Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 22, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36636 | |
Entity Registrant Name | CITIZENS FINANCIAL GROUP INC/RI | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 05-0412693 | |
Entity Address, Address Line One | One Citizens Plaza | |
Entity Address, City or Town | Providence | |
Entity Address, State or Province | RI | |
Entity Address, Postal Zip Code | 02903 | |
City Area Code | 203 | |
Local Phone Number | 900-6715 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 426,199,576 | |
Entity Central Index Key | 0000759944 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common stock, $0.01 par value per share | |
Trading Symbol | CFG | |
Security Exchange Name | NYSE | |
Series D Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th interest in a share of 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | |
Trading Symbol | CFG PrD | |
Security Exchange Name | NYSE | |
Series E Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E | |
Trading Symbol | CFG PrE | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
ASSETS: | |||
Cash and due from banks | $ 1,145 | $ 1,037 | |
Interest-bearing cash and due from banks | 12,571 | 11,696 | |
Interest-bearing deposits in banks | 289 | 306 | |
Debt securities available for sale, at fair value (including $621 and $549 pledged to creditors, respectively) | [1] | 24,911 | 22,942 |
Debt securities held to maturity (fair value of $2,567 and $3,357 respectively, and including $85 and $144 pledged to creditors, respectively) | [1] | 2,492 | 3,235 |
Loans held for sale, at fair value | 3,177 | 3,564 | |
Other loans held for sale | 93 | 439 | |
Loans and leases | 123,318 | 123,090 | |
Less: Allowance for loan and lease losses | (1,855) | (2,443) | |
Net loans and leases | 121,463 | 120,647 | |
Derivative assets | 1,769 | 1,915 | |
Premises and equipment, net | 732 | 759 | |
Bank-owned life insurance | 2,428 | 1,756 | |
Goodwill | 7,065 | 7,050 | |
Other assets | 8,872 | 8,003 | |
TOTAL ASSETS | 187,007 | 183,349 | |
Deposits: | |||
Noninterest-bearing | 48,184 | 43,831 | |
Interest-bearing | 104,037 | 103,333 | |
Total deposits | 152,221 | 147,164 | |
Short-term borrowed funds | 8 | 243 | |
Derivative liabilities | 187 | 128 | |
Deferred taxes, net | 689 | 629 | |
Long-term borrowed funds | 6,947 | 8,346 | |
Other liabilities | 3,532 | 4,166 | |
TOTAL LIABILITIES | 163,584 | 160,676 | |
Contingencies (refer to Note 11) | |||
Preferred stock: | |||
$25.00 par value,100,000,000 shares authorized; 2,050,000 and 2,000,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 2,014 | 1,965 | |
Common stock: | |||
$0.01 par value, 1,000,000,000 shares authorized; 571,110,802 shares issued and 426,199,576 shares outstanding at September 30, 2021 and 569,876,133 shares issued and 427,209,831 shares outstanding at December 31, 2020 | 6 | 6 | |
Additional paid-in capital | 18,981 | 18,940 | |
Retained earnings | 7,648 | 6,445 | |
Treasury stock, at cost, 144,911,226 and 142,666,302 shares at September 30, 2021 and December 31, 2020, respectively | (4,718) | (4,623) | |
Accumulated other comprehensive income (loss) | (508) | (60) | |
TOTAL STOCKHOLDERS’ EQUITY | 23,423 | 22,673 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 187,007 | $ 183,349 | |
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS: | ||
Securities held-to-maturity, fair value | $ 2,567 | $ 3,357 |
STOCKHOLDERS’ EQUITY: | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, issued (in shares) | 2,050,000 | 2,000,000 |
Preferred stock, outstanding (in shares) | 2,050,000 | 2,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, issued (in shares) | 571,110,802 | 569,876,133 |
Common stock, outstanding (in shares) | 426,199,576 | 427,209,831 |
Treasury stock (in shares) | 144,911,226 | 142,666,302 |
Available-for-sale Securities | ||
ASSETS: | ||
Securities, pledged to creditors | $ 621 | $ 549 |
Held-to-maturity Securities | ||
ASSETS: | ||
Securities, pledged to creditors | 85 | 144 |
Securities held-to-maturity, fair value | $ 2,567 | $ 3,357 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
INTEREST INCOME: | ||||
Interest and fees on loans and leases | $ 1,078 | $ 1,120 | $ 3,197 | $ 3,614 |
Interest and fees on loans held for sale, at fair value | 21 | 21 | 63 | 56 |
Interest and fees on other loans held for sale | 1 | 16 | 9 | 32 |
Investment securities | 116 | 121 | 368 | 398 |
Interest-bearing deposits in banks | 6 | 2 | 12 | 8 |
Total interest income | 1,222 | 1,280 | 3,649 | 4,108 |
INTEREST EXPENSE: | ||||
Deposits | 35 | 89 | 127 | 440 |
Short-term borrowed funds | 0 | 0 | 0 | 1 |
Long-term borrowed funds | 42 | 54 | 136 | 210 |
Total interest expense | 77 | 143 | 263 | 651 |
Net interest income | 1,145 | 1,137 | 3,386 | 3,457 |
Provision for credit losses | (33) | 428 | (386) | 1,492 |
Net interest income after provision for credit losses | 1,178 | 709 | 3,772 | 1,965 |
NONINTEREST INCOME: | ||||
Mortgage banking fees | 108 | 287 | 358 | 722 |
Service charges and fees | 110 | 97 | 309 | 299 |
Capital markets fees | 72 | 58 | 244 | 162 |
Card fees | 66 | 57 | 185 | 161 |
Trust and investment services fees | 61 | 53 | 179 | 151 |
Letter of credit and loan fees | 39 | 37 | 115 | 102 |
Foreign exchange and interest rate products | 29 | 27 | 85 | 85 |
Securities gains, net | 3 | 1 | 9 | 4 |
Other income | 26 | 37 | 57 | 55 |
Total noninterest income | 514 | 654 | 1,541 | 1,741 |
NONINTEREST EXPENSE: | ||||
Salaries and employee benefits | 509 | 524 | 1,581 | 1,586 |
Equipment and software | 157 | 149 | 464 | 424 |
Outside services | 144 | 139 | 420 | 405 |
Occupancy | 77 | 81 | 247 | 247 |
Other operating expense | 124 | 95 | 308 | 317 |
Total noninterest expense | 1,011 | 988 | 3,020 | 2,979 |
Income before income tax expense | 681 | 375 | 2,293 | 727 |
Income tax expense | 151 | 61 | 504 | 126 |
NET INCOME | 530 | 314 | 1,789 | 601 |
Net income available to common stockholders | $ 504 | $ 289 | $ 1,708 | $ 526 |
Weighted-average common shares outstanding: | ||||
Basic (in Shares) | 426,086,717 | 426,846,096 | 425,996,867 | 427,058,412 |
Diluted (in Shares) | 427,840,964 | 427,992,349 | 427,679,885 | 428,142,358 |
Per common share information: | ||||
Basic earnings (in dollars per share) | $ 1.18 | $ 0.68 | $ 4.01 | $ 1.23 |
Diluted earnings (in Dollars per Share) | $ 1.18 | $ 0.68 | $ 3.99 | $ 1.23 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 530 | $ 314 | $ 1,789 | $ 601 |
Other comprehensive income (loss): | ||||
Net unrealized derivative instruments gains (losses) arising during the periods, net of income taxes of $(4), $0, $5 and $30, respectively | (11) | 0 | 14 | 88 |
Reclassification of net derivative (gains) losses included in net income, net of income taxes of $(8), $(15), $(27) and $(27), respectively | (25) | (42) | (77) | (79) |
Net unrealized debt securities gains (losses) arising during the periods, net of income taxes of $(35), $(14), $(132) and $131, respectively | (109) | (44) | (406) | 405 |
Reclassification of net debt securities (gains) losses to net income, net of income taxes of $(1), $0, $(2) and $(1), respectively | (2) | (1) | (7) | (3) |
Reclassification of actuarial loss to net income, net of income taxes of $1, $1, $2 and $2, respectively | 20 | 3 | 28 | 10 |
Total other comprehensive income (loss), net of income taxes | (127) | (84) | (448) | 421 |
Total comprehensive income (loss) | $ 403 | $ 230 | $ 1,341 | $ 1,022 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net unrealized derivative instrument gains arising during the periods, tax | $ (4) | $ 0 | $ 5 | $ 30 |
Reclassification adjustment for net derivative gains included in net income, tax | (8) | (15) | (27) | (27) |
Net unrealized debt securities (losses) gains arising during the periods, tax | (35) | (14) | (132) | 131 |
Reclassification of net debt securities gains to net income, tax | (1) | 0 | (2) | (1) |
Amortization of actuarial loss, tax | $ 1 | $ 1 | $ 2 | $ 2 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings |
Beginning balance (in shares) at Dec. 31, 2019 | 2,000,000 | 433,000,000 | |||||||
Beginning balance at Dec. 31, 2019 | $ 22,201 | $ 1,570 | $ 6 | $ 18,891 | $ 6,498 | $ (4,353) | $ (411) | $ (331) | $ (331) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends to common stockholders | (504) | (504) | |||||||
Dividends to preferred stockholders | (75) | (75) | |||||||
Preferred stock issued | 395 | $ 395 | |||||||
Treasury stock purchased (in shares) | (7,000,000) | ||||||||
Treasury stock purchased | (270) | (270) | |||||||
Share-based compensation plans (in shares) | 1,000,000 | ||||||||
Share-based compensation plans | 17 | 17 | 0 | ||||||
Employee stock purchase plan | 14 | 14 | |||||||
Total comprehensive income: | |||||||||
Net income | 601 | 601 | |||||||
Other comprehensive income (loss) | 421 | 421 | |||||||
Total comprehensive income (loss) | 1,022 | 601 | 421 | ||||||
Ending balance (in shares) at Sep. 30, 2020 | 2,000,000 | 427,000,000 | |||||||
Ending balance at Sep. 30, 2020 | 22,469 | $ 1,965 | $ 6 | 18,922 | 6,189 | (4,623) | 10 | ||
Beginning balance (in shares) at Jun. 30, 2020 | 2,000,000 | 427,000,000 | |||||||
Beginning balance at Jun. 30, 2020 | 22,418 | $ 1,965 | $ 6 | 18,908 | 6,068 | (4,623) | 94 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends to common stockholders | (168) | (168) | |||||||
Dividends to preferred stockholders | (25) | (25) | |||||||
Share-based compensation plans | 10 | 10 | |||||||
Employee stock purchase plan | 4 | 4 | |||||||
Total comprehensive income: | |||||||||
Net income | 314 | 314 | |||||||
Other comprehensive income (loss) | (84) | (84) | |||||||
Total comprehensive income (loss) | 230 | 314 | (84) | ||||||
Ending balance (in shares) at Sep. 30, 2020 | 2,000,000 | 427,000,000 | |||||||
Ending balance at Sep. 30, 2020 | 22,469 | $ 1,965 | $ 6 | 18,922 | 6,189 | (4,623) | 10 | ||
Beginning balance (in shares) at Dec. 31, 2020 | 2,000,000 | 427,000,000 | |||||||
Beginning balance at Dec. 31, 2020 | 22,673 | $ 1,965 | $ 6 | 18,940 | 6,445 | (4,623) | (60) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends to common stockholders | (502) | (502) | |||||||
Dividends to preferred stockholders | (81) | (81) | |||||||
Preferred stock issued | 296 | 296 | |||||||
Preferred stock redemption | $ (250) | $ (247) | (3) | ||||||
Treasury stock purchased (in shares) | (2,244,924) | (2,000,000) | |||||||
Treasury stock purchased | $ (95) | (95) | |||||||
Share-based compensation plans (in shares) | 1,000,000 | ||||||||
Share-based compensation plans | 24 | 24 | |||||||
Employee stock purchase plan | 17 | 17 | |||||||
Total comprehensive income: | |||||||||
Net income | 1,789 | 1,789 | |||||||
Other comprehensive income (loss) | (448) | (448) | |||||||
Total comprehensive income (loss) | 1,341 | 1,789 | (448) | ||||||
Ending balance (in shares) at Sep. 30, 2021 | 2,000,000 | 426,000,000 | |||||||
Ending balance at Sep. 30, 2021 | 23,423 | $ 2,014 | $ 6 | 18,981 | 7,648 | (4,718) | (508) | ||
Beginning balance (in shares) at Jun. 30, 2021 | 2,000,000 | 426,000,000 | |||||||
Beginning balance at Jun. 30, 2021 | 23,199 | $ 2,014 | $ 6 | 18,964 | 7,314 | (4,718) | (381) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends to common stockholders | (167) | (167) | |||||||
Dividends to preferred stockholders | (26) | (26) | |||||||
Preferred stock redemption | (3) | (3) | |||||||
Share-based compensation plans | 11 | 11 | |||||||
Employee stock purchase plan | 6 | 6 | |||||||
Total comprehensive income: | |||||||||
Net income | 530 | 530 | |||||||
Other comprehensive income (loss) | (127) | (127) | |||||||
Total comprehensive income (loss) | 403 | 530 | (127) | ||||||
Ending balance (in shares) at Sep. 30, 2021 | 2,000,000 | 426,000,000 | |||||||
Ending balance at Sep. 30, 2021 | $ 23,423 | $ 2,014 | $ 6 | $ 18,981 | $ 7,648 | $ (4,718) | $ (508) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
OPERATING ACTIVITIES | |||
Net income | $ 1,789 | $ 601 | |
Adjustments to reconcile net income to net change in cash due to operating activities: | |||
Provision for credit losses | (386) | 1,492 | |
Net change in loans held for sale | 623 | (655) | |
Depreciation, amortization and accretion | 453 | 419 | |
Deferred income taxes | 214 | (251) | |
Share-based compensation | 47 | 34 | |
Debt securities | (9) | (4) | |
Premises and equipment | (1) | 0 | |
Net (increase) decrease in other assets | (2,393) | (2,960) | |
Net increase (decrease) in other liabilities | 833 | 569 | |
Net change due to operating activities | 1,170 | (755) | |
Investment securities: | |||
Purchases of debt securities available for sale | (8,669) | (5,547) | |
Proceeds from maturities and paydowns of debt securities available for sale | 6,059 | 4,583 | |
Proceeds from sales of debt securities available for sale | 158 | 48 | |
Proceeds from maturities and paydowns of debt securities held to maturity | 752 | 629 | |
Net (increase) decrease in interest-bearing deposits in banks | 17 | (31) | |
Acquisitions, net of cash acquired | (14) | (3) | |
Net (increase) decrease in loans and leases | (384) | (5,303) | |
Capital expenditures, net | (59) | 1 | |
Purchase of bank-owned life insurance | (650) | 0 | |
Other | (197) | 124 | |
Net change due to investing activities | (2,987) | (5,499) | |
FINANCING ACTIVITIES | |||
Net increase (decrease) in deposits | 5,057 | 17,608 | |
Net increase (decrease) in short-term borrowed funds | (240) | (43) | |
Proceeds from issuance of long-term borrowed funds | 0 | 8,323 | |
Repayments of long-term borrowed funds | (1,356) | (13,258) | |
Treasury stock purchased | (95) | (270) | |
Net proceeds from issuance of preferred stock | 296 | 395 | |
Redemption of preferred stock | (250) | 0 | |
Dividends paid to common stockholders | (502) | (504) | |
Dividends paid to preferred stockholders | (88) | (73) | |
Premium paid to exchange subordinated debt | (1) | (80) | |
Payments of employee tax withholding for share-based compensation | (21) | (14) | |
Net change due to financing activities | 2,800 | 12,084 | |
Net change in cash and cash equivalents | [1] | 983 | 5,830 |
Cash and cash equivalents at beginning of period | [1] | 12,733 | 3,386 |
Cash and cash equivalents at end of period | [1] | $ 13,716 | $ 9,216 |
[1] | Cash and cash equivalents includes cash and due from banks and interest-bearing cash and due from banks as reflected in the Consolidated Balance Sheets. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE 1 - BASIS OF PRESENTATION Basis of Presentation The unaudited interim Consolidated Financial Statements, including the Notes presented in this document of Citizens Financial Group, Inc., have been prepared in accordance with GAAP interim reporting requirements, and therefore do not include all information and Notes included in the audited Consolidated Financial Statements in conformity with GAAP. These unaudited interim Consolidated Financial Statements and Notes presented in this document should be read in conjunction with the Company’s audited Consolidated Financial Statements and accompanying Notes included in the Company’s 2020 Form 10-K. The Company’s principal business activity is banking, conducted through its banking subsidiary, CBNA. The unaudited interim Consolidated Financial Statements include the accounts of the Company and subsidiaries in which the Company has a controlling financial interest. All intercompany transactions and balances have been eliminated. The Company has evaluated its unconsolidated entities and does not believe that any entity in which it has an interest, but does not currently consolidate, meets the requirements to be consolidated as a variable interest entity. The unaudited interim Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the ACL. Significant Accounting Policies For further information regarding the Company’s significant accounting policies, see Note 1 in the Company’s 2020 Form 10-K. Completed Acquisitions On September 1, 2021, the Company closed on its acquisition of Willamette, a Chicago, Illinois-based business valuation, forensic analysis, and transaction financial advisory services firm. This acquisition resulted in an estimated increase to goodwill of $15 million which was allocated to the Commercial business segment as of September 30, 2021. The Company expects that some adjustments of the fair values assigned to the assets acquired and liabilities assumed may subsequently be recorded, although any such adjustments are not expected to be material. Pending Acquisitions On May 26, 2021, the Company announced that it had entered into an agreement to acquire 80 East Coast branches and the national online deposit business from HSBC for an approximate 2.0% premium paid on deposits at closing. The branch purchase includes 66 locations in the New York City Metro area, 9 locations in the Mid-Atlantic/Washington D.C. area, and 5 locations in Southeast Florida. As of September 30, 2021, there were approximately $8.4 billion in deposits and $1.9 billion in loans. The transaction is expected to close in the first quarter of 2022, subject to the satisfaction of customary closing terms and conditions and regulatory approvals. On July 28, 2021, the Company announced that it had entered into a definitive agreement and plan of merger under which the Company will acquire all of the outstanding shares of Investors for a combination of stock and cash. Pursuant to the terms of the agreement, Investors shareholders will receive 0.297 of a share of the Company’s common stock and $1.46 in cash for each share of Investors they own. The acquisition of Investors builds our physical presence in the northeast with the addition of 154 branches located in the greater New York City and Philadelphia metropolitan areas and across New Jersey. As of September 30, 2021, Investors had total assets of $27.3 billion, including $21.6 billion of loans, $24.5 billion of liabilities, including $20.4 billion of deposits, and $2.8 billion of stockholders’ equity. The merger is expected to close in early second quarter 2022, subject to approval by the shareholders of Investors, regulatory approvals, and other customary closing conditions. On September 8, 2021, Citizens entered into a definitive agreement to acquire JMP in an all-cash transaction. Under the agreement, JMP shareholders will receive $7.50 for each common share of JMP they own, |
SECURITIES
SECURITIES | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | NOTE 2 - SECURITIES The following table presents the major components of securities at amortized cost and fair value: September 30, 2021 December 31, 2020 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and other $11 $— $— $11 $11 $— $— $11 State and political subdivisions 2 — — 2 3 — — 3 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 23,838 307 (305) 23,840 21,954 571 (19) 22,506 Other/non-agency 280 11 — 291 396 26 — 422 Total mortgage-backed securities 24,118 318 (305) 24,131 22,350 597 (19) 22,928 Collateralized loan obligations 767 — — 767 — — — — Total debt securities available for sale, at fair value $24,898 $318 ($305) $24,911 $22,364 $597 ($19) $22,942 Federal agencies and U.S. government sponsored entities $1,705 $73 $— $1,778 $2,342 $122 $— $2,464 Total mortgage-backed securities 1,705 73 — 1,778 2,342 122 — 2,464 Asset-backed securities 787 2 — 789 893 — — 893 Total debt securities held to maturity $2,492 $75 $— $2,567 $3,235 $122 $— $3,357 Equity securities, at cost $616 $— $— $616 $604 $— $— $604 Equity securities, at fair value 88 — — 88 66 — — 66 Accrued interest receivable on debt securities totaled $53 million and $55 million as of September 30, 2021 and December 31, 2020, respectively, and is included in other assets in the Consolidated Balance Sheets. The following table presents the amortized cost and fair value of debt securities by contractual maturity as of September 30, 2021. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties. September 30, 2021 Distribution of Maturities (in millions) 1 Year or Less After 1 Year through 5 Years After 5 Years through 10 Years After 10 Years Total Amortized cost: U.S. Treasury and other $11 $— $— $— $11 State and political subdivisions — — — 2 2 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 1 32 1,989 21,816 23,838 Other/non-agency — — — 280 280 Collateralized loan obligations — — — 767 767 Total debt securities available for sale 12 32 1,989 22,865 24,898 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — — — 1,705 1,705 Asset-backed securities — — 787 — 787 Total debt securities held to maturity — — 787 1,705 2,492 Total amortized cost of debt securities $12 $32 $2,776 $24,570 $27,390 Fair value: U.S. Treasury and other $11 $— $— $— $11 State and political subdivisions — — — 2 2 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 1 33 2,036 21,770 23,840 Other/non-agency — — — 291 291 Collateralized loan obligations — — — 767 767 Total debt securities available for sale 12 33 2,036 22,830 24,911 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — — — 1,778 1,778 Asset-backed securities — — 789 — 789 Total debt securities held to maturity — — 789 1,778 2,567 Total fair value of debt securities $12 $33 $2,825 $24,608 $27,478 Taxable interest income from investment securities as presented in the Consolidated Statements of Operations was $116 million and $121 million for the three months ended September 30, 2021 and 2020, respectively, and $368 million and $398 million for the nine months ended September 30, 2021 and 2020, respectively. The following table presents realized gains and losses on securities: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Gains on sale of debt securities $3 $1 $9 $4 Losses on sale of debt securities — — — — Debt securities gains, net $3 $1 $9 $4 The following table presents the amortized cost and fair value of debt securities pledged: September 30, 2021 December 31, 2020 (in millions) Amortized Cost Fair Value Amortized Cost Fair Value Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law $4,547 $4,556 $3,818 $3,937 Pledged against FHLB borrowed funds 227 239 394 423 Pledged against repurchase agreements 1 1 224 231 The Company regularly enters into security repurchase agreements with unrelated counterparties, which involve the transfer of a security from one party to another, and a subsequent transfer of substantially the same security back to the original party. These repurchase agreements are typically short-term in nature and are accounted for as secured borrowed funds in the Company’s Consolidated Balance Sheets. The Company recognized no offsetting of short-term receivables or payables as of September 30, 2021 or December 31, 2020. The Company offsets certain derivative assets and derivative liabilities in the Consolidated Balance Sheets. For further information, see Note 8. Securitizations of mortgage loans retained in the investment portfolio were $60 million and $223 million for the three and nine months ended September 30, 2021, respectively. There were $34 million securitizations of mortgage loans retained in the investment portfolio for the three and nine months ended September 30, 2020. These securitizations include a substantive guarantee by a third party. In 2021, the guarantors were FNMA, FHLMC, and GNMA. The debt securities received from the guarantors are classified as AFS. Impairment As of September 30, 2021, the Company concluded that 68% of HTM securities met the zero expected credit loss criteria; therefore, no ACL was recognized. For the remainder, the lifetime expected credit losses were determined to be insignificant based on the modeling of the Company’s credit loss position in the securities. The Company monitors the credit exposure through the use of credit quality indicators. For these securities, the Company uses external credit ratings or an internally derived credit rating when an external rating is not available. All securities were determined to be investment grade at September 30, 2021. The following tables present AFS mortgage-backed debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position: September 30, 2021 Less than 12 Months 12 Months or Longer Total (dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Federal agencies and U.S. government sponsored entities $682 ($21) $11,969 ($284) $12,651 ($305) December 31, 2020 Less than 12 Months 12 Months or Longer Total (dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Federal agencies and U.S. government sponsored entities $1,991 ($19) $— $— $1,991 ($19) |
LOANS AND LEASES
LOANS AND LEASES | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
LOANS AND LEASES | NOTE 3 - LOANS AND LEASES Loans held for investment are reported at the amount of their outstanding principal, net of charge-offs, unearned income, deferred loan origination fees and costs, and unamortized premiums or discounts on purchased loans. The following table presents loans and leases, excluding LHFS. (in millions) September 30, 2021 December 31, 2020 Commercial and industrial (1) $41,854 $44,173 Commercial real estate 14,508 14,652 Leases 1,593 1,968 Total commercial 57,955 60,793 Residential mortgages (2) 21,513 19,539 Home equity 11,889 12,149 Automobile 13,492 12,153 Education 13,000 12,308 Other retail 5,469 6,148 Total retail 65,363 62,297 Total loans and leases $123,318 $123,090 (1) Includes $1.9 billion and $4.2 billion of PPP loans fully guaranteed by the SBA as of September 30, 2021 and December 31, 2020, respectively. (2) Includes fully or partially guaranteed FHA, VA and USDA loans of $1.4 billion at September 30, 2021 and $249 million at December 31, 2020, including loans acquired through an exercise of the GNMA early buyout option. Included in other assets is accrued interest receivable on loans and leases held for investment totaling $464 million and $449 million as of September 30, 2021 and December 31, 2020, respectively. During the three months ended September 30, 2021 and 2020, the Company purchased $323 million and $801 million of education loans, and $119 million and $101 million of other retail loans, respectively. During the three months ended September 30, 2021, the Company purchased $478 million of residential mortgage loans as compared to none in the same period of 2020. During the nine months ended September 30, 2021 and 2020, the Company purchased $975 million and $1.7 billion of education loans, and $472 million and $628 million of other retail loans, respectively. During the nine months ended September 30, 2021, the Company purchased $478 million of residential mortgage loans as compared to none in the same period of 2020. During the three months ended September 30, 2021 and 2020, the Company sold $202 million and $94 million of commercial loans, respectively. During the three months ended September 30, 2020, the Company sold $879 million of education loans as compared to none in the same period of 2021. During the nine months ended September 30, 2021 and 2020, the Company sold $765 million and $356 million of commercial loans, respectively. During the nine months ended September 30, 2020, the Company sold $1.5 billion of residential mortgage loans and $879 million of education loans as compared to none in the same period of 2021. Loans pledged as collateral for FHLB borrowed funds, primarily residential mortgages and home equity products, totaled $25.2 billion and $25.5 billion at September 30, 2021 and December 31, 2020, respectively. Loans pledged as collateral to support the contingent ability to borrow at the FRB discount window, if necessary, were primarily comprised of education, automobile, commercial and industrial, and commercial real estate loans, and totaled $38.1 billion and $40.0 billion at September 30, 2021 and December 31, 2020, respectively. Interest income on direct financing and sales-type leases was $12 million and $17 million for the three months ended September 30, 2021 and 2020, respectively, and is reported within interest and fees on loans and leases in the Consolidated Statements of Operations. For the nine months ended September 30, 2021 and 2020, this interest income was $37 million and $54 million, respectively. The following table presents the composition of LHFS. September 30, 2021 December 31, 2020 (in millions) Residential Mortgages (1) Commercial (2) Total Residential Mortgages (1) Commercial (2) Total Loans held for sale at fair value $3,104 $73 $3,177 $3,416 $148 $3,564 Other loans held for sale — 93 93 — 439 439 (1) Residential mortgage LHFS are originated for sale. (2) Commercial LHFS at fair value consist of loans managed by the Company’s commercial secondary loan desk. Other commercial LHFS generally consist of loans associated with the Company’s syndication business. |
ALLOWANCE FOR CREDIT LOSSES, NO
ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK | NOTE 4 - ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK Allowance for Credit Losses Recorded in the ACL is management’s estimate of expected credit losses in the Company’s loan and lease portfolios. See Note 5 in the Company’s 2020 Form 10-K for a detailed discussion of the ACL reserve methodology and estimation techniques as of December 31, 2020. There were no significant changes to the ACL reserve methodology in the nine months ended September 30, 2021. The following table presents a summary of changes in the ALLL and the allowance for unfunded lending commitments for the three months ended and nine months ended September 30, 2021: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (in millions) Commercial Retail Total Commercial Retail Total Allowance for loan and lease losses, beginning of period $953 $994 $1,947 $1,233 $1,210 $2,443 Charge-offs (17) (70) (87) (196) (243) (439) Recoveries 3 40 43 37 122 159 Net charge-offs (14) (30) (44) (159) (121) (280) Provision charged to income (72) 24 (48) (207) (101) (308) Allowance for loan and lease losses, end of period $867 $988 $1,855 $867 $988 $1,855 Allowance for unfunded lending commitments, beginning of period $121 $13 $134 $186 $41 $227 Provision for unfunded lending commitments 9 6 15 (56) (22) (78) Allowance for unfunded lending commitments, end of period $130 $19 $149 $130 $19 $149 Overall, an ending ACL balance of $2.0 billion at September 30, 2021 compared to $2.7 billion at December 31, 2020. The difference in ACL as of September 30, 2021 as compared to December 31, 2020 was due to net charge-offs of $280 million, as detailed below, coupled with a credit provision benefit of $386 million. This reflected strong credit performance across the retail and commercial loan portfolios, and improvement in the macroeconomic outlook. The decrease in commercial net charge-offs of $126 million for the nine months ended September 30, 2021 as compared to the nine months ended September 30, 2020 reflects the economic recovery following the COVID-19 pandemic and associated lockdowns. Retail net charge-offs were down $97 million in the nine months ended September 30, 2021 as compared to the nine months ended September 30, 2020 as a result of government stimulus and forbearance programs as well as strong collateral values in residential real estate and automobile. To determine the ACL as of September 30, 2021, Citizens utilized an economic forecast that generally reflects real GDP growth of approximately 5.8% over 2021. The forecast also projects the unemployment rate to be in the range of 5.3% to 6.3% throughout 2021. This forecast reflects an overall improved macroeconomic outlook as compared to December 31, 2020. We continue to utilize our qualitative allowance framework to reassess and adjust ACL reserve levels. Macroeconomic forecast risk, driven by uncertainty and volatility of key macroeconomic variables, is one of the primary factors influencing our qualitative reserve. As the economic recovery following the COVID-19 pandemic has continued, we have assessed risks to the recovery, including potential for continuing impacts from COVID-19 variants, challenges in the global supply chain, and recent inflationary trends, as well as potential impacts from ending monetary and fiscal stimulus programs. In addition to judgment applied to the commercial portfolio as a whole, Citizens continued to apply management judgment to adjust the modeled reserves in the commercial industry sectors most impacted by the COVID-19 pandemic and associated lockdowns, including CRE retail, CRE office and hospitality and casual dining. The following table presents a summary of changes in the ALLL and the allowance for unfunded lending commitments for the three months and nine months ended September 30, 2020: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (in millions) Commercial Retail Total Commercial Retail Total Allowance for loan and lease losses, beginning of period $1,235 $1,213 $2,448 $674 $578 $1,252 Cumulative effect of change in accounting principle — — — (176) 629 453 Allowance for loan and lease losses, beginning of period, adjusted 1,235 1,213 2,448 498 1,207 1,705 Charge-offs (171) (86) (257) (292) (319) (611) Recoveries 1 37 38 7 101 108 Net charge-offs (170) (49) (219) (285) (218) (503) Provision charged to income 224 89 313 1,076 264 1,340 Allowance for loan and lease losses, end of period $1,289 $1,253 $2,542 $1,289 $1,253 $2,542 Allowance for unfunded lending commitments, beginning of period $69 $10 $79 $44 $— $44 Cumulative effect of change in accounting principle — — — (3) 1 (2) Allowance for unfunded lending commitments, beginning of period, adjusted 69 10 79 41 1 42 Provision for unfunded lending commitments 83 32 115 111 41 152 Allowance for unfunded lending commitments, end of period $152 $42 $194 $152 $42 $194 Credit Quality Indicators The Company presents loan and lease portfolio segments and classes by credit quality indicator and vintage year. Citizens defines the vintage date for the purpose of this disclosure as the date of the most recent credit decision. In general, renewals are categorized as new credit decisions and reflect the renewal date as the vintage date. Loans modified in a TDR are considered a continuation of the original loan and vintage date corresponds with the most recent credit decision. For commercial loans and leases, Citizens utilizes regulatory classification ratings to monitor credit quality. The assignment of regulatory classification ratings occurs at loan origination and are periodically re-evaluated by Citizens utilizing a risk-based approach, including any time management becomes aware of information affecting the borrowers' ability to fulfill their obligations. The review process considers both quantitative and qualitative factors. Loans with a “pass” rating are those that the Company believes will fully repay in accordance with the contractual loan terms. Commercial loans and leases identified as “criticized” have some weakness or potential weakness that indicate an increased probability of future loss. Citizens groups “criticized” loans into three categories, “special mention,” “substandard,” and “doubtful.” Special mention loans have potential weaknesses that, if left uncorrected, may result in deterioration of the Company’s credit position at some future date. Substandard loans are inadequately protected loans; these loans have well-defined weaknesses that could hinder normal repayment or collection of the debt. Doubtful loans have the same weaknesses as substandard, with the added characteristic that the possibility of loss is high and collection of the full amount of the loan is improbable. The following table presents the amortized cost basis of commercial loans and leases, by vintage date and regulatory classification rating, as of September 30, 2021: Term Loans by Origination Year Revolving Loans (in millions) 2021 2020 2019 2018 2017 Prior to 2017 Within the Revolving Period Converted to Term Total Commercial and industrial Pass (1) $6,411 $4,086 $4,723 $3,079 $1,723 $2,480 $16,578 $138 $39,218 Special Mention 4 47 226 148 55 182 451 2 1,115 Substandard 40 110 229 121 91 227 550 18 1,386 Doubtful 26 8 12 21 11 17 37 3 135 Total commercial and industrial 6,481 4,251 5,190 3,369 1,880 2,906 17,616 161 41,854 Commercial real estate Pass 1,073 2,586 3,835 2,484 863 1,343 962 — 13,146 Special Mention 46 3 148 99 169 151 — — 616 Substandard 28 97 91 279 150 81 9 — 735 Doubtful — 9 — — — 2 — — 11 Total commercial real estate 1,147 2,695 4,074 2,862 1,182 1,577 971 — 14,508 Leases Pass 284 281 191 180 79 504 — — 1,519 Special Mention 2 16 2 8 5 16 — — 49 Substandard 1 16 6 — — 1 — — 24 Doubtful — — — — — 1 — — 1 Total leases 287 313 199 188 84 522 — — 1,593 Total commercial Pass (1) 7,768 6,953 8,749 5,743 2,665 4,327 17,540 138 53,883 Special Mention 52 66 376 255 229 349 451 2 1,780 Substandard 69 223 326 400 241 309 559 18 2,145 Doubtful 26 17 12 21 11 20 37 3 147 Total commercial $7,915 $7,259 $9,463 $6,419 $3,146 $5,005 $18,587 $161 $57,955 (1) Includes $1.9 billion of PPP loans designated as pass that are fully guaranteed by the SBA originating in 2021 and 2020. The following table presents the amortized cost basis of commercial loans and leases, by vintage date and regulatory classification rating, as of December 31, 2020: Term Loans by Origination Year Revolving Loans (in millions) 2020 2019 2018 2017 2016 Prior to 2016 Within the Revolving Period Converted to Term Total Commercial and industrial Pass (1) $8,036 $5,730 $4,180 $2,174 $1,157 $1,980 $17,281 $340 $40,878 Special Mention 34 264 163 84 60 173 771 34 1,583 Substandard 91 195 248 100 81 127 600 22 1,464 Doubtful 65 10 34 38 3 31 63 4 248 Total commercial and industrial 8,226 6,199 4,625 2,396 1,301 2,311 18,715 400 44,173 Commercial real estate Pass 1,848 2,836 2,810 1,106 566 919 3,271 — 13,356 Special Mention 19 130 121 92 94 48 300 — 804 Substandard 116 2 65 5 53 26 149 — 416 Doubtful 16 26 8 — — 2 24 — 76 Total commercial real estate 1,999 2,994 3,004 1,203 713 995 3,744 — 14,652 Leases Pass 455 246 229 139 180 673 — — 1,922 Special Mention 3 4 2 4 2 18 — — 33 Substandard — 2 2 4 4 — — — 12 Doubtful — — — — — 1 — — 1 Total leases 458 252 233 147 186 692 — — 1,968 Total commercial Pass (1) 10,339 8,812 7,219 3,419 1,903 3,572 20,552 340 56,156 Special Mention 56 398 286 180 156 239 1,071 34 2,420 Substandard 207 199 315 109 138 153 749 22 1,892 Doubtful 81 36 42 38 3 34 87 4 325 Total commercial $10,683 $9,445 $7,862 $3,746 $2,200 $3,998 $22,459 $400 $60,793 (1) Includes $4.2 billion of PPP loans designated as pass that are fully guaranteed by the SBA originating in 2020. For retail loans, Citizens utilizes FICO credit scores and the loan’s payment and delinquency status to monitor credit quality. Management believes FICO scores are the strongest indicator of credit losses over the contractual life of the loan and assist management in predicting the borrower’s future payment performance. Scores are based on current and historical national industry-wide consumer level credit performance data. The following table presents the amortized cost basis of retail loans, by vintage date and FICO scores, as of September 30, 2021: Term Loans by Origination Year Revolving Loans (in millions) 2021 2020 2019 2018 2017 Prior to 2017 Within the Revolving Period Converted to Term Total Residential mortgages 800+ $1,585 $3,179 $1,403 $395 $784 $2,389 $— $— $9,735 740-799 2,607 2,087 853 265 384 1,253 — — 7,449 680-739 639 613 356 173 185 611 — — 2,577 620-679 84 117 169 103 112 306 — — 891 <620 8 56 166 167 165 281 — — 843 No FICO available (1) 2 5 1 — — 10 — — 18 Total residential mortgages 4,925 6,057 2,948 1,103 1,630 4,850 — — 21,513 Home equity 800+ — 2 6 6 4 154 4,333 294 4,799 740-799 1 1 5 5 8 137 3,405 299 3,861 680-739 — 1 8 13 17 151 1,665 250 2,105 620-679 — 3 13 23 19 123 345 176 702 <620 — 2 16 22 21 96 86 179 422 Total home equity 1 9 48 69 69 661 9,834 1,198 11,889 Automobile 800+ 1,287 897 608 286 183 84 — — 3,345 740-799 1,781 1,177 707 344 195 85 — — 4,289 680-739 1,436 958 589 277 154 69 — — 3,483 620-679 680 436 297 156 89 45 — — 1,703 <620 120 142 168 118 75 45 — — 668 No FICO available (1) 4 — — — — — — — 4 Total automobile 5,308 3,610 2,369 1,181 696 328 — — 13,492 Education 800+ 1,080 1,865 921 566 519 951 — — 5,902 740-799 1,245 1,743 730 402 297 550 — — 4,967 680-739 369 526 246 150 113 278 — — 1,682 620-679 29 60 41 34 28 105 — — 297 <620 2 8 11 11 10 46 — — 88 No FICO available (1) 10 — — — — 54 — — 64 Total education 2,735 4,202 1,949 1,163 967 1,984 — — 13,000 Other retail 800+ 134 288 154 79 37 35 366 — 1,093 740-799 211 395 216 103 47 29 711 2 1,714 680-739 179 308 151 69 29 14 667 5 1,422 620-679 114 150 51 24 8 5 264 5 621 <620 19 39 19 11 3 3 78 6 178 No FICO available (1) 120 7 — — — — 313 1 441 Total other retail 777 1,187 591 286 124 86 2,399 19 5,469 Total retail 800+ 4,086 6,231 3,092 1,332 1,527 3,613 4,699 294 24,874 740-799 5,845 5,403 2,511 1,119 931 2,054 4,116 301 22,280 680-739 2,623 2,406 1,350 682 498 1,123 2,332 255 11,269 620-679 907 766 571 340 256 584 609 181 4,214 <620 149 247 380 329 274 471 164 185 2,199 No FICO available (1) 136 12 1 — — 64 313 1 527 Total retail $13,746 $15,065 $7,905 $3,802 $3,486 $7,909 $12,233 $1,217 $65,363 (1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes). The following table presents the amortized cost basis of retail loans, by vintage date and FICO scores, as of December 31, 2020: Term Loans by Origination Year Revolving Loans (in millions) 2020 2019 2018 2017 2016 Prior to 2016 Within the Revolving Period Converted to Term Total Residential mortgages 800+ $2,687 $1,885 $638 $1,129 $1,615 $1,755 $— $— $9,709 740-799 2,931 1,133 398 527 743 904 — — 6,636 680-739 784 351 162 172 295 458 — — 2,222 620-679 97 94 44 56 66 223 — — 580 <620 12 28 35 58 50 185 — — 368 No FICO available (1) 1 2 1 5 1 14 — — 24 Total residential mortgages 6,512 3,493 1,278 1,947 2,770 3,539 — — 19,539 Home equity 800+ 2 8 10 7 5 216 4,319 344 4,911 740-799 2 6 7 6 5 180 3,234 331 3,771 680-739 1 6 10 15 8 179 1,632 284 2,135 620-679 — 10 18 21 14 136 402 195 796 <620 1 17 30 29 18 122 105 214 536 Total home equity 6 47 75 78 50 833 9,692 1,368 12,149 Automobile 800+ 1,056 812 424 312 169 62 — — 2,835 740-799 1,514 1,022 531 344 172 59 — — 3,642 680-739 1,347 889 461 282 138 47 — — 3,164 620-679 669 484 259 157 84 32 — — 1,685 <620 140 242 189 137 79 34 — — 821 No FICO available (1) 2 — — — — 4 — — 6 Total automobile 4,728 3,449 1,864 1,232 642 238 — — 12,153 Education 800+ 1,817 1,363 849 781 578 777 — — 6,165 740-799 1,797 1,009 541 387 251 423 — — 4,408 680-739 450 294 173 127 90 221 — — 1,355 620-679 26 35 33 28 25 95 — — 242 <620 2 5 10 10 8 41 — — 76 No FICO available (1) 2 — — — — 60 — — 62 Total education 4,094 2,706 1,606 1,333 952 1,617 — — 12,308 Other retail 800+ 461 380 163 77 15 44 341 — 1,481 740-799 620 460 184 81 19 31 638 2 2,035 680-739 495 302 111 48 10 13 561 5 1,545 620-679 248 104 37 14 3 5 174 7 592 <620 24 30 17 6 1 3 77 8 166 No FICO available (1) 54 1 — — — — 272 2 329 Total other retail 1,902 1,277 512 226 48 96 2,063 24 6,148 Total retail 800+ 6,023 4,448 2,084 2,306 2,382 2,854 4,660 344 25,101 740-799 6,864 3,630 1,661 1,345 1,190 1,597 3,872 333 20,492 680-739 3,077 1,842 917 644 541 918 2,193 289 10,421 620-679 1,040 727 391 276 192 491 576 202 3,895 <620 179 322 281 240 156 385 182 222 1,967 No FICO available (1) 59 3 1 5 1 78 272 2 421 Total retail $17,242 $10,972 $5,335 $4,816 $4,462 $6,323 $11,755 $1,392 $62,297 (1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes). Nonaccrual and Past Due Assets The following table presents nonaccrual loans and leases and loans accruing and 90 days or more past due: As of September 30, 2021 As of December 31, 2020 (in millions) Nonaccrual loans and leases 90+ days past due and accruing Nonaccrual with no related ACL Nonaccrual loans and leases 90+ days past due and accruing Nonaccrual with no related ACL Commercial and industrial $170 $4 $61 $280 $20 $56 Commercial real estate 98 — 1 176 — 2 Leases 1 — — 2 1 — Total commercial 269 4 62 458 21 58 Residential mortgages (1) 164 293 142 167 30 96 Home equity 216 — 188 276 — 207 Automobile 55 — 29 72 — 17 Education 23 1 2 18 2 2 Other retail 20 14 2 28 9 — Total retail 478 308 363 561 41 322 Total loans and leases $747 $312 $425 $1,019 $62 $380 (1) 90+ days past due and accruing includes $289 million and $21 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2021 and December 31, 2020, respectively. Interest income is generally not recognized for loans and leases that are on nonaccrual status. The Company reverses accrued interest receivable with a charge to interest income upon classifying the loan or lease as nonaccrual. The following table presents an analysis of the age of both accruing and nonaccrual loan and lease past due amounts: September 30, 2021 December 31, 2020 Days Past Due Days Past Due (in millions) Current-29 30-59 60-89 90+ Total Current-29 30-59 60-89 90+ Total Commercial and industrial $41,783 $25 $3 $43 $41,854 $43,817 $223 $16 $117 $44,173 Commercial real estate 14,402 3 5 98 14,508 14,531 1 85 35 14,652 Leases 1,591 — 1 1 1,593 1,956 9 — 3 1,968 Total commercial 57,776 28 9 142 57,955 60,304 233 101 155 60,793 Residential mortgages (1) 20,861 155 57 440 21,513 19,291 59 21 168 19,539 Home equity 11,654 35 16 184 11,889 11,848 61 28 212 12,149 Automobile 13,318 117 42 15 13,492 11,901 170 65 17 12,153 Education 12,941 33 14 12 13,000 12,255 33 13 7 12,308 Other retail 5,371 39 28 31 5,469 6,047 38 29 34 6,148 Total retail 64,145 379 157 682 65,363 61,342 361 156 438 62,297 Total $121,921 $407 $166 $824 $123,318 $121,646 $594 $257 $593 $123,090 (1) 90+ days past due includes $289 million and $44 million of loans fully or partially guaranteed by the FHA, VA, and USDA at September 30, 2021 and December 31, 2020, respectively. At September 30, 2021 and December 31, 2020, the Company had collateral-dependent residential mortgage and home equity loans totaling $543 million and $552 million, respectively. At September 30, 2021 and December 31, 2020, the Company had collateral-dependent commercial loans totaling $42 million and $206 million, respectively. The amortized cost basis of mortgage loans collateralized by residential real estate for which formal foreclosure proceedings were in process was $150 million and $119 million as of September 30, 2021 and December 31, 2020, respectively. Troubled Debt Restructurings The following tables summarize loans modified during the three and nine months ended September 30, 2021 and 2020. The balances represent the post-modification outstanding amortized cost basis and may include loans that became TDRs during the period and were subsequently paid off in full, charged off, or sold prior to period end. Pre-modification balances for modified loans approximate the post-modification balances shown. Three Months Ended September 30, 2021 Amortized Cost Basis (dollars in millions) Number of Contracts Interest Rate Reduction (1) Maturity Extension (2) Other (3) Total Commercial and industrial 7 $— $38 $10 $48 Total commercial 7 — 38 10 48 Residential mortgages 101 2 7 7 16 Home equity 69 — 1 3 4 Automobile 224 — — 1 1 Education 226 — — 8 8 Other retail 549 3 — 1 4 Total retail 1,169 5 8 20 33 Total 1,176 $5 $46 $30 $81 Three Months Ended September 30, 2020 Amortized Cost Basis (dollars in millions) Number of Contracts Interest Rate Reduction (1) Maturity Extension (2) Other (3) Total Commercial and industrial 14 $— $103 $1 $104 Total commercial 14 — 103 1 104 Residential mortgages 107 9 6 4 19 Home equity 179 2 4 6 12 Automobile 1,191 1 — 18 19 Education 140 — — 3 3 Other retail 484 1 — — 1 Total retail 2,101 13 10 31 54 Total 2,115 $13 $113 $32 $158 Nine Months Ended September 30, 2021 Amortized Cost Basis (dollars in millions) Number of Contracts Interest Rate Reduction (1) Maturity Extension (2) Other (3) Total Commercial and industrial 29 $— $44 $64 $108 Total commercial 29 — 44 64 108 Residential mortgages 814 14 133 54 201 Home equity 318 3 9 10 22 Automobile 1,272 1 — 14 15 Education 638 — — 21 21 Other retail 1,764 7 — 2 9 Total retail 4,806 25 142 101 268 Total 4,835 $25 $186 $165 $376 Nine Months Ended September 30, 2020 Amortized Cost Basis (dollars in millions) Number of Contracts Interest Rate Reduction (1) Maturity Extension (2) Other (3) Total Commercial and industrial 52 $— $106 $95 $201 Total commercial 52 — 106 95 201 Residential mortgages 348 26 27 11 64 Home equity 568 8 8 21 37 Automobile 2,368 2 — 35 37 Education 373 — — 9 9 Other retail 2,167 8 — 2 10 Total retail 5,824 44 35 78 157 Total 5,876 $44 $141 $173 $358 (1) Includes modifications that consist of multiple concessions, one of which is an interest rate reduction. (2) Includes modifications that consist of multiple concessions, one of which is a maturity extension (unless one of the other concessions was an interest rate reduction). (3) Includes modifications other than interest rate reductions or maturity extensions, such as lowering scheduled payments for a specified period of time, principal forgiveness, and capitalizing arrearages. Also included are the following: deferrals, trial modifications, certain bankruptcies, loans in forbearance and prepayment plans. Modifications can include the deferral of accrued interest resulting in post-modification balances being higher than pre-modification. Modified TDRs resulted in charge-offs of $1 million and $43 million for the three months ended September 30, 2021 and 2020, respectively. Citizens recorded $5 million and $49 million of charge-offs related to TDRs for the nine months ended September 30, 2021 and 2020, respectively . Unfunded commitments related to TDRs were $51 million and $49 million at September 30, 2021 and December 31, 2020, respectively. The following table provides a summary of TDRs that defaulted (became 90 days or more past due) within 12 months of their modification date: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2021 2020 2021 2020 Commercial TDRs $— $14 $23 $53 Retail TDRs (1) 37 22 66 47 Total $37 $36 $89 $100 (1) Includes $34 million and $6 million of loans fully or partially government guaranteed by the FHA, VA, and USDA for the three months ended September 30, 2021 and 2020, respectively and $37 million and $14 million of loans fully or partially government guaranteed by the FHA, VA, and USDA for the nine months ended September 30, 2021 and 2020, respectively. Concentrations of Credit Risk Most of the Company’s lending activity is with customers located in the New England, Mid-Atlantic, and Midwest regions. Generally, loans are collateralized by assets including real estate, inventory, accounts receivable, other personal property, and investment securities. As of September 30, 2021 and December 31, 2020, Citizens had a significant amount of loans collateralized by residential and commercial real estate. There were no significant concentration risks within the commercial loan or retail loan portfolios. Exposure to credit losses arising from lending transactions may fluctuate with fair values of collateral supporting loans, which may not perform according to contractual agreements. The Company’s policy is to collateralize loans to the extent necessary. However, based on the financial strength of the applicant and facts Citizens will grant unsecured loans. Certain loan products, including residential mortgages, home equity loans and lines of credit, and credit cards, have contractual features that may increase credit exposure to the Company in the event of an increase in interest rates or a decline in housing values. These products include loans that exceed 90% of the value of the underlying collateral (high LTV loans), interest-only residential mortgages, and loans with low introductory rates. The following tables present balances of loans with these characteristics: September 30, 2021 (in millions) Residential Mortgages Home Equity Other Retail Education Total High loan-to-value $179 $18 $— $— $197 Interest-only 3,317 — — 1 3,318 Low introductory rate — — 156 — 156 Multiple characteristics and other 2 — — — 2 Total $3,498 $18 $156 $1 $3,673 December 31, 2020 (in millions) Residential Mortgages Home Equity Other Retail Total High loan-to-value $289 $64 $— $353 Interest-only 2,801 — — 2,801 Low introductory rate — — 170 170 Total $3,090 $64 $170 $3,324 |
MORTGAGE BANKING AND OTHER
MORTGAGE BANKING AND OTHER | 9 Months Ended |
Sep. 30, 2021 | |
Mortgage Banking [Abstract] | |
MORTGAGE BANKING AND OTHER | NOTE 5 - MORTGAGE BANKING AND OTHER The Company sells residential mortgages to GSEs and other parties, who may issue securities backed by pools of such loans. The Company retains no beneficial interests in these sales, but may retain the servicing rights for the loans sold. The Company may exercise its option to repurchase eligible government guaranteed residential mortgages or may be obligated to subsequently repurchase a loan if the purchaser discovers a representation or warranty violation such as noncompliance with eligibility or servicing requirements, or customer fraud that should have been identified in a loan file review. The following table summarizes activity related to residential mortgage loans sold with servicing rights retained: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Cash proceeds from residential mortgage loans sold with servicing retained $9,024 $9,504 $28,601 $23,668 Repurchased residential mortgages 114 — 1,283 — Gain on sales (1) 96 273 321 699 Contractually specified servicing, late and other ancillary fees (1) 63 56 181 169 (1) Reported in mortgage banking fees in the Consolidated Statements of Operations. The unpaid principal balance of residential mortgage loans related to our MSR was $87.4 billion and $81.2 billion at September 30, 2021 and December 31, 2020, respectively. The Company manages an active hedging strategy to manage the risk associated with changes in the value of the MSR portfolio, which includes the purchase of freestanding derivatives. The following table summarizes changes in MSRs recorded using the fair value method: As of and for the Three Months Ended September 30, As of and for the Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Fair value as of beginning of the period $902 $568 $658 $642 Transfers upon election of fair value method (1) — — — 190 Fair value as of beginning of the period, adjusted 902 568 658 832 Amounts capitalized 109 85 318 238 Changes in unpaid principal balance during the period (2) (54) (55) (159) (141) Changes in fair value during the period (3) 21 8 161 (323) Fair value at end of the period $978 $606 $978 $606 (1) Effective January 1, 2020, the Company elected to account for all MSRs previously accounted for under the amortization method under the fair value method. (2) Represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial paydowns, and ii) loans that paid off during the period. (3) Represents changes in value primarily driven by market conditions. These changes are recorded in mortgage banking fees in the Consolidated Statements of Operations. The fair value of MSRs is estimated by using the present value of estimated future net servicing cash flows, taking into consideration actual and expected mortgage loan prepayment rates, discount rates, contractual servicing fee income, servicing costs, default rates, ancillary income, and other economic factors, which are determined based on current market interest rates. The valuation does not attempt to forecast or predict the future direction of interest rates. The sensitivity analysis below presents the impact to current fair value of an immediate 50 basis point and 100 basis point adverse change in key economic assumptions and the decline in fair value if the respective adverse change was realized. These sensitivities are hypothetical, with the effect of a variation in a particular assumption on the fair value of the MSRs calculated independently without changing any other assumption. In reality, changes in one factor may result in changes in another (e.g., changes in interest rates, which drive changes in prepayment rates, could result in changes in the discount rates), which may amplify or counteract the sensitivities. The primary risk inherent in the Company’s MSRs is an increase in prepayments of the underlying mortgage loans serviced, which is largely dependent upon movements in market interest rates. September 30, 2021 December 31, 2020 Actual Decline in fair value due to Actual Decline in fair value due to (dollars in millions) Fair value $978 50 bps adverse change 100 bps adverse change $658 50 bps adverse change 100 bps adverse change Weighted average life (in years) 6.0 4.2 Weighted average constant prepayment rate (1) 11.3% $125 $275 17.3% $122 $202 Weighted average option adjusted spread 582 bps 20 39 595 bps 12 24 (1) Estimated adverse change for the weighted average constant prepayment rate based on an adverse change in market interest rates . Other Serviced Loans From time to time, Citizens engages in other servicing relationships. The following table presents the unpaid principal balance of other serviced loans: (in millions) September 30, 2021 December 31, 2020 Education $809 $974 Commercial (1) 67 51 (1) Represents the government guaranteed portion of SBA loans sold to outside investors. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 6 - VARIABLE INTEREST ENTITIES Citizens is involved in various entities that are considered VIEs, including investments in limited partnerships that sponsor affordable housing projects, limited liability companies that sponsor renewable energy projects or asset-backed securities, and lending to special purpose entities. Citizens’ maximum exposure to loss as a result of its involvement with these entities is limited to the balance sheet carrying amount of its investment in equity and asset-backed securities, unfunded commitments, and outstanding principal balance of loans to special purpose entities. The Company does not consolidate any of its investments in these entities. These investments are included in other assets in the Consolidated Balance Sheets. For more details see Note 10 in the 2020 Form 10-K. A summary of these investments is presented below: (in millions) September 30, 2021 December 31, 2020 Lending to special purpose entities included in loans and leases $1,849 $1,295 LIHTC investment included in other assets 1,899 1,687 LIHTC unfunded commitments included in other liabilities 910 875 Investment in asset-backed securities included in HTM securities 789 893 Renewable energy investments included in other assets 441 403 Lending to Special Purpose Entities Citizens provides lending facilities to third-party sponsored special purpose entities. As of September 30, 2021 and December 31, 2020, the lending facilities had aggregate unpaid principal balances of $1.8 billion and $1.3 billion, respectively, and undrawn commitments to extend credit of $2.2 billion and $1.5 billion, respectively. Low Income Housing Tax Credit Partnerships The purpose of the Company’s equity investments is to assist in achieving the goals of the Community Reinvestment Act and to earn an adequate return of capital. The following table presents other information related to the Company’s affordable housing tax credit investments: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Tax credits included in income tax expense $48 $40 $150 $120 Other tax benefits included in income tax expense 11 10 36 30 Total tax benefits included in income tax expense 59 50 186 150 Less: Amortization included in income tax expense 50 42 156 127 Net benefit from affordable housing tax credit investments included in income tax expense $9 $8 $30 $23 |
BORROWED FUNDS
BORROWED FUNDS | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
BORROWED FUNDS | NOTE 7 - BORROWED FUNDS Short-term borrowed funds Short-term borrowed funds were $8 million and $243 million as of September 30, 2021 and December 31, 2020, respectively. Long-term borrowed funds The following table presents a summary of the Company’s long-term borrowed funds: (in millions) September 30, 2021 December 31, 2020 Parent Company: 2.375% fixed-rate senior unsecured debt, due July 2021 (1) $— $350 4.150% fixed-rate subordinated debt, due September 2022 (2) 168 182 3.750% fixed-rate subordinated debt, due July 2024 (2) 90 159 4.023% fixed-rate subordinated debt, due October 2024 (2) 17 25 4.350% fixed-rate subordinated debt, due August 2025 (2) 133 193 4.300% fixed-rate subordinated debt, due December 2025 (2) 336 450 2.850% fixed-rate senior unsecured notes, due July 2026 497 497 2.500% fixed-rate senior unsecured notes, due February 2030 298 297 3.250% fixed-rate senior unsecured notes, due April 2030 745 745 3.750% fixed-rate reset subordinated debt, due February 2031 (2) 69 — 4.300% fixed-rate reset subordinated debt, due February 2031 (2) 135 — 4.350% fixed-rate reset subordinated debt, due February 2031 (2) 61 — 2.638% fixed-rate subordinated debt, due September 2032 548 543 CBNA’s Global Note Program: 2.550% senior unsecured notes, due May 2021 — 1,003 3.250% senior unsecured notes, due February 2022 704 716 0.845% floating-rate senior unsecured notes, due February 2022 (3) 300 299 0.932% floating-rate senior unsecured notes, due May 2022 (3) 250 250 2.650% senior unsecured notes, due May 2022 505 510 3.700% senior unsecured notes, due March 2023 517 527 1.082% floating-rate senior unsecured notes, due March 2023 (3) 250 249 2.250% senior unsecured notes, due April 2025 746 746 3.750% senior unsecured notes, due February 2026 533 551 Additional Borrowings by CBNA and Other Subsidiaries: Federal Home Loan Bank advances, 0.864% weighted average rate, due through 2041 19 19 Other 26 35 Total long-term borrowed funds $6,947 $8,346 (1) Notes were redeemed on June 28, 2021. (2) September 30, 2021 balances reflect the February 2021 completion of $265 million in private exchange offers for five series of outstanding subordinated notes whereby participants received newly issued 3.750%, 4.300%, and 4.350% fixed-rate reset subordinated notes due 2031 which are redeemable by the Company five years prior to their maturity. (3) Rate disclosed reflects the floating rate as of September 30, 2021. The Parent Company’s long-term borrowed funds as of September 30, 2021 and December 31, 2020 included principal balances of $3.2 billion and $3.5 billion, respectively, and unamortized deferred issuance costs and/or discounts of $82 million and $90 million, respectively. CBNA and other subsidiaries’ long-term borrowed funds as of September 30, 2021 and December 31, 2020 included principal balances of $3.8 billion and $4.8 billion, respectively, with unamortized deferred issuance costs and/or discounts of $8 million and $11 million, respectively, and hedging basis adjustments of $63 million and $112 million, respectively. See Note 8 for further information about the Company’s hedging of certain long-term borrowed funds. Advances, lines of credit, and letters of credit from the FHLB are collateralized primarily by residential mortgages and home equity products at least sufficient to satisfy the collateral maintenance level established by the FHLB. The utilized borrowing capacity for FHLB advances and letters of credit was $2.2 billion and $3.2 billion at September 30, 2021 and December 31, 2020, respectively. The Company’s available FHLB borrowing capacity was $15.1 billion and $13.9 billion at September 30, 2021 and December 31, 2020, respectively. Citizens can also borrow from the FRB discount window to meet short-term liquidity requirements. Collateral, including certain loans, is pledged to support this borrowing capacity. At September 30, 2021, the Company’s unused secured borrowing capacity was approximately $63.6 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity. The following table presents a summary of maturities for the Company’s long-term borrowed funds at September 30, 2021: (in millions) Parent Company CBNA and Other Subsidiaries Consolidated Year 2021 $— $4 $4 2022 168 1,765 1,933 2023 — 768 768 2024 107 — 107 2025 469 760 1,229 2026 and thereafter 2,353 553 2,906 Total $3,097 $3,850 $6,947 |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | NOTE 8 - DERIVATIVES In the normal course of business, Citizens enters into a variety of derivative transactions to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates and foreign currency exchange rates. These transactions include interest rate swap contracts, interest rate options, foreign exchange contracts, residential loan commitment rate locks, interest rate future contracts, swaptions, certain commodities, forward commitments to sell TBAs, forward sale contracts and purchase options. The Company does not use derivatives for speculative purposes. Information regarding the valuation methodology and inputs used to estimate the fair value of the Company’s derivative instruments is described in Note 19 in the Company’s 2020 Form 10-K. The following table presents derivative instruments included in the Consolidated Balance Sheets: September 30, 2021 December 31, 2020 (in millions) Notional Amount (1) Derivative Assets Derivative Liabilities Notional Amount (1) Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate contracts $23,450 $18 $2 $22,300 $1 $3 Derivatives not designated as hedging instruments: Interest rate contracts 142,109 912 167 149,021 1,565 214 Foreign exchange contracts 16,342 249 205 16,789 320 291 Commodities contracts 539 822 822 246 62 61 TBA contracts 9,284 44 9 11,149 8 65 Other contracts 5,604 53 — 8,051 197 — Total derivatives not designated as hedging instruments 2,080 1,203 2,152 631 Gross derivative fair values 2,098 1,205 2,153 634 Less: Gross amounts offset in the Consolidated Balance Sheets (2) (233) (233) (182) (182) Less: Cash collateral applied (2) (96) (785) (56) (324) Total net derivative fair values presented in the Consolidated Balance Sheets $1,769 $187 $1,915 $128 (1) The notional or contractual amount of interest rate derivatives and foreign exchange contracts is the amount upon which interest and other payments under the contract are based. For interest rate contracts, the notional amount is typically not exchanged. Therefore, notional amounts should not be taken as the measure of credit or market risk, as they do not measure the true economic risk of these contracts. (2) Amounts represent the impact of enforceable master netting agreements that allow the Company to net settle positive and negative positions as well as collateral paid and received. The Company’s derivative transactions are internally divided into three sub-groups: institutional, customer and residential loan. Certain derivative transactions within these sub-groups are designated as fair value or cash flow hedges, as described below: Derivatives Designated As Hedging Instruments The Company’s institutional derivatives qualify for hedge accounting treatment. The net interest accruals on interest rate swaps designated in a fair value or cash flow hedge relationship are treated as an adjustment to interest income or interest expense of the item being hedged. The Company formally documents at inception all hedging relationships, as well as risk management objectives and strategies for undertaking various accounting hedges. Additionally, the Company monitors the effectiveness of its hedge relationships during the duration of the hedge period. The methods utilized to assess hedge effectiveness vary based on hedge relationship and the Company monitors each relationship to ensure that management’s initial intent continues to be satisfied. The Company discontinues hedge accounting treatment when it is determined that a derivative is not expected to be, or has ceased to be, effective as a hedge and subsequently reflects changes in the fair value of the derivative in earnings after termination of the hedge relationship. Fair Value Hedges Citizens has outstanding interest rate swap agreements utilized to manage the interest rate exposure on its long-term borrowings and AFS debt securities. Certain fair value hedges have been designated as a last-of-layer hedge, which affords the Company the ability to execute a fair value hedge of the interest rate risk associated with a portfolio of similar prepayable assets whereby the last dollar amount estimated to remain in the portfolio of assets is identified as the hedged item. The following table presents the change in fair value of interest rate contracts designated as fair value hedges, as well as the change in fair value of the related hedged items attributable to the risk being hedged, included in the Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Affected Line Item in the Consolidated Statements of Operations Interest rate swaps hedging borrowed funds ($13) ($16) ($51) $82 Interest expense - long-term borrowed funds Hedged long-term debt attributable to the risk being hedged 13 17 50 (78) Interest expense - long-term borrowed funds Interest rate swaps hedging fixed rate loans — — — 17 Interest and fees on loans and leases Hedged fixed rate loans attributable to the risk being hedged — — — (17) Interest and fees on loans and leases Interest rate swaps hedging debt securities available for sale 7 7 39 (114) Interest income - investment securities Hedged debt securities available for sale attributable to risk being hedged (7) (7) (39) 114 Interest income - investment securities The following table reflects amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges: September 30, 2021 December 31, 2020 (in millions) Debt securities available for sale (1) Long-term borrowed funds Debt securities available for sale (1) Long-term borrowed funds Carrying amount of hedged assets $7,287 $— $10,869 $— Carrying amount of hedged liabilities — 2,259 — 3,307 Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items 57 63 96 112 (1) The Company designated $2.0 billion as the hedged amount (from a closed portfolio of prepayable financial assets with an amortized cost basis of $7.3 billion and $10.9 billion as of September 30, 2021 and December 31, 2020, respectively) in a last-of-layer hedging relationship, which commenced in the third quarter of 2019. Cash Flow Hedges Citizens has outstanding interest rate swap agreements designed to hedge a portion of the Company’s floating-rate assets, and liabilities. All of these swaps have been deemed highly effective cash flow hedges. During the next 12 months, there are $76 million in pre-tax net gains on derivative instruments included in OCI expected to be reclassified to net interest income in the Consolidated Statements of Operations. 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 September 30, 2021. The following table presents the pre-tax net gains (losses) recorded in the Consolidated Statements of Operations and in the Consolidated Statements of Comprehensive Income relating to derivative instruments designated as cash flow hedges: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Amount of pre-tax net gains (losses) recognized in OCI ($15) $— $19 $118 Amount of pre-tax net gains (losses) reclassified from OCI into interest income 46 68 141 128 Amount of pre-tax net gains (losses) reclassified from OCI into interest expense (13) (11) (37) (22) Derivatives Not Designated As Hedging Instruments Economic Hedges The Company’s economic hedges include those related to offsetting customer derivatives, residential mortgage loan derivatives (including interest rate lock commitments and forward sales commitments) and derivatives to hedge its residential MSR portfolio. Customer derivatives include interest rate, foreign exchange and commodity derivative contracts designed to meet the hedging and financing needs of the Company’s customers, and are economically hedged by the Company to offset its market exposure. Interest rate lock commitments on residential mortgage loans that will be held for sale are considered derivative instruments, and are economically hedged by entering into forward sale commitments to manage changes in fair value due to interest rate risk. Residential MSR portfolio derivatives are entered to hedge the risk of changes in the fair value of the Company’s MSRs. The following table presents the effect of economic hedges on noninterest income: Amounts Recognized in Three Months Ended September 30, Nine Months Ended September 30, Affected Line Item in the Consolidated Statements of Operations (in millions) 2021 2020 2021 2020 Economic hedge type: Customer interest rate contracts ($10) $7 ($225) $1,276 Foreign exchange and interest rate products Derivatives hedging interest rate risk 17 1 244 (1,245) Foreign exchange and interest rate products Customer foreign exchange contracts (61) 80 (158) 73 Foreign exchange and interest rate products Derivatives hedging foreign exchange risk 95 (126) 234 (77) Foreign exchange and interest rate products Customer commodity contracts 468 26 881 (30) Foreign exchange and interest rate products Derivatives hedging commodity price risk (465) (25) (874) 32 Foreign exchange and interest rate products Residential loan commitments (13) 36 (184) 190 Mortgage banking fees Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value 4 6 138 (13) Mortgage banking fees Derivative contracts used to hedge residential MSRs (20) 2 (149) 335 Mortgage banking fees Total $15 $7 ($93) $541 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 9 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in the balances, net of income taxes, of each component of AOCI: As of and for the Three Months Ended September 30, (in millions) Net Unrealized Gains (Losses) on Derivatives Net Unrealized Gains (Losses) on Debt Securities Employee Benefit Plans Total AOCI Balance at July 1, 2020 $54 $448 ($408) $94 Other comprehensive income (loss) before reclassifications — (44) — (44) Amounts reclassified to the Consolidated Statements of Operations (42) (1) 3 (40) Net other comprehensive income (loss) (42) (45) 3 (84) Balance at September 30, 2020 $12 $403 ($405) $10 Balance at July 1, 2021 ($38) $78 ($421) ($381) Other comprehensive income (loss) before reclassifications (11) (109) — (120) Amounts reclassified to the Consolidated Statements of Operations (25) (2) 20 (7) Net other comprehensive income (loss) (36) (111) 20 (127) Balance at September 30, 2021 ($74) ($33) ($401) ($508) Primary location of amounts reclassified to the Consolidated Statements of Operations Net interest income Securities gains, net Other operating expense As of and for the Nine Months Ended September 30, (in millions) Net Unrealized Gains (Losses) on Derivatives Net Unrealized Gains (Losses) on Debt Securities Employee Benefit Plans Total AOCI Balance at January 1, 2020 $3 $1 ($415) ($411) Other comprehensive income (loss) before reclassifications 88 405 — 493 Amounts reclassified to the Consolidated Statements of Operations (79) (3) 10 (72) Net other comprehensive income (loss) 9 402 10 421 Balance at September 30, 2020 $12 $403 ($405) $10 Balance at January 1, 2021 ($11) $380 ($429) ($60) Other comprehensive income (loss) before reclassifications 14 (406) — (392) Amounts reclassified to the Consolidated Statements of Operations (77) (7) 28 (56) Net other comprehensive income (loss) (63) (413) 28 (448) Balance at September 30, 2021 ($74) ($33) ($401) ($508) Primary location of amounts reclassified to the Consolidated Statements of Operations Net interest income Securities gains, net Other operating expense |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 10 - STOCKHOLDERS’ EQUITY Preferred Stock The following table summarizes the Company’s preferred stock: September 30, 2021 December 31, 2020 (in millions, except per share and share data) Liquidation value per share Preferred Shares Carrying Amount Preferred Shares Carrying Amount Authorized ($25 par value per share) 100,000,000 100,000,000 Issued and outstanding: Series A $1,000 — $— 250,000 $247 Series B 1,000 300,000 296 300,000 296 Series C 1,000 300,000 297 300,000 297 Series D 1,000 (1) 300,000 (2) 293 300,000 293 Series E 1,000 (1) 450,000 (3) 437 450,000 437 Series F 1,000 400,000 395 400,000 395 Series G 1,000 300,000 296 — — Total 2,050,000 $2,014 2,000,000 $1,965 (1) Equivalent to $25 per depositary share. (2) Represented by 12,000,000 depositary shares each representing a 1/40th interest in the Series D Preferred Stock. (3) Represented by 18,000,000 depositary shares each representing a 1/40th interest in the Series E Preferred Stock. On July 6, 2021, the Company redeemed all outstanding shares of the 5.500% fixed-to-floating rate non-cumulative perpetual Series A Preferred Stock. On June 11, 2021, the Company issued $300 million, or 300,000 shares, of 4.000% fixed-rate reset non-cumulative perpetual Series G Preferred Stock, par value of $25.00 per share with a liquidation preference of $1,000 per share (the “Series G Preferred Stock”). For further detail regarding the terms and conditions of the Company’s Series G Preferred Stock, see Note 10 to the Company’s Consolidated Financial Statements in the Form 10-Q for the period ended June 30, 2021. For further detail regarding the terms and conditions of the Company’s preferred stock, see Note 16 to the Company’s Consolidated Financial Statements in the 2020 Form 10-K. Dividends Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 (in millions, except per share data) Dividends Declared per Share Dividends Declared Dividends Paid Dividends Declared per Share Dividends Declared Dividends Paid Common stock $0.39 $167 $167 $0.39 $168 $168 Preferred stock Series A $— $— $3 $10.90 $3 $3 Series B — — 9 — — 9 Series C 15.94 5 5 15.94 4 5 Series D 15.88 5 4 15.88 4 5 Series E 12.50 6 6 12.50 6 6 Series F 14.13 6 6 19.15 8 — Series G 12.78 4 — — — — Total preferred stock $26 $33 $25 $28 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (in millions, except per share data) Dividends Declared per Share Dividends Declared Dividends Paid Dividends Declared per Share Dividends Declared Dividends Paid Common stock $1.17 $502 $502 $1.17 $504 $504 Preferred stock Series A $20.99 $5 $8 $51.88 $13 $10 Series B 30.00 9 18 30.00 9 18 Series C 47.81 15 15 47.81 14 15 Series D 47.63 14 13 47.63 14 15 Series E 37.50 17 17 37.50 17 15 Series F 42.38 17 17 19.15 8 — Series G 12.78 4 — — — — Total preferred stock $81 $88 $75 $73 Treasury Stock |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 11 - COMMITMENTS AND CONTINGENCIES A summary of outstanding off-balance sheet arrangements is presented below. For more information on these arrangements, see Note 18 in the Company’s 2020 Form 10-K. (in millions) September 30, 2021 December 31, 2020 Commitments to extend credit $80,629 $74,160 Letters of credit 1,939 2,239 Risk participation agreements 57 98 Loans sold with recourse 70 54 Marketing rights 26 29 Total $82,721 $76,580 Commitments to Extend Credit Commitments to extend credit are agreements to lend to customers in accordance with conditions contractually agreed upon in advance. Generally, the commitments have fixed expiration dates or termination clauses and may require payment of a fee. Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements. Letters of Credit Letters of credit in the table above reflect commercial, standby financial and standby performance letters of credit. Financial and performance standby letters of credit are issued by the Company for the benefit of its customers. They are used as conditional guarantees of payment to a third party in the event the customer either fails to make specific payments (financial) or fails to complete a specific project (performance). The Company’s exposure to credit loss in the event of counterparty nonperformance in connection with the above instruments is represented by the contractual amount of those instruments. Generally, letters of credit are collateralized by cash, accounts receivable, inventory or investment securities. Credit risk associated with letters of credit is considered in determining the appropriate amounts of allowances for unfunded commitments. Standby letters of credit and commercial letters of credit are issued for terms of up to ten years and one year, respectively. Other Commitments Citizens has additional off-balance sheet arrangements that are summarized below: • Marketing Rights - During 2003, Citizens entered into a 25-year agreement to acquire the naming and marketing rights of a baseball stadium in Pennsylvania. • Loans sold with recourse - Citizens is an originator and servicer of residential mortgages and routinely sells such mortgage loans in the secondary market and to GSEs. In the context of such sales, the Company makes certain representations and warranties regarding the characteristics of the underlying loans and, as a result, may be contractually required to repurchase such loans or indemnify certain parties against losses for certain breaches of those representations and warranties. The Company also sells the government guaranteed portion of certain SBA loans to outside investors, for which it retains the servicing rights. • Risk Participation Agreements - RPAs are guarantees issued by the Company to other parties for a fee, whereby the Company agrees to participate in the credit risk of a derivative customer of the other party. The current amount of credit exposure is spread out over multiple counterparties. At September 30, 2021, the remaining terms on these RPAs ranged from less than one year to eight years. Contingencies The Company operates in a legal and regulatory environment that exposes it to potentially significant risks. A certain amount of litigation ordinarily results from the nature of the Company’s banking and other businesses. The Company is a party to legal proceedings, including class actions. The Company is also the subject of investigations, reviews, subpoenas, and regulatory matters arising out of its normal business operations, which, in some instances, relate to concerns about fair lending, unfair and/or deceptive practices, mortgage-related issues, and mis-selling of certain products. In addition, the Company engages in discussions with relevant governmental and regulatory authorities on a regular and ongoing basis regarding various issues, and any issues discussed or identified may result in investigatory or other action being taken. Litigation and regulatory matters may result in settlements, damages, fines, penalties, public or private censure, increased costs, required remediation, restrictions on business activities, or other impacts on the Company. In these disputes and proceedings, the Company contests liability and the amount of damages as appropriate. Given their complex nature, and based on the Company's experience, it may be years before some of these matters are finally resolved. Moreover, before liability can be reasonably estimated for a claim, numerous legal and factual issues may need to be examined, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal issues relevant to the proceedings in question. The Company cannot predict with certainty if, how, or when such claims will be resolved or what the eventual settlement, fine, penalty or other relief, if any, may be, particularly for claims that are at an early stage in their development or where claimants seek substantial or indeterminate damages. The Company recognizes a provision for a claim when, in the opinion of management after seeking legal advice, it is probable that a liability exists and the amount of loss can be reasonably estimated. In many proceedings, however, it is not possible to determine whether any loss is probable or to estimate the amount of any loss. Based on information currently available, the advice of legal counsel and other advisers, and established reserves, management believes that the aggregate liabilities, if any, potentially arising from these proceedings will not have a materially adverse effect on the Company’s unaudited interim Consolidated Financial Statements. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 12 - FAIR VALUE MEASUREMENTS Citizens measures or monitors many of its assets and liabilities on a fair value basis. Fair value is used on a recurring basis for assets and liabilities for which fair value is the required or elected measurement basis of accounting. Additionally, fair value is used on a nonrecurring basis to evaluate assets for impairment or for disclosure purposes. Nonrecurring fair value adjustments typically involve the application of lower of cost or market accounting or write-downs of individual assets. Citizens also applies the fair value measurement guidance to determine amounts reported for certain disclosures in this Note for assets and liabilities that are not required to be reported at fair value in the financial statements. Fair Value Option Citizens elected to account for residential mortgage LHFS and certain commercial and industrial, and commercial real estate LHFS at fair value. The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of LHFS measured at fair value: September 30, 2021 December 31, 2020 (in millions) Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal Residential mortgage loans held for sale, at fair value $3,104 $3,029 $75 $3,416 $3,260 $156 Commercial and industrial, and commercial real estate loans held for sale, at fair value 73 75 (2) 148 153 (5) For more information on the election of the fair value option for these assets see Note 19 in the Company’s 2020 Form 10-K. Recurring Fair Value Measurements Citizens utilizes a variety of valuation techniques to measure its assets and liabilities at fair value on a recurring basis. For more information on the valuation techniques utilized to measure recurring fair value see Note 19 in the Company’s 2020 Form 10-K. Collateralized Loan Obligations The fair value of CLOs is estimated using observable inputs, including prices of similar securities that trade in the market. The Company classifies these securities in Level 2 of the fair value hierarchy using these observable inputs. Derivatives - Commodities Contracts The fair value of commodity derivatives uses the mid-point of market observable quoted prices as an input into the fair value model. The model uses the observed market prices combined with other market observed inputs to derive the fair value of the instrument, which generally classifies it as Level 2 instrument. The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at September 30, 2021: (in millions) Total Level 1 Level 2 Level 3 Debt securities available for sale: Mortgage-backed securities $24,131 $— $24,131 $— Collateralized loan obligations 767 — 767 — State and political subdivisions 2 — 2 — U.S. Treasury and other 11 11 — — Total debt securities available for sale 24,911 11 24,900 — Loans held for sale, at fair value: Residential loans held for sale 3,104 — 3,104 — Commercial loans held for sale 73 — 73 — Total loans held for sale, at fair value 3,177 — 3,177 — Mortgage servicing rights 978 — — 978 Derivative assets: Interest rate contracts 930 — 930 — Foreign exchange contracts 249 — 249 — Commodities contracts 822 — 822 — TBA contracts 44 — 44 — Other contracts 53 — — 53 Total derivative assets 2,098 — 2,045 53 Equity securities, at fair value 88 88 — — Total assets $31,252 $99 $30,122 $1,031 Derivative liabilities: Interest rate contracts $169 $— $169 $— Foreign exchange contracts 205 — 205 — Commodities contracts 822 — 822 — TBA contracts 9 — 9 — Total derivative liabilities 1,205 — 1,205 — Total liabilities $1,205 $— $1,205 $— The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at December 31, 2020: (in millions) Total Level 1 Level 2 Level 3 Debt securities available for sale: Mortgage-backed securities $22,928 $— $22,928 $— State and political subdivisions 3 — 3 — U.S. Treasury and other 11 11 — — Total debt securities available for sale 22,942 11 22,931 — Loans held for sale, at fair value: Residential loans held for sale 3,416 — 3,416 — Commercial loans held for sale 148 — 148 — Total loans held for sale, at fair value 3,564 — 3,564 — Mortgage servicing rights 658 — — 658 Derivative assets: Interest rate contracts 1,566 — 1,566 — Foreign exchange contracts 320 — 320 — Commodities contracts 62 — 62 — TBA contracts 8 — 8 — Other contracts 197 — — 197 Total derivative assets 2,153 — 1,956 197 Equity securities, at fair value 66 66 — — Total assets $29,383 $77 $28,451 $855 Derivative liabilities: Interest rate contracts $217 $— $217 $— Foreign exchange contracts 291 — 291 — Commodities contracts 61 — 61 — TBA contracts 65 — 65 — Total derivative liabilities 634 — 634 — Total liabilities $634 $— $634 $— The following tables present a roll forward of the balance sheet amounts for assets measured at fair value on a recurring basis and classified as Level 3: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (in millions) Mortgage Servicing Rights Other Derivative Contracts Mortgage Servicing Rights Other Derivative Contracts Beginning balance $902 $89 $658 $197 Issuances 109 81 318 323 Settlements (2) (54) (104) (159) (283) Changes in fair value during the period recognized in earnings (3) 21 (13) 161 (184) Ending balance $978 $53 $978 $53 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (in millions) Mortgage Servicing Rights Asset-Backed Securities Other Derivative Contracts Mortgage Servicing Rights Asset-Backed Securities Other Derivative Contracts Beginning balance $568 $— $173 $642 $— $19 Transfers upon election of fair value method (1) — — — 190 — — Beginning balance, adjusted 568 — 173 832 — 19 Purchases — 813 — — 813 — Issuances 85 — 283 238 — 688 Settlements (2) (55) — (372) (141) — (792) Changes in fair value during the period recognized in earnings (3) 8 — 125 (323) — 294 Ending balance $606 $813 $209 $606 $813 $209 (1) Effective January 1, 2020, the Company elected to account for all MSRs previously accounted for under the amortization method under the fair value method. (2) Represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial paydowns, and ii) loans that paid off during the period. (3) Represents changes in value primarily driven by market conditions. These changes are recorded in mortgage banking fees in the Consolidated Statements of Operations. The following table presents quantitative information about the Company’s Level 3 assets, including the range and weighted-average of the significant unobservable inputs used to fair value these assets, as well as valuation techniques used. As of September 30, 2021 Valuation Technique Unobservable Input Range (Weighted Average) Mortgage servicing rights Discounted Cash Flow Constant prepayment rate 9.96-27.98% CPR (11.3% CPR) Option adjusted spread 350-1,318 bps (582 bps) Other derivative contracts Internal Model Pull through rate 10.96-100.00% (83.30%) MSR value (10.00)-145.29 bps (99.79 bps) Nonrecurring Fair Value Measurements Fair value is also used on a nonrecurring basis to evaluate certain assets for impairment or for disclosure purposes. For more information on the valuation techniques utilized to measure nonrecurring fair value see Note 19 in the Company’s 2020 Form 10-K. The following table presents losses on assets measured at fair value on a nonrecurring basis and recorded in earnings: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Collateral-dependent loans ($4) ($21) ($23) ($65) The following table presents assets measured at fair value on a nonrecurring basis: September 30, 2021 December 31, 2020 (in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Collateral-dependent loans $585 $— $585 $— $758 $— $758 $— The following tables present the estimated fair value for financial instruments not recorded at fair value in the unaudited interim Consolidated Financial Statements. The carrying amounts are recorded in the Consolidated Balance Sheets under the indicated captions: September 30, 2021 Total Level 1 Level 2 Level 3 (in millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Debt securities held to maturity $2,492 $2,567 $— $— $1,705 $1,778 $787 $789 Other loans held for sale 93 93 — — — — 93 93 Loans and leases 123,318 123,318 — — 585 585 122,733 122,733 Other assets 616 616 — — 593 593 23 23 Financial liabilities: Deposits 152,221 152,237 — — 152,221 152,237 — — Short-term borrowed funds 8 8 — — 8 8 — — Long-term borrowed funds 6,947 7,260 — — 6,947 7,260 — — December 31, 2020 Total Level 1 Level 2 Level 3 (in millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Debt securities held to maturity $3,235 $3,357 $— $— $2,342 $2,464 $893 $893 Other loans held for sale 439 439 — — — — 439 439 Loans and leases 123,090 123,678 — — 758 758 122,332 122,920 Other assets 604 604 — — 596 596 8 8 Financial liabilities: Deposits 147,164 147,223 — — 147,164 147,223 — — Short-term borrowed funds 243 243 — — 243 243 — — Long-term borrowed funds 8,346 8,850 — — 8,346 8,850 — — |
NONINTEREST INCOME
NONINTEREST INCOME | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
NONINTEREST INCOME | NOTE 13 - NONINTEREST INCOME Revenues from Contracts with Customers The following table presents the components of revenue from contracts with customers disaggregated by revenue stream and business operating segment: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 (in millions) Consumer Banking Commercial Banking Other Consolidated Consumer Banking Commercial Banking Other Consolidated Service charges and fees $82 $27 $— $109 $71 $25 $— $96 Card fees 57 8 — 65 49 7 — 56 Capital markets fees — 69 — 69 — 50 — 50 Trust and investment services fees 61 — — 61 53 — — 53 Other banking fees — 3 — 3 — 3 — 3 Total revenue from contracts with customers $200 $107 $— $307 $173 $85 $— $258 Total revenue from other sources 115 61 31 207 322 59 15 396 Total noninterest income $315 $168 $31 $514 $495 $144 $15 $654 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (in millions) Consumer Banking Commercial Banking Other Consolidated Consumer Banking Commercial Banking Other Consolidated Service charges and fees $230 $78 $— $308 $222 $76 $— $298 Card fees 160 23 — 183 136 24 — 160 Capital markets fees — 225 — 225 — 163 — 163 Trust and investment services fees 179 — — 179 151 — — 151 Other banking fees — 7 — 7 — 7 — 7 Total revenue from contracts with customers $569 $333 $— $902 $509 $270 $— $779 Total revenue from other sources 380 183 76 639 771 143 48 962 Total noninterest income $949 $516 $76 $1,541 $1,280 $413 $48 $1,741 |
OTHER OPERATING EXPENSE
OTHER OPERATING EXPENSE | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
OTHER OPERATING EXPENSE | NOTE 14 - OTHER OPERATING EXPENSE The following table presents the details of other operating expense: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Marketing $32 $24 $82 $75 Other 92 71 226 242 Other operating expense $124 $95 $308 $317 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 15 - EARNINGS PER SHARE Three Months Ended September 30, Nine Months Ended September 30, (in millions, except share and per share data) 2021 2020 2021 2020 Numerator (basic and diluted): Net income $530 $314 $1,789 $601 Less: Preferred stock dividends 26 25 81 75 Net income available to common stockholders $504 $289 $1,708 $526 Denominator: Weighted-average common shares outstanding - basic 426,086,717 426,846,096 425,996,867 427,058,412 Dilutive common shares: share-based awards 1,754,247 1,146,253 1,683,018 1,083,946 Weighted-average common shares outstanding - diluted 427,840,964 427,992,349 427,679,885 428,142,358 Earnings per common share: Basic $1.18 $0.68 $4.01 $1.23 Diluted (1) 1.18 0.68 3.99 1.23 (1) Potential dilutive common shares were excluded from the computation of diluted EPS in the periods where the effect would be antidilutive. Excluded from the computation of diluted EPS were weighted average antidilutive shares totaling 10,614 and 1,193,668 for the three months ended September 30, 2021 and 2020, respectively, and 4,238 and 1,249,785 for the nine months ended September 30, 2021 and 2020, respectively. |
BUSINESS OPERATING SEGMENTS
BUSINESS OPERATING SEGMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
BUSINESS OPERATING SEGMENTS | NOTE 16 - BUSINESS OPERATING SEGMENTS Citizens is managed by its Chief Executive Officer on a segment basis. The Company’s two business operating segments are Consumer Banking and Commercial Banking. The business segments are determined based on the products and services provided, or the type of customer served. Each segment has a segment head who reports directly to the Chief Executive Officer. The Chief Executive Officer has final authority over resource allocation decisions and performance assessment. The business segments reflect this management structure and the manner in which financial information is currently evaluated by the Chief Executive Officer. For more information on the Company’s business operating segments, as well as Other non-segment operations, see Note 25 in the Company’s 2020 Form 10-K. As of and for the Three Months Ended September 30, 2021 (in millions) Consumer Banking Commercial Banking Other Consolidated Net interest income $919 $428 ($202) $1,145 Noninterest income 315 168 31 514 Total revenue 1,234 596 (171) 1,659 Noninterest expense 749 226 36 1,011 Profit (loss) before provision for credit losses 485 370 (207) 648 Provision for credit losses 35 15 (83) (33) Income (loss) before income tax expense (benefit) 450 355 (124) 681 Income tax expense (benefit) 114 81 (44) 151 Net income (loss) $336 $274 ($80) $530 Total average assets $75,070 $56,702 $54,336 $186,108 As of and for the Three Months Ended September 30, 2020 (in millions) Consumer Banking Commercial Banking Other Consolidated Net interest income $845 $421 ($129) $1,137 Noninterest income 495 144 15 654 Total revenue 1,340 565 (114) 1,791 Noninterest expense 742 210 36 988 Profit (loss) before provision for credit losses 598 355 (150) 803 Provision for credit losses 55 161 212 428 Income (loss) before income tax expense (benefit) 543 194 (362) 375 Income tax expense (benefit) 136 41 (116) 61 Net income (loss) $407 $153 ($246) $314 Total average assets $73,605 $60,889 $43,181 $177,675 As of and for the Nine Months Ended September 30, 2021 (in millions) Consumer Banking Commercial Banking Other Consolidated Net interest income $2,679 $1,268 ($561) $3,386 Noninterest income 949 516 76 1,541 Total revenue 3,628 1,784 (485) 4,927 Noninterest expense 2,250 679 91 3,020 Profit (loss) before provision for credit losses 1,378 1,105 (576) 1,907 Provision for credit losses 139 150 (675) (386) Income (loss) before income tax expense (benefit) 1,239 955 99 2,293 Income tax expense (benefit) 315 205 (16) 504 Net income (loss) $924 $750 $115 $1,789 Total average assets $75,317 $57,318 $51,756 $184,391 As of and for the Nine Months Ended September 30, 2020 (in millions) Consumer Banking Commercial Banking Other Consolidated Net interest income $2,452 $1,205 ($200) $3,457 Noninterest income 1,280 413 48 1,741 Total revenue 3,732 1,618 (152) 5,198 Noninterest expense 2,215 644 120 2,979 Profit (loss) before provision for credit losses 1,517 974 (272) 2,219 Provision for credit losses 232 274 986 1,492 Income (loss) before income tax expense (benefit) 1,285 700 (1,258) 727 Income tax expense (benefit) 322 147 (343) 126 Net income (loss) $963 $553 ($915) $601 Total average assets $71,227 $61,722 $41,943 $174,892 There have been no significant changes in the management accounting practices utilized by the Company regarding the basis of presentation for segment results as discussed in Note 25 in the Company’s 2020 Form 10-K. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The unaudited interim Consolidated Financial Statements, including the Notes presented in this document of Citizens Financial Group, Inc., have been prepared in accordance with GAAP interim reporting requirements, and therefore do not include all information and Notes included in the audited Consolidated Financial Statements in conformity with GAAP. These unaudited interim Consolidated Financial Statements and Notes presented in this document should be read in conjunction with the Company’s audited Consolidated Financial Statements and accompanying Notes included in the Company’s 2020 Form 10-K. The Company’s principal business activity is banking, conducted through its banking subsidiary, CBNA. |
Consolidation | The unaudited interim Consolidated Financial Statements include the accounts of the Company and subsidiaries in which the Company has a controlling financial interest. All intercompany transactions and balances have been eliminated. The Company has evaluated its unconsolidated entities and does not believe that any entity in which it has an interest, but does not currently consolidate, meets the requirements to be consolidated as a variable interest entity. The unaudited interim Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year. |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the ACL. |
SECURITIES (Tables)
SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of securities held | The following table presents the major components of securities at amortized cost and fair value: September 30, 2021 December 31, 2020 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and other $11 $— $— $11 $11 $— $— $11 State and political subdivisions 2 — — 2 3 — — 3 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 23,838 307 (305) 23,840 21,954 571 (19) 22,506 Other/non-agency 280 11 — 291 396 26 — 422 Total mortgage-backed securities 24,118 318 (305) 24,131 22,350 597 (19) 22,928 Collateralized loan obligations 767 — — 767 — — — — Total debt securities available for sale, at fair value $24,898 $318 ($305) $24,911 $22,364 $597 ($19) $22,942 Federal agencies and U.S. government sponsored entities $1,705 $73 $— $1,778 $2,342 $122 $— $2,464 Total mortgage-backed securities 1,705 73 — 1,778 2,342 122 — 2,464 Asset-backed securities 787 2 — 789 893 — — 893 Total debt securities held to maturity $2,492 $75 $— $2,567 $3,235 $122 $— $3,357 Equity securities, at cost $616 $— $— $616 $604 $— $— $604 Equity securities, at fair value 88 — — 88 66 — — 66 |
Schedule of investments classified by maturity date | The following table presents the amortized cost and fair value of debt securities by contractual maturity as of September 30, 2021. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties. September 30, 2021 Distribution of Maturities (in millions) 1 Year or Less After 1 Year through 5 Years After 5 Years through 10 Years After 10 Years Total Amortized cost: U.S. Treasury and other $11 $— $— $— $11 State and political subdivisions — — — 2 2 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 1 32 1,989 21,816 23,838 Other/non-agency — — — 280 280 Collateralized loan obligations — — — 767 767 Total debt securities available for sale 12 32 1,989 22,865 24,898 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — — — 1,705 1,705 Asset-backed securities — — 787 — 787 Total debt securities held to maturity — — 787 1,705 2,492 Total amortized cost of debt securities $12 $32 $2,776 $24,570 $27,390 Fair value: U.S. Treasury and other $11 $— $— $— $11 State and political subdivisions — — — 2 2 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 1 33 2,036 21,770 23,840 Other/non-agency — — — 291 291 Collateralized loan obligations — — — 767 767 Total debt securities available for sale 12 33 2,036 22,830 24,911 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — — — 1,778 1,778 Asset-backed securities — — 789 — 789 Total debt securities held to maturity — — 789 1,778 2,567 Total fair value of debt securities $12 $33 $2,825 $24,608 $27,478 |
Schedule of income recognized on investment securities | The following table presents realized gains and losses on securities: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Gains on sale of debt securities $3 $1 $9 $4 Losses on sale of debt securities — — — — Debt securities gains, net $3 $1 $9 $4 |
Schedule of financial instruments owned and pledged as collateral | The following table presents the amortized cost and fair value of debt securities pledged: September 30, 2021 December 31, 2020 (in millions) Amortized Cost Fair Value Amortized Cost Fair Value Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law $4,547 $4,556 $3,818 $3,937 Pledged against FHLB borrowed funds 227 239 394 423 Pledged against repurchase agreements 1 1 224 231 |
Schedule of unrealized loss on investments | The following tables present AFS mortgage-backed debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position: September 30, 2021 Less than 12 Months 12 Months or Longer Total (dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Federal agencies and U.S. government sponsored entities $682 ($21) $11,969 ($284) $12,651 ($305) December 31, 2020 Less than 12 Months 12 Months or Longer Total (dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Federal agencies and U.S. government sponsored entities $1,991 ($19) $— $— $1,991 ($19) |
LOANS AND LEASES (Tables)
LOANS AND LEASES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of loans and leases | The following table presents loans and leases, excluding LHFS. (in millions) September 30, 2021 December 31, 2020 Commercial and industrial (1) $41,854 $44,173 Commercial real estate 14,508 14,652 Leases 1,593 1,968 Total commercial 57,955 60,793 Residential mortgages (2) 21,513 19,539 Home equity 11,889 12,149 Automobile 13,492 12,153 Education 13,000 12,308 Other retail 5,469 6,148 Total retail 65,363 62,297 Total loans and leases $123,318 $123,090 (1) Includes $1.9 billion and $4.2 billion of PPP loans fully guaranteed by the SBA as of September 30, 2021 and December 31, 2020, respectively. (2) Includes fully or partially guaranteed FHA, VA and USDA loans of $1.4 billion at September 30, 2021 and $249 million at December 31, 2020, including loans acquired through an exercise of the GNMA early buyout option. September 30, 2021 December 31, 2020 (in millions) Residential Mortgages (1) Commercial (2) Total Residential Mortgages (1) Commercial (2) Total Loans held for sale at fair value $3,104 $73 $3,177 $3,416 $148 $3,564 Other loans held for sale — 93 93 — 439 439 (1) Residential mortgage LHFS are originated for sale. (2) Commercial LHFS at fair value consist of loans managed by the Company’s commercial secondary loan desk. Other commercial LHFS generally consist of loans associated with the Company’s syndication business. |
ALLOWANCE FOR CREDIT LOSSES, _2
ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of changes in the allowance for credit losses | The following table presents a summary of changes in the ALLL and the allowance for unfunded lending commitments for the three months ended and nine months ended September 30, 2021: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (in millions) Commercial Retail Total Commercial Retail Total Allowance for loan and lease losses, beginning of period $953 $994 $1,947 $1,233 $1,210 $2,443 Charge-offs (17) (70) (87) (196) (243) (439) Recoveries 3 40 43 37 122 159 Net charge-offs (14) (30) (44) (159) (121) (280) Provision charged to income (72) 24 (48) (207) (101) (308) Allowance for loan and lease losses, end of period $867 $988 $1,855 $867 $988 $1,855 Allowance for unfunded lending commitments, beginning of period $121 $13 $134 $186 $41 $227 Provision for unfunded lending commitments 9 6 15 (56) (22) (78) Allowance for unfunded lending commitments, end of period $130 $19 $149 $130 $19 $149 The following table presents a summary of changes in the ALLL and the allowance for unfunded lending commitments for the three months and nine months ended September 30, 2020: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (in millions) Commercial Retail Total Commercial Retail Total Allowance for loan and lease losses, beginning of period $1,235 $1,213 $2,448 $674 $578 $1,252 Cumulative effect of change in accounting principle — — — (176) 629 453 Allowance for loan and lease losses, beginning of period, adjusted 1,235 1,213 2,448 498 1,207 1,705 Charge-offs (171) (86) (257) (292) (319) (611) Recoveries 1 37 38 7 101 108 Net charge-offs (170) (49) (219) (285) (218) (503) Provision charged to income 224 89 313 1,076 264 1,340 Allowance for loan and lease losses, end of period $1,289 $1,253 $2,542 $1,289 $1,253 $2,542 Allowance for unfunded lending commitments, beginning of period $69 $10 $79 $44 $— $44 Cumulative effect of change in accounting principle — — — (3) 1 (2) Allowance for unfunded lending commitments, beginning of period, adjusted 69 10 79 41 1 42 Provision for unfunded lending commitments 83 32 115 111 41 152 Allowance for unfunded lending commitments, end of period $152 $42 $194 $152 $42 $194 |
Schedule of classes of loans and leases, amortized cost basis by credit quality indicator | The following table presents the amortized cost basis of commercial loans and leases, by vintage date and regulatory classification rating, as of September 30, 2021: Term Loans by Origination Year Revolving Loans (in millions) 2021 2020 2019 2018 2017 Prior to 2017 Within the Revolving Period Converted to Term Total Commercial and industrial Pass (1) $6,411 $4,086 $4,723 $3,079 $1,723 $2,480 $16,578 $138 $39,218 Special Mention 4 47 226 148 55 182 451 2 1,115 Substandard 40 110 229 121 91 227 550 18 1,386 Doubtful 26 8 12 21 11 17 37 3 135 Total commercial and industrial 6,481 4,251 5,190 3,369 1,880 2,906 17,616 161 41,854 Commercial real estate Pass 1,073 2,586 3,835 2,484 863 1,343 962 — 13,146 Special Mention 46 3 148 99 169 151 — — 616 Substandard 28 97 91 279 150 81 9 — 735 Doubtful — 9 — — — 2 — — 11 Total commercial real estate 1,147 2,695 4,074 2,862 1,182 1,577 971 — 14,508 Leases Pass 284 281 191 180 79 504 — — 1,519 Special Mention 2 16 2 8 5 16 — — 49 Substandard 1 16 6 — — 1 — — 24 Doubtful — — — — — 1 — — 1 Total leases 287 313 199 188 84 522 — — 1,593 Total commercial Pass (1) 7,768 6,953 8,749 5,743 2,665 4,327 17,540 138 53,883 Special Mention 52 66 376 255 229 349 451 2 1,780 Substandard 69 223 326 400 241 309 559 18 2,145 Doubtful 26 17 12 21 11 20 37 3 147 Total commercial $7,915 $7,259 $9,463 $6,419 $3,146 $5,005 $18,587 $161 $57,955 (1) Includes $1.9 billion of PPP loans designated as pass that are fully guaranteed by the SBA originating in 2021 and 2020. The following table presents the amortized cost basis of commercial loans and leases, by vintage date and regulatory classification rating, as of December 31, 2020: Term Loans by Origination Year Revolving Loans (in millions) 2020 2019 2018 2017 2016 Prior to 2016 Within the Revolving Period Converted to Term Total Commercial and industrial Pass (1) $8,036 $5,730 $4,180 $2,174 $1,157 $1,980 $17,281 $340 $40,878 Special Mention 34 264 163 84 60 173 771 34 1,583 Substandard 91 195 248 100 81 127 600 22 1,464 Doubtful 65 10 34 38 3 31 63 4 248 Total commercial and industrial 8,226 6,199 4,625 2,396 1,301 2,311 18,715 400 44,173 Commercial real estate Pass 1,848 2,836 2,810 1,106 566 919 3,271 — 13,356 Special Mention 19 130 121 92 94 48 300 — 804 Substandard 116 2 65 5 53 26 149 — 416 Doubtful 16 26 8 — — 2 24 — 76 Total commercial real estate 1,999 2,994 3,004 1,203 713 995 3,744 — 14,652 Leases Pass 455 246 229 139 180 673 — — 1,922 Special Mention 3 4 2 4 2 18 — — 33 Substandard — 2 2 4 4 — — — 12 Doubtful — — — — — 1 — — 1 Total leases 458 252 233 147 186 692 — — 1,968 Total commercial Pass (1) 10,339 8,812 7,219 3,419 1,903 3,572 20,552 340 56,156 Special Mention 56 398 286 180 156 239 1,071 34 2,420 Substandard 207 199 315 109 138 153 749 22 1,892 Doubtful 81 36 42 38 3 34 87 4 325 Total commercial $10,683 $9,445 $7,862 $3,746 $2,200 $3,998 $22,459 $400 $60,793 (1) Includes $4.2 billion of PPP loans designated as pass that are fully guaranteed by the SBA originating in 2020. For retail loans, Citizens utilizes FICO credit scores and the loan’s payment and delinquency status to monitor credit quality. Management believes FICO scores are the strongest indicator of credit losses over the contractual life of the loan and assist management in predicting the borrower’s future payment performance. Scores are based on current and historical national industry-wide consumer level credit performance data. The following table presents the amortized cost basis of retail loans, by vintage date and FICO scores, as of September 30, 2021: Term Loans by Origination Year Revolving Loans (in millions) 2021 2020 2019 2018 2017 Prior to 2017 Within the Revolving Period Converted to Term Total Residential mortgages 800+ $1,585 $3,179 $1,403 $395 $784 $2,389 $— $— $9,735 740-799 2,607 2,087 853 265 384 1,253 — — 7,449 680-739 639 613 356 173 185 611 — — 2,577 620-679 84 117 169 103 112 306 — — 891 <620 8 56 166 167 165 281 — — 843 No FICO available (1) 2 5 1 — — 10 — — 18 Total residential mortgages 4,925 6,057 2,948 1,103 1,630 4,850 — — 21,513 Home equity 800+ — 2 6 6 4 154 4,333 294 4,799 740-799 1 1 5 5 8 137 3,405 299 3,861 680-739 — 1 8 13 17 151 1,665 250 2,105 620-679 — 3 13 23 19 123 345 176 702 <620 — 2 16 22 21 96 86 179 422 Total home equity 1 9 48 69 69 661 9,834 1,198 11,889 Automobile 800+ 1,287 897 608 286 183 84 — — 3,345 740-799 1,781 1,177 707 344 195 85 — — 4,289 680-739 1,436 958 589 277 154 69 — — 3,483 620-679 680 436 297 156 89 45 — — 1,703 <620 120 142 168 118 75 45 — — 668 No FICO available (1) 4 — — — — — — — 4 Total automobile 5,308 3,610 2,369 1,181 696 328 — — 13,492 Education 800+ 1,080 1,865 921 566 519 951 — — 5,902 740-799 1,245 1,743 730 402 297 550 — — 4,967 680-739 369 526 246 150 113 278 — — 1,682 620-679 29 60 41 34 28 105 — — 297 <620 2 8 11 11 10 46 — — 88 No FICO available (1) 10 — — — — 54 — — 64 Total education 2,735 4,202 1,949 1,163 967 1,984 — — 13,000 Other retail 800+ 134 288 154 79 37 35 366 — 1,093 740-799 211 395 216 103 47 29 711 2 1,714 680-739 179 308 151 69 29 14 667 5 1,422 620-679 114 150 51 24 8 5 264 5 621 <620 19 39 19 11 3 3 78 6 178 No FICO available (1) 120 7 — — — — 313 1 441 Total other retail 777 1,187 591 286 124 86 2,399 19 5,469 Total retail 800+ 4,086 6,231 3,092 1,332 1,527 3,613 4,699 294 24,874 740-799 5,845 5,403 2,511 1,119 931 2,054 4,116 301 22,280 680-739 2,623 2,406 1,350 682 498 1,123 2,332 255 11,269 620-679 907 766 571 340 256 584 609 181 4,214 <620 149 247 380 329 274 471 164 185 2,199 No FICO available (1) 136 12 1 — — 64 313 1 527 Total retail $13,746 $15,065 $7,905 $3,802 $3,486 $7,909 $12,233 $1,217 $65,363 (1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes). The following table presents the amortized cost basis of retail loans, by vintage date and FICO scores, as of December 31, 2020: Term Loans by Origination Year Revolving Loans (in millions) 2020 2019 2018 2017 2016 Prior to 2016 Within the Revolving Period Converted to Term Total Residential mortgages 800+ $2,687 $1,885 $638 $1,129 $1,615 $1,755 $— $— $9,709 740-799 2,931 1,133 398 527 743 904 — — 6,636 680-739 784 351 162 172 295 458 — — 2,222 620-679 97 94 44 56 66 223 — — 580 <620 12 28 35 58 50 185 — — 368 No FICO available (1) 1 2 1 5 1 14 — — 24 Total residential mortgages 6,512 3,493 1,278 1,947 2,770 3,539 — — 19,539 Home equity 800+ 2 8 10 7 5 216 4,319 344 4,911 740-799 2 6 7 6 5 180 3,234 331 3,771 680-739 1 6 10 15 8 179 1,632 284 2,135 620-679 — 10 18 21 14 136 402 195 796 <620 1 17 30 29 18 122 105 214 536 Total home equity 6 47 75 78 50 833 9,692 1,368 12,149 Automobile 800+ 1,056 812 424 312 169 62 — — 2,835 740-799 1,514 1,022 531 344 172 59 — — 3,642 680-739 1,347 889 461 282 138 47 — — 3,164 620-679 669 484 259 157 84 32 — — 1,685 <620 140 242 189 137 79 34 — — 821 No FICO available (1) 2 — — — — 4 — — 6 Total automobile 4,728 3,449 1,864 1,232 642 238 — — 12,153 Education 800+ 1,817 1,363 849 781 578 777 — — 6,165 740-799 1,797 1,009 541 387 251 423 — — 4,408 680-739 450 294 173 127 90 221 — — 1,355 620-679 26 35 33 28 25 95 — — 242 <620 2 5 10 10 8 41 — — 76 No FICO available (1) 2 — — — — 60 — — 62 Total education 4,094 2,706 1,606 1,333 952 1,617 — — 12,308 Other retail 800+ 461 380 163 77 15 44 341 — 1,481 740-799 620 460 184 81 19 31 638 2 2,035 680-739 495 302 111 48 10 13 561 5 1,545 620-679 248 104 37 14 3 5 174 7 592 <620 24 30 17 6 1 3 77 8 166 No FICO available (1) 54 1 — — — — 272 2 329 Total other retail 1,902 1,277 512 226 48 96 2,063 24 6,148 Total retail 800+ 6,023 4,448 2,084 2,306 2,382 2,854 4,660 344 25,101 740-799 6,864 3,630 1,661 1,345 1,190 1,597 3,872 333 20,492 680-739 3,077 1,842 917 644 541 918 2,193 289 10,421 620-679 1,040 727 391 276 192 491 576 202 3,895 <620 179 322 281 240 156 385 182 222 1,967 No FICO available (1) 59 3 1 5 1 78 272 2 421 Total retail $17,242 $10,972 $5,335 $4,816 $4,462 $6,323 $11,755 $1,392 $62,297 (1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes). |
Schedule of nonaccrual loans and leases and loans accruing and 90 days or more past due | The following table presents nonaccrual loans and leases and loans accruing and 90 days or more past due: As of September 30, 2021 As of December 31, 2020 (in millions) Nonaccrual loans and leases 90+ days past due and accruing Nonaccrual with no related ACL Nonaccrual loans and leases 90+ days past due and accruing Nonaccrual with no related ACL Commercial and industrial $170 $4 $61 $280 $20 $56 Commercial real estate 98 — 1 176 — 2 Leases 1 — — 2 1 — Total commercial 269 4 62 458 21 58 Residential mortgages (1) 164 293 142 167 30 96 Home equity 216 — 188 276 — 207 Automobile 55 — 29 72 — 17 Education 23 1 2 18 2 2 Other retail 20 14 2 28 9 — Total retail 478 308 363 561 41 322 Total loans and leases $747 $312 $425 $1,019 $62 $380 |
Schedule of accruing and nonaccruing past due amounts | The following table presents an analysis of the age of both accruing and nonaccrual loan and lease past due amounts: September 30, 2021 December 31, 2020 Days Past Due Days Past Due (in millions) Current-29 30-59 60-89 90+ Total Current-29 30-59 60-89 90+ Total Commercial and industrial $41,783 $25 $3 $43 $41,854 $43,817 $223 $16 $117 $44,173 Commercial real estate 14,402 3 5 98 14,508 14,531 1 85 35 14,652 Leases 1,591 — 1 1 1,593 1,956 9 — 3 1,968 Total commercial 57,776 28 9 142 57,955 60,304 233 101 155 60,793 Residential mortgages (1) 20,861 155 57 440 21,513 19,291 59 21 168 19,539 Home equity 11,654 35 16 184 11,889 11,848 61 28 212 12,149 Automobile 13,318 117 42 15 13,492 11,901 170 65 17 12,153 Education 12,941 33 14 12 13,000 12,255 33 13 7 12,308 Other retail 5,371 39 28 31 5,469 6,047 38 29 34 6,148 Total retail 64,145 379 157 682 65,363 61,342 361 156 438 62,297 Total $121,921 $407 $166 $824 $123,318 $121,646 $594 $257 $593 $123,090 (1) 90+ days past due includes $289 million and $44 million of loans fully or partially guaranteed by the FHA, VA, and USDA at September 30, 2021 and December 31, 2020, respectively. |
Troubled debt restructurings on financing receivables | The following tables summarize loans modified during the three and nine months ended September 30, 2021 and 2020. The balances represent the post-modification outstanding amortized cost basis and may include loans that became TDRs during the period and were subsequently paid off in full, charged off, or sold prior to period end. Pre-modification balances for modified loans approximate the post-modification balances shown. Three Months Ended September 30, 2021 Amortized Cost Basis (dollars in millions) Number of Contracts Interest Rate Reduction (1) Maturity Extension (2) Other (3) Total Commercial and industrial 7 $— $38 $10 $48 Total commercial 7 — 38 10 48 Residential mortgages 101 2 7 7 16 Home equity 69 — 1 3 4 Automobile 224 — — 1 1 Education 226 — — 8 8 Other retail 549 3 — 1 4 Total retail 1,169 5 8 20 33 Total 1,176 $5 $46 $30 $81 Three Months Ended September 30, 2020 Amortized Cost Basis (dollars in millions) Number of Contracts Interest Rate Reduction (1) Maturity Extension (2) Other (3) Total Commercial and industrial 14 $— $103 $1 $104 Total commercial 14 — 103 1 104 Residential mortgages 107 9 6 4 19 Home equity 179 2 4 6 12 Automobile 1,191 1 — 18 19 Education 140 — — 3 3 Other retail 484 1 — — 1 Total retail 2,101 13 10 31 54 Total 2,115 $13 $113 $32 $158 Nine Months Ended September 30, 2021 Amortized Cost Basis (dollars in millions) Number of Contracts Interest Rate Reduction (1) Maturity Extension (2) Other (3) Total Commercial and industrial 29 $— $44 $64 $108 Total commercial 29 — 44 64 108 Residential mortgages 814 14 133 54 201 Home equity 318 3 9 10 22 Automobile 1,272 1 — 14 15 Education 638 — — 21 21 Other retail 1,764 7 — 2 9 Total retail 4,806 25 142 101 268 Total 4,835 $25 $186 $165 $376 Nine Months Ended September 30, 2020 Amortized Cost Basis (dollars in millions) Number of Contracts Interest Rate Reduction (1) Maturity Extension (2) Other (3) Total Commercial and industrial 52 $— $106 $95 $201 Total commercial 52 — 106 95 201 Residential mortgages 348 26 27 11 64 Home equity 568 8 8 21 37 Automobile 2,368 2 — 35 37 Education 373 — — 9 9 Other retail 2,167 8 — 2 10 Total retail 5,824 44 35 78 157 Total 5,876 $44 $141 $173 $358 (1) Includes modifications that consist of multiple concessions, one of which is an interest rate reduction. (2) Includes modifications that consist of multiple concessions, one of which is a maturity extension (unless one of the other concessions was an interest rate reduction). (3) Includes modifications other than interest rate reductions or maturity extensions, such as lowering scheduled payments for a specified period of time, principal forgiveness, and capitalizing arrearages. Also included are the following: deferrals, trial modifications, certain bankruptcies, loans in forbearance and prepayment plans. Modifications can include the deferral of accrued interest resulting in post-modification balances being higher than pre-modification. |
Financing receivable, troubled debt restructuring, default | The following table provides a summary of TDRs that defaulted (became 90 days or more past due) within 12 months of their modification date: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2021 2020 2021 2020 Commercial TDRs $— $14 $23 $53 Retail TDRs (1) 37 22 66 47 Total $37 $36 $89 $100 (1) Includes $34 million and $6 million of loans fully or partially government guaranteed by the FHA, VA, and USDA for the three months ended September 30, 2021 and 2020, respectively and $37 million and $14 million of loans fully or partially government guaranteed by the FHA, VA, and USDA for the nine months ended September 30, 2021 and 2020, respectively. |
Financing receivable with contractual features that may increase credit exposure | The following tables present balances of loans with these characteristics: September 30, 2021 (in millions) Residential Mortgages Home Equity Other Retail Education Total High loan-to-value $179 $18 $— $— $197 Interest-only 3,317 — — 1 3,318 Low introductory rate — — 156 — 156 Multiple characteristics and other 2 — — — 2 Total $3,498 $18 $156 $1 $3,673 December 31, 2020 (in millions) Residential Mortgages Home Equity Other Retail Total High loan-to-value $289 $64 $— $353 Interest-only 2,801 — — 2,801 Low introductory rate — — 170 170 Total $3,090 $64 $170 $3,324 |
MORTGAGE BANKING AND OTHER (Tab
MORTGAGE BANKING AND OTHER (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Mortgage Banking [Abstract] | |
Schedule of mortgage banking activities | The following table summarizes activity related to residential mortgage loans sold with servicing rights retained: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Cash proceeds from residential mortgage loans sold with servicing retained $9,024 $9,504 $28,601 $23,668 Repurchased residential mortgages 114 — 1,283 — Gain on sales (1) 96 273 321 699 Contractually specified servicing, late and other ancillary fees (1) 63 56 181 169 (1) Reported in mortgage banking fees in the Consolidated Statements of Operations. |
Servicing asset at fair value | The following table summarizes changes in MSRs recorded using the fair value method: As of and for the Three Months Ended September 30, As of and for the Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Fair value as of beginning of the period $902 $568 $658 $642 Transfers upon election of fair value method (1) — — — 190 Fair value as of beginning of the period, adjusted 902 568 658 832 Amounts capitalized 109 85 318 238 Changes in unpaid principal balance during the period (2) (54) (55) (159) (141) Changes in fair value during the period (3) 21 8 161 (323) Fair value at end of the period $978 $606 $978 $606 (1) Effective January 1, 2020, the Company elected to account for all MSRs previously accounted for under the amortization method under the fair value method. (2) Represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial paydowns, and ii) loans that paid off during the period. (3) Represents changes in value primarily driven by market conditions. These changes are recorded in mortgage banking fees in the Consolidated Statements of Operations. |
Schedule of fair value assumptions used to estimate the value of Mortgage Servicing Rights | September 30, 2021 December 31, 2020 Actual Decline in fair value due to Actual Decline in fair value due to (dollars in millions) Fair value $978 50 bps adverse change 100 bps adverse change $658 50 bps adverse change 100 bps adverse change Weighted average life (in years) 6.0 4.2 Weighted average constant prepayment rate (1) 11.3% $125 $275 17.3% $122 $202 Weighted average option adjusted spread 582 bps 20 39 595 bps 12 24 (1) Estimated adverse change for the weighted average constant prepayment rate based on an adverse change in market interest rates . |
Schedule of other serviced loans | The following table presents the unpaid principal balance of other serviced loans: (in millions) September 30, 2021 December 31, 2020 Education $809 $974 Commercial (1) 67 51 (1) Represents the government guaranteed portion of SBA loans sold to outside investors. |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of variable interest entities | A summary of these investments is presented below: (in millions) September 30, 2021 December 31, 2020 Lending to special purpose entities included in loans and leases $1,849 $1,295 LIHTC investment included in other assets 1,899 1,687 LIHTC unfunded commitments included in other liabilities 910 875 Investment in asset-backed securities included in HTM securities 789 893 Renewable energy investments included in other assets 441 403 |
Schedule of affordable housing tax credit investments | The following table presents other information related to the Company’s affordable housing tax credit investments: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Tax credits included in income tax expense $48 $40 $150 $120 Other tax benefits included in income tax expense 11 10 36 30 Total tax benefits included in income tax expense 59 50 186 150 Less: Amortization included in income tax expense 50 42 156 127 Net benefit from affordable housing tax credit investments included in income tax expense $9 $8 $30 $23 |
BORROWED FUNDS (Tables)
BORROWED FUNDS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long-term borrowed funds | The following table presents a summary of the Company’s long-term borrowed funds: (in millions) September 30, 2021 December 31, 2020 Parent Company: 2.375% fixed-rate senior unsecured debt, due July 2021 (1) $— $350 4.150% fixed-rate subordinated debt, due September 2022 (2) 168 182 3.750% fixed-rate subordinated debt, due July 2024 (2) 90 159 4.023% fixed-rate subordinated debt, due October 2024 (2) 17 25 4.350% fixed-rate subordinated debt, due August 2025 (2) 133 193 4.300% fixed-rate subordinated debt, due December 2025 (2) 336 450 2.850% fixed-rate senior unsecured notes, due July 2026 497 497 2.500% fixed-rate senior unsecured notes, due February 2030 298 297 3.250% fixed-rate senior unsecured notes, due April 2030 745 745 3.750% fixed-rate reset subordinated debt, due February 2031 (2) 69 — 4.300% fixed-rate reset subordinated debt, due February 2031 (2) 135 — 4.350% fixed-rate reset subordinated debt, due February 2031 (2) 61 — 2.638% fixed-rate subordinated debt, due September 2032 548 543 CBNA’s Global Note Program: 2.550% senior unsecured notes, due May 2021 — 1,003 3.250% senior unsecured notes, due February 2022 704 716 0.845% floating-rate senior unsecured notes, due February 2022 (3) 300 299 0.932% floating-rate senior unsecured notes, due May 2022 (3) 250 250 2.650% senior unsecured notes, due May 2022 505 510 3.700% senior unsecured notes, due March 2023 517 527 1.082% floating-rate senior unsecured notes, due March 2023 (3) 250 249 2.250% senior unsecured notes, due April 2025 746 746 3.750% senior unsecured notes, due February 2026 533 551 Additional Borrowings by CBNA and Other Subsidiaries: Federal Home Loan Bank advances, 0.864% weighted average rate, due through 2041 19 19 Other 26 35 Total long-term borrowed funds $6,947 $8,346 (1) Notes were redeemed on June 28, 2021. (2) September 30, 2021 balances reflect the February 2021 completion of $265 million in private exchange offers for five series of outstanding subordinated notes whereby participants received newly issued 3.750%, 4.300%, and 4.350% fixed-rate reset subordinated notes due 2031 which are redeemable by the Company five years prior to their maturity. (3) Rate disclosed reflects the floating rate as of September 30, 2021. |
Schedule of maturities of long-term borrowed funds | The following table presents a summary of maturities for the Company’s long-term borrowed funds at September 30, 2021: (in millions) Parent Company CBNA and Other Subsidiaries Consolidated Year 2021 $— $4 $4 2022 168 1,765 1,933 2023 — 768 768 2024 107 — 107 2025 469 760 1,229 2026 and thereafter 2,353 553 2,906 Total $3,097 $3,850 $6,947 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments in consolidated balance sheets | The following table presents derivative instruments included in the Consolidated Balance Sheets: September 30, 2021 December 31, 2020 (in millions) Notional Amount (1) Derivative Assets Derivative Liabilities Notional Amount (1) Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate contracts $23,450 $18 $2 $22,300 $1 $3 Derivatives not designated as hedging instruments: Interest rate contracts 142,109 912 167 149,021 1,565 214 Foreign exchange contracts 16,342 249 205 16,789 320 291 Commodities contracts 539 822 822 246 62 61 TBA contracts 9,284 44 9 11,149 8 65 Other contracts 5,604 53 — 8,051 197 — Total derivatives not designated as hedging instruments 2,080 1,203 2,152 631 Gross derivative fair values 2,098 1,205 2,153 634 Less: Gross amounts offset in the Consolidated Balance Sheets (2) (233) (233) (182) (182) Less: Cash collateral applied (2) (96) (785) (56) (324) Total net derivative fair values presented in the Consolidated Balance Sheets $1,769 $187 $1,915 $128 (1) The notional or contractual amount of interest rate derivatives and foreign exchange contracts is the amount upon which interest and other payments under the contract are based. For interest rate contracts, the notional amount is typically not exchanged. Therefore, notional amounts should not be taken as the measure of credit or market risk, as they do not measure the true economic risk of these contracts. (2) Amounts represent the impact of enforceable master netting agreements that allow the Company to net settle positive and negative positions as well as collateral paid and received. |
Schedule of fair value hedges | The following table presents the change in fair value of interest rate contracts designated as fair value hedges, as well as the change in fair value of the related hedged items attributable to the risk being hedged, included in the Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Affected Line Item in the Consolidated Statements of Operations Interest rate swaps hedging borrowed funds ($13) ($16) ($51) $82 Interest expense - long-term borrowed funds Hedged long-term debt attributable to the risk being hedged 13 17 50 (78) Interest expense - long-term borrowed funds Interest rate swaps hedging fixed rate loans — — — 17 Interest and fees on loans and leases Hedged fixed rate loans attributable to the risk being hedged — — — (17) Interest and fees on loans and leases Interest rate swaps hedging debt securities available for sale 7 7 39 (114) Interest income - investment securities Hedged debt securities available for sale attributable to risk being hedged (7) (7) (39) 114 Interest income - investment securities The following table reflects amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges: September 30, 2021 December 31, 2020 (in millions) Debt securities available for sale (1) Long-term borrowed funds Debt securities available for sale (1) Long-term borrowed funds Carrying amount of hedged assets $7,287 $— $10,869 $— Carrying amount of hedged liabilities — 2,259 — 3,307 Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items 57 63 96 112 (1) The Company designated $2.0 billion as the hedged amount (from a closed portfolio of prepayable financial assets with an amortized cost basis of $7.3 billion and $10.9 billion as of September 30, 2021 and December 31, 2020, respectively) in a last-of-layer hedging relationship, which commenced in the third quarter of 2019. |
Schedule of effect of cash flow hedges on net income and stockholders' equity | The following table presents the pre-tax net gains (losses) recorded in the Consolidated Statements of Operations and in the Consolidated Statements of Comprehensive Income relating to derivative instruments designated as cash flow hedges: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Amount of pre-tax net gains (losses) recognized in OCI ($15) $— $19 $118 Amount of pre-tax net gains (losses) reclassified from OCI into interest income 46 68 141 128 Amount of pre-tax net gains (losses) reclassified from OCI into interest expense (13) (11) (37) (22) |
Schedule of effect of derivative Instruments on net income | The following table presents the effect of economic hedges on noninterest income: Amounts Recognized in Three Months Ended September 30, Nine Months Ended September 30, Affected Line Item in the Consolidated Statements of Operations (in millions) 2021 2020 2021 2020 Economic hedge type: Customer interest rate contracts ($10) $7 ($225) $1,276 Foreign exchange and interest rate products Derivatives hedging interest rate risk 17 1 244 (1,245) Foreign exchange and interest rate products Customer foreign exchange contracts (61) 80 (158) 73 Foreign exchange and interest rate products Derivatives hedging foreign exchange risk 95 (126) 234 (77) Foreign exchange and interest rate products Customer commodity contracts 468 26 881 (30) Foreign exchange and interest rate products Derivatives hedging commodity price risk (465) (25) (874) 32 Foreign exchange and interest rate products Residential loan commitments (13) 36 (184) 190 Mortgage banking fees Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value 4 6 138 (13) Mortgage banking fees Derivative contracts used to hedge residential MSRs (20) 2 (149) 335 Mortgage banking fees Total $15 $7 ($93) $541 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of other comprehensive income | The following table presents the changes in the balances, net of income taxes, of each component of AOCI: As of and for the Three Months Ended September 30, (in millions) Net Unrealized Gains (Losses) on Derivatives Net Unrealized Gains (Losses) on Debt Securities Employee Benefit Plans Total AOCI Balance at July 1, 2020 $54 $448 ($408) $94 Other comprehensive income (loss) before reclassifications — (44) — (44) Amounts reclassified to the Consolidated Statements of Operations (42) (1) 3 (40) Net other comprehensive income (loss) (42) (45) 3 (84) Balance at September 30, 2020 $12 $403 ($405) $10 Balance at July 1, 2021 ($38) $78 ($421) ($381) Other comprehensive income (loss) before reclassifications (11) (109) — (120) Amounts reclassified to the Consolidated Statements of Operations (25) (2) 20 (7) Net other comprehensive income (loss) (36) (111) 20 (127) Balance at September 30, 2021 ($74) ($33) ($401) ($508) Primary location of amounts reclassified to the Consolidated Statements of Operations Net interest income Securities gains, net Other operating expense As of and for the Nine Months Ended September 30, (in millions) Net Unrealized Gains (Losses) on Derivatives Net Unrealized Gains (Losses) on Debt Securities Employee Benefit Plans Total AOCI Balance at January 1, 2020 $3 $1 ($415) ($411) Other comprehensive income (loss) before reclassifications 88 405 — 493 Amounts reclassified to the Consolidated Statements of Operations (79) (3) 10 (72) Net other comprehensive income (loss) 9 402 10 421 Balance at September 30, 2020 $12 $403 ($405) $10 Balance at January 1, 2021 ($11) $380 ($429) ($60) Other comprehensive income (loss) before reclassifications 14 (406) — (392) Amounts reclassified to the Consolidated Statements of Operations (77) (7) 28 (56) Net other comprehensive income (loss) (63) (413) 28 (448) Balance at September 30, 2021 ($74) ($33) ($401) ($508) Primary location of amounts reclassified to the Consolidated Statements of Operations Net interest income Securities gains, net Other operating expense |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of preferred stock | The following table summarizes the Company’s preferred stock: September 30, 2021 December 31, 2020 (in millions, except per share and share data) Liquidation value per share Preferred Shares Carrying Amount Preferred Shares Carrying Amount Authorized ($25 par value per share) 100,000,000 100,000,000 Issued and outstanding: Series A $1,000 — $— 250,000 $247 Series B 1,000 300,000 296 300,000 296 Series C 1,000 300,000 297 300,000 297 Series D 1,000 (1) 300,000 (2) 293 300,000 293 Series E 1,000 (1) 450,000 (3) 437 450,000 437 Series F 1,000 400,000 395 400,000 395 Series G 1,000 300,000 296 — — Total 2,050,000 $2,014 2,000,000 $1,965 (1) Equivalent to $25 per depositary share. (2) Represented by 12,000,000 depositary shares each representing a 1/40th interest in the Series D Preferred Stock. (3) Represented by 18,000,000 depositary shares each representing a 1/40th interest in the Series E Preferred Stock. |
Schedule of dividends | Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 (in millions, except per share data) Dividends Declared per Share Dividends Declared Dividends Paid Dividends Declared per Share Dividends Declared Dividends Paid Common stock $0.39 $167 $167 $0.39 $168 $168 Preferred stock Series A $— $— $3 $10.90 $3 $3 Series B — — 9 — — 9 Series C 15.94 5 5 15.94 4 5 Series D 15.88 5 4 15.88 4 5 Series E 12.50 6 6 12.50 6 6 Series F 14.13 6 6 19.15 8 — Series G 12.78 4 — — — — Total preferred stock $26 $33 $25 $28 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (in millions, except per share data) Dividends Declared per Share Dividends Declared Dividends Paid Dividends Declared per Share Dividends Declared Dividends Paid Common stock $1.17 $502 $502 $1.17 $504 $504 Preferred stock Series A $20.99 $5 $8 $51.88 $13 $10 Series B 30.00 9 18 30.00 9 18 Series C 47.81 15 15 47.81 14 15 Series D 47.63 14 13 47.63 14 15 Series E 37.50 17 17 37.50 17 15 Series F 42.38 17 17 19.15 8 — Series G 12.78 4 — — — — Total preferred stock $81 $88 $75 $73 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of outstanding off balance sheet arrangements | A summary of outstanding off-balance sheet arrangements is presented below. For more information on these arrangements, see Note 18 in the Company’s 2020 Form 10-K. (in millions) September 30, 2021 December 31, 2020 Commitments to extend credit $80,629 $74,160 Letters of credit 1,939 2,239 Risk participation agreements 57 98 Loans sold with recourse 70 54 Marketing rights 26 29 Total $82,721 $76,580 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value option | Citizens elected to account for residential mortgage LHFS and certain commercial and industrial, and commercial real estate LHFS at fair value. The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of LHFS measured at fair value: September 30, 2021 December 31, 2020 (in millions) Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal Residential mortgage loans held for sale, at fair value $3,104 $3,029 $75 $3,416 $3,260 $156 Commercial and industrial, and commercial real estate loans held for sale, at fair value 73 75 (2) 148 153 (5) |
Assets and liabilities measured on recurring basis | The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at September 30, 2021: (in millions) Total Level 1 Level 2 Level 3 Debt securities available for sale: Mortgage-backed securities $24,131 $— $24,131 $— Collateralized loan obligations 767 — 767 — State and political subdivisions 2 — 2 — U.S. Treasury and other 11 11 — — Total debt securities available for sale 24,911 11 24,900 — Loans held for sale, at fair value: Residential loans held for sale 3,104 — 3,104 — Commercial loans held for sale 73 — 73 — Total loans held for sale, at fair value 3,177 — 3,177 — Mortgage servicing rights 978 — — 978 Derivative assets: Interest rate contracts 930 — 930 — Foreign exchange contracts 249 — 249 — Commodities contracts 822 — 822 — TBA contracts 44 — 44 — Other contracts 53 — — 53 Total derivative assets 2,098 — 2,045 53 Equity securities, at fair value 88 88 — — Total assets $31,252 $99 $30,122 $1,031 Derivative liabilities: Interest rate contracts $169 $— $169 $— Foreign exchange contracts 205 — 205 — Commodities contracts 822 — 822 — TBA contracts 9 — 9 — Total derivative liabilities 1,205 — 1,205 — Total liabilities $1,205 $— $1,205 $— The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at December 31, 2020: (in millions) Total Level 1 Level 2 Level 3 Debt securities available for sale: Mortgage-backed securities $22,928 $— $22,928 $— State and political subdivisions 3 — 3 — U.S. Treasury and other 11 11 — — Total debt securities available for sale 22,942 11 22,931 — Loans held for sale, at fair value: Residential loans held for sale 3,416 — 3,416 — Commercial loans held for sale 148 — 148 — Total loans held for sale, at fair value 3,564 — 3,564 — Mortgage servicing rights 658 — — 658 Derivative assets: Interest rate contracts 1,566 — 1,566 — Foreign exchange contracts 320 — 320 — Commodities contracts 62 — 62 — TBA contracts 8 — 8 — Other contracts 197 — — 197 Total derivative assets 2,153 — 1,956 197 Equity securities, at fair value 66 66 — — Total assets $29,383 $77 $28,451 $855 Derivative liabilities: Interest rate contracts $217 $— $217 $— Foreign exchange contracts 291 — 291 — Commodities contracts 61 — 61 — TBA contracts 65 — 65 — Total derivative liabilities 634 — 634 — Total liabilities $634 $— $634 $— |
Assets measured at fair value on recurring basis and classified as Level 3 | The following tables present a roll forward of the balance sheet amounts for assets measured at fair value on a recurring basis and classified as Level 3: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (in millions) Mortgage Servicing Rights Other Derivative Contracts Mortgage Servicing Rights Other Derivative Contracts Beginning balance $902 $89 $658 $197 Issuances 109 81 318 323 Settlements (2) (54) (104) (159) (283) Changes in fair value during the period recognized in earnings (3) 21 (13) 161 (184) Ending balance $978 $53 $978 $53 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (in millions) Mortgage Servicing Rights Asset-Backed Securities Other Derivative Contracts Mortgage Servicing Rights Asset-Backed Securities Other Derivative Contracts Beginning balance $568 $— $173 $642 $— $19 Transfers upon election of fair value method (1) — — — 190 — — Beginning balance, adjusted 568 — 173 832 — 19 Purchases — 813 — — 813 — Issuances 85 — 283 238 — 688 Settlements (2) (55) — (372) (141) — (792) Changes in fair value during the period recognized in earnings (3) 8 — 125 (323) — 294 Ending balance $606 $813 $209 $606 $813 $209 (1) Effective January 1, 2020, the Company elected to account for all MSRs previously accounted for under the amortization method under the fair value method. (2) Represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial paydowns, and ii) loans that paid off during the period. (3) Represents changes in value primarily driven by market conditions. These changes are recorded in mortgage banking fees in the Consolidated Statements of Operations. |
Fair value measurement inputs and valuation techniques | The following table presents quantitative information about the Company’s Level 3 assets, including the range and weighted-average of the significant unobservable inputs used to fair value these assets, as well as valuation techniques used. As of September 30, 2021 Valuation Technique Unobservable Input Range (Weighted Average) Mortgage servicing rights Discounted Cash Flow Constant prepayment rate 9.96-27.98% CPR (11.3% CPR) Option adjusted spread 350-1,318 bps (582 bps) Other derivative contracts Internal Model Pull through rate 10.96-100.00% (83.30%) MSR value (10.00)-145.29 bps (99.79 bps) |
Gains (losses) on assets and liabilities measured on a nonrecurring basis included in earnings | The following table presents losses on assets measured at fair value on a nonrecurring basis and recorded in earnings: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Collateral-dependent loans ($4) ($21) ($23) ($65) |
Fair value of assets and liabilities measured on a nonrecurring basis | The following table presents assets measured at fair value on a nonrecurring basis: September 30, 2021 December 31, 2020 (in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Collateral-dependent loans $585 $— $585 $— $758 $— $758 $— |
Assets and liabilities measured at fair value | The following tables present the estimated fair value for financial instruments not recorded at fair value in the unaudited interim Consolidated Financial Statements. The carrying amounts are recorded in the Consolidated Balance Sheets under the indicated captions: September 30, 2021 Total Level 1 Level 2 Level 3 (in millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Debt securities held to maturity $2,492 $2,567 $— $— $1,705 $1,778 $787 $789 Other loans held for sale 93 93 — — — — 93 93 Loans and leases 123,318 123,318 — — 585 585 122,733 122,733 Other assets 616 616 — — 593 593 23 23 Financial liabilities: Deposits 152,221 152,237 — — 152,221 152,237 — — Short-term borrowed funds 8 8 — — 8 8 — — Long-term borrowed funds 6,947 7,260 — — 6,947 7,260 — — December 31, 2020 Total Level 1 Level 2 Level 3 (in millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Debt securities held to maturity $3,235 $3,357 $— $— $2,342 $2,464 $893 $893 Other loans held for sale 439 439 — — — — 439 439 Loans and leases 123,090 123,678 — — 758 758 122,332 122,920 Other assets 604 604 — — 596 596 8 8 Financial liabilities: Deposits 147,164 147,223 — — 147,164 147,223 — — Short-term borrowed funds 243 243 — — 243 243 — — Long-term borrowed funds 8,346 8,850 — — 8,346 8,850 — — |
NONINTEREST INCOME (Tables)
NONINTEREST INCOME (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Components of revenue from contracts with customers | The following table presents the components of revenue from contracts with customers disaggregated by revenue stream and business operating segment: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 (in millions) Consumer Banking Commercial Banking Other Consolidated Consumer Banking Commercial Banking Other Consolidated Service charges and fees $82 $27 $— $109 $71 $25 $— $96 Card fees 57 8 — 65 49 7 — 56 Capital markets fees — 69 — 69 — 50 — 50 Trust and investment services fees 61 — — 61 53 — — 53 Other banking fees — 3 — 3 — 3 — 3 Total revenue from contracts with customers $200 $107 $— $307 $173 $85 $— $258 Total revenue from other sources 115 61 31 207 322 59 15 396 Total noninterest income $315 $168 $31 $514 $495 $144 $15 $654 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (in millions) Consumer Banking Commercial Banking Other Consolidated Consumer Banking Commercial Banking Other Consolidated Service charges and fees $230 $78 $— $308 $222 $76 $— $298 Card fees 160 23 — 183 136 24 — 160 Capital markets fees — 225 — 225 — 163 — 163 Trust and investment services fees 179 — — 179 151 — — 151 Other banking fees — 7 — 7 — 7 — 7 Total revenue from contracts with customers $569 $333 $— $902 $509 $270 $— $779 Total revenue from other sources 380 183 76 639 771 143 48 962 Total noninterest income $949 $516 $76 $1,541 $1,280 $413 $48 $1,741 |
OTHER OPERATING EXPENSE (Tables
OTHER OPERATING EXPENSE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of other operating expense | The following table presents the details of other operating expense: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Marketing $32 $24 $82 $75 Other 92 71 226 242 Other operating expense $124 $95 $308 $317 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | Three Months Ended September 30, Nine Months Ended September 30, (in millions, except share and per share data) 2021 2020 2021 2020 Numerator (basic and diluted): Net income $530 $314 $1,789 $601 Less: Preferred stock dividends 26 25 81 75 Net income available to common stockholders $504 $289 $1,708 $526 Denominator: Weighted-average common shares outstanding - basic 426,086,717 426,846,096 425,996,867 427,058,412 Dilutive common shares: share-based awards 1,754,247 1,146,253 1,683,018 1,083,946 Weighted-average common shares outstanding - diluted 427,840,964 427,992,349 427,679,885 428,142,358 Earnings per common share: Basic $1.18 $0.68 $4.01 $1.23 Diluted (1) 1.18 0.68 3.99 1.23 (1) Potential dilutive common shares were excluded from the computation of diluted EPS in the periods where the effect would be antidilutive. Excluded from the computation of diluted EPS were weighted average antidilutive shares totaling 10,614 and 1,193,668 for the three months ended September 30, 2021 and 2020, respectively, and 4,238 and 1,249,785 for the nine months ended September 30, 2021 and 2020, respectively. |
BUSINESS OPERATING SEGMENTS (Ta
BUSINESS OPERATING SEGMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | As of and for the Three Months Ended September 30, 2021 (in millions) Consumer Banking Commercial Banking Other Consolidated Net interest income $919 $428 ($202) $1,145 Noninterest income 315 168 31 514 Total revenue 1,234 596 (171) 1,659 Noninterest expense 749 226 36 1,011 Profit (loss) before provision for credit losses 485 370 (207) 648 Provision for credit losses 35 15 (83) (33) Income (loss) before income tax expense (benefit) 450 355 (124) 681 Income tax expense (benefit) 114 81 (44) 151 Net income (loss) $336 $274 ($80) $530 Total average assets $75,070 $56,702 $54,336 $186,108 As of and for the Three Months Ended September 30, 2020 (in millions) Consumer Banking Commercial Banking Other Consolidated Net interest income $845 $421 ($129) $1,137 Noninterest income 495 144 15 654 Total revenue 1,340 565 (114) 1,791 Noninterest expense 742 210 36 988 Profit (loss) before provision for credit losses 598 355 (150) 803 Provision for credit losses 55 161 212 428 Income (loss) before income tax expense (benefit) 543 194 (362) 375 Income tax expense (benefit) 136 41 (116) 61 Net income (loss) $407 $153 ($246) $314 Total average assets $73,605 $60,889 $43,181 $177,675 As of and for the Nine Months Ended September 30, 2021 (in millions) Consumer Banking Commercial Banking Other Consolidated Net interest income $2,679 $1,268 ($561) $3,386 Noninterest income 949 516 76 1,541 Total revenue 3,628 1,784 (485) 4,927 Noninterest expense 2,250 679 91 3,020 Profit (loss) before provision for credit losses 1,378 1,105 (576) 1,907 Provision for credit losses 139 150 (675) (386) Income (loss) before income tax expense (benefit) 1,239 955 99 2,293 Income tax expense (benefit) 315 205 (16) 504 Net income (loss) $924 $750 $115 $1,789 Total average assets $75,317 $57,318 $51,756 $184,391 As of and for the Nine Months Ended September 30, 2020 (in millions) Consumer Banking Commercial Banking Other Consolidated Net interest income $2,452 $1,205 ($200) $3,457 Noninterest income 1,280 413 48 1,741 Total revenue 3,732 1,618 (152) 5,198 Noninterest expense 2,215 644 120 2,979 Profit (loss) before provision for credit losses 1,517 974 (272) 2,219 Provision for credit losses 232 274 986 1,492 Income (loss) before income tax expense (benefit) 1,285 700 (1,258) 727 Income tax expense (benefit) 322 147 (343) 126 Net income (loss) $963 $553 ($915) $601 Total average assets $71,227 $61,722 $41,943 $174,892 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Millions | Sep. 08, 2021USD ($)$ / shares | Sep. 01, 2021USD ($) | Jul. 28, 2021$ / shares | Sep. 30, 2021USD ($) | May 26, 2021USD ($)branch |
Willamette | |||||
Business Acquisition [Line Items] | |||||
Goodwill acquired | $ 15 | ||||
80 Branches And Deposit Business, HSBC Bank | |||||
Business Acquisition [Line Items] | |||||
Number of branches acquired | branch | 80 | ||||
Premium paid on deposits, percent | 2.00% | ||||
Deposits | $ 8,400 | ||||
Loans of acquiree | $ 1,900 | ||||
80 Branches And Deposit Business, HSBC Bank | New York City Metro | |||||
Business Acquisition [Line Items] | |||||
Number of branches acquired | branch | 66 | ||||
80 Branches And Deposit Business, HSBC Bank | Mid-Atlantic/Washington D.C. | |||||
Business Acquisition [Line Items] | |||||
Number of branches acquired | branch | 9 | ||||
80 Branches And Deposit Business, HSBC Bank | Southeast Florida | |||||
Business Acquisition [Line Items] | |||||
Number of branches acquired | branch | 5 | ||||
Bancorp, Inc. | |||||
Business Acquisition [Line Items] | |||||
Deposits | $ 20,400 | ||||
Loans of acquiree | 21,600 | ||||
Cash paid for each share (in dollars per share) | $ / shares | $ 1.46 | ||||
Assets of acquiree | 27,300 | ||||
Liabilities of acquiree | 24,500 | ||||
Stockholders' equity of acquiree | $ 2,800 | ||||
Bancorp, Inc. | Common Stock | |||||
Business Acquisition [Line Items] | |||||
Stock consideration (in dollars per each share) | $ / shares | $ 0.297 | ||||
JMP | |||||
Business Acquisition [Line Items] | |||||
Stock consideration (in dollars per each share) | $ / shares | $ 7.50 | ||||
Cash consideration | $ 149 |
SECURITIES - Narrative (Details
SECURITIES - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Accrued interest receivable on debt securities | $ 53,000,000 | $ 53,000,000 | $ 55,000,000 | ||
Taxable interest income from securities | 116,000,000 | $ 121,000,000 | 368,000,000 | $ 398,000,000 | |
Offsetting of short-term receivables or payables recognized | $ 0 | $ 0 | $ 0 | ||
Held-to-maturity, zero expected credit loss, percent of portfolio | 68.00% | 68.00% | |||
Mortgage-backed securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Securitizations of mortgage loans | $ 60,000,000 | $ 34,000,000 | $ 223,000,000 | $ 34,000,000 |
SECURITIES - Schedule of Invest
SECURITIES - Schedule of Investments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Debt Securities Available-for-sale, Fair Value | [1] | $ 24,911 | $ 22,942 |
Debt Securities Held-to-maturity, Amortized Cost | [1] | 2,492 | 3,235 |
Debt Securities Held-to-maturity, Gross Unrealized Gain | 75 | 122 | |
Debt Securities Held-to-maturity, Gross Unrealized Losses | 0 | 0 | |
Debt Securities held-to-maturity, Fair Value | 2,567 | 3,357 | |
Total equity securities, at cost, Amortized Cost | 616 | 604 | |
Equity securities, at cost, fair value | 616 | 604 | |
Equity Securities, Amortized Cost | 88 | 66 | |
Equity Securities, Fair Value | 88 | 66 | |
U.S. Treasury and other | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Debt Securities Available-for-sale, Amortized Cost | 11 | 11 | |
Debt Securities Available-for-sale, Gross Unrealized Gains | 0 | 0 | |
Debt Securities Available-for-sale, Gross Unrealized Losses | 0 | 0 | |
Debt Securities Available-for-sale, Fair Value | 11 | 11 | |
State and political subdivisions | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Debt Securities Available-for-sale, Amortized Cost | 2 | 3 | |
Debt Securities Available-for-sale, Gross Unrealized Gains | 0 | 0 | |
Debt Securities Available-for-sale, Gross Unrealized Losses | 0 | 0 | |
Debt Securities Available-for-sale, Fair Value | 2 | 3 | |
Federal agencies and U.S. government sponsored entities | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Debt Securities Available-for-sale, Amortized Cost | 23,838 | 21,954 | |
Debt Securities Available-for-sale, Gross Unrealized Gains | 307 | 571 | |
Debt Securities Available-for-sale, Gross Unrealized Losses | (305) | (19) | |
Debt Securities Available-for-sale, Fair Value | 23,840 | 22,506 | |
Debt Securities Held-to-maturity, Amortized Cost | 1,705 | 2,342 | |
Debt Securities Held-to-maturity, Gross Unrealized Gain | 73 | 122 | |
Debt Securities Held-to-maturity, Gross Unrealized Losses | 0 | 0 | |
Debt Securities held-to-maturity, Fair Value | 1,778 | 2,464 | |
Other/non-agency | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Debt Securities Available-for-sale, Amortized Cost | 280 | 396 | |
Debt Securities Available-for-sale, Gross Unrealized Gains | 11 | 26 | |
Debt Securities Available-for-sale, Gross Unrealized Losses | 0 | 0 | |
Debt Securities Available-for-sale, Fair Value | 291 | 422 | |
Total mortgage-backed securities | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Debt Securities Available-for-sale, Amortized Cost | 24,118 | 22,350 | |
Debt Securities Available-for-sale, Gross Unrealized Gains | 318 | 597 | |
Debt Securities Available-for-sale, Gross Unrealized Losses | (305) | (19) | |
Debt Securities Available-for-sale, Fair Value | 24,131 | 22,928 | |
Debt Securities Held-to-maturity, Amortized Cost | 1,705 | 2,342 | |
Debt Securities Held-to-maturity, Gross Unrealized Gain | 73 | 122 | |
Debt Securities Held-to-maturity, Gross Unrealized Losses | 0 | 0 | |
Debt Securities held-to-maturity, Fair Value | 1,778 | 2,464 | |
Collateralized loan obligations | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Debt Securities Available-for-sale, Amortized Cost | 767 | 0 | |
Debt Securities Available-for-sale, Gross Unrealized Gains | 0 | 0 | |
Debt Securities Available-for-sale, Gross Unrealized Losses | 0 | 0 | |
Debt Securities Available-for-sale, Fair Value | 767 | 0 | |
Total debt securities available for sale, at fair value | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Debt Securities Available-for-sale, Amortized Cost | 24,898 | 22,364 | |
Debt Securities Available-for-sale, Gross Unrealized Gains | 318 | 597 | |
Debt Securities Available-for-sale, Gross Unrealized Losses | (305) | (19) | |
Debt Securities Available-for-sale, Fair Value | 24,911 | 22,942 | |
Asset-Backed Securities | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Debt Securities Held-to-maturity, Amortized Cost | 787 | 893 | |
Debt Securities Held-to-maturity, Gross Unrealized Gain | 2 | 0 | |
Debt Securities Held-to-maturity, Gross Unrealized Losses | 0 | 0 | |
Debt Securities held-to-maturity, Fair Value | $ 789 | $ 893 | |
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
SECURITIES - Schedule of Availa
SECURITIES - Schedule of Available for Sale Securities Debt Maturities (Details) $ in Millions | Sep. 30, 2021USD ($) |
Amortized cost: | |
Amortized Cost, Debt securities available for sale, Maturity of 1 Year or Less | $ 12 |
Amortized Cost, Debt securities available for sale, Maturity of 1-5 Years | 32 |
Amortized Cost, Debt securities available for sale, Maturity of 5-10 Years | 1,989 |
Amortized Cost, Debt securities available for sale, Maturity After 10 Years | 22,865 |
Amortized Cost, Debt securities available for sale, Total | 24,898 |
Amortized Cost, Debt securities held to maturity, Maturity of 1 Year or Less | 0 |
Amortized Cost, Debt securities held to maturity, Maturity of 1-5 Years | 0 |
Amortized Cost, Debt securities held to maturity, Maturity of 5-10 Years | 787 |
Amortized Cost, Debt securities held to maturity, Maturity After 10 Years | 1,705 |
Amortized Cost, Debt securities held to maturity, Total | 2,492 |
Total amortized cost of debt securities, Maturity of 1 Year or Less | 12 |
Total amortized cost of debt securities, Maturity of 1-5 Years | 32 |
Total amortized cost of debt securities, Maturity of 5-10 Years | 2,776 |
Total amortized cost of debt securities, Maturity After 10 Years | 24,570 |
Total amortized cost of debt securities, Total | 27,390 |
Fair value: | |
Fair Value, Debt securities available for sale, Maturity of 1 Year or Less | 12 |
Fair Value, Debt securities available for sale, Maturity of 1-5 Years | 33 |
Fair Value, Debt securities available for sale, Maturity of 5-10 Years | 2,036 |
Fair Value, Debt securities available for sale, Maturity After 10 Years | 22,830 |
Fair Value, Debt securities available for sale, Total | 24,911 |
Fair Value, Debt securities held to maturity, Maturity of 1 Year or Less | 0 |
Fair Value, Debt securities held to maturity, Maturity of 1-5 Years | 0 |
Fair Value, Debt securities held to maturity, Maturity of 5-10 Years | 789 |
Fair Value, Debt securities held to maturity, Maturity After 10 Years | 1,778 |
Fair Value, Debt securities held to maturity, Total | 2,567 |
Total fair value of debt securities, Maturity of 1 Year or Less | 12 |
Total fair value of debt securities, Maturity of 1-5 Years | 33 |
Total fair value of debt securities, Maturity of 5-10 Years | 2,825 |
Total fair value of debt securities, Maturity After 10 Years | 24,608 |
Total fair value of debt securities, Total | 27,478 |
U.S. Treasury and other | |
Amortized cost: | |
Amortized Cost, Debt securities available for sale, Maturity of 1 Year or Less | 11 |
Amortized Cost, Debt securities available for sale, Maturity of 1-5 Years | 0 |
Amortized Cost, Debt securities available for sale, Maturity of 5-10 Years | 0 |
Amortized Cost, Debt securities available for sale, Maturity After 10 Years | 0 |
Amortized Cost, Debt securities available for sale, Total | 11 |
Fair value: | |
Fair Value, Debt securities available for sale, Maturity of 1 Year or Less | 11 |
Fair Value, Debt securities available for sale, Maturity of 1-5 Years | 0 |
Fair Value, Debt securities available for sale, Maturity of 5-10 Years | 0 |
Fair Value, Debt securities available for sale, Maturity After 10 Years | 0 |
Fair Value, Debt securities available for sale, Total | 11 |
State and political subdivisions | |
Amortized cost: | |
Amortized Cost, Debt securities available for sale, Maturity of 1 Year or Less | 0 |
Amortized Cost, Debt securities available for sale, Maturity of 1-5 Years | 0 |
Amortized Cost, Debt securities available for sale, Maturity of 5-10 Years | 0 |
Amortized Cost, Debt securities available for sale, Maturity After 10 Years | 2 |
Amortized Cost, Debt securities available for sale, Total | 2 |
Fair value: | |
Fair Value, Debt securities available for sale, Maturity of 1 Year or Less | 0 |
Fair Value, Debt securities available for sale, Maturity of 1-5 Years | 0 |
Fair Value, Debt securities available for sale, Maturity of 5-10 Years | 0 |
Fair Value, Debt securities available for sale, Maturity After 10 Years | 2 |
Fair Value, Debt securities available for sale, Total | 2 |
Federal agencies and U.S. government sponsored entities | |
Amortized cost: | |
Amortized Cost, Debt securities available for sale, Maturity of 1 Year or Less | 1 |
Amortized Cost, Debt securities available for sale, Maturity of 1-5 Years | 32 |
Amortized Cost, Debt securities available for sale, Maturity of 5-10 Years | 1,989 |
Amortized Cost, Debt securities available for sale, Maturity After 10 Years | 21,816 |
Amortized Cost, Debt securities available for sale, Total | 23,838 |
Amortized Cost, Debt securities held to maturity, Maturity of 1 Year or Less | 0 |
Amortized Cost, Debt securities held to maturity, Maturity of 1-5 Years | 0 |
Amortized Cost, Debt securities held to maturity, Maturity of 5-10 Years | 0 |
Amortized Cost, Debt securities held to maturity, Maturity After 10 Years | 1,705 |
Amortized Cost, Debt securities held to maturity, Total | 1,705 |
Fair value: | |
Fair Value, Debt securities available for sale, Maturity of 1 Year or Less | 1 |
Fair Value, Debt securities available for sale, Maturity of 1-5 Years | 33 |
Fair Value, Debt securities available for sale, Maturity of 5-10 Years | 2,036 |
Fair Value, Debt securities available for sale, Maturity After 10 Years | 21,770 |
Fair Value, Debt securities available for sale, Total | 23,840 |
Fair Value, Debt securities held to maturity, Maturity of 1 Year or Less | 0 |
Fair Value, Debt securities held to maturity, Maturity of 1-5 Years | 0 |
Fair Value, Debt securities held to maturity, Maturity of 5-10 Years | 0 |
Fair Value, Debt securities held to maturity, Maturity After 10 Years | 1,778 |
Fair Value, Debt securities held to maturity, Total | 1,778 |
Other/non-agency | |
Amortized cost: | |
Amortized Cost, Debt securities available for sale, Maturity of 1 Year or Less | 0 |
Amortized Cost, Debt securities available for sale, Maturity of 1-5 Years | 0 |
Amortized Cost, Debt securities available for sale, Maturity of 5-10 Years | 0 |
Amortized Cost, Debt securities available for sale, Maturity After 10 Years | 280 |
Amortized Cost, Debt securities available for sale, Total | 280 |
Fair value: | |
Fair Value, Debt securities available for sale, Maturity of 1 Year or Less | 0 |
Fair Value, Debt securities available for sale, Maturity of 1-5 Years | 0 |
Fair Value, Debt securities available for sale, Maturity of 5-10 Years | 0 |
Fair Value, Debt securities available for sale, Maturity After 10 Years | 291 |
Fair Value, Debt securities available for sale, Total | 291 |
Collateralized loan obligations | |
Amortized cost: | |
Amortized Cost, Debt securities available for sale, Maturity of 1 Year or Less | 0 |
Amortized Cost, Debt securities available for sale, Maturity of 1-5 Years | 0 |
Amortized Cost, Debt securities available for sale, Maturity of 5-10 Years | 0 |
Amortized Cost, Debt securities available for sale, Maturity After 10 Years | 767 |
Amortized Cost, Debt securities available for sale, Total | 767 |
Fair value: | |
Fair Value, Debt securities available for sale, Maturity of 1 Year or Less | 0 |
Fair Value, Debt securities available for sale, Maturity of 1-5 Years | 0 |
Fair Value, Debt securities available for sale, Maturity of 5-10 Years | 0 |
Fair Value, Debt securities available for sale, Maturity After 10 Years | 767 |
Fair Value, Debt securities available for sale, Total | 767 |
Asset-Backed Securities | |
Amortized cost: | |
Amortized Cost, Debt securities held to maturity, Maturity of 1 Year or Less | 0 |
Amortized Cost, Debt securities held to maturity, Maturity of 1-5 Years | 0 |
Amortized Cost, Debt securities held to maturity, Maturity of 5-10 Years | 787 |
Amortized Cost, Debt securities held to maturity, Maturity After 10 Years | 0 |
Amortized Cost, Debt securities held to maturity, Total | 787 |
Fair value: | |
Fair Value, Debt securities held to maturity, Maturity of 1 Year or Less | 0 |
Fair Value, Debt securities held to maturity, Maturity of 1-5 Years | 0 |
Fair Value, Debt securities held to maturity, Maturity of 5-10 Years | 789 |
Fair Value, Debt securities held to maturity, Maturity After 10 Years | 0 |
Fair Value, Debt securities held to maturity, Total | $ 789 |
SECURITIES - Income Recognized
SECURITIES - Income Recognized from Investment Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gains on sale of debt securities | $ 3 | $ 1 | $ 9 | $ 4 |
Losses on sale of debt securities | 0 | 0 | 0 | 0 |
Debt securities gains, net | $ 3 | $ 1 | $ 9 | $ 4 |
SECURITIES - Schedule of Securi
SECURITIES - Schedule of Securities Pledged (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law | $ 4,547 | $ 3,818 |
Pledged against FHLB borrowed funds | 227 | 394 |
Pledged against repurchase agreements | 1 | 224 |
Fair Value | ||
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law | 4,556 | 3,937 |
Pledged against FHLB borrowed funds | 239 | 423 |
Pledged against repurchase agreements | $ 1 | $ 231 |
SECURITIES - Schedule of Inve_2
SECURITIES - Schedule of Investments in Continuous Loss Positions (Details) - Federal agencies and U.S. government sponsored entities - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Less than 12 Months | $ 682 | $ 1,991 |
12 Months or Longer | 11,969 | 0 |
Total | 12,651 | 1,991 |
Gross Unrealized Losses | ||
Less than 12 Months | (21) | (19) |
12 Months or Longer | (284) | 0 |
Total | $ (305) | $ (19) |
LOANS AND LEASES - Narrative (D
LOANS AND LEASES - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accrued interest receivable on loans and leases held for investment | $ 464,000,000 | $ 464,000,000 | $ 449,000,000 | ||
Interest income on direct financing lease | 12,000,000 | $ 17,000,000 | 37,000,000 | $ 54,000,000 | |
Retail | Education | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Payments for purchase of loans | 323,000,000 | 801,000,000 | 975,000,000 | 1,700,000,000 | |
Proceeds from sale of loans | 0 | 879,000,000 | 0 | 879,000,000 | |
Retail | Other retail | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Payments for purchase of loans | 119,000,000 | 101,000,000 | 472,000,000 | 628,000,000 | |
Retail | Residential mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Payments for purchase of loans | 478,000,000 | 0 | 478,000,000 | 0 | |
Retail | Consumer Loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Proceeds from sale of loans | 1,500,000,000 | ||||
Retail | Residential mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans pledged as collateral for FHLB borrowed funds | 25,200,000,000 | 25,200,000,000 | 25,500,000,000 | ||
Commercial | Commercial and industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Proceeds from sale of loans | 202,000,000 | $ 94,000,000 | 765,000,000 | $ 356,000,000 | |
Consumer and Commercial Portfolio Segment | Auto, commercial and commercial real estate loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans pledged as collateral to support the contingent ability to borrow at the FRB discount window | $ 38,100,000,000 | $ 38,100,000,000 | $ 40,000,000,000 |
LOANS AND LEASES - Summary of L
LOANS AND LEASES - Summary of Loans and Leases Portfolio (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 123,318 | $ 123,090 |
SBA Guaranteed PPP Loans | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,900 | 4,200 |
FHA, VA And USDA Guaranteed Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,400 | 249 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 57,955 | 60,793 |
Commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 53,883 | 56,156 |
Commercial | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 41,854 | 44,173 |
Commercial | Commercial and industrial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 39,218 | 40,878 |
Commercial | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 14,508 | 14,652 |
Commercial | Commercial real estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 13,146 | 13,356 |
Commercial | Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,593 | 1,968 |
Commercial | Leases | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,519 | 1,922 |
Retail | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 65,363 | 62,297 |
Retail | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 21,513 | 19,539 |
Retail | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 11,889 | 12,149 |
Retail | Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 13,492 | 12,153 |
Retail | Education | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 13,000 | 12,308 |
Retail | Other retail | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 5,469 | $ 6,148 |
LOANS AND LEASES - Loans Held F
LOANS AND LEASES - Loans Held For Sale (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale, at fair value | $ 3,177 | $ 3,564 |
Other loans held for sale | 93 | 439 |
Residential loans held for sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale, at fair value | 3,104 | 3,416 |
Other loans held for sale | 0 | 0 |
Commercial loans held for sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale, at fair value | 73 | 148 |
Other loans held for sale | $ 93 | $ 439 |
ALLOWANCE FOR CREDIT LOSSES, _3
ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
ACL Balance | $ 2,000 | $ 2,000 | $ 2,700 | ||
Charge-offs | 280 | ||||
Provision charged to income | (33) | $ 428 | (386) | $ 1,492 | |
Loans and leases | 123,318 | 123,318 | 123,090 | ||
Mortgage loans collateralized by OREO | 150 | 150 | 119 | ||
Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Charge-offs increase (decrease) | (126) | ||||
Loans and leases | 57,955 | 57,955 | 60,793 | ||
Retail | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Charge-offs increase (decrease) | (97) | ||||
Loans and leases | 65,363 | 65,363 | 62,297 | ||
Commercial and industrial | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans and leases | 41,854 | 41,854 | 44,173 | ||
Collateral Dependent | Home Equity Loan and Residential Mortgages | Retail | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans and leases | 543 | 543 | 552 | ||
Collateral Dependent | Commercial and industrial | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans and leases | $ 42 | $ 42 | $ 206 |
ALLOWANCE FOR CREDIT LOSSES, _4
ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK - Summary of Changes in Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | $ 2,443 | |||
Charge-offs | (280) | |||
Provision charged to income | $ (33) | $ 428 | (386) | $ 1,492 |
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | 1,855 | 1,855 | ||
Allowance for loan and lease losses | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 1,947 | 2,448 | 2,443 | 1,252 |
Charge-offs | (87) | (257) | (439) | (611) |
Recoveries | 43 | 38 | 159 | 108 |
Net charge-offs | (44) | (219) | (280) | (503) |
Provision charged to income | (48) | 313 | (308) | 1,340 |
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | 1,855 | 2,542 | 1,855 | 2,542 |
Reserve for unfunded lending commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 134 | 79 | 227 | 44 |
Provision for unfunded lending commitments | 15 | 115 | (78) | 152 |
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | 149 | 194 | 149 | 194 |
Commercial | Allowance for loan and lease losses | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 953 | 1,235 | 1,233 | 674 |
Charge-offs | (17) | (171) | (196) | (292) |
Recoveries | 3 | 1 | 37 | 7 |
Net charge-offs | (14) | (170) | (159) | (285) |
Provision charged to income | (72) | 224 | (207) | 1,076 |
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | 867 | 1,289 | 867 | 1,289 |
Commercial | Reserve for unfunded lending commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 121 | 69 | 186 | 44 |
Provision for unfunded lending commitments | 9 | 83 | (56) | 111 |
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | 130 | 152 | 130 | 152 |
Retail | Allowance for loan and lease losses | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 994 | 1,213 | 1,210 | 578 |
Charge-offs | (70) | (86) | (243) | (319) |
Recoveries | 40 | 37 | 122 | 101 |
Net charge-offs | (30) | (49) | (121) | (218) |
Provision charged to income | 24 | 89 | (101) | 264 |
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | 988 | 1,253 | 988 | 1,253 |
Retail | Reserve for unfunded lending commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 13 | 10 | 41 | 0 |
Provision for unfunded lending commitments | 6 | 32 | (22) | 41 |
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | $ 19 | 42 | $ 19 | 42 |
Cumulative Effect, Period of Adoption, Adjustment | Allowance for loan and lease losses | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 0 | 453 | ||
Cumulative Effect, Period of Adoption, Adjustment | Reserve for unfunded lending commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 0 | (2) | ||
Cumulative Effect, Period of Adoption, Adjustment | Commercial | Allowance for loan and lease losses | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 0 | (176) | ||
Cumulative Effect, Period of Adoption, Adjustment | Commercial | Reserve for unfunded lending commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 0 | (3) | ||
Cumulative Effect, Period of Adoption, Adjustment | Retail | Allowance for loan and lease losses | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 0 | 629 | ||
Cumulative Effect, Period of Adoption, Adjustment | Retail | Reserve for unfunded lending commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 0 | 1 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Allowance for loan and lease losses | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 2,448 | 1,705 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Reserve for unfunded lending commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 79 | 42 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial | Allowance for loan and lease losses | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 1,235 | 498 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial | Reserve for unfunded lending commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 69 | 41 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Retail | Allowance for loan and lease losses | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | 1,213 | 1,207 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Retail | Reserve for unfunded lending commitments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | $ 10 | $ 1 |
ALLOWANCE FOR CREDIT LOSSES, _5
ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK - Amortized Cost Basis by Credit Quality Indicator (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 123,318 | $ 123,090 |
SBA Guaranteed PPP Loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,900 | 4,200 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 7,915 | 10,683 |
2020 | 7,259 | 9,445 |
2019 | 9,463 | 7,862 |
2018 | 6,419 | 3,746 |
2017 | 3,146 | 2,200 |
Prior to 2017 | 5,005 | 3,998 |
Within the Revolving Period | 18,587 | 22,459 |
Converted to Term | 161 | 400 |
Total | 57,955 | 60,793 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 7,768 | 10,339 |
2020 | 6,953 | 8,812 |
2019 | 8,749 | 7,219 |
2018 | 5,743 | 3,419 |
2017 | 2,665 | 1,903 |
Prior to 2017 | 4,327 | 3,572 |
Within the Revolving Period | 17,540 | 20,552 |
Converted to Term | 138 | 340 |
Total | 53,883 | 56,156 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 52 | 56 |
2020 | 66 | 398 |
2019 | 376 | 286 |
2018 | 255 | 180 |
2017 | 229 | 156 |
Prior to 2017 | 349 | 239 |
Within the Revolving Period | 451 | 1,071 |
Converted to Term | 2 | 34 |
Total | 1,780 | 2,420 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 69 | 207 |
2020 | 223 | 199 |
2019 | 326 | 315 |
2018 | 400 | 109 |
2017 | 241 | 138 |
Prior to 2017 | 309 | 153 |
Within the Revolving Period | 559 | 749 |
Converted to Term | 18 | 22 |
Total | 2,145 | 1,892 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 26 | 81 |
2020 | 17 | 36 |
2019 | 12 | 42 |
2018 | 21 | 38 |
2017 | 11 | 3 |
Prior to 2017 | 20 | 34 |
Within the Revolving Period | 37 | 87 |
Converted to Term | 3 | 4 |
Total | 147 | 325 |
Commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 6,481 | 8,226 |
2020 | 4,251 | 6,199 |
2019 | 5,190 | 4,625 |
2018 | 3,369 | 2,396 |
2017 | 1,880 | 1,301 |
Prior to 2017 | 2,906 | 2,311 |
Within the Revolving Period | 17,616 | 18,715 |
Converted to Term | 161 | 400 |
Total | 41,854 | 44,173 |
Commercial | Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 6,411 | 8,036 |
2020 | 4,086 | 5,730 |
2019 | 4,723 | 4,180 |
2018 | 3,079 | 2,174 |
2017 | 1,723 | 1,157 |
Prior to 2017 | 2,480 | 1,980 |
Within the Revolving Period | 16,578 | 17,281 |
Converted to Term | 138 | 340 |
Total | 39,218 | 40,878 |
Commercial | Commercial and industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 4 | 34 |
2020 | 47 | 264 |
2019 | 226 | 163 |
2018 | 148 | 84 |
2017 | 55 | 60 |
Prior to 2017 | 182 | 173 |
Within the Revolving Period | 451 | 771 |
Converted to Term | 2 | 34 |
Total | 1,115 | 1,583 |
Commercial | Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 40 | 91 |
2020 | 110 | 195 |
2019 | 229 | 248 |
2018 | 121 | 100 |
2017 | 91 | 81 |
Prior to 2017 | 227 | 127 |
Within the Revolving Period | 550 | 600 |
Converted to Term | 18 | 22 |
Total | 1,386 | 1,464 |
Commercial | Commercial and industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 26 | 65 |
2020 | 8 | 10 |
2019 | 12 | 34 |
2018 | 21 | 38 |
2017 | 11 | 3 |
Prior to 2017 | 17 | 31 |
Within the Revolving Period | 37 | 63 |
Converted to Term | 3 | 4 |
Total | 135 | 248 |
Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,147 | 1,999 |
2020 | 2,695 | 2,994 |
2019 | 4,074 | 3,004 |
2018 | 2,862 | 1,203 |
2017 | 1,182 | 713 |
Prior to 2017 | 1,577 | 995 |
Within the Revolving Period | 971 | 3,744 |
Converted to Term | 0 | 0 |
Total | 14,508 | 14,652 |
Commercial | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,073 | 1,848 |
2020 | 2,586 | 2,836 |
2019 | 3,835 | 2,810 |
2018 | 2,484 | 1,106 |
2017 | 863 | 566 |
Prior to 2017 | 1,343 | 919 |
Within the Revolving Period | 962 | 3,271 |
Converted to Term | 0 | 0 |
Total | 13,146 | 13,356 |
Commercial | Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 46 | 19 |
2020 | 3 | 130 |
2019 | 148 | 121 |
2018 | 99 | 92 |
2017 | 169 | 94 |
Prior to 2017 | 151 | 48 |
Within the Revolving Period | 0 | 300 |
Converted to Term | 0 | 0 |
Total | 616 | 804 |
Commercial | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 28 | 116 |
2020 | 97 | 2 |
2019 | 91 | 65 |
2018 | 279 | 5 |
2017 | 150 | 53 |
Prior to 2017 | 81 | 26 |
Within the Revolving Period | 9 | 149 |
Converted to Term | 0 | 0 |
Total | 735 | 416 |
Commercial | Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 16 |
2020 | 9 | 26 |
2019 | 0 | 8 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 2 | 2 |
Within the Revolving Period | 0 | 24 |
Converted to Term | 0 | 0 |
Total | 11 | 76 |
Commercial | Leases | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 287 | 458 |
2020 | 313 | 252 |
2019 | 199 | 233 |
2018 | 188 | 147 |
2017 | 84 | 186 |
Prior to 2017 | 522 | 692 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 1,593 | 1,968 |
Commercial | Leases | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 284 | 455 |
2020 | 281 | 246 |
2019 | 191 | 229 |
2018 | 180 | 139 |
2017 | 79 | 180 |
Prior to 2017 | 504 | 673 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 1,519 | 1,922 |
Commercial | Leases | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2 | 3 |
2020 | 16 | 4 |
2019 | 2 | 2 |
2018 | 8 | 4 |
2017 | 5 | 2 |
Prior to 2017 | 16 | 18 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 49 | 33 |
Commercial | Leases | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1 | 0 |
2020 | 16 | 2 |
2019 | 6 | 2 |
2018 | 0 | 4 |
2017 | 0 | 4 |
Prior to 2017 | 1 | 0 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 24 | 12 |
Commercial | Leases | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 1 | 1 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 1 | 1 |
Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 13,746 | 17,242 |
2020 | 15,065 | 10,972 |
2019 | 7,905 | 5,335 |
2018 | 3,802 | 4,816 |
2017 | 3,486 | 4,462 |
Prior to 2017 | 7,909 | 6,323 |
Within the Revolving Period | 12,233 | 11,755 |
Converted to Term | 1,217 | 1,392 |
Total | 65,363 | 62,297 |
Retail | Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 4,925 | 6,512 |
2020 | 6,057 | 3,493 |
2019 | 2,948 | 1,278 |
2018 | 1,103 | 1,947 |
2017 | 1,630 | 2,770 |
Prior to 2017 | 4,850 | 3,539 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 21,513 | 19,539 |
Retail | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1 | 6 |
2020 | 9 | 47 |
2019 | 48 | 75 |
2018 | 69 | 78 |
2017 | 69 | 50 |
Prior to 2017 | 661 | 833 |
Within the Revolving Period | 9,834 | 9,692 |
Converted to Term | 1,198 | 1,368 |
Total | 11,889 | 12,149 |
Retail | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 5,308 | 4,728 |
2020 | 3,610 | 3,449 |
2019 | 2,369 | 1,864 |
2018 | 1,181 | 1,232 |
2017 | 696 | 642 |
Prior to 2017 | 328 | 238 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 13,492 | 12,153 |
Retail | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,735 | 4,094 |
2020 | 4,202 | 2,706 |
2019 | 1,949 | 1,606 |
2018 | 1,163 | 1,333 |
2017 | 967 | 952 |
Prior to 2017 | 1,984 | 1,617 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 13,000 | 12,308 |
Retail | Other retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 777 | 1,902 |
2020 | 1,187 | 1,277 |
2019 | 591 | 512 |
2018 | 286 | 226 |
2017 | 124 | 48 |
Prior to 2017 | 86 | 96 |
Within the Revolving Period | 2,399 | 2,063 |
Converted to Term | 19 | 24 |
Total | 5,469 | 6,148 |
Greater than 800 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 4,086 | 6,023 |
2020 | 6,231 | 4,448 |
2019 | 3,092 | 2,084 |
2018 | 1,332 | 2,306 |
2017 | 1,527 | 2,382 |
Prior to 2017 | 3,613 | 2,854 |
Within the Revolving Period | 4,699 | 4,660 |
Converted to Term | 294 | 344 |
Total | 24,874 | 25,101 |
Greater than 800 | Retail | Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,585 | 2,687 |
2020 | 3,179 | 1,885 |
2019 | 1,403 | 638 |
2018 | 395 | 1,129 |
2017 | 784 | 1,615 |
Prior to 2017 | 2,389 | 1,755 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 9,735 | 9,709 |
Greater than 800 | Retail | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 2 |
2020 | 2 | 8 |
2019 | 6 | 10 |
2018 | 6 | 7 |
2017 | 4 | 5 |
Prior to 2017 | 154 | 216 |
Within the Revolving Period | 4,333 | 4,319 |
Converted to Term | 294 | 344 |
Total | 4,799 | 4,911 |
Greater than 800 | Retail | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,287 | 1,056 |
2020 | 897 | 812 |
2019 | 608 | 424 |
2018 | 286 | 312 |
2017 | 183 | 169 |
Prior to 2017 | 84 | 62 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 3,345 | 2,835 |
Greater than 800 | Retail | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,080 | 1,817 |
2020 | 1,865 | 1,363 |
2019 | 921 | 849 |
2018 | 566 | 781 |
2017 | 519 | 578 |
Prior to 2017 | 951 | 777 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 5,902 | 6,165 |
Greater than 800 | Retail | Other retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 134 | 461 |
2020 | 288 | 380 |
2019 | 154 | 163 |
2018 | 79 | 77 |
2017 | 37 | 15 |
Prior to 2017 | 35 | 44 |
Within the Revolving Period | 366 | 341 |
Converted to Term | 0 | 0 |
Total | 1,093 | 1,481 |
740-799 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 5,845 | 6,864 |
2020 | 5,403 | 3,630 |
2019 | 2,511 | 1,661 |
2018 | 1,119 | 1,345 |
2017 | 931 | 1,190 |
Prior to 2017 | 2,054 | 1,597 |
Within the Revolving Period | 4,116 | 3,872 |
Converted to Term | 301 | 333 |
Total | 22,280 | 20,492 |
740-799 | Retail | Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,607 | 2,931 |
2020 | 2,087 | 1,133 |
2019 | 853 | 398 |
2018 | 265 | 527 |
2017 | 384 | 743 |
Prior to 2017 | 1,253 | 904 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 7,449 | 6,636 |
740-799 | Retail | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1 | 2 |
2020 | 1 | 6 |
2019 | 5 | 7 |
2018 | 5 | 6 |
2017 | 8 | 5 |
Prior to 2017 | 137 | 180 |
Within the Revolving Period | 3,405 | 3,234 |
Converted to Term | 299 | 331 |
Total | 3,861 | 3,771 |
740-799 | Retail | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,781 | 1,514 |
2020 | 1,177 | 1,022 |
2019 | 707 | 531 |
2018 | 344 | 344 |
2017 | 195 | 172 |
Prior to 2017 | 85 | 59 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 4,289 | 3,642 |
740-799 | Retail | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,245 | 1,797 |
2020 | 1,743 | 1,009 |
2019 | 730 | 541 |
2018 | 402 | 387 |
2017 | 297 | 251 |
Prior to 2017 | 550 | 423 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 4,967 | 4,408 |
740-799 | Retail | Other retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 211 | 620 |
2020 | 395 | 460 |
2019 | 216 | 184 |
2018 | 103 | 81 |
2017 | 47 | 19 |
Prior to 2017 | 29 | 31 |
Within the Revolving Period | 711 | 638 |
Converted to Term | 2 | 2 |
Total | 1,714 | 2,035 |
680-739 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,623 | 3,077 |
2020 | 2,406 | 1,842 |
2019 | 1,350 | 917 |
2018 | 682 | 644 |
2017 | 498 | 541 |
Prior to 2017 | 1,123 | 918 |
Within the Revolving Period | 2,332 | 2,193 |
Converted to Term | 255 | 289 |
Total | 11,269 | 10,421 |
680-739 | Retail | Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 639 | 784 |
2020 | 613 | 351 |
2019 | 356 | 162 |
2018 | 173 | 172 |
2017 | 185 | 295 |
Prior to 2017 | 611 | 458 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 2,577 | 2,222 |
680-739 | Retail | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 1 |
2020 | 1 | 6 |
2019 | 8 | 10 |
2018 | 13 | 15 |
2017 | 17 | 8 |
Prior to 2017 | 151 | 179 |
Within the Revolving Period | 1,665 | 1,632 |
Converted to Term | 250 | 284 |
Total | 2,105 | 2,135 |
680-739 | Retail | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,436 | 1,347 |
2020 | 958 | 889 |
2019 | 589 | 461 |
2018 | 277 | 282 |
2017 | 154 | 138 |
Prior to 2017 | 69 | 47 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 3,483 | 3,164 |
680-739 | Retail | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 369 | 450 |
2020 | 526 | 294 |
2019 | 246 | 173 |
2018 | 150 | 127 |
2017 | 113 | 90 |
Prior to 2017 | 278 | 221 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 1,682 | 1,355 |
680-739 | Retail | Other retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 179 | 495 |
2020 | 308 | 302 |
2019 | 151 | 111 |
2018 | 69 | 48 |
2017 | 29 | 10 |
Prior to 2017 | 14 | 13 |
Within the Revolving Period | 667 | 561 |
Converted to Term | 5 | 5 |
Total | 1,422 | 1,545 |
620-679 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 907 | 1,040 |
2020 | 766 | 727 |
2019 | 571 | 391 |
2018 | 340 | 276 |
2017 | 256 | 192 |
Prior to 2017 | 584 | 491 |
Within the Revolving Period | 609 | 576 |
Converted to Term | 181 | 202 |
Total | 4,214 | 3,895 |
620-679 | Retail | Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 84 | 97 |
2020 | 117 | 94 |
2019 | 169 | 44 |
2018 | 103 | 56 |
2017 | 112 | 66 |
Prior to 2017 | 306 | 223 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 891 | 580 |
620-679 | Retail | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 3 | 10 |
2019 | 13 | 18 |
2018 | 23 | 21 |
2017 | 19 | 14 |
Prior to 2017 | 123 | 136 |
Within the Revolving Period | 345 | 402 |
Converted to Term | 176 | 195 |
Total | 702 | 796 |
620-679 | Retail | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 680 | 669 |
2020 | 436 | 484 |
2019 | 297 | 259 |
2018 | 156 | 157 |
2017 | 89 | 84 |
Prior to 2017 | 45 | 32 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 1,703 | 1,685 |
620-679 | Retail | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 29 | 26 |
2020 | 60 | 35 |
2019 | 41 | 33 |
2018 | 34 | 28 |
2017 | 28 | 25 |
Prior to 2017 | 105 | 95 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 297 | 242 |
620-679 | Retail | Other retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 114 | 248 |
2020 | 150 | 104 |
2019 | 51 | 37 |
2018 | 24 | 14 |
2017 | 8 | 3 |
Prior to 2017 | 5 | 5 |
Within the Revolving Period | 264 | 174 |
Converted to Term | 5 | 7 |
Total | 621 | 592 |
Less than 620 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 149 | 179 |
2020 | 247 | 322 |
2019 | 380 | 281 |
2018 | 329 | 240 |
2017 | 274 | 156 |
Prior to 2017 | 471 | 385 |
Within the Revolving Period | 164 | 182 |
Converted to Term | 185 | 222 |
Total | 2,199 | 1,967 |
Less than 620 | Retail | Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 8 | 12 |
2020 | 56 | 28 |
2019 | 166 | 35 |
2018 | 167 | 58 |
2017 | 165 | 50 |
Prior to 2017 | 281 | 185 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 843 | 368 |
Less than 620 | Retail | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 1 |
2020 | 2 | 17 |
2019 | 16 | 30 |
2018 | 22 | 29 |
2017 | 21 | 18 |
Prior to 2017 | 96 | 122 |
Within the Revolving Period | 86 | 105 |
Converted to Term | 179 | 214 |
Total | 422 | 536 |
Less than 620 | Retail | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 120 | 140 |
2020 | 142 | 242 |
2019 | 168 | 189 |
2018 | 118 | 137 |
2017 | 75 | 79 |
Prior to 2017 | 45 | 34 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 668 | 821 |
Less than 620 | Retail | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2 | 2 |
2020 | 8 | 5 |
2019 | 11 | 10 |
2018 | 11 | 10 |
2017 | 10 | 8 |
Prior to 2017 | 46 | 41 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 88 | 76 |
Less than 620 | Retail | Other retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 19 | 24 |
2020 | 39 | 30 |
2019 | 19 | 17 |
2018 | 11 | 6 |
2017 | 3 | 1 |
Prior to 2017 | 3 | 3 |
Within the Revolving Period | 78 | 77 |
Converted to Term | 6 | 8 |
Total | 178 | 166 |
No FICO available | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 136 | 59 |
2020 | 12 | 3 |
2019 | 1 | 1 |
2018 | 0 | 5 |
2017 | 0 | 1 |
Prior to 2017 | 64 | 78 |
Within the Revolving Period | 313 | 272 |
Converted to Term | 1 | 2 |
Total | 527 | 421 |
No FICO available | Retail | Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2 | 1 |
2020 | 5 | 2 |
2019 | 1 | 1 |
2018 | 0 | 5 |
2017 | 0 | 1 |
Prior to 2017 | 10 | 14 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 18 | 24 |
No FICO available | Retail | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 4 | 2 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 4 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 4 | 6 |
No FICO available | Retail | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 10 | 2 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 54 | 60 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 64 | 62 |
No FICO available | Retail | Other retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 120 | 54 |
2020 | 7 | 1 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Within the Revolving Period | 313 | 272 |
Converted to Term | 1 | 2 |
Total | $ 441 | $ 329 |
ALLOWANCE FOR CREDIT LOSSES, _6
ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK - Nonaccrual Loans and Leases by Class (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans and leases | $ 747 | $ 1,019 |
90+ days past due and accruing | 312 | 62 |
Nonaccrual with no related ACL | 425 | 380 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans and leases | 269 | 458 |
90+ days past due and accruing | 4 | 21 |
Nonaccrual with no related ACL | 62 | 58 |
Commercial | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans and leases | 170 | 280 |
90+ days past due and accruing | 4 | 20 |
Nonaccrual with no related ACL | 61 | 56 |
Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans and leases | 98 | 176 |
90+ days past due and accruing | 0 | 0 |
Nonaccrual with no related ACL | 1 | 2 |
Commercial | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans and leases | 1 | 2 |
90+ days past due and accruing | 0 | 1 |
Nonaccrual with no related ACL | 0 | 0 |
Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans and leases | 478 | 561 |
90+ days past due and accruing | 308 | 41 |
Nonaccrual with no related ACL | 363 | 322 |
Retail | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans and leases | 164 | 167 |
90+ days past due and accruing | 293 | 30 |
Nonaccrual with no related ACL | 142 | 96 |
Retail | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans and leases | 216 | 276 |
90+ days past due and accruing | 0 | 0 |
Nonaccrual with no related ACL | 188 | 207 |
Retail | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans and leases | 55 | 72 |
90+ days past due and accruing | 0 | 0 |
Nonaccrual with no related ACL | 29 | 17 |
Retail | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans and leases | 23 | 18 |
90+ days past due and accruing | 1 | 2 |
Nonaccrual with no related ACL | 2 | 2 |
Retail | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans and leases | 20 | 28 |
90+ days past due and accruing | 14 | 9 |
Nonaccrual with no related ACL | 2 | 0 |
Retail | FHA, VA And USDA Loans | ||
Financing Receivable, Past Due [Line Items] | ||
90+ days past due and accruing | $ 289 | $ 21 |
ALLOWANCE FOR CREDIT LOSSES, _7
ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK - Accruing and Nonaccruing Past Due Amounts (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 123,318 | $ 123,090 |
Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 121,921 | 121,646 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 407 | 594 |
Financing Receivables 60 To 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 166 | 257 |
Financing Receivables 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 824 | 593 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 57,955 | 60,793 |
Commercial | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 41,854 | 44,173 |
Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 14,508 | 14,652 |
Commercial | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,593 | 1,968 |
Commercial | Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 57,776 | 60,304 |
Commercial | Financial Asset, 1 to 29 Days Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 41,783 | 43,817 |
Commercial | Financial Asset, 1 to 29 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 14,402 | 14,531 |
Commercial | Financial Asset, 1 to 29 Days Past Due | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,591 | 1,956 |
Commercial | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 28 | 233 |
Commercial | Financing Receivables, 30 to 59 Days Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 25 | 223 |
Commercial | Financing Receivables, 30 to 59 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 3 | 1 |
Commercial | Financing Receivables, 30 to 59 Days Past Due | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 9 |
Commercial | Financing Receivables 60 To 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 9 | 101 |
Commercial | Financing Receivables 60 To 89 Days Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 3 | 16 |
Commercial | Financing Receivables 60 To 89 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 5 | 85 |
Commercial | Financing Receivables 60 To 89 Days Past Due | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1 | 0 |
Commercial | Financing Receivables 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 142 | 155 |
Commercial | Financing Receivables 90 Days or More Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 43 | 117 |
Commercial | Financing Receivables 90 Days or More Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 98 | 35 |
Commercial | Financing Receivables 90 Days or More Past Due | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1 | 3 |
Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 65,363 | 62,297 |
Retail | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 21,513 | 19,539 |
Retail | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 11,889 | 12,149 |
Retail | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 13,492 | 12,153 |
Retail | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 13,000 | 12,308 |
Retail | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 5,469 | 6,148 |
Retail | Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 64,145 | 61,342 |
Retail | Financial Asset, 1 to 29 Days Past Due | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 20,861 | 19,291 |
Retail | Financial Asset, 1 to 29 Days Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 11,654 | 11,848 |
Retail | Financial Asset, 1 to 29 Days Past Due | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 13,318 | 11,901 |
Retail | Financial Asset, 1 to 29 Days Past Due | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 12,941 | 12,255 |
Retail | Financial Asset, 1 to 29 Days Past Due | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 5,371 | 6,047 |
Retail | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 379 | 361 |
Retail | Financing Receivables, 30 to 59 Days Past Due | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 155 | 59 |
Retail | Financing Receivables, 30 to 59 Days Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 35 | 61 |
Retail | Financing Receivables, 30 to 59 Days Past Due | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 117 | 170 |
Retail | Financing Receivables, 30 to 59 Days Past Due | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 33 | 33 |
Retail | Financing Receivables, 30 to 59 Days Past Due | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 39 | 38 |
Retail | Financing Receivables 60 To 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 157 | 156 |
Retail | Financing Receivables 60 To 89 Days Past Due | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 57 | 21 |
Retail | Financing Receivables 60 To 89 Days Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 16 | 28 |
Retail | Financing Receivables 60 To 89 Days Past Due | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 42 | 65 |
Retail | Financing Receivables 60 To 89 Days Past Due | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 14 | 13 |
Retail | Financing Receivables 60 To 89 Days Past Due | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 28 | 29 |
Retail | Financing Receivables 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 682 | 438 |
Retail | Financing Receivables 90 Days or More Past Due | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 440 | 168 |
Retail | Financing Receivables 90 Days or More Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 184 | 212 |
Retail | Financing Receivables 90 Days or More Past Due | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 15 | 17 |
Retail | Financing Receivables 90 Days or More Past Due | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 12 | 7 |
Retail | Financing Receivables 90 Days or More Past Due | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 31 | 34 |
Retail | Financing Receivables 90 Days or More Past Due | FHA, VA And USDA Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 289 | $ 44 |
ALLOWANCE FOR CREDIT LOSSES, _8
ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK - Troubled Debt Restructuring Activity (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($)contract | Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1,176 | 2,115 | 4,835 | 5,876 |
Post-modification | $ 81 | $ 158 | $ 376 | $ 358 |
Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 5 | 13 | 25 | 44 |
Maturity Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 46 | 113 | 186 | 141 |
Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | $ 30 | $ 32 | $ 165 | $ 173 |
Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 7 | 14 | 29 | 52 |
Post-modification | $ 48 | $ 104 | $ 108 | $ 201 |
Commercial | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 0 | 0 | 0 | 0 |
Commercial | Maturity Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 38 | 103 | 44 | 106 |
Commercial | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | $ 10 | $ 1 | $ 64 | $ 95 |
Commercial | Commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 7 | 14 | 29 | 52 |
Post-modification | $ 48 | $ 104 | $ 108 | $ 201 |
Commercial | Commercial and industrial | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 0 | 0 | 0 | 0 |
Commercial | Commercial and industrial | Maturity Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 38 | 103 | 44 | 106 |
Commercial | Commercial and industrial | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | $ 10 | $ 1 | $ 64 | $ 95 |
Retail | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1,169 | 2,101 | 4,806 | 5,824 |
Post-modification | $ 33 | $ 54 | $ 268 | $ 157 |
Retail | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 5 | 13 | 25 | 44 |
Retail | Maturity Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 8 | 10 | 142 | 35 |
Retail | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | $ 20 | $ 31 | $ 101 | $ 78 |
Retail | Residential mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 101 | 107 | 814 | 348 |
Post-modification | $ 16 | $ 19 | $ 201 | $ 64 |
Retail | Residential mortgage | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 2 | 9 | 14 | 26 |
Retail | Residential mortgage | Maturity Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 7 | 6 | 133 | 27 |
Retail | Residential mortgage | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | $ 7 | $ 4 | $ 54 | $ 11 |
Retail | Home equity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 69 | 179 | 318 | 568 |
Post-modification | $ 4 | $ 12 | $ 22 | $ 37 |
Retail | Home equity | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 0 | 2 | 3 | 8 |
Retail | Home equity | Maturity Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 1 | 4 | 9 | 8 |
Retail | Home equity | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | $ 3 | $ 6 | $ 10 | $ 21 |
Retail | Automobile | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 224 | 1,191 | 1,272 | 2,368 |
Post-modification | $ 1 | $ 19 | $ 15 | $ 37 |
Retail | Automobile | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 0 | 1 | 1 | 2 |
Retail | Automobile | Maturity Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 0 | 0 | 0 | 0 |
Retail | Automobile | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | $ 1 | $ 18 | $ 14 | $ 35 |
Retail | Education | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 226 | 140 | 638 | 373 |
Post-modification | $ 8 | $ 3 | $ 21 | $ 9 |
Retail | Education | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 0 | 0 | 0 | 0 |
Retail | Education | Maturity Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 0 | 0 | 0 | 0 |
Retail | Education | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | $ 8 | $ 3 | $ 21 | $ 9 |
Retail | Other retail | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 549 | 484 | 1,764 | 2,167 |
Post-modification | $ 4 | $ 1 | $ 9 | $ 10 |
Retail | Other retail | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 3 | 1 | 7 | 8 |
Retail | Other retail | Maturity Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | 0 | 0 | 0 | 0 |
Retail | Other retail | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-modification | $ 1 | $ 0 | $ 2 | $ 2 |
ALLOWANCE FOR CREDIT LOSSES, _9
ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK - Troubled Debt Restructurings (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Charge-offs from modification of loans | $ 1 | $ 43 | $ 5 | $ 49 | |
TDR commitment to lend | 51 | 51 | $ 49 | ||
TDR's that defaulted within 12 months of modification date | 37 | 36 | 89 | 100 | |
Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
TDR's that defaulted within 12 months of modification date | 0 | 14 | 23 | 53 | |
Retail | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
TDR's that defaulted within 12 months of modification date | 37 | 22 | 66 | 47 | |
Retail | Loans Insured or Guaranteed by US Government Authorities | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
TDR's that defaulted within 12 months of modification date | $ 34 | $ 6 | $ 37 | $ 14 |
ALLOWANCE FOR CREDIT LOSSES,_10
ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK - Loans with Indicators of High Credit Risk (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
High loan to value criteria (exceeds) | 90.00% | |
Total | $ 121,463 | $ 120,647 |
High loan-to-value | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 197 | 353 |
High loan-to-value | Residential Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 179 | 289 |
High loan-to-value | Home Equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 18 | 64 |
High loan-to-value | Other Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
High loan-to-value | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Interest-only | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,318 | 2,801 |
Interest-only | Residential Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,317 | 2,801 |
Interest-only | Home Equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Interest-only | Other Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Interest-only | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1 | |
Low introductory rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 156 | 170 |
Low introductory rate | Residential Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Low introductory rate | Home Equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Low introductory rate | Other Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 156 | 170 |
Low introductory rate | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Multiple characteristics and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2 | |
Multiple characteristics and other | Residential Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2 | |
Multiple characteristics and other | Home Equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Multiple characteristics and other | Other Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Multiple characteristics and other | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Credit risk, loans with increased credit exposure | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,673 | 3,324 |
Credit risk, loans with increased credit exposure | Residential Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,498 | 3,090 |
Credit risk, loans with increased credit exposure | Home Equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 18 | 64 |
Credit risk, loans with increased credit exposure | Other Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 156 | $ 170 |
Credit risk, loans with increased credit exposure | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 1 |
MORTGAGE BANKING AND OTHER - Na
MORTGAGE BANKING AND OTHER - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 123,318 | $ 123,090 |
Mortgage loans serviced for others | Banking Subsidiaries | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 87,400 | $ 81,200 |
MORTGAGE BANKING AND OTHER - Re
MORTGAGE BANKING AND OTHER - Residential Mortgage Loan Sales (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Residential mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Cash proceeds from residential mortgage loans sold with servicing retained | $ 9,024 | $ 9,504 | $ 28,601 | $ 23,668 |
Repurchased residential mortgages | 114 | 0 | 1,283 | 0 |
Mortgage banking fees | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Gain on sales | 96 | 273 | 321 | 699 |
Contractually specified servicing, late and other anciliary fees | $ 63 | $ 56 | $ 181 | $ 169 |
MORTGAGE BANKING AND OTHER - Ch
MORTGAGE BANKING AND OTHER - Changes Related to MSRs - Fair Value Method (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
MSRs | ||||
Fair value as of beginning of period | $ 658 | |||
Fair value at end of the period | $ 978 | 978 | ||
Residential mortgage | ||||
MSRs | ||||
Fair value as of beginning of period | 902 | $ 568 | 658 | $ 642 |
Amounts capitalized | 109 | 85 | 318 | 238 |
Changes in unpaid principal balance during the period | (54) | (55) | (159) | (141) |
Changes in fair value during the period | 21 | 8 | 161 | (323) |
Fair value at end of the period | 978 | 606 | 978 | 606 |
Cumulative Effect, Period of Adoption, Adjustment | Residential mortgage | ||||
MSRs | ||||
Fair value as of beginning of period | 0 | 0 | 0 | 190 |
Cumulative Effect, Period of Adoption, Adjusted Balance | Residential mortgage | ||||
MSRs | ||||
Fair value as of beginning of period | $ 902 | $ 568 | $ 658 | $ 832 |
MORTGAGE BANKING AND OTHER - Ec
MORTGAGE BANKING AND OTHER - Economic Assumptions Used to Estimate Value of MSRs (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value [Abstract] | ||
MSR portfolio fair value | $ 978 | $ 658 |
Weighted average life (in years) | 6 years | 4 years 2 months 12 days |
Weighted average constant prepayment rate | 11.30% | 17.30% |
Weighted average option adjusted spread | 5.82% | 5.95% |
Minimum | ||
Servicing Assets at Fair Value [Line Items] | ||
Sensitivity analysis, basis spread | 0.50% | 0.50% |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value [Abstract] | ||
Decline in fair value due to 50 bps decrease in prepayment rate | $ 125 | $ 122 |
Decline in fair value due to 50 bps decrease in option adjusted spread | $ 20 | $ 12 |
Maximum | ||
Servicing Assets at Fair Value [Line Items] | ||
Sensitivity analysis, basis spread | 1.00% | 1.00% |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value [Abstract] | ||
Decline in fair value due to 100 bps decrease in prepayment rate | $ 275 | $ 202 |
Decline in fair value due to 100 bps decrease in option adjusted spread | $ 39 | $ 24 |
MORTGAGE BANKING AND OTHER - Ot
MORTGAGE BANKING AND OTHER - Other Serviced Loans (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 123,318 | $ 123,090 |
Education Loans Serviced For Others | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 809 | 974 |
SBA Loans Serviced For Others | CBNA and Other Subsidiaries | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 67 | $ 51 |
VARIABLE INTEREST ENTITIES - Na
VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Variable Interest Entity | |||||
Lending to special purpose entities included in loans and leases | $ 123,318,000,000 | $ 123,318,000,000 | $ 123,090,000,000 | ||
LIHTC Investments | |||||
Variable Interest Entity | |||||
Net impairment losses recognized in earnings | 0 | $ 0 | 0 | $ 0 | |
Commitments to extend credit | Special Purpose Entities | |||||
Variable Interest Entity | |||||
Commitment amount | 2,200,000,000 | 2,200,000,000 | 1,500,000,000 | ||
Commercial and industrial | Special Purpose Entities | |||||
Variable Interest Entity | |||||
Lending to special purpose entities included in loans and leases | 1,849,000,000 | 1,849,000,000 | 1,295,000,000 | ||
Retail | |||||
Variable Interest Entity | |||||
Lending to special purpose entities included in loans and leases | 65,363,000,000 | 65,363,000,000 | 62,297,000,000 | ||
Retail | Education | |||||
Variable Interest Entity | |||||
Lending to special purpose entities included in loans and leases | $ 13,000,000,000 | $ 13,000,000,000 | $ 12,308,000,000 |
VARIABLE INTEREST ENTITIES - Sc
VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Variable Interest Entity | |||
Lending to special purpose entities included in loans and leases | $ 123,318 | $ 123,090 | |
Debt securities held to maturity, carrying value | [1] | 2,492 | 3,235 |
LIHTC Investments | |||
Variable Interest Entity | |||
LIHTC investment included in other assets | 1,899 | 1,687 | |
LIHTC unfunded commitments included in other liabilities | 910 | 875 | |
Renewable Energy | |||
Variable Interest Entity | |||
Renewable energy investments included in other assets | 441 | 403 | |
Commercial and industrial | Special Purpose Entities | |||
Variable Interest Entity | |||
Lending to special purpose entities included in loans and leases | 1,849 | 1,295 | |
Asset-Backed Securities | |||
Variable Interest Entity | |||
Debt securities held to maturity, carrying value | 787 | 893 | |
Asset-Backed Securities | Asset-Backed Securities | |||
Variable Interest Entity | |||
Debt securities held to maturity, carrying value | $ 789 | $ 893 | |
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
VARIABLE INTEREST ENTITIES - _2
VARIABLE INTEREST ENTITIES - Schedule of Affordable Housing Tax Credit Investments (Details) - LIHTC Investments - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Variable Interest Entity | ||||
Tax credits included in income tax expense | $ 48 | $ 40 | $ 150 | $ 120 |
Other tax benefits included in income tax expense | 11 | 10 | 36 | 30 |
Total tax benefits included in income tax expense | 59 | 50 | 186 | 150 |
Less: Amortization included in income tax expense | 50 | 42 | 156 | 127 |
Net benefit from affordable housing tax credit investments included in income tax expense | $ 9 | $ 8 | $ 30 | $ 23 |
BORROWED FUNDS - Narrative (Det
BORROWED FUNDS - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Short-term borrowed funds | $ 8 | $ 243 |
Hedging basis adjustments | 2,098 | 2,153 |
Available borrowing capacity | 63,600 | |
Federal Home Loan Bank Advances and Letters of Credit | Secured Debt | ||
Debt Instrument [Line Items] | ||
Short-term borrowed funds | 2,200 | 3,200 |
Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | 15,100 | 13,900 |
Parent Company | ||
Debt Instrument [Line Items] | ||
Principal balance | 3,200 | 3,500 |
Unamortized deferred issuance costs and/or discounts | (82) | (90) |
Banking Subsidiaries | ||
Debt Instrument [Line Items] | ||
Principal balance | 3,800 | 4,800 |
Unamortized deferred issuance costs and/or discounts | (8) | (11) |
Hedging basis adjustments | $ 63 | $ 112 |
BORROWED FUNDS - Long Term Debt
BORROWED FUNDS - Long Term Debt (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)note | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 6,947 | $ 8,346 |
Private Exchange Offers | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 265 | |
Number of outstanding subordinated notes exchanged | note | 5 | |
Parent Company | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 3,097 | |
Parent Company | Subordinated Debt | 4.150% fixed-rate subordinated debt, due September 2022 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 168 | 182 |
Interest rate | 4.15% | |
Parent Company | Subordinated Debt | 3.750% fixed-rate subordinated debt, due July 2024 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 90 | 159 |
Interest rate | 3.75% | |
Parent Company | Subordinated Debt | 4.023% fixed-rate subordinated debt, due October 2024 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 17 | 25 |
Interest rate | 4.023% | |
Parent Company | Subordinated Debt | 4.350% fixed-rate subordinated debt, due August 2025 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 133 | 193 |
Interest rate | 4.35% | |
Parent Company | Subordinated Debt | 4.300% fixed-rate subordinated debt, due December 2025 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 336 | 450 |
Interest rate | 4.30% | |
Parent Company | Subordinated Debt | 3.750% Fixed Rate Subordinated Debt, Due February 2031 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 69 | 0 |
Interest rate | 3.75% | |
Parent Company | Subordinated Debt | 4.300% Fixed Rate Subordinated Debt, Due February 2031 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 135 | 0 |
Interest rate | 4.30% | |
Parent Company | Subordinated Debt | 4.350% Fixed Rate Subordinated Debt, Due February 2031 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 61 | 0 |
Interest rate | 4.35% | |
Parent Company | Subordinated Debt | 2.638% fixed-rate subordinated debt, due September 2032 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 548 | 543 |
Parent Company | Senior Unsecured Notes | 2.375% fixed-rate senior unsecured debt, due July 2021 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 0 | 350 |
Interest rate | 2.375% | |
Parent Company | Senior Unsecured Notes | 2.850% fixed-rate senior unsecured notes, due July 2026 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 497 | 497 |
Interest rate | 2.85% | |
Parent Company | Senior Unsecured Notes | 2.500% fixed-rate senior unsecured notes, due February 2030 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 298 | 297 |
Interest rate | 2.50% | |
Parent Company | Senior Unsecured Notes | 3.250% fixed-rate senior unsecured notes, due April 2030 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 745 | 745 |
Interest rate | 3.25% | |
Parent Company | Senior Unsecured Notes | 2.638% fixed-rate subordinated debt, due September 2032 | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.638% | |
CBNA and Other Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 3,850 | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 3.750% Fixed Rate Subordinated Debt, Due February 2031 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.75% | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 4.300% Fixed Rate Subordinated Debt, Due February 2031 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.30% | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 4.350% Fixed Rate Subordinated Debt, Due February 2031 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.35% | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 2.550% senior unsecured notes, due May 2021 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 0 | 1,003 |
Interest rate | 2.55% | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 3.250% senior unsecured notes, due February 2022 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 704 | 716 |
Interest rate | 3.25% | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 0.941% Floating Rate Senior Unsecured Notes, Due February 2022 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 300 | 299 |
Interest rate | 0.845% | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 1.042% Floating Rate Senior Unsecured Notes, Due May 2022 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 250 | 250 |
Interest rate | 0.932% | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 2.650% senior unsecured notes, due May 2022 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 505 | 510 |
Interest rate | 2.65% | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 3.700% senior unsecured notes, due March 2023 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 517 | 527 |
Interest rate | 3.70% | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 1.201% Floating Rate Senior Unsecured Notes Due March 2023 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 250 | 249 |
Interest rate | 1.082% | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 2.250% senior unsecured notes, due April 2025 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 746 | 746 |
Interest rate | 2.25% | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 3.750% senior unsecured notes, due February 2026 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 533 | 551 |
Interest rate | 3.75% | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 3.750%, 4.300% And 4.350% Senior Notes Due 2031 | ||
Debt Instrument [Line Items] | ||
Redeemable period prior to maturity | 5 years | |
CBNA and Other Subsidiaries | Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 19 | 19 |
Weighted average rate | 0.864% | |
CBNA and Other Subsidiaries | Other | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 26 | $ 35 |
BORROWED FUNDS - Maturities of
BORROWED FUNDS - Maturities of Long-term Borrowed Funds (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2021 | $ 4 | |
2022 | 1,933 | |
2023 | 768 | |
2024 | 107 | |
2025 | 1,229 | |
2026 and thereafter | 2,906 | |
Total | 6,947 | $ 8,346 |
Parent Company | ||
Debt Instrument [Line Items] | ||
2021 | 0 | |
2022 | 168 | |
2023 | 0 | |
2024 | 107 | |
2025 | 469 | |
2026 and thereafter | 2,353 | |
Total | 3,097 | |
CBNA and Other Subsidiaries | ||
Debt Instrument [Line Items] | ||
2021 | 4 | |
2022 | 1,765 | |
2023 | 768 | |
2024 | 0 | |
2025 | 760 | |
2026 and thereafter | 553 | |
Total | $ 3,850 |
DERIVATIVES - Narrative (Detail
DERIVATIVES - Narrative (Details) $ in Millions | Sep. 30, 2021USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net gain (pre-tax) on derivatives expected to be reclassified in next 12 months | $ 76 |
DERIVATIVES - Schedule of Deriv
DERIVATIVES - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Assets | ||
Derivative assets | $ 2,098 | $ 2,153 |
Less: Gross amounts offset in the Consolidated Balance Sheets | (233) | (182) |
Less: Cash collateral applied | (96) | (56) |
Total net derivative fair values presented in the Consolidated Balance Sheets | 1,769 | 1,915 |
Derivative Liabilities | ||
Derivative Liabilities | 1,205 | 634 |
Less: Gross amounts offset in the Consolidated Balance Sheets | (233) | (182) |
Less: Cash collateral applied | (785) | (324) |
Total net derivative fair values presented in the Consolidated Balance Sheets | 187 | 128 |
Derivatives not designated as hedging instruments: | ||
Derivative Assets | ||
Derivative assets | 2,080 | 2,152 |
Derivative Liabilities | ||
Derivative Liabilities | 1,203 | 631 |
Interest rate contracts | ||
Derivative Assets | ||
Derivative assets | 930 | 1,566 |
Derivative Liabilities | ||
Derivative Liabilities | 169 | 217 |
Interest rate contracts | Derivatives designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 23,450 | 22,300 |
Derivative Assets | ||
Derivative assets | 18 | 1 |
Derivative Liabilities | ||
Derivative Liabilities | 2 | 3 |
Interest rate contracts | Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 142,109 | 149,021 |
Derivative Assets | ||
Derivative assets | 912 | 1,565 |
Derivative Liabilities | ||
Derivative Liabilities | 167 | 214 |
Foreign exchange contracts | ||
Derivative Assets | ||
Derivative assets | 249 | 320 |
Derivative Liabilities | ||
Derivative Liabilities | 205 | 291 |
Foreign exchange contracts | Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 16,342 | 16,789 |
Derivative Assets | ||
Derivative assets | 249 | 320 |
Derivative Liabilities | ||
Derivative Liabilities | 205 | 291 |
Commodities contracts | ||
Derivative Assets | ||
Derivative assets | 822 | 62 |
Derivative Liabilities | ||
Derivative Liabilities | 822 | 61 |
Commodities contracts | Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 539 | 246 |
Derivative Assets | ||
Derivative assets | 822 | 62 |
Derivative Liabilities | ||
Derivative Liabilities | 822 | 61 |
TBA contracts | ||
Derivative Assets | ||
Derivative assets | 44 | 8 |
Derivative Liabilities | ||
Derivative Liabilities | 9 | 65 |
TBA contracts | Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 9,284 | 11,149 |
Derivative Assets | ||
Derivative assets | 44 | 8 |
Derivative Liabilities | ||
Derivative Liabilities | 9 | 65 |
Other contracts | ||
Derivative Assets | ||
Derivative assets | 53 | 197 |
Other contracts | Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 5,604 | 8,051 |
Derivative Assets | ||
Derivative assets | 53 | 197 |
Derivative Liabilities | ||
Derivative Liabilities | $ 0 | $ 0 |
DERIVATIVES - Schedule of Fair
DERIVATIVES - Schedule of Fair Value Hedges (Details) - Interest rate swap - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest expense - long-term borrowed funds | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative | $ (13) | $ (16) | $ (51) | $ 82 |
Hedged Item | 13 | 17 | 50 | (78) |
Interest and fees on loans and leases | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative | 0 | 0 | 0 | 17 |
Hedged Item | 0 | 0 | 0 | (17) |
Interest income - investment securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative | 7 | 7 | 39 | (114) |
Hedged Item | $ (7) | $ (7) | $ (39) | $ 114 |
DERIVATIVES - Amounts Recorded
DERIVATIVES - Amounts Recorded in Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Carrying amount of hedged assets | $ 0 | $ 0 |
Last-of-layer hedging amount | 2,000 | |
Carrying value of hedged asset in lay-of-layer hedging relationship | 7,300 | 10,900 |
Debt securities available for sale | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | 7,287 | 10,869 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items | 57 | 96 |
Debt securities available for sale | ||
Derivative [Line Items] | ||
Carrying amount of the hedged liabilities | 0 | 0 |
Long-term borrowed funds | ||
Derivative [Line Items] | ||
Carrying amount of the hedged liabilities | 2,259 | 3,307 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of long-term borrowed funds | $ 63 | $ 112 |
DERIVATIVES - Effect of Derivat
DERIVATIVES - Effect of Derivative Instruments on Net Income and Stockholders' Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of pre-tax net gains (losses) recognized in OCI | $ (15) | $ 0 | $ 19 | $ 118 |
Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of pretax net gains (losses) from OCI into income statement | 46 | 68 | 141 | 128 |
Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of pretax net gains (losses) from OCI into income statement | $ (13) | $ (11) | $ (37) | $ (22) |
DERIVATIVES - Effect of Custome
DERIVATIVES - Effect of Customer Derivatives and Economic Hedges on Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts Recognized in Noninterest Income | $ 15 | $ 7 | $ (93) | $ 541 |
Economic hedges | Foreign exchange and interest rate products | Customer interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts Recognized in Noninterest Income | (10) | 7 | (225) | 1,276 |
Economic hedges | Foreign exchange and interest rate products | Derivatives hedging interest rate risk | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts Recognized in Noninterest Income | 17 | 1 | 244 | (1,245) |
Economic hedges | Foreign exchange and interest rate products | Customer foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts Recognized in Noninterest Income | (61) | 80 | (158) | 73 |
Economic hedges | Foreign exchange and interest rate products | Derivatives hedging foreign exchange risk | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts Recognized in Noninterest Income | 95 | (126) | 234 | (77) |
Economic hedges | Foreign exchange and interest rate products | Customer commodity contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts Recognized in Noninterest Income | 468 | 26 | 881 | (30) |
Economic hedges | Foreign exchange and interest rate products | Commodities contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts Recognized in Noninterest Income | (465) | (25) | (874) | 32 |
Economic hedges | Mortgage banking fees | Residential loan commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts Recognized in Noninterest Income | (13) | 36 | (184) | 190 |
Economic hedges | Mortgage banking fees | Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts Recognized in Noninterest Income | 4 | 6 | 138 | (13) |
Economic hedges | Mortgage banking fees | Derivative contracts used to hedge residential MSRs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts Recognized in Noninterest Income | $ (20) | $ 2 | $ (149) | $ 335 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ 23,199 | $ 22,418 | $ 22,673 | $ 22,201 |
Other comprehensive income (loss) before reclassifications | (120) | (44) | (392) | 493 |
Amounts reclassified to the Consolidated Statements of Operations | (7) | (40) | (56) | (72) |
Total other comprehensive income (loss), net of income taxes | (127) | (84) | (448) | 421 |
Ending balance | 23,423 | 22,469 | 23,423 | 22,469 |
Total AOCI | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (381) | 94 | (60) | (411) |
Total other comprehensive income (loss), net of income taxes | (127) | (84) | (448) | 421 |
Ending balance | (508) | 10 | (508) | 10 |
Net Unrealized Gains (Losses) on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (38) | 54 | (11) | 3 |
Other comprehensive income (loss) before reclassifications | (11) | 0 | 14 | 88 |
Amounts reclassified to the Consolidated Statements of Operations | (25) | (42) | (77) | (79) |
Total other comprehensive income (loss), net of income taxes | (36) | (42) | (63) | 9 |
Ending balance | (74) | 12 | (74) | 12 |
Net Unrealized Gains (Losses) on Debt Securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 78 | 448 | 380 | 1 |
Other comprehensive income (loss) before reclassifications | (109) | (44) | (406) | 405 |
Amounts reclassified to the Consolidated Statements of Operations | (2) | (1) | (7) | (3) |
Total other comprehensive income (loss), net of income taxes | (111) | (45) | (413) | 402 |
Ending balance | (33) | 403 | (33) | 403 |
Employee Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (421) | (408) | (429) | (415) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified to the Consolidated Statements of Operations | 20 | 3 | 28 | 10 |
Total other comprehensive income (loss), net of income taxes | 20 | 3 | 28 | 10 |
Ending balance | $ (401) | $ (405) | $ (401) | (405) |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ (331) |
STOCKHOLDERS' EQUITY - Treasury
STOCKHOLDERS' EQUITY - Treasury Stock Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Equity [Abstract] | ||
Repurchase of common stock | $ 95 | $ 270 |
Treasury stock purchased (in shares) | 2,244,924 |
STOCKHOLDERS' EQUITY - Authoriz
STOCKHOLDERS' EQUITY - Authorized Preferred Shares (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Jun. 11, 2021 | Dec. 31, 2020 | |
Preferred Stock | |||
Preferred stock, authorized (in shares) | 100,000,000 | 100,000,000 | |
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 | |
Preferred stock, issued (in shares) | 2,050,000 | 2,000,000 | |
Preferred stock, value, issued | $ 2,014,000,000 | $ 1,965,000,000 | |
Series A Preferred Stock | |||
Preferred Stock | |||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | ||
Preferred stock, issued (in shares) | 0 | 250,000 | |
Preferred stock, value, issued | $ 0 | $ 247,000,000 | |
Series B Preferred Stock | |||
Preferred Stock | |||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | ||
Preferred stock, issued (in shares) | 300,000 | 300,000 | |
Preferred stock, value, issued | $ 296,000,000 | $ 296,000,000 | |
Series C Preferred Stock | |||
Preferred Stock | |||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | ||
Preferred stock, issued (in shares) | 300,000 | 300,000 | |
Preferred stock, value, issued | $ 297,000,000 | $ 297,000,000 | |
Series D Preferred Stock | |||
Preferred Stock | |||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | ||
Preferred stock, issued (in shares) | 300,000 | 300,000 | |
Preferred stock, value, issued | $ 293,000,000 | $ 293,000,000 | |
Liquidation preference per depository share (usd per share) | $ 25 | ||
Depositary shares issued (in shares) | 12,000,000 | ||
Depository share interest percentage | 2.50% | ||
Series E Preferred Stock | |||
Preferred Stock | |||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | ||
Preferred stock, issued (in shares) | 450,000 | 450,000 | |
Preferred stock, value, issued | $ 437,000,000 | $ 437,000,000 | |
Liquidation preference per depository share (usd per share) | $ 25 | ||
Depositary shares issued (in shares) | 18,000,000 | ||
Depository share interest percentage | 2.50% | ||
Series F Preferred Stock | |||
Preferred Stock | |||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | ||
Preferred stock, issued (in shares) | 400,000 | 400,000 | |
Preferred stock, value, issued | $ 395,000,000 | $ 395,000,000 | |
Series G Preferred Stock | |||
Preferred Stock | |||
Preferred stock, par value (in dollars per share) | $ 25 | ||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | ||
Preferred stock, issued (in shares) | 300,000 | 0 | |
Preferred stock, value, issued | $ 296,000,000 | $ 300,000,000 | $ 0 |
STOCKHOLDERS' EQUITY - Dividend
STOCKHOLDERS' EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Class of Stock [Line Items] | ||||
Dividends declared per share of common stock (in usd per share) | $ 0.39 | $ 0.39 | $ 1.17 | $ 1.17 |
Common stock dividends declared and paid | $ 167 | $ 168 | $ 502 | $ 504 |
Preferred stock dividends declared and paid | $ 26 | $ 25 | $ 81 | $ 75 |
Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Dividends declared per share of preferred stock (in usd per share) | $ 0 | $ 10.90 | $ 20.99 | $ 51.88 |
Series B Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Dividends declared per share of preferred stock (in usd per share) | 0 | 0 | 30 | 30 |
Series C Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Dividends declared per share of preferred stock (in usd per share) | 15.94 | 15.94 | 47.81 | 47.81 |
Series D Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Dividends declared per share of preferred stock (in usd per share) | 15.88 | 15.88 | 47.63 | 47.63 |
Series E Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Dividends declared per share of preferred stock (in usd per share) | 12.50 | 12.50 | 37.50 | 37.50 |
Series F Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Dividends declared per share of preferred stock (in usd per share) | 14.13 | 19.15 | 42.38 | 19.15 |
Series G Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Dividends declared per share of preferred stock (in usd per share) | $ 12.78 | $ 0 | $ 12.78 | $ 0 |
Dividends Declared | ||||
Class of Stock [Line Items] | ||||
Common stock dividends declared and paid | $ 167 | $ 168 | $ 502 | $ 504 |
Preferred stock dividends declared and paid | 26 | 25 | 81 | 75 |
Dividends Declared | Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | 0 | 3 | 5 | 13 |
Dividends Declared | Series B Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | 0 | 0 | 9 | 9 |
Dividends Declared | Series C Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | 5 | 4 | 15 | 14 |
Dividends Declared | Series D Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | 5 | 4 | 14 | 14 |
Dividends Declared | Series E Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | 6 | 6 | 17 | 17 |
Dividends Declared | Series F Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | 6 | 8 | 17 | 8 |
Dividends Declared | Series G Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | 4 | 0 | 4 | 0 |
Dividends Paid | ||||
Class of Stock [Line Items] | ||||
Common stock dividends declared and paid | 167 | 168 | 502 | 504 |
Preferred stock dividends declared and paid | 33 | 28 | 88 | 73 |
Dividends Paid | Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | 3 | 3 | 8 | 10 |
Dividends Paid | Series B Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | 9 | 9 | 18 | 18 |
Dividends Paid | Series C Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | 5 | 5 | 15 | 15 |
Dividends Paid | Series D Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | 4 | 5 | 13 | 15 |
Dividends Paid | Series E Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | 6 | 6 | 17 | 15 |
Dividends Paid | Series F Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | 6 | 0 | 17 | 0 |
Dividends Paid | Series G Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | $ 0 | $ 0 | $ 0 | $ 0 |
STOCKHOLDERS' EQUITY - Preferre
STOCKHOLDERS' EQUITY - Preferred Stock Narrative (Details) - USD ($) | Jun. 11, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||
Preferred stock, value, issued | $ 2,014,000,000 | $ 1,965,000,000 | ||
Preferred stock, issued (in shares) | 2,050,000 | 2,000,000 | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 | ||
Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, dividend rate | 5.50% | |||
Preferred stock, value, issued | $ 0 | $ 247,000,000 | ||
Preferred stock, issued (in shares) | 0 | 250,000 | ||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | |||
Series G Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, dividend rate | 4.00% | |||
Preferred stock, value, issued | $ 300,000,000 | $ 296,000,000 | $ 0 | |
Preferred stock, issued (in shares) | 300,000 | 0 | ||
Preferred stock, par value (in dollars per share) | $ 25 | |||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2003 | |
Minimum | ||
Risk Participation Agreements [Abstract] | ||
Risk participation agreements, average term | 1 year | |
Maximum | ||
Risk Participation Agreements [Abstract] | ||
Risk participation agreements, average term | 8 years | |
Marketing rights | ||
Marketing Rights [Abstract] | ||
Commitment period | 25 years | |
Financial standby letters of credit | ||
Letters of Credit [Abstract] | ||
Letters of credit outstanding, term | ten years | |
Commercial letters of credit | ||
Letters of Credit [Abstract] | ||
Letters of credit outstanding, term | one year |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Schedule of Outstanding Off-balance sheet Arrangements (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||
Commitment amount | $ 82,721 | $ 76,580 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitment amount | 80,629 | 74,160 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Commitment amount | 1,939 | 2,239 |
Risk participation agreements | ||
Other Commitments [Line Items] | ||
Commitment amount | 57 | 98 |
Loans sold with recourse | ||
Other Commitments [Line Items] | ||
Commitment amount | 70 | 54 |
Marketing rights | ||
Other Commitments [Line Items] | ||
Commitment amount | $ 26 | $ 29 |
FAIR VALUE MEASUREMENTS - Resid
FAIR VALUE MEASUREMENTS - Residential Mortgage and Commercial Real Estate Loans Held For Sale (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | $ 3,177 | $ 3,564 |
Residential loans held for sale | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | 3,104 | 3,416 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | 3,177 | 3,564 |
Level 2 | Residential loans held for sale | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | 3,104 | 3,416 |
Aggregate Unpaid Principal | 3,029 | 3,260 |
Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal | 75 | 156 |
Level 2 | Commercial and commercial real estate loans held for sale, at fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | 73 | 148 |
Aggregate Unpaid Principal | 75 | 153 |
Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal | $ (2) | $ (5) |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Assets | |||
Securities available for sale | [1] | $ 24,911 | $ 22,942 |
Loans held for sale, at fair value | 3,177 | 3,564 | |
Mortgage servicing rights | 978 | 658 | |
Derivative assets | 2,098 | 2,153 | |
Equity securities, at fair value | 88 | 66 | |
Total assets | 31,252 | 29,383 | |
Liabilities | |||
Total derivative liabilities | 1,205 | 634 | |
Total liabilities | 1,205 | 634 | |
Interest rate contracts | |||
Assets | |||
Derivative assets | 930 | 1,566 | |
Liabilities | |||
Total derivative liabilities | 169 | 217 | |
Foreign exchange contracts | |||
Assets | |||
Derivative assets | 249 | 320 | |
Liabilities | |||
Total derivative liabilities | 205 | 291 | |
Commodities contracts | |||
Assets | |||
Derivative assets | 822 | 62 | |
Liabilities | |||
Total derivative liabilities | 822 | 61 | |
TBA contracts | |||
Assets | |||
Derivative assets | 44 | 8 | |
Liabilities | |||
Total derivative liabilities | 9 | 65 | |
Other contracts | |||
Assets | |||
Derivative assets | 53 | 197 | |
Level 1 | |||
Assets | |||
Securities available for sale | 11 | 11 | |
Loans held for sale, at fair value | 0 | 0 | |
Derivative assets | 0 | 0 | |
Equity securities, at fair value | 88 | 66 | |
Total assets | 99 | 77 | |
Liabilities | |||
Total derivative liabilities | 0 | 0 | |
Total liabilities | 0 | 0 | |
Level 1 | Interest rate contracts | |||
Assets | |||
Derivative assets | 0 | 0 | |
Liabilities | |||
Total derivative liabilities | 0 | 0 | |
Level 1 | Foreign exchange contracts | |||
Assets | |||
Derivative assets | 0 | 0 | |
Liabilities | |||
Total derivative liabilities | 0 | 0 | |
Level 1 | Commodities contracts | |||
Assets | |||
Derivative assets | 0 | 0 | |
Liabilities | |||
Total derivative liabilities | 0 | 0 | |
Level 1 | TBA contracts | |||
Assets | |||
Derivative assets | 0 | 0 | |
Liabilities | |||
Total derivative liabilities | 0 | 0 | |
Level 1 | Other contracts | |||
Assets | |||
Derivative assets | 0 | 0 | |
Level 2 | |||
Assets | |||
Securities available for sale | 24,900 | 22,931 | |
Loans held for sale, at fair value | 3,177 | 3,564 | |
Derivative assets | 2,045 | 1,956 | |
Equity securities, at fair value | 0 | 0 | |
Total assets | 30,122 | 28,451 | |
Liabilities | |||
Total derivative liabilities | 1,205 | 634 | |
Total liabilities | 1,205 | 634 | |
Level 2 | Interest rate contracts | |||
Assets | |||
Derivative assets | 930 | 1,566 | |
Liabilities | |||
Total derivative liabilities | 169 | 217 | |
Level 2 | Foreign exchange contracts | |||
Assets | |||
Derivative assets | 249 | 320 | |
Liabilities | |||
Total derivative liabilities | 205 | 291 | |
Level 2 | Commodities contracts | |||
Assets | |||
Derivative assets | 822 | 62 | |
Liabilities | |||
Total derivative liabilities | 822 | 61 | |
Level 2 | TBA contracts | |||
Assets | |||
Derivative assets | 44 | 8 | |
Liabilities | |||
Total derivative liabilities | 9 | 65 | |
Level 2 | Other contracts | |||
Assets | |||
Derivative assets | 0 | 0 | |
Level 3 | |||
Assets | |||
Securities available for sale | 0 | 0 | |
Loans held for sale, at fair value | 0 | 0 | |
Derivative assets | 53 | 197 | |
Equity securities, at fair value | 0 | 0 | |
Total assets | 1,031 | 855 | |
Liabilities | |||
Total derivative liabilities | 0 | 0 | |
Total liabilities | 0 | 0 | |
Level 3 | Interest rate contracts | |||
Assets | |||
Derivative assets | 0 | 0 | |
Liabilities | |||
Total derivative liabilities | 0 | 0 | |
Level 3 | Foreign exchange contracts | |||
Assets | |||
Derivative assets | 0 | 0 | |
Liabilities | |||
Total derivative liabilities | 0 | 0 | |
Level 3 | Commodities contracts | |||
Assets | |||
Derivative assets | 0 | 0 | |
Liabilities | |||
Total derivative liabilities | 0 | 0 | |
Level 3 | TBA contracts | |||
Assets | |||
Derivative assets | 0 | 0 | |
Liabilities | |||
Total derivative liabilities | 0 | 0 | |
Level 3 | Other contracts | |||
Assets | |||
Derivative assets | 53 | 197 | |
Mortgage-backed securities | |||
Assets | |||
Securities available for sale | 24,131 | 22,928 | |
Mortgage-backed securities | Level 1 | |||
Assets | |||
Securities available for sale | 0 | 0 | |
Mortgage-backed securities | Level 2 | |||
Assets | |||
Securities available for sale | 24,131 | 22,928 | |
Mortgage-backed securities | Level 3 | |||
Assets | |||
Securities available for sale | 0 | 0 | |
Collateralized loan obligations | |||
Assets | |||
Securities available for sale | 767 | ||
Collateralized loan obligations | Level 1 | |||
Assets | |||
Securities available for sale | 0 | ||
Collateralized loan obligations | Level 2 | |||
Assets | |||
Securities available for sale | 767 | ||
Collateralized loan obligations | Level 3 | |||
Assets | |||
Securities available for sale | 0 | ||
State and political subdivisions | |||
Assets | |||
Securities available for sale | 2 | 3 | |
State and political subdivisions | Level 1 | |||
Assets | |||
Securities available for sale | 0 | 0 | |
State and political subdivisions | Level 2 | |||
Assets | |||
Securities available for sale | 2 | 3 | |
State and political subdivisions | Level 3 | |||
Assets | |||
Securities available for sale | 0 | 0 | |
U.S. Treasury and other | |||
Assets | |||
Securities available for sale | 11 | 11 | |
U.S. Treasury and other | Level 1 | |||
Assets | |||
Securities available for sale | 11 | 11 | |
U.S. Treasury and other | Level 2 | |||
Assets | |||
Securities available for sale | 0 | 0 | |
U.S. Treasury and other | Level 3 | |||
Assets | |||
Securities available for sale | 0 | 0 | |
Residential loans held for sale | |||
Assets | |||
Loans held for sale, at fair value | 3,104 | 3,416 | |
Residential loans held for sale | Level 1 | |||
Assets | |||
Loans held for sale, at fair value | 0 | 0 | |
Residential loans held for sale | Level 2 | |||
Assets | |||
Loans held for sale, at fair value | 3,104 | 3,416 | |
Residential loans held for sale | Level 3 | |||
Assets | |||
Loans held for sale, at fair value | 0 | 0 | |
Commercial loans held for sale | |||
Assets | |||
Loans held for sale, at fair value | 73 | 148 | |
Commercial loans held for sale | Level 1 | |||
Assets | |||
Loans held for sale, at fair value | 0 | 0 | |
Commercial loans held for sale | Level 2 | |||
Assets | |||
Loans held for sale, at fair value | 73 | 148 | |
Commercial loans held for sale | Level 3 | |||
Assets | |||
Loans held for sale, at fair value | 0 | 0 | |
Residential mortgage | |||
Assets | |||
Mortgage servicing rights | 978 | 658 | |
Residential mortgage | Level 1 | |||
Assets | |||
Mortgage servicing rights | 0 | 0 | |
Residential mortgage | Level 2 | |||
Assets | |||
Mortgage servicing rights | 0 | 0 | |
Residential mortgage | Level 3 | |||
Assets | |||
Mortgage servicing rights | $ 978 | $ 658 | |
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
FAIR VALUE MEASUREMENTS - Sch_2
FAIR VALUE MEASUREMENTS - Schedule of Assets Measured on Recurring Basis Level 3 Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Mortgage Servicing Rights | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 902 | $ 568 | $ 658 | $ 642 |
Purchases | 0 | 0 | ||
Issuances | 109 | 85 | 318 | 238 |
Settlements | (54) | (55) | (159) | (141) |
Change in fair value during the period recognized in earnings | 21 | 8 | 161 | (323) |
Ending balance | 978 | 606 | 978 | 606 |
Asset-Backed Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Purchases | 813 | 813 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Change in fair value during the period recognized in earnings | 0 | 0 | ||
Ending balance | 813 | 813 | ||
Other Derivative Contracts | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 89 | 173 | 197 | 19 |
Purchases | 0 | 0 | ||
Issuances | 81 | 283 | 323 | 688 |
Settlements | (104) | (372) | (283) | (792) |
Change in fair value during the period recognized in earnings | (13) | 125 | (184) | 294 |
Ending balance | $ 53 | 209 | $ 53 | 209 |
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Servicing Rights | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 190 | ||
Cumulative Effect, Period of Adoption, Adjustment | Asset-Backed Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Cumulative Effect, Period of Adoption, Adjustment | Other Derivative Contracts | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Servicing Rights | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 568 | 832 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Asset-Backed Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Other Derivative Contracts | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 173 | $ 19 |
FAIR VALUE MEASUREMENTS - Unobs
FAIR VALUE MEASUREMENTS - Unobservable Inputs Used and Valuation Techniques (Details) - Level 3 | Sep. 30, 2021 |
Mortgage servicing rights | Minimum | Discounted Cash Flow | Constant prepayment rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Mortgage servicing rights, measurement input | 0.0996 |
Mortgage servicing rights | Minimum | Discounted Cash Flow | Option adjusted spread | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Mortgage servicing rights, measurement input | 3.50 |
Mortgage servicing rights | Maximum | Discounted Cash Flow | Constant prepayment rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Mortgage servicing rights, measurement input | 0.2798 |
Mortgage servicing rights | Maximum | Discounted Cash Flow | Option adjusted spread | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Mortgage servicing rights, measurement input | 13.18 |
Mortgage servicing rights | Weighted Average | Discounted Cash Flow | Constant prepayment rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Mortgage servicing rights, measurement input | 0.113 |
Mortgage servicing rights | Weighted Average | Discounted Cash Flow | Option adjusted spread | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Mortgage servicing rights, measurement input | 5.82 |
Customer commodity contracts | Minimum | Internal Model | Pull through rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Other derivative contracts, measurement input | 0.1096 |
Customer commodity contracts | Minimum | Internal Model | MSR value | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Other derivative contracts, measurement input | (0.1000) |
Customer commodity contracts | Maximum | Internal Model | Pull through rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Other derivative contracts, measurement input | 1 |
Customer commodity contracts | Maximum | Internal Model | MSR value | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Other derivative contracts, measurement input | 1.4529 |
Customer commodity contracts | Weighted Average | Internal Model | Pull through rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Other derivative contracts, measurement input | 0.8330 |
Customer commodity contracts | Weighted Average | Internal Model | MSR value | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Other derivative contracts, measurement input | 0.9979 |
FAIR VALUE MEASUREMENTS - Sch_3
FAIR VALUE MEASUREMENTS - Schedule of Gain (Loss) on Assets and Liabilities Measured on Nonrecurring Basis Included in Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Nonrecurring measurement basis | Collateral-dependent loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain (loss) included in earnings on assets measured on a nonrecurring basis | $ (4) | $ (21) | $ (23) | $ (65) |
FAIR VALUE MEASUREMENTS - Sch_4
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements on a Nonrecurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Premises and equipment, net | $ 732 | $ 759 |
Nonrecurring measurement basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | 585 | 758 |
Level 1 | Nonrecurring measurement basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | 0 | 0 |
Level 2 | Nonrecurring measurement basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | 585 | 758 |
Level 3 | Nonrecurring measurement basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Sch_5
FAIR VALUE MEASUREMENTS - Schedule of Financial Instruments not Recorded at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt securities held to maturity, carrying value | [1] | $ 2,492 | $ 3,235 |
Debt Securities held-to-maturity, Fair Value | 2,567 | 3,357 | |
Other loans held for sale, carrying value | 93 | 439 | |
Other loans held for sale, fair value | 93 | 439 | |
Loans and leases | 123,318 | 123,090 | |
Loans and leases, fair value | 123,318 | 123,678 | |
Other assets, carrying value | 616 | 604 | |
Other assets, fair value | 616 | 604 | |
Deposits, carrying value | 152,221 | 147,164 | |
Deposits, fair value | 152,237 | 147,223 | |
Short-term borrowed funds, carrying value | 8 | 243 | |
Short-term borrowed funds, fair value | 8 | 243 | |
Long-term borrowed funds, carrying value | 6,947 | 8,346 | |
Long-term borrowed funds, fair value | 7,260 | 8,850 | |
Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt securities held to maturity, carrying value | 0 | 0 | |
Debt Securities held-to-maturity, Fair Value | 0 | 0 | |
Other loans held for sale, carrying value | 0 | 0 | |
Other loans held for sale, fair value | 0 | 0 | |
Loans and leases | 0 | 0 | |
Loans and leases, fair value | 0 | 0 | |
Other assets, carrying value | 0 | 0 | |
Other assets, fair value | 0 | 0 | |
Deposits, carrying value | 0 | 0 | |
Deposits, fair value | 0 | 0 | |
Short-term borrowed funds, carrying value | 0 | 0 | |
Short-term borrowed funds, fair value | 0 | 0 | |
Long-term borrowed funds, carrying value | 0 | 0 | |
Long-term borrowed funds, fair value | 0 | 0 | |
Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt securities held to maturity, carrying value | 1,705 | 2,342 | |
Debt Securities held-to-maturity, Fair Value | 1,778 | 2,464 | |
Other loans held for sale, carrying value | 0 | 0 | |
Other loans held for sale, fair value | 0 | 0 | |
Loans and leases | 585 | 758 | |
Loans and leases, fair value | 585 | 758 | |
Other assets, carrying value | 593 | 596 | |
Other assets, fair value | 593 | 596 | |
Deposits, carrying value | 152,221 | 147,164 | |
Deposits, fair value | 152,237 | 147,223 | |
Short-term borrowed funds, carrying value | 8 | 243 | |
Short-term borrowed funds, fair value | 8 | 243 | |
Long-term borrowed funds, carrying value | 6,947 | 8,346 | |
Long-term borrowed funds, fair value | 7,260 | 8,850 | |
Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt securities held to maturity, carrying value | 787 | 893 | |
Debt Securities held-to-maturity, Fair Value | 789 | 893 | |
Other loans held for sale, carrying value | 93 | 439 | |
Other loans held for sale, fair value | 93 | 439 | |
Loans and leases | 122,733 | 122,332 | |
Loans and leases, fair value | 122,733 | 122,920 | |
Other assets, carrying value | 23 | 8 | |
Other assets, fair value | 23 | 8 | |
Deposits, carrying value | 0 | 0 | |
Deposits, fair value | 0 | 0 | |
Short-term borrowed funds, carrying value | 0 | 0 | |
Short-term borrowed funds, fair value | 0 | 0 | |
Long-term borrowed funds, carrying value | 0 | 0 | |
Long-term borrowed funds, fair value | $ 0 | $ 0 | |
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
NONINTEREST INCOME - Components
NONINTEREST INCOME - Components of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 307 | $ 258 | $ 902 | $ 779 |
Total noninterest income | 514 | 654 | 1,541 | 1,741 |
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from other sources | 207 | 396 | 639 | 962 |
Total noninterest income | 514 | 654 | 1,541 | 1,741 |
Consumer Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 200 | 173 | 569 | 509 |
Consumer Banking | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from other sources | 115 | 322 | 380 | 771 |
Total noninterest income | 315 | 495 | 949 | 1,280 |
Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 107 | 85 | 333 | 270 |
Commercial Banking | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from other sources | 61 | 59 | 183 | 143 |
Total noninterest income | 168 | 144 | 516 | 413 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from other sources | 31 | 15 | 76 | 48 |
Total noninterest income | 31 | 15 | 76 | 48 |
Service charges and fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 109 | 96 | 308 | 298 |
Service charges and fees | Consumer Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 82 | 71 | 230 | 222 |
Service charges and fees | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 27 | 25 | 78 | 76 |
Service charges and fees | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Card fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 65 | 56 | 183 | 160 |
Card fees | Consumer Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 57 | 49 | 160 | 136 |
Card fees | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 8 | 7 | 23 | 24 |
Card fees | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Capital markets fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 69 | 50 | 225 | 163 |
Capital markets fees | Consumer Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Capital markets fees | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 69 | 50 | 225 | 163 |
Capital markets fees | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Trust and investment services fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 61 | 53 | 179 | 151 |
Trust and investment services fees | Consumer Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 61 | 53 | 179 | 151 |
Trust and investment services fees | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Trust and investment services fees | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Other banking fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3 | 3 | 7 | 7 |
Other banking fees | Consumer Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Other banking fees | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3 | 3 | 7 | 7 |
Other banking fees | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 0 | $ 0 | $ 0 | $ 0 |
NONINTEREST INCOME - Narrative
NONINTEREST INCOME - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Trust and investment services fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Trailing commission income | $ 4 | $ 3 | $ 12 | $ 10 |
OTHER OPERATING EXPENSE (Detail
OTHER OPERATING EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | ||||
Marketing | $ 32 | $ 24 | $ 82 | $ 75 |
Other | 92 | 71 | 226 | 242 |
Other operating expense | $ 124 | $ 95 | $ 308 | $ 317 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator (basic and diluted): | ||||
Net income | $ 530 | $ 314 | $ 1,789 | $ 601 |
Less: Preferred stock dividends | 26 | 25 | 81 | 75 |
Net income available to common stockholders | $ 504 | $ 289 | $ 1,708 | $ 526 |
Denominator: | ||||
Weighted-average common shares outstanding - basic (in shares) | 426,086,717 | 426,846,096 | 425,996,867 | 427,058,412 |
Dilutive common shares: share-based awards (in shares) | 1,754,247 | 1,146,253 | 1,683,018 | 1,083,946 |
Weighted-average common shares outstanding - diluted (in shares) | 427,840,964 | 427,992,349 | 427,679,885 | 428,142,358 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 1.18 | $ 0.68 | $ 4.01 | $ 1.23 |
Diluted (in dollars per share) | $ 1.18 | $ 0.68 | $ 3.99 | $ 1.23 |
Share-based awards excluded from diluted earnings per share computation (in shares) | 10,614 | 1,193,668 | 4,238 | 1,249,785 |
BUSINESS OPERATING SEGMENTS - N
BUSINESS OPERATING SEGMENTS - Narrative (Details) | 9 Months Ended |
Sep. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of segments | 2 |
BUSINESS OPERATING SEGMENTS - A
BUSINESS OPERATING SEGMENTS - Assets by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 1,145 | $ 1,137 | $ 3,386 | $ 3,457 |
Noninterest income | 514 | 654 | 1,541 | 1,741 |
Total revenue | 1,659 | 1,791 | 4,927 | 5,198 |
Noninterest expense | 1,011 | 988 | 3,020 | 2,979 |
Profit (loss) before provision for credit losses | 648 | 803 | 1,907 | 2,219 |
Provision for credit losses | (33) | 428 | (386) | 1,492 |
Income before income tax expense | 681 | 375 | 2,293 | 727 |
Income tax expense (benefit) | 151 | 61 | 504 | 126 |
NET INCOME | 530 | 314 | 1,789 | 601 |
Total average assets | 186,108 | 177,675 | 184,391 | 174,892 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 514 | 654 | 1,541 | 1,741 |
Operating Segments | Consumer Banking | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 919 | 845 | 2,679 | 2,452 |
Noninterest income | 315 | 495 | 949 | 1,280 |
Total revenue | 1,234 | 1,340 | 3,628 | 3,732 |
Noninterest expense | 749 | 742 | 2,250 | 2,215 |
Profit (loss) before provision for credit losses | 485 | 598 | 1,378 | 1,517 |
Provision for credit losses | 35 | 55 | 139 | 232 |
Income before income tax expense | 450 | 543 | 1,239 | 1,285 |
Income tax expense (benefit) | 114 | 136 | 315 | 322 |
NET INCOME | 336 | 407 | 924 | 963 |
Total average assets | 75,070 | 73,605 | 75,317 | 71,227 |
Operating Segments | Commercial Banking | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 428 | 421 | 1,268 | 1,205 |
Noninterest income | 168 | 144 | 516 | 413 |
Total revenue | 596 | 565 | 1,784 | 1,618 |
Noninterest expense | 226 | 210 | 679 | 644 |
Profit (loss) before provision for credit losses | 370 | 355 | 1,105 | 974 |
Provision for credit losses | 15 | 161 | 150 | 274 |
Income before income tax expense | 355 | 194 | 955 | 700 |
Income tax expense (benefit) | 81 | 41 | 205 | 147 |
NET INCOME | 274 | 153 | 750 | 553 |
Total average assets | 56,702 | 60,889 | 57,318 | 61,722 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | (202) | (129) | (561) | (200) |
Total revenue | (171) | (114) | (485) | (152) |
Noninterest expense | 36 | 36 | 91 | 120 |
Profit (loss) before provision for credit losses | (207) | (150) | (576) | (272) |
Provision for credit losses | (83) | 212 | (675) | 986 |
Income before income tax expense | (124) | (362) | 99 | (1,258) |
Income tax expense (benefit) | (44) | (116) | (16) | (343) |
NET INCOME | (80) | (246) | 115 | (915) |
Total average assets | $ 54,336 | $ 43,181 | $ 51,756 | $ 41,943 |