur losses in excess of related accrued liabilities, if any, in an aggregate amount of up to approximately $ 550 million. The estimates included in this amount are based on our analysis of currently available information and are subject to significant judgment and a variety of assumptions and uncertainties. As new information is obtained we may change our estim ates. Due to the inherent subjectivity of the assessments and unpredictability of outcomes of legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to us from the legal proceedings in question. Thus , our exposure and ultimate losses may be higher, and possibly significantly so, than the amounts accrued or this aggregate amount. In our experience, legal proceedings are inherently unpredictable. One or more of the following factors frequently contribu te to this inherent unpredictability: the proceeding 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 p roceed 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 p enalties); 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 outco mes may not be amenable to the use of statistical 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 num ber of parties named as defendants (including where 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 result s, the harder it is for us to estimate losses or 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 are reasonably possible to be incurred or rang es of such losses with respect to some of the matters disclosed, and the aggregate estimated amount provided above does not include an estimate for every Disclosed Matter. Therefore, as the estimated aggregate amount disclosed above does not include all of the Disclosed Matters, the amount disclosed above does not represent our maximum reasonably possible loss exposure for all of the Disclosed Matters. The estimated aggregate amount also does not reflect any of our exposure to matters not so disclosed, as d iscussed below under “Other.” We include in some of the descriptions of individual Disclosed Matters certain quantitative information related to the plaintiff’s claim against us as alleged in the plaintiff’s pleadings or other public filings or otherwise publicly available information. While information of this type may provide insight into the potential magnitude of a matter, it does not necessarily represent our estimate of reasonably possible loss or our judgment as to any currently appropriate accrual. Some of our exposure in Disclosed Matters may be offset by applicable insurance coverage. We do not consider the possible availability of insurance coverage in determining the amounts of any accruals (although we record the amount of related insurance re coveries that are deemed probable up to the amount of the accrual) or in determining any estimates of possible losses or ranges of possible losses. Interchange Litigation Beginning in June 2005, a series of antitrust lawsuits were filed against Visa ® , Ma sterCard ® , and several major financial institutions, including cases naming National City (since merged into PNC) and its subsidiary, National City Bank of Kentucky (since merged into National City Bank which in turn was merged into PNC Bank, N.A.). The ca ses have been consolidated for pretrial proceedings in the U.S. District Court for the Eastern District of New York under the caption In re Payment Card Interchange Fee and Merchant-Discount Antitrust Litigation (Master File No. 1:05-md-1720-JG-JO). Those cases naming National City were brought as class actions on behalf of all persons or business entities who have accepted Visa ® or MasterCard ® . The plaintiffs, merchants operating commercial businesses throughout the U.S. and trade associations, allege, among other things, that the defendants conspired to fix the prices for general purpose card network services and otherwise imposed unreasonable restraints on trade, resulting in the payment of inflated interchange fees, in violation of the antitrust laws. In January 2009, the plaintiffs filed amended and supplemental complaints adding, among other things, allegations that the restructuring of Visa and MasterCard, each of which included an initial public offering, violated the antitrust laws. In their compl aints, the plaintiffs seek, among other things, injunctive relief, unspecified damages (trebled under the antitrust laws) and attorneys’ fees. In July 2012, the parties entered into a memorandum of understanding with the class plaintiffs and an agreement in principle with certain individual plaintiffs with respect to a settlement of these cases, under which the defendants will collectively pay approximately $6.6 billion to the class and individual settling plaintiffs and have agreed to changes in the terms applicable to their respective card networks (including an eight-month reduction in default credit interchange rates). The parties entered into a definitive agreement with respect to this settlement in October 2012. The court granted final approval of the settlement in December 2013. Several objectors have appealed the order of approval to the U.S. Court of Appeals for the Second Circuit, which appeal was argued in September 2015 and remains pending. In addition, in July 2015 several objectors filed a moti on with the district court to vacate the court’s judgment, including the approval of the settlement, based on alleged misconduct by one of the counsel for MasterCard and one of the counsel for plaintiffs. This motion remains pending. As a result of the pre viously funded litigation escrow (described in Note 21 Commitments and Guarantees), which will cover substantially all of our share of the Visa portion of this settlement, we anticipate no material financial impact from the monetary amount of this s ettlement. Numerous merchants, including some large national merchants, have objected to or requested exclusion (opted out) from the proposed class settlements, and some of those opting out have lawsuits pending in federal and state courts against Visa, Ma sterCard and, in some instances, one or more of the other issuing banks. Visa has reached settlements, some of which remain subject to conditions, with some of these opting out merchants. Visa has reported that these settlements covered, as of November 201 5, approximately 48% of the Visa-branded card sales volume of the merchants that opted out. These settlements have been or will be paid from the Visa litigation escrow account. National City and National City Bank entered into judgment and loss sharing ag reements with Visa and certain other banks with respect to all of the above referenced litigation. All of the litigation against Visa is also subject to the indemnification obligations described in Note 21 Commitments and Guarantees. PNC Bank, N.A. is not named a defendant in any of the Visa or MasterCard related antitrust litigation nor was it initially a party to the judgment or loss sharing agreements, but it has been subject to these indemnification obligations and became responsible for National City Bank’s position in the litigation and responsibilities under the agreements upon completion of the merger of National City Bank into PNC Bank, N.A. In March 2011, we entered into a MasterCard Settlement and Judgment Sharing Agreement with MasterCard and other financial institution defendants and an Omnibus Agreement Regarding Interchange Litigation Sharing and Settlement Sharing with Visa, MasterCard and other financial institution defendants. The Omnibus Agreement, in substance, apportions resolution of the claims in this litigation into a Visa portion and a MasterCard portion, with the Visa portion being two-thirds and the MasterCard portion being one-third. This apportionment only applies in the case of either a global settlement involving all defen dants or an adverse judgment against the defendants, to the extent that damages either are related to the merchants’ inter-network conspiracy claims or are otherwise not attributed to specific MasterCard or Visa conduct or damages. The MasterCard portion ( or any MasterCard-related liability not subject to the Omnibus Agreement) will then be apportioned under the MasterCard Settlement and Judgment Sharing Agreement among MasterCard and PNC and the other financial institution defendants that are parties to th is agreement. The responsibility for the Visa portion (or any Visa-related liability not subject to the Omnibus Agreement) will be apportioned under the pre-existing indemnification responsibilities and judgment and loss sharing agreements. 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 mul tidistrict litigation (MDL) proceeding in the U.S. 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). In January 2008, th e Pennsylvania district court issued an order sending back to the General Court of Justice, Superior Court Division, for Wake County, North Carolina the claims of two proposed class members, which have subsequently been dismissed. In October 2011, the pl aintiffs in the MDL proceeding filed a joint consolidated amended class action complaint covering all of the class action lawsuits pending in this proceeding. The amended complaint names CBNV, another bank, and purchasers of loans originated by CBNV and th e other bank (including Residential Funding Company, LLC (RFC)) as defendants. (In December 2013, the Chapter 11 bankruptcy proceeding involving RFC was completed with the company being liquidated and claims against the company being resolved, including, t hrough a settlement between the plaintiffs and RFC approved in November 2013, the claims in these lawsuits.) The principal allegations in the amended complaint are that a group of persons and entities collectively characterized as the “ Shumway / Bapst Organi zation” referred prospective second residential mortgage loan borrowers to CBNV and the other bank, that CBNV and the other bank charged these borrowers improper title and loan fees at loan closings, that the disclosures provided to the borrowers at loan c losings were inaccurate, and that CBNV and the other bank paid some of the loan fees to the Shumway / Bapst Organization as purported “kickbacks” for the referrals. The amended complaint asserts claims for violations of the Real Estate Settlement Procedures Act (RESPA), the Truth in Lending Act (TILA), as amended by the Home Ownership and Equity Protection Act (HOEPA), and the Racketeer Influenced and Corrupt Organizations Act (RICO). The amended complaint seeks to certify a class of all borrowers who obtained a second residential non-purchase money mortgage loan, secured by their principal dwelling, from either CBNV or the other defendant bank, the terms of which made the loan subject to HOEPA. The plaintiffs seek, among other things, unspecified damages (including treble damages under RICO and RESPA), rescission of loans, declaratory and injunctive relief, interest, and attorneys’ fees. In November 2011, the defendants filed a motion to dismiss the amended complaint . In June 2013, the court granted in part and denied in part the motion, dismissing the claims of any plaintiff whose loan did not originate or was not assigned to CBNV, narrowing the scope of the RESPA claim, and dismissing several of the named plaintiffs for lack of standing. The court also dismissed the claims against the other lender defendant on jurisdictional grounds. The limitation of the potential class to CBNV borrowers reduces its size to approximately 26,500 from the 50,000 members alleged in the amended complaint. Also in June 2013, the plaintiffs filed a motion for class certification, which was granted in July 2013. In July 2015, the U.S. Court of Appeals for the Third Circuit affirmed the grant of class certification by the Pennsylvania distri ct court. We moved for a rehearing of the appeal, which was denied in October 2015. In November 2015, we filed a petition for a writ of certiorari with the U.S. Supreme Court seeking review of the decision of the court of appeals, which remains pending. O verdraft Litigation Beginning in October 2009, PNC Bank, National City Bank and RBC Bank (USA) have been named in lawsuits brought as class actions relating to the manner in which they charged overdraft fees on ATM and debit transactions to customers and related matters. All but two of these lawsuits, both pending against RBC Bank (USA), have been settled. The following is a description of the remaining pending lawsuits. The pending lawsuits naming RBC Bank (USA), along with similar lawsuits pending again st other banks, have been consolidated for pre-trial proceedings in the U.S. District Court for the Southern District of Florida (the MDL Court) under the caption In re Checking Account Overdraft Litigation (MDL No. 2036, Case No. 1:09-MD-02036-JLK ). A co nsolidated amended complaint was filed in December 2010 that consolidated all of the claims in these MDL Court cases. The first case against RBC Bank (USA) pending in the MDL Court ( Dasher v. RBC Bank (10-cv-22190-JLK)) was filed in July 2010 in the U.S. D istrict Court for the Southern District of Florida. The other case against RBC Bank (USA) ( Avery v. RBC Bank (Case No. 10-cv-329)) was originally filed in North Carolina state court in July 2010 and was removed to the U.S. District Court for the Eastern Di strict of North Carolina before being transferred to the MDL Court. A consolidated amended complaint was filed in November 2014. These cases seek to certify multi-state classes of customers for the common law claims described below (covering all states in which RBC Bank (USA) had retail branch operations during the class periods), and subclasses of RBC Bank (USA) customers with accounts in North Carolina branches, with each subclass being asserted for purposes of claims under those states’ consumer protect ion statutes. No class periods are stated in any of the complaints, other than for the applicable statutes of limitations, which vary by state and claim. The customer agreements with the plaintiffs in these two cases contain arbitration provisions. RBC Ba nk (USA)’s original motion in Dasher to compel arbitration under these provisions was denied by the MDL Court. This denial was appealed to the U.S. Court of Appeals for the Eleventh Circuit. While this appeal was pending, the U.S. Supreme Court issued its decision in AT&T Mobility v. Concepcion , following which the court of appeals vacated the MDL Court’s denial of the arbitration motion and remanded to the MDL Court for further consideration in light of the Concepcion decision. RBC Bank (USA)’s motion to c ompel arbitration, now covering both Dasher and Avery , was denied in January 2013. We appealed the denial of the motion to the U.S. Court of Appeals for the Eleventh Circuit, which, in February 2014, affirmed the order of the district court denying arbitra tion. We filed a motion asking the court of appeals to reconsider its decision, which it denied in March 2014. In December 2014, we filed a motion to compel arbitration as to the claims of the plaintiff in Dasher based on an arbitration provision added to the PNC account agreement in 2013. In August 2015, the district court denied our motion. Later in August 2015, we appealed the denial of our arbitration motion to the court of appeals. The appeal is pending. In December 2014, we filed a motion to dismiss t he complaint. In February 2016, the district court denied our motion. The consolidated amended complaint alleges that the banks engaged in unlawful practices in assessing overdraft fees arising from electronic point-of-sale and ATM debits. The principal p ractice challenged in these lawsuits is the banks’ purportedly common policy of posting debit transactions on a daily basis from highest amount to lowest amount, thereby allegedly inflating the number of overdraft fees assessed. Other practices challenged include the failure to decline to honor debit card transactions where the account has insufficient funds to cover the transactions. The plaintiffs assert claims for breach of contract and the covenant of good faith and fair dealing; unconscionability ; con version; unjust enrichment; and violation of the consumer protection statute of North Carolina. The plaintiffs seek, among other things, restitution of overdraft fees paid, unspecified actual and punitive damages (with actual damages, in some cases, treble d under state law), pre-judgment interest, attorneys’ fees, and declaratory relief finding the overdraft policies to be unfair and unconscionable. Fulton Financial In 2009, Fulton Financial Advisors, N.A. filed lawsuits against PNC Capital Markets, LLC a nd NatCity Investments, Inc. in the Court of Common Pleas of Lancaster County, Pennsylvania arising out of Fulton’s purchase of auction rate certificates (ARCs) through PNC and NatCity . Each of the lawsuits alleges violations of the Pennsylvania Securities Act, negligent misrepresentation, negligence, breach of fiduciary duty, common law fraud, and aiding and abetting common law fraud in connection with the purchase of the ARCs by Fulton. Specifically, Fulton alleges that, as a result of the decline of fina ncial markets in 2007 and 2008, the market for ARCs became illiquid; that PNC and NatCity knew or should have known of the increasing threat of the ARC market becoming illiquid; and that PNC and NatCity did not inform Fulton of this increasing threat, but allowed Fulton to continue to purchase ARCs, to Fulton’s detriment. In its complaints, Fulton alleges that it then held ARCs purchased through PNC for a price of more than $123 million and purchased through NatCity for a price of more than $175 million. In each complaint, Fulton seeks, among other things, unspecified actual and punitive damages, rescission, attorneys’ fees and interest. In the case against PNC ( Fulton Financial Advisors, N.A. v. PNC Capital Markets, LLC (CI 09-10838)), PNC filed preliminary objections to Fulton’s complaint, which were denied. NatCity removed the case against it to the U.S. District Court for the Eastern District of Pennsylvania ( Fulton Financial Advisors, N.A. v. NatCity Investments, Inc . (No. 5:09-cv-04855)), and in November 2009 filed a motion to dismiss the complaint. In October 2013, the court granted the motion to dismiss with respect to claims under the Pennsylvania Securities Act and for negligent misrepresentation, common law frau d, and aiding and abetting common law fraud and denied the motion with respect to claims for negligence and breach of fiduciary duty. Fulton filed an amended complaint in December 2013, reasserting its negligence and breach of fiduciary duty claims and add ing a new claim under the Pennsylvania Securities Act. Fulton and NatCity filed motions for summary judgment in February 2015, which are pending. Captive Mortgage Reinsurance Litigation In December 2011, a lawsuit ( White, et al. v. The PNC Financial Serv ices Group, Inc., et al. (Civil Action No. 11-7928)) was filed against PNC (as successor in interest to National City Corporation and several of its subsidiaries) and several mortgage insurance companies in the U.S. District Court for the Eastern District of Pennsylvania. This lawsuit, which was brought as a class action, alleges that National City structured its program of reinsurance of private mortgage insurance in such a way as to avoid a true transfer of risk from the mortgage insurers to National City ’s captive reinsurer. The plaintiffs allege that the payments from the mortgage insurers to the captive reinsurer constitute kickbacks, referral payments, or unearned fee splits prohibited under the Real Estate Settlement Procedures Act (RESPA), as well as common law unjust enrichment. The plaintiffs claim, among other things, that from the beginning of 2004 until the end of 2010 National City’s captive reinsurer collected from the mortgage insurance company defendants at least $219 million as its share of borrowers’ private mortgage insurance premiums and that its share of paid claims during this period was approximately $12 million. The plaintiffs seek to certify a nationwide class of all persons who obtained residential mortgage loans originated, funded o r originated through correspondent lending by National City or any of its subsidiaries or affiliates between January 1, 2004 and the present and, in connection with these mortgage loans, purchased private mortgage insurance and whose residential mortgage l oans were included within National City’s captive mortgage reinsurance arrangements. Plaintiffs seek, among other things, statutory damages under RESPA (which include treble damages), restitution of reinsurance premiums collected, disgorgement of profits, and attorneys’ fees. In August 2012, the district court directed the plaintiffs to file an amended complaint, which the plaintiffs filed in September 2012. In November 2012, we filed a motion to dismiss the amended complaint. The court dismissed, without p rejudice, the amended complaint in June 2013 on statute of limitations grounds. A second amended complaint, in response to the court’s dismissal order, was filed in July 2013. We filed a motion to dismiss the second amended complaint, also in July 2013. In August 2014, the court denied the motion to dismiss. We then filed an uncontested motion to stay all proceedings pending the outcome of another matter then on appeal before the U.S. Court of Appeals for the Third Circuit that involves overlapping issues. In September 2014, the district court granted the stay. In October 2014, the court of appeals decided that other matter, holding that the RESPA claims in that case were barred by the statute of limitations. We then filed a motion for reconsideration of the denial of our motion to dismiss in light of the court of appeals’ decision. In January 2015, the district court denied our motion. In March 2015, the parties stipulated to, and the court ordered, a stay of all proceedings pending the outcome of a new othe r matter currently on appeal before the U.S. Court of Appeals for the Third Circuit that also involves overlapping issues. In February 2016, the court of appeals issued a decision favorable to our position. Residential Mortgage-Backed Securities Indemnification Demands We have received indemnification demands from several entities sponsoring residential mortgage-backed securities and their affiliates where purchasers of the securities have brought litigation against the sponsors and other parties involved in the securitization transactions. National City Mortgage had sold whole loan s to the sponsors or their affiliates that were allegedly included in certain of these securitization transactions. According to the indemnification demands, the plaintiffs’ claims in these lawsuits are based on alleged misstatements and omissions in the o ffering documents for these transactions. The indemnification demands assert that agreements governing the sale of these loans or the securitization transactions to which National City Mortgage was a party require us to indemnify the sponsors and their aff iliates for losses suffered in connection with these lawsuits. The parties have settled several of these cases. There has not been any determination that the parties seeking indemnification have any liability to the plaintiffs in the other lawsuits and the amount, if any, for which we are responsible in the settled cases has not been determined. Lender Placed Insurance Litigation In June 2013, a lawsuit ( Lauren v. PNC Bank, N.A ., et al . (Case No. 2:14-cv-00230)) was filed in the U.S. District Court for th e Western District of Pennsylvania, subsequently transferred to the U.S. District Court for the Southern District of Ohio, against PNC Bank and American Security Insurance Company (ASIC), a provider of property and casualty insurance to PNC for certain res idential mortgages. In February and March 2014, two additional class action lawsuits were filed. One of them ( Montoya, et al. v. PNC Bank, N.A., et al. (Case No. 1:14-cv-20474-JEM)) was filed in the U.S. District Court for the Southern District of Florid a against PNC Bank, ASIC and its parent, Assurant, Inc. The other case ( Tighe v. PNC Bank, N.A., et al ., (Case No. 14-CV-2017)) was filed in the U.S. District Court for the Southern District of New York against these same parties as well as Alpine Indemnit y Limited, a reinsurance subsidiary of PNC. The complaints in each of these lawsuits made similar allegations regarding the administration of PNC Bank’s program for placement of insurance for borrowers who fail to obtain hazard insurance coverages required by the terms of their mortgages. In May 2014, the Tighe lawsuit was transferred to the U.S. District Court for the Southern District of Ohio. In June 2014, the Tighe plaintiff filed a notice of voluntary dismissal without prejudice, thereby terminating th at action. In September 2014, the Lauren lawsuit was voluntarily dismissed and, as described below, Lauren was added to the Montoya lawsuit as a plaintiff. In their complaint, the plaintiffs in Montoya assert breach of contract by PNC, breach of its duty of good faith and fair dealing, unjust enrichment, breach of a fiduciary duty, and violations of Florida and New Jersey statutes pertaining to deceptive and unfair trade practices. These plaintiffs also assert claims under the federal TILA and RICO statute s. The plaintiffs seek a nationwide class on all claims except the state law statutory claims, for which they seek to certify subclasses of Florida and New Jersey residents, respectively. The plaintiffs seek, among other things, damages (including treble d amages), disgorgement of “unjust benefits,” injunctive relief, interest and attorneys’ fees. PNC filed a motion to dismiss the complaint in Montoya in May 2014. In August 2014, the court in Montoya granted in part and denied in part PNC’s motion to dismiss . Specifically, the court dismissed the breach of contract, Florida deceptive and unfair trade practices, and federal TILA and RICO claims, although it allowed the RICO claims to be re-pled. The remaining claims are state claims for breach of the covenant of good faith, unjust enrichment, the New Jersey Consumer Fraud Act, and breach of fiduciary duty. Thereafter, in September 2014, a third amended complaint in Montoya was filed adding Lauren as a plaintiff there. In October 2014, PNC moved to partially dis miss the third amended complaint. The motion to dismiss sought dismissal of the re-pleaded RICO claims and plaintiff Lauren’s state law claims for breach of the covenant of good faith and fair dealing and breach of fiduciary duty. At the same time, PNC als o moved to strike nationwide class allegations with respect to the state law claims. Shortly thereafter, the plaintiffs stipulated to this relief, as a result of which the plaintiffs’ state law claims are now being brought solely as statewide class action claims in the three states in which the plaintiffs reside. In January 2015, the plaintiffs filed a motion for class certification. In March 2015, the Montoya court denied PNC’s motion to dismiss, except that it granted the motion as to the Ohio good faith and fair dealing claim. In May 2015, the parties reached an agreement to settle Montoya on a nationwide settlement class basis. The agreement is subject to, among other things, notice to the class members and final approval by the court. In connection wi th 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 settlement. The overall cost of the settlement is not expected to be ma terial to PNC. The court granted preliminary approval of the settlement in September 2015 and has scheduled a hearing with respect to final approval of the settlement for March 2016. Patent Infringement Litigation In June 2013, a lawsuit ( Intellectual Ve ntures 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 )) was filed in the U.S. District Court for the Western District of Pennsylvania against PNC and PNC Bank for patent infringement. The plaintiffs allege that multiple systems by which PNC and PNC Bank provide online banking services and other services via electronic means infringe five patents owned by the plaintiffs. The plaintiffs seek, among other things, a declaration that PNC and PNC Bank are infringing each of the patents, damages for past and future infringement, and attorneys’ fees. In July 2013, we filed an answer with counterclaims, denying liability and seeking declarations that the asserted patents are invalid and that PNC has not infringed them. In November 2013, PNC filed Covered Business Method/Post Grant Review petitions in the U.S. Patent & Trademark Office (PTO) seeking to invalidate all five of the patents. In December 2013, the court dismissed the plaintiffs’ claims as to two of the patents and entered a stay of the lawsuit pending the PTO’s consideration of PNC’s review petitions, includi ng any appeals from decisions of the PTO. The PTO instituted review proceedings in May 2014 on four of the five patents at issue, finding that the subject matter of those patents was “more likely than not” unpatentable . The court had previously dismissed t he plaintiffs’ claims with respect to the one patent not selected for review by the PTO. In separate decisions issued in April and May 2015, the PTO invalidated all claims with respect to the patents that were still at issue in IV 1 . In July 2015, in an ap peal arising out of proceedings against a different defendant relating to some of the same patents, the U.S. Court of Appeals for the Federal Circuit affirmed the invalidity of the two patents at issue in both IV 1 and the Federal Circuit appeal. As a resu lt, all of the patents at issue in IV 1 not subject to the prior d |
Commitments and Guarantees
Commitments and Guarantees | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Guarantees [Abstract] | |
Commitments and Guarantees | Note 21 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 December 31, 2015 and December 31, 2014 , respectively. Table 131: Commitments to Extend Credit and Other Commitments December 31 December 31 In millions 2015 2014 Commitments to extend credit Total commercial lending $ 101,252 $ 98,742 Home equity lines of credit 17,268 17,839 Credit card 19,937 17,833 Other 4,032 4,178 Total commitments to extend credit 142,489 138,592 Net outstanding standby letters of credit (a) 8,765 9,991 Reinsurance agreements (b) 2,010 4,297 Standby bond purchase agreements (c) 911 1,095 Other commitments (d) 966 962 Total commitments to extend credit and other commitments $ 155,141 $ 154,937 (a) Net outstanding standby letters of credit include $4.7 billion and $5.2 billion which support remarketing programs at December 31, 2015 and December 31, 2014, respectively. (b) Represents aggregate maximum exposure up to the specified limits of the reinsurance contracts, and reflects estimates based on availability of financial information from insurance carriers. As of December 31, 2015 the aggregate maximum exposure amount comprised $1.6 billion for accidental death & dismemberment contracts and $.4 billion for credit life, accident & health contracts. The comparative amount as of December 31, 2014 included $1.8 billion for accidental death & dismemberment, $.5 billion for credit life, accident & health and $2.0 billion related to lender placed hazard contracts. (c) We enter into standby bond purchase agreements to support municipal bond obligations. (d) Includes $.5 billion and $.4 billion related to investments in qualified affordable housing projects at December 31, 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 132: Internal Credit Ratings Related to Net Outstanding Standby Letters of Credit December 31 December 31 2015 2014 Internal credit ratings (as a percentage of portfolio): Pass (a) 93 % 95 % Below pass (b) 7 % 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 December 31, 2015 had terms ranging from less than 1 year to 7 years. As of December 31, 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 $ .2 billion at December 31, 2015 and is included in Oth er 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 of which are in run-off. This subsidiary previously entered into these various types of reinsurance agreements with third-party insurers where the subsidiary assumed the risk of loss through quota share agreements up to 100% reinsurance. In quota share agre ements, the subsidiary and the third-party insurers share the responsibility for payment of all claims. We maintain a reserve for probable losses on these agreements, which totaled $ 8 million and $ 13 million as of December 31, 2015 and December 31, 2014 , respectively, and are included in Other Liabilities on the Consolidated Balance Sheet. There is a reasonable possibility that losses could be more than or less than th e 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 December 31, 2015 , the reasonably possible loss above ou r 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). In October 2007, Visa completed a restructuring and issued shares of Visa Inc. common stock to its financial institution members (Visa Reorganization) in contemplation of its initial public offering (IPO). As part of the Visa Reorganization, we received our proportionate share of Class B Visa Inc. common stock allocated to the U.S. m embers. Prior to the IPO, the U.S. members, which included PNC, were obligated to indemnify Visa for judgments and settlements related to certain specified litigation. As a result of the acquisition of National City, we became party to judgment and loss s haring agreements with Visa and certain other banks. The judgment and loss sharing agreements were designed to apportion financial responsibilities arising from any potential adverse judgment or negotiated settlements related to the specified litigation. We continue to have an obligation to indemnify Visa for judgments and settlements for the remaining speci fied litigation . 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 December 31, 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 $ 3.8 billion at December 31, 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, alth ough 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 e stimated losses based upon our exposure. The reserve for losses under these programs totaled $ 27 million and $ 35 million at December 31, 2015 and December 31, 2014 , respectively, and was included in Other liabilities on the Consolidated Balance Sheet. Residential Mortgage Loan 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 agreements. Repurchase obligation activity associated with residential mortgages is reported in the Residential Mortgage Banking segment. Indemnifications and repurchase liabilities are initially recognized 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 mortgage revenue on the Consolidated Income Statement. Management’s subsequent evaluation of indemnification and repurchase liabilities is based upon trends in indemnification and repurchase requests, actual loss experience, 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 December 31, 2015 and December 31, 2014 , the residential mortgage indemnification and repurchase liability for estimated losses on indemnification and repurchase claims totaled $ 94 million and $ 107 million, respectively, and was included in Other liabilities on the Consolidated Balance Sheet. The unpaid principal balance of loans associated with our expos ure to thi s repurchase obligation totaled $ 65.3 billion and $ 68.3 billion at December 31, 2015 and December 31, 2014 , respectively. Management believes the indem nification and repurchase liabilities appropriately reflect the estimated probable losses on indemnification and repurchase claims for all loans sold and outstanding as of December 31, 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 r easonably 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 strategies and behavior, our ability to successfully negotiate claims with investors, housing prices and other economic conditions. At December 31, 2015 , we estimate that it is reasonably possible that we could incur additional losses in excess of our accrued indemnification and repurc hase liability of up to approximately $ 77 million for our portfolio of residential mortgage loans sold. This estimate of potential additional losses in excess of our liability is based on assumed higher repurchase claims and lower cl aim rescissions than our current assumptions. Home Equity Loan/Line of Credit Repurchase Obligations PNC’s repurchase obligations also include certain brokered home equity loans/lines of credit that were sold to a limited number of private investors in the financial services industry by National City prior to our acquisition of National City. PNC is no lo nger 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 credi t is reported in the Non-Strategic Assets Portfolio segment. 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 b ased on management evaluation. These adjustments are recognized in Other noninterest income on the Consolidated Income Statement. At December 31, 2015 and December 31, 2014 , the home equity indemnification and repurchase liability for estimated losses on indemnification and repurchase claims totaled $ 20 million and $ 29 million, respectively, and was included in Other liabilities on the Consolidated Balance Sheet. The unpaid principal balance of the sold loan portfolio associated with this repurchase obligation totaled $ 2.1 billion and $ 2.5 billion at December 31, 2015 and December 31, 2014 , respectively. At December 31, 2015 t he reasonably possible loss above our accrual for our portfolio of home equity l oans/lines of credit sold was not material. 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 treat ed 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 purch ased 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. Repurchase and resale agreements are typica lly entered into with counterparties under industry standard master netting agreements which provide for the right to offset amounts owed to one another with respect to multiple repurchase and resale agreements under 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 inclu ded 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 supports, with sufficient confidence, the en forceability of the master netting agreement in bankruptcy. Table 133 shows the amounts owed under resale and repurchase agreements and the securities collateral associated with those agreements 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 basis on our Consolidated Balance Sheet or within Table 133 . Refer to Note 14 Financial Derivatives for additional information related to offsetting of financial derivatives. Table 133: 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 December 31, 2015 $ 1,082 $ 1,082 $ 1,008 $ 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 (a) Agreements (b) Amounts (d) Repurchase Agreements December 31, 2015 $ 1,767 (e) $ 1,767 $ 1,014 $ 753 December 31, 2014 $ 3,406 $ 3,406 $ 2,580 $ 826 (a) Resale agreements are included on the Consolidated Balance Sheet in Federal funds sold and resale agreements. Amounts in the table above exclude fair value adjustments of $4 million and $7 million at December 31, 2015 and December 31, 2014, respectively, related to structured resale agreements that we have elected to account for at fair value. See Note 7 Fair Value for additional information. Repurchase agreements are included on the Consolidated Balance Sheet in Federal funds purchased and repurchase agreements. (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 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 December 31, 2015 and December 31, 2014. (e) Repurchase agreements have remaining contractual maturities that are classified as overnight or continuous. As of December 31, 2015, the collateral pledged under these agreements consisted primarily of residential mortgage -backed agency securities. |
Parent Company
Parent Company | 12 Months Ended |
Dec. 31, 2015 | |
Parent Company [Abstract] | |
Parent Company | N OTE 22 P ARENT C OMPANY Summarized financial information of the parent company is as follows: Table 134: Parent Company – Income Statement Year ended December 31 - in millions 2015 2014 2013 Operating Revenue Dividends from: Bank subsidiaries and bank holding company $ 3,110 $ 3,115 $ 3,105 Non-bank subsidiaries 49 115 205 Interest income 5 4 Noninterest income 14 30 28 Total operating revenue 3,178 3,264 3,338 Operating Expense Interest expense 78 97 107 Other expense 88 127 93 Total operating expense 166 224 200 Income before income taxes and equity in undistributed net income of subsidiaries 3,012 3,040 3,138 Income tax benefits (99) (61) (89) Income before equity in undistributed net income of subsidiaries 3,111 3,101 3,227 Equity in undistributed net income of subsidiaries: Bank subsidiaries and bank holding company 736 854 845 Non-bank subsidiaries 259 229 129 Net income $ 4,106 $ 4,184 $ 4,201 Other comprehensive income, net of tax: Net pension and other postretirement benefit plan activity arising during the period (3) (17) 34 Other comprehensive income (loss) (3) (17) 34 Comprehensive income $ 4,103 $ 4,167 $ 4,235 Table 135: Parent Company – Balance Sheet December 31 - in millions 2015 2014 Assets Cash held at banking subsidiary $ 1 $ 1 Restricted deposits with banking subsidiary 400 Nonrestricted interest-earning deposits 1,147 2,013 Restricted interest-earning deposits 300 Investments in: Bank subsidiaries and bank holding company 41,919 41,537 Non-bank subsidiaries 2,742 2,480 Other assets 1,460 1,399 Total assets $ 47,569 $ 47,830 Liabilities Subordinated debt (a) $ 1,639 $ 1,618 Senior debt 497 889 Bank affiliate borrowings 95 102 Accrued expenses and other liabilities 628 670 Total liabilities 2,859 3,279 Equity Shareholders' equity 44,710 44,551 Total liabilities and equity $ 47,569 $ 47,830 (a) At December 31, 2015, debt that contractually matures in 2016 through 2020 totaled zero, zero, zero, $700 million (subordinated debt) and zero. D ebt issued by PNC Funding Corp, a wholly - owned finance subsidiary, is fully and unconditionally guaranteed by the parent company. In addition, in connection with certain affiliates’ commercial and residential mortgage servicing operations, the parent company has committed to maintain such affiliates’ net worth above minimum requirements. Table 136: Parent Company – Interest Paid and Income Tax Refunds (Payments) Income Tax Interest Refunds / Year ended December 31 - in millions Paid (Payments) 2015 $ 106 $ 72 2014 $ 103 $ (13) 2013 $ 117 $ 91 Table 137: Parent Company – Statement of Cash Flows Year ended December 31 - in millions 2015 2014 2013 Operating Activities Net income $ 4,106 $ 4,184 $ 4,201 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net earnings of subsidiaries (995) (1,083) (974) Other 163 118 152 Net cash provided (used) by operating activities 3,274 3,219 3,379 Investing Activities Net capital returned from (contributed to) subsidiaries 87 Net change in Restricted deposits with banking subsidiary 400 Net change in nonrestricted interest-earning deposits 866 (1,792) (214) Net change in restricted interest-earning deposits (300) Other (81) (79) (60) Net cash provided (used) by investing activities 885 (1,871) (187) Financing Activities Borrowings from subsidiaries 1,593 2,430 3,624 Repayments on borrowings from subsidiaries (1,599) (2,392) (5,767) Other borrowed funds (382) 770 (467) Preferred stock – Other issuances 495 Preferred stock – Other redemptions (500) (150) Common and treasury stock issuances 139 252 244 Acquisition of treasury stock (2,152) (1,176) (24) Preferred stock cash dividends paid (219) (232) (237) Common stock cash dividends paid (1,039) (1,000) (911) Net cash provided (used) by financing activities (4,159) (1,348) (3,193) Increase (decrease) in cash and due from banks (1) Cash held at banking subsidiary at beginning of year 1 1 2 Cash held at banking subsidiary at end of year $ 1 $ 1 $ 1 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 23 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 significant and practicable, retrospective application of new methodologies is made to prior period reportable business segment results and disclosures to create comparability with the current period. Financial results are presented, to the extent practicable, as if each business operated on a stand-alone ba sis. Additionally, 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 t ransfer 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 prici ng credit has been 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 this Report 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 o f 2015. Prior periods have not been adjusted 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 ec onomic capital model, including consideration 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 all owances for loan and lease losses and for unfunded loan commitments and letters of credit based on the loan exposures within each business segment’s portfolio. Key reserve assumptions and estimation processes react to and are influenced by observed changes in loan portfolio performance experience, the financial strength of the borrower, and economic conditions. Key reserve assumptions are periodically updated. 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 and Services Retail Banking provides deposit, lending, b rokerage, investment management and cash management servi ces to consumer and small business customers within our primary geographic markets. Our customers are serviced through our branch network, ATMs, call centers, online banking and mobile channels. The branch network is located primarily in Pennsylvania, Ohio , New Jersey, Michigan, Illinois, Maryland, Indiana, Florida, North Carolina , Kentucky, Washington, D.C., Delaware, Virginia, Alabama, Georgia, Missouri, Wisconsin and South Carolina . Corporate & Institutional Banking provides lending, 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. Treasury management services incl ude cash and investment management, receivables management, disbursement services, funds transfer services, information reporting and global trade services. Capital markets-related products and services include foreign exchange, derivatives, securities, lo an 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 finance 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 and ultra high net worth cl ients and institutional asset management. Wealth management products and services include investment and retirement planning, customized investment management, private banking, tailored credit solutions, and trust management and administration for individu als 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 services to ultra high net w orth families. Institutional asset management provides investment management, custody administration and retirement administration services. The business also offers PNC proprietary mutual funds. Institutional clients include corporations, unions, municipa lities, 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 presence within the retail bank ing 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 retained, or held on PNC’s bala nce 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 s ervicing 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 management services to inst itutional 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 instit utional investors. We hold an equity investment in BlackRock, which provides us with an additional source of noninterest income and increases our overall revenue diversification. BlackRock is a publicly traded company, and additional information regarding its business is available in its filings with the Sec urities and Exchange Commission (SEC). At December 31, 2015 , our economic interest in BlackRock was 22% . PNC received cash dividends from BlackRock of $ 320 million, $ 285 million, and $ 249 million during 2015 , 2014 , and 2013 , 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 138: Results Of Businesses Corporate & Asset Residential Non-Strategic Year ended December 31 Retail Institutional Management Mortgage Assets In millions Banking Banking Group Banking BlackRock Portfolio Other Consolidated 2015 Income Statement Net interest income $ 4,224 $ 3,365 $ 292 $ 121 $ 392 $ (116) $ 8,278 Noninterest income 2,223 1,935 869 613 $ 717 53 537 6,947 Total revenue 6,447 5,300 1,161 734 717 445 421 15,225 Provision for credit losses (benefit) 259 106 9 2 (114) (7) 255 Depreciation and amortization 169 145 44 15 436 809 Other noninterest expense 4,592 2,003 802 676 83 498 8,654 Income (loss) before income taxes and noncontrolling interests 1,427 3,046 306 41 717 476 (506) 5,507 Income taxes (benefit) 520 1,015 112 15 169 175 (642) 1,364 Net income $ 907 $ 2,031 $ 194 $ 26 $ 548 $ 301 $ 136 $ 4,143 Inter-segment revenue $ 1 $ 24 $ 9 $ 20 $ 15 $ (8) $ (61) Average Assets (a) $ 73,240 $ 132,032 $ 7,920 $ 6,840 $ 6,983 $ 6,706 $ 121,243 $ 354,964 2014 Income Statement Net interest income $ 3,923 $ 3,605 $ 289 $ 149 $ 547 $ 12 $ 8,525 Noninterest income 2,125 1,743 818 651 $ 703 40 770 6,850 Total revenue 6,048 5,348 1,107 800 703 587 782 15,375 Provision for credit losses (benefit) 277 107 (1) (2) (119) 11 273 Depreciation and amortization 176 135 42 12 411 776 Other noninterest expense 4,449 1,929 779 734 125 696 8,712 Income (loss) before income taxes and noncontrolling interests 1,146 3,177 287 56 703 581 (336) 5,614 Income taxes (benefit) 418 1,071 106 21 173 214 (596) 1,407 Net income $ 728 $ 2,106 $ 181 $ 35 $ 530 $ 367 $ 260 $ 4,207 Inter-segment revenue $ 2 $ 23 $ 11 $ 17 $ 16 $ (10) $ (59) Average Assets (a) $ 75,046 $ 122,927 $ 7,745 $ 7,857 $ 6,640 $ 8,338 $ 99,300 $ 327,853 2013 Income Statement Net interest income $ 4,077 $ 3,680 $ 288 $ 194 $ 689 $ 219 $ 9,147 Noninterest income 2,021 1,702 752 906 $ 621 53 810 6,865 Total revenue 6,098 5,382 1,040 1,100 621 742 1,029 16,012 Provision for credit losses (benefit) 657 (25) 10 21 (21) 1 643 Depreciation and amortization 186 128 42 11 348 715 Other noninterest expense 4,390 1,871 732 834 163 976 8,966 Income (loss) before income taxes and noncontrolling interests 865 3,408 256 234 621 600 (296) 5,688 Income taxes (benefit) 315 1,144 94 86 152 221 (536) 1,476 Net income $ 550 $ 2,264 $ 162 $ 148 $ 469 $ 379 $ 240 $ 4,212 Inter-segment revenue $ 3 $ 28 $ 12 $ 8 $ 17 $ (10) $ (58) Average Assets (a) $ 74,971 $ 112,970 $ 7,366 $ 9,896 $ 6,272 $ 9,987 $ 84,202 $ 305,664 (a) Period-end balances for BlackRock. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | N ote 24 S ubsequent E vents On February 1, 2016, PNC transferred 0.5 million shares of BlackRock Series C Preferred Stock to BlackRock to satisfy a portion of our LTIP obligation. Upon transfer, Other assets and Other liabilities on our Consolidated Balance Sheet were each reduced by $138 million, representing the fair value of the shares transferred. After this transfer, we hold 0.8 million shares of BlackRock Series C Preferred Stock which are availa ble to fund our remaining obligation in connection with the BlackRock LTIP programs. |
Accounting Policies - 10-K (Pol
Accounting Policies - 10-K (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Business and Basis of Financial Statement Presentation | Notes To Consolidated Financial Statements The PNC Financial Services Group, Inc. B usiness The PNC Financial Services Group, Inc. (PNC) is one of the largest diversified financial services companies in the United States and is headquartered in Pittsburgh, Pennsylvania. We have businesses engaged in retail banking, 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, Florida, North Carolina, Kentucky, Washington, D.C., Delaware, Virginia, Alabama, Georgia, Missouri, Wisconsin and South Carolina. We also p rovide certain products and services internationally. N ote 1 A ccounting P olicies Basis o f 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 int ercompany 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, we e valuate 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 adjustments to correct immaterial errors related to previously reported periods. We have also considered the impact of subsequent events on these consolidated financial statements. |
Use of Estimates | Use of Estimates We prepared these consolidated financial statements using financial information available at the time of preparation , which requires us to make estimates and assumptions that affect the amounts reported. Our most significant estimates pertain to our fair value measurements, 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. |
Investment in BlackRock, Inc. | Investment in BlackRock , Inc. We account for our investment in the common stock and Series B P referred Stock of BlackRock (deemed to be in-substance common stock) under the equity method of accounting. The investment in BlackRock is reflected on our Consolidated Balance Sheet in Equity investments, while our equity in earnings of BlackRock is repor ted on our Consolidated Income Statement in Asset management revenue. We also hold shares of Series C Preferred Stock of BlackRock pursuant to our obligation to partially fund a portion of certain BlackRock long-term incentive plan (LTIP) programs. Since these preferred shares are not deemed to be in-substance common stock, we have elected to account for these preferred shares at fair value and the changes in fair value will offset the impact of marking-to-market the obligation to deliver these shares to BlackRock . Our investment in the BlackRock Series C Preferred Stock is included on our Consolidated Balance Sheet in Other assets. Our obligation to transfer these shares to BlackRock is classified as a derivative not designated as a hedging instrument und er GAAP as disclosed in Note 14 Financial Deri vatives. |
Special Purpose Entities | Special Purpose Entities Special purpose entities (SPEs) are defined as legal entities structured for a particular pu rpose. We use special purpose entities in various legal forms to conduct normal business activities. We review the structure and activities of special purpose entities for possible consolidation under the applicable GAAP guidance. A variable interest ent ity (VIE) is a corporation, partnership, limited liability company, or any other legal structure used to conduct activities or hold assets that either: • Does not have equity investors with voting rights that can directly or indirectly make decisions abou t the entity’s activities through those voting rights or similar rights, or • Has equity investors that do not provide sufficient equity for the entity to finance its activities without additional subordinated financial support. A VIE often holds financ ial assets, including loans or receivables, real estate or other property. VIEs are assessed for consolidation under ASC 810 - Consolidation when we hold a variable interest in these entities. We consolidate a VIE if we are its primary beneficiary. The p rimary beneficiary of a VIE is determined to be the party that meets both of the following criteria: ( i ) has the power to make decisions that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Upon consolidation of a VIE, we recognize all of the VIE’s assets, liabilities and noncontrolling interests on our Consolidated Balance Sheet. On a quarterly basis, we determine whether any changes occurred requiring a reassessment of whether PNC is the primary beneficiary of an entity. In applying this guidance, we consolidate a credit card securitization trust and certain tax credit investments. See Note 2 Loan Sale and Servicing Activities and Variable Interest Entities for information about VIEs that we consolidate as well as those that we do not consolidate but in which we hold a significant variable interest. |
Revenue Recognition | Revenue Recognition We earn interest an d noninterest income from various sources, including: • Lending, • Securities portfolio, • Asset management, • Customer deposits, • Loan sales and servicing, • Brokerage services, • Sale of loans and securities, • Certain private equity activities, and • Securities, derivatives and foreign exchange activities. We earn fees and commissions from: • Issuing loan commitments, standby letters of credit and financial guarantees, • Selling various insurance products, • Providing treasury management services, • Providing merger and acquisition advisory and related services, and • Participating in certain capital markets transactions. Revenue earned on interest-earning assets, including unearned income and the amort ization/accretion of premiums or discounts recognized on acquired loans and debt securities, is recognized based on the constant effective yield of the financial instrument or based on other applicable accounting guidance. The Consolidated Income Statem ent caption Asset management includes asset management fees, which are generally based on a percentage of the fair value of the assets under management. Additionally, Asset management noninterest income includes our share of the earnings of BlackRock recog nized under the equity method of accounting. Service charges on deposit accounts are recognized when earned. Brokerage fees and gains and losses on the sale of securities and certain derivatives are recognized on a trade-date basis. We record priv ate equity income or loss based on changes in the valuation of the underlying investments or when we dispose of our interest. We recognize gain/(loss) on changes in the fair value of certain financial instruments where we have elected the fair value opti on. These financial instruments include certain commercial and residential mortgage loans originated for sale, certain residential mortgage portfolio loans, resale agreements and our investment in BlackRock Series C preferred stock. We also recognize gain/ (loss) on changes in the fair value of residential and commercial mortgage servicing rights ( MSRs ) . We recognize revenue from servicing residential mortgages, commercial mortgages and other consumer loans as earned based on the specific contractual terms . These revenues are reported on the Consolidated Income Statement in the line items Residential mortgage, Corporate services and Consumer services. We recognize revenue from securities, derivatives and foreign exchange customer-related trading, as well as securities underwriting activities, as these transactions occur or as services are provided. We generally recognize gains from the sale of loans upon receipt of cash. Mortgage revenue recognized is reported net of mortgage repurchase reserves. When appropriate, revenue is reported net of associated expenses in accordance with GAAP. |
Cash and Cash Equivalents | Cash And Cash Equivalents Cash and due from banks are considered “cash and cash equivalents” for financial reporting purposes. |
Investments | Investments We hold interests in va rious types of investments. The accounting for these investments is dependent on a number of factors including, but not limited to, items such as: • Ownership interest, • Our plans for the investment, and • The nature of the investment. Debt Securitie s Debt securities are recorded on a trade-date basis. We classify debt securities as held to maturity and carry them at amortized cost if we have the positive intent and ability to hold the securities to maturity. Debt securities that we purchase for cer tain risk management act ivities or customer-related trading activities are carried at fair value and classified as Trading securities on our Consolidated Balance Sheet. Realized and unrealized gains and losses on trading securities are included in Other no ninterest income. Debt securities not classified as held to maturity or trading are designated as securities available for sale and carried at fair value with unrealized gains and losses, net of income taxes, reflected in Accumulated other comprehensive income (loss). On at least a quarterly basis, we review all debt securities that are in an unrealized loss position for other than temporary impairment (OTTI). An investment security is deemed impaired if the fair value of the investment is less than its amortized cost. Amortized cost includes adjustments (if any) made to the cost basis of an investment for accretion, amortization, previous other-than-temporary impairments and hedging gains and losses. After an investment security is determi ned to be impaired, we evaluate whether the decline in value is other-than-temporary. As part of this evaluation, we take into consideration whether we intend to sell the security or whether it is more likely than not that we will be required to sell the s ecurity before expected recovery of its amortized cost. We also consider whether or not we expect to receive all of the contractual cash flows from the investment based on factors that include, but are not limited to: the creditworthiness of the issuer and , in the case of securities collateralized by consumer and commercial loan assets, the historical and projected performance of the underlying collateral. In addition, we may also evaluate the business and financial outlook of the issuer, as well as broader industry and sector performance indicators. Declines in the fair value of available for sale debt securities that are deemed other-than-temporary and are attributable to credit deterioration are recognized in Other noninterest income on our Consolidated I ncome Statement in the period in which the determination is made. Declines in fair value which are deemed other-than-temporary and attributable to factors other than credit deterioration are recognized in Accumulated other comprehensive income (loss) on ou r Consolidated Balance Sheet. We include all interest on debt securities, including amortization of premiums and accretion of discounts on investment securities, in net interest income using the constant effective yield method. Effective yields reflect either the effective interest rate implicit in the security at the date of acquisition or the effective interest rate determined based on improved cash flows subsequent to impairment. We compute gains and losses realized on the sale of available for sale d ebt securities on a specific security basis. These securities gains/(losses) are included in the caption Net gains on sales of securities on the Consolidated Income Statement. In certain situations, management may elect to transfer certain debt securitie s from the securities available for sale to the held to maturity classification. In such cases, the securities are reclassified at fair value at the time of transfer. Any unrealized gain or loss included in Accumulated other comprehensive income (loss) at the time of transfer is retained therein and amortized over the remaining life of the security as a yield adjustment, such that only the remaining initial discount/premium from the purchase date is recognized in income. Equity Securities and Partnership I nterests We account for equity securities and equity investments other than BlackRock and private equity investments under one of the following methods: • Marketable equity securities are recorded on a trade-date basis and are accounted for based on the securities’ quoted market prices from a national securities exchange. Those purchased with the intention of selling in the near term a re classified as trading and included in Trading securities on our Consolidated Balance Sheet. Both realized and unrealiz ed gains and losses on trading securities are included in Noninterest income. Marketable equity securities not classified as trading are designated as securities available for sale with unrealized gains and losses, net of income taxes, reflected in Accumul ated other comprehensive income (loss). Any unrealized losses that we have determined to be other-than-temporary on securities classified as available for sale are recognized in current period earnings. • For investments in limited partnerships, limited l iability companies and other investments that are not required to be consolidated, we use either the equity method or the cost method of accounting. We use the equity method for general and limited partner ownership interests and limited liability companie s in which we are considered to have significant influence over the operations of the investee . Under the equity method, we record our equity ownership share of net income or loss of the investee in Noninterest income. We use the cost method for all other investments. Under the cost method, there is no change to the cost basis unless there is an other -than-temporary decline in value or dividends received are considered a return on investment. If the decline is determined to be other-than-temporary, we write down the cost basis of the investment to a new cost basis that represents realizable value. The amount of the write-down is accounted for as a loss included in Noninterest income. Distributions received from the income of an investee on cost method inves tments are included in Noninterest income. Investments described above are included in the caption Equity investments on the Consolidated Balance Sheet. Private Equity Investments We report private equity investments, which include direct investments i n companies, affiliated partnership interests and indirect investments in private equity funds, at estimated fair value. These estimates are based on available information and may not necessarily represent amounts that we will ultimately realize through di stribution, sale or liquidation of the investments. Fair values of publicly traded direct investments are determined using quoted market prices and are subject to various discount factors for lack of marketability, when appropriate. The valuation procedure s applied to direct investments in private companies include techniques such as multiples of adjusted earnings of the entity, independent appraisals, anticipated financing and sale transactions with third parties, or the pricing used to value the entity in a recent financing transaction. We value affiliated partnership interests based on the underlying investments of the partnership using procedures consistent with those applied to direct investments. We value indirect investments in private equity funds ba sed on net asset value as provided in the financial statements that we receive from their managers. Due to the time lag in our receipt of the financial information and based on a review of investments and valuation techniques applied, adjustments to the ma nager-provided values are made when available recent portfolio company information or market information indicates significant changes in value from that provided by the manager of the fund. We include all private equity investments on the Consolidated Bal ance Sheet in the caption Equity investments. Changes in the fair value of private equity investments are recognized in Noninterest income. We consolidate affiliated partnerships when we are the general partner and have determined that we have control of the partnership or are the primary beneficiary if the entity is a VIE. The portion we do not own is reflected in the caption Noncontrolling interests on the Consolidated Balance Sheet. |
Loans | Loans Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff. Management’s intent and view of the foreseeable future may change based on changes in business strategies, the economic environment, market condition s and the availability of government programs. Measurement of delinquency status is based on the contractual terms of each loan. Loans that are 30 days or more past due in terms of payment are considered delinquent. Except as described below, loans hel d for investment are stated at the principal amounts outstanding, net of unearned income, unamortized deferred fees and costs on originated loans, and premiums or discounts on purchased loans. Interest on performing loans (excluding interest on purchased i mpaired loans, which is further discussed below) is accrued based on the principal amount outstanding and recorded in Interest income as earned using the constant effective yield method. Loan origination fees, direct loan origination costs, and loan premiu ms and discounts are deferred and accreted or amortized into Net interest income, over periods not exceeding the contractual life of the loan. When loans are redesignated from held for investment to held for sale, specific reserves and allocated poole d reserves included in the Allowance for loan and lease losses (ALLL) are charged-off to reduce the basis of the loans to the lower of cost or estimated fair value less cost to sell. In addition to originating loans, we also acquire loans through portfol io purchases or acquisitions of other financial services companies. For certain acquired loans that have experienced a deterioration of credit quality, we follow the guidance contained in ASC 310-30 - Loans and Debt Securities Acquired with Deteriorated Cr edit Quality. Under this guidance, acquired purchased impaired loans are to be recorded at fair value without the carryover of any existing valuation allowances. Evidence of credit quality deterioration may include information and statistics regarding bank ruptcy events, updated borrower credit scores, such as Fair Isaac Corporation scores (FICO), past due status, and updated loan-to-value (LTV) ratios. We review the loans acquired for evidence of credit quality deterioration and determine if it is probable that we will be unable to collect all contractual amounts due, including both principal and interest. When both conditions exist, we estimate the amount and timing of undiscounted expected cash flows at acquisition for each loan either individually or on a pool basis. We estimate the cash flows expected to be collected using internal models that incorporate management’s best estimate of current key assumptions, such as default rates, loss severity and payment speeds. Collateral values are also incorporated into cash flow estimates. Late fees, which are contractual but not expected to be collected, are excluded from expected future cash flows. The excess of cash flows expected to be collected on a purchased impaired loan (or pool of loans) over its carrying value represents the accretable yield which is recognized into interest income over the remaining life of the loan (or pool of loans) using the constant effective yield method. The accretable yield is calculated based upon the difference between the undis counted expected future cash flows of the loans and the recorded investment in the loans. Subsequent decreases in expected cash flows that are attributable, at least in part, to credit quality are recognized as impairments through a charge to the provision for credit losses resulting in an increase in the ALLL. Subsequent increases in expected cash flows are recognized as a provision recapture of previously recorded ALLL or prospectively through an adjustment of the loan’s or pool’s yield over its remaining life. Prior to December 31, 2015, upon final disposition of a loan within a pool and for loans that had nominal collateral value/expected cash flows, the loan’s carrying value was removed from the pool and any gain or loss associated with the transactio n was retained in the pool’s recorded investment. Effective December 31, 2015 , in anticipation of the end of the life of our purchased impaired pooled consumer and residential real estate loans, and pursuant to supervisory direction, we changed our derecog nition policy for these loans such that we will write-off the loan’s recorded investment and derecognize the associated ALLL upon final disposition. Gains and losses on such loans will be recognized as either an adjustment to the pool’s associated ALLL, or yield, as appropriate. The transition to this new policy on December 31, 2015 resulted in a $468 million derecognition of recorded investment and associated ALLL on such loans. 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. |
Leases | Leases We provide financing for various types of equipment, including aircraft, energy and power systems, and vehicles through a variety of lease arrangements. Direct financing leases are carried at the aggregate of lease payments plus estimated residual value of the leased property, less unearned income. Leveraged leases, a form of financing lease, are carried ne t of nonrecourse debt. We recognize income over the term of the lease using the constant effective yield method. Lease residual values are reviewed for impairment at least annually. Gains or losses on the sale of leased assets are included in Other noninte rest income while valuation adjustments on lease residuals are included in Other noninterest expense. |
Loan Sales, Loan Securitizations And Retained Interests | Loan Sales, Loan Securitizations And Retained Interests We recognize the sale of loans or other financial assets when the transferred assets are legally isolated from our creditors and the appropriate accounting criteria are met. We have sold mortgage, credit card and other loans through securitization transactions. In a securitization, financial assets are transferred into trusts or to SPEs in tra nsactions to effectively legally isolate the assets from PNC. ASC 860 - Transfers and Servicing requires a true sale legal analysis to address several relevant factors, such as the nature and level of recourse to the transferor, and the amount and nature of retained interests in the loans sold to support whether the transferred loans would be legally isolated from the transferor’s assets in the case of bankruptcy. Once the legal isolation test has been met, other factors concerning the nature and extent o f the transferor’s control and the rights of the transferee over the transferred assets are taken into account in order to determine whether derecognition of assets is warranted. In a securitization, the trust or SPE issues beneficial interests in the fo rm of senior and subordinated securities backed or collateralized by the assets sold to the trust. The senior classes of the asset-backed securities typically receive investment grade credit ratings at the time of issuance. These ratings are generally achi eved through the creation of lower-rated subordinated classes of asset-backed securities, as well as subordinated or residual interests. In certain cases, we may retain a portion or all of the securities issued, interest-only strips, one or more subordinat ed tranches, servicing rights and, in some cases, cash reserve accounts. Securitized loans are removed from the balance sheet and a net gain or loss is recognized in Noninterest income at the time of initial sale. Gains or losses recognized on the sale of the loans depend on the fair value of the loans sold and the retained interests at the date of sale. We generally estimate the fair value of the retained interests based on the present value of future expected cash flows using assumptions as to discount ra tes, interest rates, prepayment speeds, credit losses and servicing costs, if applicable. With the exception of loan sales to certain U.S. government-chartered entities, our loan sales and securitizations are generally structured without recourse to us e xcept for representations and warranties and with no restrictions on the retained interests. We originate, sell and service commercial mortgage loans under the Federal National Mortgage Association (FNMA) Delegated Underwriting and Servicing (DUS) program. Under the provisions of the DUS program, we participate in a loss-sharing arrangement with FNMA. We participated in a similar program with the Federal Home Loan Mortgage Corporation (FHLMC). When we are obligated for loss-sharing or recourse, our policy i s to record such liabilities initially at fair value and subsequently reserve for estimated losses in accordance with guidance contained in applicable GAAP. Refer to Note 21 Commitments and Guarantees for more information about our obligations relat ed to sales of loans under these programs. |
Loans Held For Sale | Loans Held For Sale We designate loans as held for sale when we have the intent to sell them. We transfer loans to the Loans held for sale category at the lower of cost or estimated fair value less cost to sell. At the time of transfer, write-downs on the loans are recorded as charge-offs. We establish a new cost basis upon transfer. Any subsequent lower-of-cost-or-market adjustment is determined on an individual loan basis and is recogni zed as a valuation allowance with any charges included in Other noninterest income. Sale proceeds that are in excess of the new cost basis upon transfer and are received within 90 days of classifying the loan as held for sale are recorded as a recovery to the ALLL up to the amount previously charged off. Any remaining proceeds that exist after recovery are recorded as a gain on sale included in Other noninterest income. Sale proceeds that are less than the new cost basis upon transfer and are received withi n 90 days of classifying the loan as held for sale are recorded as a charge off to the ALLL. Any proceeds received after 90 days of classifying the loan as held for sale are recorded as a gain or loss on sale and included in Other noninterest income. We have elected to account for certain commercial and residential mortgage loans held for sale at fair value. The changes in the fair value of the commercial mortgage loans are measured and recorded in Other noninterest income while the residential mortgage loans are measured and recorded in Residential mortgage noninterest income each period. See Note 7 Fair Value for additional information. Interest income with respect to loans held for sale is accrued based on the principal amount outstanding and the loan’s contractual interest rate. In certain circumstances, loans designated as held for sale may be transferred to held for investment based on a change in strategy. We transfer these loans at the lower of cost or estimated fair value; however, any loans originated or purchased for held for sale and designated at fair value remain at fair value for the life of the loan. |
Nonperforming Assets | 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 and full collection of principal and interest is not probable. ● Loans accounted for at the lower of cost or market less costs to sell (Held for Sale) and full collection of principal and interest is not probable. Loans Excluded from Nonperforming Classification and Nonaccrual Accounting ● 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 and full collection of principal and interest is not probable. ● Loans accounted for at the lower of cost or market less costs to sell (Held for Sale) and full collection of principal and interest is not probable. Loans Excluded from Nonperforming Classification and Nonaccrual Accounting ● 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 Assets 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 effecti ve yield method. For nonaccrual loans, interest income accrual and deferred fee/cost recognition is discontinued. Additionally, the current year accrued and uncollected interest is reversed through Net interest income and prior year accrued and uncollected interest is charged-off. Nonaccrual loans may also be charged-off to reduce the basis to the fair value of collateral less costs to sell. If payment is received on a nonaccrual loan, generally the payment is first applied to the recorded investment; paym ents are then applied to recover any charged-off amounts related to the loan. Finally, if both recorded investment and any charge-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 and nonaccrual loans. However, after a reasonable period of time in which the loan performs under restructured terms and meets othe r performance indicators, it is returned to performing/accruing status. This return to performing/accruing status demonstrates that the bank expects to collect all of the loan’s remaining contractual principal and interest. TDRs resulting from 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 restruct ured 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 As set Quality and Note 5 Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters of Credit in this Report for additional TDR information. Foreclosed assets are comprised of any asset seized or property acquired through a for eclosure proceeding or acceptance of a deed-in-lieu of foreclosure. Other real estate owned is comprised principally of commercial and residential real estate properties obtained in partial or total satisfaction of loan obligations. After obtai ning a foreclosure judgment, or in some jurisdictions the initiation of proceedings under a power of sale in the loan instruments, the property will be sold. When we are awarded title or completion of deed in lieu of foreclosure, we transfer the loan to fo reclosed assets included in Other assets on our Consolidated Balance Sheet. Property obtained in satisfaction of a loan is initially recorded at estimated fair value less cost to sell. Based upon the estimated fair value less cost to sell, the recorded inv estment of the loan is adjusted and, typically, a charge-off/recovery is recognized to the Allowance for Loan and Lease Losses (ALLL). We estimate fair values primarily based on appraisals, or sales agreements with third parties. Subsequently, foreclosed a ssets are valued at the lower of the amount recorded at acquisition date or estimated fair value less cost to sell. Valuation adjustments on these assets and gains or losses realized from disposition of such property are reflected in Other noninterest expe nse. For certain mortgage loans that have a government guarantee, we establish a separate other receivable upon foreclosure. The receivable is measured based on the loan balance (inclusive of principal and interest) that is expected to be recovered from the guarantor. |
Allowance for Loan and Lease Losses | Allowance f or Loan and 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 based 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 inh erently 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, exce pt purchased impaired 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 dependent 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 assumptions 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. Sp ecific 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 impairment. Consumer nonperforming loans are collectively reserved for unless classified as consumer TDRs. For consumer TDRs, specific reserves are determined through a n 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 bankruptc y 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 ass ign PDs and LGDs. Each of these statistical parameters is determined based on internal historical 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 rol l-rate model based on statistical relationships, calculated from historical data that estimate the movement of loan outstandings through the various stages of delinquency and ultimately charge-off over our loss emergence period. Qualitative Component Whil e our reserve methodologies strive to reflect all relevant risk factors, there continues to 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 conditions, 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 date fair value discount that has yet to be accreted into interest income. After making the comparison, an A LLL is recorded for the amount greater than the discount, or no ALLL is recorded if the discount is greater. Allowance for Purchased Impaired Loans ALLL 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 unemployment rates, home prices and other economic factors, to determine estimated cash flows. Our credit risk man agement 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 require ments, advance rates based upon collateral types, appropriate levels of exposure, cross-border risk, lending to specialized industries or borrower type, guarantor requirements, and regulatory compliance. |
Allowance for Unfunded Loan Commitments and Letters of Credit | 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 appropriate to absorb estimated probable credit losses incurred on these unfunded credit facilities as of the balance sheet date. We determin e 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 commercial 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 commitmen ts 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 fo r Loan and Lease Losses and Unfunded Loan Commitments and Letters of Credit for additional loan data and application of the policies disclosed herein. |
Mortgage and Other Servicing Rights | Mortgage And Other Servicing Rights We provide servicing under various loan servicing contracts for commercial, residential and other consumer loans. These contracts are either purchased in the open market or retained as part of a loan securitization or loan sale. All newly acquired or originated servicing rights are initially measured at fair value. Fair value is based on the present value of the expected future net cash flows, including assumptions as to: • Deposit balances and interest rates for escr ow and commercial reserve earnings, • Discount rates, • Estimated prepayment speeds, and • Estimated servicing costs. As of January 1, 2014, PNC made an irrevocable election to subsequently measure all classes of commercial MSRs at fair value in order to eliminate any potential measurement mismatch between our economic hedges and the commercial MSRs. The impact was not material. As a result of that election, changes in the fair value of commercial MSRs are recognized as gains/(losses). Prior to Janua ry 1, 2014, we elected to utilize the amortization method for subsequent measurement of our commercial mortgage loan servicing rights. This election was made based on the unique characteristics of the commercial mortgage loans underlying these servicing ri ghts. Specific risk characteristics of commercial mortgages include loan type, currency or exchange rate, interest rates, expected cash flows and changes in the cost of servicing. We amortized these servicing assets over their estimated lives based on esti mated net servicing income. On a quarterly basis, we tested the assets for impairment by categorizing the pools of assets underlying the servicing rights into various strata. If the estimated fair value of the assets was less than the carrying value, an im pairment loss was recognized and a valuation reserve was established. For servicing rights related to residential real estate loans, we apply the fair value method. This election was made to be consistent with our risk management strategy to hedge change s in the fair value of these assets. We manage this risk by hedging the fair value of this asset with derivatives and securities which are expected to increase in value when the value of the servicing right declines. The fair value of these servicing right s is estimated by using a cash flow valuation model which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected mortgage loan prepayment rates, discount rates, servicing costs, and other ec onomic factors which are determined based on current market conditions. |
Fair Value of Financial Instruments | Fair Value Of Financial Instruments The fair value of financial instruments and the methods and assumptions used in estimating fair value amounts and financial assets and liabilit ies for which fair value was elected are detailed in Note 7 Fair Value. |
Goodwill and Intangible Assets | Goodwill And Other Intangible Assets We assess goodwill for impairment at least annually, in the fourth quarter, or when events or changes in circumstances indicate the assets migh t be impaired. Finite-lived intangible assets are amortized to expense using accelerated or straight-line methods over their respective estimated useful lives. We review finite-lived intangible assets for impairment when events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable from undiscounted future cash flows or that it may exceed its fair value. |
Depreciation And Amortization | Depreciation And Amortization For financial reporting purposes, we depreciate premises and equipment, net of salvage value, principally using the straight-line method over their estimated useful lives. We use estimated useful lives for furniture and equipment ranging from one to 10 years, and depr eciate buildings over an estimated useful life of up to 40 years. We amortize leasehold improvements over their estimated useful lives of up to 15 years or the respective lease terms, whichever is shorter. We purchase, as well as internally develop and c ustomize, certain software to enhance or perform internal business functions. Software development costs incurred in the planning and post-development project stages are charged to Noninterest expense. Costs associated with designing software configuration and interfaces, installation, coding programs and testing systems are capitalized and amortized using the straight-line method over periods ranging from one to 10 years. |
Repurchase and Resale Agreements | Repurchase And Resale Agreements Repurchase and resale agreements are treated as collateralized financing transactions and are carried at the amounts at which the securities will be subsequently reacquired or resold, including accrued interest, as specified in the respective agreements. Our policy is to take possession of securities pu rchased 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. We have elected to account for structured resale agreements at fair value. |
Other Comprehensive Income | Other Comprehensive Income Other comprehensive income consists, on an after-tax basis, primarily of unrealized gains or losses, excluding OTTI attributable to credit deterioration, on investment securities classified as available for sale, unrealized gains or losses on derivatives designated as cash flow hedges, and changes in pension and other postretirement benefit plan liability adjustments. Details of each component are included in Note 17 Other Comprehensive Income. |
Treasury Stock | Treasury Stock We record common stock purchased for treasury at cost. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the first-in, first-out basis. |
Derivatives Instruments and Hedging Activities | Derivative Instruments And Hedging Acti vities We use a variety of financial derivatives as part of our overall asset and liability risk management process to help manage exposure to interest rate, market and credit risk inherent in our business activities. Interest rate and total return swaps, swaptions , interest rate caps and floors, options, forwards, and futures contracts are the primary instruments we use for interest rate risk management. Financial derivatives involve, to varying degrees, interest rate, market and credit risk. We manage these risks as part of our asset and liability management process and through credit policies and procedures. We recognize all derivative instruments at fair value as either Other assets or Other liabilities on the Consolidated Balance Sheet and the rela ted cash flows in the Operating Activities section of the Consolidated Statement Of Cash Flows. Adjustments for counterparty credit risk are included in the determination of fair value. The accounting for changes in the fair value of a derivative instrumen t depends on whether it has been designated and qualifies as part of a cash flow or net investment hedging relationship. For all other derivatives, changes in fair value are recognized in earnings. We utilize a net presentation for derivative instruments on the Consolidated Balance Sheet taking into consideration the effects of legally enforceable master netting agreements. Cash collateral exchanged with counterparties is also netted against the applicable derivative exposures by offsetting obligations to return, or general rights to reclaim, cash collateral against the fair values of the net derivatives being collateralized. For those derivative instruments that are designated and qualify as accounting hedges, we designate the hedging instrument, based on the exposure being hedged, as a fair value hedge, a cash flow hedge or a hedge of the net investment in a foreign operation. We formally document the relationship between the hedging instruments and hedged items, as well as the risk management objecti ve and strategy, before undertaking an accounting hedge. To qualify for hedge accounting, the derivatives and related hedged items must be designated as a hedge at inception of the hedge relationship. For accounting hedge relationships, we formally assess, both at the inception of the hedge and on an ongoing basis, if the derivatives are highly effective in offsetting designated changes in the fair value or cash flows of the hedged item. If it is determined that the derivative instrument is not highly effec tive, hedge accounting is discontinued. For derivatives that are designated as fair value hedges ( i.e ., hedging the exposure to changes in the fair value of an asset or a liability attributable to a particular risk, such as changes in LIBOR), changes in the fair value of the hedging instrument are recognized in earnings and offset by also recognizing in earnings the changes in the fair value of the hedged item attributable to the hedged risk. To the extent the change in fair value of the derivative does n ot offset the change in fair value of the hedged item, the difference or ineffectiveness is reflected in the Consolidated Income Statement in the same financial statement category as the hedged item. For derivatives designated as cash flow hedges ( i.e ., hedging the exposure to variability in expected future cash flows), the effective portions of the gain or loss on derivatives are reported as a component of Accumulated other comprehensive income (loss) and subsequently reclassified to income in the same p eriod or periods during which the hedged transaction affects earnings. The change in fair value attributable to the ineffective portion of the hedging instrument is recognized immediately in Noninterest income. For derivatives designated as a hedge of ne t investment in a foreign operation, the effective portions of the gain or loss on the derivatives are reported as a component of Accumulated other comprehensive income (loss). The change in fair value attributable to the ineffective portion of the hedging instrument is recognized immediately in Noninterest income. We discontinue hedge accounting when it is determined that the derivative no longer qualifies as an effective hedge; the derivative expires or is sold, terminated or exercised; or the derivativ e is de-designated as a fair value or cash flow hedge or, for a cash flow hedge, it is no longer probable that the forecasted transaction will occur by the end of the originally specified time period. If we determine that the derivative no longer qualifies as a fair value or cash flow hedge and hedge accounting is discontinued, the derivative will continue to be recorded on the balance sheet at its fair value with changes in fair value included in current earnings. For a discontinued fair value hedge, the p reviously hedged item is no longer adjusted for changes in fair value. When hedge accounting is discontinued because it is no longer probable that a forecasted transaction will occur, the derivative will continue to be recorded on the balance sheet at it s fair value with changes in fair value included in current earnings, and the gains and losses in Accumulated other comprehensive income (loss) will be recognized immediately into earnings. When we discontinue hedge accounting because the hedging instrumen t is sold, terminated or no longer designated, the amount reported in Accumulated other comprehensive income (loss) up to the date of sale, termination or de-designation continues to be reported in Other comprehensive income or loss until the forecasted tr ansaction affects earnings. We did not terminate any cash flow hedges in 2015, 2014 or 2013 due to a determination that a forecasted transaction was no longer pr obable of occurring. We purchase or originate financial instruments that contain an embedded d erivative. At the inception of the transaction, we assess if the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the host contract, whether the hybrid financial instrument is measured a t fair value with changes in fair value reported in earnings, and whether a separate instrument with the same terms as the embedded derivative would be a derivative. If the embedded derivative does not meet all of these conditions, the embedded derivative is recorded separately from the host contract with changes in fair value recorded in earnings, unless we elect to account for the hybrid instrument at fair value. We have elected on an instrument-by-instrument basis, fair value measurement for certain fi nancial instruments with embedded derivatives. We enter into commitments to originate residential and commercial mortgage loans for sale. We also enter into commitments to purchase or sell commercial and residential real estate loans. These commitments are accounted for as free-standing derivatives which are recorded at fair value in Other assets or Other liabilities on the Consolidated Balance Sheet. Any gain or loss from the change in fair value after the inception of the commitment is recognized in No ninterest income. |
Income Taxes | Income Taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are mea sured using the enacted tax rates and laws that we expect will apply at the time when we believe the differences will reverse. The recognition of deferred tax assets requires an assessment to determine the realization of such assets. Realization refers to the incremental benefit achieved through the reduction in future taxes payable or refunds receivable from the deferred tax assets, assuming that the underlying deductible differences and carryforwards are the last items to enter into the determination of f uture taxable income. We establish a valuation allowance for tax assets when it is more likely than not that they will not be realized, based upon all available positive and negative evidence. We use the deferral method of accounting on investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction to the related asset. |
Earnings per Common Share | Earnings Per Common Share Basic earnings per common share is calculated using the two-class method to determine income attributable to common shareholders. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities under the two-class method. Distributed dividends and dividend equivalents related to participating securities and an allocation of undistributed net income reduce the amount of income attributable to common shareholders. 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 14 Earnings Per Share for additional information. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In May 2015, the Financial Accounting Standards Board ( FASB) issued ASU 2015-07, Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent). The ASU was issued to reduce diversity in practice related to how certain investments measured at net asset value with future redemption dates are categorized in the fair value hierarchy. The ASU eliminates the requirement ( i ) to categorize within the fair value hierarchy inves tments whose fair value is measured using the NAV per share practical expedient, and (ii) to make certain disclosures for those investments for which an entity has elected to measure the fair value using the practical expedient. We elected to early adopt t he ASU as of December 31, 2015 which reduced the disclosure of level 3 assets by $347 million and $469 million as of December 31, 2015 and December 31, 2014, respectively. Adoption of this ASU did not have a material impact on our results of operations or financial position. 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 t ransfers executed contemporaneously with a repurchase agreement with the same counterparty ( i.e. , a repurchase financing) by requiring secured borrowing accounting. We adopted this accounting as of January 1, 2015. Pursuant to this guidance, the disclosure requirements were adopted in the second quarter of 2015. Adoption of this ASU did not have a material effect on our results of operations or financial position. In August 2014, the FASB issued Accounting Standards Update (ASU) 2014-14, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force) . This ASU requires that a mo rtgage loan be derecognized and that a separate other receivable be recognized upon foreclosure when ( i ) the loan has a government guarantee that is not separable from the loan before foreclosure; (ii ) the creditor has the intent to convey the real estate to the guarantor and make a claim on the guarantee and the creditor has the ability to recover under that claim at the time of foreclosure; and (iii ) any amount of the claim that is determined upon the basis of the real estate is fixed at the time of foreclosure . The receivable should be measured based on the loan balance (inclusive of principal and interest) that is expected to be recovered from the guarantor. This ASU is effective for annual periods, and interim periods within those annual periods, beginning af ter December 15, 2014. The ASU may be adopted using either a prospective or modified retrospective transition method consistent with the method elected to adopt ASU 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassi fication of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. We adopted this guidance as of January 1, 2015. Adoption of this ASU did not have a material effect on our results of operations or financial position. In Janu ary 2014, the FASB issued ASU 2014-04 , Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure . This ASU clarifies that an in substance repossession or foreclosure is considered to have occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon a) the creditor obtaining legal title to the re sidential real estate property upon completion of a foreclosure or b) the borrower conveying all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar l egal agreement. We adopted this guidance as of January 1, 2015. Adoption of this ASU did not have a material effect on our results of operations or financial position. |
Loan Sale and Servicing Activ33
Loan Sale and Servicing Activities and Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] | |
Cash Flows Associated with Loan Sale and Servicing Activities | Table 50: Cash Flows Associated with Loan Sale and Servicing Activities Residential Commercial Home Equity In millions Mortgages Mortgages (a) Loans/Lines (b) CASH FLOWS - Year ended December 31, 2015 Sales of loans (c) $ 8,121 $ 4,398 Repurchases of previously transferred loans (d) 580 $ 135 Servicing fees (e) 339 120 15 Servicing advances recovered/(funded), net 90 48 3 Cash flows on mortgage-backed securities held (f) 1,458 184 CASH FLOWS - Year ended December 31, 2014 Sales of loans (c) $ 8,344 $ 3,469 Repurchases of previously transferred loans (d) 744 $ 14 Servicing fees (e) 346 132 19 Servicing advances recovered/(funded), net 70 113 (20) Cash flows on mortgage-backed securities held (f) 934 308 (a) Represents 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) Gains/losses recognized on sales of loans were insignificant for the periods presented. (d) Includes residential mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our ROAP option, and loans repurchased due to alleged breaches of origination covenants or representations and warranties made to purchasers. Includes home equity lines of credit repurchased at the end of their draw periods due to contractual requirements. (e) Includes contractually specified servicing fees, late charges and ancillary fees. (f) Represents cash flows on securities we hold issued by a securitization SPE in which PNC transferred to and/or services loans. The carrying value of such securities held were $6.6 billion in residential mortgage-backed securities and $1.3 billion in commercial mortgage-backed securities at December 31, 2015 and $3.4 billion in residential mortgage-backed securities and $1.3 billion in commercial mortgage-backed securities at December 31, 2014. |
Principal Balance, Delinquent Loans (Loans 90 Days or More Past Due), and Net Charge-Offs Related to Serviced Loans | Table 51: Principal Balance, Delinquent Loans, and Net Charge-offs Related to Serviced Loans For Others Residential Commercial Home Equity In millions Mortgages Mortgages (a) Loans/Lines (b) December 31, 2015 Total principal balance $ 72,898 $ 53,789 $ 2,806 Delinquent loans (c) 1,923 1,057 904 December 31, 2014 Total principal balance $ 79,108 $ 60,873 $ 3,833 Delinquent loans (c) 2,657 707 1,303 Year ended December 31, 2015 Net charge-offs (d) $ 117 $ 595 $ 28 Year ended December 31, 2014 Net charge-offs (d) $ 136 $ 1,288 $ 61 (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 commercial mortgage backed securitizations. Realized losses for Agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information. |
Consolidated VIEs - Carrying Value | Table 52: Consolidated VIEs – Carrying Value (a) (b) Credit Card and Other Tax Credit In millions Securitization Trusts Investments Total December 31, 2015 Assets Cash and due from banks $ 11 $ 11 Interest-earning deposits with banks 4 4 Loans $ 1,335 6 1,341 Allowance for loan and lease losses (48) (48) Equity investments 183 183 Other assets 22 380 402 Total assets $ 1,309 $ 584 $ 1,893 Liabilities Other borrowed funds $ 148 $ 148 Accrued expenses 44 44 Other liabilities 202 202 Total liabilities $ 394 $ 394 December 31, 2014 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 PNC Risk of Loss (a) Carrying Value of Assets Owned by PNC Carrying Value of Liabilities Owned by PNC In millions December 31, 2015 Commercial Mortgage-Backed Securitizations (b) $ 1,498 $ 1,498 (c) $ 1 (e) Residential Mortgage-Backed Securitizations (b) 6,680 6,680 (c) 1 (e) Tax Credit Investments and Other 2,551 2,622 (d) 836 (f) Total $ 10,729 $ 10,800 $ 838 December 31, 2014 Commercial Mortgage-Backed Securitizations (b) $ 1,550 $ 1,550 (c) $ 1 (e) Residential Mortgage-Backed Securitizations (b) 3,385 3,385 (c) 4 (e) Tax Credit Investments and Other 2,270 2,304 (d) 777 (f) Total $ 7,205 $ 7,239 $ 782 (a) This represents loans, investments and other assets related to non-consolidated VIEs, net of collateral (if applicable). (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. Values disclosed in the PNC Risk of Loss column represent our maximum exposure to loss for those securities’ holdings. (c) Included in Trading securities, Investment securities, Other intangible assets and Other assets on our Consolidated Balance Sheet. (d) Included in Loans, Equity investments and Other assets on our Consolidated Balance Sheet. (e) Included in Other liabilities on our Consolidated Balance Sheet. (f) Included in Deposits and Other liabilities on our Consolidated Balance Sheet. |
Asset Quality (Tables)
Asset Quality (Tables) | 12 Months Ended |
Dec. 31, 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) December 31, 2015 Commercial Lending Commercial $ 98,075 $ 69 $ 32 $ 45 $ 146 $ 351 $ 36 $ 98,608 Commercial real estate 27,134 10 4 14 187 133 27,468 Equipment lease financing 7,440 19 2 21 7 7,468 Total commercial lending 132,649 98 38 45 181 545 169 133,544 Consumer Lending Home equity 29,656 63 30 93 977 1,407 32,133 Residential real estate (f) 10,918 142 65 566 773 549 $ 225 1,946 14,411 Credit card 4,779 28 19 33 80 3 4,862 Other consumer (g) 21,181 180 96 237 513 52 21,746 Total consumer lending 66,534 413 210 836 1,459 1,581 225 3,353 73,152 Total $ 199,183 $ 511 $ 248 $ 881 $ 1,640 $ 2,126 $ 225 $ 3,522 $ 206,696 Percentage of total loans 96.36 % .25 % .12 % .43 % .80 % 1.03 % .11 % 1.70 % 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. 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) 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 $1.4 billion and $1.7 billion at December 31, 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 December 31, 2015 include government insured or guaranteed Residential real estate mortgages totaling $56 million for 30 to 59 days past due, $45 million for 60 to 89 days past due and $545 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 December 31, 2015 include government insured or guaranteed Other consumer loans totaling $116 million for 30 to 59 days past due, $75 million for 60 to 89 days past due and $220 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 December 31 December 31 Dollars in millions 2015 2014 Nonperforming loans Total commercial lending $ 545 $ 626 Total consumer lending (a) 1,581 1,884 Total nonperforming loans (b) 2,126 2,510 OREO and foreclosed assets Other real estate owned (OREO) 279 351 Foreclosed and other assets 20 19 Total OREO and foreclosed assets (c) 299 370 Total nonperforming assets $ 2,425 $ 2,880 Nonperforming loans to total loans 1.03 % 1.23 % Nonperforming assets to total loans, OREO and foreclosed assets 1.17 1.40 Nonperforming assets to total assets .68 .83 Interest on nonperforming loans Computed on original terms 115 125 Recognized prior to nonperforming status 22 25 (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 December 31, 2015 and December 31, 2014, which included $.3 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 December 31, 2015 Commercial $ 93,364 $ 2,029 $ 3,089 $ 90 $ 98,572 Commercial real estate 26,729 120 481 5 27,335 Equipment lease financing 7,230 87 150 1 7,468 Purchased impaired loans 6 157 6 169 Total commercial lending $ 127,323 $ 2,242 $ 3,877 $ 102 $ 133,544 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 December 31 December 31 In millions 2015 2014 Home equity and residential real estate loans - excluding purchased impaired loans (a) $ 42,268 $ 43,348 Home equity and residential real estate loans - purchased impaired loans (b) 3,684 4,541 Government insured or guaranteed residential real estate mortgages (a) 923 1,188 Difference between outstanding balance and recorded investment in purchased impaired loans (c) (331) 7 Total home equity and residential real estate loans (a) $ 46,544 $ 49,084 (a) Represents recorded investment. (b) Represents outstanding balance. (c) The December 31, 2015 amount was impacted by the change in derecognition policy for purchased impaired pooled consumer and residential real estate loans. See Note 4 Purchased Loans for additional information. |
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 December 31, 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 $ 283 $ 960 $ 284 $ 1,527 Less than or equal to 660 (d) (e) 40 189 68 297 Missing FICO 1 8 5 14 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 646 1,733 564 2,943 Less than or equal to 660 (d) (e) 92 302 102 496 Missing FICO 3 4 8 15 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 698 1,492 615 2,805 Less than or equal to 660 88 226 94 408 Missing FICO 1 3 10 14 Less than 90% and updated FICO scores: Greater than 660 13,895 7,808 9,117 30,820 Less than or equal to 660 1,282 923 570 2,775 Missing FICO 31 18 105 154 Total home equity and residential real estate loans $ 17,060 $ 13,666 $ 11,542 $ 42,268 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 $3.4 billion and $4.5 billion in recorded investment, certain government insured or guaranteed residential real estate mortgages of approximately $0.9 billion and $1.2 billion, and loans held for sale at December 31, 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. We generally utilize origination lien balances provided by a third-party, where applicable, which do not include an amortization assumption when calculating updated LTV. Accordingly, the results of these calculations do not represent actual appraised loan level collateral or updated LTV based upon lien balances held by others, and as such, are necessarily imprecise and subject to change as we 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 December 31, 2015: New Jersey 14%, Pennsylvania 12%, Illinois 11%, Ohio 11%, Florida 7%, Maryland 7% and Michigan 5%. The remainder of the states had lower than 4% of the higher risk loans individually, and collectively they represent approximately 33% of the higher risk loans. The following states had the highest percentage of higher risk loans at December 31, 2014: New Jersey 14%, Pennsylvania 12%, Illinois 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) December 31, 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 $ 164 $ 147 $ 317 Less than or equal to 660 6 79 76 161 Missing FICO 7 5 12 Greater than or equal to 100% to less than 125% and updated FICO scores: Greater than 660 12 331 186 529 Less than or equal to 660 9 145 118 272 Missing FICO 8 7 15 Greater than or equal to 90% to less than 100% and updated FICO scores: Greater than 660 10 167 133 310 Less than or equal to 660 6 75 68 149 Missing FICO 4 3 7 Less than 90% and updated FICO scores: Greater than 660 106 345 665 1,116 Less than or equal to 660 91 182 455 728 Missing FICO 1 13 31 45 Missing LTV and updated FICO scores: Greater than 660 1 14 15 Less than or equal to 660 1 6 7 Missing FICO 1 1 Total home equity and residential real estate loans $ 249 $ 1,520 $ 1,915 $ 3,684 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 December 31, 2015: California 16%, Florida 14%, Illinois 11%, Ohio 9%, 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 38% 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. We generally utilize origination lien balances provided by a third-party, where applicable, which do not include an amortization assumption when calculating updated LTV. Accordingly, the results of these calculations do not represent actual appraised loan level collateral or updated LTV based upon lien balances held by others, and as such, are necessarily imprecise and subject to change as we 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 December 31, 2015 FICO score greater than 719 $ 2,936 60 % $ 9,371 65 % 650 to 719 1,346 28 3,534 24 620 to 649 202 4 523 4 Less than 620 227 5 604 4 No FICO score available or required (c) 151 3 501 3 Total loans using FICO credit metric 4,862 100 % 14,533 100 % Consumer loans using other internal credit metrics (b) 7,213 Total loan balance $ 4,862 $ 21,746 Weighted-average updated FICO score (d) 734 744 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 December 31, 2015, we had $34 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 December 31, 2015 balance related to higher risk credit card loans was geographically distributed throughout the following areas: Ohio 17%, Pennsylvania 15%, Michigan 8%, New Jersey 8%, Florida 7%, Illinois 6%, Indiana 6%, Maryland 4% and North Carolina 4%. 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 December 31 December 31 In millions 2015 2014 Total consumer lending $ 1,917 $ 2,041 Total commercial lending 434 542 Total TDRs $ 2,351 $ 2,583 Nonperforming $ 1,119 $ 1,370 Accruing (a) 1,232 1,213 Total TDRs $ 2,351 $ 2,583 (a) Accruing loans include consumer credit card loans and loans that 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 year ended December 31, 2015 Number Recorded Principal Rate Dollars in millions of Loans Investment (b) Forgiveness Reduction Other Total Commercial lending Commercial 130 $ 246 $ 15 $ 3 $ 186 $ 204 Commercial real estate 27 37 6 1 12 19 Equipment lease financing 1 1 1 1 Total commercial lending 158 284 22 4 198 224 Consumer lending Home equity 2,890 182 100 73 173 Residential real estate 530 61 36 25 61 Credit card 6,549 53 52 52 Other consumer 993 15 2 8 10 Total consumer lending 10,962 311 190 106 296 Total TDRs 11,120 $ 595 $ 22 $ 194 $ 304 $ 520 During the year ended December 31, 2014 Dollars in millions Commercial lending Commercial 131 $ 192 $ 10 $ 11 $ 137 $ 158 Commercial real estate 79 171 27 11 100 138 Total commercial lending (d) 210 363 37 22 237 296 Consumer lending Home equity 2,950 193 51 132 183 Residential real estate 527 73 26 45 71 Credit card 7,720 60 57 57 Other consumer 1,092 18 1 13 14 Total consumer lending 12,289 344 135 190 325 Total TDRs 12,499 $ 707 $ 37 $ 157 $ 427 $ 621 During the year ended December 31, 2013 Dollars in millions Commercial lending Commercial 168 $ 216 $ 10 $ 21 $ 132 $ 163 Commercial real estate 116 284 28 51 144 223 Equipment lease financing 1 3 Total commercial lending 285 503 38 72 276 386 Consumer lending Home equity 4,132 289 139 126 265 Residential real estate 911 127 39 86 125 Credit card 8,397 64 61 61 Other consumer 1,379 22 1 19 20 Total consumer lending 14,819 502 240 231 471 Total TDRs 15,104 $ 1,005 $ 38 $ 312 $ 507 $ 857 (a) Impact of partial charge-offs at TDR date are included in this table. (b) Represents the recorded investment of the loans as of the quarter end prior to TDR designation, and excludes immaterial amounts of accrued interest receivable. (c) Represents the recorded investment of the TDRs as of the end of the quarter in which the TDR occurs, and excludes immaterial amounts of accrued interest receivable. (d) During the twelve months ended December 31, 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 year ended December 31, 2015 Dollars in millions Number of Contracts Recorded Investment Commercial lending Commercial 23 $ 9 Commercial real estate 13 13 Equipment lease financing 1 1 Total commercial lending 37 23 Consumer lending Home equity 458 26 Residential real estate 150 22 Credit card 3,045 24 Other consumer 167 1 Total consumer lending 3,820 73 Total TDRs 3,857 $ 96 During the year ended December 31, 2014 Dollars in millions Number of Contracts Recorded Investment Commercial lending Commercial 38 $ 26 Commercial real estate 43 80 Total commercial lending (a) 81 106 Consumer lending Home equity 400 21 Residential real estate 155 24 Credit card 3,397 27 Other consumer 132 1 Total consumer lending 4,084 73 Total TDRs 4,165 $ 179 During the year ended December 31, 2013 Dollars in millions Number of Contracts Recorded Investment Commercial lending Commercial 67 $ 47 Commercial real estate 38 59 Total commercial lending (a) 105 106 Consumer lending Home equity 592 39 Residential real estate 255 35 Credit card 4,598 34 Other consumer 249 4 Total consumer lending 5,694 112 Total TDRs 5,799 $ 218 (a) During the twelve months ended December 31, 2014 and 2013, 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 Allowance (a) Investment (b) December 31, 2015 Impaired loans with an associated allowance Commercial $ 442 $ 337 $ 84 $ 306 Commercial real estate 254 130 35 197 Home equity 978 909 216 965 Residential real estate 272 264 35 359 Credit card 108 108 24 118 Other consumer 31 26 1 32 Total impaired loans with an associated allowance $ 2,085 $ 1,774 $ 395 $ 1,977 Impaired loans without an associated allowance Commercial $ 201 $ 118 $ 87 Commercial real estate 206 158 168 Home equity 464 206 158 Residential real estate 512 396 346 Other consumer 24 8 8 Total impaired loans without an associated allowance $ 1,407 $ 886 $ 767 Total impaired loans $ 3,492 $ 2,660 $ 395 $ 2,744 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) Associated allowance amounts include $.3 billion and $.4 billion for TDRs at December 31, 2015 and December 31, 2014, respectively. (b) Average recorded investment is for the years ended December 31, 2015 and December 31, 2014, respectively. |
Purchased Loans (Tables)
Purchased Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting for Acquired Loans Disclosure | |
Purchased Impaired Loans - Balances | Table 65: Purchased Impaired Loans - Balances December 31, 2015 December 31, 2014 In millions Outstanding Balance (a) Recorded Investment Carrying Value Outstanding Balance (a) Recorded Investment Carrying Value Commercial lending Commercial $ 94 $ 36 $ 24 $ 159 $ 74 $ 57 Commercial real estate 155 133 96 307 236 174 Total commercial lending 249 169 120 466 310 231 Consumer lending Consumer 1,769 1,407 1,392 2,145 1,989 1,661 Residential real estate 1,915 1,946 1,700 2,396 2,559 2,094 Total consumer lending 3,684 3,353 3,092 4,541 4,548 3,755 Total $ 3,933 $ 3,522 $ 3,212 $ 5,007 $ 4,858 $ 3,986 (a) Outstanding balance represents the balance on the loan servicing system. Recorded investment may be greater than the outstanding balance due to expected recoveries of collateral. |
Purchased Impaired Loans - Accretable Yield | Activity for the accretable yield during 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) (466) (587) Net reclassifications to accretable from non-accretable 226 208 Disposals (68) (118) December 31 $ 1,250 $ 1,558 |
Allowances for Loan and Lease36
Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters Of Credit (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 Allowance for Loan and Lease Losses January 1 $ 1,571 $ 1,760 $ 3,331 Charge-offs (255) (550) (805) Recoveries 240 179 419 Net (charge-offs) / recoveries (15) (371) (386) Provision for credit losses 55 200 255 Net change in allowance for unfunded loan commitments and letters of credit (3) 1 (2) Write-offs of purchased impaired loans (a) (468) (468) Other (3) (3) December 31 $ 1,605 $ 1,122 $ 2,727 TDRs individually evaluated for impairment $ 43 $ 276 $ 319 Other loans individually evaluated for impairment 76 76 Loans collectively evaluated for impairment 1,437 585 2,022 Purchased impaired loans 49 261 310 December 31 $ 1,605 $ 1,122 $ 2,727 Loan Portfolio TDRs individually evaluated for impairment (b) $ 434 $ 1,917 $ 2,351 Other loans individually evaluated for impairment 309 309 Loans collectively evaluated for impairment (c) 132,632 66,977 199,609 Fair value option loans (d) 905 905 Purchased impaired loans 169 3,353 3,522 December 31 $ 133,544 $ 73,152 $ 206,696 Portfolio segment ALLL as a percentage of total ALLL 59 % 41 % 100 % Ratio of the allowance for loan and lease losses to total loans (a) 1.20 % 1.53 % 1.32 % December 31, 2014 Allowance for Loan and Lease Losses January 1 $ 1,547 $ 2,062 $ 3,609 Charge-offs (360) (661) (1,021) Recoveries 305 185 490 Net charge-offs (55) (476) (531) Provision for credit losses 100 173 273 Net change in allowance for unfunded loan commitments and letters of credit (18) 1 (17) Other (3) (3) December 31 $ 1,571 $ 1,760 $ 3,331 TDRs individually evaluated for impairment $ 62 $ 324 $ 386 Other loans individually evaluated for impairment 77 77 Loans collectively evaluated for impairment 1,353 643 1,996 Purchased impaired loans 79 793 872 December 31 $ 1,571 $ 1,760 $ 3,331 Loan Portfolio TDRs individually evaluated for impairment (b) $ 542 $ 2,041 $ 2,583 Other loans individually evaluated for impairment 309 309 Loans collectively evaluated for impairment (c) 127,207 68,826 196,033 Fair value option loans (d) 1,034 1,034 Purchased impaired loans 310 4,548 4,858 December 31 $ 128,368 $ 76,449 $ 204,817 Portfolio segment ALLL as a percentage of total ALLL 47 % 53 % 100 % Ratio of the allowance for loan and lease losses to total loans 1.22 % 2.30 % 1.63 % Table 67: Rollforward of Allowance for Loan and Lease Losses and Associated Loan Data (continued from previous page) Commercial Consumer In millions Lending Lending Total December 31, 2013 Allowance for Loan and Lease Losses January 1 $ 1,774 $ 2,262 $ 4,036 Charge-offs (e) (606) (982) (1,588) Recoveries 357 154 511 Net charge-offs (249) (828) (1,077) Provision for credit losses 36 607 643 Net change in allowance for unfunded loan commitments and letters of credit (13) 21 8 Other (1) (1) December 31 $ 1,547 $ 2,062 $ 3,609 TDRs individually evaluated for impairment $ 24 $ 446 $ 470 Other loans individually evaluated for impairment 155 155 Loans collectively evaluated for impairment 1,235 745 1,980 Purchased impaired loans 133 871 1,004 December 31 $ 1,547 $ 2,062 $ 3,609 Loan Portfolio TDRs individually evaluated for impairment (b) $ 578 $ 2,161 $ 2,739 Other loans individually evaluated for impairment 649 649 Loans collectively evaluated for impairment (c) 115,245 69,724 184,969 Fair value option loans (d) 1,150 1,150 Purchased impaired loans 673 5,433 6,106 December 31 $ 117,145 $ 78,468 $ 195,613 Portfolio segment ALLL as a percentage of total ALLL 43 % 57 % 100 % Ratio of the allowance for loan and lease losses to total loans 1.32 % 2.63 % 1.84 % (a) A portion of the ALLL associated with purchased impaired pooled consumer and residential real estate loans was derecognized on December 31, 2015 due to the change in the derecognition policy for these loans. The December 31, 2015 ratio of ALLL to total loans was impacted by the derecognition. See Note 4 Purchased Loans for additional information. (b) TDRs individually evaluated for impairment exclude TDRs that were subsequently accounted for as held for sale loans, but continue to be disclosed as TDRs. (c) Includes $150 million of loans collectively evaluated for impairment based upon collateral values and written down to the respective collateral value less costs to sell at December 31, 2015. Accordingly, there is no allowance recorded for these loans. The comparative amounts as of December 31, 2014 and December 31, 2013 were $195 million and $252 million, respectively. (d) 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. (e) Pursuant to alignment with interagency guidance on practices for loans and lines of credit related to consumer lending in the first quarter of 2013, additional charge-offs of $134 million were taken. |
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 2013 January 1 $ 259 $ 242 $ 250 Net change in allowance for unfunded loan commitments and letters of credit 2 17 (8) December 31 $ 261 $ 259 $ 242 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities Disclosure [Abstract] | |
Investment Securities Summary | N OTE 6 I NVESTMENT S ECURITIES . Table 69: Investment Securities Summary Amortized Unrealized Fair In millions Cost Gains Losses Value December 31, 2015 Securities Available for Sale Debt securities U.S. Treasury and government agencies $ 9,764 $ 152 $ (42) $ 9,874 Residential mortgage-backed Agency 24,698 250 (128) 24,820 Non-agency 3,992 247 (88) 4,151 Commercial mortgage-backed Agency 1,917 11 (10) 1,918 Non-agency 4,902 30 (29) 4,903 Asset-backed 5,417 54 (48) 5,423 State and municipal 1,982 79 (5) 2,056 Other debt 2,007 31 (12) 2,026 Total debt securities 54,679 854 (362) 55,171 Corporate stocks and other 590 (1) 589 Total securities available for sale $ 55,269 $ 854 $ (363) $ 55,760 Securities Held to Maturity (a) Debt securities U.S. Treasury and government agencies $ 258 $ 40 $ 298 Residential mortgage-backed Agency 9,552 101 $ (65) 9,588 Non-agency 233 8 241 Commercial mortgage-backed Agency 1,128 40 1,168 Non-agency 722 6 (1) 727 Asset-backed 717 (10) 707 State and municipal 1,954 116 2,070 Other debt 204 (1) 203 Total securities held to maturity $ 14,768 $ 311 $ (77) $ 15,002 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 recorded 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 $97 million and $125 million at December 31, 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 December 31, 2015 Debt securities U.S. Treasury and government agencies $ (40) $ 5,885 $ (2) $ 120 $ (42) $ 6,005 Residential mortgage-backed Agency (103) 11,799 (25) 1,094 (128) 12,893 Non-agency (3) 368 (85) 1,527 (88) 1,895 Commercial mortgage-backed Agency (7) 745 (3) 120 (10) 865 Non-agency (22) 2,310 (7) 807 (29) 3,117 Asset-backed (30) 3,477 (18) 494 (48) 3,971 State and municipal (3) 326 (2) 60 (5) 386 Other debt (8) 759 (4) 188 (12) 947 Total debt securities (216) 25,669 (146) 4,410 (362) 30,079 Corporate stocks and other (a) 46 (1) 15 (1) 61 Total $ (216) $ 25,715 $ (147) $ 4,425 $ (363) $ 30,140 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 For the year ended December 31 2015 $ 6,829 $ 56 $ (13) $ 43 $ 15 2014 4,480 33 (29) 4 1 2013 8,178 146 (47) 99 35 |
Contractual Maturity of Debt Securities | Table 72: Contractual Maturity of Debt Securities December 31, 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 $ 586 $ 4,172 $ 4,234 $ 772 $ 9,764 Residential mortgage-backed Agency 99 986 23,613 24,698 Non-agency 3 3,989 3,992 Commercial mortgage-backed Agency 22 109 232 1,554 1,917 Non-agency 50 28 8 4,816 4,902 Asset-backed 9 1,526 1,787 2,095 5,417 State and municipal 1 127 336 1,518 1,982 Other debt 186 1,377 289 155 2,007 Total debt securities available for sale $ 854 $ 7,441 $ 7,872 $ 38,512 $ 54,679 Fair value $ 861 $ 7,497 $ 7,926 $ 38,887 $ 55,171 Weighted-average yield, GAAP basis 2.76 % 2.23 % 2.28 % 2.91 % 2.73 % Securities Held to Maturity U.S. Treasury and government agencies $ 258 $ 258 Residential mortgage-backed Agency $ 4 $ 321 9,227 9,552 Non-agency 233 233 Commercial mortgage-backed Agency $ 119 810 142 57 1,128 Non-agency 722 722 Asset-backed 3 590 124 717 State and municipal 62 938 954 1,954 Other debt 204 204 Total debt securities held to maturity $ 119 $ 1,083 $ 1,991 $ 11,575 $ 14,768 Fair value $ 119 $ 1,112 $ 2,059 $ 11,712 $ 15,002 Weighted-average yield, GAAP basis 3.02 % 3.41 % 3.18 % 3.46 % 3.42 % |
Fair Value of Securities Pledged and Accepted as Collateral | Table 73: Fair Value of Securities Pledged and Accepted as Collateral December 31 December 31 In millions 2015 2014 Pledged to others $ 9,674 $ 10,874 Accepted from others: Permitted by contract or custom to sell or repledge 1,100 1,658 Permitted amount repledged to others 943 1,488 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value [Abstract] | |
Fair Value Measurements - Recurring Basis Summary | Table 74: Fair Value Measurements - Recurring Basis Summary December 31, 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 $ 9,267 $ 607 $ 9,874 $ 4,795 $ 627 $ 5,422 Residential mortgage-backed Agency 24,820 24,820 18,043 18,043 Non-agency 143 $ 4,008 4,151 144 $ 4,798 4,942 Commercial mortgage-backed Agency 1,918 1,918 2,187 2,187 Non-agency 4,903 4,903 4,162 4,162 Asset-backed 4,941 482 5,423 4,624 563 5,187 State and municipal 2,041 15 2,056 1,904 134 2,038 Other debt 1,996 30 2,026 1,783 30 1,813 Total debt securities 9,267 41,369 4,535 55,171 4,795 33,474 5,525 43,794 Corporate stocks and other 527 62 589 426 15 441 Total securities available for sale 9,794 41,431 4,535 55,760 5,221 33,489 5,525 44,235 Financial derivatives (a) (b) Interest rate contracts 4,626 29 4,655 4 4,874 40 4,918 Other contracts 284 2 286 314 2 316 Total financial derivatives 4,910 31 4,941 4 5,188 42 5,234 Residential mortgage loans held for sale (c) 838 5 843 1,255 6 1,261 Trading securities (d) Debt (e) 987 727 3 1,717 1,340 960 32 2,332 Equity 9 9 21 21 Total trading securities 996 727 3 1,726 1,361 960 32 2,353 Residential mortgage servicing rights 1,063 1,063 845 845 Commercial mortgage servicing rights 526 526 506 506 Commercial mortgage loans held for sale (c) 641 641 893 893 Equity investments - direct investments 1,098 1,098 1,152 1,152 Equity investments - indirect investments (f) 347 469 Customer resale agreements (g) 137 137 155 155 Loans (h) 565 340 905 637 397 1,034 Other assets (a) BlackRock Series C Preferred Stock (i) 357 357 375 375 Other 254 199 7 460 190 256 15 461 Total other assets 254 199 364 817 190 256 390 836 Total assets $ 11,044 $ 48,807 $ 8,606 $ 68,804 $ 6,776 $ 41,940 $ 9,788 $ 58,973 Liabilities Financial derivatives (b) (j) Interest rate contracts $ 1 $ 3,124 $ 7 $ 3,132 $ 3,260 $ 12 $ 3,272 BlackRock LTIP 357 357 375 375 Other contracts 204 109 313 241 139 380 Total financial derivatives 1 3,328 473 3,802 3,501 526 4,027 Trading securities sold short (k) Debt 960 27 987 $ 1,479 11 1,490 Total trading securities sold short 960 27 987 1,479 11 1,490 Other borrowed funds (k) 81 12 93 92 181 273 Other liabilities (j) 10 10 9 9 Total liabilities $ 961 $ 3,436 $ 495 $ 4,892 $ 1,479 $ 3,604 $ 716 $ 5,799 (a) Included in Other assets on the Consolidated Balance Sheet. (b) Amounts at December 31, 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 December 31, 2015 and December 31, 2014, the net asset amounts were $1.8 billion and $2.6 billion, respectively, and the net liability amounts were $.6 billion and $1.4 billion, respectively. (c) Included in Loans held for sale on the 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 $23 million at December 31, 2015 compared with net unrealized gains of $54 million at December 31, 2014. (e) Approximately 28% of these securities are residential mortgage-backed securities and 57% are U.S. Treasury and government agencies securities at December 31, 2015. Comparable amounts at December 31, 2014 were 34% and 57%, respectively. (f) In accordance with ASC 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the Consolidated Balance Sheet. (g) Included in Federal funds sold and resale agreements on the Consolidated Balance Sheet. PNC has elected the fair value option for these items. (h) Included in Loans on the Consolidated Balance Sheet. (i) PNC has elected the fair value option for these shares. (j) Included in Other liabilities on the Consolidated Balance Sheet. (k) Included in Other borrowed funds on the Consolidated Balance Sheet. |
Reconciliation of Level 3 Assets and Liabilities | Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for 2015 and 2014 follow. Table 75: Reconciliation of Level 3 Assets and Liabilities Year Ended December 31, 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 Dec. 31, Balance Sheet In millions 2014 Earnings income Purchases Sales Issuances Settlements Level 3 Level 3 2015 at Dec. 31, 2015 (b) Assets Securities available for sale Residential mortgage- backed non-agency $ 4,798 $ 114 $ (58) $ (846) $ 4,008 $ (2) Commercial mortgage backed non-agency 8 (8) Asset-backed 563 20 (101) 482 (2) State and municipal 134 (1) (118) 15 Other debt 30 2 (1) $ 13 $ (7) (7) 30 Total securities available for sale 5,525 144 (60) 13 (7) (1,080) 4,535 (4) Financial derivatives 42 135 3 (149) 31 126 Residential mortgage loans held for sale 6 1 25 (4) $ 6 $ (29) (c) 5 1 Trading securities - Debt 32 (29) 3 Residential mortgage servicing rights 845 2 316 $ 78 (178) 1,063 5 Commercial mortgage servicing rights 506 (9) 55 63 (89) 526 (10) Commercial mortgage loans held for sale 893 76 (56) 4,163 (4,435) 641 (5) Equity investments - direct investments 1,152 120 274 (448) 1,098 86 Loans 397 23 114 (26) (122) 25 (c) (71) (d) 340 12 Other assets BlackRock Series C Preferred Stock 375 (18) 357 (18) Other 15 (7) (1) 7 Total other assets 390 (18) (7) (1) 364 (18) Total assets $ 9,788 $ 474 (e) $ (60) $ 800 $ (548) $ 4,304 $ (6,083) $ 31 $ (100) $ 8,606 $ 193 (f) Liabilities Financial derivatives (g) $ 526 $ 22 $ 1 $ (76) $ 473 $ 4 Other borrowed funds 181 (3) $ 92 (258) 12 Other liabilities 9 1 10 Total liabilities $ 716 $ 20 (e) $ 1 $ 92 $ (334) $ 495 $ 4 (f) Year Ended December 31, 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 Dec. 31, Balance Sheet In millions 2013 Earnings income Purchases Sales Issuances Settlements Level 3 Level 3 2014 at Dec. 31, 2014 (b) Assets Securities available for sale Residential mortgage- backed non-agency $ 5,358 $ 120 $ 64 $ (821) $ 77 (h) $ 4,798 $ (10) Commercial mortgage- backed non-agency 1 (1) Asset-backed 641 13 23 (114) 563 (1) State and municipal 333 (2) 15 (198) $ (14) 134 Other debt 38 1 $ 1 $ (8) (2) 30 Total securities available for sale 6,370 133 102 1 (8) (1,136) 77 (14) 5,525 (11) Financial derivatives 36 226 3 (223) 42 142 Residential mortgage loans held for sale 8 1 15 (3) (1) 11 (25) (c) 6 1 Trading securities - Debt 32 2 (31) 29 (h) 32 2 Residential mortgage servicing rights 1,087 (238) 45 $ 85 (134) 845 (231) Commercial mortgage servicing rights (53) 43 53 463 (i) 506 (53) Commercial mortgage loans held for sale 586 38 1,790 (1,521) 893 6 Equity investments - direct investments 1,069 184 306 (407) 1,152 134 Loans 527 74 120 (153) (86) 20 (c) (105) (d) 397 46 Other assets BlackRock Series C Preferred Stock 332 43 375 43 Other 8 7 15 Total other assets 340 43 7 390 43 Total assets $ 10,055 $ 410 (e) $ 102 $ 533 $ (571) $ 1,928 $ (2,669) $ 144 $ (144) $ 9,788 $ 79 (f) Liabilities Financial derivatives (g) $ 439 $ 222 $ 1 $ (136) $ 526 $ (51) Other borrowed funds 199 5 $ 57 (80) 181 Other liabilities 9 9 Total liabilities $ 638 $ 227 (e) $ 1 $ 57 $ (207) $ 716 $ (51) (f) (a) Losses for assets are bracketed while losses for liabilities are not. (b) The amount of the total gains or losses for the period included in earnings that is attributable to the change in unrealized gains or losses related to those assets and liabilities held at the end of the reporting period. (c) Primarily reflects the reclassification of residential mortgage loans from held for sale to portfolio loans. (d) Reflects transfers out of Level 3 due to the transfer of residential mortgage loans to OREO. (e) Net gains (realized and unrealized) included in earnings relating to Level 3 assets and liabilities were $454 million for 2015 compared with net gains (realized and unrealized) of $183 million for 2014. These amounts also included amortization and accretion of $147 million for 2015 compared with $146 million for 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 losses relating to those assets and liabilities held at the end of the reporting period were $189 million for 2015, compared with net unrealized gains of $130 million for 2014. These amounts were included in Noninterest income on the Consolidated Income Statement. (g) Includes swaps entered into in connection with sales of certain Visa Class B common shares. (h) Reflects transfers from Level 2 to Level 3 due to valuation inputs that were deemed to be unobservable. (i) 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 Intangible Assets for additional information on commercial MSRs. |
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 December 31, 2015 Level 3 Instruments Only Dollars in millions Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) Residential mortgage-backed non-agency securities $ 4,008 Priced by a third-party vendor Constant prepayment rate (CPR) 1.0%-24.2% (7.0%) (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% (53.3%) (a) Spread over the benchmark curve (b) 241bps weighted average (a) Asset-backed securities 482 Priced by a third-party vendor Constant prepayment rate (CPR) 1.0%-14.0% (6.3%) (a) using a discounted cash flow Constant default rate (CDR) 1.7%-13.9% (6.8%) (a) pricing model (a) Loss severity 24.2%-100% (77.5%) (a) Spread over the benchmark curve (b) 324bps weighted average (a) Residential mortgage servicing rights 1,063 Discounted cash flow Constant prepayment rate (CPR) 0.3%-46.5% (10.6%) Spread over the benchmark curve (b) 559bps-1,883bps (893bps) Commercial mortgage servicing 526 Discounted cash flow Constant prepayment rate (CPR) 3.9%-26.5% (5.7%) rights Discount rate 2.6%-7.7% (7.5%) Commercial mortgage loans held 641 Discounted cash flow Spread over the benchmark curve (b) 85bps-4,270bps (547bps) for sale Estimated servicing cash flows 0.0%-7.0% (0.9%) Equity investments - Direct investments 1,098 Multiple of adjusted earnings Multiple of earnings 4.2x-14.1x (7.6x) Loans - Residential real estate 123 Consensus pricing (c) Cumulative default rate 2.0%-100% (85.1%) Loss severity 0.0%-100% (27.3%) Discount rate 4.9%-7.0% (5.2%) 116 Discounted cash flow Loss severity 8.0% weighted average Discount rate 3.9% weighted average Loans - Home equity 101 Consensus pricing (c) Credit and Liquidity discount 26.0%-99.0% (54.0%) BlackRock Series C Preferred Stock 357 Consensus pricing (c) Liquidity discount 20.0% BlackRock LTIP (357) Consensus pricing (c) Liquidity discount 20.0% Swaps related to sales of certain Visa (104) Discounted cash flow Estimated conversion factor of Class B common shares Class B shares into Class A shares 164.3% (d) Estimated growth rate of Visa Class A share price 16.3% Insignificant Level 3 assets, net of liabilities (e) 57 Total Level 3 assets, net of liabilities (f) $ 8,111 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) 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 (e) 23 Total Level 3 assets, net of liabilities (f) $ 9,072 (a) Level 3 residential mortgage-backed non-agency and asset-backed securities with fair values as of December 31, 2015 totaling $3,379 million and $448 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 this Note 7. Certain Level 3 residential mortgage-backed non-agency and asset-backed securities with fair values as of December 31, 2015 of $629 million and $34 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) This conversion factor reflects the 4-for-1 split of Visa Class A common shares, which occurred during the first quarter of 2015. (e) 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), other debt securities (for 2015 period), residential mortgage loans held for sale, other assets, other borrowed funds (ROAPs) and other liabilities. For additional information, please see the Fair Value Measurement discussion included in this Note 7. (f) Consisted of total Level 3 assets of $8,606 million and total Level 3 liabilities of $495 million as of December 31, 2015 and $9,788 million and $716 million as of December 31, 2014, respectively. |
Fair Value Measurements - Nonrecurring | Table 77: Fair Value Measurements - Nonrecurring Fair Value December 31 December 31 In millions 2015 2014 Assets (a) Nonaccrual loans $ 30 $ 54 Loans held for sale (b) 8 Equity investments 5 17 OREO and foreclosed assets 137 168 Long-lived assets held for sale 23 22 Total assets $ 195 $ 269 Year ended December 31 Gains (Losses) In millions 2015 2014 2013 Assets Nonaccrual loans $ (44) $ (19) $ (8) Loans held for sale (b) (7) Equity investments (3) (2) (1) Commercial mortgage servicing rights (c) 88 OREO and foreclosed assets (18) (19) (26) Long-lived assets held for sale (20) (14) (40) Total assets $ (85) $ (54) $ 6 (a) All Level 3 as of December 31, 2015 and 2014 except for $8 million included in Loans held for sale which was categorized as Level 2 as of December 31, 2014. (b) As of September 1, 2014, PNC elected to account for agency loans held for sale at fair value. Accordingly, beginning on September 1, 2014, all new commercial mortgage loans held for sale originated for sale to the agencies are measured at fair value on a recurring basis. (c) As of January 1, 2014, PNC made an irrevocable election to subsequently measure all classes of commercial MSRs at fair value. Accordingly, beginning with the first quarter of 2014, commercial MSRs are measured at fair value on a recurring basis. |
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) December 31, 2015 Assets Nonaccrual loans (a) $ 20 LGD percentage (b) Loss severity 8.1%-73.3% (58.6%) Equity investments 5 Discounted cash flow Market rate of return 5.0% Other (c) 170 Fair value of property or collateral Appraised value/sales price Not meaningful Total assets $ 195 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 $10 million, OREO and foreclosed assets of $137 million and Long-lived assets held for sale of $23 million as of December 31, 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) Year ended December 31 Gains (Losses) In millions 2015 2014 2013 Assets Customer resale agreements $ (2) $ (3) $ (7) Commercial mortgage loans held for sale 96 50 (10) Residential mortgage loans held for sale 152 212 213 Residential mortgage loans – portfolio 43 157 60 BlackRock Series C Preferred Stock (18) 43 122 Other assets 12 2 3 Liabilities Other borrowed funds 4 (5) (9) (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 December 31, 2015 Assets Customer resale agreements $ 137 $ 133 $ 4 Residential mortgage loans held for sale Performing loans 832 804 28 Accruing loans 90 days or more past due 4 4 Nonaccrual loans 7 8 (1) Total 843 816 27 Commercial mortgage loans held for sale (a) Performing loans 639 659 (20) Nonaccrual loans 2 3 (1) Total 641 662 (21) Residential mortgage loans - portfolio Performing loans 204 260 (56) Accruing loans 90 days or more past due 475 478 (3) Nonaccrual loans 226 361 (135) Total 905 1,099 (194) Other assets 164 159 5 Liabilities Other borrowed funds $ 93 $ 95 $ (2) December 31, 2014 Assets Customer resale agreements $ 155 $ 148 $ 7 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) Other assets 37 37 Liabilities Other borrowed funds $ 273 $ 312 $ (39) (a) There were no accruing loans 90 days or more past due within this category at December 31, 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 December 31, 2015 Assets Cash and due from banks $ 4,065 $ 4,065 $ 4,065 Short-term assets 32,959 32,959 $ 32,959 Securities held to maturity 14,768 15,002 298 14,698 $ 6 Loans held for sale 56 56 22 34 Net loans (excludes leases) 195,579 197,611 197,611 Other assets 1,817 2,408 1,786 622 (a) Total assets $ 249,244 $ 252,101 $ 4,363 $ 49,465 $ 198,273 Liabilities Demand, savings and money market deposits $ 228,492 $ 228,492 $ 228,492 Time deposits 20,510 20,471 20,471 Borrowed funds 53,761 54,002 52,578 $ 1,424 Unfunded loan commitments and letters of credit 245 245 245 Total liabilities $ 303,008 $ 303,210 $ 301,541 $ 1,669 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 December 31, 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 21 Commitments and Guarantees for additional information. |
Goodwill and Other Intangible39
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Other Intangible Assets Disclosure [Abstract] | |
Goodwill by Business Segment | N OTE 8 G OODWILL AND I NTANGIBLE A SSETS Assets and liabilities of acquired entities are recorded at estimated fair value as of the acquisition date. Goodwill Changes in goodwill by business segment during 2015 and 2014 follow: Table 82: Goodwill by Business Segment (a) Corporate & Asset Retail Institutional Management In millions Banking Banking Group Total December 31, 2013 $ 5,795 $ 3,215 $ 64 $ 9,074 Other 29 29 December 31, 2014 $ 5,795 $ 3,244 $ 64 $ 9,103 December 31, 2015 $ 5,795 $ 3,244 $ 64 $ 9,103 (a) The Residential Mortgage Banking, BlackRock and Non-Strategic Assets Portfolio business segments did not have any goodwill allocated to them during 2015, 2014, and 2013. |
Commercial Mortgage Servicing Rights | Changes in commercial MSRs during 2013, prior to the irrevocable fair value election, follow: Table 84: Commercial Mortgage Servicing Rights Accounted for Under the Amortization Method In millions 2013 Commercial Mortgage Servicing Rights - Net Carrying Amount January 1 $ 420 Additions (a) 138 Amortization expense (97) Change in valuation allowance 88 December 31 $ 549 Servicing advances at December 31 $ 412 Commercial Mortgage Servicing Rights - Valuation Allowance January 1 $ (176) Provision (21) Recoveries 108 Other 1 December 31 $ (88) (a) Additions for 2013 included $53 million from loans sold with servicing retained and $85 million from purchases of servicing rights from third parties. |
Mortgage Servicing Rights | Changes in the commercial MSRs accounted for at fair value during 2015 and 2014, follow: Table 83: Commercial Mortgage Servicing Rights Accounted for at Fair Value In millions 2015 2014 January 1 $ 506 $ 552 Additions: From loans sold with servicing retained 63 53 Purchases 55 43 Changes in fair value due to: Time and payoffs (a) (89) (89) Other (b) (9) (53) December 31 $ 526 $ 506 Related unpaid principal balance at December 31 $ 145,823 $ 143,738 Servicing advances at December 31 $ 251 $ 299 (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. Changes in the residential MSRs follow: Table 85: Residential Mortgage Servicing Rights In millions 2015 2014 2013 January 1 $ 845 $ 1,087 $ 650 Additions: From loans sold with servicing retained 78 85 158 Purchases 316 45 110 Sales (4) Changes in fair value due to: Time and payoffs (a) (178) (134) (193) Other (b) 2 (238) 366 December 31 $ 1,063 $ 845 $ 1,087 Unpaid principal balance of loans serviced for others at December 31 $ 123,466 $ 108,010 $ 113,994 Servicing advances at December 31 $ 411 $ 501 $ 571 (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 86: Commercial Mortgage Loan Servicing Rights - Key Valuation Assumptions December 31 December 31 Dollars in millions 2015 2014 Fair value $ 526 $ 506 Weighted-average life (years) 4.7 4.7 Weighted-average constant prepayment rate 5.71 % 8.03 % Decline in fair value from 10% adverse change $ 10 $ 10 Decline in fair value from 20% adverse change $ 19 $ 19 Effective discount rate 7.49 % 6.59 % Decline in fair value from 10% adverse change $ 14 $ 13 Decline in fair value from 20% adverse change $ 29 $ 26 |
Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions | Table 87: Residential Mortgage Loan Servicing Rights - Key Valuation Assumptions December 31 December 31 Dollars in millions 2015 2014 Fair value $ 1,063 $ 845 Weighted-average life (years) 6.3 6.1 Weighted-average constant prepayment rate 10.61 % 11.16 % Decline in fair value from 10% adverse change $ 44 $ 36 Decline in fair value from 20% adverse change $ 85 $ 69 Weighted-average option adjusted spread 8.93 % 10.36 % Decline in fair value from 10% adverse change $ 34 $ 31 Decline in fair value from 20% adverse change $ 67 $ 61 |
Fees from Mortgage Loan Servicing | Table 88: Fees from Mortgage Loan Servicing In millions 2015 2014 2013 Fees from mortgage loan servicing $ 510 $ 503 $ 544 |
Other Intangible Assets | Table 89: Other Intangible Assets December 31 December 31 In millions 2015 2014 Gross carrying amount $ 1,499 $ 1,502 Accumulated amortization (1,120) (1,009) Net carrying amount $ 379 $ 493 |
Summary Of Changes In Other Intangible Assets | Changes in other intangible assets during 2015 and 2014 follow: Table 90: Summary of Changes in Other Intangible Assets In millions December 31, 2013 $ 580 Additions 41 Amortization (128) December 31, 2014 $ 493 Amortization (114) December 31, 2015 $ 379 |
Amortization Expense on Existing Intangible Assets | Amortization expense on existing other intangible assets for 2015, 2014 and 2013, as well as estimated future amortization expense for the next five fiscal years, follows: Table 91: Amortization Expense on Existing Intangible Assets In millions 2013 (a) $ 243 2014 128 2015 114 2016 97 2017 83 2018 72 2019 61 2020 37 (a) Amounts include amortization expense related to commercial MSRs. As of January 1, 2014, PNC made an irrevocable election to measure commercial MSRs at fair value, and, accordingly, amortization expense for commercial MSRs is no longer recorded. |
Premises, Equipment and Lease40
Premises, Equipment and Leasehold Improvements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises, Equipment and Leasehold Improvements | December 31 December 31 In millions 2015 2014 Total Premises, equipment and leasehold improvements (a) $ 10,257 $ 9,416 Accumulated depreciation and amortization (4,349) (3,773) Net book value $ 5,908 $ 5,643 (a) Primarily relates to equipment and buildings. |
Depreciation And Amortization Expense | Year ended December 31 In millions 2015 2014 2013 Depreciation $ 643 $ 618 $ 546 Amortization 40 30 23 Total depreciation and amortization 683 648 569 |
Lease Rental Expense | Year ended December 31 In millions 2015 2014 2013 Lease rental expense: $ 460 $ 414 $ 412 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
FHLB Borrowings, Bank Notes, Senior Debt and Subordinated Debt | December 31, 2015 - Dollars in millions Carrying Value Stated Rate Maturity FHLB (a) $ 20,108 zero-6.50% 2016-2030 Bank notes and senior debt Bank notes $ 16,033 zero-3.30% 2016-2043 Senior debt 5,265 2.70%-6.70% 2016-2022 Total bank notes and senior debt $ 21,298 Subordinated debt Junior $ 205 .98% 2028 Other 8,351 .82%-6.88% 2016-2025 Total subordinated debt $ 8,556 (a) FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and commercial mortgage-backed securities. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Reconciliation of Changes in Projected Benefit Obligation and Change in Plan Assets | Table 96: Reconciliation of Changes in Projected Benefit Obligation and Change in Plan Assets Qualified Nonqualified Postretirement Pension Pension Benefits December 31 (Measurement Date) – in millions 2015 2014 2015 2014 2015 2014 Accumulated benefit obligation at end of year $ 4,330 $ 4,427 $ 292 $ 316 Projected benefit obligation at beginning of year $ 4,499 $ 3,966 $ 322 $ 292 $ 379 $ 375 Service cost 107 103 3 3 5 5 Interest cost 177 187 11 12 15 16 Plan amendments (7) Actuarial (gains)/losses and changes in assumptions (126) 504 (10) 40 (9) 4 Participant contributions 5 8 Federal Medicare subsidy on benefits paid 2 2 Benefits paid (260) (254) (28) (25) (28) (31) Settlement payments (1) Projected benefit obligation at end of year $ 4,397 $ 4,499 $ 298 $ 322 $ 368 $ 379 Fair value of plan assets at beginning of year $ 4,357 $ 4,252 Actual return on plan assets 19 359 Employer contribution 200 $ 28 $ 25 $ 222 $ 21 Participant contributions 5 8 Federal Medicare subsidy on benefits paid 2 2 Benefits paid (260) (254) (28) (25) (28) (31) Settlement payments (1) Fair value of plan assets at end of year $ 4,316 $ 4,357 $ 200 Funded status $ (81) $ (142) $ (298) $ (322) $ (168) $ (379) Amounts recognized on the consolidated balance sheet Noncurrent asset Current liability $ (27) $ (31) $ (2) $ (25) Noncurrent liability $ (81) $ (142) (271) (291) (166) (354) Net amount recognized on the consolidated balance sheet $ (81) $ (142) $ (298) $ (322) $ (168) $ (379) Amounts recognized in accumulated other comprehensive income consist of: Prior service cost (credit) $ (13) $ (22) $ 1 $ 1 $ (3) $ (4) Net actuarial loss 794 673 71 88 22 31 Amount recognized in AOCI $ 781 $ 651 $ 72 $ 89 $ 19 $ 27 |
Asset Strategy Allocations | Table 97: Asset Strategy Allocations Target Allocation Range Target Percentage of Plan Assets by Strategy at December 31 PNC Pension Plan 2015 2014 Asset Category Domestic Equity 20 - 40 % 32 % 34 % International Equity 10 - 25 % 23 % 23 % Private Equity 0 - 15 % 8 % 6 % Total Equity 40 - 70 % 63 % 63 % Domestic Fixed Income 10 - 40 % 17 % 17 % High Yield Fixed Income 0 - 25 % 12 % 13 % Total Fixed Income 10 - 65 % 29 % 30 % Real estate 0 - 15 % 5 % 5 % Other 0 - 5 % 3 % 2 % Total 100% 100 % 100 % |
Pension Plan Assets - Fair Value Hierarchy | Table 98: Pension Plan Assets - Fair Value Hierarchy Fair Value Measurements Using: In millions December 31, 2015 Fair Value Quoted Prices in Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds $ 154 $ 154 U.S. government and agency securities 324 186 $ 138 Corporate debt (a) 575 568 $ 7 Common stock 660 630 30 Preferred stock 7 7 Mutual funds 213 5 208 Interest in Collective Funds (b) 1,888 1,888 Other 13 1 12 Investments measured at net asset value (d) 482 Total $ 4,316 $ 976 $ 2,851 $ 7 Fair Value Measurements Using: In millions December 31, 2014 Fair Value Quoted Prices in Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds $ 121 $ 121 U.S. government and agency securities 294 147 $ 147 Corporate debt (a) 648 638 $ 10 Common stock 1,041 1,040 1 Preferred Stock 6 6 Mutual funds 220 2 218 Interest in Collective Funds (c) 1,589 1,589 Limited partnerships 2 2 Other 55 (4) 59 Investments measured at net asset value (d) 381 Total $ 4,357 $ 1,306 $ 2,660 $ 10 (a) Corporate debt includes $29 million and $34 million of non-agency mortgage-backed securities as of December 31, 2015 and 2014, respectively. (b) The benefit plans own commingled funds that invest in equity securities. The funds seek to mirror the benchmark of the S&P 500 Index, Morgan Stanley Capital International ACWI X US Index, Morgan Stanley Capital EAFE Index, Morgan Stanley Capital Emerging Markets Index and the NCREIF ODCE NOF Index with the exception of the BlackRock Index Fund. (c) The benefit plans own commingled funds that invest in equity and fixed income securities. The funds seek to mirror the performance of the S&P 500 Index, Russell 3000 Index, Morgan Stanley Capital International ACWI X US Index and the Dow Jones U.S. Select Real Estate Securities Index. The commingled fund that holds fixed income securities invests in domestic investment grade securities and seeks to mimic the performance of the Barclays Aggregate Bond Index. (d) In accordance with ASC 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the Consolidated Balance Sheet. |
Rollforward of Pension Plan Level 3 Assets | Table 99: Rollforward of Pension Plan Level 3 Assets . Corporate Debt In millions January 1, 2015 $ 10 Net realized gain/(loss) on sale of investments 1 Net unrealized gain/(loss) on assets held at end of year Purchases 4 Sales (8) December 31, 2015 $ 7 Corporate Debt In millions January 1, 2014 $ 13 Net realized gain/(loss) on sale of investments 3 Net unrealized gain/(loss) on assets held at end of year Purchases Sales (6) December 31, 2014 $ 10 |
Estimated Cash Flows | Table 100: Estimated Cash Flows Pension Plans Postretirement Benefits In millions Qualified Pension Nonqualified Pension Gross PNC Benefit Payments Reduction in PNC Benefit Payments Due to Medicare Part D Subsidy Estimated 2016 employer contributions $ 27 $ 2 Estimated future benefit payments 2016 $ 273 $ 27 $ 25 $ 1 2017 289 26 26 1 2018 305 28 27 1 2019 303 25 27 1 2020 304 24 28 1 2021-2025 1,560 105 133 5 |
Components of Net Periodic Benefit Cost | Table 101: Components of Net Periodic Benefit Cost Qualified Pension Plan Nonqualified Pension Plan Postretirement Benefits Year ended December 31 – in millions 2015 2014 2013 2015 2014 2013 2015 2014 2013 Net periodic cost consists of: Service cost $ 107 $ 103 $ 113 $ 3 $ 3 $ 3 $ 5 $ 5 $ 6 Interest cost 177 187 170 11 12 12 15 16 14 Expected return on plan assets (297) (289) (288) Amortization of prior service cost/(credit) (9) (8) (8) (1) (2) (3) Amortization of actuarial (gain)/loss 31 87 7 4 8 Settlement (gain)/loss 7 1 Net periodic cost (benefit) 9 (7) 74 21 19 30 19 19 18 Other changes in plan assets and benefit obligations recognized in Other comprehensive income: Current year prior service cost/(credit) (7) Amortization of prior service (cost)/credit 9 8 8 1 2 3 Current year actuarial loss/(gain) 152 434 (784) (10) 40 (26) (9) 4 (9) Amortization of actuarial gain/(loss) (31) (87) (7) (4) (15) (1) Total recognized in OCI 130 435 (863) (17) 36 (41) (8) 6 (7) Total amounts recognized in net periodic cost and OCI $ 139 $ 428 $ (789) $ 4 $ 55 $ (11) $ 11 $ 25 $ 11 |
Net Periodic Costs - Assumptions | Table 102: Net Periodic Costs - Assumptions Net Periodic Cost Determination Year ended December 31 2015 2014 2013 Discount rate Qualified pension 3.95 % 4.75 % 3.80 % Nonqualified pension 3.65 % 4.35 % 3.45 % Postretirement benefits 3.80 % 4.50 % 3.60 % Rate of compensation increase (average) 4.00 % 4.00 % 4.00 % Assumed health care cost trend rate Initial trend 7.50 % 7.75 % 8.00 % Ultimate trend 5.00 % 5.00 % 5.00 % Year ultimate reached 2025 2025 2019 Expected long-term return on plan assets 6.75 % 7.00 % 7.50 % |
Other Pension Assumptions | Table 103: Other Pension Assumptions Year ended December 31 2015 2014 Discount rate Qualified pension 4.25 % 3.95 % Nonqualified pension 3.95 % 3.65 % Postretirement benefits 4.15 % 3.80 % Rate of compensation increase (average) 3.50 % 4.00 % Assumed health care cost trend rate Initial trend 7.25 % 7.50 % Ultimate trend 5.00 % 5.00 % Year ultimate reached 2025 2025 |
Effect of One-Percentage Point Change in Assumed Health Care Cost | Table 104: Effect of One Percent Change in Assumed Health Care Cost Year ended December 31, 2015 In millions Increase Decrease Effect on year end benefit obligation $ 10 (9) |
Estimated Amortization Of Unamortized Actuarial Gains And Losses - 2016 | Table 105: Estimated Amortization of Unamortized Actuarial Gains and Losses - 2016 2016 Estimate Year ended December 31 In millions Qualified Pension Nonqualified Pension Postretirement Benefits Prior service (credit) $ (7) $ (1) Net actuarial loss 45 $ 4 Total $ 38 $ 4 $ (1) |
Stock Based Compensation Plans
Stock Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Option Pricing Assumptions | Table 106: Option Pricing Assumptions (a) Weighted-average for the year ended December 31 2013 Risk-free interest rate .9 % Dividend yield 2.5 Volatility 34.0 Expected life 6.5 yrs. Grant date fair value $ 16.35 (a) PNC did not grant any stock options in 2015 and 2014. |
Stock Option Rollforward | Table 107: Stock Option Rollforward Year ended December 31, 2015 PNC PNC Options Converted From National City Total In thousands, except weighted-average data Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding, January 1 6,701 $ 56.41 343 $ 585.23 7,044 $ 82.17 Granted (a) Exercised (1,741) 59.18 (1,741) 59.18 Cancelled (29) 44.61 (100) 738.18 (129) 580.37 Outstanding, December 31 4,931 $ 55.50 243 $ 522.54 5,174 $ 77.47 3.2 years $ 196,292 Vested and expected to vest, December 31 (b) 4,931 $ 55.50 243 $ 522.54 5,174 $ 77.47 3.2 years $ 196,286 Exercisable, December 31 4,883 $ 55.42 243 $ 522.54 5,126 $ 77.60 3.2 years $ 194,782 (a) PNC did not grant any stock options in 2015 and 2014. (b) Adjusted for estimated forfeitures on unvested options. |
Nonvested Incentive/Performance Unit Awards and Restricted Share/Restricted Share Unit Awards - Rollforward | Table 108: Nonvested Incentive/Performance Unit Awards and Restricted Share/Restricted Share Unit Awards - Rollforward Nonvested Nonvested Weighted- Restricted Weighted- Incentive/ Average Share/ Average Performance Grant Date Restricted Share Grant Date Shares in thousands Units Fair Value Units Fair Value December 31, 2014 1,837 $ 69.84 3,652 $ 69.03 Granted (a) 711 90.77 1,112 92.08 Vested/Released (a) (682) 66.17 (1,259) 61.15 Forfeited (36) 73.56 (172) 79.25 December 31, 2015 1,830 $ 79.27 3,333 $ 79.26 (a) Includes adjustments for achieving specific performance goals for Incentive/Performance Unit Awards granted in prior periods. |
Nonvested Cash-Payable Incentive/Performance Units and Restricted Share Units - Rollforward | Table 109: 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 (a) 81 364 445 Vested and Released (a) (98) (350) (448) Forfeited (43) (8) (51) Outstanding at December 31, 2015 117 664 781 (a) Includes adjustments for achieving specific performance goals for Cash-Payable Incentive/Performance Units granted in prior periods. |
Employee Stock Purchase Plan - Summary | Table 110: Employee Stock Purchase Plan - Summary Year ended December 31 Shares Issued Purchase Price Per Share 2015 168,962 $90.87 and $90.55 2014 157,856 $84.60 and $86.67 2013 167,260 $69.27 and $73.70 |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Total Gross Derivatives | Table 111: Total Gross Derivatives December 31, 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 $ 52,074 $ 1,159 $ 174 $ 49,061 $ 1,261 $ 186 Derivatives not designated as hedging instruments under GAAP 295,902 3,782 3,628 291,256 3,973 3,841 Total gross derivatives $ 347,976 $ 4,941 $ 3,802 $ 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 112: Derivatives Designated As Hedging Instruments under GAAP December 31, 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 $ 25,756 $ 699 $ 18 $ 20,930 $ 827 $ 38 Pay-fixed swaps (c) 5,934 13 153 4,233 3 138 Subtotal 31,690 712 171 25,163 830 176 Cash flow hedges: Receive-fixed swaps 17,879 412 2 19,991 400 10 Forward purchase commitments 1,400 4 1 2,778 25 Subtotal 19,279 416 3 22,769 425 10 Foreign exchange contracts: Net investment hedges 1,105 31 1,129 6 Total derivatives designated as hedging instruments $ 52,074 $ 1,159 $ 174 $ 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 113: Gains (Losses) on Derivatives and Related Hedged Items - Fair Value Hedges Year ended December 31, 2015 December 31, 2014 December 31, 2013 Gain (Loss) Gain (Loss) Gain (Loss) Gain on Related Gain on Related Gain on Related (Loss) on Hedged (Loss) on Hedged (Loss) on Hedged Derivatives Items Derivatives Items Derivatives Items Recognized Recognized Recognized Recognized Recognized Recognized in Income in Income in Income in Income in Income in Income In millions Hedged Items Location Amount Amount Amount Amount Amount Amount Interest rate contracts U.S. Treasury and Government Agencies Securities and Other Debt Securities Investment securities (interest income) $ (111) $ 116 $ 111 $ (115) Interest rate contracts Subordinated debt and Bank notes and senior debt Borrowed funds (interest expense) $ (108) $ 67 123 (158) (744) 711 Total (a) $ (108) $ 67 $ 12 $ (42) $ (633) $ 596 (a) The ineffective portion of the change in value of our fair value hedge derivatives resulted in net losses of $41 million for 2015 compared with net losses of $30 million for 2014 and net losses of $37 million for 2013. |
Gains (Losses) on Derivatives and Related Cash Flows - Cash Flow Hedges | Table 114: Gains (Losses) on Derivatives and Related Cash Flows - Cash Flow Hedges (a) (b) Year ended December 31 In millions 2015 2014 2013 Gains (losses) on derivatives recognized in OCI - (effective portion) $ 415 $ 431 $ (141) Less: Gains (losses) reclassified from accumulated OCI into income - (effective portion) Interest income 293 263 337 Noninterest income (5) 49 Total gains (losses) reclassified from accumulated OCI into income - (effective portion) $ 288 $ 263 $ 386 Net unrealized gains (losses) on cash flow hedge derivatives $ 127 $ 168 $ (527) (a) All cash flow hedge derivatives are interest rate contracts as of December 31, 2015, December 31, 2014 and December 31, 2013. (b) The amount of cash flow hedge ineffectiveness recognized in income was not material for the periods presented. |
Derivatives Not Designated as Hedging Instruments under GAAP | Table 115: Derivatives Not Designated As Hedging Instruments under GAAP December 31, 2015 December 31, 2014 In millions Notional / Contract Amount Asset Fair Value (a) Liability Fair Value (b) Notional / Contract Amount Asset Fair Value (a) Liability Fair Value (b) Derivatives used for residential mortgage banking activities: Residential mortgage servicing Interest rate contracts: Swaps $ 37,505 $ 758 $ 416 $ 32,459 $ 777 $ 394 Swaptions 650 27 14 1,498 29 22 Futures (c) 17,653 22,084 Futures options 6,000 1 12,225 4 Mortgage-backed securities commitments 3,920 4 8 710 4 Subtotal 65,728 789 439 68,976 814 416 Loan sales Interest rate contracts: Futures (c) 20 58 Bond options 200 2 300 Mortgage-backed securities commitments 6,363 16 8 4,916 10 21 Residential mortgage loan commitments 1,580 16 1,852 22 Subtotal 8,163 34 8 7,126 32 21 Subtotal $ 73,891 $ 823 $ 447 $ 76,102 $ 846 $ 437 Derivatives used for commercial mortgage banking activities: Interest rate contracts: Swaps $ 3,945 $ 77 $ 46 $ 3,801 $ 67 $ 48 Swaptions 439 439 2 1 Futures (c) 18,454 19,913 Commercial mortgage loan commitments 1,176 11 6 2,042 16 10 Subtotal 24,014 88 52 26,195 85 59 Credit contracts 77 95 Subtotal $ 24,091 $ 88 $ 52 $ 26,290 $ 85 $ 59 Derivatives used for customer-related activities: Interest rate contracts: Swaps $ 157,041 $ 2,507 $ 2,433 $ 146,008 $ 2,632 $ 2,559 Caps/floors - Sold 5,337 11 4,846 16 Caps/floors - Purchased 6,383 18 6,339 34 Swaptions 4,363 86 13 3,361 62 12 Futures (c) 1,673 3,112 Mortgage-backed securities commitments 1,910 5 2 2,137 3 3 Subtotal 176,707 2,616 2,459 165,803 2,731 2,590 Foreign exchange contracts 10,888 194 198 12,547 223 240 Credit contracts 5,026 2 4 5,124 2 4 Subtotal $ 192,621 $ 2,812 $ 2,661 $ 183,474 $ 2,956 $ 2,834 Derivatives used for other risk management activities: Interest rate contracts $ 833 $ 1 Foreign exchange contracts $ 2,742 $ 59 $ 6 2,661 85 $ 1 Credit contracts 15 15 Other contracts (d) 2,542 462 1,881 510 Subtotal 5,299 59 468 5,390 86 511 Total derivatives not designated as hedging instruments $ 295,902 $ 3,782 $ 3,628 $ 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 116: Gains (Losses) on Derivatives Not Designated As Hedging Instruments under GAAP Year ended December 31 In millions 2015 2014 2013 Derivatives used for residential mortgage banking activities: Residential mortgage servicing Interest rate contracts $ 103 $ 240 $ (223) Loan sales Interest rate contracts 83 (3) 286 Gains (losses) included in residential mortgage banking activities (a) $ 186 $ 237 $ 63 Derivatives used for commercial mortgage banking activities: Interest rate contracts (b) (c) $ 34 $ 82 $ 12 Credit contracts (c) (1) (2) Gains (losses) from commercial mortgage banking activities $ 34 $ 81 $ 10 Derivatives used for customer-related activities: Interest rate contracts $ 71 $ 41 $ 149 Foreign exchange contracts 79 47 80 Equity contracts (3) Credit contracts (1) (1) (1) Gains (losses) from customer-related activities (c) $ 149 $ 87 $ 225 Derivatives used for other risk management activities: Interest rate contracts $ (19) $ 3 Foreign exchange contracts $ 281 188 2 Other contracts (d) 1 (134) (168) Gains (losses) from other risk management activities (c) $ 282 $ 35 $ (163) Total gains (losses) from derivatives not designated as hedging instruments $ 651 $ 440 $ 135 (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. |
Derivative Assets And Liabilities Offsetting | Table 117: Derivative Assets and Liabilities Offsetting Amounts Securities Collateral Offset on the Held/(Pledged) Consolidated Balance Sheet Under Master December 31, 2015 Gross Fair Value Cash Net Netting Net In millions Fair Value Offset Amount Collateral Fair Value Agreements Amounts Derivative assets Interest rate contracts: Cleared $ 1,003 $ 779 $ 195 $ 29 $ 29 Over-the-counter 3,652 1,645 342 1,665 $ 178 1,487 Foreign exchange contracts 284 129 13 142 2 140 Credit contracts 2 1 1 Total derivative assets $ 4,941 $ 2,554 $ 551 $ 1,836 (a) $ 180 $ 1,656 Derivative liabilities Interest rate contracts: Cleared $ 855 $ 779 $ 57 $ 19 $ 19 Exchange-traded 1 1 1 Over-the-counter 2,276 1,687 530 59 59 Foreign exchange contracts 204 85 20 99 99 Credit contracts 4 3 1 Other contracts 462 462 462 Total derivative liabilities $ 3,802 $ 2,554 $ 608 $ 640 (b) $ 640 December 31, 2014 In millions 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 (c) $ 5,234 $ 2,141 $ 506 $ 2,587 (a) $ 144 $ 2,443 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 (c) $ 4,027 $ 2,141 $ 503 $ 1,383 (b) $ 1,383 (a) Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet. (b) Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet. (c) As of December 31, 2014, cleared derivatives were not subject to offsetting. Gross derivative assets and derivative liabilities for cleared derivatives totaled $807 million and $657 million, respectively, at December 31, 2014. Derivative assets and liabilities related to exchange-traded contracts were not material at December 31, 2014. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings per Share | |
Basic and Diluted Earnings per Common Share | N OTE 15 E ARNINGS P ER S HARE Table 118: Basic and Diluted Earnings per Common Share In millions, except per share data 2015 2014 2013 Basic Net income $ 4,143 $ 4,207 $ 4,212 Less: Net income (loss) attributable to noncontrolling interests 37 23 11 Preferred stock dividends and discount accretion and redemptions 225 237 249 Net income attributable to common shares 3,881 3,947 3,952 Less: Dividends and undistributed earnings allocated to participating securities 17 11 18 Net income attributable to basic common shares $ 3,864 $ 3,936 $ 3,934 Basic weighted-average common shares outstanding 514 529 528 Basic earnings per common share (a) $ 7.52 $ 7.44 $ 7.45 Diluted Net income attributable to basic common shares $ 3,864 $ 3,936 $ 3,934 Less: Impact of BlackRock earnings per share dilution 18 18 18 Net income attributable to diluted common shares $ 3,846 $ 3,918 $ 3,916 Basic weighted-average common shares outstanding 514 529 528 Dilutive potential common shares (b) 7 8 4 Diluted weighted-average common shares outstanding 521 537 532 Diluted earnings per common share (a) $ 7.39 $ 7.30 $ 7.36 (a) Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities). (b) Excludes number of stock options considered to be anti-dilutive of 1 million for 2013. No warrants were considered to be anti-dilutive for 2013. No stock options or warrants were considered to be anti-dilutive for 2014 and 2015. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Preferred Stock - Authorized, Issued and Outstanding [Table Text Block] | Table 119: Preferred Stock - Authorized, Issued and Outstanding Liquidation December 31 value per Preferred Shares Shares in thousands share 2015 2014 Authorized $1 par value 16,588 16,588 Issued and outstanding Series B $ 40 1 1 Series K $ 10,000 50 Series O $ 100,000 10 10 Series P $ 100,000 15 15 Series Q $ 100,000 5 5 Series R $ 100,000 5 5 Total issued and outstanding 36 86 |
Terms Of Outstanding Preferred Stock [Table Text Block] | The following table discloses information related to the preferred stock outstanding as of December 31, 2015. Table 120: Terms of Outstanding Preferred Stock Fractional Interest in a share of Number of preferred stock Depositary represented by Optional Preferred Issue Shares each Depositary Annual Per Share Redemption Stock Date Issued Share Dividend Dates (a) Dividend Rate Date (b) Series B (c) (c) N/A N/A Quarterly from March 10 th $1.80 None Series O (d) July 27, 2011 1 million 1/100 th Semi-annually beginning on February 1, 2012 until August 1, 2021 6.75% until August 1, 2021 August 1, 2021 Quarterly beginning on November 1, 2021 3 Mo. LIBOR plus 3.678% per annum beginning on August 1, 2021 Series P (d) April 24, 2012 60 million 1/4,000 th Quarterly beginning on August 1, 2012 6.125% until May 1, 2022 May 1, 2022 3 Mo. LIBOR plus 4.0675% per annum beginning on May 1, 2022 Series Q (d) September 21, 2012 18 million 1/4,000 th Quarterly beginning on December 1, 2012 5.375% December 1, 2017 October 9, 2012 1.2 million Series R (d) May 7, 2013 500,000 1/100 th Semi-annually beginning on December 1, 2013 until June 1, 2023 4.85% until June 1, 2023 June 1, 2023 Quarterly beginning on September 1, 2023 3 Mo. LIBOR plus 3.04% per annum beginning June 1, 2023 (a) Dividends are payable when, as, and if declared by our Board of Directors or an authorized committee of our Board. (b) Redeemable at PNC's option on or after the date stated. With the exception of the Series B preferred stock, redeemable at PNC's option within 90 days of a regulatory capital treatment event as defined in the designations. (c) Cumulative preferred stock. Holders of Series B preferred stock are entitled to 8 votes per share, which is equal to the number of full shares of common stock into which the Series B preferred stock is convertible. The Series B preferred stock was issued in connection with the consolidation of Pittsburgh National Corporation and Provident National Corporation in 1983. (d) Non-Cumulative preferred stock. |
Summary Of Replacement Capital Covenants Of Perpetual Trust Securities [Table Text Block] | Table 121: Summary of Replacement Capital Covenants of Perpetual Trust Securities Replacement Capital Covenant (RCC) (a) Trust Description of Capital Covenants Trust I RCC Trust I Neither we nor our subsidiaries (other than PNC Bank and its subsidiaries) would purchase the Trust Securities, the LLC Preferred Securities or the PNC Bank Preferred Stock unless such repurchases or redemptions are made from proceeds of the issuance of certain qualified securities and pursuant to the other terms and conditions set forth in the Trust I RCC. Trust II RCC Trust II Until March 29, 2017, neither we nor our subsidiaries would purchase or redeem the Trust II Securities, the LLC Preferred Securities or the Series I Preferred Stock unless such repurchases or redemptions are made from proceeds of the issuance of certain qualified securities and pursuant to the other terms and conditions set forth in the Trust II RCC. (a) As of December 31, 2015, each of the Trust I RCC and the Trust II RCC are for the benefit of PNC Capital Trust C as the sole holder of $200 million of junior subordinated debentures issued in June 1998. See Note 11 Borrowed Funds for additional information regarding these debentures. |
Summary Of Contractual Commitments Of Perpetual Trust Securities [Table Text Block] | Table 122: Summary of Contractual Commitments of Perpetual Trust Securities Trust Description of Restrictions on Dividend Payments (c) Trust I (a) If full dividends are not paid in a dividend period, neither PNC Bank nor its subsidiaries will declare or pay dividends or other distributions with respect to, or redeem, purchase or acquire or make a liquidation payment with respect to, any of its equity capital securities during the next succeeding period (other than to holders of the LLC Preferred Securities and any parity equity securities issued by the LLC). (d) Trust II (b) If full dividends are not paid in a dividend period, PNC will not declare or pay dividends with respect to, or redeem, purchase or acquire, any of its equity capital securities during the next succeeding dividend period. (e) (a) Contractual commitments made by PNC Bank. (b) Contractual commitments made by PNC. (c) Applies to the applicable Trust Securities and the LLC Preferred Securities. (d) Except: (i) in the case of dividends payable to subsidiaries of PNC Bank, to PNC Bank or another wholly-owned subsidiary of PNC Bank or (ii) in the case of dividends payable to persons that are not subsidiaries of PNC Bank, to such persons only if, (A) in the case of a cash dividend, PNC has first irrevocably committed to contribute amounts at least equal to such cash dividend or (B) in the case of in-kind dividends payable by PNC REIT Corp., PNC has committed to purchase such in-kind dividend from the applicable PNC REIT Corp. holders in exchange for a cash payment representing the market value of such in-kind dividend, and PNC has committed to contribute such in-kind dividend to PNC Bank. (e) Except for: (i) purchases, redemptions or other acquisitions of shares of capital stock of PNC in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors or consultants, (ii) purchases of shares of common stock of PNC pursuant to a contractually binding requirement to buy stock existing prior to the commencement of the extension period, including under a contractually binding stock repurchase plan, (iii) any dividend in connection with the implementation of a shareholders' rights plan, or the redemption or repurchase of any rights under any such plan, (iv) as a result of any exchange or conversion of any class or series of PNC's capital stock for any other class or series of PNC's capital stock, (v) the purchase of fractional interests in shares of PNC capital stock pursuant to the conversion or exchange provisions of such stock or the security being converted or exchanged or (vi) any stock dividends paid by PNC where the dividend stock is the same stock as that on which the dividend is being paid. On March 15, 2013 we redeemed all $375 million of the PNC Preferred Funding Trust III securities with a distribution rate of 8.7%. |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Comprehensive Income [Abstract] | |
Other Comprehensive Income | Details of other comprehensive income (loss) are as follows: Table 123: Other Comprehensive Income Year ended December 31 In millions 2015 2014 2013 Net unrealized gains (losses) on non-OTTI securities Increase in net unrealized gains (losses) on non-OTTI securities $ (494) $ 410 $ (1,122) Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 27 31 39 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income 48 4 50 Net increase (decrease), pre-tax (569) 375 (1,211) Effect of income taxes 208 (137) 443 Net increase (decrease), after-tax (361) 238 (768) Net unrealized gains (losses) on OTTI securities Increase in net unrealized gains (losses) on OTTI securities (17) 68 215 Less: OTTI losses realized on securities reclassified to noninterest income (4) (11) (16) Net increase (decrease), pre-tax (13) 79 231 Effect of income taxes 5 (29) (84) Net increase (decrease), after-tax (8) 50 147 Net unrealized gains (losses) on cash flow hedge derivatives Increase in net unrealized gains (losses) on cash flow hedge derivatives 415 431 (141) Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income 270 251 284 Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income 23 12 53 Less: Net gains (losses) realized on sales of securities reclassified to noninterest income (5) 49 Net increase (decrease), pre-tax 127 168 (527) Effect of income taxes (47) (61) 192 Net increase (decrease), after-tax 80 107 (335) Pension and other postretirement benefit plan adjustments Net pension and other postretirement benefit activity (82) (440) 760 Amortization of actuarial loss (gain) reclassified to other noninterest expense 38 4 103 Amortization of prior service cost (credit) reclassified to other noninterest expense (10) (10) (11) Net increase (decrease), pre-tax (54) (446) 852 Effect of income taxes 20 163 (312) Net increase (decrease), after-tax (34) (283) 540 Other PNC's portion of BlackRock's OCI (39) (36) 15 Net investment hedge derivatives 60 54 (21) Foreign currency translation adjustments (a) (63) (57) 27 Net increase (decrease), pre-tax (42) (39) 21 Effect of income taxes (a) (8) (6) (3) Net increase (decrease), after-tax (50) (45) 18 Total other comprehensive income, pre-tax (551) 137 (634) Total other comprehensive income, tax effect 178 (70) 236 Total other comprehensive income, after-tax $ (373) $ 67 $ (398) (a) 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 124: Accumulated Other Comprehensive Income (Loss) Components In millions, after-tax Net unrealized gains (losses) on non-OTTI securities Net unrealized gains (losses) on OTTI securities Net unrealized gains (losses) on cash flow hedge derivatives Pension and other postretirement benefit plan adjustments Other Total Balance at December 31, 2012 $ 1,177 $ (123) $ 578 $ (777) $ (21) $ 834 Net activity (768) 147 (335) 540 18 (398) Balance at December 31, 2013 $ 409 $ 24 $ 243 $ (237) $ (3) $ 436 Net activity 238 50 107 (283) (45) 67 Balance at December 31, 2014 $ 647 $ 74 $ 350 $ (520) $ (48) $ 503 Net Activity (361) (8) 80 (34) (50) (373) Balance at December 31, 2015 $ 286 $ 66 $ 430 $ (554) $ (98) $ 130 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Components of Income Tax Expense | Table 125 : Components of Income Tax Expense Year ended December 31 In millions 2015 2014 2013 Current Federal $ 927 $ 1,084 $ 263 State 33 68 17 Total current 960 1,152 280 Deferred Federal 320 220 1,119 State 84 35 77 Total deferred 404 255 1,196 Total $ 1,364 $ 1,407 $ 1,476 |
Deferred Tax Assets and Liabilities | Table 126 : Deferred Tax Assets and Liabilities December 31 - in millions 2015 2014 Deferred tax assets Allowance for loan and lease losses $ 1,032 $ 1,250 Compensation and benefits 654 822 Partnership investments 295 247 Loss and credit carryforward 502 545 Accrued expenses 542 581 Other 320 290 Total gross deferred tax assets 3,345 3,735 Valuation allowance (61) (65) Total deferred tax assets 3,284 3,670 Deferred tax liabilities Leasing 1,413 1,494 Goodwill and intangibles 320 328 Fixed assets 391 381 Net unrealized gains on securities and financial instruments 453 619 BlackRock basis difference 2,327 2,166 Other 542 619 Total deferred tax liabilities 5,446 5,607 Net deferred tax liability $ 2,162 $ 1,937 |
Reconciliation of Statutory and Effective Tax Rates | Table 127 : Reconciliation of Statutory and Effective Tax Rates Year ended December 31 2015 2014 2013 Statutory tax rate 35.0 % 35.0 % 35.0 % Increases (decreases) resulting from State taxes net of federal benefit 1.4 1.2 1.1 Tax-exempt interest (2.3) (2.2) (1.9) Life insurance (1.7) (1.7) (1.7) Dividend received deduction (1.7) (1.5) (1.2) Tax credits (3.9) (4.4) (3.7) Other (2.0) (a) (1.3) (1.7) Effective tax rate 24.8 % 25.1 % 25.9 % (a) Includes tax benefits associated with settlement of acquired entity tax contingencies. |
Net Operating Loss Carryforwards and Tax Credit Carryforwards | Table 128 : Net Operating Loss Carryforwards and Tax Credit Carryforwards December 31 December 31 In millions 2015 2014 Net Operating Loss Carryforwards: Federal $ 878 $ 997 State $ 2,272 $ 2,594 Tax Credit Carryforwards: Federal $ 64 $ 35 State $ 3 $ 7 |
Change in Unrecognized Tax Benefits | Table 129 : Change in Unrecognized Tax Benefits In millions 2015 2014 2013 Balance of gross unrecognized tax benefits at January 1 $ 77 $ 110 $ 176 Increases: Positions taken during a prior period 17 11 Decreases: Positions taken during a prior period (9) (27) (22) Settlements with taxing authorities (52) (1) (48) Reductions resulting from lapse of statute of limitations (7) (5) (7) Balance of gross unrecognized tax benefits at December 31 $ 26 $ 77 $ 110 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Basel Regulatory Capital | Table 130: Basel Regulatory Capital (a) Amount Ratios December 31 Dollars in millions 2015 2014 2015 2014 Risk-based capital Common equity Tier 1 (b) PNC $ 31,493 N/A 10.6 % N/A PNC Bank 27,484 N/A 9.7 N/A Tier 1 PNC 35,522 $ 35,687 12.0 12.6 % PNC Bank 29,425 29,328 10.4 10.7 Total PNC 43,260 44,782 14.6 15.8 PNC Bank 36,482 37,559 12.9 13.7 Leverage PNC 35,522 35,687 10.1 10.8 PNC Bank 29,425 29,328 8.7 9.2 (a) Calculated using the Transitional Basel III regulatory capital methodology applicable to PNC during both 2015 and 2014. (b) For 2014, Common equity Tier 1 was not applicable to U.S. regulatory capital ratio requirements for "well capitalized." |
Commitments And Guarantees (Tab
Commitments And Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Guarantees [Abstract] | |
Commitments to Extend Credit and Other Commitments | Table 131: Commitments to Extend Credit and Other Commitments December 31 December 31 In millions 2015 2014 Commitments to extend credit Total commercial lending $ 101,252 $ 98,742 Home equity lines of credit 17,268 17,839 Credit card 19,937 17,833 Other 4,032 4,178 Total commitments to extend credit 142,489 138,592 Net outstanding standby letters of credit (a) 8,765 9,991 Reinsurance agreements (b) 2,010 4,297 Standby bond purchase agreements (c) 911 1,095 Other commitments (d) 966 962 Total commitments to extend credit and other commitments $ 155,141 $ 154,937 (a) Net outstanding standby letters of credit include $4.7 billion and $5.2 billion which support remarketing programs at December 31, 2015 and December 31, 2014, respectively. (b) Represents aggregate maximum exposure up to the specified limits of the reinsurance contracts, and reflects estimates based on availability of financial information from insurance carriers. As of December 31, 2015 the aggregate maximum exposure amount comprised $1.6 billion for accidental death & dismemberment contracts and $.4 billion for credit life, accident & health contracts. The comparative amount as of December 31, 2014 included $1.8 billion for accidental death & dismemberment, $.5 billion for credit life, accident & health and $2.0 billion related to lender placed hazard contracts. (c) We enter into standby bond purchase agreements to support municipal bond obligations. (d) Includes $.5 billion and $.4 billion related to investments in qualified affordable housing projects at December 31, 2015 and December 31, 2014, respectively. |
Internal Credit Ratings Related to Net Outstanding Standby Letters of Credit | Table 132: Internal Credit Ratings Related to Net Outstanding Standby Letters of Credit December 31 December 31 2015 2014 Internal credit ratings (as a percentage of portfolio): Pass (a) 93 % 95 % Below pass (b) 7 % 5 % (a) Indicates that expected risk of loss is currently low. (b) Indicates a higher degree of risk of default. |
Resale and Repurchase Agreements Offsetting | Table 133: 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 December 31, 2015 $ 1,082 $ 1,082 $ 1,008 $ 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 (a) Agreements (b) Amounts (d) Repurchase Agreements December 31, 2015 $ 1,767 (e) $ 1,767 $ 1,014 $ 753 December 31, 2014 $ 3,406 $ 3,406 $ 2,580 $ 826 (a) Resale agreements are included on the Consolidated Balance Sheet in Federal funds sold and resale agreements. Amounts in the table above exclude fair value adjustments of $4 million and $7 million at December 31, 2015 and December 31, 2014, respectively, related to structured resale agreements that we have elected to account for at fair value. See Note 7 Fair Value for additional information. Repurchase agreements are included on the Consolidated Balance Sheet in Federal funds purchased and repurchase agreements. (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 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 December 31, 2015 and December 31, 2014. (e) Repurchase agreements have remaining contractual maturities that are classified as overnight or continuous. As of December 31, 2015, the collateral pledged under these agreements consisted primarily of residential mortgage -backed agency securities. |
Parent Company (Tables)
Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Parent Company [Abstract] | |
Income Statement - Parent Company | N OTE 22 P ARENT C OMPANY Summarized financial information of the parent company is as follows: Table 134: Parent Company – Income Statement Year ended December 31 - in millions 2015 2014 2013 Operating Revenue Dividends from: Bank subsidiaries and bank holding company $ 3,110 $ 3,115 $ 3,105 Non-bank subsidiaries 49 115 205 Interest income 5 4 Noninterest income 14 30 28 Total operating revenue 3,178 3,264 3,338 Operating Expense Interest expense 78 97 107 Other expense 88 127 93 Total operating expense 166 224 200 Income before income taxes and equity in undistributed net income of subsidiaries 3,012 3,040 3,138 Income tax benefits (99) (61) (89) Income before equity in undistributed net income of subsidiaries 3,111 3,101 3,227 Equity in undistributed net income of subsidiaries: Bank subsidiaries and bank holding company 736 854 845 Non-bank subsidiaries 259 229 129 Net income $ 4,106 $ 4,184 $ 4,201 Other comprehensive income, net of tax: Net pension and other postretirement benefit plan activity arising during the period (3) (17) 34 Other comprehensive income (loss) (3) (17) 34 Comprehensive income $ 4,103 $ 4,167 $ 4,235 |
Balance Sheet - Parent company | Table 135: Parent Company – Balance Sheet December 31 - in millions 2015 2014 Assets Cash held at banking subsidiary $ 1 $ 1 Restricted deposits with banking subsidiary 400 Nonrestricted interest-earning deposits 1,147 2,013 Restricted interest-earning deposits 300 Investments in: Bank subsidiaries and bank holding company 41,919 41,537 Non-bank subsidiaries 2,742 2,480 Other assets 1,460 1,399 Total assets $ 47,569 $ 47,830 Liabilities Subordinated debt (a) $ 1,639 $ 1,618 Senior debt 497 889 Bank affiliate borrowings 95 102 Accrued expenses and other liabilities 628 670 Total liabilities 2,859 3,279 Equity Shareholders' equity 44,710 44,551 Total liabilities and equity $ 47,569 $ 47,830 (a) At December 31, 2015, debt that contractually matures in 2016 through 2020 totaled zero, zero, zero, $700 million (subordinated debt) and zero. |
Interest Paid and Income Tax Refunds (Payments) - Parent company | Table 136: Parent Company – Interest Paid and Income Tax Refunds (Payments) Income Tax Interest Refunds / Year ended December 31 - in millions Paid (Payments) 2015 $ 106 $ 72 2014 $ 103 $ (13) 2013 $ 117 $ 91 |
Statement of Cash Flows - Parent company | Table 137: Parent Company – Statement of Cash Flows Year ended December 31 - in millions 2015 2014 2013 Operating Activities Net income $ 4,106 $ 4,184 $ 4,201 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net earnings of subsidiaries (995) (1,083) (974) Other 163 118 152 Net cash provided (used) by operating activities 3,274 3,219 3,379 Investing Activities Net capital returned from (contributed to) subsidiaries 87 Net change in Restricted deposits with banking subsidiary 400 Net change in nonrestricted interest-earning deposits 866 (1,792) (214) Net change in restricted interest-earning deposits (300) Other (81) (79) (60) Net cash provided (used) by investing activities 885 (1,871) (187) Financing Activities Borrowings from subsidiaries 1,593 2,430 3,624 Repayments on borrowings from subsidiaries (1,599) (2,392) (5,767) Other borrowed funds (382) 770 (467) Preferred stock – Other issuances 495 Preferred stock – Other redemptions (500) (150) Common and treasury stock issuances 139 252 244 Acquisition of treasury stock (2,152) (1,176) (24) Preferred stock cash dividends paid (219) (232) (237) Common stock cash dividends paid (1,039) (1,000) (911) Net cash provided (used) by financing activities (4,159) (1,348) (3,193) Increase (decrease) in cash and due from banks (1) Cash held at banking subsidiary at beginning of year 1 1 2 Cash held at banking subsidiary at end of year $ 1 $ 1 $ 1 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Results of Businesses | Table 138: Results Of Businesses Corporate & Asset Residential Non-Strategic Year ended December 31 Retail Institutional Management Mortgage Assets In millions Banking Banking Group Banking BlackRock Portfolio Other Consolidated 2015 Income Statement Net interest income $ 4,224 $ 3,365 $ 292 $ 121 $ 392 $ (116) $ 8,278 Noninterest income 2,223 1,935 869 613 $ 717 53 537 6,947 Total revenue 6,447 5,300 1,161 734 717 445 421 15,225 Provision for credit losses (benefit) 259 106 9 2 (114) (7) 255 Depreciation and amortization 169 145 44 15 436 809 Other noninterest expense 4,592 2,003 802 676 83 498 8,654 Income (loss) before income taxes and noncontrolling interests 1,427 3,046 306 41 717 476 (506) 5,507 Income taxes (benefit) 520 1,015 112 15 169 175 (642) 1,364 Net income $ 907 $ 2,031 $ 194 $ 26 $ 548 $ 301 $ 136 $ 4,143 Inter-segment revenue $ 1 $ 24 $ 9 $ 20 $ 15 $ (8) $ (61) Average Assets (a) $ 73,240 $ 132,032 $ 7,920 $ 6,840 $ 6,983 $ 6,706 $ 121,243 $ 354,964 2014 Income Statement Net interest income $ 3,923 $ 3,605 $ 289 $ 149 $ 547 $ 12 $ 8,525 Noninterest income 2,125 1,743 818 651 $ 703 40 770 6,850 Total revenue 6,048 5,348 1,107 800 703 587 782 15,375 Provision for credit losses (benefit) 277 107 (1) (2) (119) 11 273 Depreciation and amortization 176 135 42 12 411 776 Other noninterest expense 4,449 1,929 779 734 125 696 8,712 Income (loss) before income taxes and noncontrolling interests 1,146 3,177 287 56 703 581 (336) 5,614 Income taxes (benefit) 418 1,071 106 21 173 214 (596) 1,407 Net income $ 728 $ 2,106 $ 181 $ 35 $ 530 $ 367 $ 260 $ 4,207 Inter-segment revenue $ 2 $ 23 $ 11 $ 17 $ 16 $ (10) $ (59) Average Assets (a) $ 75,046 $ 122,927 $ 7,745 $ 7,857 $ 6,640 $ 8,338 $ 99,300 $ 327,853 2013 Income Statement Net interest income $ 4,077 $ 3,680 $ 288 $ 194 $ 689 $ 219 $ 9,147 Noninterest income 2,021 1,702 752 906 $ 621 53 810 6,865 Total revenue 6,098 5,382 1,040 1,100 621 742 1,029 16,012 Provision for credit losses (benefit) 657 (25) 10 21 (21) 1 643 Depreciation and amortization 186 128 42 11 348 715 Other noninterest expense 4,390 1,871 732 834 163 976 8,966 Income (loss) before income taxes and noncontrolling interests 865 3,408 256 234 621 600 (296) 5,688 Income taxes (benefit) 315 1,144 94 86 152 221 (536) 1,476 Net income $ 550 $ 2,264 $ 162 $ 148 $ 469 $ 379 $ 240 $ 4,212 Inter-segment revenue $ 3 $ 28 $ 12 $ 8 $ 17 $ (10) $ (58) Average Assets (a) $ 74,971 $ 112,970 $ 7,366 $ 9,896 $ 6,272 $ 9,987 $ 84,202 $ 305,664 (a) Period-end balances for BlackRock. |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Charge off threshold - small business commercial loans | $ 1,000,000 | |
Derecognition of ALLL associated with purchased impaired loans | 468,000,000 | |
Effect of adopting ASU 2015-07 [Member] | Indirect Investments Equity [Member] | Level 3 [Member] | ||
Equity investments | $ 347,000,000 | $ 469,000,000 |
Loan Sale and Servicing Activ54
Loan Sale and Servicing Activities and Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] | ||
Balance Of Removal Of Account Provision Asset And Liability | $ 120 | $ 136 |
Liability related to investments in low income housing tax credits | $ 500 |
Loan Sale and Servicing Activ55
Loan Sale and Servicing Activities and Variable Interest Entities (Cash Flows Associated with Loan Sale and Servicing Activities) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Residential Mortgages [Member] | ||
Carrying value of mortgage-backed securities held | $ 6,600,000,000 | $ 3,400,000,000 |
Cash flows from sales of loans | 8,121,000,000 | 8,344,000,000 |
Cash flows from repurchases of previously transferred loans | 580,000,000 | 744,000,000 |
Cash flows from servicing fees | 339,000,000 | 346,000,000 |
Cash flows from servicing advances recovered | 90,000,000 | 70,000,000 |
Cash flows on mortgage-backed securities held | 1,458,000,000 | 934,000,000 |
Commercial Mortgages [Member] | ||
Carrying value of mortgage-backed securities held | 1,300,000,000 | 1,300,000,000 |
Cash flows from sales of loans | 4,398,000,000 | 3,469,000,000 |
Cash flows from servicing fees | 120,000,000 | 132,000,000 |
Cash flows from servicing advances recovered | 48,000,000 | 113,000,000 |
Cash flows on mortgage-backed securities held | 184,000,000 | 308,000,000 |
Home Equity Loans Lines [Member] | ||
Cash flows from repurchases of previously transferred loans | 135,000,000 | 14,000,000 |
Cash flows from servicing fees | 15,000,000 | 19,000,000 |
Cash flows from servicing advances recovered | $ 3,000,000 | |
Cash flows from servicing advances (funded) | $ (20,000,000) |
Loan Sale and Servicing Activ56
Loan Sale and Servicing Activities and Variable Interest Entities (Principal Balance, Delinquent Loans (Loans 90 Days or More Past Due), and Net Charge-Offs Related to Serviced Loans) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Residential Mortgages [Member] | ||
Total principal balance | $ 72,898 | $ 79,108 |
Delinquent loans | 1,923 | 2,657 |
Net charge-offs | 117 | 136 |
Commercial Mortgages [Member] | ||
Total principal balance | 53,789 | 60,873 |
Delinquent loans | 1,057 | 707 |
Net charge-offs | 595 | 1,288 |
Home Equity Loans Lines [Member] | ||
Total principal balance | 2,806 | 3,833 |
Delinquent loans | 904 | 1,303 |
Net charge-offs | $ 28 | $ 61 |
Loan Sale and Servicing Activ57
Loan Sale and Servicing Activities and Variable Interest Entities (Consolidated VIEs - Carrying Value) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Cash and due from banks | $ 4,065,000,000 | [1] | $ 4,360,000,000 | [1] | $ 4,043,000,000 | $ 5,220,000,000 | |
Interest-earning deposits with banks | [1] | 30,546,000,000 | 31,779,000,000 | ||||
Loans (b) | 206,696,000,000 | [2] | 204,817,000,000 | [2] | 195,613,000,000 | ||
Allowance for loan and lease losses | (2,727,000,000) | (3,331,000,000) | $ (3,609,000,000) | $ (4,036,000,000) | |||
Equity investments | [1] | 10,587,000,000 | 10,728,000,000 | ||||
Other assets | [1],[2] | 23,092,000,000 | 23,482,000,000 | ||||
Total assets | 358,493,000,000 | 345,072,000,000 | |||||
Other borrowed funds | [3],[4] | 2,779,000,000 | 3,357,000,000 | ||||
Accrued expenses | [4] | 4,975,000,000 | 5,187,000,000 | ||||
Other liabilities | [4] | 3,743,000,000 | 4,550,000,000 | ||||
Total liabilities | 312,513,000,000 | 298,998,000,000 | |||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Cash and due from banks | [1] | 11,000,000 | 6,000,000 | ||||
Interest-earning deposits with banks | [1] | 4,000,000 | 6,000,000 | ||||
Loans (b) | 1,341,000,000 | 1,606,000,000 | |||||
Allowance for loan and lease losses | (48,000,000) | (50,000,000) | |||||
Equity investments | [1] | 183,000,000 | 492,000,000 | ||||
Other assets | [1] | 402,000,000 | 483,000,000 | ||||
Total assets | 1,893,000,000 | 2,543,000,000 | |||||
Other borrowed funds | [4] | 148,000,000 | 347,000,000 | ||||
Accrued expenses | [4] | 44,000,000 | 70,000,000 | ||||
Other liabilities | [4] | 202,000,000 | 206,000,000 | ||||
Total liabilities | 394,000,000 | 623,000,000 | |||||
Variable Interest Entity, Primary Beneficiary [Member] | Credit Card and Other Securitization Trusts [Member] | |||||||
Loans (b) | 1,335,000,000 | 1,606,000,000 | |||||
Allowance for loan and lease losses | (48,000,000) | (50,000,000) | |||||
Other assets | 22,000,000 | 31,000,000 | |||||
Total assets | 1,309,000,000 | 1,587,000,000 | |||||
Other borrowed funds | 166,000,000 | ||||||
Total liabilities | 166,000,000 | ||||||
Variable Interest Entity, Primary Beneficiary [Member] | Tax Credit Investments | |||||||
Cash and due from banks | 11,000,000 | 6,000,000 | |||||
Interest-earning deposits with banks | 4,000,000 | 6,000,000 | |||||
Loans (b) | 6,000,000 | ||||||
Equity investments | 183,000,000 | 492,000,000 | |||||
Other assets | 380,000,000 | 452,000,000 | |||||
Total assets | 584,000,000 | 956,000,000 | |||||
Other borrowed funds | 148,000,000 | 181,000,000 | |||||
Accrued expenses | 44,000,000 | 70,000,000 | |||||
Other liabilities | 202,000,000 | 206,000,000 | |||||
Total liabilities | $ 394,000,000 | $ 457,000,000 | |||||
[1] | Our consolidated assets at December 31, 2015 included the following assets of certain variable interest entities (VIEs): Cash and due from banks of $11 million, Interest-earning deposits with banks of $4 million, Net loans of $1.3 billion, Equity investments of $183 million, and Other assets of $402 million. Our consolidated assets at December 31, 2014 included the following assets of certain VIEs: Cash and due from banks of $6 million, Interest-earning deposits with banks of $6 million, Net loans of $1.6 billion, Equity investments of $492 million, and Other assets of $483 million. | ||||||
[2] | Our consolidated assets at December 31, 2015 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $137 million, Loans held for sale of $1.5 billion, Loans of $.9 billion, and Other assets of $521 million. Our consolidated assets at December 31, 2014 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $155 million, Loans held for sale of $2.2 billion, Loans of $1.0 billion, and Other assets of $412 million. | ||||||
[3] | Our consolidated liabilities at December 31, 2015 and December 31, 2014 included Other borrowed funds of $93 million and $273 million, respectively, for which we have elected the fair value option. | ||||||
[4] | Our consolidated liabilities at December 31, 2015 included the following liabilities of certain VIEs: Other borrowed funds of $148 million, Accrued expenses of $44 million, and Other liabilities of $202 million. Our consolidated liabilities at December 31, 2014 included the following liabilities of certain VIEs: Other borrowed funds of $347 million, Accrued expenses of $70 million, and Other liabilities of $206 million. |
Loan Sale and Servicing Activ58
Loan Sale and Servicing Activities and Variable Interest Entities (Non-Consolidated VIEs) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
PNC Risk of Loss | $ 10,729,000,000 | $ 7,205,000,000 |
Carrying Value of Assets Owned by PNC | 10,800,000,000 | 7,239,000,000 |
Carrying Value of Liabilities Owned by PNC | 838,000,000 | 782,000,000 |
Commercial Mortgage-Backed Securitizations [Member] | ||
PNC Risk of Loss | 1,498,000,000 | 1,550,000,000 |
Carrying Value of Assets Owned by PNC | 1,498,000,000 | 1,550,000,000 |
Carrying Value of Liabilities Owned by PNC | 1,000,000 | 1,000,000 |
Residential Mortgage-Backed Securitizations [Member] | ||
PNC Risk of Loss | 6,680,000,000 | 3,385,000,000 |
Carrying Value of Assets Owned by PNC | 6,680,000,000 | 3,385,000,000 |
Carrying Value of Liabilities Owned by PNC | 1,000,000 | 4,000,000 |
Tax Credit Investments And Other [Member] | ||
PNC Risk of Loss | 2,551,000,000 | 2,270,000,000 |
Carrying Value of Assets Owned by PNC | 2,622,000,000 | 2,304,000,000 |
Carrying Value of Liabilities Owned by PNC | $ 836,000,000 | $ 777,000,000 |
Asset Quality (Narrative) (Deta
Asset Quality (Narrative) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Troubled debt restructurings (TDRs) | $ 2,351,000,000 | $ 2,583,000,000 | |
Nonperforming loans | 2,126,000,000 | 2,510,000,000 | |
TDRs [Member] | |||
Associated Allowance for TDRs | 319,000,000 | 386,000,000 | $ 470,000,000 |
Nonperforming [Member] | |||
Troubled debt restructurings (TDRs) | 1,119,000,000 | 1,370,000,000 | |
Performing, including Consumer Credit Card TDRs [Member] | |||
Troubled debt restructurings (TDRs) | 1,232,000,000 | 1,213,000,000 | |
Excluded from impaired loans due to authoritative lease accounting guidance [Member] | Equipment Lease Financing [Member] | |||
Nonperforming loans | 7,000,000 | 2,000,000 | |
Federal Reserve Bank [Member] | |||
Loans pledged as collateral for contingent borrowings | 20,200,000,000 | 19,200,000,000 | |
Federal Home Loan Bank [Member] | |||
Loans pledged as collateral for contingent borrowings | $ 56,400,000,000 | $ 52,800,000,000 |
Asset Quality (Analysis of Loan
Asset Quality (Analysis of Loan Portfolio) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 206,696,000,000 | [1] | $ 204,817,000,000 | [1] | $ 195,613,000,000 |
Percentage Of Total Loans | 100.00% | 100.00% | |||
Unearned income, net deferred loan fees, unamortized discounts and premiums, and purchase discounts and premiums | $ 1,400,000,000 | $ 1,700,000,000 | |||
Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 199,183,000,000 | $ 195,234,000,000 | |||
Percentage Of Total Loans | 96.36% | 95.32% | |||
30-59 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 511,000,000 | $ 582,000,000 | |||
Percentage Of Total Loans | 0.25% | 0.28% | |||
60-89 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 248,000,000 | $ 259,000,000 | |||
Percentage Of Total Loans | 0.12% | 0.13% | |||
90 Days or More Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 881,000,000 | $ 1,105,000,000 | |||
Percentage Of Total Loans | 0.43% | 0.54% | |||
Total Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 1,640,000,000 | $ 1,946,000,000 | |||
Percentage Of Total Loans | 0.80% | 0.95% | |||
Nonperforming Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 2,126,000,000 | $ 2,510,000,000 | |||
Percentage Of Total Loans | 1.03% | 1.23% | |||
Fair Value Option Nonaccrual Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 225,000,000 | $ 269,000,000 | |||
Percentage Of Total Loans | 0.11% | 0.13% | |||
Purchased Impaired Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 3,522,000,000 | $ 4,858,000,000 | |||
Percentage Of Total Loans | 1.70% | 2.37% | |||
Total commercial lending [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 133,544,000,000 | $ 128,368,000,000 | 117,145,000,000 | ||
Total commercial lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 132,649,000,000 | 127,261,000,000 | |||
Total commercial lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 98,000,000 | 107,000,000 | |||
Total commercial lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 38,000,000 | 27,000,000 | |||
Total commercial lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 45,000,000 | 37,000,000 | |||
Total commercial lending [Member] | Total Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 181,000,000 | 171,000,000 | |||
Total commercial lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 545,000,000 | 626,000,000 | |||
Total commercial lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 169,000,000 | 310,000,000 | |||
Total consumer lending [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 73,152,000,000 | 76,449,000,000 | $ 78,468,000,000 | ||
Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 66,534,000,000 | 67,973,000,000 | |||
Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 413,000,000 | 475,000,000 | |||
Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 210,000,000 | 232,000,000 | |||
Total consumer lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 836,000,000 | 1,068,000,000 | |||
Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1,459,000,000 | 1,775,000,000 | |||
Total consumer lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1,581,000,000 | 1,884,000,000 | |||
Total consumer lending [Member] | Fair Value Option Nonaccrual Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 225,000,000 | 269,000,000 | |||
Total consumer lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 3,353,000,000 | 4,548,000,000 | |||
Commercial [Member] | Total commercial lending [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 98,608,000,000 | 97,420,000,000 | |||
Commercial [Member] | Total commercial lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 98,075,000,000 | 96,922,000,000 | |||
Commercial [Member] | Total commercial lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 69,000,000 | 73,000,000 | |||
Commercial [Member] | Total commercial lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 32,000,000 | 24,000,000 | |||
Commercial [Member] | Total commercial lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 45,000,000 | 37,000,000 | |||
Commercial [Member] | Total commercial lending [Member] | Total Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 146,000,000 | 134,000,000 | |||
Commercial [Member] | Total commercial lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 351,000,000 | 290,000,000 | |||
Commercial [Member] | Total commercial lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 36,000,000 | 74,000,000 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 27,468,000,000 | 23,262,000,000 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 27,134,000,000 | 22,667,000,000 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 10,000,000 | 23,000,000 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 4,000,000 | 2,000,000 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | Total Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 14,000,000 | 25,000,000 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 187,000,000 | 334,000,000 | |||
Commercial Real Estate [Member] | Total commercial lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 133,000,000 | 236,000,000 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 7,468,000,000 | 7,686,000,000 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 7,440,000,000 | 7,672,000,000 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 19,000,000 | 11,000,000 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 2,000,000 | 1,000,000 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | Total Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 21,000,000 | 12,000,000 | |||
Equipment Lease Financing [Member] | Total commercial lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 7,000,000 | 2,000,000 | |||
Home Equity [Member] | Total consumer lending [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 32,133,000,000 | 34,677,000,000 | |||
Home Equity [Member] | Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 29,656,000,000 | 31,474,000,000 | |||
Home Equity [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 63,000,000 | 70,000,000 | |||
Home Equity [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 30,000,000 | 32,000,000 | |||
Home Equity [Member] | Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 93,000,000 | 102,000,000 | |||
Home Equity [Member] | Total consumer lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 977,000,000 | 1,112,000,000 | |||
Home Equity [Member] | Total consumer lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1,407,000,000 | 1,989,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 14,411,000,000 | 14,407,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 10,918,000,000 | 9,900,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 142,000,000 | 163,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | Government Insured or Guaranteed Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 56,000,000 | 68,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 65,000,000 | 68,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | Government Insured or Guaranteed Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 45,000,000 | 43,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 566,000,000 | 742,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | 90 Days or More Past Due [Member] | Government Insured or Guaranteed Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 545,000,000 | 719,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 773,000,000 | 973,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 549,000,000 | 706,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Fair Value Option Nonaccrual Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 225,000,000 | 269,000,000 | |||
Residential Real Estate [Member] | Total consumer lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1,946,000,000 | 2,559,000,000 | |||
Credit Card [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 4,862,000,000 | 4,612,000,000 | |||
Credit Card [Member] | Total consumer lending [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 4,862,000,000 | 4,612,000,000 | |||
Credit Card [Member] | Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 4,779,000,000 | 4,528,000,000 | |||
Credit Card [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 28,000,000 | 28,000,000 | |||
Credit Card [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 19,000,000 | 20,000,000 | |||
Credit Card [Member] | Total consumer lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 33,000,000 | 33,000,000 | |||
Credit Card [Member] | Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 80,000,000 | 81,000,000 | |||
Credit Card [Member] | Total consumer lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 3,000,000 | 3,000,000 | |||
Other Consumer [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 21,746,000,000 | 22,753,000,000 | |||
Other Consumer [Member] | Total consumer lending [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 21,746,000,000 | 22,753,000,000 | |||
Other Consumer [Member] | Total consumer lending [Member] | Current or Less Than 30 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 21,181,000,000 | 22,071,000,000 | |||
Other Consumer [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 180,000,000 | 214,000,000 | |||
Other Consumer [Member] | Total consumer lending [Member] | 30-59 Days Past Due [Member] | Government Insured or Guaranteed Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 116,000,000 | 152,000,000 | |||
Other Consumer [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 96,000,000 | 112,000,000 | |||
Other Consumer [Member] | Total consumer lending [Member] | 60-89 Days Past Due [Member] | Government Insured or Guaranteed Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 75,000,000 | 93,000,000 | |||
Other Consumer [Member] | Total consumer lending [Member] | 90 Days or More Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 237,000,000 | 293,000,000 | |||
Other Consumer [Member] | Total consumer lending [Member] | 90 Days or More Past Due [Member] | Government Insured or Guaranteed Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 220,000,000 | 277,000,000 | |||
Other Consumer [Member] | Total consumer lending [Member] | Total Past Due [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 513,000,000 | 619,000,000 | |||
Other Consumer [Member] | Total consumer lending [Member] | Nonperforming Loans [Member] | |||||
Financing Receivable. Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 52,000,000 | $ 63,000,000 | |||
[1] | Our consolidated assets at December 31, 2015 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $137 million, Loans held for sale of $1.5 billion, Loans of $.9 billion, and Other assets of $521 million. Our consolidated assets at December 31, 2014 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $155 million, Loans held for sale of $2.2 billion, Loans of $1.0 billion, and Other assets of $412 million. |
Asset Quality (Nonperforming As
Asset Quality (Nonperforming Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Nonperforming loans | $ 2,126 | $ 2,510 |
Other real estate owned (OREO) | 279 | 351 |
Foreclosed and other assets | 20 | 19 |
Total OREO and foreclosed assets | 299 | 370 |
Total nonperforming assets | $ 2,425 | $ 2,880 |
Nonperforming loans to total loans | 1.03% | 1.23% |
Nonperforming assets to total loans, OREO and foreclosed assets | 1.17% | 1.40% |
Nonperforming assets to total assets | 0.68% | 0.83% |
Interest on nonperforming loans - Computed on original terms | $ 115 | $ 125 |
Interest on nonperforming loans - Recognized prior to nonperforming status | 22 | 25 |
Mortgage loans in process of foreclosure | 600 | 800 |
Government Insured or Guaranteed Loans [Member] | ||
Mortgage loans in process of foreclosure | 300 | 500 |
Total commercial lending [Member] | ||
Nonperforming loans | 545 | 626 |
Total consumer lending [Member] | ||
Nonperforming loans | $ 1,581 | $ 1,884 |
Asset Quality (Commercial Lendi
Asset Quality (Commercial Lending Asset Quality Indicators) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Financing Receivable, Recorded Investment [Line Items] | |||||
Purchased impaired loans | $ 3,522,000,000 | $ 4,858,000,000 | $ 6,106,000,000 | ||
Total Loans | 206,696,000,000 | [1] | 204,817,000,000 | [1] | 195,613,000,000 |
Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Purchased impaired loans | 169,000,000 | 310,000,000 | 673,000,000 | ||
Total Loans | 133,544,000,000 | 128,368,000,000 | $ 117,145,000,000 | ||
Total commercial lending [Member] | Commercial [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 98,572,000,000 | 97,347,000,000 | |||
Purchased impaired loans | 36,000,000 | 74,000,000 | |||
Total Loans | 98,608,000,000 | 97,420,000,000 | |||
Total commercial lending [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 27,335,000,000 | 23,025,000,000 | |||
Purchased impaired loans | 133,000,000 | 236,000,000 | |||
Total Loans | 27,468,000,000 | 23,262,000,000 | |||
Total commercial lending [Member] | Equipment Lease Financing [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 7,468,000,000 | 7,686,000,000 | |||
Total Loans | 7,468,000,000 | 7,686,000,000 | |||
Pass [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | 127,323,000,000 | 122,468,000,000 | |||
Pass [Member] | Total commercial lending [Member] | Commercial [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 93,364,000,000 | 92,884,000,000 | |||
Pass [Member] | Total commercial lending [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 26,729,000,000 | 22,066,000,000 | |||
Pass [Member] | Total commercial lending [Member] | Equipment Lease Financing [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 7,230,000,000 | 7,518,000,000 | |||
Special Mention [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Purchased impaired loans | 6,000,000 | 4,000,000 | |||
Total Loans | 2,242,000,000 | 2,346,000,000 | |||
Special Mention [Member] | Total commercial lending [Member] | Commercial [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 2,029,000,000 | 1,984,000,000 | |||
Special Mention [Member] | Total commercial lending [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 120,000,000 | 285,000,000 | |||
Special Mention [Member] | Total commercial lending [Member] | Equipment Lease Financing [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 87,000,000 | 73,000,000 | |||
Substandard [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Purchased impaired loans | 157,000,000 | 280,000,000 | |||
Total Loans | 3,877,000,000 | 3,436,000,000 | |||
Substandard [Member] | Total commercial lending [Member] | Commercial [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 3,089,000,000 | 2,424,000,000 | |||
Substandard [Member] | Total commercial lending [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 481,000,000 | 639,000,000 | |||
Substandard [Member] | Total commercial lending [Member] | Equipment Lease Financing [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 150,000,000 | 93,000,000 | |||
Doubtful [Member] | Total commercial lending [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Purchased impaired loans | 6,000,000 | 26,000,000 | |||
Total Loans | 102,000,000 | 118,000,000 | |||
Doubtful [Member] | Total commercial lending [Member] | Commercial [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 90,000,000 | 55,000,000 | |||
Doubtful [Member] | Total commercial lending [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 5,000,000 | 35,000,000 | |||
Doubtful [Member] | Total commercial lending [Member] | Equipment Lease Financing [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | $ 1,000,000 | $ 2,000,000 | |||
[1] | Our consolidated assets at December 31, 2015 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $137 million, Loans held for sale of $1.5 billion, Loans of $.9 billion, and Other assets of $521 million. Our consolidated assets at December 31, 2014 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $155 million, Loans held for sale of $2.2 billion, Loans of $1.0 billion, and Other assets of $412 million. |
Asset Quality (Home Equity and
Asset Quality (Home Equity and Residential Real Estate Balances) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Financing Receivable, Recorded Investment [Line Items] | |||||
Purchased Impaired Loans - Outstanding Balance | $ 3,933 | $ 5,007 | |||
Total loans | 206,696 | [1] | 204,817 | [1] | $ 195,613 |
Total home equity and residential real estate loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans - Excluding Purchased Impaired Loans | 42,268 | 43,348 | |||
Purchased Impaired Loans - Outstanding Balance | 3,684 | 4,541 | |||
Government insured or guaranteed residential real estate mortgages | 923 | 1,188 | |||
Difference between outstanding balance and recorded investment - purchased impaired loans | (331) | 7 | |||
Total loans | $ 46,544 | $ 49,084 | |||
[1] | Our consolidated assets at December 31, 2015 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $137 million, Loans held for sale of $1.5 billion, Loans of $.9 billion, and Other assets of $521 million. Our consolidated assets at December 31, 2014 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $155 million, Loans held for sale of $2.2 billion, Loans of $1.0 billion, and Other assets of $412 million. |
Asset Quality (Consumer Real Es
Asset Quality (Consumer Real Estate Secured Asset Quality Indicators) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | $ 3,933 | $ 5,007 | |
Purchased Impaired Loans - Recorded Investment | $ 3,522 | $ 4,858 | $ 6,106 |
% of Loans | 100.00% | 100.00% | |
Home Equity [Member] | 1st Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | $ 17,060 | $ 17,569 | |
Purchased Impaired Loans - Outstanding Balance | 249 | 282 | |
Home Equity [Member] | 2nd Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 13,666 | 15,119 | |
Purchased Impaired Loans - Outstanding Balance | 1,520 | 1,863 | |
Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 11,542 | 10,660 | |
Purchased Impaired Loans - Outstanding Balance | 1,915 | 2,396 | |
Residential Real Estate [Member] | Government Insured or Guaranteed Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 923 | 1,188 | |
Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 42,268 | 43,348 | |
Purchased Impaired Loans - Outstanding Balance | 3,684 | 4,541 | |
Purchased Impaired Loans - Recorded Investment | $ 3,353 | $ 4,548 | |
Total home equity and residential real estate loans [Member] | New Jersey [Member] | High Risk [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 14.00% | 14.00% | |
Total home equity and residential real estate loans [Member] | Pennsylvania [Member] | High Risk [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 12.00% | 12.00% | |
Total home equity and residential real estate loans [Member] | Illinois [Member] | High Risk [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 11.00% | 12.00% | |
Total home equity and residential real estate loans [Member] | Illinois [Member] | Purchased Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 11.00% | 11.00% | |
Total home equity and residential real estate loans [Member] | Ohio [Member] | High Risk [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 11.00% | 12.00% | |
Total home equity and residential real estate loans [Member] | Ohio [Member] | Purchased Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 9.00% | 8.00% | |
Total home equity and residential real estate loans [Member] | Florida [Member] | High Risk [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 7.00% | 8.00% | |
Total home equity and residential real estate loans [Member] | Florida [Member] | Purchased Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 14.00% | 15.00% | |
Total home equity and residential real estate loans [Member] | California [Member] | Purchased Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 16.00% | 17.00% | |
Total home equity and residential real estate loans [Member] | Maryland [Member] | High Risk [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 7.00% | 6.00% | |
Total home equity and residential real estate loans [Member] | Michigan [Member] | High Risk [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 5.00% | 5.00% | |
Total home equity and residential real estate loans [Member] | Michigan [Member] | Purchased Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 5.00% | 5.00% | |
Total home equity and residential real estate loans [Member] | North Carolina [Member] | High Risk [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 4.00% | ||
Total home equity and residential real estate loans [Member] | North Carolina [Member] | Purchased Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 7.00% | 7.00% | |
Total home equity and residential real estate loans [Member] | All Other States Maximum [Member] | High Risk [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 4.00% | 4.00% | |
Total home equity and residential real estate loans [Member] | All Other States Maximum [Member] | Purchased Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 4.00% | 4.00% | |
Total home equity and residential real estate loans [Member] | All Other States [Member] | High Risk [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 33.00% | 28.00% | |
Total home equity and residential real estate loans [Member] | All Other States [Member] | Purchased Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
% of Loans | 38.00% | 37.00% | |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 1st Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | $ 283 | $ 333 | |
Purchased Impaired Loans - Outstanding Balance | 6 | 8 | |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 960 | 1,399 | |
Purchased Impaired Loans - Outstanding Balance | 164 | 243 | |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 284 | 360 | |
Purchased Impaired Loans - Outstanding Balance | 147 | 276 | |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 1,527 | 2,092 | |
Purchased Impaired Loans - Outstanding Balance | 317 | 527 | |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 1st Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 40 | 57 | |
Purchased Impaired Loans - Outstanding Balance | 6 | 9 | |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 189 | 273 | |
Purchased Impaired Loans - Outstanding Balance | 79 | 125 | |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 68 | 92 | |
Purchased Impaired Loans - Outstanding Balance | 76 | 144 | |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 297 | 422 | |
Purchased Impaired Loans - Outstanding Balance | 161 | 278 | |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 1st Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 1 | 1 | |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 2nd Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 8 | 9 | |
Purchased Impaired Loans - Outstanding Balance | 7 | 8 | |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 5 | 8 | |
Purchased Impaired Loans - Outstanding Balance | 5 | 6 | |
LTV greater than or equal to 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 14 | 18 | |
Purchased Impaired Loans - Outstanding Balance | 12 | 14 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 1st Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 646 | 839 | |
Purchased Impaired Loans - Outstanding Balance | 12 | 15 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 1,733 | 2,190 | |
Purchased Impaired Loans - Outstanding Balance | 331 | 426 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 564 | 772 | |
Purchased Impaired Loans - Outstanding Balance | 186 | 272 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 2,943 | 3,801 | |
Purchased Impaired Loans - Outstanding Balance | 529 | 713 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 1st Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 92 | 118 | |
Purchased Impaired Loans - Outstanding Balance | 9 | 12 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 302 | 383 | |
Purchased Impaired Loans - Outstanding Balance | 145 | 194 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 102 | 153 | |
Purchased Impaired Loans - Outstanding Balance | 118 | 200 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 496 | 654 | |
Purchased Impaired Loans - Outstanding Balance | 272 | 406 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 1st Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 3 | 1 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 2nd Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 4 | 5 | |
Purchased Impaired Loans - Outstanding Balance | 8 | 11 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 8 | 12 | |
Purchased Impaired Loans - Outstanding Balance | 7 | 5 | |
LTV greater than or equal to 100% to less than 125% and updated FICO scores [Member] | FICO Score- Missing [Member] | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 15 | 18 | |
Purchased Impaired Loans - Outstanding Balance | 15 | 16 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 1st Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 698 | 891 | |
Purchased Impaired Loans - Outstanding Balance | 10 | 12 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 1,492 | 1,703 | |
Purchased Impaired Loans - Outstanding Balance | 167 | 207 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 615 | 755 | |
Purchased Impaired Loans - Outstanding Balance | 133 | 186 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 2,805 | 3,349 | |
Purchased Impaired Loans - Outstanding Balance | 310 | 405 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 1st Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 88 | 103 | |
Purchased Impaired Loans - Outstanding Balance | 6 | 9 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 226 | 271 | |
Purchased Impaired Loans - Outstanding Balance | 75 | 93 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 94 | 118 | |
Purchased Impaired Loans - Outstanding Balance | 68 | 123 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 408 | 492 | |
Purchased Impaired Loans - Outstanding Balance | 149 | 225 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 1st Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 1 | 2 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 2nd Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 3 | 3 | |
Purchased Impaired Loans - Outstanding Balance | 4 | 5 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Missing [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 10 | 5 | |
Purchased Impaired Loans - Outstanding Balance | 3 | 3 | |
LTV greater than or equal to 90% to less than 100% and updated FICO scores [Member] | FICO Score- Missing [Member] | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 14 | 10 | |
Purchased Impaired Loans - Outstanding Balance | 7 | 8 | |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 1st Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 13,895 | 13,878 | |
Purchased Impaired Loans - Outstanding Balance | 106 | 102 | |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 7,808 | 7,874 | |
Purchased Impaired Loans - Outstanding Balance | 345 | 339 | |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 9,117 | 7,703 | |
Purchased Impaired Loans - Outstanding Balance | 665 | 626 | |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 30,820 | 29,455 | |
Purchased Impaired Loans - Outstanding Balance | 1,116 | 1,067 | |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 1st Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 1,282 | 1,319 | |
Purchased Impaired Loans - Outstanding Balance | 91 | 109 | |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 2nd Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 923 | 995 | |
Purchased Impaired Loans - Outstanding Balance | 182 | 200 | |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 570 | 573 | |
Purchased Impaired Loans - Outstanding Balance | 455 | 515 | |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 2,775 | 2,887 | |
Purchased Impaired Loans - Outstanding Balance | 728 | 824 | |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 1st Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 31 | 27 | |
Purchased Impaired Loans - Outstanding Balance | 1 | 1 | |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Missing [Member] | Home Equity [Member] | 2nd Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 18 | 14 | |
Purchased Impaired Loans - Outstanding Balance | 13 | 12 | |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Missing [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 105 | 109 | |
Purchased Impaired Loans - Outstanding Balance | 31 | 15 | |
LTV less than 90% and updated FICO scores [Member] | FICO Score- Missing [Member] | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans - Excluding Purchased Impaired Loans | 154 | 150 | |
Purchased Impaired Loans - Outstanding Balance | 45 | 28 | |
Missing LTV and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Home Equity [Member] | 1st Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 1 | 1 | |
Missing LTV and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 14 | 14 | |
Missing LTV and updated FICO scores [Member] | FICO Score- Greater than 660 [Member] | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 15 | 15 | |
Missing LTV and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Home Equity [Member] | 1st Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 1 | 4 | |
Missing LTV and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 6 | 10 | |
Missing LTV and updated FICO scores [Member] | FICO Score- Less than or equal to 660 [Member] | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 7 | 14 | |
Missing LTV and updated FICO scores [Member] | FICO Score- Missing [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 1 | 1 | |
Missing LTV and updated FICO scores [Member] | FICO Score- Missing [Member] | Total home equity and residential real estate loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | $ 1 | $ 1 |
Asset Quality (Credit Card and
Asset Quality (Credit Card and Other Consumer Loan Classes Asset Quality Indicators) (Details) $ in Millions | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 206,696 | [1] | $ 204,817 | [1] | $ 195,613 |
% of Loans | 100.00% | 100.00% | |||
Credit Card [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 4,862 | $ 4,612 | |||
Credit Card [Member] | High Risk [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 34 | $ 35 | |||
Credit Card [Member] | High Risk [Member] | Ohio [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
% of Loans | 17.00% | 17.00% | |||
Credit Card [Member] | High Risk [Member] | Pennsylvania [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
% of Loans | 15.00% | 16.00% | |||
Credit Card [Member] | High Risk [Member] | Michigan [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
% of Loans | 8.00% | 9.00% | |||
Credit Card [Member] | High Risk [Member] | New Jersey [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
% of Loans | 8.00% | 7.00% | |||
Credit Card [Member] | High Risk [Member] | Florida [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
% of Loans | 7.00% | 6.00% | |||
Credit Card [Member] | High Risk [Member] | Illinois [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
% of Loans | 6.00% | 7.00% | |||
Credit Card [Member] | High Risk [Member] | Indiana [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
% of Loans | 6.00% | 6.00% | |||
Credit Card [Member] | High Risk [Member] | Maryland [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
% of Loans | 4.00% | ||||
Credit Card [Member] | High Risk [Member] | North Carolina [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
% of Loans | 4.00% | 4.00% | |||
Credit Card [Member] | High Risk [Member] | All Other States Maximum [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
% of Loans | 4.00% | 4.00% | |||
Credit Card [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 4,862 | $ 4,612 | |||
% of Loans | 100.00% | 100.00% | |||
Weighted average FICO score | 734 | 732 | |||
Credit Card [Member] | FICO Score - Greater than 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 2,936 | $ 2,717 | |||
% of Loans | 60.00% | 59.00% | |||
Credit Card [Member] | FICO Score - 650 to 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 1,346 | $ 1,288 | |||
% of Loans | 28.00% | 28.00% | |||
Credit Card [Member] | FICO Score - 620 to 649 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 202 | $ 203 | |||
% of Loans | 4.00% | 4.00% | |||
Credit Card [Member] | FICO Score - Less than 620 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 227 | $ 239 | |||
% of Loans | 5.00% | 5.00% | |||
Credit Card [Member] | No FICO Score Available Or Required [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 151 | $ 165 | |||
% of Loans | 3.00% | 4.00% | |||
Other Consumer Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 21,746 | $ 22,753 | |||
Other Consumer Loans [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 14,533 | $ 14,319 | |||
% of Loans | 100.00% | 100.00% | |||
Weighted average FICO score | 744 | 744 | |||
Other Consumer Loans [Member] | FICO Score - Greater than 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 9,371 | $ 9,156 | |||
% of Loans | 65.00% | 64.00% | |||
Other Consumer Loans [Member] | FICO Score - 650 to 719 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 3,534 | $ 3,459 | |||
% of Loans | 24.00% | 24.00% | |||
Other Consumer Loans [Member] | FICO Score - 620 to 649 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 523 | $ 528 | |||
% of Loans | 4.00% | 4.00% | |||
Other Consumer Loans [Member] | FICO Score - Less than 620 [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 604 | $ 619 | |||
% of Loans | 4.00% | 4.00% | |||
Other Consumer Loans [Member] | No FICO Score Available Or Required [Member] | Using FICO Credit Metric [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 501 | $ 557 | |||
% of Loans | 3.00% | 4.00% | |||
Other Consumer Loans [Member] | Other Internal Credit Metrics [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Loans | $ 7,213 | $ 8,434 | |||
[1] | Our consolidated assets at December 31, 2015 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $137 million, Loans held for sale of $1.5 billion, Loans of $.9 billion, and Other assets of $521 million. Our consolidated assets at December 31, 2014 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $155 million, Loans held for sale of $2.2 billion, Loans of $1.0 billion, and Other assets of $412 million. |
Asset Quality (Summary of TDRs)
Asset Quality (Summary of TDRs) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings (TDRs) | $ 2,351 | $ 2,583 |
Nonperforming [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings (TDRs) | 1,119 | 1,370 |
Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings (TDRs) | 1,232 | 1,213 |
Total commercial lending [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings (TDRs) | 434 | 542 |
Total consumer lending [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings (TDRs) | $ 1,917 | $ 2,041 |
Asset Quality (Financial Impact
Asset Quality (Financial Impact and TDRs by Concession Type) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)loans | Dec. 31, 2014USD ($)loans | Dec. 31, 2013USD ($)loans | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loans | 11,120 | 12,499 | 15,104 |
Pre-TDR Recorded Investment | $ 595,000,000 | $ 707,000,000 | $ 1,005,000,000 |
Post-TDR Recorded Investment | 520,000,000 | 621,000,000 | 857,000,000 |
Principal Forgiveness [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | 22,000,000 | 37,000,000 | 38,000,000 |
Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | 194,000,000 | 157,000,000 | 312,000,000 |
Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | $ 304,000,000 | $ 427,000,000 | $ 507,000,000 |
Total commercial lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loans | 158 | 210 | 285 |
Pre-TDR Recorded Investment | $ 284,000,000 | $ 363,000,000 | $ 503,000,000 |
Post-TDR Recorded Investment | 224,000,000 | 296,000,000 | 386,000,000 |
Total commercial lending [Member] | Principal Forgiveness [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | 22,000,000 | 37,000,000 | 38,000,000 |
Total commercial lending [Member] | Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | 4,000,000 | 22,000,000 | 72,000,000 |
Total commercial lending [Member] | Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | $ 198,000,000 | $ 237,000,000 | $ 276,000,000 |
Total consumer lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loans | 10,962 | 12,289 | 14,819 |
Pre-TDR Recorded Investment | $ 311,000,000 | $ 344,000,000 | $ 502,000,000 |
Post-TDR Recorded Investment | 296,000,000 | 325,000,000 | 471,000,000 |
Total consumer lending [Member] | Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | 190,000,000 | 135,000,000 | 240,000,000 |
Total consumer lending [Member] | Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | $ 106,000,000 | $ 190,000,000 | $ 231,000,000 |
Commercial [Member] | Total commercial lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loans | 130 | 131 | 168 |
Pre-TDR Recorded Investment | $ 246,000,000 | $ 192,000,000 | $ 216,000,000 |
Post-TDR Recorded Investment | 204,000,000 | 158,000,000 | 163,000,000 |
Commercial [Member] | Total commercial lending [Member] | Principal Forgiveness [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | 15,000,000 | 10,000,000 | 10,000,000 |
Commercial [Member] | Total commercial lending [Member] | Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | 3,000,000 | 11,000,000 | 21,000,000 |
Commercial [Member] | Total commercial lending [Member] | Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | $ 186,000,000 | $ 137,000,000 | $ 132,000,000 |
Commercial Real Estate [Member] | Total commercial lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loans | 27 | 79 | 116 |
Pre-TDR Recorded Investment | $ 37,000,000 | $ 171,000,000 | $ 284,000,000 |
Post-TDR Recorded Investment | 19,000,000 | 138,000,000 | 223,000,000 |
Commercial Real Estate [Member] | Total commercial lending [Member] | Principal Forgiveness [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | 6,000,000 | 27,000,000 | 28,000,000 |
Commercial Real Estate [Member] | Total commercial lending [Member] | Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | 1,000,000 | 11,000,000 | 51,000,000 |
Commercial Real Estate [Member] | Total commercial lending [Member] | Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | $ 12,000,000 | $ 100,000,000 | $ 144,000,000 |
Equipment Lease Financing [Member] | Total commercial lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loans | 1 | 1 | |
Pre-TDR Recorded Investment | $ 1,000,000 | $ 3,000,000 | |
Post-TDR Recorded Investment | 1,000,000 | ||
Equipment Lease Financing [Member] | Total commercial lending [Member] | Principal Forgiveness [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | $ 1,000,000 | ||
Home Equity [Member] | Total consumer lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loans | 2,890 | 2,950 | 4,132 |
Pre-TDR Recorded Investment | $ 182,000,000 | $ 193,000,000 | $ 289,000,000 |
Post-TDR Recorded Investment | 173,000,000 | 183,000,000 | 265,000,000 |
Home Equity [Member] | Total consumer lending [Member] | Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | 100,000,000 | 51,000,000 | 139,000,000 |
Home Equity [Member] | Total consumer lending [Member] | Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | $ 73,000,000 | $ 132,000,000 | $ 126,000,000 |
Residential Real Estate [Member] | Total consumer lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loans | 530 | 527 | 911 |
Pre-TDR Recorded Investment | $ 61,000,000 | $ 73,000,000 | $ 127,000,000 |
Post-TDR Recorded Investment | 61,000,000 | 71,000,000 | 125,000,000 |
Residential Real Estate [Member] | Total consumer lending [Member] | Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | 36,000,000 | 26,000,000 | 39,000,000 |
Residential Real Estate [Member] | Total consumer lending [Member] | Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | $ 25,000,000 | $ 45,000,000 | $ 86,000,000 |
Credit Card [Member] | Total consumer lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loans | 6,549 | 7,720 | 8,397 |
Pre-TDR Recorded Investment | $ 53,000,000 | $ 60,000,000 | $ 64,000,000 |
Post-TDR Recorded Investment | 52,000,000 | 57,000,000 | 61,000,000 |
Credit Card [Member] | Total consumer lending [Member] | Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | $ 52,000,000 | $ 57,000,000 | $ 61,000,000 |
Other Consumer [Member] | Total consumer lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loans | 993 | 1,092 | 1,379 |
Pre-TDR Recorded Investment | $ 15,000,000 | $ 18,000,000 | $ 22,000,000 |
Post-TDR Recorded Investment | 10,000,000 | 14,000,000 | 20,000,000 |
Other Consumer [Member] | Total consumer lending [Member] | Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | 2,000,000 | 1,000,000 | 1,000,000 |
Other Consumer [Member] | Total consumer lending [Member] | Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-TDR Recorded Investment | $ 8,000,000 | $ 13,000,000 | $ 19,000,000 |
Asset Quality (TDRs that were M
Asset Quality (TDRs that were Modified in the Past Twelve Months which have Subsequently Defaulted) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)contracts | Dec. 31, 2014USD ($)contracts | Dec. 31, 2013USD ($)contracts | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts - Subsequently defaulted TDRs | contracts | 3,857 | 4,165 | 5,799 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 96,000,000 | $ 179,000,000 | $ 218,000,000 |
Total commercial lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts - Subsequently defaulted TDRs | contracts | 37 | 81 | 105 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 23,000,000 | $ 106,000,000 | $ 106,000,000 |
Total consumer lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts - Subsequently defaulted TDRs | contracts | 3,820 | 4,084 | 5,694 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 73,000,000 | $ 73,000,000 | $ 112,000,000 |
Commercial [Member] | Total commercial lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts - Subsequently defaulted TDRs | contracts | 23 | 38 | 67 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 9,000,000 | $ 26,000,000 | $ 47,000,000 |
Commercial Real Estate [Member] | Total commercial lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts - Subsequently defaulted TDRs | contracts | 13 | 43 | 38 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 13,000,000 | $ 80,000,000 | $ 59,000,000 |
Equipment Lease Financing [Member] | Total commercial lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts - Subsequently defaulted TDRs | contracts | 1 | ||
Recorded Investment - Subsequently defaulted TDRs | $ | $ 1,000,000 | ||
Home Equity [Member] | Total consumer lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts - Subsequently defaulted TDRs | contracts | 458 | 400 | 592 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 26,000,000 | $ 21,000,000 | $ 39,000,000 |
Residential Real Estate [Member] | Total consumer lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts - Subsequently defaulted TDRs | contracts | 150 | 155 | 255 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 22,000,000 | $ 24,000,000 | $ 35,000,000 |
Credit Card [Member] | Total consumer lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts - Subsequently defaulted TDRs | contracts | 3,045 | 3,397 | 4,598 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 24,000,000 | $ 27,000,000 | $ 34,000,000 |
Other Consumer Loans [Member] | Total consumer lending [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts - Subsequently defaulted TDRs | contracts | 167 | 132 | 249 |
Recorded Investment - Subsequently defaulted TDRs | $ | $ 1,000,000 | $ 1,000,000 | $ 4,000,000 |
Asset Quality (Impaired Loans)
Asset Quality (Impaired Loans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unpaid Principal Balance - Impaired Financing Receivable [Abstract] | |||
Unpaid principal balance - Impaired loans with an associated allowance | $ 2,085 | $ 2,462 | |
Unpaid principal balance - Impaired loans without an associated allowance | 1,407 | 1,102 | |
Unpaid principal balance - Total impaired loans | 3,492 | 3,564 | |
Recorded Investment - Impaired Financing Receivable [Abstract] | |||
Recorded investment - Impaired loans with an associated allowance | 1,774 | 2,161 | |
Recorded investment - Impaired loans without an associated allowance | 886 | 731 | |
Recorded investment - Total impaired loans | 2,660 | 2,892 | |
Associated Allowance - Total impaired loans | 395 | 463 | |
Average Recorded Receivable - Impaired Financing Receivable [Abstract] | |||
Average recorded investment - Impaired loans with an associated allowance | 1,977 | 2,249 | |
Average recorded investment - Impaired loans without an associated allowance | 767 | 908 | |
Average recorded investment - Total impaired loans | 2,744 | 3,157 | |
TDRs [Member] | |||
Recorded Investment - Impaired Financing Receivable [Abstract] | |||
Associated Allowance for TDRs | 319 | 386 | $ 470 |
Commercial [Member] | |||
Unpaid Principal Balance - Impaired Financing Receivable [Abstract] | |||
Unpaid principal balance - Impaired loans with an associated allowance | 442 | 432 | |
Unpaid principal balance - Impaired loans without an associated allowance | 201 | 106 | |
Recorded Investment - Impaired Financing Receivable [Abstract] | |||
Recorded investment - Impaired loans with an associated allowance | 337 | 318 | |
Recorded investment - Impaired loans without an associated allowance | 118 | 84 | |
Associated Allowance - Total impaired loans | 84 | 74 | |
Average Recorded Receivable - Impaired Financing Receivable [Abstract] | |||
Average recorded investment - Impaired loans with an associated allowance | 306 | 360 | |
Average recorded investment - Impaired loans without an associated allowance | 87 | 133 | |
Commercial Real Estate [Member] | |||
Unpaid Principal Balance - Impaired Financing Receivable [Abstract] | |||
Unpaid principal balance - Impaired loans with an associated allowance | 254 | 418 | |
Unpaid principal balance - Impaired loans without an associated allowance | 206 | 249 | |
Recorded Investment - Impaired Financing Receivable [Abstract] | |||
Recorded investment - Impaired loans with an associated allowance | 130 | 262 | |
Recorded investment - Impaired loans without an associated allowance | 158 | 187 | |
Associated Allowance - Total impaired loans | 35 | 65 | |
Average Recorded Receivable - Impaired Financing Receivable [Abstract] | |||
Average recorded investment - Impaired loans with an associated allowance | 197 | 283 | |
Average recorded investment - Impaired loans without an associated allowance | 168 | 276 | |
Home Equity [Member] | |||
Unpaid Principal Balance - Impaired Financing Receivable [Abstract] | |||
Unpaid principal balance - Impaired loans with an associated allowance | 978 | 1,021 | |
Unpaid principal balance - Impaired loans without an associated allowance | 464 | 403 | |
Recorded Investment - Impaired Financing Receivable [Abstract] | |||
Recorded investment - Impaired loans with an associated allowance | 909 | 984 | |
Recorded investment - Impaired loans without an associated allowance | 206 | 145 | |
Associated Allowance - Total impaired loans | 216 | 215 | |
Average Recorded Receivable - Impaired Financing Receivable [Abstract] | |||
Average recorded investment - Impaired loans with an associated allowance | 965 | 986 | |
Average recorded investment - Impaired loans without an associated allowance | 158 | 134 | |
Residential Real Estate [Member] | |||
Unpaid Principal Balance - Impaired Financing Receivable [Abstract] | |||
Unpaid principal balance - Impaired loans with an associated allowance | 272 | 397 | |
Unpaid principal balance - Impaired loans without an associated allowance | 512 | 344 | |
Recorded Investment - Impaired Financing Receivable [Abstract] | |||
Recorded investment - Impaired loans with an associated allowance | 264 | 420 | |
Recorded investment - Impaired loans without an associated allowance | 396 | 315 | |
Associated Allowance - Total impaired loans | 35 | 75 | |
Average Recorded Receivable - Impaired Financing Receivable [Abstract] | |||
Average recorded investment - Impaired loans with an associated allowance | 359 | 422 | |
Average recorded investment - Impaired loans without an associated allowance | 346 | 365 | |
Credit Card [Member] | |||
Unpaid Principal Balance - Impaired Financing Receivable [Abstract] | |||
Unpaid principal balance - Impaired loans with an associated allowance | 108 | 130 | |
Recorded Investment - Impaired Financing Receivable [Abstract] | |||
Recorded investment - Impaired loans with an associated allowance | 108 | 130 | |
Associated Allowance - Total impaired loans | 24 | 32 | |
Average Recorded Receivable - Impaired Financing Receivable [Abstract] | |||
Average recorded investment - Impaired loans with an associated allowance | 118 | 147 | |
Other Consumer [Member] | |||
Unpaid Principal Balance - Impaired Financing Receivable [Abstract] | |||
Unpaid principal balance - Impaired loans with an associated allowance | 31 | 64 | |
Unpaid principal balance - Impaired loans without an associated allowance | 24 | ||
Recorded Investment - Impaired Financing Receivable [Abstract] | |||
Recorded investment - Impaired loans with an associated allowance | 26 | 47 | |
Recorded investment - Impaired loans without an associated allowance | 8 | ||
Associated Allowance - Total impaired loans | 1 | 2 | |
Average Recorded Receivable - Impaired Financing Receivable [Abstract] | |||
Average recorded investment - Impaired loans with an associated allowance | 32 | $ 51 | |
Average recorded investment - Impaired loans without an associated allowance | $ 8 |
Purchased Loans (Narrative) (De
Purchased Loans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Provision for credit losses (benefit) | $ 255 | $ 273 | $ 643 |
Charge-offs | 805 | 1,021 | $ 1,588 |
Impaired loans - associated allowance | 395 | 463 | |
Derecognition of ALLL associated with purchased impaired loans | 468 | ||
Purchased Impaired Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Provision for credit losses (benefit) | (82) | (91) | |
Charge-offs | 12 | 42 | |
Impaired loans - associated allowance | 310 | $ 872 | |
Derecognition of recorded investment on purchased impaired loans | $ 468 |
Purchased Loans (Purchase Loan
Purchased Loans (Purchase Loan Balances) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | $ 3,933 | $ 5,007 | |
Purchased Impaired Loans - Recorded Investment | 3,522 | 4,858 | $ 6,106 |
Purchased Impaired Loans - Carrying Value | 3,212 | 3,986 | |
Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 1,915 | 2,396 | |
Total commercial lending [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 249 | 466 | |
Purchased Impaired Loans - Recorded Investment | 169 | 310 | 673 |
Purchased Impaired Loans - Carrying Value | 120 | 231 | |
Total commercial lending [Member] | Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 94 | 159 | |
Purchased Impaired Loans - Recorded Investment | 36 | 74 | |
Purchased Impaired Loans - Carrying Value | 24 | 57 | |
Total commercial lending [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 155 | 307 | |
Purchased Impaired Loans - Recorded Investment | 133 | 236 | |
Purchased Impaired Loans - Carrying Value | 96 | 174 | |
Total consumer lending [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 3,684 | 4,541 | |
Purchased Impaired Loans - Recorded Investment | 3,353 | 4,548 | $ 5,433 |
Purchased Impaired Loans - Carrying Value | 3,092 | 3,755 | |
Total consumer lending [Member] | Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 1,769 | 2,145 | |
Purchased Impaired Loans - Recorded Investment | 1,407 | 1,989 | |
Purchased Impaired Loans - Carrying Value | 1,392 | 1,661 | |
Total consumer lending [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Purchased Impaired Loans - Outstanding Balance | 1,915 | 2,396 | |
Purchased Impaired Loans - Recorded Investment | 1,946 | 2,559 | |
Purchased Impaired Loans - Carrying Value | $ 1,700 | $ 2,094 |
Purchased Loans (Accretable Yie
Purchased Loans (Accretable Yield) (Details) - Purchased Impaired Loans [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Beginning Balance | $ 1,558 | $ 2,055 |
Accretion (including excess cash recoveries) | (466) | (587) |
Net reclassifications to accretable from non-accretable | 226 | 208 |
Disposals | (68) | (118) |
Ending Balance | $ 1,250 | $ 1,558 |
Allowances for Loan and Lease73
Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters of Credit (Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance For Loan And Lease Losses [Abstract] | |||
Net interest income less the provision for credit losses | $ 8 | $ 8.3 | $ 8.5 |
Allowances for Loan and Lease74
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 ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning Balance | $ 3,331,000,000 | $ 3,609,000,000 | $ 4,036,000,000 | ||
Charge-offs | (805,000,000) | (1,021,000,000) | (1,588,000,000) | ||
Recoveries | 419,000,000 | 490,000,000 | 511,000,000 | ||
Net charge-offs | (386,000,000) | (531,000,000) | (1,077,000,000) | ||
Provision For Credit Losses | 255,000,000 | 273,000,000 | 643,000,000 | ||
Net change in allowance for unfunded loan commitments and letters of credit | (2,000,000) | (17,000,000) | 8,000,000 | ||
Write-offs of purchased impaired loans | (468,000,000) | ||||
Other | (3,000,000) | (3,000,000) | (1,000,000) | ||
Ending Balance | 2,727,000,000 | 3,331,000,000 | 3,609,000,000 | ||
Loans collectively evaluated for impairment - associated allowance | 2,022,000,000 | 1,996,000,000 | 1,980,000,000 | ||
Impaired loans - associated allowance | 395,000,000 | 463,000,000 | |||
Loans collectively evaluated for impairment | 199,609,000,000 | 196,033,000,000 | 184,969,000,000 | ||
Fair value option loans | 905,000,000 | 1,034,000,000 | 1,150,000,000 | ||
Purchased impaired loans | 3,522,000,000 | 4,858,000,000 | 6,106,000,000 | ||
Total loans | $ 206,696,000,000 | [1] | $ 204,817,000,000 | [1] | $ 195,613,000,000 |
Portfolio segment ALLL as a percentage of total ALLL | 100.00% | 100.00% | 100.00% | ||
Ratio of the allowance for loan and lease losses to total loans | 1.32% | 1.63% | 1.84% | ||
TDRs [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Loans individually evaluated for impairment - associated allowance | $ 319,000,000 | $ 386,000,000 | $ 470,000,000 | ||
Loans individually evaluated for impairment | 2,351,000,000 | 2,583,000,000 | 2,739,000,000 | ||
Other Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Loans individually evaluated for impairment - associated allowance | 76,000,000 | 77,000,000 | 155,000,000 | ||
Loans individually evaluated for impairment | 309,000,000 | 309,000,000 | 649,000,000 | ||
Purchased Impaired Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Impaired loans - associated allowance | 310,000,000 | 872,000,000 | 1,004,000,000 | ||
Evaluated Based On Collateral Values [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Loans collectively evaluated for impairment | 150,000,000 | 195,000,000 | 252,000,000 | ||
Total commercial lending [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning Balance | 1,571,000,000 | 1,547,000,000 | 1,774,000,000 | ||
Charge-offs | (255,000,000) | (360,000,000) | (606,000,000) | ||
Recoveries | 240,000,000 | 305,000,000 | 357,000,000 | ||
Net charge-offs | (15,000,000) | (55,000,000) | (249,000,000) | ||
Provision For Credit Losses | 55,000,000 | 100,000,000 | 36,000,000 | ||
Net change in allowance for unfunded loan commitments and letters of credit | (3,000,000) | (18,000,000) | (13,000,000) | ||
Other | (3,000,000) | (3,000,000) | (1,000,000) | ||
Ending Balance | 1,605,000,000 | 1,571,000,000 | 1,547,000,000 | ||
Loans collectively evaluated for impairment - associated allowance | 1,437,000,000 | 1,353,000,000 | 1,235,000,000 | ||
Loans collectively evaluated for impairment | 132,632,000,000 | 127,207,000,000 | 115,245,000,000 | ||
Purchased impaired loans | 169,000,000 | 310,000,000 | 673,000,000 | ||
Total loans | $ 133,544,000,000 | $ 128,368,000,000 | $ 117,145,000,000 | ||
Portfolio segment ALLL as a percentage of total ALLL | 59.00% | 47.00% | 43.00% | ||
Ratio of the allowance for loan and lease losses to total loans | 1.20% | 1.22% | 1.32% | ||
Total commercial lending [Member] | TDRs [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Loans individually evaluated for impairment - associated allowance | $ 43,000,000 | $ 62,000,000 | $ 24,000,000 | ||
Loans individually evaluated for impairment | 434,000,000 | 542,000,000 | 578,000,000 | ||
Total commercial lending [Member] | Other Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Loans individually evaluated for impairment - associated allowance | 76,000,000 | 77,000,000 | 155,000,000 | ||
Loans individually evaluated for impairment | 309,000,000 | 309,000,000 | 649,000,000 | ||
Total commercial lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Impaired loans - associated allowance | 49,000,000 | 79,000,000 | 133,000,000 | ||
Total consumer lending [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning Balance | 1,760,000,000 | 2,062,000,000 | 2,262,000,000 | ||
Charge-offs | (550,000,000) | (661,000,000) | (982,000,000) | ||
Recoveries | 179,000,000 | 185,000,000 | 154,000,000 | ||
Net charge-offs | (371,000,000) | (476,000,000) | (828,000,000) | ||
Provision For Credit Losses | 200,000,000 | 173,000,000 | 607,000,000 | ||
Net change in allowance for unfunded loan commitments and letters of credit | 1,000,000 | 1,000,000 | 21,000,000 | ||
Write-offs of purchased impaired loans | (468,000,000) | ||||
Ending Balance | 1,122,000,000 | 1,760,000,000 | 2,062,000,000 | ||
Loans collectively evaluated for impairment - associated allowance | 585,000,000 | 643,000,000 | 745,000,000 | ||
Loans collectively evaluated for impairment | 66,977,000,000 | 68,826,000,000 | 69,724,000,000 | ||
Fair value option loans | 905,000,000 | 1,034,000,000 | 1,150,000,000 | ||
Purchased impaired loans | 3,353,000,000 | 4,548,000,000 | 5,433,000,000 | ||
Total loans | $ 73,152,000,000 | $ 76,449,000,000 | $ 78,468,000,000 | ||
Portfolio segment ALLL as a percentage of total ALLL | 41.00% | 53.00% | 57.00% | ||
Ratio of the allowance for loan and lease losses to total loans | 1.53% | 2.30% | 2.63% | ||
Total consumer lending [Member] | TDRs [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Loans individually evaluated for impairment - associated allowance | $ 276,000,000 | $ 324,000,000 | $ 446,000,000 | ||
Loans individually evaluated for impairment | 1,917,000,000 | 2,041,000,000 | 2,161,000,000 | ||
Total consumer lending [Member] | Purchased Impaired Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Impaired loans - associated allowance | $ 261,000,000 | $ 793,000,000 | 871,000,000 | ||
Total consumer lending [Member] | Impact pursuant to alignment with interagency guidance on practices for consumer lending loans and lines of credit | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Charge-offs | $ (134,000,000) | ||||
[1] | Our consolidated assets at December 31, 2015 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $137 million, Loans held for sale of $1.5 billion, Loans of $.9 billion, and Other assets of $521 million. Our consolidated assets at December 31, 2014 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $155 million, Loans held for sale of $2.2 billion, Loans of $1.0 billion, and Other assets of $412 million. |
Allowances for Loan and Lease75
Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters Of Credit (Rollforward of Allowance for Unfunded Loan Commitments and Letters of Credit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance For Loan And Lease Losses [Abstract] | |||
Beginning balance | $ 259 | $ 242 | $ 250 |
Net change in allowance for unfunded loan commitments and letters of credit | 2 | 17 | (8) |
Ending balance | $ 261 | $ 259 | $ 242 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held | $ 1,100,000,000 | |
Gross unrealized loss on debt securities held to maturity in a continuous loss position for less than 12 months - fair value | 5,500,000,000 | $ 134,000,000 |
Gross unrealized loss on debt securities held to maturity in a continuous loss position for less than 12 months | 59,000,000 | 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 | 82,000,000 | 22,000,000 |
Gain on derivatives used to hedge purchase of investment securities | 98,000,000 | |
Gross unrealized loss on debt securities held to maturity in a continuous loss position greater than 12 months - fair value | 953,000,000 | $ 1,600,000,000 |
Federal Home Loan Mortgage Corporation Certificates And Obligations [FHLMC Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of debt securities of a single issuer that exceeeds 10 percent of shareholders equity | 5,000,000,000 | |
Amortized cost of debt securities of a single issuer that exceeeds 10 percent of shareholders equity | 4,900,000,000 | |
Federal National Mortgage Association Certificates And Obligations [FNMA Member] | ||
Schedule of Investments [Line Items] | ||
Fair value of debt securities of a single issuer that exceeeds 10 percent of shareholders equity | 21,100,000,000 | |
Amortized cost of debt securities of a single issuer that exceeeds 10 percent of shareholders equity | $ 21,000,000,000 |
Investment Securities (Summary)
Investment Securities (Summary) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | $ 55,269,000,000 | $ 43,181,000,000 |
Securities available for sale debt securities, unrealized gains | 854,000,000 | 1,262,000,000 |
Securities available for sale debt securities, unrealized losses | (363,000,000) | (208,000,000) |
Securities available for sale, fair value | 55,760,000,000 | 44,235,000,000 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | 54,679,000,000 | 42,739,000,000 |
Securities available for sale debt securities, unrealized gains | 854,000,000 | 1,262,000,000 |
Securities available for sale debt securities, unrealized losses | (362,000,000) | (207,000,000) |
Securities available for sale, fair value | 55,171,000,000 | 43,794,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 14,768,000,000 | 11,588,000,000 |
Held-to-maturity securities, unrealized gains | 311,000,000 | 414,000,000 |
Held-to-maturity securities, unrealized losses | (77,000,000) | (18,000,000) |
Held-to-maturity securities, fair value | 15,002,000,000 | 11,984,000,000 |
AFS to HTM Transfer Net Unrealized Gains In AOCI | 97,000,000 | 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 | 9,764,000,000 | 5,237,000,000 |
Securities available for sale debt securities, unrealized gains | 152,000,000 | 186,000,000 |
Securities available for sale debt securities, unrealized losses | (42,000,000) | (1,000,000) |
Securities available for sale, fair value | 9,874,000,000 | 5,422,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 258,000,000 | 248,000,000 |
Held-to-maturity securities, unrealized gains | 40,000,000 | 44,000,000 |
Held-to-maturity securities, fair value | 298,000,000 | 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 | 24,698,000,000 | 17,646,000,000 |
Securities available for sale debt securities, unrealized gains | 250,000,000 | 438,000,000 |
Securities available for sale debt securities, unrealized losses | (128,000,000) | (41,000,000) |
Securities available for sale, fair value | 24,820,000,000 | 18,043,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 9,552,000,000 | 5,736,000,000 |
Held-to-maturity securities, unrealized gains | 101,000,000 | 166,000,000 |
Held-to-maturity securities, unrealized losses | (65,000,000) | (10,000,000) |
Held-to-maturity securities, fair value | 9,588,000,000 | 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 | 3,992,000,000 | 4,723,000,000 |
Securities available for sale debt securities, unrealized gains | 247,000,000 | 318,000,000 |
Securities available for sale debt securities, unrealized losses | (88,000,000) | (99,000,000) |
Securities available for sale, fair value | 4,151,000,000 | 4,942,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 233,000,000 | 270,000,000 |
Held-to-maturity securities, unrealized gains | 8,000,000 | 13,000,000 |
Held-to-maturity securities, fair value | 241,000,000 | 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 | 1,917,000,000 | 2,178,000,000 |
Securities available for sale debt securities, unrealized gains | 11,000,000 | 23,000,000 |
Securities available for sale debt securities, unrealized losses | (10,000,000) | (14,000,000) |
Securities available for sale, fair value | 1,918,000,000 | 2,187,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 1,128,000,000 | 1,200,000,000 |
Held-to-maturity securities, unrealized gains | 40,000,000 | 53,000,000 |
Held-to-maturity securities, fair value | 1,168,000,000 | 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 | 4,902,000,000 | 4,085,000,000 |
Securities available for sale debt securities, unrealized gains | 30,000,000 | 88,000,000 |
Securities available for sale debt securities, unrealized losses | (29,000,000) | (11,000,000) |
Securities available for sale, fair value | 4,903,000,000 | 4,162,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 722,000,000 | 1,010,000,000 |
Held-to-maturity securities, unrealized gains | 6,000,000 | 19,000,000 |
Held-to-maturity securities, unrealized losses | (1,000,000) | |
Held-to-maturity securities, fair value | 727,000,000 | 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 | 5,417,000,000 | 5,141,000,000 |
Securities available for sale debt securities, unrealized gains | 54,000,000 | 78,000,000 |
Securities available for sale debt securities, unrealized losses | (48,000,000) | (32,000,000) |
Securities available for sale, fair value | 5,423,000,000 | 5,187,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 717,000,000 | 759,000,000 |
Held-to-maturity securities, unrealized gains | 2,000,000 | |
Held-to-maturity securities, unrealized losses | (10,000,000) | (8,000,000) |
Held-to-maturity securities, fair value | 707,000,000 | 753,000,000 |
State and Municipal [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | 1,982,000,000 | 1,953,000,000 |
Securities available for sale debt securities, unrealized gains | 79,000,000 | 88,000,000 |
Securities available for sale debt securities, unrealized losses | (5,000,000) | (3,000,000) |
Securities available for sale, fair value | 2,056,000,000 | 2,038,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 1,954,000,000 | 2,042,000,000 |
Held-to-maturity securities, unrealized gains | 116,000,000 | 111,000,000 |
Held-to-maturity securities, fair value | 2,070,000,000 | 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 | 2,007,000,000 | 1,776,000,000 |
Securities available for sale debt securities, unrealized gains | 31,000,000 | 43,000,000 |
Securities available for sale debt securities, unrealized losses | (12,000,000) | (6,000,000) |
Securities available for sale, fair value | 2,026,000,000 | 1,813,000,000 |
Held to Maturity Securities, Amortized Cost, Total | 204,000,000 | 323,000,000 |
Held-to-maturity securities, unrealized gains | 6,000,000 | |
Held-to-maturity securities, unrealized losses | (1,000,000) | |
Held-to-maturity securities, fair value | 203,000,000 | 329,000,000 |
Corporate Stocks And Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale equity securities, fair value | 589,000,000 | 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 | $ 590,000,000 | $ 442,000,000 |
Investment Securities (Gross Un
Investment Securities (Gross Unrealized Loss and Fair Value of Securities Available for Sale) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position less than 12 months - unrealized loss | $ (216,000,000) | $ (22,000,000) |
Unrealized loss position less than 12 months - fair value | 25,715,000,000 | 5,223,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (147,000,000) | (186,000,000) |
Unrealized loss position 12 months or more - fair value | 4,425,000,000 | 5,518,000,000 |
Total unrealized loss | (363,000,000) | (208,000,000) |
Total fair value | 30,140,000,000 | 10,741,000,000 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position less than 12 months - unrealized loss | (216,000,000) | (22,000,000) |
Unrealized loss position less than 12 months - fair value | 25,669,000,000 | 5,223,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (146,000,000) | (185,000,000) |
Unrealized loss position 12 months or more - fair value | 4,410,000,000 | 5,503,000,000 |
Total unrealized loss | (362,000,000) | (207,000,000) |
Total fair value | 30,079,000,000 | 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 | (40,000,000) | (1,000,000) |
Unrealized loss position less than 12 months - fair value | 5,885,000,000 | 1,426,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (2,000,000) | |
Unrealized loss position 12 months or more - fair value | 120,000,000 | |
Total unrealized loss | (42,000,000) | (1,000,000) |
Total fair value | 6,005,000,000 | 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 | (103,000,000) | (4,000,000) |
Unrealized loss position less than 12 months - fair value | 11,799,000,000 | 644,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (25,000,000) | (37,000,000) |
Unrealized loss position 12 months or more - fair value | 1,094,000,000 | 1,963,000,000 |
Total unrealized loss | (128,000,000) | (41,000,000) |
Total fair value | 12,893,000,000 | 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 | (3,000,000) | (5,000,000) |
Unrealized loss position less than 12 months - fair value | 368,000,000 | 276,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (85,000,000) | (94,000,000) |
Unrealized loss position 12 months or more - fair value | 1,527,000,000 | 1,487,000,000 |
Total unrealized loss | (88,000,000) | (99,000,000) |
Total fair value | 1,895,000,000 | 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 | (7,000,000) | (2,000,000) |
Unrealized loss position less than 12 months - fair value | 745,000,000 | 681,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (3,000,000) | (12,000,000) |
Unrealized loss position 12 months or more - fair value | 120,000,000 | 322,000,000 |
Total unrealized loss | (10,000,000) | (14,000,000) |
Total fair value | 865,000,000 | 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 | (22,000,000) | (4,000,000) |
Unrealized loss position less than 12 months - fair value | 2,310,000,000 | 928,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (7,000,000) | (7,000,000) |
Unrealized loss position 12 months or more - fair value | 807,000,000 | 335,000,000 |
Total unrealized loss | (29,000,000) | (11,000,000) |
Total fair value | 3,117,000,000 | 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 | (30,000,000) | (4,000,000) |
Unrealized loss position less than 12 months - fair value | 3,477,000,000 | 913,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (18,000,000) | (28,000,000) |
Unrealized loss position 12 months or more - fair value | 494,000,000 | 1,133,000,000 |
Total unrealized loss | (48,000,000) | (32,000,000) |
Total fair value | 3,971,000,000 | 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 | (3,000,000) | (500,000) |
Unrealized loss position less than 12 months - fair value | 326,000,000 | 41,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (2,000,000) | (3,000,000) |
Unrealized loss position 12 months or more - fair value | 60,000,000 | 77,000,000 |
Total unrealized loss | (5,000,000) | (3,000,000) |
Total fair value | 386,000,000 | 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 | (8,000,000) | (2,000,000) |
Unrealized loss position less than 12 months - fair value | 759,000,000 | 314,000,000 |
Unrealized loss position 12 months or more - unrealized loss | (4,000,000) | (4,000,000) |
Unrealized loss position 12 months or more - fair value | 188,000,000 | 186,000,000 |
Total unrealized loss | (12,000,000) | (6,000,000) |
Total fair value | 947,000,000 | 500,000,000 |
Corporate Stocks And Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized loss position less than 12 months - unrealized loss | (500,000) | |
Unrealized loss position less than 12 months - fair value | 46,000,000 | |
Unrealized loss position 12 months or more - unrealized loss | (1,000,000) | (1,000,000) |
Unrealized loss position 12 months or more - fair value | 15,000,000 | 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 ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment Securities Disclosure [Abstract] | |||
Proceeds | $ 6,829,000,000 | $ 4,480,000,000 | $ 8,178,000,000 |
Gross Gains | 56,000,000 | 33,000,000 | 146,000,000 |
Gross Losses | (13,000,000) | (29,000,000) | (47,000,000) |
Net Gains | 43,000,000 | 4,000,000 | 99,000,000 |
Tax Expense | $ 15,000,000 | $ 1,000,000 | $ 35,000,000 |
Investment Securities (Contract
Investment Securities (Contractual Maturity of Debt Securities) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, amortized cost | $ 55,269,000,000 | $ 43,181,000,000 |
Available-for-sale Securities, Fair value, Total | 55,760,000,000 | 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 | 854,000,000 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 7,441,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 7,872,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 38,512,000,000 | |
Securities available for sale, amortized cost | 54,679,000,000 | 42,739,000,000 |
Available-for-sale Securities, Fair value, 1 year or less | 861,000,000 | |
Available-for-sale Securities, Fair value, After 1 year through 5 years | 7,497,000,000 | |
Available-for-sale Securities, Fair value, After 5 years through 10 years | 7,926,000,000 | |
Available-for-sale Securities, Fair value, After 10 years | 38,887,000,000 | |
Available-for-sale Securities, Fair value, Total | $ 55,171,000,000 | 43,794,000,000 |
Weighted-average yield, GAAP basis, available for sale securities | 2.73% | |
Held to Maturity Securities, Amortized Cost, 1 year or less | $ 119,000,000 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 1,083,000,000 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 1,991,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 11,575,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 14,768,000,000 | 11,588,000,000 |
Held-to-maturity Securities, Fair Value, 1 year or less | 119,000,000 | |
Held-to-maturity Securities, Fair Value, After 1 year through 5 years | 1,112,000,000 | |
Held-to-maturity Securities, Fair Value, After 5 years through 10 years | 2,059,000,000 | |
Held-to-maturity Securities, Fair Value, After 10 years | 11,712,000,000 | |
Held-to-maturity Securities, Debt Maturities, Fair Value, Total | $ 15,002,000,000 | $ 11,984,000,000 |
Weighted-average yield, GAAP basis, held to maturity securities | 3.42% | |
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 | 2.76% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.02% | |
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 | 2.23% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.41% | |
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 | 2.28% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.18% | |
After Ten Years [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.91% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.46% | |
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 | $ 586,000,000 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 4,172,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 4,234,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 772,000,000 | |
Securities available for sale, amortized cost | 9,764,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 258,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 258,000,000 | |
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 | 99,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 986,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 23,613,000,000 | |
Securities available for sale, amortized cost | 24,698,000,000 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 4,000,000 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 321,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 9,227,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 9,552,000,000 | |
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 | 3,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 3,989,000,000 | |
Securities available for sale, amortized cost | 3,992,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 233,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 233,000,000 | |
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 | 22,000,000 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 109,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 232,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 1,554,000,000 | |
Securities available for sale, amortized cost | 1,917,000,000 | |
Held to Maturity Securities, Amortized Cost, 1 year or less | 119,000,000 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 810,000,000 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 142,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 57,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 1,128,000,000 | |
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, 1 year or less | 50,000,000 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 28,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 8,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 4,816,000,000 | |
Securities available for sale, amortized cost | 4,902,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 722,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 722,000,000 | |
Asset backed [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 9,000,000 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 1,526,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 1,787,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 2,095,000,000 | |
Securities available for sale, amortized cost | 5,417,000,000 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 3,000,000 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 590,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 124,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 717,000,000 | |
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 | 1,000,000 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 127,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 336,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 1,518,000,000 | |
Securities available for sale, amortized cost | 1,982,000,000 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 62,000,000 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 938,000,000 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 954,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | 1,954,000,000 | |
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 | 186,000,000 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 1,377,000,000 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 289,000,000 | |
Available for Sale Securities, Amortized Cost, After 10 years | 155,000,000 | |
Securities available for sale, amortized cost | 2,007,000,000 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 204,000,000 | |
Held to Maturity Securities, Amortized Cost, Total | $ 204,000,000 |
Investment Securities (Fair Val
Investment Securities (Fair Value of Securities Pledged and Accepted as Collateral) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Investment Securities Disclosure [Abstract] | ||
Pledged to others | $ 9,674,000,000 | $ 10,874,000,000 |
Permitted by contract or custom to sell or repledge | 1,100,000,000 | 1,658,000,000 |
Permitted amount repledged to others | $ 943,000,000 | $ 1,488,000,000 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Feb. 01, 2016 | Dec. 31, 2013 | Dec. 31, 2011 | |
Direct Investments - Unfunded Commitments | $ 23 | $ 28 | |||
Direct Investments - Contracual Obligations | 11 | 9 | |||
Direct Investments - Financial Support | $ 5 | 39 | |||
Indirect Investments - Estimated remaining liquidation period | 12 years | ||||
Indirect Investments - Unfunded Commitments | $ 103 | 112 | |||
Indirect Investments - Financial Support | 17 | 24 | |||
Carrying value of FHLB and FRB stock | 1,800 | 1,800 | |||
Derivative [Member] | Visa Class B Swap [Member] | |||||
Recurring Liabilities - Fair Value | $ 104 | $ 135 | |||
Available for Sale and Trading Securities [Member] | |||||
Percentage of securities priced by using pricing services provided by third-party vendors | 87.00% | ||||
Held to Maturity [Member] | |||||
Percentage of securities priced by using pricing services provided by third-party vendors | 95.00% | ||||
BlackRock Series C Preferred Stock | |||||
LTIP - Total preferred shares held at end of period | 1,300,000 | 1,300,000 | |||
LTIP - Number of preferred stock shares transferred | 500,000 | 200,000 | 1,300,000 |
Fair Value (Recurring Fair Valu
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Assets | ||
Securities available for sale, fair value | $ 55,760,000,000 | $ 44,235,000,000 |
Trading securities | 1,726,000,000 | 2,353,000,000 |
Mortgage servicing rights | 1,589,000,000 | 1,351,000,000 |
Fair Value Additional Information [Abstract] | ||
Indirect Investments - Unfunded Commitments | 103,000,000 | 112,000,000 |
Direct Investments - Unfunded Commitments | $ 23,000,000 | 28,000,000 |
Indirect Investments - Estimated remaining liquidation period | 12 years | |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | $ 55,171,000,000 | 43,794,000,000 |
Securities available for sale, fair value | 55,760,000,000 | 44,235,000,000 |
Total financial derivatives | 4,941,000,000 | 5,234,000,000 |
Trading securities | 1,726,000,000 | 2,353,000,000 |
Total customer resale agreements | 137,000,000 | 155,000,000 |
Loans | 905,000,000 | 1,034,000,000 |
Other assets | 817,000,000 | 836,000,000 |
Total Assets | 68,804,000,000 | 58,973,000,000 |
Liabilities | ||
Total financial derivatives | 3,802,000,000 | 4,027,000,000 |
Total trading securities sold short | 987,000,000 | 1,490,000,000 |
Other borrowed funds | 93,000,000 | 273,000,000 |
Other liabilities | 10,000,000 | 9,000,000 |
Total liabilities | 4,892,000,000 | 5,799,000,000 |
Fair Value Additional Information [Abstract] | ||
Fair value net derivative assets | 1,836,000,000 | 2,587,000,000 |
Fair value net derivative liabilities | 640,000,000 | 1,383,000,000 |
Net unrealized gains (losses) | $ 23,000,000 | $ 54,000,000 |
Percentage of Trading securities - debt comprised of US Treasury and government agencies securities | 57.00% | 57.00% |
Percentage of Trading securities - debt comprised of residential mortgage-backed securities | 28.00% | 34.00% |
US Treasury and Government Agencies Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | $ 9,874,000,000 | $ 5,422,000,000 |
Residential mortgage-backed Securities [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 24,820,000,000 | 18,043,000,000 |
Residential mortgage-backed Securities [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 4,151,000,000 | 4,942,000,000 |
Commercial mortgage-backed securities [Member] | Mortgage-backed Securities Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 1,918,000,000 | 2,187,000,000 |
Commercial mortgage-backed securities [Member] | Mortgage-backed Securities Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 4,903,000,000 | 4,162,000,000 |
Asset-backed [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 5,423,000,000 | 5,187,000,000 |
State and Municipal [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 2,056,000,000 | 2,038,000,000 |
Other Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 2,026,000,000 | 1,813,000,000 |
Corporate Stocks And Other [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Securities available for sale, fair value | 589,000,000 | 441,000,000 |
Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total financial derivatives | 4,655,000,000 | 4,918,000,000 |
Liabilities | ||
Total financial derivatives | 3,132,000,000 | 3,272,000,000 |
BlackRock LTIP [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities | ||
Total financial derivatives | 357,000,000 | 375,000,000 |
Other Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total financial derivatives | 286,000,000 | 316,000,000 |
Liabilities | ||
Total financial derivatives | 313,000,000 | 380,000,000 |
Residential Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 843,000,000 | 1,261,000,000 |
Mortgage servicing rights | 1,063,000,000 | 845,000,000 |
Commercial Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 641,000,000 | 893,000,000 |
Mortgage servicing rights | 526,000,000 | 506,000,000 |
Direct equity investments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Equity investments - direct investments | 1,098,000,000 | 1,152,000,000 |
Indirect Equity Investments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Equity investments - indirect investments | 347,000,000 | 469,000,000 |
BlackRock Series C Preferred Stock | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Other assets | 357,000,000 | 375,000,000 |
Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Other assets | 460,000,000 | 461,000,000 |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Trading securities | 1,717,000,000 | 2,332,000,000 |
Liabilities | ||
Total trading securities sold short | 987,000,000 | 1,490,000,000 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Trading securities | 9,000,000 | 21,000,000 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 9,267,000,000 | 4,795,000,000 |
Securities available for sale, fair value | 9,794,000,000 | 5,221,000,000 |
Total financial derivatives | 4,000,000 | |
Trading securities | 996,000,000 | 1,361,000,000 |
Other assets | 254,000,000 | 190,000,000 |
Total Assets | 11,044,000,000 | 6,776,000,000 |
Liabilities | ||
Total financial derivatives | 1,000,000 | |
Total trading securities sold short | 960,000,000 | 1,479,000,000 |
Total liabilities | 961,000,000 | 1,479,000,000 |
Level 1 [Member] | US Treasury and Government Agencies Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 9,267,000,000 | 4,795,000,000 |
Level 1 [Member] | Corporate Stocks And Other [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Securities available for sale, fair value | 527,000,000 | 426,000,000 |
Level 1 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total financial derivatives | 4,000,000 | |
Liabilities | ||
Total financial derivatives | 1,000,000 | |
Level 1 [Member] | Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Other assets | 254,000,000 | 190,000,000 |
Level 1 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Trading securities | 987,000,000 | 1,340,000,000 |
Liabilities | ||
Total trading securities sold short | 960,000,000 | 1,479,000,000 |
Level 1 [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Trading securities | 9,000,000 | 21,000,000 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 41,369,000,000 | 33,474,000,000 |
Securities available for sale, fair value | 41,431,000,000 | 33,489,000,000 |
Total financial derivatives | 4,910,000,000 | 5,188,000,000 |
Trading securities | 727,000,000 | 960,000,000 |
Total customer resale agreements | 137,000,000 | 155,000,000 |
Loans | 565,000,000 | 637,000,000 |
Other assets | 199,000,000 | 256,000,000 |
Total Assets | 48,807,000,000 | 41,940,000,000 |
Liabilities | ||
Total financial derivatives | 3,328,000,000 | 3,501,000,000 |
Total trading securities sold short | 27,000,000 | 11,000,000 |
Other borrowed funds | 81,000,000 | 92,000,000 |
Total liabilities | 3,436,000,000 | 3,604,000,000 |
Level 2 [Member] | US Treasury and Government Agencies Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 607,000,000 | 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 | 24,820,000,000 | 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 | 143,000,000 | 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 | 1,918,000,000 | 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 | 4,903,000,000 | 4,162,000,000 |
Level 2 [Member] | Asset-backed [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 4,941,000,000 | 4,624,000,000 |
Level 2 [Member] | State and Municipal [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 2,041,000,000 | 1,904,000,000 |
Level 2 [Member] | Other Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 1,996,000,000 | 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 | 4,626,000,000 | 4,874,000,000 |
Liabilities | ||
Total financial derivatives | 3,124,000,000 | 3,260,000,000 |
Level 2 [Member] | Other Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total financial derivatives | 284,000,000 | 314,000,000 |
Liabilities | ||
Total financial derivatives | 204,000,000 | 241,000,000 |
Level 2 [Member] | Residential Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 838,000,000 | 1,255,000,000 |
Level 2 [Member] | Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Other assets | 199,000,000 | 256,000,000 |
Level 2 [Member] | Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Trading securities | 727,000,000 | 960,000,000 |
Liabilities | ||
Total trading securities sold short | 27,000,000 | 11,000,000 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 4,535,000,000 | 5,525,000,000 |
Securities available for sale, fair value | 4,535,000,000 | 5,525,000,000 |
Total financial derivatives | 31,000,000 | 42,000,000 |
Trading securities | 3,000,000 | 32,000,000 |
Loans | 340,000,000 | 397,000,000 |
Other assets | 364,000,000 | 390,000,000 |
Total Assets | 8,606,000,000 | 9,788,000,000 |
Liabilities | ||
Total financial derivatives | 473,000,000 | 526,000,000 |
Other borrowed funds | 12,000,000 | 181,000,000 |
Other liabilities | 10,000,000 | 9,000,000 |
Total liabilities | 495,000,000 | 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 | 4,008,000,000 | 4,798,000,000 |
Level 3 [Member] | Asset-backed [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 482,000,000 | 563,000,000 |
Level 3 [Member] | State and Municipal [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 15,000,000 | 134,000,000 |
Level 3 [Member] | Other Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total debt securities | 30,000,000 | 30,000,000 |
Level 3 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total financial derivatives | 29,000,000 | 40,000,000 |
Liabilities | ||
Total financial derivatives | 7,000,000 | 12,000,000 |
Level 3 [Member] | BlackRock LTIP [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities | ||
Total financial derivatives | 357,000,000 | 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 | 109,000,000 | 139,000,000 |
Level 3 [Member] | Residential Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 5,000,000 | 6,000,000 |
Mortgage servicing rights | 1,063,000,000 | 845,000,000 |
Level 3 [Member] | Commercial Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Loans held for sale | 641,000,000 | 893,000,000 |
Mortgage servicing rights | 526,000,000 | 506,000,000 |
Level 3 [Member] | Direct equity investments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Equity investments - direct investments | 1,098,000,000 | 1,152,000,000 |
Level 3 [Member] | BlackRock Series C Preferred Stock | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Other assets | 357,000,000 | 375,000,000 |
Level 3 [Member] | Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Other assets | 7,000,000 | 15,000,000 |
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 | 12 Months Ended | |
Jan. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | $ 10,055,000,000 | $ 9,788,000,000 | $ 10,055,000,000 |
Included in earnings | 474,000,000 | 410,000,000 | |
Included in other comprehensive income | (60,000,000) | 102,000,000 | |
Purchases | 800,000,000 | 533,000,000 | |
Sales | (548,000,000) | (571,000,000) | |
Issuances | 4,304,000,000 | 1,928,000,000 | |
Settlements | (6,083,000,000) | (2,669,000,000) | |
Transfers Into Level 3 | 31,000,000 | 144,000,000 | |
Transfers Out of Level 3 | (100,000,000) | (144,000,000) | |
Ending Balance | 8,606,000,000 | 9,788,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 193,000,000 | 79,000,000 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 638,000,000 | 716,000,000 | 638,000,000 |
Included in earnings | 20,000,000 | 227,000,000 | |
Sales | 1,000,000 | 1,000,000 | |
Issuances | 92,000,000 | 57,000,000 | |
Settlements | (334,000,000) | (207,000,000) | |
Ending Balance | 495,000,000 | 716,000,000 | |
Unrealized gains or (losses) on liabilities held on Consolidated Balance Sheet | 4,000,000 | (51,000,000) | |
Fair Value Additional Information [Abstract] | |||
Net gains (losses) included in earnings (realized and unrealized) relating to Level 3 assets and liabilities | 454,000,000 | 183,000,000 | |
Amortization and accretion included in earnings relating to Level 3 assets and liabilities | 147,000,000 | 146,000,000 | |
Net unrealized gains (losses) relating to Level 3 assets and liabilities | 189,000,000 | 130,000,000 | |
Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 6,370,000,000 | 5,525,000,000 | 6,370,000,000 |
Included in earnings | 144,000,000 | 133,000,000 | |
Included in other comprehensive income | (60,000,000) | 102,000,000 | |
Purchases | 13,000,000 | 1,000,000 | |
Sales | (7,000,000) | (8,000,000) | |
Settlements | (1,080,000,000) | (1,136,000,000) | |
Transfers Into Level 3 | 77,000,000 | ||
Transfers Out of Level 3 | (14,000,000) | ||
Ending Balance | 4,535,000,000 | 5,525,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | (4,000,000) | (11,000,000) | |
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 | 4,798,000,000 | 5,358,000,000 |
Included in earnings | 114,000,000 | 120,000,000 | |
Included in other comprehensive income | (58,000,000) | 64,000,000 | |
Settlements | (846,000,000) | (821,000,000) | |
Transfers Into Level 3 | 77,000,000 | ||
Ending Balance | 4,008,000,000 | 4,798,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | (2,000,000) | (10,000,000) | |
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 | 8,000,000 | 1,000,000 | |
Settlements | (8,000,000) | (1,000,000) | |
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 | 563,000,000 | 641,000,000 |
Included in earnings | 20,000,000 | 13,000,000 | |
Included in other comprehensive income | 23,000,000 | ||
Settlements | (101,000,000) | (114,000,000) | |
Ending Balance | 482,000,000 | 563,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | (2,000,000) | (1,000,000) | |
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 | 134,000,000 | 333,000,000 |
Included in earnings | (2,000,000) | ||
Included in other comprehensive income | (1,000,000) | 15,000,000 | |
Settlements | (118,000,000) | (198,000,000) | |
Transfers Out of Level 3 | (14,000,000) | ||
Ending Balance | 15,000,000 | 134,000,000 | |
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 | 30,000,000 | 38,000,000 |
Included in earnings | 2,000,000 | 1,000,000 | |
Included in other comprehensive income | (1,000,000) | ||
Purchases | 13,000,000 | 1,000,000 | |
Sales | (7,000,000) | (8,000,000) | |
Settlements | (7,000,000) | (2,000,000) | |
Ending Balance | 30,000,000 | 30,000,000 | |
Financial Derivatives [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 36,000,000 | 42,000,000 | 36,000,000 |
Included in earnings | 135,000,000 | 226,000,000 | |
Purchases | 3,000,000 | 3,000,000 | |
Settlements | (149,000,000) | (223,000,000) | |
Ending Balance | 31,000,000 | 42,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 126,000,000 | 142,000,000 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 439,000,000 | 526,000,000 | 439,000,000 |
Included in earnings | 22,000,000 | 222,000,000 | |
Sales | 1,000,000 | 1,000,000 | |
Settlements | (76,000,000) | (136,000,000) | |
Ending Balance | 473,000,000 | 526,000,000 | |
Unrealized gains or (losses) on liabilities held on Consolidated Balance Sheet | 4,000,000 | (51,000,000) | |
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 | 6,000,000 | 8,000,000 |
Included in earnings | 1,000,000 | 1,000,000 | |
Purchases | 25,000,000 | 15,000,000 | |
Sales | (4,000,000) | (3,000,000) | |
Settlements | (1,000,000) | ||
Transfers Into Level 3 | 6,000,000 | 11,000,000 | |
Transfers Out of Level 3 | (29,000,000) | (25,000,000) | |
Ending Balance | 5,000,000 | 6,000,000 | |
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 | 893,000,000 | 586,000,000 |
Included in earnings | 76,000,000 | 38,000,000 | |
Sales | (56,000,000) | ||
Issuances | 4,163,000,000 | 1,790,000,000 | |
Settlements | (4,435,000,000) | (1,521,000,000) | |
Ending Balance | 641,000,000 | 893,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | (5,000,000) | 6,000,000 | |
Trading Securities - Debt [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 32,000,000 | 32,000,000 | 32,000,000 |
Included in earnings | 2,000,000 | ||
Settlements | (29,000,000) | (31,000,000) | |
Transfers Into Level 3 | 29,000,000 | ||
Ending Balance | 3,000,000 | 32,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 2,000,000 | ||
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 | 845,000,000 | 1,087,000,000 |
Included in earnings | 2,000,000 | (238,000,000) | |
Purchases | 316,000,000 | 45,000,000 | |
Issuances | 78,000,000 | 85,000,000 | |
Settlements | (178,000,000) | (134,000,000) | |
Ending Balance | 1,063,000,000 | 845,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 5,000,000 | (231,000,000) | |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 506,000,000 | ||
Included in earnings | (9,000,000) | (53,000,000) | |
Purchases | 55,000,000 | 43,000,000 | |
Issuances | 63,000,000 | 53,000,000 | |
Settlements | 552,000,000 | (89,000,000) | 463,000,000 |
Ending Balance | 526,000,000 | 506,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | (10,000,000) | (53,000,000) | |
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 | 1,152,000,000 | 1,069,000,000 |
Included in earnings | 120,000,000 | 184,000,000 | |
Purchases | 274,000,000 | 306,000,000 | |
Sales | (448,000,000) | (407,000,000) | |
Ending Balance | 1,098,000,000 | 1,152,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 86,000,000 | 134,000,000 | |
Loans [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 527,000,000 | 397,000,000 | 527,000,000 |
Included in earnings | 23,000,000 | 74,000,000 | |
Purchases | 114,000,000 | 120,000,000 | |
Sales | (26,000,000) | (153,000,000) | |
Settlements | (122,000,000) | (86,000,000) | |
Transfers Into Level 3 | 25,000,000 | 20,000,000 | |
Transfers Out of Level 3 | (71,000,000) | (105,000,000) | |
Ending Balance | 340,000,000 | 397,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | 12,000,000 | 46,000,000 | |
Other Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 340,000,000 | 390,000,000 | 340,000,000 |
Included in earnings | (18,000,000) | 43,000,000 | |
Sales | (7,000,000) | ||
Settlements | (1,000,000) | ||
Transfers Into Level 3 | 7,000,000 | ||
Ending Balance | 364,000,000 | 390,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | (18,000,000) | 43,000,000 | |
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 | 375,000,000 | 332,000,000 |
Included in earnings | (18,000,000) | 43,000,000 | |
Ending Balance | 357,000,000 | 375,000,000 | |
Unrealized gains or (losses) on assets held on Consolidated Balance Sheet | (18,000,000) | 43,000,000 | |
Other Assets [Member] | Other Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 8,000,000 | 15,000,000 | 8,000,000 |
Sales | (7,000,000) | ||
Settlements | (1,000,000) | ||
Transfers Into Level 3 | 7,000,000 | ||
Ending Balance | 7,000,000 | 15,000,000 | |
Other Borrowed Funds [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | $ 199,000,000 | 181,000,000 | 199,000,000 |
Included in earnings | (3,000,000) | 5,000,000 | |
Issuances | 92,000,000 | 57,000,000 | |
Settlements | (258,000,000) | (80,000,000) | |
Ending Balance | 12,000,000 | 181,000,000 | |
Other Liabilities | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 9,000,000 | ||
Included in earnings | 1,000,000 | ||
Settlements | 9,000,000 | ||
Ending Balance | $ 10,000,000 | $ 9,000,000 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurements- Recurring Quantitative Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financial Derivatives [Member] | Visa Class B Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Liabilities - Fair Value | $ 104 | $ 135 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | 8,606 | 9,788 |
Recurring Liabilities - Fair Value | 495 | 716 |
Total Recurring Assets Net of Recurring Liabilities - Fair Value | 8,111 | 9,072 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | $ 4,008 | $ 4,798 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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) | 7.00% | 6.80% |
Constant default rate (CDR) | 5.40% | 5.60% |
Loss Severity | 53.30% | 53.10% |
Spread over the benchmark curve | 2.41% | 2.49% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | $ 3,379 | $ 4,081 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | 629 | 717 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 482 | $ 563 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 1.00% | 1.00% |
Constant default rate (CDR) | 1.70% | 1.70% |
Loss Severity | 24.20% | 14.60% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 14.00% | 15.70% |
Constant default rate (CDR) | 13.90% | 13.90% |
Loss Severity | 100.00% | 100.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 6.30% | 5.90% |
Constant default rate (CDR) | 6.80% | 7.60% |
Loss Severity | 77.50% | 73.50% |
Spread over the benchmark curve | 3.24% | 3.52% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Third Party Pricing Services Available [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 448 | $ 532 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Available-for-sale Securities [Member] | Asset backed [Member] | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model [Member] | Third Party Pricing Services Unavailable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | 34 | 31 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | $ 30 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | 95.00% | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | 88.60% | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 1,063 | $ 845 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 0.30% | 3.80% |
Spread over the benchmark curve | 5.59% | 8.89% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 46.50% | 32.70% |
Spread over the benchmark curve | 18.83% | 18.88% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Constant prepayment rate (CPR) | 10.60% | 11.20% |
Spread over the benchmark curve | 8.93% | 10.36% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | $ 526 | $ 506 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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) | 3.90% | 7.00% |
Discount rate | 2.60% | 2.50% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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) | 26.50% | 16.80% |
Discount rate | 7.70% | 8.60% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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) | 5.70% | 8.00% |
Discount rate | 7.50% | 6.60% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | $ 641 | $ 893 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | 0.85% | 0.37% |
Estimated servicing cash flows | 0.00% | 0.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | 42.70% | 40.25% |
Estimated servicing cash flows | 7.00% | 2.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | 5.47% | 5.49% |
Estimated servicing cash flows | 0.90% | 1.20% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | $ 1,098 | $ 1,152 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | 14.1 | 13.9 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | 7.6 | 7.7 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 116 | $ 154 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loss Severity | 8.00% | 8.00% |
Discount rate | 3.90% | 3.40% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 123 | $ 114 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loss Severity | 0.00% | 0.00% |
Cumulative default rate | 2.00% | 2.00% |
Discount rate | 4.90% | 5.40% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loss Severity | 100.00% | 100.00% |
Cumulative default rate | 100.00% | 100.00% |
Discount rate | 7.00% | 7.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Loans - Residential real estate [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loss Severity | 27.30% | 35.60% |
Cumulative default rate | 85.10% | 90.50% |
Discount rate | 5.20% | 6.40% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 101 | $ 129 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 26.00% | 26.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 99.00% | 99.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Loans - Home equity [Member] | Consensus Pricing [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and Liquidity discount | 54.00% | 51.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | $ 357 | $ 375 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | $ 357 | $ 375 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | $ 104 | $ 135 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | 16.30% | 14.80% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | 16.30% | 14.80% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | 16.30% | 14.80% |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | $ 166 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | 1.13% | |
Credit and Liquidity discount | 0.00% | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | 1.13% | |
Credit and Liquidity discount | 99.00% | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | 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 | 1.13% | |
Credit and Liquidity discount | 18.00% | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Insignificant Assets, Net of Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring Assets - Fair Value | $ 57 | $ 23 |
Fair Value (Nonrecurring Fair V
Fair Value (Nonrecurring Fair Value Measurements) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | $ 195 | $ 269 | |
Nonrecurring Assets - Gains (Losses) | (85) | (54) | $ 6 |
Nonaccrual Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Gains (Losses) | (44) | (19) | (8) |
Loans Held For Sale [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Gains (Losses) | (7) | ||
Equity Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Gains (Losses) | (3) | (2) | (1) |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Gains (Losses) | 88 | ||
OREO and Foreclosed Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Gains (Losses) | (18) | (19) | (26) |
Long-lived assets held for sale [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Gains (Losses) | (20) | (14) | $ (40) |
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 | ||
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | 195 | 261 | |
Level 3 [Member] | Nonaccrual Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | 30 | 54 | |
Level 3 [Member] | Equity Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | 5 | 17 | |
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 | 137 | 168 | |
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 | $ 23 | $ 22 |
Fair Value (Fair Value Measur87
Fair Value (Fair Value Measurements- Nonrecurring Quantitative Information) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | $ 195,000,000 | $ 269,000,000 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | 195,000,000 | 261,000,000 |
Level 3 [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | 170,000,000 | 215,000,000 |
Level 3 [Member] | Nonaccrual Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | 30,000,000 | 54,000,000 |
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 | 10,000,000 | 25,000,000 |
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 | $ 20,000,000 | $ 29,000,000 |
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 | 8.10% | 2.90% |
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 | 73.30% | 68.50% |
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 | 58.60% | 42.10% |
Level 3 [Member] | Equity Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring Assets - Fair Value | $ 5,000,000 | $ 17,000,000 |
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 | 5.00% | 6.00% |
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 | 5.00% | 6.00% |
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 | 5.00% | 6.00% |
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 | $ 137,000,000 | $ 168,000,000 |
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 | 137,000,000 | 168,000,000 |
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 | 23,000,000 | 22,000,000 |
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 | $ 23,000,000 | $ 22,000,000 |
Fair Value (Fair Value Option -
Fair Value (Fair Value Option - Changes in Fair Value) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Customer Resale Agreements [Member] | |||
Gains / Losses - FVO: Changes in Fair Value | $ (2) | $ (3) | $ (7) |
Loans Held For Sale [Member] | Commercial Mortgage [Member] | |||
Gains / Losses - FVO: Changes in Fair Value | 96 | 50 | (10) |
Loans Held For Sale [Member] | Residential Mortgage [Member] | |||
Gains / Losses - FVO: Changes in Fair Value | 152 | 212 | 213 |
Loans - Portfolio [Member] | Residential Mortgage [Member] | |||
Gains / Losses - FVO: Changes in Fair Value | 43 | 157 | 60 |
BlackRock Series C Preferred Stock | |||
Gains / Losses - FVO: Changes in Fair Value | (18) | 43 | 122 |
Other Assets [Member] | |||
Gains / Losses - FVO: Changes in Fair Value | 12 | 2 | 3 |
Other borrowed funds [Member] | |||
Gains / Losses - FVO: Changes in Fair Value | $ 4 | $ (5) | $ (9) |
Fair Value (Fair Value Option89
Fair Value (Fair Value Option - Fair Value and Principal Balances) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Customer Resale Agreements [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | $ 137,000,000 | $ 155,000,000 |
Aggregate Unpaid Principal Balance - Assets | 133,000,000 | 148,000,000 |
Difference - Assets | 4,000,000 | 7,000,000 |
Loans Held For Sale [Member] | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 843,000,000 | 1,261,000,000 |
Aggregate Unpaid Principal Balance - Assets | 816,000,000 | 1,202,000,000 |
Difference - Assets | 27,000,000 | 59,000,000 |
Loans Held For Sale [Member] | Commercial Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 641,000,000 | 893,000,000 |
Aggregate Unpaid Principal Balance - Assets | 662,000,000 | 972,000,000 |
Difference - Assets | (21,000,000) | (79,000,000) |
Loans Held For Sale [Member] | Performing Loans [Member] | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 832,000,000 | 1,236,000,000 |
Aggregate Unpaid Principal Balance - Assets | 804,000,000 | 1,176,000,000 |
Difference - Assets | 28,000,000 | 60,000,000 |
Loans Held For Sale [Member] | Performing Loans [Member] | Commercial Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 639,000,000 | 873,000,000 |
Aggregate Unpaid Principal Balance - Assets | 659,000,000 | 908,000,000 |
Difference - Assets | (20,000,000) | (35,000,000) |
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 | 4,000,000 | 9,000,000 |
Aggregate Unpaid Principal Balance - Assets | 4,000,000 | 9,000,000 |
Loans Held For Sale [Member] | Nonaccrual Loans [Member] | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 7,000,000 | 16,000,000 |
Aggregate Unpaid Principal Balance - Assets | 8,000,000 | 17,000,000 |
Difference - Assets | (1,000,000) | (1,000,000) |
Loans Held For Sale [Member] | Nonaccrual Loans [Member] | Commercial Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 2,000,000 | 20,000,000 |
Aggregate Unpaid Principal Balance - Assets | 3,000,000 | 64,000,000 |
Difference - Assets | (1,000,000) | (44,000,000) |
Loans - Portfolio [Member] | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 905,000,000 | 1,034,000,000 |
Aggregate Unpaid Principal Balance - Assets | 1,099,000,000 | 1,278,000,000 |
Difference - Assets | (194,000,000) | (244,000,000) |
Loans - Portfolio [Member] | Performing Loans [Member] | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 204,000,000 | 194,000,000 |
Aggregate Unpaid Principal Balance - Assets | 260,000,000 | 256,000,000 |
Difference - Assets | (56,000,000) | (62,000,000) |
Loans - Portfolio [Member] | Accruing loans 90 days or more past due | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 475,000,000 | 570,000,000 |
Aggregate Unpaid Principal Balance - Assets | 478,000,000 | 573,000,000 |
Difference - Assets | (3,000,000) | (3,000,000) |
Loans - Portfolio [Member] | Nonaccrual Loans [Member] | Residential Mortgage [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 226,000,000 | 270,000,000 |
Aggregate Unpaid Principal Balance - Assets | 361,000,000 | 449,000,000 |
Difference - Assets | (135,000,000) | (179,000,000) |
Other Assets [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Assets | 164,000,000 | 37,000,000 |
Aggregate Unpaid Principal Balance - Assets | 159,000,000 | 37,000,000 |
Difference - Assets | 5,000,000 | |
Other Borrowed Funds [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value - Liabilities | 93,000,000 | 273,000,000 |
Aggregate Unpaid Principal Balance - Liabilities | 95,000,000 | 312,000,000 |
Difference - Liabilities | $ (2,000,000) | $ (39,000,000) |
Fair Value (Additional Fair Val
Fair Value (Additional Fair Value Information Related To Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying Amount [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | $ 4,065 | $ 4,360 |
Short-term assets | 32,959 | 34,380 |
Securities held to maturity | 14,768 | 11,588 |
Loans held for sale | 56 | 108 |
Net loans (excludes leases) | 195,579 | 192,573 |
Other assets | 1,817 | 1,879 |
Total assets | 249,244 | 244,888 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Borrowed funds | 53,761 | 55,329 |
Unfunded loan commitments and letters of credit | 245 | 240 |
Total liabilities | 303,008 | 287,803 |
Carrying Amount [Member] | Demand, savings and money market deposits [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 228,492 | 210,838 |
Carrying Amount [Member] | Time deposits [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 20,510 | 21,396 |
Fair Value [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 4,065 | 4,360 |
Short-term assets | 32,959 | 34,380 |
Securities held to maturity | 15,002 | 11,984 |
Loans held for sale | 56 | 108 |
Net loans (excludes leases) | 197,611 | 194,564 |
Other assets | 2,408 | 2,544 |
Total assets | 252,101 | 247,940 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Borrowed funds | 54,002 | 56,011 |
Unfunded loan commitments and letters of credit | 245 | 240 |
Total liabilities | 303,210 | 288,481 |
Fair Value [Member] | Demand, savings and money market deposits [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 228,492 | 210,838 |
Fair Value [Member] | Time deposits [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 20,471 | 21,392 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 4,065 | 4,360 |
Securities held to maturity | 298 | 292 |
Total assets | 4,363 | 4,652 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Short-term assets | 32,959 | 34,380 |
Securities held to maturity | 14,698 | 11,683 |
Loans held for sale | 22 | 56 |
Other assets | 1,786 | 1,802 |
Total assets | 49,465 | 47,921 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Borrowed funds | 52,578 | 54,574 |
Total liabilities | 301,541 | 286,804 |
Fair Value [Member] | Level 2 [Member] | Demand, savings and money market deposits [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 228,492 | 210,838 |
Fair Value [Member] | Level 2 [Member] | Time deposits [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Deposits | 20,471 | 21,392 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Securities held to maturity | 6 | 9 |
Loans held for sale | 34 | 52 |
Net loans (excludes leases) | 197,611 | 194,564 |
Other assets | 622 | 742 |
Total assets | 198,273 | 195,367 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Borrowed funds | 1,424 | 1,437 |
Unfunded loan commitments and letters of credit | 245 | 240 |
Total liabilities | $ 1,669 | $ 1,677 |
Goodwill and Other Intangible91
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Mortgage servicing rights | $ 1,589 | $ 1,351 | |
Other Intangible Assets [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite Lived Intangible Asset Useful Life | 1 year | ||
Other Intangible Assets [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite Lived Intangible Asset Useful Life | 9 years | ||
Other Intangible Assets [Member] | Weighted Average [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite Lived Intangible Asset Useful Life | 6 years | ||
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Mortgage servicing rights | $ 526 | $ 552 | $ 506 |
Mortgage Servicing Rights [Member] | Minimum [Member] | Commercial Mortgage [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite Lived Intangible Asset Useful Life | 5 years | ||
Mortgage Servicing Rights [Member] | Maximum [Member] | Commercial Mortgage [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite Lived Intangible Asset Useful Life | 10 years |
Goodwill and Other Intangible92
Goodwill and Other Intangible Assets (Goodwill by Business Segment 10-K) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 9,103 | $ 9,074 |
Other | 0 | 29 |
Goodwill, Ending Balance | 9,103 | 9,103 |
Retail Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 5,795 | 5,795 |
Goodwill, Ending Balance | 5,795 | 5,795 |
Corporate & Institutional Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 3,244 | 3,215 |
Other | 0 | 29 |
Goodwill, Ending Balance | 3,244 | 3,244 |
Asset Management Group [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 64 | 64 |
Goodwill, Ending Balance | $ 64 | $ 64 |
Goodwill and Other Intangible93
Goodwill and Other Intangible Assets (Commercial Mortgage Servicing Rights) (Details) - Mortgage Servicing Rights [Member] - Commercial Mortgage [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Servicing Assets At Amortized Value [Line Items] | |||
Intangible assets, beginning balance | $ 420 | ||
Additions | 138 | ||
Amortization expense | (97) | ||
Change in valuation allowance | 88 | ||
Intangible assets, ending balance | 549 | ||
Beginning balance - valuation allowance | (176) | ||
Provision | (21) | ||
Recoveries | 108 | ||
Other | 1 | ||
Ending balance - valuation allowance | (88) | ||
Servicing Advances | 412 | $ 251 | $ 299 |
Originated MSRs [Member] | |||
Servicing Assets At Amortized Value [Line Items] | |||
Additions | 53 | ||
Purchased MSRs [Member] | |||
Servicing Assets At Amortized Value [Line Items] | |||
Additions | $ 85 |
Goodwill and Other Intangible94
Goodwill and Other Intangible Assets (Mortgage Servicing Rights) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Servicing Assets At Fair Value [Line Items] | |||
Mortgage servicing rights, beginning balance | $ 1,351 | ||
Mortgage servicing rights, ending balance | 1,589 | $ 1,351 | |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | |||
Servicing Assets At Fair Value [Line Items] | |||
Mortgage servicing rights, beginning balance | 845 | 1,087 | $ 650 |
Sales | (4) | ||
Mortgage servicing rights, ending balance | 1,063 | 845 | 1,087 |
Unpaid principal balance of loans serviced for others at end of period | 123,466 | 108,010 | 113,994 |
Servicing Advances | 411 | 501 | 571 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Time and Payoffs [Member] | |||
Servicing Assets At Fair Value [Line Items] | |||
Changes in Fair Value | (178) | (134) | (193) |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Other [Member] | |||
Servicing Assets At Fair Value [Line Items] | |||
Changes in Fair Value | 2 | (238) | 366 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | From loans sold with servicing retained [Member] | |||
Servicing Assets At Fair Value [Line Items] | |||
Additions | 78 | 85 | 158 |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | Purchases [Member] | |||
Servicing Assets At Fair Value [Line Items] | |||
Additions | 316 | 45 | 110 |
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 | 526 | 506 | 552 |
Unpaid principal balance of loans serviced for others at end of period | 145,823 | 143,738 | |
Servicing Advances | 251 | 299 | $ 412 |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Time and Payoffs [Member] | |||
Servicing Assets At Fair Value [Line Items] | |||
Changes in Fair Value | (89) | (89) | |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Other [Member] | |||
Servicing Assets At Fair Value [Line Items] | |||
Changes in Fair Value | (9) | (53) | |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | From loans sold with servicing retained [Member] | |||
Servicing Assets At Fair Value [Line Items] | |||
Additions | 63 | 53 | |
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | Purchases [Member] | |||
Servicing Assets At Fair Value [Line Items] | |||
Additions | $ 55 | $ 43 |
Goodwill and Other Intangible95
Goodwill and Other Intangible Assets (Commercial and Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 | $ 1,589 | $ 1,351 | ||
Mortgage Servicing Rights [Member] | Commercial Mortgage [Member] | ||||
Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of Adverse Change In Assumption [Line Items] | ||||
Fair Value | $ 526 | $ 506 | $ 552 | |
Weighted-average life | 4 years 8 months | 4 years 8 months | ||
Constant prepayment rate (CPR) | 5.71% | 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 | $ 19 | $ 19 | ||
Discount rate | 7.49% | 6.59% | ||
Decline in fair value from 10% adverse change in interest rate | $ 14 | $ 13 | ||
Decline in fair value from 20% adverse change in interest rate | 29 | 26 | ||
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | ||||
Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of Adverse Change In Assumption [Line Items] | ||||
Fair Value | $ 1,063 | $ 845 | $ 1,087 | $ 650 |
Weighted-average life | 6 years 4 months | 6 years 1 month | ||
Constant prepayment rate (CPR) | 10.61% | 11.16% | ||
Decline in fair value from 10% adverse change in prepayment rate | $ 44 | $ 36 | ||
Decline in fair value from 20% adverse change in prepayment rate | $ 85 | $ 69 | ||
Spread over the benchmark curve | 8.93% | 10.36% | ||
Decline in fair value from 10% adverse change in adjusted spread | $ 34 | $ 31 | ||
Decline in fair value from 20% adverse change in adjusted spread | $ 67 | $ 61 |
Goodwill and Other Intangible96
Goodwill and Other Intangible Assets (Fees from Mortgage and Other Loan Servicing) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Fees from Mortgage and Other Loan Servicing | $ 510 | $ 503 | $ 544 |
Goodwill and Other Intangible97
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Net Carrying Amount | $ 379 | $ 493 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross carrying amount | 1,499 | 1,502 | |
Accumulated amortization | (1,120) | (1,009) | |
Intangible Assets, Net Carrying Amount | $ 379 | $ 493 | $ 580 |
Summary of Changes in Other Int
Summary of Changes in Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, beginning balance | $ 493 | ||
Intangible assets, ending balance | 379 | $ 493 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, beginning balance | 493 | 580 | |
Acquisition during period | 41 | ||
Amortization expense | (114) | (128) | $ (243) |
Intangible assets, ending balance | $ 379 | $ 493 | $ 580 |
Goodwill and Other Intangible99
Goodwill and Other Intangible Assets (Amortization Expense on Existing Intangible Assets) (Details) - Other Intangible Assets [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 114 | $ 128 | $ 243 |
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 |
Premises, Equipment and Leas100
Premises, Equipment and Leasehold Improvements (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Property, Plant and Equipment [Abstract] | |
Minimum annual rental on noncancelable leases | $ 2,700 |
Required minimum annual rentals due 2016 | 378 |
Required minimum annual rentals due 2017 | 350 |
Required minimum annual rentals due 2018 | 315 |
Required minimum annual rentals due 2019 | 264 |
Required minimum annual rentals due 2020 | 222 |
Required minimum annual rentals due 2021 and thereafter | $ 1,200 |
Operating lease expiration date | Dec. 31, 2081 |
Premises, Equipment and Leas101
Premises, Equipment and Leasehold Improvements (Premises, Equipment and Leasehold Improvements) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Total premises, equipment and leasehold improvements | $ 10,257 | $ 9,416 |
Accumulated depreciation and amortization | (4,349) | (3,773) |
Net book value | $ 5,908 | $ 5,643 |
Premises, Equipment and Leas102
Premises, Equipment and Leasehold Improvements (Depreciation and Amortization Expense) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Depreciation | $ 643,000,000 | $ 618,000,000 | $ 546,000,000 |
Amortization | 40,000,000 | 30,000,000 | 23,000,000 |
Total depreciation And amortization | $ 683,000,000 | $ 648,000,000 | $ 569,000,000 |
Premises, Equipment and Leas103
Premises, Equipment and Leasehold Improvements (Lease Rental Expense) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Lease Rental Expense | $ 460,000,000 | $ 414,000,000 | $ 412,000,000 |
Time Deposits (Narrative) (Deta
Time Deposits (Narrative) (Details) $ in Billions | Dec. 31, 2015USD ($) |
Time Deposits [Abstract] | |
Total Time Deposits | $ 20.5 |
Deposits that will contractually mature during 2016 | 15.1 |
Deposits that will contractually mature during 2017 | 1.2 |
Deposits that will contractually mature during 2018 | 0.4 |
Deposits that will contractually mature during 2019 | 0.4 |
Deposits that will contractually mature during 2020 | 0.8 |
Deposits that will contractually mature during 2021 and thereafter | $ 2.6 |
Borrowed Funds (Narrative) (Det
Borrowed Funds (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Total Borrowed Funds | $ 54,532 | $ 56,768 |
Due in 2016 | 10,900 | |
Due in 2017 | 10,600 | |
Due in 2018 | 11,200 | |
Due in 2019 | 8,400 | |
Due in 2020 | 4,700 | |
Due in 2021 and thereafter | 8,700 | |
Bank notes [Member] | ||
Debt Instrument [Line Items] | ||
Basis adjustments - Fair value accounting hedges | 36 | |
Senior debt [Member] | ||
Debt Instrument [Line Items] | ||
Basis adjustments - Fair value accounting hedges | 175 | |
Subordinated debt [Member] | ||
Debt Instrument [Line Items] | ||
Total Borrowed Funds | 8,556 | |
Basis adjustments - Fair value accounting hedges | 246 | |
FHLB Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Total Borrowed Funds | 20,108 | |
PNC Capital Trust C [Member] | ||
Debt Instrument [Line Items] | ||
Carrrying value - junior subordinated debt | $ 205 | |
Issuance Date - trust preferred securities | Jun. 1, 1998 | |
Trust preferred securities | $ 200 | |
Basis Spread on LIBOR Rate - trust preferred securities | 0.57% | |
Maturity date - trust preferred securities | Jun. 1, 2028 | |
Effective interest rate - trust preferred securities | 0.98% | |
Net discounts - junior subordinated debt | $ (1) | |
Principal - junior subordinate debt | $ 206 |
Borrowed Funds (FHLB Borrowings
Borrowed Funds (FHLB Borrowings, Bank Notes, Senior Debt and Subordinated Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Borrowed Funds | $ 54,532 | $ 56,768 |
Bank notes and senior debt [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed Funds | 21,298 | |
Subordinated debt [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed Funds | 8,556 | |
FHLB [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed Funds | $ 20,108 | |
Stated rate - minimum | 0.00% | |
Stated rate - maximum | 6.50% | |
Maturity dates range - minimum | 2,016 | |
Maturity dates range - maximum | 2,030 | |
Bank notes [Member] | Bank notes and senior debt [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed Funds | $ 16,033 | |
Stated rate - minimum | 0.00% | |
Stated rate - maximum | 3.30% | |
Maturity dates range - minimum | 2,016 | |
Maturity dates range - maximum | 2,043 | |
Senior debt [Member] | Bank notes and senior debt [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed Funds | $ 5,265 | |
Stated rate - minimum | 2.70% | |
Stated rate - maximum | 6.70% | |
Maturity dates range - minimum | 2,016 | |
Maturity dates range - maximum | 2,022 | |
Junior subordinated debt [Member] | Subordinated debt [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed Funds | $ 205 | |
Stated rate - minimum | 0.98% | |
Stated rate - maximum | 0.98% | |
Maturity dates range - minimum | 2,028 | |
Maturity dates range - maximum | 2,028 | |
Other subordinated debt [Member] | Subordinated debt [Member] | ||
Debt Instrument [Line Items] | ||
Borrowed Funds | $ 8,351 | |
Stated rate - minimum | 0.82% | |
Stated rate - maximum | 6.88% | |
Maturity dates range - minimum | 2,016 | |
Maturity dates range - maximum | 2,025 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of bonds with highest yields excluded from calculation of yield curve for pension plan assumptions | 10.00% | ||
Percentage of bonds with lowest yields excluded from calculation of yield curve for pension plan assumptions | 40.00% | ||
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets | 6.75% | 7.00% | 7.50% |
Defined Contribution Plan Employer Matching Contribution Percentage | 4.00% | ||
ERRP Reimbursement Funding | $ 5,000,000,000 | ||
Minimum Matching Employer Contribution | 2,000 | ||
Defined Contribution Plan Employee benefit plan expense | $ 126,000,000 | $ 108,000,000 | $ 120,000,000 |
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets 2015 | 6.75% | ||
Qualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fixed earnings credit given to all new participants in pension and postretirement plans | 3.00% | ||
Employer contribution | $ 200,000,000 | ||
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution | 222,000,000 | $ 21,000,000 | |
Postretirement Benefits | VEBA Contribution | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution | $ 200,000,000 | ||
Equity Securities [Member] | Qualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of the fair value of total Plan assets held | 70% | ||
Fixed Income Securities | Qualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of the fair value of total Plan assets held | 21% | ||
Real Estate | Qualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of the fair value of total Plan assets held | 5% | ||
Employee Benefit Plans Other Assets [Member] | Qualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of the fair value of total Plan assets held | 4% |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Pension and Postretirement Benefits Costs) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, beginning balance | $ 4,357,000,000 | ||
Fair value of plan assets, end balance | 4,316,000,000 | $ 4,357,000,000 | |
PNC Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation at end of year | 4,330,000,000 | 4,427,000,000 | |
Projected benefit obligation at beginning of year | 4,499,000,000 | 3,966,000,000 | |
Service cost | 107,000,000 | 103,000,000 | $ 113,000,000 |
Interest cost | 177,000,000 | 187,000,000 | 170,000,000 |
Plan amendements | (7,000,000) | ||
Actuarial (gains)/losses and changes in assumptions | (126,000,000) | 504,000,000 | |
Benefits paid | (260,000,000) | (254,000,000) | |
Projected benefit obligation at end of year | 4,397,000,000 | 4,499,000,000 | 3,966,000,000 |
Fair value of plan assets, beginning balance | 4,357,000,000 | 4,252,000,000 | |
Actual return on plan assets | 19,000,000 | 359,000,000 | |
Employer contribution | 200,000,000 | ||
Fair value of plan assets, end balance | 4,316,000,000 | 4,357,000,000 | 4,252,000,000 |
Funded status | (81,000,000) | (142,000,000) | |
Noncurrent liability | (81,000,000) | (142,000,000) | |
Net amount recognized on the consolidated balance sheet | (81,000,000) | (142,000,000) | |
Prior service cost (credit) | (13,000,000) | (22,000,000) | |
Net actuarial loss | 794,000,000 | 673,000,000 | |
Amount recognized in AOCI | 781,000,000 | 651,000,000 | |
Nonqualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation at end of year | 292,000,000 | 316,000,000 | |
Projected benefit obligation at beginning of year | 322,000,000 | 292,000,000 | |
Service cost | 3,000,000 | 3,000,000 | 3,000,000 |
Interest cost | 11,000,000 | 12,000,000 | 12,000,000 |
Actuarial (gains)/losses and changes in assumptions | (10,000,000) | 40,000,000 | |
Benefits paid | (28,000,000) | (25,000,000) | |
Projected benefit obligation at end of year | 298,000,000 | 322,000,000 | 292,000,000 |
Employer contribution | 28,000,000 | 25,000,000 | |
Funded status | (298,000,000) | (322,000,000) | |
Current Liability | (27,000,000) | (31,000,000) | |
Noncurrent liability | (271,000,000) | (291,000,000) | |
Net amount recognized on the consolidated balance sheet | (298,000,000) | (322,000,000) | |
Prior service cost (credit) | 1,000,000 | 1,000,000 | |
Net actuarial loss | 71,000,000 | 88,000,000 | |
Amount recognized in AOCI | 72,000,000 | 89,000,000 | |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation at beginning of year | 379,000,000 | 375,000,000 | |
Service cost | 5,000,000 | 5,000,000 | 6,000,000 |
Interest cost | 15,000,000 | 16,000,000 | 14,000,000 |
Actuarial (gains)/losses and changes in assumptions | (9,000,000) | 4,000,000 | |
Participant contributions | 5,000,000 | 8,000,000 | |
Federal Medicare subsidy on benefits paid | 2,000,000 | 2,000,000 | |
Benefits paid | (28,000,000) | (31,000,000) | |
Settlement Payments | (1,000,000) | ||
Projected benefit obligation at end of year | 368,000,000 | 379,000,000 | $ 375,000,000 |
Employer contribution | 222,000,000 | 21,000,000 | |
Fair value of plan assets, end balance | 200,000,000 | ||
Funded status | (168,000,000) | (379,000,000) | |
Current Liability | (2,000,000) | (25,000,000) | |
Noncurrent liability | (166,000,000) | (354,000,000) | |
Net amount recognized on the consolidated balance sheet | (168,000,000) | (379,000,000) | |
Prior service cost (credit) | (3,000,000) | (4,000,000) | |
Net actuarial loss | 22,000,000 | 31,000,000 | |
Amount recognized in AOCI | $ 19,000,000 | $ 27,000,000 |
Employee Benefit Plans (Asset S
Employee Benefit Plans (Asset Strategy Allocation) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Target Plan Asset Allocations | 100.00% | 100.00% |
Domestic Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation Range, Total Equity, Maximum | 40.00% | |
Target Allocation Range, Total Equity, Minimum | 20.00% | |
Defined Benefit Plan Target Plan Asset Allocations | 32.00% | 34.00% |
International Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation Range, Total Equity, Maximum | 25.00% | |
Target Allocation Range, Total Equity, Minimum | 10.00% | |
Defined Benefit Plan Target Plan Asset Allocations | 23.00% | 23.00% |
Private Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation Range, Total Equity, Maximum | 15.00% | |
Target Allocation Range, Total Equity, Minimum | 0.00% | |
Defined Benefit Plan Target Plan Asset Allocations | 8.00% | 6.00% |
Domestic Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation Range, Total Equity, Maximum | 40.00% | |
Target Allocation Range, Total Equity, Minimum | 10.00% | |
Defined Benefit Plan Target Plan Asset Allocations | 17.00% | 17.00% |
High Yield Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation Range, Total Equity, Maximum | 25.00% | |
Target Allocation Range, Total Equity, Minimum | 0.00% | |
Defined Benefit Plan Target Plan Asset Allocations | 12.00% | 13.00% |
Total Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation Range, Total Equity, Maximum | 70.00% | |
Target Allocation Range, Total Equity, Minimum | 40.00% | |
Defined Benefit Plan Target Plan Asset Allocations | 63.00% | 63.00% |
Total Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation Range, Total Equity, Maximum | 65.00% | |
Target Allocation Range, Total Equity, Minimum | 10.00% | |
Defined Benefit Plan Target Plan Asset Allocations | 29.00% | 30.00% |
Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation Range, Total Equity, Maximum | 15.00% | |
Target Allocation Range, Total Equity, Minimum | 0.00% | |
Defined Benefit Plan Target Plan Asset Allocations | 5.00% | 5.00% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation Range, Total Equity, Maximum | 5.00% | |
Target Allocation Range, Total Equity, Minimum | 0.00% | |
Defined Benefit Plan Target Plan Asset Allocations | 3.00% | 2.00% |
Employee Benefit Plans (Pension
Employee Benefit Plans (Pension Plan Assets Fair Value Hierarchy) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 4,316,000,000 | $ 4,357,000,000 | |
Money Market Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 154,000,000 | 121,000,000 | |
US government and agency securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 324,000,000 | 294,000,000 | |
Corporate Debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 575,000,000 | 648,000,000 | |
Corporate Debt | Non-agency mortgage backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 29,000,000 | 34,000,000 | |
Common Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 660,000,000 | 1,041,000,000 | |
Preferred Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,000,000 | 6,000,000 | |
Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 213,000,000 | 220,000,000 | |
Interest In Collective Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,888,000,000 | 1,589,000,000 | |
Limited Partnerships | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,000,000 | ||
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,000,000 | 55,000,000 | |
Investments measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 482,000,000 | 381,000,000 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 976,000,000 | 1,306,000,000 | |
Level 1 | Money Market Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 154,000,000 | 121,000,000 | |
Level 1 | US government and agency securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 186,000,000 | 147,000,000 | |
Level 1 | Common Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 630,000,000 | 1,040,000,000 | |
Level 1 | Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,000,000 | 2,000,000 | |
Level 1 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,000,000 | (4,000,000) | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,851,000,000 | 2,660,000,000 | |
Level 2 | US government and agency securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 138,000,000 | 147,000,000 | |
Level 2 | Corporate Debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 568,000,000 | 638,000,000 | |
Level 2 | Common Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30,000,000 | 1,000,000 | |
Level 2 | Preferred Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,000,000 | 6,000,000 | |
Level 2 | Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 208,000,000 | 218,000,000 | |
Level 2 | Interest In Collective Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,888,000,000 | 1,589,000,000 | |
Level 2 | Limited Partnerships | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,000,000 | ||
Level 2 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12,000,000 | 59,000,000 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,000,000 | 10,000,000 | |
Level 3 | Corporate Debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 7,000,000 | $ 10,000,000 | $ 13,000,000 |
Employee Benefit Plans (Rollfor
Employee Benefit Plans (Rollforward of Pension Plan Level 3 Assets) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning balance | $ 4,357,000,000 | |
Fair value of plan assets, end balance | 4,316,000,000 | $ 4,357,000,000 |
Corporate Debt | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning balance | 648,000,000 | |
Fair value of plan assets, end balance | 575,000,000 | 648,000,000 |
Limited Partnerships | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning balance | 2,000,000 | |
Fair value of plan assets, end balance | 2,000,000 | |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning balance | 55,000,000 | |
Fair value of plan assets, end balance | 13,000,000 | 55,000,000 |
Preferred Stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning balance | 6,000,000 | |
Fair value of plan assets, end balance | 7,000,000 | 6,000,000 |
Interest In Collective Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning balance | 1,589,000,000 | |
Fair value of plan assets, end balance | 1,888,000,000 | 1,589,000,000 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning balance | 10,000,000 | |
Fair value of plan assets, end balance | 7,000,000 | 10,000,000 |
Level 3 [Member] | Corporate Debt | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning balance | 10,000,000 | 13,000,000 |
Net realized gain/(loss) on sale of investments | 1,000,000 | 3,000,000 |
Purchases | 4,000,000 | |
Sales | (8,000,000) | (6,000,000) |
Fair value of plan assets, end balance | $ 7,000,000 | $ 10,000,000 |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Cash Flows) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Reduction in PNC Benefit Payments Due to Medicare Part D Subsidy, 2016 | $ 1,000,000 |
Reduction in PNC Benefit Payments Due to Medicare Part D Subsidy, 2017 | 1,000,000 |
Reduction in PNC Benefit Payments Due to Medicare Part D Subsidy, 2018 | 1,000,000 |
Reduction in PNC Benefit Payments Due to Medicare Part D Subsidy, 2019 | 1,000,000 |
Reduction in PNC Benefit Payments Due to Medicare Part D Subsidy, 2020 | 1,000,000 |
Reduction in PNC Benefit Payments Due to Medicare Part D Subsidy, 2021 - 2025 | 5,000,000 |
Qualified Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future benefit payments during 2016 | 273,000,000 |
Estimated future benefit payments during 2017 | 289,000,000 |
Estimated future benefit payments during 2018 | 305,000,000 |
Estimated future benefit payments during 2019 | 303,000,000 |
Estimated future benefit payments during 2020 | 304,000,000 |
Estimated future benefit payments during 2021-2025 | 1,560,000,000 |
Nonqualified Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated 2016 employer contributions | 27,000,000 |
Estimated future benefit payments during 2016 | 27,000,000 |
Estimated future benefit payments during 2017 | 26,000,000 |
Estimated future benefit payments during 2018 | 28,000,000 |
Estimated future benefit payments during 2019 | 25,000,000 |
Estimated future benefit payments during 2020 | 24,000,000 |
Estimated future benefit payments during 2021-2025 | 105,000,000 |
Gross PNC Benefit Payments | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated 2016 employer contributions | 2,000,000 |
Estimated future benefit payments during 2016 | 25,000,000 |
Estimated future benefit payments during 2017 | 26,000,000 |
Estimated future benefit payments during 2018 | 27,000,000 |
Estimated future benefit payments during 2019 | 27,000,000 |
Estimated future benefit payments during 2020 | 28,000,000 |
Estimated future benefit payments during 2021-2025 | $ 133,000,000 |
Employee Benefit Plans (Net 113
Employee Benefit Plans (Net Periodic Costs (Components of Net Periodic Benefit Costs) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of actuarial gain/(loss) | $ (38,000,000) | $ (4,000,000) | $ (103,000,000) |
Qualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 107,000,000 | 103,000,000 | 113,000,000 |
Interest cost | 177,000,000 | 187,000,000 | 170,000,000 |
Expected return on plan assets | (297,000,000) | (289,000,000) | (288,000,000) |
Amortization of prior service cost/(credit) | (9,000,000) | (8,000,000) | (8,000,000) |
Amortization of actuarial losses | 31,000,000 | 87,000,000 | |
Net periodic cost/(benefit) | 9,000,000 | (7,000,000) | 74,000,000 |
Current year prior service cost/(credit) | (7,000,000) | ||
Amortization of prior service (cost)/credit | 9,000,000 | 8,000,000 | 8,000,000 |
Current year actuarial loss/(gain) | 152,000,000 | 434,000,000 | (784,000,000) |
Amortization of actuarial gain/(loss) | (31,000,000) | (87,000,000) | |
Total recognized in OCI | 130,000,000 | 435,000,000 | (863,000,000) |
Total amount recognized in net periodic cost and OCI | 139,000,000 | 428,000,000 | (789,000,000) |
Nonqualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 3,000,000 | 3,000,000 | 3,000,000 |
Interest cost | 11,000,000 | 12,000,000 | 12,000,000 |
Amortization of actuarial losses | 7,000,000 | 4,000,000 | 8,000,000 |
Settlement (gain)/loss | 7,000,000 | ||
Net periodic cost/(benefit) | 21,000,000 | 19,000,000 | 30,000,000 |
Current year actuarial loss/(gain) | (10,000,000) | 40,000,000 | (26,000,000) |
Amortization of actuarial gain/(loss) | (7,000,000) | (4,000,000) | (15,000,000) |
Total recognized in OCI | (17,000,000) | 36,000,000 | (41,000,000) |
Total amount recognized in net periodic cost and OCI | 4,000,000 | 55,000,000 | (11,000,000) |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 5,000,000 | 5,000,000 | 6,000,000 |
Interest cost | 15,000,000 | 16,000,000 | 14,000,000 |
Amortization of prior service cost/(credit) | (1,000,000) | (2,000,000) | (3,000,000) |
Settlement (gain)/loss | 1,000,000 | ||
Net periodic cost/(benefit) | 19,000,000 | 19,000,000 | 18,000,000 |
Amortization of prior service (cost)/credit | 1,000,000 | 2,000,000 | 3,000,000 |
Current year actuarial loss/(gain) | (9,000,000) | 4,000,000 | (9,000,000) |
Amortization of actuarial gain/(loss) | (1,000,000) | ||
Total recognized in OCI | (8,000,000) | 6,000,000 | (7,000,000) |
Total amount recognized in net periodic cost and OCI | $ 11,000,000 | $ 25,000,000 | $ 11,000,000 |
Employee Benefit Plans (Net 114
Employee Benefit Plans (Net Periodic Costs (Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase (average) | 4.00% | 4.00% | 4.00% |
Assumed health care cost trend rate Initial trend | 7.50% | 7.75% | 8.00% |
Assumed health care cost trend rate Ultimate trend | 5.00% | 5.00% | 5.00% |
Assumed health care cost trend rate Year ultimate reached | 2,025 | 2,025 | 2,019 |
Expected long-term return on plan assets | 6.75% | 7.00% | 7.50% |
Qualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.95% | 4.75% | 3.80% |
Nonqualified Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.65% | 4.35% | 3.45% |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.80% | 4.50% | 3.60% |
Employee Benefit Plans (Other P
Employee Benefit Plans (Other Pension Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase (average) | 3.50% | 4.00% |
Assumed health care cost trend rate Initial trend | 7.25% | 7.50% |
Assumed health care cost trend rate Ultimate trend | 5.00% | 5.00% |
Assumed health care cost trend rate Year ultimate reached | 2,025 | 2,025 |
Qualified Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate | 4.25% | 3.95% |
Nonqualified Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate | 3.95% | 3.65% |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate | 4.15% | 3.80% |
Employee Benefit Plans (Effect
Employee Benefit Plans (Effect of One Percent Change in Assumed Health Care Costs) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Employee Benefit Plans [Abstract] | |
Effect on year-end benefit obligation, Increase | $ 10 |
Effect on year-end benefit obligation, Decrease | $ (9) |
Employee Benefit Plans (Esti117
Employee Benefit Plans (Estimated Amortization of Unamortized Actuarial Gains and Losses - 2016) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Qualified Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost (credit) | $ (7,000,000) |
Net actuarial loss | 45,000,000 |
Total estimated amortization of unamortized actuarial gains and losses | 38,000,000 |
Nonqualified Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | 4,000,000 |
Total estimated amortization of unamortized actuarial gains and losses | 4,000,000 |
Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost (credit) | (1,000,000) |
Total estimated amortization of unamortized actuarial gains and losses | $ (1,000,000) |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 01, 2016 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2002 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total share-based compensation expense | $ 173,000,000 | $ 181,000,000 | $ 154,000,000 | ||||
Total tax benefit recognized related to share-based compensation expense | 63,000,000 | $ 66,000,000 | $ 56,000,000 | ||||
Unamortized share-based compensation expense related to nonvested equity compensation arrangements | $ 191,000,000 | ||||||
Period over which unamortized share-based compensation expense will be amortized. | 5 years | ||||||
Maximum life of options (in years) | 10 years | ||||||
Options exercisable at end of period - Common stock | 6,810,000 | 10,204,000 | |||||
Options exercisable at end of the period - weighted average price | $ 82.86 | $ 89.46 | |||||
Total intrinsic value of options exercised | $ 62,000,000 | $ 90,000,000 | $ 86,000,000 | ||||
Cash received from option exercises under all Incentive Plans | 103,000,000 | 215,000,000 | 208,000,000 | ||||
Tax benefit realized from option exercises under all Incentive Plans | $ 23,000,000 | $ 33,000,000 | $ 31,000,000 | ||||
Shares of common stock available for next year, Granting of options under Incentive Plans | 14,000,000 | ||||||
Total common stock authorized for future issuance under equity compensation plans | 15,000,000 | ||||||
Treasury stock | 1,200,000 | ||||||
Deferred stock units awards granted to non-employee directors | 18,048 | 21,490 | 27,076 | ||||
Vesting period for restricted share/restricted share unit awards, lower range | 3 years | ||||||
Vesting period for restricted share/restricted share unit awards, upper range | 5 years | ||||||
Weighted-average grant date fair value of incentive/performance unit awards and restricted share/restricted share unit awards granted | $ 91.57 | $ 80.79 | $ 64.77 | ||||
Total intrinsic value of incentive/performance unit and restricted share/restricted share unit awards vested during the year. | $ 175,000,000 | $ 119,000,000 | $ 63,000,000 | ||||
Total share-based liability awards paid out during the year | $ 41,000,000 | $ 38,000,000 | $ 29,000,000 | ||||
ESPP - shares available for issuance | 1,000,000 | ||||||
ESPP - Fair market value purchase rate of common stock (percent) | 95.00% | ||||||
BlackRock Series C Preferred Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
LTIP - Number of preferred shares acquired in exchange agreement | 2,900,000 | ||||||
LTIP - Number of preferred stock shares transferred | 200,000 | 500,000 | 1,300,000 | ||||
LTIP - Total preferred shares held at end of period | 1,300,000 | 1,300,000 | |||||
BlackRock LTIP [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
LTIP - Number of committed shares to be released | 4,000,000 | ||||||
LTIP - Number of common stock shares transferred | 1,100,000 | ||||||
Total - Nonvested Cash Payable Incentive/Performance Units and Restricted Share Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate intrinsic value - liability awards | $ 74,000,000 |
Stock Based Compensation Pla119
Stock Based Compensation Plans (Option Pricing Assumptions) (Details) | 12 Months Ended |
Dec. 31, 2013$ / shares | |
Share-based Compensation [Abstract] | |
Risk-free interest rate | 0.90% |
Dividend yield | 2.50% |
Volatility | 34.00% |
Expected life | 6 years 6 months |
Grant date fair value | $ 16.35 |
Stock Based Compensation Pla120
Stock Based Compensation Plans (Stock Option Rollforward) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable, Weighted-average exercise price of shares | $ 82.86 | $ 89.46 | |
Total Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, beginning balance | 7,044 | ||
Exercised | (1,741) | ||
Cancelled | (129) | ||
Outstanding, ending balance | 5,174 | ||
Vested and expected to vest - Shares Outstanding | 5,174 | ||
Exercisable, Shares | 5,126 | ||
Weighted-average exercise price, beginning of period | $ 82.17 | ||
Weighted-average exercise price, exercised | 59.18 | ||
Weighted-average exercise price, cancelled | 580.37 | ||
Weighted-average exercise price, end of period | 77.47 | ||
Vested and expected to vest - Weighted-average Exercise Price for Outstanding Stock | 77.47 | ||
Exercisable, Weighted-average exercise price of shares | $ 77.6 | ||
Outstanding, Weighted-average Remaining Contractual Life | 3 years 2 months | ||
Vested and expected to vest - Weighted-average Remaining Contractual Life | 3 years 2 months | ||
Exercisable, Weighted-average Remaining Contractual Life | 3 years 2 months | ||
Outstanding, Aggregate Intrinsic Value | $ 196,292 | ||
Vested and expected to vest - Aggregate Intrinsic Value | 196,286 | ||
Exercisable, Aggregate Intrinsic Value | $ 194,782 | ||
PNC [Member] | Total Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, beginning balance | 6,701 | ||
Exercised | (1,741) | ||
Cancelled | (29) | ||
Outstanding, ending balance | 4,931 | ||
Vested and expected to vest - Shares Outstanding | 4,931 | ||
Exercisable, Shares | 4,883 | ||
Weighted-average exercise price, beginning of period | $ 56.41 | ||
Weighted-average exercise price, exercised | 59.18 | ||
Weighted-average exercise price, cancelled | 44.61 | ||
Weighted-average exercise price, end of period | 55.5 | ||
Vested and expected to vest - Weighted-average Exercise Price for Outstanding Stock | 55.5 | ||
Exercisable, Weighted-average exercise price of shares | $ 55.42 | ||
PNC Options Converted From National City Options [Member] | Total Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, beginning balance | 343 | ||
Cancelled | (100) | ||
Outstanding, ending balance | 243 | ||
Vested and expected to vest - Shares Outstanding | 243 | ||
Exercisable, Shares | 243 | ||
Weighted-average exercise price, beginning of period | $ 585.23 | ||
Weighted-average exercise price, cancelled | 738.18 | ||
Weighted-average exercise price, end of period | 522.54 | ||
Vested and expected to vest - Weighted-average Exercise Price for Outstanding Stock | 522.54 | ||
Exercisable, Weighted-average exercise price of shares | $ 522.54 |
Stock Based Compensation Pla121
Stock Based Compensation Plans (Nonvested Incentive/Performance Unit Awards and Restricted Share/Restricted Share Unit Awards - Rollforward) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value, vested/released shares | $ 91.57 | $ 80.79 | $ 64.77 |
Nonvested Incentive / Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, Beginning balance | 1,837,000 | ||
Granted | 711,000 | ||
Vested/Released | (682,000) | ||
Forfeited | (36,000) | ||
Outstanding, Ending balance | 1,830,000 | 1,837,000 | |
Weighted-average grant date fair value, beginning of period | $ 69.84 | ||
Weighted-average grant date fair value, granted shares | 90.77 | ||
Weighted-average grant date fair value, vested/released shares | 66.17 | ||
Weighted-average grant date fair value, forfeited shares | 73.56 | ||
Weighted-average grant date fair value, end of period | $ 79.27 | $ 69.84 | |
Nonvested Restricted Share / Restricted Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, Beginning balance | 3,652,000 | ||
Granted | 1,112,000 | ||
Vested/Released | (1,259,000) | ||
Forfeited | (172,000) | ||
Outstanding, Ending balance | 3,333,000 | 3,652,000 | |
Weighted-average grant date fair value, beginning of period | $ 69.03 | ||
Weighted-average grant date fair value, granted shares | 92.08 | ||
Weighted-average grant date fair value, vested/released shares | 61.15 | ||
Weighted-average grant date fair value, forfeited shares | 79.25 | ||
Weighted-average grant date fair value, end of period | $ 79.26 | $ 69.03 |
Stock Based Compensation Pla122
Stock Based Compensation Plans (Nonvested Cash-Payable Incentive-Performance Units and Restricted Share Unit - Rollforward) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 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 Restricted Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Beginning balance | 658 |
Granted | 364 |
Vested/Released | (350) |
Forfeited | (8) |
Outstanding, Ending balance | 664 |
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 | 445 |
Vested/Released | (448) |
Forfeited | (51) |
Outstanding, Ending balance | 781 |
Stock Based Compensation Pla123
Stock Based Compensation Plans (Employee Stock Purchase Plan - Summary) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Employee Stock Purchase Plan - Shares Issued | 168,962 | 157,856 | 167,260 |
Minimum [Member] | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Employee Stock Purchase Plan - Purchase Price Per Share | $ 90.87 | $ 84.6 | $ 69.27 |
Maximum [Member] | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Employee Stock Purchase Plan - Purchase Price Per Share | $ 90.55 | $ 86.67 | $ 73.7 |
Financial Derivatives (Narrativ
Financial Derivatives (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | |||
Cash And Securities Held To Collateralize Net Derivative Assets | $ 900,000,000 | ||
Cash And Securities Pledged To Collateralize Net Derivative Liabilities | 900,000,000 | ||
Aggregate fair value of all derivative instruments with credit-risk-related contingent features | 800,000,000 | ||
Collateral posted on derivative instruments with credit-risk-related contingent features | 600,000,000 | ||
Maximum amount of collateral PNC would have been required to post if the credit-risk-related contingent features underlying these agreements had been triggered | 200,000,000 | ||
Risk Participation Agreements Sold [Member] | |||
Derivative [Line Items] | |||
Credit Derivative Maximum Exposure Undiscounted | 122,000,000 | $ 124,000,000 | |
Derivative Liability Notional Amount | $ 2,500,000,000 | 2,800,000,000 | |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | |||
Derivative [Line Items] | |||
Maximum length of time over which forecasted loan cash flows are hedged | 7 years | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ 415,000,000 | 431,000,000 | $ (141,000,000) |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Pretax [Member] | |||
Derivative [Line Items] | |||
Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months | 190,000,000 | ||
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 | 124,000,000 | ||
Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ 60,000,000 | $ 54,000,000 | $ (21,000,000) |
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 | 2 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 | $ 24,000,000 | ||
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 | $ 16,000,000 |
Financial Derivatives (Total Gr
Financial Derivatives (Total Gross Derivatives) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value | $ 4,941,000,000 | $ 5,234,000,000 |
Derivative Liability, Fair Value | 3,802,000,000 | 4,027,000,000 |
Derivative Notional Amount | 347,976,000,000 | 340,317,000,000 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 1,159,000,000 | 1,261,000,000 |
Derivative Liability, Fair Value | 174,000,000 | 186,000,000 |
Derivative Notional Amount | 52,074,000,000 | 49,061,000,000 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 3,782,000,000 | 3,973,000,000 |
Derivative Liability, Fair Value | 3,628,000,000 | 3,841,000,000 |
Derivative Notional Amount | $ 295,902,000,000 | $ 291,256,000,000 |
Financial Derivatives (Derivati
Financial Derivatives (Derivatives Designated As Hedging Instruments Under GAAP) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value | $ 4,941,000,000 | $ 5,234,000,000 |
Derivative Liability, Fair Value | 3,802,000,000 | 4,027,000,000 |
Derivative Notional Amount | 347,976,000,000 | 340,317,000,000 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 1,159,000,000 | 1,261,000,000 |
Derivative Liability, Fair Value | 174,000,000 | 186,000,000 |
Derivative Notional Amount | 52,074,000,000 | 49,061,000,000 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 3,782,000,000 | 3,973,000,000 |
Derivative Liability, Fair Value | 3,628,000,000 | 3,841,000,000 |
Derivative Notional Amount | 295,902,000,000 | 291,256,000,000 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 712,000,000 | 830,000,000 |
Derivative Liability, Fair Value | 171,000,000 | 176,000,000 |
Derivative Notional Amount | 31,690,000,000 | 25,163,000,000 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Receive Fixed Swaps [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 699,000,000 | 827,000,000 |
Derivative Liability, Fair Value | 18,000,000 | 38,000,000 |
Derivative Notional Amount | 25,756,000,000 | 20,930,000,000 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Pay Fixed Swaps [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 13,000,000 | 3,000,000 |
Derivative Liability, Fair Value | 153,000,000 | 138,000,000 |
Derivative Notional Amount | 5,934,000,000 | 4,233,000,000 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 416,000,000 | 425,000,000 |
Derivative Liability, Fair Value | 3,000,000 | 10,000,000 |
Derivative Notional Amount | 19,279,000,000 | 22,769,000,000 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Receive Fixed Swaps [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 412,000,000 | 400,000,000 |
Derivative Liability, Fair Value | 2,000,000 | 10,000,000 |
Derivative Notional Amount | 17,879,000,000 | 19,991,000,000 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Forward Purchase Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 4,000,000 | 25,000,000 |
Derivative Liability, Fair Value | 1,000,000 | |
Derivative Notional Amount | 1,400,000,000 | 2,778,000,000 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 31,000,000 | 6,000,000 |
Derivative Notional Amount | $ 1,105,000,000 | $ 1,129,000,000 |
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 ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives Recognized in Income | $ (108,000,000) | $ 12,000,000 | $ (633,000,000) |
Gain (Loss) on Related Hedged Items Recognized in Income | 67,000,000 | (42,000,000) | 596,000,000 |
The ineffective portion of the change in value of our fair value hedge derivatives | (41,000,000) | (30,000,000) | (37,000,000) |
Us Treasury And Government And Other Debt Securities [Member] | Investment Securities Interest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives Recognized in Income | (111,000,000) | 111,000,000 | |
Gain (Loss) on Related Hedged Items Recognized in Income | 116,000,000 | (115,000,000) | |
Subordinated debt and Bank notes and senior debt [Member] | Borrowed Funds Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives Recognized in Income | (108,000,000) | 123,000,000 | (744,000,000) |
Gain (Loss) on Related Hedged Items Recognized in Income | $ 67,000,000 | $ (158,000,000) | $ 711,000,000 |
Financial Derivatives (Gains128
Financial Derivatives (Gains (Losses) on Derivatives and Related Cash Flows - Cash Flow Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net unrealized gains (losses) on cash flow hedge derivatives | $ 127 | $ 168 | $ (527) |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivatives Recognized in OCI (Effective Portion) | 415 | 431 | (141) |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 288 | 263 | 386 |
Net unrealized gains (losses) on cash flow hedge derivatives | 127 | 168 | (527) |
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) | 293 | $ 263 | 337 |
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) | $ (5) | $ 49 |
Financial Derivatives (Gains129
Financial Derivatives (Gains (Losses) on Derivatives - Net Investment Hedges) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ 60,000,000 | $ 54,000,000 | $ (21,000,000) |
Financial Derivatives (Deriv130
Financial Derivatives (Derivatives Not Designated As Hedging Instruments under GAAP) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative Notional Amount | $ 347,976,000,000 | $ 340,317,000,000 |
Derivative Asset, Fair Value | 4,941,000,000 | 5,234,000,000 |
Derivative Liability, Fair Value | 3,802,000,000 | 4,027,000,000 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 52,074,000,000 | 49,061,000,000 |
Derivative Asset, Fair Value | 1,159,000,000 | 1,261,000,000 |
Derivative Liability, Fair Value | 174,000,000 | 186,000,000 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 295,902,000,000 | 291,256,000,000 |
Derivative Asset, Fair Value | 3,782,000,000 | 3,973,000,000 |
Derivative Liability, Fair Value | 3,628,000,000 | 3,841,000,000 |
Not Designated as Hedging Instrument [Member] | Residential Mortgages [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 73,891,000,000 | 76,102,000,000 |
Derivative Asset, Fair Value | 823,000,000 | 846,000,000 |
Derivative Liability, Fair Value | 447,000,000 | 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 | 65,728,000,000 | 68,976,000,000 |
Derivative Asset, Fair Value | 789,000,000 | 814,000,000 |
Derivative Liability, Fair Value | 439,000,000 | 416,000,000 |
Not Designated as Hedging Instrument [Member] | Residential Mortgages [Member] | Loan Sales Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 8,163,000,000 | 7,126,000,000 |
Derivative Asset, Fair Value | 34,000,000 | 32,000,000 |
Derivative Liability, Fair Value | 8,000,000 | 21,000,000 |
Not Designated as Hedging Instrument [Member] | Commercial Mortgage Banking [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 24,091,000,000 | 26,290,000,000 |
Derivative Asset, Fair Value | 88,000,000 | 85,000,000 |
Derivative Liability, Fair Value | 52,000,000 | 59,000,000 |
Not Designated as Hedging Instrument [Member] | Commercial Mortgage Banking [Member] | Credit Default Swap [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 77,000,000 | 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 | 24,014,000,000 | 26,195,000,000 |
Derivative Asset, Fair Value | 88,000,000 | 85,000,000 |
Derivative Liability, Fair Value | 52,000,000 | 59,000,000 |
Not Designated as Hedging Instrument [Member] | Customer Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 192,621,000,000 | 183,474,000,000 |
Derivative Asset, Fair Value | 2,812,000,000 | 2,956,000,000 |
Derivative Liability, Fair Value | 2,661,000,000 | 2,834,000,000 |
Not Designated as Hedging Instrument [Member] | Customer Contracts [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 10,888,000,000 | 12,547,000,000 |
Derivative Asset, Fair Value | 194,000,000 | 223,000,000 |
Derivative Liability, Fair Value | 198,000,000 | 240,000,000 |
Not Designated as Hedging Instrument [Member] | Customer Contracts [Member] | Risk Participation Agreement [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 5,026,000,000 | 5,124,000,000 |
Derivative Asset, Fair Value | 2,000,000 | 2,000,000 |
Derivative Liability, Fair Value | 4,000,000 | 4,000,000 |
Not Designated as Hedging Instrument [Member] | Customer Contracts [Member] | Customer Related Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 176,707,000,000 | 165,803,000,000 |
Derivative Asset, Fair Value | 2,616,000,000 | 2,731,000,000 |
Derivative Liability, Fair Value | 2,459,000,000 | 2,590,000,000 |
Not Designated as Hedging Instrument [Member] | Other Risk Management Activity [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 5,299,000,000 | 5,390,000,000 |
Derivative Asset, Fair Value | 59,000,000 | 86,000,000 |
Derivative Liability, Fair Value | 468,000,000 | 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 | 2,742,000,000 | 2,661,000,000 |
Derivative Asset, Fair Value | 59,000,000 | 85,000,000 |
Derivative Liability, Fair Value | 6,000,000 | 1,000,000 |
Not Designated as Hedging Instrument [Member] | Other Risk Management Activity [Member] | Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 2,542,000,000 | 1,881,000,000 |
Derivative Liability, Fair Value | 462,000,000 | 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 | 37,505,000,000 | 32,459,000,000 |
Derivative Asset, Fair Value | 758,000,000 | 777,000,000 |
Derivative Liability, Fair Value | 416,000,000 | 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 | 3,945,000,000 | 3,801,000,000 |
Derivative Asset, Fair Value | 77,000,000 | 67,000,000 |
Derivative Liability, Fair Value | 46,000,000 | 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 | 157,041,000,000 | 146,008,000,000 |
Derivative Asset, Fair Value | 2,507,000,000 | 2,632,000,000 |
Derivative Liability, Fair Value | 2,433,000,000 | 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 | 650,000,000 | 1,498,000,000 |
Derivative Asset, Fair Value | 27,000,000 | 29,000,000 |
Derivative Liability, Fair Value | 14,000,000 | 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 | 2,000,000 | |
Derivative Liability, Fair Value | 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 | 4,363,000,000 | 3,361,000,000 |
Derivative Asset, Fair Value | 86,000,000 | 62,000,000 |
Derivative Liability, Fair Value | 13,000,000 | 12,000,000 |
Not Designated as Hedging Instrument [Member] | Future [Member] | Residential Mortgage Servicing Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 17,653,000,000 | 22,084,000,000 |
Not Designated as Hedging Instrument [Member] | Future [Member] | Loan Sales Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 20,000,000 | 58,000,000 |
Not Designated as Hedging Instrument [Member] | Future [Member] | Commercial Mortgage Banking Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 18,454,000,000 | 19,913,000,000 |
Not Designated as Hedging Instrument [Member] | Future [Member] | Customer Related Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 1,673,000,000 | 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 | 6,000,000,000 | 12,225,000,000 |
Derivative Asset, Fair Value | 4,000,000 | |
Derivative Liability, Fair Value | 1,000,000 | |
Not Designated as Hedging Instrument [Member] | Residential Mortgage Loan Commitment [Member] | Loan Sales Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 1,580,000,000 | 1,852,000,000 |
Derivative Asset, Fair Value | 16,000,000 | 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 | 1,176,000,000 | 2,042,000,000 |
Derivative Asset, Fair Value | 11,000,000 | 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 | 200,000,000 | 300,000,000 |
Derivative Asset, Fair Value | 2,000,000 | |
Not Designated as Hedging Instrument [Member] | Caps Floors Sold [Member] | Customer Related Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 5,337,000,000 | 4,846,000,000 |
Derivative Liability, Fair Value | 11,000,000 | 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 | 6,383,000,000 | 6,339,000,000 |
Derivative Asset, Fair Value | 18,000,000 | 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 | 3,920,000,000 | 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 | 6,363,000,000 | 4,916,000,000 |
Derivative Asset, Fair Value | 16,000,000 | 10,000,000 |
Derivative Liability, Fair Value | 8,000,000 | 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 | 1,910,000,000 | 2,137,000,000 |
Derivative Asset, Fair Value | 5,000,000 | 3,000,000 |
Derivative Liability, Fair Value | $ 2,000,000 | $ 3,000,000 |
Financial Derivatives (Gains131
Financial Derivatives (Gains (Losses) on Derivatives Not Designated As Hedging Instruments under GAAP) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | $ 651 | $ 440 | $ 135 |
Residential Mortgages [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 186 | 237 | 63 |
Residential Mortgages [Member] | Residential Mortgage Servicing Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 103 | 240 | (223) |
Residential Mortgages [Member] | Loan Sales Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 83 | (3) | 286 |
Commercial Mortgage Banking [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 34 | 81 | 10 |
Commercial Mortgage Banking [Member] | Interest Rate Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 34 | 82 | 12 |
Commercial Mortgage Banking [Member] | Credit Default Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | (1) | (2) | |
Customer Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 149 | 87 | 225 |
Customer Contracts [Member] | Interest Rate Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 71 | 41 | 149 |
Customer Contracts [Member] | Credit Default Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | (1) | (1) | (1) |
Customer Contracts [Member] | Equity Contract [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | (3) | ||
Customer Contracts [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 79 | 47 | 80 |
Other Risk Management Activity [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 282 | 35 | (163) |
Other Risk Management Activity [Member] | Interest Rate Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | (19) | 3 | |
Other Risk Management Activity [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | 281 | 188 | 2 |
Other Risk Management Activity [Member] | Other Contract [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net | $ 1 | $ (134) | $ (168) |
Financial Derivatives (Deriv132
Financial Derivatives (Derivative Assets and Liabilitites Offsetting) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | $ 4,941,000,000 | $ 5,234,000,000 |
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 3,802,000,000 | 4,027,000,000 |
Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 3,802,000,000 | 4,027,000,000 |
Derivative Liability, Fair Value Offset Amount | 2,554,000,000 | 2,141,000,000 |
Derivative Liability, Cash Collateral | 608,000,000 | 503,000,000 |
Derivative Liability, Net Fair Value | 640,000,000 | 1,383,000,000 |
Derivative Liability, Net | 640,000,000 | 1,383,000,000 |
Assets [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 4,941,000,000 | 5,234,000,000 |
Derivative Asset, Fair Value Offset Amount | 2,554,000,000 | 2,141,000,000 |
Derivative Asset, Cash Collateral | 551,000,000 | 506,000,000 |
Derivative Asset, Net Fair Value | 1,836,000,000 | 2,587,000,000 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 180,000,000 | 144,000,000 |
Derivative Asset, Net | 1,656,000,000 | 2,443,000,000 |
Interest Rate Contracts [Member] | Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 3,272,000,000 | |
Derivative Liability, Fair Value Offset Amount | 2,057,000,000 | |
Derivative Liability, Cash Collateral | 483,000,000 | |
Derivative Liability, Net Fair Value | 732,000,000 | |
Derivative Liability, Net | 732,000,000 | |
Interest Rate Contracts [Member] | Liability [Member] | Exchange Cleared, Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 855,000,000 | 657,000,000 |
Derivative Liability, Fair Value Offset Amount | 779,000,000 | |
Derivative Liability, Cash Collateral | 57,000,000 | |
Derivative Liability, Net Fair Value | 19,000,000 | |
Derivative Liability, Net | 19,000,000 | |
Interest Rate Contracts [Member] | Liability [Member] | Exchange Traded, Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 1,000,000 | |
Derivative Liability, Net Fair Value | 1,000,000 | |
Derivative Liability, Net | 1,000,000 | |
Interest Rate Contracts [Member] | Liability [Member] | Over The Counter, Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 2,276,000,000 | |
Derivative Liability, Fair Value Offset Amount | 1,687,000,000 | |
Derivative Liability, Cash Collateral | 530,000,000 | |
Derivative Liability, Net Fair Value | 59,000,000 | |
Derivative Liability, Net | 59,000,000 | |
Interest Rate Contracts [Member] | Assets [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 4,918,000,000 | |
Derivative Asset, Fair Value Offset Amount | 1,981,000,000 | |
Derivative Asset, Cash Collateral | 458,000,000 | |
Derivative Asset, Net Fair Value | 2,479,000,000 | |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 143,000,000 | |
Derivative Asset, Net | 2,336,000,000 | |
Interest Rate Contracts [Member] | Assets [Member] | Exchange Cleared [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 1,003,000,000 | 807,000,000 |
Derivative Asset, Fair Value Offset Amount | 779,000,000 | |
Derivative Asset, Cash Collateral | 195,000,000 | |
Derivative Asset, Net Fair Value | 29,000,000 | |
Derivative Asset, Net | 29,000,000 | |
Interest Rate Contracts [Member] | Assets [Member] | Over The Counter [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 3,652,000,000 | |
Derivative Asset, Fair Value Offset Amount | 1,645,000,000 | |
Derivative Asset, Cash Collateral | 342,000,000 | |
Derivative Asset, Net Fair Value | 1,665,000,000 | |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 178,000,000 | |
Derivative Asset, Net | 1,487,000,000 | |
Foreign Exchange [Member] | Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 204,000,000 | 241,000,000 |
Derivative Liability, Fair Value Offset Amount | 85,000,000 | 80,000,000 |
Derivative Liability, Cash Collateral | 20,000,000 | 20,000,000 |
Derivative Liability, Net Fair Value | 99,000,000 | 141,000,000 |
Derivative Liability, Net | 99,000,000 | 141,000,000 |
Foreign Exchange [Member] | Assets [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 284,000,000 | 314,000,000 |
Derivative Asset, Fair Value Offset Amount | 129,000,000 | 159,000,000 |
Derivative Asset, Cash Collateral | 13,000,000 | 47,000,000 |
Derivative Asset, Net Fair Value | 142,000,000 | 108,000,000 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 2,000,000 | 1,000,000 |
Derivative Asset, Net | 140,000,000 | 107,000,000 |
Credit Risk Contract [Member] | Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 4,000,000 | 4,000,000 |
Derivative Liability, Fair Value Offset Amount | 3,000,000 | 4,000,000 |
Derivative Liability, Cash Collateral | 1,000,000 | |
Credit Risk Contract [Member] | Assets [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Gross Fair Value | 2,000,000 | 2,000,000 |
Derivative Asset, Fair Value Offset Amount | 1,000,000 | 1,000,000 |
Derivative Asset, Cash Collateral | 1,000,000 | 1,000,000 |
Other Contract [Member] | Liability [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Gross Fair Value | 462,000,000 | 510,000,000 |
Derivative Liability, Net Fair Value | 462,000,000 | 510,000,000 |
Derivative Liability, Net | $ 462,000,000 | $ 510,000,000 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share Basic and Diluted [Line Items] | |||
Net income | $ 4,143,000,000 | $ 4,207,000,000 | $ 4,212,000,000 |
Net income (loss) attributable to noncontrolling interests | 37,000,000 | 23,000,000 | 11,000,000 |
Preferred stock dividends and discount accretion and redemptions | 225,000,000 | 237,000,000 | 249,000,000 |
Net income attributable to common shares | 3,881,000,000 | 3,947,000,000 | 3,952,000,000 |
Dividends and undistributed earnings allocated to participating securities | 17,000,000 | 11,000,000 | 18,000,000 |
Net income attributable to basic common shares | 3,864,000,000 | 3,936,000,000 | 3,934,000,000 |
Less: Impact of BlackRock earnings per share dilution | 18,000,000 | 18,000,000 | 18,000,000 |
Net income attributable to diluted common shares | $ 3,846,000,000 | $ 3,918,000,000 | $ 3,916,000,000 |
Basic weighted-average common shares outstanding | 514,000,000 | 529,000,000 | 528,000,000 |
Basic earnings per common share | $ 7.52 | $ 7.44 | $ 7.45 |
Dilutive potential common shares | 7,000,000 | 8,000,000 | 4,000,000 |
Diluted weighted-average common shares outstanding | 521,000,000 | 537,000,000 | 532,000,000 |
Diluted earnings per common share | $ 7.39 | $ 7.3 | $ 7.36 |
Stock Option [Member] | |||
Earnings Per Share Basic and Diluted [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share amount | 1,000,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) | 2 Months Ended | 4 Months Ended | 12 Months Ended | |||||||
Mar. 15, 2013 | May. 04, 2015 | Apr. 19, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | May. 05, 2010 | |||
Debt Instrument [Line Items] | ||||||||||
Dividends distributed to preferred shareholders | $ 220,000,000 | $ 232,000,000 | $ 237,000,000 | |||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 300,000 | 300,000 | 400,000 | |||||||
Preferred stock issued, value | $ 0 | [1] | $ 0 | [1] | $ 496,000,000 | |||||
Preferred stock redemption, value | $ 500,000,000 | 150,000,000 | ||||||||
Redemption Of Noncontrolling Interests | $ 375,000,000 | |||||||||
Common stock, issued | 542,000,000 | 541,000,000 | ||||||||
Stock Repurchase Plan 2014 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Shares Repurchased Under Stock Repurchase Program | 4,400,000 | 13,500,000 | ||||||||
Stock Repurchase Plan 2015 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stock Repurchase Program, Number Of Shares Authorized To Be Repurchased | 100,000,000 | |||||||||
Stock Repurchase Program, Remaining Number Of Shares Authorized To Be Repurchased | 82,100,000 | |||||||||
Shares Repurchased Under Stock Repurchase Program | 17,900,000 | |||||||||
Series L Preferred Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Depositary Shares Issued Value | 6,000,000 | |||||||||
Preferred Stock Dividend Rate Percentage | 9.875% | |||||||||
Debt Instrument, Basis Spread on Variable Rate - LIBOR Plus | 6.33% | |||||||||
Preferred stock redemption, shares | 1,500 | |||||||||
Preferred stock redemption, value | $ 150,000,000 | |||||||||
Series K Preferred Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred Stock Dividend Rate Percentage | 8.25% | |||||||||
Debt Instrument, Basis Spread on Variable Rate - LIBOR Plus | 4.22% | |||||||||
Depositary Shares | 500,000 | |||||||||
Preferred stock redemption, shares | 50,000 | |||||||||
Preferred stock redemption, value | $ 500,000,000 | |||||||||
TARP Warrant [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of warrants or rights outstanding | 13,400,000 | 16,900,000 | 16,900,000 | |||||||
Exercise price per share of warrants or rights outstanding | $ 67.33 | |||||||||
Class Of Warrant Or Right Exercised | 3,500,000 | |||||||||
Common stock, issued | 1,100,000 | |||||||||
PNC Preferred Funding Trust II [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Private Placement REIT | $ 500,000,000 | |||||||||
Initial Fixed To Floating Rate Of Non Cumulative Exchangeable Trust Securities | 6.113% | |||||||||
Fixed to Floating Rate Of Non Cumulative Exchangeable Trust securities | 1.735% | |||||||||
Percentage Of LLC Common Voting Securities | 100.00% | |||||||||
Private Placement By LLC | $ 500,000,000 | |||||||||
Redemption Value of Trust Preferred Security | 100,000 | |||||||||
PNC Preferred Funding Trust I [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Private Placement REIT | $ 500,000,000 | |||||||||
Initial Fixed To Floating Rate Of Non Cumulative Exchangeable Trust Securities | 6.517% | |||||||||
Fixed to Floating Rate Of Non Cumulative Exchangeable Trust securities | 2.162% | |||||||||
Percentage Of LLC Common Voting Securities | 100.00% | |||||||||
Redemption Value of Trust Preferred Security | $ 100,000 | |||||||||
Shares Issued To Exercising Warrant Holders [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Common Stock, Capital Shares Reserved For Future Issuance | 93,000,000 | |||||||||
PNC Preferred Funding Trust I and Trust II | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Perpetual Trusts Noncontrolling Interest | $ 981,000,000 | |||||||||
PNC Preferred Funding Trust III | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption Of Noncontrolling Interests | $ 375,000,000 | |||||||||
Distribution Rate Of Non Cumulative Exchangeable Trust securities | 8.70% | |||||||||
[1] | Par value less than $.5 million at each date. |
Equity (Preferred Stock - Autho
Equity (Preferred Stock - Authorized, Issued and Outstanding) (Details) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | May. 07, 2013 |
Preferred Stock Shares Outstanding | 36,000 | 86,000 | |
Preferred Stock Shares Authorized | 16,588,000 | 16,588,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | |
Series B Preferred Stock [Member] | |||
Preferred Stock Liquidation Preference | $ 40 | ||
Preferred Stock Shares Outstanding | 1,000 | 1,000 | |
Series K Preferred Stock [Member] | |||
Preferred Stock Liquidation Preference | $ 10,000 | ||
Preferred Stock Shares Outstanding | 50,000 | ||
Series O Preferred Stock [Member] | |||
Preferred Stock Liquidation Preference | $ 100,000 | ||
Preferred Stock Shares Outstanding | 10,000 | 10,000 | |
Series P Preferred Stock [Member] | |||
Preferred Stock Liquidation Preference | $ 100,000 | ||
Preferred Stock Shares Outstanding | 15,000 | 15,000 | |
Series Q Preferred Stock [Member] | |||
Preferred Stock Liquidation Preference | $ 100,000 | ||
Preferred Stock Shares Outstanding | 5,000 | 5,000 | |
Series R Preferred Stock [Member] | |||
Preferred Stock Liquidation Preference | $ 100,000 | ||
Preferred Stock Shares Outstanding | 5,000 | 5,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 1 |
Equity (Terms of Outstanding Pr
Equity (Terms of Outstanding Preferred Stock) (Details) - $ / shares | 4 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | |||||
May. 07, 2013 | Apr. 24, 2012 | Jul. 27, 2011 | Oct. 09, 2012 | Sep. 21, 2012 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2012 | May. 04, 2015 | |
Series B Preferred Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Preferred Stock Dividend Rate Per-Dollar-Amount | $ 1.8 | ||||||||
Preferred Stock Voting Rights | 8 | ||||||||
Series K Preferred Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Preferred Stock Dividend Rate Percentage | 8.25% | ||||||||
Debt Instrument, Basis Spread on Variable Rate - LIBOR Plus | 4.22% | ||||||||
Depositary Shares | 500,000 | ||||||||
Series O Preferred Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Preferred Stock Dividend Rate Percentage | 6.75% | ||||||||
Debt Instrument, Basis Spread on Variable Rate - LIBOR Plus | 3.678% | ||||||||
Depositary Shares | 1,000,000 | ||||||||
Series P Preferred Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Preferred Stock Dividend Rate Percentage | 6.125% | ||||||||
Debt Instrument, Basis Spread on Variable Rate - LIBOR Plus | 4.0675% | ||||||||
Depositary Shares | 60,000,000 | ||||||||
Series Q Preferred Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Preferred Stock Dividend Rate Percentage | 5.375% | 5.375% | |||||||
Depositary Shares | 1,200,000 | 18,000,000 | |||||||
Series R Preferred Stock [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Preferred Stock Dividend Rate Percentage | 4.85% | ||||||||
Debt Instrument, Basis Spread on Variable Rate - LIBOR Plus | 3.04% | ||||||||
Depositary Shares | 500,000 |
Other Comprehensive Income (Oth
Other Comprehensive Income (Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Unrealized Gains Losses on Non Otti Securities [Abstract] | |||
Increase in net unrealized gains(losses) on non-OTTI securities | $ (494) | $ 410 | $ (1,122) |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities in interest income, before tax | 27 | 31 | 39 |
Less: Net gains (losses) realized on sales of non-OTTI securities reclassified to noninterest income, before tax | 48 | 4 | 50 |
Net unrealized gains (losses) on non-OTTI securities, Before Tax | (569) | 375 | (1,211) |
OtherComprehensiveIncomeLossNonOttiSecuritiesAdjustmentTax | 208 | (137) | 443 |
Net unrealized gains (losses) on non-OTTI securities, Activity, After Tax | (361) | 238 | (768) |
Net Unrealized Gains Losses On Otti Securities [Abstract] | |||
Increase in net unrealized gains (losses) on OTTI securities, Pretax | (17) | 68 | 215 |
Less: Net OTTI losses realized in net income, Pre-tax | (4) | (11) | (16) |
Net unrealized gains (losses) on OTTI securities | (13) | 79 | 231 |
Net unrealized gains (losses) on cash flow hedge derivatives, tax | 5 | (29) | (84) |
Net unrealized gains (losses) on OTTI securities, Activity, After Tax | (8) | 50 | 147 |
Net unrealized gains (losses) on cash flow hedge derivatives [Abstract] | |||
Increase in net unrealized gains (losses) on cash flow hedge derivatives, Pretax | 415 | 431 | (141) |
Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income, Before Tax | 270 | 251 | 284 |
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income, Before Tax | 23 | 12 | 53 |
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income, Before Tax | (5) | 49 | |
Net unrealized gains (losses) on cash flow hedge derivatives, Before Tax | 127 | 168 | (527) |
Net unrealized gains (losses) on cash flow hedge derivatives, tax | (47) | (61) | 192 |
Net unrealized gains (losses) on cash flow hedge derivatives, Net of tax, Total | 80 | 107 | (335) |
Pension and other postretirement benefit plan adjustments [Abstract] | |||
Net pension and other postretirement benefit plan activity, Before tax | (82) | (440) | 760 |
Amortization of actuarial loss (gain) reclassified to other noninterest expense, Before tax | 38 | 4 | 103 |
Pension and other postretirement benefit plan adjustments | (10) | (10) | (11) |
Pension and other postretirement benefit plan adjustments, net activity, Before Tax | (54) | (446) | 852 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | 20 | 163 | (312) |
Pension and other postretirement benefit plan adjustments, net activity, After Tax | (34) | (283) | 540 |
Other Comprehensive Income Other Adjustments [Abstract] | |||
PNC's portion of BlackRock's OCI, Before tax | (39) | (36) | 15 |
Net investment hedge derivatives, Before tax | 60 | 54 | (21) |
Foreign Currency Transaction and Translation Adjustment, before Tax | (63) | (57) | 27 |
Total Other, net activity, Before tax | (42) | (39) | 21 |
Total Other, net activity, Tax | (8) | (6) | (3) |
Total Other, net activity, After tax | (50) | (45) | 18 |
Other Comprehensive Income Loss Before Tax | (551) | 137 | (634) |
Other Comprehensive Income (Loss), Tax | 178 | (70) | 236 |
Other comprehensive income (loss), net of tax | $ (373) | $ 67 | $ (398) |
Other Comprehensive Income (Acc
Other Comprehensive Income (Accumulated Other Comprehensive Income (Loss) Components) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Unrealized Gains Losses on Non Otti Securities [Abstract] | |||
Net unrealized gains (losses) on non-OTTI securities, after-tax, Beginning Balance | $ 647,000,000 | $ 409,000,000 | $ 1,177,000,000 |
Other Comprehensive Income (Loss), Non Otti Securities Adjustment, After Tax | (361,000,000) | 238,000,000 | (768,000,000) |
Net unrealized gains (losses) on non-OTTI securities, after-tax, Ending Balance | 286,000,000 | 647,000,000 | 409,000,000 |
Net Unrealized Gains Losses On Otti Securities [Abstract] | |||
Net unrealized gains (losses) on OTTI securities, after tax, Beginning Balance | 74,000,000 | 24,000,000 | (123,000,000) |
Other Comprehensive Income Loss Otti Securities Adjustment After Tax | (8,000,000) | 50,000,000 | 147,000,000 |
Net unrealized gains (losses) on OTTI securities, after tax, Ending Balance | 66,000,000 | 74,000,000 | 24,000,000 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||
Net unrealized gains (losses) on cash flow hedge derivatives, after-tax, Beginning balance | 350,000,000 | 243,000,000 | 578,000,000 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 80,000,000 | 107,000,000 | (335,000,000) |
Net unrealized gains (losses) on cash flow hedge derivatives, after-tax, Ending balance | 430,000,000 | 350,000,000 | 243,000,000 |
Pension and other postretirement benefit plan adjustments [Abstract] | |||
Pension and other postretirement benefit plan adjustments, after tax, Beginning Balance | (520,000,000) | (237,000,000) | (777,000,000) |
Pension and other postretirement benefit plan adjustments, net activity, After Tax | (34,000,000) | (283,000,000) | 540,000,000 |
Pension and other postretirement benefit plan adjustments, after tax, Ending Balance | (554,000,000) | (520,000,000) | (237,000,000) |
Other Comprehensive Income Other Adjustments [Abstract] | |||
Other, after tax, Beginning balance | (48,000,000) | (3,000,000) | (21,000,000) |
Total Other, net activity, After tax | (50,000,000) | (45,000,000) | 18,000,000 |
Other, after tax, Ending balance | (98,000,000) | (48,000,000) | (3,000,000) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | 503,000,000 | 436,000,000 | 834,000,000 |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (373,000,000) | 67,000,000 | (398,000,000) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | $ 130,000,000 | $ 503,000,000 | $ 436,000,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized tax benefits that would favorably impact the effective tax rate | $ 20,000,000 | |||
Estimated change in balance of unrecognized tax benefits, within the next twelve months | 4,000,000 | |||
Unrecognized tax benefits | 26,000,000 | $ 77,000,000 | $ 110,000,000 | $ 176,000,000 |
Undistributed Earnings Of Foreign Subsidiaries | 110,000,000 | |||
Allocations For Bad Debt Deductions Of Former Thrift Subsidiaries Included In Retained Earnings | 117,000,000 | 117,000,000 | ||
Income tax expense benefit - gross interest and penalties | 46,000,000 | |||
Income Tax Examination Penalties And Interest Accrued | 41,000,000 | |||
Deferred Tax Liability Not Recognized Amount Of Unrecognized Deferred Tax Liability | 34,000,000 | |||
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 | 202,000,000 | |||
Tax credits recognized for low income housing tax credits associated with adoption of ASU 2014-01 | 224,000,000 | |||
Other tax benefits recognized for low income housing tax credits associated with adoption of ASU 2014-01 | 74,000,000 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net Operating Loss Carryforwards | 2,272,000,000 | 2,594,000,000 | ||
Tax Credit Carryforward Valuation Allowance | $ 61,000,000 | |||
Operating Loss Carryforwards Earliest Expiration Date | 2,016 | |||
Operating Loss Carryforwards Latest Expiration Date | 2,035 | |||
Reduction of state net operating losses | $ 60,000,000 | |||
Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net Operating Loss Carryforwards | $ 878,000,000 | $ 997,000,000 | ||
Operating Loss Carryforwards Expiration Date | Dec. 31, 2032 | |||
Tax Credit Carryforward Expiration Date | Dec. 31, 2032 | |||
Income Tax Examination Earliest Year Complete | 2,007 | |||
Income Tax Examination Latest Year Complete | 2,010 | |||
Income Tax Examination Earliest Year Under Examination | 2,011 | |||
Income Tax Examination Latest Year Under Examination | 2,013 | |||
Internal Revenue Service (IRS) [Member] | National City Acquisition [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Returns National City Year Settled | 2,008 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Federal, current | $ 927,000,000 | $ 1,084,000,000 | $ 263,000,000 |
State, current | 33,000,000 | 68,000,000 | 17,000,000 |
Total current | 960,000,000 | 1,152,000,000 | 280,000,000 |
Federal, deferred | 320,000,000 | 220,000,000 | 1,119,000,000 |
State, deferred | 84,000,000 | 35,000,000 | 77,000,000 |
Total deferred | 404,000,000 | 255,000,000 | 1,196,000,000 |
Income Tax Expense (Benefit), Total | $ 1,364,000,000 | $ 1,407,000,000 | $ 1,476,000,000 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | ||
Deferred tax assets - Allowance for loan and lease losses | $ 1,032 | $ 1,250 |
Deferred tax assets - Compensation and benefits | 654 | 822 |
Deferred tax assets - Partnership investments | 295 | 247 |
Deferred tax assets - Loss and credit carryforward | 502 | 545 |
Deferred tax assets - Accrued expenses | 542 | 581 |
Deferred tax assets - Other | 320 | 290 |
Total goss deferred tax assets | 3,345 | 3,735 |
Valuation allowance | (61) | (65) |
Total deferred tax assets | 3,284 | 3,670 |
Deferred tax liabilities - Leasing | 1,413 | 1,494 |
Deferred tax liabilities - Goodwill and intangibles | 320 | 328 |
Deferred tax liabilities - Fixed assets | 391 | 381 |
Deferred tax liabilities - Net unrealized gains on securities and financial instruments | 453 | 619 |
Deferred tax liabilities - BlackRock basis difference | 2,327 | 2,166 |
Deferred tax liabilities - Other | 542 | 619 |
Total deferred tax liabilities | 5,446 | 5,607 |
Net deferred tax liability | $ 2,162 | $ 1,937 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Statutory and Effective Tax Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Effective tax rate increase (decrease) - State taxes net of federal benefit | 1.40% | 1.20% | 1.10% |
Effective tax rate increase (decrease) - Tax-exempt interest | (2.30%) | (2.20%) | (1.90%) |
Effective tax rate increase (decrease) - Life insurance | (1.70%) | (1.70%) | (1.70%) |
Effective tax rate increase (decrease) - Dividend received deduction | (1.70%) | (1.50%) | (1.20%) |
Effective tax rate increase (decrease) - Tax credits | (3.90%) | (4.40%) | (3.70%) |
Effective tax rate increase (decrease) - Other | (2.00%) | (1.30%) | (1.70%) |
Effective tax rate | 24.80% | 25.10% | 25.90% |
Income Taxes (Net Operating Los
Income Taxes (Net Operating Loss Carryforwards and Tax Credit Carryforwards) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Internal Revenue Service (IRS) [Member] | ||
Net Operating Loss Carryforwards | $ 878,000,000 | $ 997,000,000 |
Tax Credit Carryforward | 64,000,000 | 35,000,000 |
State and Local Jurisdiction [Member] | ||
Net Operating Loss Carryforwards | 2,272,000,000 | 2,594,000,000 |
Tax Credit Carryforward | $ 3,000,000 | $ 7,000,000 |
Income Taxes (Changes in Liabil
Income Taxes (Changes in Liability for Unrecognized Tax Benefits) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Beginning balance of gross unrecognized tax benefits | $ 77,000,000 | $ 110,000,000 | $ 176,000,000 |
Increases: Positions taken during a prior period | 17,000,000 | 11,000,000 | |
Decreases: Positions taken during a prior period | (9,000,000) | (27,000,000) | (22,000,000) |
Decreases: Settlements with taxing authorities | (52,000,000) | (1,000,000) | (48,000,000) |
Decreases: Reductions resulting from lapse of statute of limitations | (7,000,000) | (5,000,000) | (7,000,000) |
Ending balance of gross unrecognized tax benefits | $ 26,000,000 | $ 77,000,000 | $ 110,000,000 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount available for dividend payments to parent company without prior regulatory approval | $ 1.7 | |
Maximum aggregated allowable credit extension in excess of the capital stock and surplus | 10.00% | |
Maximum aggregated allowable credit extension in excess of the capital and surplus | 20.00% | |
Outstanding cash reserves at the Federal Reserve Bank | $ 30 | |
Bank Holding Company [Member] | Transitional Basel III [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
US regulatory well capitalized level - Tier 1 risk-based capital ratio | 6.00% | 6.00% |
US regulatory well capitalized level - Total risk-based capital ratio | 10.00% | 10.00% |
PNC Bank | Transitional Basel III [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
US regulatory well capitalized level - Tier 1 risk-based capital ratio | 8.00% | 6.00% |
US regulatory well capitalized level - Total risk-based capital ratio | 10.00% | 10.00% |
US regulatory well capitalized level - Leverage ratio | 5.00% | 5.00% |
US regulatory well capitalized level - Common equity Tier 1 risk-based capital ratio | 6.50% |
Regulatory Matters (Basel Regul
Regulatory Matters (Basel Regulatory Capital) (Details) - Transitional Basel III [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Bank Holding Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Risk-based capital amount | $ 35,522 | $ 35,687 |
Tier 1 Risk-based capital ratio | 12.00% | 12.60% |
Total Risk-based capital amount | $ 43,260 | $ 44,782 |
Total Risk-based capital ratio | 14.60% | 15.80% |
Leverage amount | $ 35,522 | $ 35,687 |
Leverage ratio | 10.10% | 10.80% |
Common equity Tier 1 Capital amount | $ 31,493 | |
Common equity Tier 1 Capital ratio | 10.60% | |
PNC Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Risk-based capital amount | $ 29,425 | $ 29,328 |
Tier 1 Risk-based capital ratio | 10.40% | 10.70% |
Total Risk-based capital amount | $ 36,482 | $ 37,559 |
Total Risk-based capital ratio | 12.90% | 13.70% |
Leverage amount | $ 29,425 | $ 29,328 |
Leverage ratio | 8.70% | 9.20% |
Common equity Tier 1 Capital amount | $ 27,484 | |
Common equity Tier 1 Capital ratio | 9.70% |
Legal Proceedings - 10-K (Detai
Legal Proceedings - 10-K (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)people | Dec. 31, 2012people | |
Legal Reserve [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Loss contingency, range of possible loss not accrued | $ 550,000,000 | |
Interchange Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Litigation Settlement Amount | $ 6,600,000,000 | |
Settlement Percentage of Merchants Opted Out | 48.00% | |
CBNV Mortgage [Member] | ||
Loss Contingencies [Line Items] | ||
Class Action Lawsuit Members | people | 26,500 | 50,000 |
Fulton Financial Advisors NA V PNC Capital Markets LLC [Member] | PNC Capital Markets Llc [Member] | ||
Loss Contingencies [Line Items] | ||
Purchase Of Auction Rate Certificates | $ 123,000,000 | |
Fulton Financial Advisors NA V PNC Capital Markets LLC [Member] | National City Corporation [Member] | ||
Loss Contingencies [Line Items] | ||
Purchase Of Auction Rate Certificates | 175,000,000 | |
White Et Al V The PNC Financial Services Group [Member] | ||
Loss Contingencies [Line Items] | ||
Private Mortgage Insurance Premiums | 219,000,000 | |
Paid Claims Supporting Captive Reinsurance Arrangements | 12,000,000 | |
Consent Orders OCC and Federal Reserve [Member] | ||
Loss Contingencies [Line Items] | ||
Residential Mortgage Foreclosure Compliance Expenses | 70,000,000 | |
Additional Loss Mitigation Residential Mortgage Foreclosure Compliance Expenses | 111,000,000 | |
Residential Funding Company LLC V Pnc Bank [Member] | ||
Loss Contingencies [Line Items] | ||
Residential Mortgage Loans Sold Allegedly Materially Defective | 6,500,000,000 | |
Jo Ann Howard Pc Et Al V Cassity Et Al [Member] | ||
Loss Contingencies [Line Items] | ||
Alleged Present And Future Losses | 600,000,000 | |
Compensatory damages | 356,000,000 | |
Punitive Damages | 36,000,000 | |
Reduced Compensatory Damages | 289,000,000 | |
Prejudgement Interests | 179,000,000 | |
DD Growth Premium Master Fund [Member] | ||
Loss Contingencies [Line Items] | ||
Alleged Claims For Loss In Net Asset Value Of Fund | 283,000,000 | |
Alleged Claims For Certain Subscriptions Paid Into Fund | $ 134,000,000 |
Commitments and Guarantees (Nar
Commitments and Guarantees (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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 | 7 years | |
Standby letters of credit - Assets securing certain specifically identified standby letters of credit | $ 1,000,000,000 | |
Standby letters of credit and participations in standby letters of credit - Liability carrying amount | 200,000,000 | |
Recourse and Repurchase Obligations [Member] | Commercial Mortgage [Member] | ||
Loss Contingencies [Line Items] | ||
Total reserves | 27,000,000 | $ 35,000,000 |
Unpaid principal balance of loans sold | 12,900,000,000 | 12,300,000,000 |
Maximum Exposure | 3,800,000,000 | 3,700,000,000 |
Recourse and Repurchase Obligations [Member] | Residential Mortgage [Member] | ||
Loss Contingencies [Line Items] | ||
Total reserves | 94,000,000 | 107,000,000 |
Unpaid principal balance of loans sold | 65,300,000,000 | 68,300,000,000 |
Recourse and Repurchase Obligations [Member] | Residential Mortgage [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Reasonably possible loss not accrued | 77,000,000 | |
Recourse and Repurchase Obligations [Member] | Home Equity [Member] | ||
Loss Contingencies [Line Items] | ||
Total reserves | 20,000,000 | 29,000,000 |
Unpaid principal balance of loans sold | 2,100,000,000 | 2,500,000,000 |
Reinsurance Agreements [Member] | ||
Loss Contingencies [Line Items] | ||
Total reserves | $ 8,000,000 | $ 13,000,000 |
Commitments and Guarantees (Oth
Commitments and Guarantees (Other Commitments) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Other Commitments [Line Items] | ||
Commitments | $ 155,141,000,000 | $ 154,937,000,000 |
Commitments to extend credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 142,489,000,000 | 138,592,000,000 |
Commitments to extend credit [Member] | Total commercial lending [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 101,252,000,000 | 98,742,000,000 |
Commitments to extend credit [Member] | Home Equity Lines of Credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 17,268,000,000 | 17,839,000,000 |
Commitments to extend credit [Member] | Credit Card [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 19,937,000,000 | 17,833,000,000 |
Commitments to extend credit [Member] | Other [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 4,032,000,000 | 4,178,000,000 |
Standby letters of credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 8,765,000,000 | 9,991,000,000 |
Standby letters of credit [Member] | Remarketing Programs [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 4,700,000,000 | 5,200,000,000 |
Reinsurance Agreements [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 2,010,000,000 | 4,297,000,000 |
Reinsurance Agreements [Member] | Accidental Death and Dismemberment [Member] | ||
Other Commitments [Line Items] | ||
Maximum Exposure | 1,600,000,000 | 1,800,000,000 |
Reinsurance Agreements [Member] | Credit Life Accident and Health [Member] | ||
Other Commitments [Line Items] | ||
Maximum Exposure | 400,000,000 | 500,000,000 |
Reinsurance Agreements [Member] | Lender Placed Hazard [Member] | ||
Other Commitments [Line Items] | ||
Maximum Exposure | 2,000,000,000 | |
Standby bond purchase agreements [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 911,000,000 | 1,095,000,000 |
Other commitments [Member] | ||
Other Commitments [Line Items] | ||
Commitments | 966,000,000 | 962,000,000 |
Other commitments [Member] | Investments in qualified affordable housing projects [Member] | ||
Other Commitments [Line Items] | ||
Commitments | $ 500,000,000 | $ 400,000,000 |
Commitments and Guarantees (Int
Commitments and Guarantees (Internal Credit Ratings Related to Net Outstanding Standby Letters of Credit) (Details) - Standby letters of credit [Member] | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
Internal credit ratings (as a percentage of portfolio) - Pass | 93.00% | 95.00% |
Internal credit ratings (as a percentage of portfolio) - Below pass | 7.00% | 5.00% |
Commitments and Guarantees (Res
Commitments and Guarantees (Resale and Repurchase Agreements) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Gross Resale Agreements | $ 1,082 | $ 1,646 |
Net Resale Agreements | 1,082 | 1,646 |
Securities Collateral Held Under Master Netting Agreements | 1,008 | 1,569 |
Net Amounts | 74 | 77 |
Fair value adjustment on resale agreements | 4 | 7 |
Offsetting Liabilities [Line Items] | ||
Gross Repurchase Agreements | 1,767 | 3,406 |
Net Repurchase Agreements | 1,767 | 3,406 |
Securities Collateral Pledged Under Master Netting Agreements | 1,014 | 2,580 |
Net Amounts | 753 | 826 |
Long Term Repurchase Agreements [Member] | ||
Offsetting Liabilities [Line Items] | ||
Net Repurchase Agreements | $ 0 | $ 0 |
Parent Company (Income Statemen
Parent Company (Income Statement) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Revenues [Abstract] | |||
Noninterest income | $ 1,294,000,000 | $ 1,384,000,000 | $ 1,493,000,000 |
Operating Expenses [Abstract] | |||
Income tax benefits | 1,364,000,000 | 1,407,000,000 | 1,476,000,000 |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (373,000,000) | 67,000,000 | (398,000,000) |
Comprehensive income attributable to PNC | 3,733,000,000 | 4,251,000,000 | 3,803,000,000 |
Parent Company [Member] | |||
Operating Revenues [Abstract] | |||
Interest income | 5,000,000 | 4,000,000 | |
Noninterest income | 14,000,000 | 30,000,000 | 28,000,000 |
Total operating revenue | 3,178,000,000 | 3,264,000,000 | 3,338,000,000 |
Operating Expenses [Abstract] | |||
Interest expense | 78,000,000 | 97,000,000 | 107,000,000 |
Other expense | 88,000,000 | 127,000,000 | 93,000,000 |
Total operating expense | 166,000,000 | 224,000,000 | 200,000,000 |
Income before income taxes and equity in undistributed net income of subsidiaries | 3,012,000,000 | 3,040,000,000 | 3,138,000,000 |
Income tax benefits | (99,000,000) | (61,000,000) | (89,000,000) |
Income Before Equity In Undistributed Net Income Of Subsidiaries | 3,111,000,000 | 3,101,000,000 | 3,227,000,000 |
Equity In Undistributed Net Income Of Subsidiaries | 995,000,000 | 1,083,000,000 | 974,000,000 |
Net income attributable to common shareholders | 4,106,000,000 | 4,184,000,000 | 4,201,000,000 |
Net pension and other postretirement benefit plan activity arising during the period. | (3,000,000) | (17,000,000) | 34,000,000 |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (3,000,000) | (17,000,000) | 34,000,000 |
Comprehensive income attributable to PNC | 4,103,000,000 | 4,167,000,000 | 4,235,000,000 |
Parent Company [Member] | Bank Subsidiaries And Bank Holding Company [Member] | |||
Operating Revenues [Abstract] | |||
Dividends from | 3,110,000,000 | 3,115,000,000 | 3,105,000,000 |
Operating Expenses [Abstract] | |||
Equity In Undistributed Net Income Of Subsidiaries | 736,000,000 | 854,000,000 | 845,000,000 |
Parent Company [Member] | Non Bank Subsidiaries [Member] | |||
Operating Revenues [Abstract] | |||
Dividends from | 49,000,000 | 115,000,000 | 205,000,000 |
Operating Expenses [Abstract] | |||
Equity In Undistributed Net Income Of Subsidiaries | $ 259,000,000 | $ 229,000,000 | $ 129,000,000 |
Parent Company (Balance Sheet)
Parent Company (Balance Sheet) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Other assets | [1],[2] | $ 23,092,000,000 | $ 23,482,000,000 | ||
Total assets | 358,493,000,000 | 345,072,000,000 | |||
Subordinated debt | 8,556,000,000 | 9,151,000,000 | |||
Accrued expenses and other liabilities | [3] | 3,743,000,000 | 4,550,000,000 | ||
Total liabilities | 312,513,000,000 | 298,998,000,000 | |||
Shareholders' equity | 44,710,000,000 | 44,551,000,000 | |||
Total liabilities and equity | 358,493,000,000 | 345,072,000,000 | |||
Due in 2016 | 10,900,000,000 | ||||
Due in 2017 | 10,600,000,000 | ||||
Due in 2018 | 11,200,000,000 | ||||
Due in 2019 | 8,400,000,000 | ||||
Due in 2020 | 4,700,000,000 | ||||
Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash Held At Banking Subsidiary | 1,000,000 | 1,000,000 | $ 1,000,000 | $ 2,000,000 | |
Restricted deposits with banking subsidiary | 400,000,000 | ||||
Nonrestricted Interest Earning Deposits | 1,147,000,000 | 2,013,000,000 | |||
Restricted Interest-earning deposits | 300,000,000 | ||||
Other assets | 1,460,000,000 | 1,399,000,000 | |||
Total assets | 47,569,000,000 | 47,830,000,000 | |||
Subordinated debt | 1,639,000,000 | 1,618,000,000 | |||
Senior debt | 497,000,000 | 889,000,000 | |||
Bank affiliate borrowings | 95,000,000 | 102,000,000 | |||
Accrued expenses and other liabilities | 628,000,000 | 670,000,000 | |||
Total liabilities | 2,859,000,000 | 3,279,000,000 | |||
Shareholders' equity | 44,710,000,000 | 44,551,000,000 | |||
Total liabilities and equity | 47,569,000,000 | 47,830,000,000 | |||
Due in 2016 | 0 | ||||
Due in 2017 | 0 | ||||
Due in 2018 | 0 | ||||
Due in 2020 | 0 | ||||
Parent Company [Member] | Subordinated Debts [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Due in 2019 | 700,000,000 | ||||
Parent Company [Member] | Bank Subsidiaries And Bank Holding Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Investments in subsidiaries | 41,919,000,000 | 41,537,000,000 | |||
Parent Company [Member] | Non Bank Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Investments in subsidiaries | $ 2,742,000,000 | $ 2,480,000,000 | |||
[1] | Our consolidated assets at December 31, 2015 included the following assets of certain variable interest entities (VIEs): Cash and due from banks of $11 million, Interest-earning deposits with banks of $4 million, Net loans of $1.3 billion, Equity investments of $183 million, and Other assets of $402 million. Our consolidated assets at December 31, 2014 included the following assets of certain VIEs: Cash and due from banks of $6 million, Interest-earning deposits with banks of $6 million, Net loans of $1.6 billion, Equity investments of $492 million, and Other assets of $483 million. | ||||
[2] | Our consolidated assets at December 31, 2015 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $137 million, Loans held for sale of $1.5 billion, Loans of $.9 billion, and Other assets of $521 million. Our consolidated assets at December 31, 2014 included the following for which we have elected the fair value option: Federal funds sold and resale agreements of $155 million, Loans held for sale of $2.2 billion, Loans of $1.0 billion, and Other assets of $412 million. | ||||
[3] | Our consolidated liabilities at December 31, 2015 included the following liabilities of certain VIEs: Other borrowed funds of $148 million, Accrued expenses of $44 million, and Other liabilities of $202 million. Our consolidated liabilities at December 31, 2014 included the following liabilities of certain VIEs: Other borrowed funds of $347 million, Accrued expenses of $70 million, and Other liabilities of $206 million. |
Parent Company (Interest Paid a
Parent Company (Interest Paid and Income Tax Refunds) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Income tax refunds (payments) | $ 286,000,000 | $ 12,000,000 | $ 3,000,000 |
Interest paid | 1,005,000,000 | 863,000,000 | 891,000,000 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Income tax refunds (payments) | 72,000,000 | (13,000,000) | 91,000,000 |
Interest paid | $ 106,000,000 | $ 103,000,000 | $ 117,000,000 |
Parent Company (Statement of Ca
Parent Company (Statement of Cash Flows) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Other | $ (396,000,000) | $ (511,000,000) | $ (190,000,000) |
Net cash provided (used) by operating activities | 5,496,000,000 | 5,557,000,000 | 5,555,000,000 |
Investing Activities | |||
Net cash paid for acquisition activity | (62,000,000) | ||
Other | (706,000,000) | (137,000,000) | 129,000,000 |
Net cash provided (used) by investing activities | (16,260,000,000) | (24,893,000,000) | (18,935,000,000) |
Financing Activities | |||
Preferred stock issuance | 496,000,000 | ||
Acquisition of treasury stock | (2,152,000,000) | (1,176,000,000) | (24,000,000) |
Preferred stock cash dividends paid | (219,000,000) | (232,000,000) | (237,000,000) |
Common stock cash dividends paid | (1,038,000,000) | (1,000,000,000) | (911,000,000) |
Net cash provided (used) by financing activities | 10,469,000,000 | 19,653,000,000 | 12,203,000,000 |
Net Increase (Decrease) In Cash And Due From Banks | (295,000,000) | 317,000,000 | (1,177,000,000) |
Parent Company [Member] | |||
Operating Activities | |||
Net Income (Loss) | 4,106,000,000 | 4,184,000,000 | 4,201,000,000 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Equity in undistributed net earnings of subsidiaries | (995,000,000) | (1,083,000,000) | (974,000,000) |
Other | 163,000,000 | 118,000,000 | 152,000,000 |
Net cash provided (used) by operating activities | 3,274,000,000 | 3,219,000,000 | 3,379,000,000 |
Investing Activities | |||
Net capital returned from (contributed to) subsidiaries | 87,000,000 | ||
Net change in restricted deposits with banking subsidiary | 400,000,000 | ||
Net change in nonrestricted interest earning deposits | 866,000,000 | (1,792,000,000) | (214,000,000) |
Net change in restricted interest-earning deposits | (300,000,000) | ||
Other | (81,000,000) | (79,000,000) | (60,000,000) |
Net cash provided (used) by investing activities | 885,000,000 | (1,871,000,000) | (187,000,000) |
Financing Activities | |||
Borrowings from subsidiaries | 1,593,000,000 | 2,430,000,000 | 3,624,000,000 |
Repayments on borrowings from subsidiaries | (1,599,000,000) | (2,392,000,000) | (5,767,000,000) |
Other borrowed funds | (382,000,000) | 770,000,000 | (467,000,000) |
Preferred stock issuance | 495,000,000 | ||
Preferred stock redemptions | (500,000,000) | (150,000,000) | |
Common and treasury stock issuances | 139,000,000 | 252,000,000 | 244,000,000 |
Acquisition of treasury stock | (2,152,000,000) | (1,176,000,000) | (24,000,000) |
Preferred stock cash dividends paid | (219,000,000) | (232,000,000) | (237,000,000) |
Common stock cash dividends paid | (1,039,000,000) | (1,000,000,000) | (911,000,000) |
Net cash provided (used) by financing activities | (4,159,000,000) | (1,348,000,000) | (3,193,000,000) |
Net Increase (Decrease) In Cash And Due From Banks | (1,000,000) | ||
Cash Held At Banking Subsidiary at beginning of period | 1,000,000 | 1,000,000 | 2,000,000 |
Cash Held At Banking Subsidiary at end of period | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
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 | $ 320 | $ 285 | $ 249 |
Segment Reporting (Table) (Deta
Segment Reporting (Table) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 8,278,000,000 | $ 8,525,000,000 | $ 9,147,000,000 |
Noninterest income | 6,947,000,000 | 6,850,000,000 | 6,865,000,000 |
Total revenue | 15,225,000,000 | 15,375,000,000 | 16,012,000,000 |
Provision for credit losses (benefit) | 255,000,000 | 273,000,000 | 643,000,000 |
Depreciation and amortization | 809,000,000 | 776,000,000 | 715,000,000 |
Other noninterest expense | 8,654,000,000 | 8,712,000,000 | 8,966,000,000 |
Income (loss) before income taxes and noncontrolling interests | 5,507,000,000 | 5,614,000,000 | 5,688,000,000 |
Income taxes | 1,364,000,000 | 1,407,000,000 | 1,476,000,000 |
Net income (loss) | 4,143,000,000 | 4,207,000,000 | 4,212,000,000 |
Average Assets | 354,964,000,000 | 327,853,000,000 | 305,664,000,000 |
Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 4,224,000,000 | 3,923,000,000 | 4,077,000,000 |
Noninterest income | 2,223,000,000 | 2,125,000,000 | 2,021,000,000 |
Total revenue | 6,447,000,000 | 6,048,000,000 | 6,098,000,000 |
Provision for credit losses (benefit) | 259,000,000 | 277,000,000 | 657,000,000 |
Depreciation and amortization | 169,000,000 | 176,000,000 | 186,000,000 |
Other noninterest expense | 4,592,000,000 | 4,449,000,000 | 4,390,000,000 |
Income (loss) before income taxes and noncontrolling interests | 1,427,000,000 | 1,146,000,000 | 865,000,000 |
Income taxes | 520,000,000 | 418,000,000 | 315,000,000 |
Net income (loss) | 907,000,000 | 728,000,000 | 550,000,000 |
Inter-segment revenue | 1,000,000 | 2,000,000 | 3,000,000 |
Average Assets | 73,240,000,000 | 75,046,000,000 | 74,971,000,000 |
Corporate & Institutional Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 3,365,000,000 | 3,605,000,000 | 3,680,000,000 |
Noninterest income | 1,935,000,000 | 1,743,000,000 | 1,702,000,000 |
Total revenue | 5,300,000,000 | 5,348,000,000 | 5,382,000,000 |
Provision for credit losses (benefit) | 106,000,000 | 107,000,000 | (25,000,000) |
Depreciation and amortization | 145,000,000 | 135,000,000 | 128,000,000 |
Other noninterest expense | 2,003,000,000 | 1,929,000,000 | 1,871,000,000 |
Income (loss) before income taxes and noncontrolling interests | 3,046,000,000 | 3,177,000,000 | 3,408,000,000 |
Income taxes | 1,015,000,000 | 1,071,000,000 | 1,144,000,000 |
Net income (loss) | 2,031,000,000 | 2,106,000,000 | 2,264,000,000 |
Inter-segment revenue | 24,000,000 | 23,000,000 | 28,000,000 |
Average Assets | 132,032,000,000 | 122,927,000,000 | 112,970,000,000 |
Asset Management Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 292,000,000 | 289,000,000 | 288,000,000 |
Noninterest income | 869,000,000 | 818,000,000 | 752,000,000 |
Total revenue | 1,161,000,000 | 1,107,000,000 | 1,040,000,000 |
Provision for credit losses (benefit) | 9,000,000 | (1,000,000) | 10,000,000 |
Depreciation and amortization | 44,000,000 | 42,000,000 | 42,000,000 |
Other noninterest expense | 802,000,000 | 779,000,000 | 732,000,000 |
Income (loss) before income taxes and noncontrolling interests | 306,000,000 | 287,000,000 | 256,000,000 |
Income taxes | 112,000,000 | 106,000,000 | 94,000,000 |
Net income (loss) | 194,000,000 | 181,000,000 | 162,000,000 |
Inter-segment revenue | 9,000,000 | 11,000,000 | 12,000,000 |
Average Assets | 7,920,000,000 | 7,745,000,000 | 7,366,000,000 |
Residential Mortgage Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 121,000,000 | 149,000,000 | 194,000,000 |
Noninterest income | 613,000,000 | 651,000,000 | 906,000,000 |
Total revenue | 734,000,000 | 800,000,000 | 1,100,000,000 |
Provision for credit losses (benefit) | 2,000,000 | (2,000,000) | 21,000,000 |
Depreciation and amortization | 15,000,000 | 12,000,000 | 11,000,000 |
Other noninterest expense | 676,000,000 | 734,000,000 | 834,000,000 |
Income (loss) before income taxes and noncontrolling interests | 41,000,000 | 56,000,000 | 234,000,000 |
Income taxes | 15,000,000 | 21,000,000 | 86,000,000 |
Net income (loss) | 26,000,000 | 35,000,000 | 148,000,000 |
Inter-segment revenue | 20,000,000 | 17,000,000 | 8,000,000 |
Average Assets | 6,840,000,000 | 7,857,000,000 | 9,896,000,000 |
BlackRock [Member] | |||
Segment Reporting Information [Line Items] | |||
Noninterest income | 717,000,000 | 703,000,000 | 621,000,000 |
Total revenue | 717,000,000 | 703,000,000 | 621,000,000 |
Income (loss) before income taxes and noncontrolling interests | 717,000,000 | 703,000,000 | 621,000,000 |
Income taxes | 169,000,000 | 173,000,000 | 152,000,000 |
Net income (loss) | 548,000,000 | 530,000,000 | 469,000,000 |
Inter-segment revenue | 15,000,000 | 16,000,000 | 17,000,000 |
Average Assets | 6,983,000,000 | 6,640,000,000 | 6,272,000,000 |
Non Strategic Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 392,000,000 | 547,000,000 | 689,000,000 |
Noninterest income | 53,000,000 | 40,000,000 | 53,000,000 |
Total revenue | 445,000,000 | 587,000,000 | 742,000,000 |
Provision for credit losses (benefit) | (114,000,000) | (119,000,000) | (21,000,000) |
Other noninterest expense | 83,000,000 | 125,000,000 | 163,000,000 |
Income (loss) before income taxes and noncontrolling interests | 476,000,000 | 581,000,000 | 600,000,000 |
Income taxes | 175,000,000 | 214,000,000 | 221,000,000 |
Net income (loss) | 301,000,000 | 367,000,000 | 379,000,000 |
Inter-segment revenue | (8,000,000) | (10,000,000) | (10,000,000) |
Average Assets | 6,706,000,000 | 8,338,000,000 | 9,987,000,000 |
All Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | (116,000,000) | 12,000,000 | 219,000,000 |
Noninterest income | 537,000,000 | 770,000,000 | 810,000,000 |
Total revenue | 421,000,000 | 782,000,000 | 1,029,000,000 |
Provision for credit losses (benefit) | (7,000,000) | 11,000,000 | 1,000,000 |
Depreciation and amortization | 436,000,000 | 411,000,000 | 348,000,000 |
Other noninterest expense | 498,000,000 | 696,000,000 | 976,000,000 |
Income (loss) before income taxes and noncontrolling interests | (506,000,000) | (336,000,000) | (296,000,000) |
Income taxes | (642,000,000) | (596,000,000) | (536,000,000) |
Net income (loss) | 136,000,000 | 260,000,000 | 240,000,000 |
Inter-segment revenue | (61,000,000) | (59,000,000) | (58,000,000) |
Average Assets | $ 121,243,000,000 | $ 99,300,000,000 | $ 84,202,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Events [Member] - BlackRock [Member] shares in Millions, $ in Millions | Feb. 01, 2016USD ($)shares |
Subsequent Event [Line Items] | |
Subsequent Events Date | Feb. 1, 2016 |
LTIP - Number of common stock shares transferred | shares | 0.5 |
LTIP - Total preferred shares held | shares | 0.8 |
Fair Value Of Shares Transferred, Asset Reduction | $ | $ 138 |
Fair Value Of Shares Transferred, Liability Reduction | $ | $ 138 |