Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 25, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 | 495,446,033 | |
Entity Central Index Key | 0000759944 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
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 | Mar. 31, 2022 | Dec. 31, 2021 | |
ASSETS: | |||
Cash and due from banks | $ 1,223 | $ 1,155 | |
Interest-bearing cash and due from banks | 8,713 | 8,003 | |
Interest-bearing deposits in banks | 685 | 316 | |
Debt securities available for sale, at fair value (including $865 and $640 pledged to creditors, respectively) | [1] | 25,319 | 26,067 |
Debt securities held to maturity (fair value of $2,011 and $2,289 respectively, and including $70 and $77 pledged to creditors, respectively) | [1] | 2,056 | 2,242 |
Loans held for sale, at fair value | 1,717 | 2,733 | |
Other loans held for sale | 99 | 735 | |
Loans and leases | 131,305 | 128,163 | |
Less: Allowance for loan and lease losses | (1,720) | (1,758) | |
Net loans and leases | 129,585 | 126,405 | |
Derivative assets | 1,675 | 1,216 | |
Premises and equipment, net | 793 | 768 | |
Bank-owned life insurance | 2,960 | 2,843 | |
Goodwill | 7,232 | 7,116 | |
Other assets | 10,040 | 8,810 | |
TOTAL ASSETS | 192,097 | 188,409 | |
Deposits: | |||
Noninterest-bearing | 50,113 | 49,443 | |
Interest-bearing | 108,663 | 104,918 | |
Total deposits | 158,776 | 154,361 | |
Short-term borrowed funds | 25 | 74 | |
Derivative liabilities | 635 | 197 | |
Long-term borrowed funds | 5,894 | 6,932 | |
Other liabilities | 4,693 | 3,425 | |
TOTAL LIABILITIES | 170,023 | 164,989 | |
Commitments and Contingencies (refer to Note 12) | |||
Preferred stock: | |||
$25.00 par value,100,000,000 shares authorized; 2,050,000 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 2,014 | 2,014 | |
Common stock: | |||
$0.01 par value, 1,000,000,000 shares authorized; 572,153,923 shares issued and 423,031,985 shares outstanding at March 31, 2022 and 571,259,135 shares issued and 422,137,197 shares outstanding at December 31, 2021 | 6 | 6 | |
Additional paid-in capital | 19,021 | 19,005 | |
Retained earnings | 8,209 | 7,978 | |
Treasury stock, at cost, 149,121,938 shares at March 31, 2022 and December 31, 2021 | (4,918) | (4,918) | |
Accumulated other comprehensive income (loss) | (2,258) | (665) | |
TOTAL STOCKHOLDERS’ EQUITY | 22,074 | 23,420 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 192,097 | $ 188,409 | |
Treasury stock (in shares) | 149,121,938 | 149,121,938 | |
[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 | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Securities held-to-maturity, fair value | $ 2,011 | $ 2,289 |
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 | 2,050,000 |
Preferred stock, outstanding (in shares) | 2,050,000 | |
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) | 572,153,923 | 571,259,135 |
Common stock, outstanding (in shares) | 423,031,985 | 422,137,197 |
Treasury stock (in shares) | 149,121,938 | 149,121,938 |
Available-for-sale Securities | ||
ASSETS: | ||
Securities, pledged to creditors | $ 865 | $ 640 |
Held-to-maturity Securities | ||
ASSETS: | ||
Securities, pledged to creditors | 70 | 77 |
Securities held-to-maturity, fair value | $ 2,011 | $ 2,289 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
INTEREST INCOME: | ||
Interest and fees on loans and leases | $ 1,048 | $ 1,061 |
Interest and fees on loans held for sale | 16 | 18 |
Interest and fees on other loans held for sale | 7 | 6 |
Investment securities | 138 | 128 |
Interest-bearing deposits in banks | 4 | 3 |
Total interest income | 1,213 | 1,216 |
INTEREST EXPENSE: | ||
Deposits | 25 | 50 |
Long-term borrowed funds | 41 | 49 |
Total interest expense | 66 | 99 |
Net interest income | 1,147 | 1,117 |
Provision (benefit) for credit losses | 3 | (140) |
Net interest income after provision (benefit) for credit losses | 1,144 | 1,257 |
NONINTEREST INCOME: | ||
Capital markets fees | 93 | 81 |
Service charges and fees | 98 | 99 |
Mortgage banking fees | 69 | 165 |
Card fees | 60 | 55 |
Trust and investment services fees | 61 | 58 |
Letter of credit and loan fees | 38 | 38 |
Foreign exchange and derivative products | 51 | 28 |
Securities gains, net | 4 | 3 |
Other income | 24 | 15 |
Total noninterest income | 498 | 542 |
NONINTEREST EXPENSE: | ||
Salaries and employee benefits | 594 | 548 |
Equipment and software | 150 | 152 |
Outside services | 169 | 139 |
Occupancy | 83 | 88 |
Other operating expense | 110 | 91 |
Total noninterest expense | 1,106 | 1,018 |
Income before income tax expense | 536 | 781 |
Income tax expense | 116 | 170 |
NET INCOME | 420 | 611 |
Net income available to common stockholders | $ 396 | $ 588 |
Weighted-average common shares outstanding: | ||
Basic (in Shares) | 422,401,747 | 425,953,716 |
Diluted (in Shares) | 424,670,871 | 427,880,530 |
Per common share information: | ||
Basic earnings (in dollars per share) | $ 0.94 | $ 1.38 |
Diluted earnings (in dollars per Share) | $ 0.93 | $ 1.37 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 420 | $ 611 |
Other comprehensive income (loss): | ||
Net unrealized derivative instruments gains (losses) arising during the periods, net of income taxes of ($170) and ($7), respectively | (491) | (21) |
Reclassification adjustment for net derivative (gains) losses included in net income, net of income taxes of ($8) and ($9), respectively | (24) | (25) |
Net unrealized debt securities gains (losses) arising during the periods, net of income taxes of ($357) and ($100), respectively | (1,077) | (307) |
Reclassification of net debt securities (gains) losses to net income, net of income taxes of ($1) and ($1), respectively | (3) | (2) |
Reclassification of actuarial loss to net income, net of income taxes of $1 and $0, respectively | 2 | 4 |
Total other comprehensive income (loss), net of income taxes | (1,593) | (351) |
Total comprehensive income (loss) | $ (1,173) | $ 260 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net unrealized derivative instrument gains arising during the periods, tax | $ (170) | $ (7) |
Reclassification adjustment for net derivative gains included in net income, tax | (8) | (9) |
Net unrealized debt securities (losses) gains arising during the periods, tax | (357) | (100) |
Reclassification of net debt securities gains to net income, tax | (1) | (1) |
Amortization of actuarial loss, tax | $ 1 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2020 | 2 | 427 | |||||
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 | (167) | (167) | |||||
Dividends to preferred stockholders | (23) | (23) | |||||
Treasury stock purchased (in shares) | (2) | ||||||
Treasury stock purchased | (95) | (95) | |||||
Share-based compensation plans (in shares) | 1 | ||||||
Employee stock purchase plan | 5 | 5 | |||||
Total comprehensive income: | |||||||
Net income | 611 | 611 | |||||
Other comprehensive income (loss) | (351) | (351) | |||||
Total comprehensive income (loss) | 260 | 611 | (351) | ||||
Ending balance (in shares) at Mar. 31, 2021 | 2 | 426 | |||||
Ending balance at Mar. 31, 2021 | 22,653 | $ 1,965 | $ 6 | 18,945 | 6,866 | (4,718) | (411) |
Beginning balance (in shares) at Dec. 31, 2021 | 2 | 422 | |||||
Beginning balance at Dec. 31, 2021 | 23,420 | $ 2,014 | $ 6 | 19,005 | 7,978 | (4,918) | (665) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends to common stockholders | (165) | (165) | |||||
Dividends to preferred stockholders | (24) | (24) | |||||
Share-based compensation plans (in shares) | 1 | ||||||
Share-based compensation plans | 10 | 10 | |||||
Employee stock purchase plan | 6 | 6 | |||||
Total comprehensive income: | |||||||
Net income | 420 | 420 | |||||
Other comprehensive income (loss) | (1,593) | (1,593) | |||||
Total comprehensive income (loss) | (1,173) | 420 | (1,593) | ||||
Ending balance (in shares) at Mar. 31, 2022 | 2 | 423 | |||||
Ending balance at Mar. 31, 2022 | $ 22,074 | $ 2,014 | $ 6 | $ 19,021 | $ 8,209 | $ (4,918) | $ (2,258) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
OPERATING ACTIVITIES | |||
Net income | $ 420 | $ 611 | |
Adjustments to reconcile net income to net change in cash due to operating activities: | |||
Provision (benefit) for credit losses | 3 | (140) | |
Net change in loans held for sale | 898 | (622) | |
Depreciation, amortization and accretion | 67 | 152 | |
Deferred income taxes | (47) | 80 | |
Share-based compensation | 33 | 22 | |
Net gain on sales of assets | (4) | (3) | |
Net (increase) decrease in other assets | (1,216) | (773) | |
Net increase (decrease) in other liabilities | 1,400 | (17) | |
Net change due to operating activities | 1,554 | (690) | |
Investment securities: | |||
Purchases of debt securities available for sale | (2,656) | (4,256) | |
Proceeds from maturities and paydowns of debt securities available for sale | 1,203 | 2,281 | |
Proceeds from sales of debt securities available for sale | 704 | 54 | |
Proceeds from maturities and paydowns of debt securities held to maturity | 190 | 241 | |
Net (increase) decrease in interest-bearing deposits in banks | (369) | (2) | |
Acquisitions, net of cash acquired | (143) | 0 | |
Purchases of loans | (718) | (478) | |
Sales of loans | 305 | 326 | |
Net (increase) decrease in loans and leases | (2,196) | 1,194 | |
Capital expenditures, net | (51) | (10) | |
Purchase of bank-owned life insurance | (100) | (375) | |
Other | (83) | (47) | |
Net change due to investing activities | (3,914) | (1,072) | |
FINANCING ACTIVITIES | |||
Net increase (decrease) in deposits | 4,415 | 4,185 | |
Net increase (decrease) in short-term borrowed funds | (52) | (176) | |
Repayments of long-term borrowed funds | (1,004) | (4) | |
Treasury stock purchased | 0 | (95) | |
Dividends declared and paid to common stockholders | (165) | (167) | |
Dividends declared and paid to preferred stockholders | (33) | (32) | |
Premium paid to exchange debt | 0 | (1) | |
Payments of employee tax withholding for share-based compensation | (23) | (21) | |
Net change due to financing activities | 3,138 | 3,689 | |
Net change in cash and cash equivalents | [1] | 778 | 1,927 |
Cash and cash equivalents at beginning of period | [1] | 9,158 | 12,733 |
Cash and cash equivalents at end of period | [1] | $ 9,936 | $ 14,660 |
[1] | Cash and cash equivalents include cash and due from banks and interest-bearing cash and due from banks as reflected on the Consolidated Balance Sheets. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2022 | |
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, 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. The 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 2021 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 Citizens and subsidiaries in which Citizens 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 2021 Form 10-K. |
ACQUISITIONS
ACQUISITIONS | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | NOTE 2 - ACQUISITIONS Acquisition of HSBC On February 18, 2022, CBNA closed on its previously announced HSBC transaction, which included 66 locations in the New York City metropolitan area, 9 locations in the Mid-Atlantic/Washington D.C. area, and 5 locations in Southeast Florida. The acquired liabilities and assets included approximately $6.3 billion in deposits and $1.5 billion in loans. The transaction resulted in an estimated increase to goodwill of approximately $120 million, which was allocated to the Consumer business segment as of March 31, 2022. The results of HSBC’s operations are included in the Company’s consolidated statement of operations for the three months ended March 31, 2022 from the closing date of the HSBC transaction. The impact of these results, along with supplemental pro forma information as if the HSBC transaction had occurred on January 1, 2021, are not material to the Company’s Consolidated Statements of Operations. The HSBC transaction has been accounted for as a business combination. Accordingly, the assets acquired and liabilities assumed from HSBC were recorded at fair value as of the transaction date. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and are subject to change. Fair value estimates related to the assets acquired and liabilities assumed from HSBC are subject to adjustment for up to one year after the closing date. Valuations subject to adjustment include, but are not limited to, loans, deposits, certain other assets and the core deposit intangible, although any such adjustments are not expected to be material. The fair value of the assets acquired and liabilities assumed from HSBC are not material to the Company’s Consolidated Balance Sheet as of March 31, 2022. Acquisition of Investors On April 6, 2022, Citizens completed its previously announced merger with Investors pursuant to an agreement and plan on merger entered into on July 28, 2021. Pursuant to the terms of the agreement, Investors merged with Citizens, with Citizens as the surviving corporation, and Investors Bank, a New Jersey state-chartered bank and wholly-owned subsidiary of Investors, merged with CBNA, with CBNA as the surviving bank. The acquisition of Investors builds our physical presence in the Mid-Atlantic region with the addition of 154 branches located in the greater New York City and Philadelphia metropolitan areas and across New Jersey. On March 31, 2022, Investors’ Consolidated Balance Sheet had approximately $23 billion of loans and $20 billion of deposits. Upon closing of the merger, each share of Investors common stock was converted into 0.297 of a share of the Company’s common stock. In addition, outstanding restricted shares and stock options previously granted pursuant to Investors equity compensation plans were converted into Company restricted shares and stock options subject to their original terms and conditions. As a result, the transaction resulted in an increase of approximately 73.6 million basic and diluted shares. The Company also paid $355 million to shareholders of Investors, who received $1.46 in cash for each share of Investors they owned. The Investors transaction will be accounted for as a business combination. Accordingly, the purchase price will be allocated to the assets acquired and liabilities assumed based on their fair values as of the merger effective date. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and are subject to change. Given the close proximity between the transaction closing date and the filing of the Company’s Quarterly Report on Form 10-Q, the preliminary purchase price allocation is not yet complete. Management expects to complete the initial accounting for its merger with Investors, including the purchase price allocation, later in the second quarter of 2022. As a result, the estimated fair values of the assets acquired and liabilities assumed, the valuation techniques and inputs used to measure and develop the fair values, and any goodwill recorded will be disclosed in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2022, along with supplemental pro forma financial information as if the merger with Investors had occurred as of January 1, 2021. |
SECURITIES
SECURITIES | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | NOTE 3 - SECURITIES The following table presents the major components of securities at amortized cost and fair value: March 31, 2022 December 31, 2021 (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 $158 $— ($4) $154 $11 $— $— $11 State and political subdivisions 2 — — 2 2 — — 2 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 25,074 4 (1,580) 23,498 24,607 210 (375) 24,442 Other/non-agency 412 2 (13) 401 397 9 (1) 405 Total mortgage-backed securities 25,486 6 (1,593) 23,899 25,004 219 (376) 24,847 Collateralized loan obligations 1,276 — (12) 1,264 1,208 — (1) 1,207 Total debt securities available for sale, at fair value $26,922 $6 ($1,609) $25,319 $26,225 $219 ($377) $26,067 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities $1,370 $3 ($18) $1,355 $1,505 $52 $— $1,557 Total mortgage-backed securities 1,370 3 (18) 1,355 1,505 52 — 1,557 Asset-backed securities 686 — (30) 656 737 2 (7) 732 Total debt securities held to maturity $2,056 $3 ($48) $2,011 $2,242 $54 ($7) $2,289 Equity securities, at cost $611 $— $— $611 $624 $— $— $624 Equity securities, at fair value 130 — — 130 109 — — 109 Accrued interest receivable on debt securities totaled $59 million and $56 million as of March 31, 2022 and December 31, 2021, 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 March 31, 2022. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties. 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 $49 $98 $— $158 State and political subdivisions — — — 2 2 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 4 63 1,902 23,105 25,074 Other/non-agency — — — 412 412 Collateralized loan obligations — — 25 1,251 1,276 Total debt securities available for sale 15 112 2,025 24,770 26,922 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — — — 1,370 1,370 Asset-backed securities — — 686 — 686 Total debt securities held to maturity — — 686 1,370 2,056 Total amortized cost of debt securities $15 $112 $2,711 $26,140 $28,978 Fair value: U.S. Treasury and other $11 $48 $95 $— $154 State and political subdivisions — — — 2 2 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 4 62 1,866 21,566 23,498 Other/non-agency — — — 401 401 Collateralized loan obligations — — 24 1,240 1,264 Total debt securities available for sale 15 110 1,985 23,209 25,319 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — — — 1,355 1,355 Asset-backed securities — — 656 — 656 Total debt securities held to maturity — — 656 1,355 2,011 Total fair value of debt securities $15 $110 $2,641 $24,564 $27,330 Taxable interest income from investment securities as presented in the Consolidated Statements of Operations was $138 million and $128 million for the three months ended March 31, 2022 and 2021, respectively. The following table presents realized gains and losses on securities: Three Months Ended March 31, (in millions) 2022 2021 Gains on sale of securities $7 $3 Losses on sale of securities (3) — Securities gains, net $4 $3 The following table presents the amortized cost and fair value of debt securities pledged: March 31, 2022 December 31, 2021 (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 $4,733 $4,415 $4,816 $4,782 Pledged as collateral for FHLB borrowing capacity 430 420 325 333 Pledged against repurchase agreements — — 1 1 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 March 31, 2022 or December 31, 2021. The Company offsets certain derivative assets and derivative liabilities in the Consolidated Balance Sheets. For further information see Note 9. There were no securitizations of mortgage loans retained in the investment portfolio for the three months ended March 31, 2022, and $81 million for the three months ended March 31, 2021. 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 The Company evaluated its existing HTM portfolio as of March 31, 2022 and concluded that 67% of HTM securities met the zero expected credit loss criteria; therefore, no ACL was recognized. Lifetime expected credit losses on the remainder of the HTM portfolio 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 March 31, 2022. The following tables present AFS debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position: March 31, 2022 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 U.S. Treasury and other $154 ($4) $— $— $154 ($4) Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 16,512 (883) 6,265 (697) 22,777 (1,580) Other/non-agency 268 (13) — — 268 (13) Total mortgage-backed securities 16,780 (896) 6,265 (697) 23,045 (1,593) Collateralized loan obligations 1,237 (12) — — 1,237 (12) Total $18,171 ($912) $6,265 ($697) $24,436 ($1,609) December 31, 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 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities $14,131 ($320) $1,236 ($55) $15,367 ($375) Other/non-agency 123 (1) — — 123 (1) Total mortgage-backed securities 14,254 (321) 1,236 (55) 15,490 (376) Collateralized loan obligations 736 (1) — — 736 (1) Total $14,990 ($322) $1,236 ($55) $16,226 ($377) |
LOANS AND LEASES
LOANS AND LEASES | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
LOANS AND LEASES | NOTE 4 - 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) March 31, 2022 December 31, 2021 Commercial and industrial $45,724 $44,500 Commercial real estate 14,268 14,264 Leases 1,529 1,586 Total commercial 61,521 60,350 Residential mortgages 24,211 22,822 Home equity 12,264 12,015 Automobile 14,439 14,549 Education 13,306 12,997 Other retail 5,564 5,430 Total retail 69,784 67,813 Total loans and leases $131,305 $128,163 Accrued interest receivable on loans and leases held for investment totaled $452 million and $450 million as of March 31, 2022 and December 31, 2021, respectively, and is included in other assets in the Consolidated Balance Sheets. Loans pledged as collateral for FHLB borrowing capacity, primarily residential mortgages and home equity products, totaled $27.5 billion and $26.1 billion at March 31, 2022 and December 31, 2021, 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 $36.0 billion and $35.8 billion at March 31, 2022 and December 31, 2021, respectively. Interest income on direct financing and sales-type leases was $11 million and $13 million for the three months ended March 31, 2022 and 2021, respectively, and is reported within interest and fees on loans and leases in the Consolidated Statements of Operations. The following table presents the composition of LHFS: March 31, 2022 December 31, 2021 (in millions) Residential Mortgages (1) Commercial (2) Total Residential Mortgages (1) Commercial (2) Total Loans held for sale at fair value $1,595 $122 $1,717 $2,657 $76 $2,733 Other loans held for sale — 99 99 — 735 735 (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 | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK | NOTE 5 - 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 6 in the Company’s 2021 Form 10-K for a detailed discussion of the ACL reserve methodology and estimation techniques as of December 31, 2021. There were no significant changes to the ACL reserve methodology during the three months ended March 31, 2022. The following table presents a summary of changes in the ACL for the three months ended March 31, 2022: Three Months Ended March 31, 2022 (in millions) Commercial Retail Total Allowance for loan and lease losses, beginning of period $821 $937 $1,758 Charge-offs (14) (87) (101) Recoveries 3 39 42 Net charge-offs (11) (48) (59) Provision expense (benefit) for loans and leases (32) 53 21 Allowance for loan and lease losses, end of period 778 942 1,720 Allowance for unfunded lending commitments, beginning of period 153 23 176 Provision expense (benefit) for unfunded lending commitments (6) (12) (18) Allowance for unfunded lending commitments, end of period 147 11 158 Total allowance for credit losses, end of period $925 $953 $1,878 During the three months ended March 31, 2022 net charge-offs of $59 million and a credit provision of $3 million resulted in a reduction of $56 million to the ACL. The $3 million credit provision includes the “double count” of the $24 million day-one CECL provision expense tied to the HSBC transaction. The decrease in commercial net charge-offs of $93 million for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021 reflects the strong economic growth that began in the fourth quarter of 2020 and continued solid credit performance. Retail net charge-offs were down $6 million in the three months ended March 31, 2022 as compared to the three months ended March 31, 2021 as consumers continue to benefit from the fiscal support provided during the pandemic, the rapid growth in jobs, and elevated residential mortgage and auto loan collateral values. To determine the ACL as of March 31, 2022, the Company utilized an economic forecast that generally reflects real GDP growth on an annual average basis of 2.5% and an average unemployment rate of 5.2% in 2022. This forecast reflects a positive overall macroeconomic outlook, generally in-line with December 31, 2021, which reflected real GDP growth on an annual average basis of 2.8% and an average unemployment rate of 6% in 2022. While the U.S. economy has remained strong, uncertainty remains. The Company continues to utilize a qualitative allowance framework to reassess and adjust ACL reserve levels. Macroeconomic forecast risk, driven by uncertainty around and volatility of key macroeconomic variables, is one of the primary factors influencing the qualitative reserve. The Company’s March 2022 qualitative consideration for macroeconomic risk reflects the strength of the overall economy weighed against the headwinds of tightening monetary and fiscal policies, impacts of elevated inflation, including the gap between wage gains and inflation rate, labor shortages, continuing supply-chain challenges, and possible consequences from Russia’s invasion of Ukraine. The Company expects the combination of these items to likely create volatility in key macroeconomic variables. While COVID has reemerged in certain areas of the world, the impact to the US economy has been limited to date given vaccination rates and material reductions in hospitalizations and deaths, reductions in consumer concerns about the pandemic, and a strong labor market with over 11 million open jobs as of February 2022. The following table presents a summary of changes in the ACL for the three months ended March 31, 2021: Three Months Ended March 31, 2021 (in millions) Commercial Retail Total Allowance for loan and lease losses, beginning of period $1,233 $1,210 $2,443 Charge-offs (134) (93) (227) Recoveries 30 39 69 Net charge-offs (104) (54) (158) Provision expense (benefit) for loans and leases 17 (108) (91) Allowance for loan and lease losses, end of period 1,146 1,048 2,194 Allowance for unfunded lending commitments, beginning of period 186 41 227 Provision expense (benefit) for unfunded lending commitments (21) (28) (49) Allowance for unfunded lending commitments, end of period 165 13 178 Total allowance for credit losses, end of period $1,311 $1,061 $2,372 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 March 31, 2022: Term Loans by Origination Year Revolving Loans (in millions) 2022 2021 2020 2019 2018 Prior to 2018 Within the Revolving Period Converted to Term Total Commercial and industrial Pass $1,944 $9,819 $3,007 $2,908 $2,094 $2,975 $20,729 $118 $43,594 Special Mention 1 74 58 107 105 114 385 1 845 Substandard — 89 89 222 78 195 419 17 1,109 Doubtful 7 12 19 4 10 25 96 3 176 Total commercial and industrial 1,952 9,994 3,173 3,241 2,287 3,309 21,629 139 45,724 Commercial real estate Pass 784 2,667 2,420 2,889 1,465 1,587 1,458 3 13,273 Special Mention — 54 48 228 93 79 10 — 512 Substandard — 1 — 84 243 141 3 — 472 Doubtful — 1 9 — — 1 — — 11 Total commercial real estate 784 2,723 2,477 3,201 1,801 1,808 1,471 3 14,268 Leases Pass 68 406 275 126 141 493 — — 1,509 Special Mention — 2 2 — 3 1 — — 8 Substandard — 1 3 5 2 — — — 11 Doubtful — — — — — 1 — — 1 Total leases 68 409 280 131 146 495 — — 1,529 Total commercial Pass (1) 2,796 12,892 5,702 5,923 3,700 5,055 22,187 121 58,376 Special Mention 1 130 108 335 201 194 395 1 1,365 Substandard — 91 92 311 323 336 422 17 1,592 Doubtful 7 13 28 4 10 27 96 3 188 Total commercial $2,804 $13,126 $5,930 $6,573 $4,234 $5,612 $23,100 $142 $61,521 The following table presents the amortized cost basis of commercial loans and leases, by vintage date and regulatory classification rating, as of December 31, 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 $10,218 $3,336 $3,599 $2,284 $1,426 $1,863 $19,406 $122 $42,254 Special Mention 47 71 155 114 41 64 316 1 809 Substandard 97 112 215 81 50 201 521 17 1,294 Doubtful 1 9 9 22 10 16 74 2 143 Total commercial and industrial 10,363 3,528 3,978 2,501 1,527 2,144 20,317 142 44,500 Commercial real estate Pass 2,766 2,417 3,181 1,756 626 1,119 1,451 3 13,319 Special Mention 45 42 113 100 27 79 — — 406 Substandard 27 — 88 267 78 59 9 — 528 Doubtful 1 9 — — — 1 — — 11 Total commercial real estate 2,839 2,468 3,382 2,123 731 1,258 1,460 3 14,264 Leases Pass 447 262 134 144 66 459 — — 1,512 Special Mention 10 15 — 5 3 16 — — 49 Substandard 1 16 5 2 — — — — 24 Doubtful — — — — — 1 — — 1 Total leases 458 293 139 151 69 476 — — 1,586 Total commercial Pass (1) 13,431 6,015 6,914 4,184 2,118 3,441 20,857 125 57,085 Special Mention 102 128 268 219 71 159 316 1 1,264 Substandard 125 128 308 350 128 260 530 17 1,846 Doubtful 2 18 9 22 10 18 74 2 155 Total commercial $13,660 $6,289 $7,499 $4,775 $2,327 $3,878 $21,777 $145 $60,350 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 March 31, 2022: Term Loans by Origination Year Revolving Loans (in millions) 2022 2021 2020 2019 2018 Prior to 2018 Within the Revolving Period Converted to Term Total Residential mortgages 800+ $351 $3,332 $3,066 $1,184 $322 $2,868 $— $— $11,123 740-799 866 3,423 1,690 673 240 1,429 — — 8,321 680-739 192 968 540 275 145 800 — — 2,920 620-679 18 127 114 170 93 399 — — 921 <620 — 45 82 171 158 435 — — 891 No FICO available (1) — 5 3 4 5 18 — — 35 Total residential mortgages 1,427 7,900 5,495 2,477 963 5,949 — — 24,211 Home equity 800+ — 1 1 4 5 122 4,492 310 4,935 740-799 — — 1 4 6 110 3,564 296 3,981 680-739 — — 1 8 13 140 1,774 258 2,194 620-679 — — 2 9 19 118 399 168 715 <620 — — 2 16 20 103 114 184 439 Total home equity — 1 7 41 63 593 10,343 1,216 12,264 Automobile 800+ 369 1,662 780 481 210 154 — — 3,656 740-799 487 2,203 915 531 238 157 — — 4,531 680-739 423 1,751 701 414 190 124 — — 3,603 620-679 223 919 317 218 109 77 — — 1,863 <620 32 291 149 145 91 75 — — 783 No FICO available (1) 2 1 — — — — — — 3 Total automobile 1,536 6,827 2,862 1,789 838 587 — — 14,439 Education 800+ 213 1,641 1,687 792 479 1,261 — — 6,073 740-799 311 1,600 1,391 587 325 739 — — 4,953 680-739 161 513 425 209 126 354 — — 1,788 620-679 10 73 64 41 30 121 — — 339 <620 1 9 14 12 12 52 — — 100 No FICO available (1) 2 1 — — — 50 — — 53 Total education 698 3,837 3,581 1,641 972 2,577 — — 13,306 Other retail 800+ 42 229 184 102 52 51 414 — 1,074 740-799 62 294 245 140 66 49 813 2 1,671 680-739 54 225 202 103 45 28 810 4 1,471 620-679 37 129 99 36 16 9 349 5 680 <620 5 38 36 15 8 4 129 6 241 No FICO available (1) 37 3 5 — — — 381 1 427 Total other retail 237 918 771 396 187 141 2,896 18 5,564 Total retail 800+ 975 6,865 5,718 2,563 1,068 4,456 4,906 310 26,861 740-799 1,726 7,520 4,242 1,935 875 2,484 4,377 298 23,457 680-739 830 3,457 1,869 1,009 519 1,446 2,584 262 11,976 620-679 288 1,248 596 474 267 724 748 173 4,518 <620 38 383 283 359 289 669 243 190 2,454 No FICO available (1) 41 10 8 4 5 68 381 1 518 Total retail $3,898 $19,483 $12,716 $6,344 $3,023 $9,847 $13,239 $1,234 $69,784 (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, 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+ $2,431 $3,017 $1,230 $342 $672 $2,139 $— $— $9,831 740-799 4,015 1,876 746 246 360 1,086 — — 8,329 680-739 1,116 572 335 152 172 585 — — 2,932 620-679 111 130 161 93 107 276 — — 878 <620 24 66 164 162 157 257 — — 830 No FICO available (1) 3 8 1 — — 10 — — 22 Total residential mortgages 7,700 5,669 2,637 995 1,468 4,353 — — 22,822 Home equity 800+ — 2 5 5 3 134 4,394 281 4,824 740-799 — 1 4 5 7 122 3,514 278 3,931 680-739 — 1 7 14 16 134 1,738 243 2,153 620-679 — 3 11 19 17 112 363 167 692 <620 — 2 16 23 20 87 91 176 415 Total home equity — 9 43 66 63 589 10,100 1,145 12,015 Automobile 800+ 1,887 829 538 244 148 57 — — 3,703 740-799 2,418 1,051 615 288 156 58 — — 4,586 680-739 1,968 827 500 234 123 48 — — 3,700 620-679 1,029 378 257 131 72 32 — — 1,899 <620 164 142 155 103 62 32 — — 658 No FICO available (1) 3 — — — — — — — 3 Total automobile 7,469 3,227 2,065 1,000 561 227 — — 14,549 Education 800+ 1,361 1,771 840 514 470 880 — — 5,836 740-799 1,555 1,577 672 371 275 514 — — 4,964 680-739 512 474 229 140 107 262 — — 1,724 620-679 50 66 45 34 28 99 — — 322 <620 5 11 12 12 10 45 — — 95 No FICO available (1) 4 — — — — 52 — — 56 Total education 3,487 3,899 1,798 1,071 890 1,852 — — 12,997 Other retail 800+ 233 214 122 65 30 29 386 — 1,079 740-799 323 296 173 84 38 26 764 2 1,706 680-739 246 240 122 56 23 12 709 5 1,413 620-679 149 119 43 19 7 4 299 5 645 <620 32 37 17 10 3 2 100 6 207 No FICO available (1) 44 5 — — — — 330 1 380 Total other retail 1,027 911 477 234 101 73 2,588 19 5,430 Total retail 800+ 5,912 5,833 2,735 1,170 1,323 3,239 4,780 281 25,273 740-799 8,311 4,801 2,210 994 836 1,806 4,278 280 23,516 680-739 3,842 2,114 1,193 596 441 1,041 2,447 248 11,922 620-679 1,339 696 517 296 231 523 662 172 4,436 <620 225 258 364 310 252 423 191 182 2,205 No FICO available (1) 54 13 1 — — 62 330 1 461 Total retail $19,683 $13,715 $7,020 $3,366 $3,083 $7,094 $12,688 $1,164 $67,813 (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 tables present an aging analysis of accruing loans and leases, and nonaccrual loans and leases: March 31, 2022 Days Past Due and Accruing (in millions) Current 30-59 60-89 90+ Nonaccrual Total Nonaccrual with no related ACL Commercial and industrial $45,477 $18 $16 $13 $200 $45,724 $31 Commercial real estate 14,256 — 1 — 11 14,268 1 Leases 1,478 45 — 5 1 1,529 — Total commercial 61,211 63 17 18 212 61,521 32 Residential mortgages (1) 23,077 57 42 792 243 24,211 179 Home equity 11,969 42 14 — 239 12,264 188 Automobile 14,236 120 31 — 52 14,439 10 Education 13,244 26 11 2 23 13,306 3 Other retail 5,447 61 22 14 20 5,564 1 Total retail 67,973 306 120 808 577 69,784 381 Total $129,184 $369 $137 $826 $789 $131,305 $413 December 31, 2021 Days Past Due and Accruing (in millions) Current 30-59 60-89 90+ Nonaccrual Total Nonaccrual with no related ACL Commercial and industrial $44,247 $47 $26 $9 $171 $44,500 $36 Commercial real estate 14,247 6 — — 11 14,264 1 Leases 1,570 14 1 — 1 1,586 — Total commercial 60,064 67 27 9 183 60,350 37 Residential mortgages (1) 21,918 102 52 549 201 22,822 137 Home equity 11,745 38 12 — 220 12,015 186 Automobile 14,324 131 39 — 55 14,549 22 Education 12,926 34 13 1 23 12,997 2 Other retail 5,331 40 23 16 20 5,430 2 Total retail 66,244 345 139 566 519 67,813 349 Total $126,308 $412 $166 $575 $702 $128,163 $386 (1) 90+ days past due and accruing includes $792 million and $544 million of loans fully or partially guaranteed by the FHA, VA, and USDA at March 31, 2022 and December 31, 2021, 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. At March 31, 2022 and December 31, 2021, the Company had collateral-dependent residential mortgage and home equity loans totaling $579 million and $542 million, respectively. At March 31, 2022 and December 31, 2021, the Company had collateral-dependent commercial loans totaling $21 million and $103 million, respectively. The amortized cost basis of mortgage loans collateralized by residential real estate for which formal foreclosure proceedings were in process was $189 million and $142 million as of March 31, 2022 and December 31, 2021, respectively. Troubled Debt Restructurings The following tables summarize loans modified during the three months ended March 31, 2022 and 2021. 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 March 31, 2022 Amortized Cost Basis (dollars in millions) Number of Contracts Interest Rate Reduction (1) Maturity Extension (2) Other (3) Total Commercial and industrial 10 $— $24 $7 $31 Total commercial 10 — 24 7 31 Residential mortgages 1,181 22 14 214 250 Home equity 178 2 — 9 11 Automobile 165 1 — 1 2 Education 143 — — 6 6 Other retail 521 2 — — 2 Total retail 2,188 27 14 230 271 Total 2,198 $27 $38 $237 $302 Three Months Ended March 31, 2021 Amortized Cost Basis (dollars in millions) Number of Contracts Interest Rate Reduction (1) Maturity Extension (2) Other (3) Total Commercial and industrial 7 $— $3 $— $3 Total commercial 7 — 3 — 3 Residential mortgages 42 4 6 3 13 Home equity 147 2 5 4 11 Automobile 669 — — 8 8 Education 147 — — 4 4 Other retail 630 3 — 1 4 Total retail 1,635 9 11 20 40 Total 1,642 $9 $14 $20 $43 (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 $2 million for the three months ended March 31, 2022 and 2021, respectively. Unfunded commitments related to TDRs were $76 million and $56 million at March 31, 2022 and December 31, 2021, 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 March 31, (dollars in millions) 2022 2021 Commercial TDRs $— $22 Retail TDRs (1) 15 15 Total $15 $37 (1) Includes $10 million and $2 million of loans fully or partially government guaranteed by the FHA, VA, and USDA for the three months ended March 31, 2022 and 2021, 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 March 31, 2022 and December 31, 2021, Citizens had a significant amount of loans collateralized by residential and commercial real estate. There were no significant concentration risks within the commercial 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, unsecured loans are also granted on the basis of the financial strength of the applicant and facts surrounding the transaction. |
MORTGAGE BANKING AND OTHER
MORTGAGE BANKING AND OTHER | 3 Months Ended |
Mar. 31, 2022 | |
Mortgage Banking [Abstract] | |
MORTGAGE BANKING AND OTHER | NOTE 6 - MORTGAGE BANKING AND OTHER The Company sells residential mortgages into the secondary market. 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 March 31, (in millions) 2022 2021 Cash proceeds from residential mortgage loans sold with servicing retained $6,582 $9,038 Repurchased residential mortgages (1) 87 — Gain on sales (2) 30 140 Contractually specified servicing, late and other ancillary fees (2) 67 58 (1) Includes government insured or guaranteed loans eligible for repurchase through the exercise of our removal of account provision option. (2) Reported in mortgage banking fees in the Consolidated Statements of Operations. The unpaid principal balance of residential mortgage loans related to our MSR was $92.8 billion and $90.2 billion at March 31, 2022 and December 31, 2021, 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 March 31, (in millions) 2022 2021 Fair value as of beginning of the period $1,029 $658 Amounts capitalized 95 87 Changes in unpaid principal balance during the period (1) (39) (58) Changes in fair value during the period (2) 156 206 Fair value at end of the period $1,241 $893 (1) 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. (2) 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 the current MSR fair value of an immediate 10% and 20% adverse change in key economic assumptions. 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. (dollars in millions) March 31, 2022 December 31, 2021 Fair value $1,241 $1,029 Weighted average life (years) 7.8 6.4 Weighted average constant prepayment rate 8.8% 10.7% Decline in fair value from 10% adverse change $40 $45 Decline in fair value from 20% adverse change $78 $87 Weighted average option adjusted spread 621 bps 596 bps Decline in fair value from 10% adverse change $33 $25 Decline in fair value from 20% adverse change $66 $50 The Company’s mortgage banking derivatives include commitments to originate mortgages held for sale, certain loan sale agreements, and other financial instruments that meet the definition of a derivative. Refer to Note 9 for additional information. 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) March 31, 2022 December 31, 2021 Education $699 $761 Commercial and industrial (1) 83 80 (1) Represents the government guaranteed portion of SBA loans sold to outside investors. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 7 - 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 11 in the Company’s 2021 Form 10-K. A summary of these investments is presented below: (in millions) March 31, 2022 December 31, 2021 Lending to special purpose entities included in loans and leases $2,602 $2,646 LIHTC investment included in other assets 2,130 1,978 LIHTC unfunded commitments included in other liabilities 1,050 927 Investment in asset-backed securities included in HTM securities 686 737 Renewable energy investments included in other assets 417 429 Lending to Special Purpose Entities Citizens provides lending facilities to third-party sponsored special purpose entities. As of March 31, 2022 and December 31, 2021, the lending facilities had aggregate unpaid principal balances of $2.6 billion, and undrawn commitments to extend credit of $2.1 billion and $1.9 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 March 31, (in millions) 2022 2021 Tax credits included in income tax expense $61 $51 Other tax benefits included in income tax expense 15 12 Total tax benefits included in income tax expense 76 63 Less: Amortization included in income tax expense 64 53 Net benefit from affordable housing tax credit investments included in income tax expense $12 $10 No LIHTC investment impairment losses were recognized during the three months ended March 31, 2022 and 2021. |
BORROWED FUNDS
BORROWED FUNDS | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
BORROWED FUNDS | NOTE 8 - BORROWED FUNDS Short-term borrowed funds Short-term borrowed funds were $25 million and $74 million as of March 31, 2022 and December 31, 2021, respectively. Long-term borrowed funds The following table presents a summary of the Company’s long-term borrowed funds: (in millions) March 31, 2022 December 31, 2021 Parent Company: 4.150% fixed-rate subordinated debt, due September 2022 $168 $168 3.750% fixed-rate subordinated debt, due July 2024 90 90 4.023% fixed-rate subordinated debt, due October 2024 17 17 4.350% fixed-rate subordinated debt, due August 2025 133 133 4.300% fixed-rate subordinated debt, due December 2025 337 336 2.850% fixed-rate senior unsecured notes, due July 2026 498 498 2.500% fixed-rate senior unsecured notes, due February 2030 298 298 3.250% fixed-rate senior unsecured notes, due April 2030 745 745 3.750% fixed-rate reset subordinated debt, due February 2031 69 69 4.300% fixed-rate reset subordinated debt, due February 2031 135 135 4.350% fixed-rate reset subordinated debt, due February 2031 60 60 2.638% fixed-rate subordinated debt, due September 2032 551 550 CBNA’s Global Note Program: 3.250% senior unsecured notes, due February 2022 (1) — 700 0.845% floating-rate senior unsecured notes, due February 2022 (1)(2) — 300 1.318% floating-rate senior unsecured notes, due May 2022 (2) 250 250 2.650% senior unsecured notes, due May 2022 500 503 3.700% senior unsecured notes, due March 2023 504 512 1.933% floating-rate senior unsecured notes, due March 2023 (2) 250 250 2.250% senior unsecured notes, due April 2025 747 746 3.750% senior unsecured notes, due February 2026 498 524 Additional Borrowings by CBNA and Other Subsidiaries: Federal Home Loan Bank advances, 0.774% weighted average rate, due through 2041 20 19 Other 24 29 Total long-term borrowed funds $5,894 $6,932 (1) Notes were redeemed on January 14, 2022. (2) Rate disclosed reflects the floating rate as of March 31, 2022, or final floating rate as applicable. The Parent Company’s long-term borrowed funds as of March 31, 2022 and December 31, 2021 included principal balances of $3.2 billion, and unamortized deferred issuance costs and/or discounts of $78 million and $80 million, respectively. CBNA and other subsidiaries’ long-term borrowed funds as of March 31, 2022 and December 31, 2021 included principal balances of $2.8 billion and $3.8 billion, respectively, with unamortized deferred issuance costs and/or discounts of $6 million and $7 million, respectively, and hedging basis adjustments of $5 million and $42 million, respectively. See Note 9 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 $2.8 billion and $2.3 billion at March 31, 2022 and December 31, 2021, respectively. The Company’s available FHLB borrowing capacity was $16.4 billion and $15.9 billion at March 31, 2022 and December 31, 2021, 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 March 31, 2022, the Company’s unused secured borrowing capacity was approximately $63.2 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 March 31, 2022: (in millions) Parent Company CBNA and Other Subsidiaries Consolidated Year 2022 $168 $755 $923 2023 — 758 758 2024 107 1 108 2025 469 760 1,229 2026 498 499 997 2027 and thereafter 1,859 20 1,879 Total $3,101 $2,793 $5,894 |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | NOTE 9 - DERIVATIVES In the normal course of business, Citizens enters into a variety of derivative transactions to meet the financing and hedging 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 20 in the Company’s 2021 Form 10-K. The following table presents derivative instruments included in the Consolidated Balance Sheets: March 31, 2022 December 31, 2021 (in millions) Notional Amount (1) Derivative Assets Derivative Liabilities Notional Amount (1) Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate contracts $17,250 $1 $1 $23,450 $12 $2 Derivatives not designated as hedging instruments: Interest rate contracts 158,286 172 445 142,987 680 174 Foreign exchange contracts 22,809 378 349 21,336 263 231 Commodities contracts 694 1,501 1,496 514 508 505 TBA contracts 7,650 102 22 7,776 8 8 Other contracts 3,081 9 30 3,555 38 2 Total derivatives not designated as hedging instruments 2,162 2,342 1,497 920 Gross derivative fair values 2,163 2,343 1,509 922 Less: Gross amounts offset in the Consolidated Balance Sheets (2) (312) (312) (235) (235) Less: Cash collateral applied (2) (176) (1,396) (58) (490) Total net derivative fair values presented in the Consolidated Balance Sheets $1,675 $635 $1,216 $197 (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 the 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 March 31, (in millions) 2022 2021 Affected Line Item in the Consolidated Statements of Operations Interest rate swaps hedging borrowed funds ($37) ($28) Interest expense - long-term borrowed funds Hedged long-term debt attributable to the risk being hedged 37 28 Interest expense - long-term borrowed funds Interest rate swaps hedging debt securities available for sale 29 28 Interest income - investment securities Hedged debt securities available for sale attributable to risk being hedged (29) (28) Interest income - investment securities The following table reflects amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges: March 31, 2022 December 31, 2021 (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 $— $— $6,042 $— Carrying amount of hedged liabilities — 1,503 — 2,239 Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items — 5 29 42 (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 $6.0 billion as of December 31, 2021) in a last-of-layer hedging relationship, which commenced in the third quarter of 2019 and was terminated in the first quarter of 2022. 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 $141 million in pre-tax net losses 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 March 31, 2022. 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 related to derivative instruments designated as cash flow hedges: Three Months Ended March 31, (in millions) 2022 2021 Amount of pre-tax net gains (losses) recognized in OCI ($661) ($28) Amount of pre-tax net gains (losses) reclassified from OCI into interest income 37 46 Amount of pre-tax net gains (losses) reclassified from OCI into interest expense (5) (12) 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 March 31, Affected Line Item in the Consolidated Statements of Operations (in millions) 2022 2021 Economic hedge type: Customer interest rate contracts ($767) ($348) Foreign exchange and derivative products Derivatives hedging interest rate risk 793 356 Foreign exchange and derivative products Customer foreign exchange contracts 26 (116) Foreign exchange and derivative products Derivatives hedging foreign exchange risk 3 150 Foreign exchange and derivative products Customer commodity contracts 1,152 94 Foreign exchange and derivative products Derivatives hedging commodity price risk (1,148) (92) Foreign exchange and derivative products Residential loan commitments (161) (238) Mortgage banking fees Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value 271 275 Mortgage banking fees Derivative contracts used to hedge residential MSRs (146) (182) Mortgage banking fees Total $23 ($101) |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 10 - 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 March 31, (in millions) Net Unrealized Gains (Losses) on Derivatives Net Unrealized Gains (Losses) on Debt Securities Employee Benefit Plans Total AOCI Balance at January 1, 2021 ($11) $380 ($429) ($60) Other comprehensive income (loss) before reclassifications (21) (307) — (328) Amounts reclassified to the Consolidated Statements of Operations (25) (2) 4 (23) Net other comprehensive income (loss) (46) (309) 4 (351) Balance at March 31, 2021 ($57) $71 ($425) ($411) Balance at January 1, 2022 ($161) ($156) ($348) ($665) Other comprehensive income (loss) before reclassifications (491) (1,077) — (1,568) Amounts reclassified to the Consolidated Statements of Operations (24) (3) 2 (25) Net other comprehensive income (loss) (515) (1,080) 2 (1,593) Balance at March 31, 2022 ($676) ($1,236) ($346) ($2,258) Primary location in the Consolidated Statements of Operations of amounts reclassified from AOCI Net interest income Securities gains, net Other operating expense |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 11 - STOCKHOLDERS’ EQUITY Preferred Stock The following table summarizes the Company’s preferred stock: March 31, 2022 December 31, 2021 (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 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 1,000 300,000 296 300,000 296 Total 2,050,000 $2,014 2,050,000 $2,014 (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. For further detail regarding the terms and conditions of the Company’s preferred stock, see Note 17 in the Company’s 2021 Form 10-K. Dividends Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (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 $165 $165 $0.39 $167 $167 Preferred stock Series A $— $— $— $10.49 $3 $3 Series B — — 9 — — 9 Series C 15.94 5 5 15.94 5 5 Series D 15.88 5 5 15.88 5 5 Series E 12.50 5 5 12.50 5 5 Series F 14.13 6 6 14.13 5 5 Series G 10.00 3 3 — — — Total preferred stock $24 $33 $23 $32 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 12 - COMMITMENTS AND CONTINGENCIES A summary of outstanding off-balance sheet arrangements is presented below. For more information on these arrangements, see Note 19 in the Company’s 2021 Form 10-K. (in millions) March 31, 2022 December 31, 2021 Commitments to extend credit $87,127 $84,206 Letters of credit 1,977 1,998 Risk participation agreements 17 39 Loans sold with recourse 85 82 Marketing rights 24 26 Total $89,230 $86,351 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 March 31, 2022, 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, and mortgage-related issues. 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 | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 13 - 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: March 31, 2022 December 31, 2021 (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 $1,595 $1,610 ($15) $2,657 $2,591 $66 Commercial and industrial, and commercial real estate loans held for sale, at fair value 122 127 (5) 76 79 (3) For more information on the election of the fair value option for these assets see Note 20 in the Company’s 2021 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 20 in the Company’s 2021 Form 10-K. The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at March 31, 2022: (in millions) Total Level 1 Level 2 Level 3 Debt securities available for sale: Mortgage-backed securities $23,899 $— $23,899 $— Collateralized loan obligations 1,264 — 1,264 — State and political subdivisions 2 — 2 — U.S. Treasury and other 154 154 — — Total debt securities available for sale 25,319 154 25,165 — Loans held for sale, at fair value: Residential loans held for sale 1,595 — 1,595 — Commercial loans held for sale 122 — 122 — Total loans held for sale, at fair value 1,717 — 1,717 — Mortgage servicing rights 1,241 — — 1,241 Derivative assets: Interest rate contracts 173 — 173 — Foreign exchange contracts 378 — 378 — Commodities contracts 1,501 — 1,501 — TBA contracts 102 — 102 — Other contracts 9 — — 9 Total derivative assets 2,163 — 2,154 9 Equity securities, at fair value (1) 108 101 7 — Total assets $30,548 $255 $29,043 $1,250 Derivative liabilities: Interest rate contracts $446 $— $446 $— Foreign exchange contracts 349 — 349 — Commodities contracts 1,496 — 1,496 — TBA contracts 22 — 22 — Other contracts 30 — — 30 Total derivative liabilities 2,343 — 2,313 30 Total liabilities $2,343 $— $2,313 $30 (1) Excludes investments of $22 million that are measured at fair value using the net asset value per share (or its equivalent) practical expedient. The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at December 31, 2021: (in millions) Total Level 1 Level 2 Level 3 Debt securities available for sale: Mortgage-backed securities $24,847 $— $24,847 $— Collateralized loan obligations 1,207 — 1,207 — State and political subdivisions 2 — 2 — U.S. Treasury and other 11 11 — — Total debt securities available for sale 26,067 11 26,056 — Loans held for sale, at fair value: Residential loans held for sale 2,657 — 2,657 — Commercial loans held for sale 76 — 76 — Total loans held for sale, at fair value 2,733 — 2,733 — Mortgage servicing rights 1,029 — — 1,029 Derivative assets: Interest rate contracts 692 — 692 — Foreign exchange contracts 263 — 263 — Commodities contracts 508 — 508 — TBA contracts 8 — 8 — Other contracts 38 — — 38 Total derivative assets 1,509 — 1,471 38 Equity securities, at fair value (1) 102 95 7 — Total assets $31,440 $106 $30,267 $1,067 Derivative liabilities: Interest rate contracts $176 $— $176 $— Foreign exchange contracts 231 — 231 — Commodities contracts 505 — 505 — TBA contracts 8 — 8 — Other contracts 2 — 2 — Total derivative liabilities 922 — 922 — Total liabilities $922 $— $922 $— (1) Excludes investments of $7 million that are measured at fair value using the net asset value per share (or its equivalent) practical expedient. 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 March 31, 2022 (in millions) Mortgage Servicing Rights Other Derivative Contracts Beginning balance $1,029 $38 Issuances 95 41 Settlements (1) (39) 61 Changes in fair value during the period recognized in earnings (2) 156 (161) Ending balance $1,241 ($21) Three Months Ended March 31, 2021 (in millions) Mortgage Servicing Rights Other Derivative Contracts Beginning balance $658 $197 Issuances 87 162 Settlements (1) (58) (83) Changes in fair value during the period recognized in earnings (2) 206 (238) Ending balance $893 $38 (1) 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. (2) 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 March 31, 2022 Valuation Technique Unobservable Input Range (Weighted Average) Mortgage servicing rights Discounted Cash Flow Constant prepayment rate 7.74-22.35% CPR (8.8% CPR) Option adjusted spread 400-1,060 bps (621 bps) Other derivative contracts Internal Model Pull through rate 18.62-100.06% (82.66%) MSR value 4.37-177.45 bps (100.00 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 20 in the Company’s 2021 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 March 31, (in millions) 2022 2021 Collateral-dependent loans ($2) ($19) The following table presents assets measured at fair value on a nonrecurring basis: March 31, 2022 December 31, 2021 (in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Collateral-dependent loans $600 $— $600 $— $645 $— $645 $— Fair Value of Financial Instruments 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: March 31, 2022 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 $2,056 $2,011 $— $— $1,370 $1,355 $686 $656 Other loans held for sale 99 98 — — — — 99 98 Loans and leases 131,305 129,134 — — 600 600 130,705 128,534 Other assets 611 611 — — 595 595 16 16 Financial liabilities: Deposits 158,776 158,746 — — 158,776 158,746 — — Short-term borrowed funds 25 25 — — 25 25 — — Long-term borrowed funds 5,894 5,853 — — 5,894 5,853 — — December 31, 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 $2,242 $2,289 $— $— $1,505 $1,557 $737 $732 Other loans held for sale 735 735 — — — — 735 735 Loans and leases 128,163 128,156 — — 645 645 127,518 127,511 Other assets 624 624 — — 609 609 15 15 Financial liabilities: Deposits 154,361 154,366 — — 154,361 154,366 — — Short-term borrowed funds 74 74 — — 74 74 — — Long-term borrowed funds 6,932 7,188 — — 6,932 7,188 — — |
NONINTEREST INCOME
NONINTEREST INCOME | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
NONINTEREST INCOME | NOTE 14 - 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 March 31, 2022 Three Months Ended March 31, 2021 (in millions) Consumer Banking Commercial Banking Other Consolidated Consumer Banking Commercial Banking Other Consolidated Service charges and fees $69 $27 $1 $97 $74 $25 $— $99 Card fees 50 10 — 60 47 7 — 54 Capital markets fees — 78 — 78 — 72 — 72 Trust and investment services fees 61 — — 61 58 — — 58 Other banking fees 1 2 1 4 — 2 — 2 Total revenue from contracts with customers $181 $117 $2 $300 $179 $106 $— $285 Total revenue from other sources (1) 76 96 26 198 172 64 21 257 Total noninterest income $257 $213 $28 $498 $351 $170 $21 $542 (1) Includes bank-owned life insurance income of $21 million and $14 million for the three months ended March 31, 2022 and 2021, respectively. The Company recognized trailing commissions of $4 million for the three months ended March 31, 2022 and 2021 related to ongoing commissions from previous investment sales. |
OTHER OPERATING EXPENSE
OTHER OPERATING EXPENSE | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
OTHER OPERATING EXPENSE | NOTE 15 - OTHER OPERATING EXPENSE The following table presents the details of other operating expense: Three Months Ended March 31, (in millions) 2022 2021 Marketing $26 $19 Deposit Insurance 20 15 Other 64 57 Other operating expense $110 $91 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 16 - EARNINGS PER SHARE Three Months Ended March 31, (in millions, except share and per share data) 2022 2021 Numerator (basic and diluted): Net income $420 $611 Less: Preferred stock dividends 24 23 Net income available to common stockholders $396 $588 Denominator: Weighted-average common shares outstanding - basic 422,401,747 425,953,716 Dilutive common shares: share-based awards 2,269,124 1,926,814 Weighted-average common shares outstanding - diluted 424,670,871 427,880,530 Earnings per common share: Basic $0.94 $1.38 Diluted (1) 0.93 1.37 (1) Potential dilutive common shares are 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 2,222 and 305,210 for the three months ended March 31, 2022 and 2021, respectively. |
BUSINESS OPERATING SEGMENTS
BUSINESS OPERATING SEGMENTS | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
BUSINESS OPERATING SEGMENTS | NOTE 17 - 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 26 in the Company’s 2021 Form 10-K. As of and for the Three Months Ended March 31, 2022 (in millions) Consumer Banking Commercial Banking Other Consolidated Net interest income $857 $416 ($126) $1,147 Noninterest income 257 213 28 498 Total revenue 1,114 629 (98) 1,645 Noninterest expense 784 272 50 1,106 Profit (loss) before provision (benefit) for credit losses 330 357 (148) 539 Provision (benefit) for credit losses 49 12 (58) 3 Income (loss) before income tax expense (benefit) 281 345 (90) 536 Income tax expense (benefit) 72 74 (30) 116 Net income (loss) $209 $271 ($60) $420 Total average assets $77,551 $61,118 $49,648 $188,317 As of and for the Three Months Ended March 31, 2021 (in millions) Consumer Banking Commercial Banking Other Consolidated Net interest income $863 $421 ($167) $1,117 Noninterest income 351 170 21 542 Total revenue 1,214 591 (146) 1,659 Noninterest expense 750 227 41 1,018 Profit (loss) before provision (benefit) for credit losses 464 364 (187) 641 Provision (benefit) for credit losses 59 101 (300) (140) Income (loss) before income tax expense (benefit) 405 263 113 781 Income tax expense (benefit) 103 52 15 170 Net income (loss) $302 $211 $98 $611 Total average assets $75,283 $57,738 $49,548 $182,569 Citizens utilizes an FTP system to eliminate the effect of interest rate risk from the segments’ net interest income. This risk is centrally managed within the Treasury function and reported in the Other segment. The FTP methodology provides a funds credit for sources of funds and a funds charge for the use of funds by each segment. The sum of the interest income/expense and FTP charges/credits for each segment is its designated net interest income. The offset to these FTP charges and credits is recorded in the Other segment. Effective January 1, 2022, the Company refined its FTP credit methodology for deposits provided by each business segment. The rationale for this FTP refinement is to better estimate the net interest income resulting from the strong growth in deposits caused by the COVID-19 government stimulus. This resulted in lower net interest income, primarily in Consumer, offset by an increase in Other. Prior periods have not been restated. There have been no other significant changes in the management accounting practices utilized by the Company regarding the basis of presentation for segment results as discussed in Note 26 in the Company’s 2021 Form 10-K. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 18 - SUBSEQUENT EVENTS On April 6, 2022, Citizens completed the acquisition of Investors. For additional information regarding the acquisition see Note 2. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The unaudited interim Consolidated Financial Statements, including the Notes presented in this document, 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. The 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 2021 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 Citizens and subsidiaries in which Citizens 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) | 3 Months Ended |
Mar. 31, 2022 | |
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: March 31, 2022 December 31, 2021 (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 $158 $— ($4) $154 $11 $— $— $11 State and political subdivisions 2 — — 2 2 — — 2 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 25,074 4 (1,580) 23,498 24,607 210 (375) 24,442 Other/non-agency 412 2 (13) 401 397 9 (1) 405 Total mortgage-backed securities 25,486 6 (1,593) 23,899 25,004 219 (376) 24,847 Collateralized loan obligations 1,276 — (12) 1,264 1,208 — (1) 1,207 Total debt securities available for sale, at fair value $26,922 $6 ($1,609) $25,319 $26,225 $219 ($377) $26,067 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities $1,370 $3 ($18) $1,355 $1,505 $52 $— $1,557 Total mortgage-backed securities 1,370 3 (18) 1,355 1,505 52 — 1,557 Asset-backed securities 686 — (30) 656 737 2 (7) 732 Total debt securities held to maturity $2,056 $3 ($48) $2,011 $2,242 $54 ($7) $2,289 Equity securities, at cost $611 $— $— $611 $624 $— $— $624 Equity securities, at fair value 130 — — 130 109 — — 109 |
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 March 31, 2022. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties. 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 $49 $98 $— $158 State and political subdivisions — — — 2 2 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 4 63 1,902 23,105 25,074 Other/non-agency — — — 412 412 Collateralized loan obligations — — 25 1,251 1,276 Total debt securities available for sale 15 112 2,025 24,770 26,922 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — — — 1,370 1,370 Asset-backed securities — — 686 — 686 Total debt securities held to maturity — — 686 1,370 2,056 Total amortized cost of debt securities $15 $112 $2,711 $26,140 $28,978 Fair value: U.S. Treasury and other $11 $48 $95 $— $154 State and political subdivisions — — — 2 2 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 4 62 1,866 21,566 23,498 Other/non-agency — — — 401 401 Collateralized loan obligations — — 24 1,240 1,264 Total debt securities available for sale 15 110 1,985 23,209 25,319 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — — — 1,355 1,355 Asset-backed securities — — 656 — 656 Total debt securities held to maturity — — 656 1,355 2,011 Total fair value of debt securities $15 $110 $2,641 $24,564 $27,330 |
Schedule of income recognized on investment securities | The following table presents realized gains and losses on securities: Three Months Ended March 31, (in millions) 2022 2021 Gains on sale of securities $7 $3 Losses on sale of securities (3) — Securities gains, net $4 $3 |
Schedule of financial instruments owned and pledged as collateral | The following table presents the amortized cost and fair value of debt securities pledged: March 31, 2022 December 31, 2021 (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 $4,733 $4,415 $4,816 $4,782 Pledged as collateral for FHLB borrowing capacity 430 420 325 333 Pledged against repurchase agreements — — 1 1 |
Schedule of unrealized loss on investments | The following tables present AFS debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position: March 31, 2022 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 U.S. Treasury and other $154 ($4) $— $— $154 ($4) Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 16,512 (883) 6,265 (697) 22,777 (1,580) Other/non-agency 268 (13) — — 268 (13) Total mortgage-backed securities 16,780 (896) 6,265 (697) 23,045 (1,593) Collateralized loan obligations 1,237 (12) — — 1,237 (12) Total $18,171 ($912) $6,265 ($697) $24,436 ($1,609) December 31, 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 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities $14,131 ($320) $1,236 ($55) $15,367 ($375) Other/non-agency 123 (1) — — 123 (1) Total mortgage-backed securities 14,254 (321) 1,236 (55) 15,490 (376) Collateralized loan obligations 736 (1) — — 736 (1) Total $14,990 ($322) $1,236 ($55) $16,226 ($377) |
LOANS AND LEASES (Tables)
LOANS AND LEASES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of loans and leases | The following table presents loans and leases, excluding LHFS: (in millions) March 31, 2022 December 31, 2021 Commercial and industrial $45,724 $44,500 Commercial real estate 14,268 14,264 Leases 1,529 1,586 Total commercial 61,521 60,350 Residential mortgages 24,211 22,822 Home equity 12,264 12,015 Automobile 14,439 14,549 Education 13,306 12,997 Other retail 5,564 5,430 Total retail 69,784 67,813 Total loans and leases $131,305 $128,163 March 31, 2022 December 31, 2021 (in millions) Residential Mortgages (1) Commercial (2) Total Residential Mortgages (1) Commercial (2) Total Loans held for sale at fair value $1,595 $122 $1,717 $2,657 $76 $2,733 Other loans held for sale — 99 99 — 735 735 (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) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of changes in the allowance for credit losses | The following table presents a summary of changes in the ACL for the three months ended March 31, 2022: Three Months Ended March 31, 2022 (in millions) Commercial Retail Total Allowance for loan and lease losses, beginning of period $821 $937 $1,758 Charge-offs (14) (87) (101) Recoveries 3 39 42 Net charge-offs (11) (48) (59) Provision expense (benefit) for loans and leases (32) 53 21 Allowance for loan and lease losses, end of period 778 942 1,720 Allowance for unfunded lending commitments, beginning of period 153 23 176 Provision expense (benefit) for unfunded lending commitments (6) (12) (18) Allowance for unfunded lending commitments, end of period 147 11 158 Total allowance for credit losses, end of period $925 $953 $1,878 The following table presents a summary of changes in the ACL for the three months ended March 31, 2021: Three Months Ended March 31, 2021 (in millions) Commercial Retail Total Allowance for loan and lease losses, beginning of period $1,233 $1,210 $2,443 Charge-offs (134) (93) (227) Recoveries 30 39 69 Net charge-offs (104) (54) (158) Provision expense (benefit) for loans and leases 17 (108) (91) Allowance for loan and lease losses, end of period 1,146 1,048 2,194 Allowance for unfunded lending commitments, beginning of period 186 41 227 Provision expense (benefit) for unfunded lending commitments (21) (28) (49) Allowance for unfunded lending commitments, end of period 165 13 178 Total allowance for credit losses, end of period $1,311 $1,061 $2,372 |
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 March 31, 2022: Term Loans by Origination Year Revolving Loans (in millions) 2022 2021 2020 2019 2018 Prior to 2018 Within the Revolving Period Converted to Term Total Commercial and industrial Pass $1,944 $9,819 $3,007 $2,908 $2,094 $2,975 $20,729 $118 $43,594 Special Mention 1 74 58 107 105 114 385 1 845 Substandard — 89 89 222 78 195 419 17 1,109 Doubtful 7 12 19 4 10 25 96 3 176 Total commercial and industrial 1,952 9,994 3,173 3,241 2,287 3,309 21,629 139 45,724 Commercial real estate Pass 784 2,667 2,420 2,889 1,465 1,587 1,458 3 13,273 Special Mention — 54 48 228 93 79 10 — 512 Substandard — 1 — 84 243 141 3 — 472 Doubtful — 1 9 — — 1 — — 11 Total commercial real estate 784 2,723 2,477 3,201 1,801 1,808 1,471 3 14,268 Leases Pass 68 406 275 126 141 493 — — 1,509 Special Mention — 2 2 — 3 1 — — 8 Substandard — 1 3 5 2 — — — 11 Doubtful — — — — — 1 — — 1 Total leases 68 409 280 131 146 495 — — 1,529 Total commercial Pass (1) 2,796 12,892 5,702 5,923 3,700 5,055 22,187 121 58,376 Special Mention 1 130 108 335 201 194 395 1 1,365 Substandard — 91 92 311 323 336 422 17 1,592 Doubtful 7 13 28 4 10 27 96 3 188 Total commercial $2,804 $13,126 $5,930 $6,573 $4,234 $5,612 $23,100 $142 $61,521 The following table presents the amortized cost basis of commercial loans and leases, by vintage date and regulatory classification rating, as of December 31, 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 $10,218 $3,336 $3,599 $2,284 $1,426 $1,863 $19,406 $122 $42,254 Special Mention 47 71 155 114 41 64 316 1 809 Substandard 97 112 215 81 50 201 521 17 1,294 Doubtful 1 9 9 22 10 16 74 2 143 Total commercial and industrial 10,363 3,528 3,978 2,501 1,527 2,144 20,317 142 44,500 Commercial real estate Pass 2,766 2,417 3,181 1,756 626 1,119 1,451 3 13,319 Special Mention 45 42 113 100 27 79 — — 406 Substandard 27 — 88 267 78 59 9 — 528 Doubtful 1 9 — — — 1 — — 11 Total commercial real estate 2,839 2,468 3,382 2,123 731 1,258 1,460 3 14,264 Leases Pass 447 262 134 144 66 459 — — 1,512 Special Mention 10 15 — 5 3 16 — — 49 Substandard 1 16 5 2 — — — — 24 Doubtful — — — — — 1 — — 1 Total leases 458 293 139 151 69 476 — — 1,586 Total commercial Pass (1) 13,431 6,015 6,914 4,184 2,118 3,441 20,857 125 57,085 Special Mention 102 128 268 219 71 159 316 1 1,264 Substandard 125 128 308 350 128 260 530 17 1,846 Doubtful 2 18 9 22 10 18 74 2 155 Total commercial $13,660 $6,289 $7,499 $4,775 $2,327 $3,878 $21,777 $145 $60,350 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 March 31, 2022: Term Loans by Origination Year Revolving Loans (in millions) 2022 2021 2020 2019 2018 Prior to 2018 Within the Revolving Period Converted to Term Total Residential mortgages 800+ $351 $3,332 $3,066 $1,184 $322 $2,868 $— $— $11,123 740-799 866 3,423 1,690 673 240 1,429 — — 8,321 680-739 192 968 540 275 145 800 — — 2,920 620-679 18 127 114 170 93 399 — — 921 <620 — 45 82 171 158 435 — — 891 No FICO available (1) — 5 3 4 5 18 — — 35 Total residential mortgages 1,427 7,900 5,495 2,477 963 5,949 — — 24,211 Home equity 800+ — 1 1 4 5 122 4,492 310 4,935 740-799 — — 1 4 6 110 3,564 296 3,981 680-739 — — 1 8 13 140 1,774 258 2,194 620-679 — — 2 9 19 118 399 168 715 <620 — — 2 16 20 103 114 184 439 Total home equity — 1 7 41 63 593 10,343 1,216 12,264 Automobile 800+ 369 1,662 780 481 210 154 — — 3,656 740-799 487 2,203 915 531 238 157 — — 4,531 680-739 423 1,751 701 414 190 124 — — 3,603 620-679 223 919 317 218 109 77 — — 1,863 <620 32 291 149 145 91 75 — — 783 No FICO available (1) 2 1 — — — — — — 3 Total automobile 1,536 6,827 2,862 1,789 838 587 — — 14,439 Education 800+ 213 1,641 1,687 792 479 1,261 — — 6,073 740-799 311 1,600 1,391 587 325 739 — — 4,953 680-739 161 513 425 209 126 354 — — 1,788 620-679 10 73 64 41 30 121 — — 339 <620 1 9 14 12 12 52 — — 100 No FICO available (1) 2 1 — — — 50 — — 53 Total education 698 3,837 3,581 1,641 972 2,577 — — 13,306 Other retail 800+ 42 229 184 102 52 51 414 — 1,074 740-799 62 294 245 140 66 49 813 2 1,671 680-739 54 225 202 103 45 28 810 4 1,471 620-679 37 129 99 36 16 9 349 5 680 <620 5 38 36 15 8 4 129 6 241 No FICO available (1) 37 3 5 — — — 381 1 427 Total other retail 237 918 771 396 187 141 2,896 18 5,564 Total retail 800+ 975 6,865 5,718 2,563 1,068 4,456 4,906 310 26,861 740-799 1,726 7,520 4,242 1,935 875 2,484 4,377 298 23,457 680-739 830 3,457 1,869 1,009 519 1,446 2,584 262 11,976 620-679 288 1,248 596 474 267 724 748 173 4,518 <620 38 383 283 359 289 669 243 190 2,454 No FICO available (1) 41 10 8 4 5 68 381 1 518 Total retail $3,898 $19,483 $12,716 $6,344 $3,023 $9,847 $13,239 $1,234 $69,784 (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, 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+ $2,431 $3,017 $1,230 $342 $672 $2,139 $— $— $9,831 740-799 4,015 1,876 746 246 360 1,086 — — 8,329 680-739 1,116 572 335 152 172 585 — — 2,932 620-679 111 130 161 93 107 276 — — 878 <620 24 66 164 162 157 257 — — 830 No FICO available (1) 3 8 1 — — 10 — — 22 Total residential mortgages 7,700 5,669 2,637 995 1,468 4,353 — — 22,822 Home equity 800+ — 2 5 5 3 134 4,394 281 4,824 740-799 — 1 4 5 7 122 3,514 278 3,931 680-739 — 1 7 14 16 134 1,738 243 2,153 620-679 — 3 11 19 17 112 363 167 692 <620 — 2 16 23 20 87 91 176 415 Total home equity — 9 43 66 63 589 10,100 1,145 12,015 Automobile 800+ 1,887 829 538 244 148 57 — — 3,703 740-799 2,418 1,051 615 288 156 58 — — 4,586 680-739 1,968 827 500 234 123 48 — — 3,700 620-679 1,029 378 257 131 72 32 — — 1,899 <620 164 142 155 103 62 32 — — 658 No FICO available (1) 3 — — — — — — — 3 Total automobile 7,469 3,227 2,065 1,000 561 227 — — 14,549 Education 800+ 1,361 1,771 840 514 470 880 — — 5,836 740-799 1,555 1,577 672 371 275 514 — — 4,964 680-739 512 474 229 140 107 262 — — 1,724 620-679 50 66 45 34 28 99 — — 322 <620 5 11 12 12 10 45 — — 95 No FICO available (1) 4 — — — — 52 — — 56 Total education 3,487 3,899 1,798 1,071 890 1,852 — — 12,997 Other retail 800+ 233 214 122 65 30 29 386 — 1,079 740-799 323 296 173 84 38 26 764 2 1,706 680-739 246 240 122 56 23 12 709 5 1,413 620-679 149 119 43 19 7 4 299 5 645 <620 32 37 17 10 3 2 100 6 207 No FICO available (1) 44 5 — — — — 330 1 380 Total other retail 1,027 911 477 234 101 73 2,588 19 5,430 Total retail 800+ 5,912 5,833 2,735 1,170 1,323 3,239 4,780 281 25,273 740-799 8,311 4,801 2,210 994 836 1,806 4,278 280 23,516 680-739 3,842 2,114 1,193 596 441 1,041 2,447 248 11,922 620-679 1,339 696 517 296 231 523 662 172 4,436 <620 225 258 364 310 252 423 191 182 2,205 No FICO available (1) 54 13 1 — — 62 330 1 461 Total retail $19,683 $13,715 $7,020 $3,366 $3,083 $7,094 $12,688 $1,164 $67,813 (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 tables present an aging analysis of accruing loans and leases, and nonaccrual loans and leases: March 31, 2022 Days Past Due and Accruing (in millions) Current 30-59 60-89 90+ Nonaccrual Total Nonaccrual with no related ACL Commercial and industrial $45,477 $18 $16 $13 $200 $45,724 $31 Commercial real estate 14,256 — 1 — 11 14,268 1 Leases 1,478 45 — 5 1 1,529 — Total commercial 61,211 63 17 18 212 61,521 32 Residential mortgages (1) 23,077 57 42 792 243 24,211 179 Home equity 11,969 42 14 — 239 12,264 188 Automobile 14,236 120 31 — 52 14,439 10 Education 13,244 26 11 2 23 13,306 3 Other retail 5,447 61 22 14 20 5,564 1 Total retail 67,973 306 120 808 577 69,784 381 Total $129,184 $369 $137 $826 $789 $131,305 $413 December 31, 2021 Days Past Due and Accruing (in millions) Current 30-59 60-89 90+ Nonaccrual Total Nonaccrual with no related ACL Commercial and industrial $44,247 $47 $26 $9 $171 $44,500 $36 Commercial real estate 14,247 6 — — 11 14,264 1 Leases 1,570 14 1 — 1 1,586 — Total commercial 60,064 67 27 9 183 60,350 37 Residential mortgages (1) 21,918 102 52 549 201 22,822 137 Home equity 11,745 38 12 — 220 12,015 186 Automobile 14,324 131 39 — 55 14,549 22 Education 12,926 34 13 1 23 12,997 2 Other retail 5,331 40 23 16 20 5,430 2 Total retail 66,244 345 139 566 519 67,813 349 Total $126,308 $412 $166 $575 $702 $128,163 $386 |
Troubled debt restructurings on financing receivables | The following tables summarize loans modified during the three months ended March 31, 2022 and 2021. 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 March 31, 2022 Amortized Cost Basis (dollars in millions) Number of Contracts Interest Rate Reduction (1) Maturity Extension (2) Other (3) Total Commercial and industrial 10 $— $24 $7 $31 Total commercial 10 — 24 7 31 Residential mortgages 1,181 22 14 214 250 Home equity 178 2 — 9 11 Automobile 165 1 — 1 2 Education 143 — — 6 6 Other retail 521 2 — — 2 Total retail 2,188 27 14 230 271 Total 2,198 $27 $38 $237 $302 Three Months Ended March 31, 2021 Amortized Cost Basis (dollars in millions) Number of Contracts Interest Rate Reduction (1) Maturity Extension (2) Other (3) Total Commercial and industrial 7 $— $3 $— $3 Total commercial 7 — 3 — 3 Residential mortgages 42 4 6 3 13 Home equity 147 2 5 4 11 Automobile 669 — — 8 8 Education 147 — — 4 4 Other retail 630 3 — 1 4 Total retail 1,635 9 11 20 40 Total 1,642 $9 $14 $20 $43 (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 March 31, (dollars in millions) 2022 2021 Commercial TDRs $— $22 Retail TDRs (1) 15 15 Total $15 $37 (1) Includes $10 million and $2 million of loans fully or partially government guaranteed by the FHA, VA, and USDA for the three months ended March 31, 2022 and 2021, respectively. |
MORTGAGE BANKING AND OTHER (Tab
MORTGAGE BANKING AND OTHER (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, (in millions) 2022 2021 Cash proceeds from residential mortgage loans sold with servicing retained $6,582 $9,038 Repurchased residential mortgages (1) 87 — Gain on sales (2) 30 140 Contractually specified servicing, late and other ancillary fees (2) 67 58 (1) Includes government insured or guaranteed loans eligible for repurchase through the exercise of our removal of account provision option. (2) 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 March 31, (in millions) 2022 2021 Fair value as of beginning of the period $1,029 $658 Amounts capitalized 95 87 Changes in unpaid principal balance during the period (1) (39) (58) Changes in fair value during the period (2) 156 206 Fair value at end of the period $1,241 $893 (1) 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. (2) 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 | (dollars in millions) March 31, 2022 December 31, 2021 Fair value $1,241 $1,029 Weighted average life (years) 7.8 6.4 Weighted average constant prepayment rate 8.8% 10.7% Decline in fair value from 10% adverse change $40 $45 Decline in fair value from 20% adverse change $78 $87 Weighted average option adjusted spread 621 bps 596 bps Decline in fair value from 10% adverse change $33 $25 Decline in fair value from 20% adverse change $66 $50 |
Schedule of other serviced loans | The following table presents the unpaid principal balance of other serviced loans: (in millions) March 31, 2022 December 31, 2021 Education $699 $761 Commercial and industrial (1) 83 80 (1) Represents the government guaranteed portion of SBA loans sold to outside investors. |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of variable interest entities | A summary of these investments is presented below: (in millions) March 31, 2022 December 31, 2021 Lending to special purpose entities included in loans and leases $2,602 $2,646 LIHTC investment included in other assets 2,130 1,978 LIHTC unfunded commitments included in other liabilities 1,050 927 Investment in asset-backed securities included in HTM securities 686 737 Renewable energy investments included in other assets 417 429 |
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 March 31, (in millions) 2022 2021 Tax credits included in income tax expense $61 $51 Other tax benefits included in income tax expense 15 12 Total tax benefits included in income tax expense 76 63 Less: Amortization included in income tax expense 64 53 Net benefit from affordable housing tax credit investments included in income tax expense $12 $10 |
BORROWED FUNDS (Tables)
BORROWED FUNDS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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) March 31, 2022 December 31, 2021 Parent Company: 4.150% fixed-rate subordinated debt, due September 2022 $168 $168 3.750% fixed-rate subordinated debt, due July 2024 90 90 4.023% fixed-rate subordinated debt, due October 2024 17 17 4.350% fixed-rate subordinated debt, due August 2025 133 133 4.300% fixed-rate subordinated debt, due December 2025 337 336 2.850% fixed-rate senior unsecured notes, due July 2026 498 498 2.500% fixed-rate senior unsecured notes, due February 2030 298 298 3.250% fixed-rate senior unsecured notes, due April 2030 745 745 3.750% fixed-rate reset subordinated debt, due February 2031 69 69 4.300% fixed-rate reset subordinated debt, due February 2031 135 135 4.350% fixed-rate reset subordinated debt, due February 2031 60 60 2.638% fixed-rate subordinated debt, due September 2032 551 550 CBNA’s Global Note Program: 3.250% senior unsecured notes, due February 2022 (1) — 700 0.845% floating-rate senior unsecured notes, due February 2022 (1)(2) — 300 1.318% floating-rate senior unsecured notes, due May 2022 (2) 250 250 2.650% senior unsecured notes, due May 2022 500 503 3.700% senior unsecured notes, due March 2023 504 512 1.933% floating-rate senior unsecured notes, due March 2023 (2) 250 250 2.250% senior unsecured notes, due April 2025 747 746 3.750% senior unsecured notes, due February 2026 498 524 Additional Borrowings by CBNA and Other Subsidiaries: Federal Home Loan Bank advances, 0.774% weighted average rate, due through 2041 20 19 Other 24 29 Total long-term borrowed funds $5,894 $6,932 (1) Notes were redeemed on January 14, 2022. (2) Rate disclosed reflects the floating rate as of March 31, 2022, or final floating rate as applicable. |
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 March 31, 2022: (in millions) Parent Company CBNA and Other Subsidiaries Consolidated Year 2022 $168 $755 $923 2023 — 758 758 2024 107 1 108 2025 469 760 1,229 2026 498 499 997 2027 and thereafter 1,859 20 1,879 Total $3,101 $2,793 $5,894 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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: March 31, 2022 December 31, 2021 (in millions) Notional Amount (1) Derivative Assets Derivative Liabilities Notional Amount (1) Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate contracts $17,250 $1 $1 $23,450 $12 $2 Derivatives not designated as hedging instruments: Interest rate contracts 158,286 172 445 142,987 680 174 Foreign exchange contracts 22,809 378 349 21,336 263 231 Commodities contracts 694 1,501 1,496 514 508 505 TBA contracts 7,650 102 22 7,776 8 8 Other contracts 3,081 9 30 3,555 38 2 Total derivatives not designated as hedging instruments 2,162 2,342 1,497 920 Gross derivative fair values 2,163 2,343 1,509 922 Less: Gross amounts offset in the Consolidated Balance Sheets (2) (312) (312) (235) (235) Less: Cash collateral applied (2) (176) (1,396) (58) (490) Total net derivative fair values presented in the Consolidated Balance Sheets $1,675 $635 $1,216 $197 (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 March 31, (in millions) 2022 2021 Affected Line Item in the Consolidated Statements of Operations Interest rate swaps hedging borrowed funds ($37) ($28) Interest expense - long-term borrowed funds Hedged long-term debt attributable to the risk being hedged 37 28 Interest expense - long-term borrowed funds Interest rate swaps hedging debt securities available for sale 29 28 Interest income - investment securities Hedged debt securities available for sale attributable to risk being hedged (29) (28) Interest income - investment securities The following table reflects amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges: March 31, 2022 December 31, 2021 (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 $— $— $6,042 $— Carrying amount of hedged liabilities — 1,503 — 2,239 Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items — 5 29 42 (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 $6.0 billion as of December 31, 2021) in a last-of-layer hedging relationship, which commenced in the third quarter of 2019 and was terminated in the first quarter of 2022. |
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 related to derivative instruments designated as cash flow hedges: Three Months Ended March 31, (in millions) 2022 2021 Amount of pre-tax net gains (losses) recognized in OCI ($661) ($28) Amount of pre-tax net gains (losses) reclassified from OCI into interest income 37 46 Amount of pre-tax net gains (losses) reclassified from OCI into interest expense (5) (12) |
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 March 31, Affected Line Item in the Consolidated Statements of Operations (in millions) 2022 2021 Economic hedge type: Customer interest rate contracts ($767) ($348) Foreign exchange and derivative products Derivatives hedging interest rate risk 793 356 Foreign exchange and derivative products Customer foreign exchange contracts 26 (116) Foreign exchange and derivative products Derivatives hedging foreign exchange risk 3 150 Foreign exchange and derivative products Customer commodity contracts 1,152 94 Foreign exchange and derivative products Derivatives hedging commodity price risk (1,148) (92) Foreign exchange and derivative products Residential loan commitments (161) (238) Mortgage banking fees Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value 271 275 Mortgage banking fees Derivative contracts used to hedge residential MSRs (146) (182) Mortgage banking fees Total $23 ($101) |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, (in millions) Net Unrealized Gains (Losses) on Derivatives Net Unrealized Gains (Losses) on Debt Securities Employee Benefit Plans Total AOCI Balance at January 1, 2021 ($11) $380 ($429) ($60) Other comprehensive income (loss) before reclassifications (21) (307) — (328) Amounts reclassified to the Consolidated Statements of Operations (25) (2) 4 (23) Net other comprehensive income (loss) (46) (309) 4 (351) Balance at March 31, 2021 ($57) $71 ($425) ($411) Balance at January 1, 2022 ($161) ($156) ($348) ($665) Other comprehensive income (loss) before reclassifications (491) (1,077) — (1,568) Amounts reclassified to the Consolidated Statements of Operations (24) (3) 2 (25) Net other comprehensive income (loss) (515) (1,080) 2 (1,593) Balance at March 31, 2022 ($676) ($1,236) ($346) ($2,258) Primary location in the Consolidated Statements of Operations of amounts reclassified from AOCI Net interest income Securities gains, net Other operating expense |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of preferred stock | The following table summarizes the Company’s preferred stock: March 31, 2022 December 31, 2021 (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 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 1,000 300,000 296 300,000 296 Total 2,050,000 $2,014 2,050,000 $2,014 (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 March 31, 2022 Three Months Ended March 31, 2021 (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 $165 $165 $0.39 $167 $167 Preferred stock Series A $— $— $— $10.49 $3 $3 Series B — — 9 — — 9 Series C 15.94 5 5 15.94 5 5 Series D 15.88 5 5 15.88 5 5 Series E 12.50 5 5 12.50 5 5 Series F 14.13 6 6 14.13 5 5 Series G 10.00 3 3 — — — Total preferred stock $24 $33 $23 $32 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 19 in the Company’s 2021 Form 10-K. (in millions) March 31, 2022 December 31, 2021 Commitments to extend credit $87,127 $84,206 Letters of credit 1,977 1,998 Risk participation agreements 17 39 Loans sold with recourse 85 82 Marketing rights 24 26 Total $89,230 $86,351 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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: March 31, 2022 December 31, 2021 (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 $1,595 $1,610 ($15) $2,657 $2,591 $66 Commercial and industrial, and commercial real estate loans held for sale, at fair value 122 127 (5) 76 79 (3) |
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 March 31, 2022: (in millions) Total Level 1 Level 2 Level 3 Debt securities available for sale: Mortgage-backed securities $23,899 $— $23,899 $— Collateralized loan obligations 1,264 — 1,264 — State and political subdivisions 2 — 2 — U.S. Treasury and other 154 154 — — Total debt securities available for sale 25,319 154 25,165 — Loans held for sale, at fair value: Residential loans held for sale 1,595 — 1,595 — Commercial loans held for sale 122 — 122 — Total loans held for sale, at fair value 1,717 — 1,717 — Mortgage servicing rights 1,241 — — 1,241 Derivative assets: Interest rate contracts 173 — 173 — Foreign exchange contracts 378 — 378 — Commodities contracts 1,501 — 1,501 — TBA contracts 102 — 102 — Other contracts 9 — — 9 Total derivative assets 2,163 — 2,154 9 Equity securities, at fair value (1) 108 101 7 — Total assets $30,548 $255 $29,043 $1,250 Derivative liabilities: Interest rate contracts $446 $— $446 $— Foreign exchange contracts 349 — 349 — Commodities contracts 1,496 — 1,496 — TBA contracts 22 — 22 — Other contracts 30 — — 30 Total derivative liabilities 2,343 — 2,313 30 Total liabilities $2,343 $— $2,313 $30 (1) Excludes investments of $22 million that are measured at fair value using the net asset value per share (or its equivalent) practical expedient. The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at December 31, 2021: (in millions) Total Level 1 Level 2 Level 3 Debt securities available for sale: Mortgage-backed securities $24,847 $— $24,847 $— Collateralized loan obligations 1,207 — 1,207 — State and political subdivisions 2 — 2 — U.S. Treasury and other 11 11 — — Total debt securities available for sale 26,067 11 26,056 — Loans held for sale, at fair value: Residential loans held for sale 2,657 — 2,657 — Commercial loans held for sale 76 — 76 — Total loans held for sale, at fair value 2,733 — 2,733 — Mortgage servicing rights 1,029 — — 1,029 Derivative assets: Interest rate contracts 692 — 692 — Foreign exchange contracts 263 — 263 — Commodities contracts 508 — 508 — TBA contracts 8 — 8 — Other contracts 38 — — 38 Total derivative assets 1,509 — 1,471 38 Equity securities, at fair value (1) 102 95 7 — Total assets $31,440 $106 $30,267 $1,067 Derivative liabilities: Interest rate contracts $176 $— $176 $— Foreign exchange contracts 231 — 231 — Commodities contracts 505 — 505 — TBA contracts 8 — 8 — Other contracts 2 — 2 — Total derivative liabilities 922 — 922 — Total liabilities $922 $— $922 $— (1) Excludes investments of $7 million that are measured at fair value using the net asset value per share (or its equivalent) practical expedient. |
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 March 31, 2022 (in millions) Mortgage Servicing Rights Other Derivative Contracts Beginning balance $1,029 $38 Issuances 95 41 Settlements (1) (39) 61 Changes in fair value during the period recognized in earnings (2) 156 (161) Ending balance $1,241 ($21) Three Months Ended March 31, 2021 (in millions) Mortgage Servicing Rights Other Derivative Contracts Beginning balance $658 $197 Issuances 87 162 Settlements (1) (58) (83) Changes in fair value during the period recognized in earnings (2) 206 (238) Ending balance $893 $38 (1) 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. (2) 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 March 31, 2022 Valuation Technique Unobservable Input Range (Weighted Average) Mortgage servicing rights Discounted Cash Flow Constant prepayment rate 7.74-22.35% CPR (8.8% CPR) Option adjusted spread 400-1,060 bps (621 bps) Other derivative contracts Internal Model Pull through rate 18.62-100.06% (82.66%) MSR value 4.37-177.45 bps (100.00 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 March 31, (in millions) 2022 2021 Collateral-dependent loans ($2) ($19) |
Fair value of assets and liabilities measured on a nonrecurring basis | The following table presents assets measured at fair value on a nonrecurring basis: March 31, 2022 December 31, 2021 (in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Collateral-dependent loans $600 $— $600 $— $645 $— $645 $— |
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: March 31, 2022 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 $2,056 $2,011 $— $— $1,370 $1,355 $686 $656 Other loans held for sale 99 98 — — — — 99 98 Loans and leases 131,305 129,134 — — 600 600 130,705 128,534 Other assets 611 611 — — 595 595 16 16 Financial liabilities: Deposits 158,776 158,746 — — 158,776 158,746 — — Short-term borrowed funds 25 25 — — 25 25 — — Long-term borrowed funds 5,894 5,853 — — 5,894 5,853 — — December 31, 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 $2,242 $2,289 $— $— $1,505 $1,557 $737 $732 Other loans held for sale 735 735 — — — — 735 735 Loans and leases 128,163 128,156 — — 645 645 127,518 127,511 Other assets 624 624 — — 609 609 15 15 Financial liabilities: Deposits 154,361 154,366 — — 154,361 154,366 — — Short-term borrowed funds 74 74 — — 74 74 — — Long-term borrowed funds 6,932 7,188 — — 6,932 7,188 — — |
NONINTEREST INCOME (Tables)
NONINTEREST INCOME (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Three Months Ended March 31, 2021 (in millions) Consumer Banking Commercial Banking Other Consolidated Consumer Banking Commercial Banking Other Consolidated Service charges and fees $69 $27 $1 $97 $74 $25 $— $99 Card fees 50 10 — 60 47 7 — 54 Capital markets fees — 78 — 78 — 72 — 72 Trust and investment services fees 61 — — 61 58 — — 58 Other banking fees 1 2 1 4 — 2 — 2 Total revenue from contracts with customers $181 $117 $2 $300 $179 $106 $— $285 Total revenue from other sources (1) 76 96 26 198 172 64 21 257 Total noninterest income $257 $213 $28 $498 $351 $170 $21 $542 (1) Includes bank-owned life insurance income of $21 million and $14 million for the three months ended March 31, 2022 and 2021, respectively. |
OTHER OPERATING EXPENSE (Tables
OTHER OPERATING EXPENSE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of other operating expense | The following table presents the details of other operating expense: Three Months Ended March 31, (in millions) 2022 2021 Marketing $26 $19 Deposit Insurance 20 15 Other 64 57 Other operating expense $110 $91 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | Three Months Ended March 31, (in millions, except share and per share data) 2022 2021 Numerator (basic and diluted): Net income $420 $611 Less: Preferred stock dividends 24 23 Net income available to common stockholders $396 $588 Denominator: Weighted-average common shares outstanding - basic 422,401,747 425,953,716 Dilutive common shares: share-based awards 2,269,124 1,926,814 Weighted-average common shares outstanding - diluted 424,670,871 427,880,530 Earnings per common share: Basic $0.94 $1.38 Diluted (1) 0.93 1.37 (1) Potential dilutive common shares are 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 2,222 and 305,210 for the three months ended March 31, 2022 and 2021, respectively. |
BUSINESS OPERATING SEGMENTS (Ta
BUSINESS OPERATING SEGMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | As of and for the Three Months Ended March 31, 2022 (in millions) Consumer Banking Commercial Banking Other Consolidated Net interest income $857 $416 ($126) $1,147 Noninterest income 257 213 28 498 Total revenue 1,114 629 (98) 1,645 Noninterest expense 784 272 50 1,106 Profit (loss) before provision (benefit) for credit losses 330 357 (148) 539 Provision (benefit) for credit losses 49 12 (58) 3 Income (loss) before income tax expense (benefit) 281 345 (90) 536 Income tax expense (benefit) 72 74 (30) 116 Net income (loss) $209 $271 ($60) $420 Total average assets $77,551 $61,118 $49,648 $188,317 As of and for the Three Months Ended March 31, 2021 (in millions) Consumer Banking Commercial Banking Other Consolidated Net interest income $863 $421 ($167) $1,117 Noninterest income 351 170 21 542 Total revenue 1,214 591 (146) 1,659 Noninterest expense 750 227 41 1,018 Profit (loss) before provision (benefit) for credit losses 464 364 (187) 641 Provision (benefit) for credit losses 59 101 (300) (140) Income (loss) before income tax expense (benefit) 405 263 113 781 Income tax expense (benefit) 103 52 15 170 Net income (loss) $302 $211 $98 $611 Total average assets $75,283 $57,738 $49,548 $182,569 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) $ / shares in Units, shares in Millions, $ in Millions | Apr. 06, 2022USD ($)branch$ / sharesshares | Feb. 18, 2022USD ($)branch | Mar. 31, 2022USD ($) | Jul. 28, 2021$ / shares |
80 Branches And Deposit Business, HSBC Bank | ||||
Business Acquisition [Line Items] | ||||
Deposits | $ 6,300 | |||
Loans receivable, net | 1,500 | |||
Estimated increase in goodwill | $ 120 | |||
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 | |||
Investor Acquisition | ||||
Business Acquisition [Line Items] | ||||
Deposits | $ 20,000 | |||
Loans receivable, net | $ 23,000 | |||
Investor Acquisition | Subsequent Event | ||||
Business Acquisition [Line Items] | ||||
Number of branches acquired | branch | 154 | |||
Number of shares issued for acquisition | shares | 73.6 | |||
Amount paid to shareholders of Investors | $ 355 | |||
Cash consideration, in dollars per share for each share of investors stock (in dollars per share) | $ / shares | $ 1.46 | |||
Investor Acquisition | Common Stock | ||||
Business Acquisition [Line Items] | ||||
Stock consideration (in dollars per each share) | $ / shares | $ 0.297 |
SECURITIES - Schedule of Invest
SECURITIES - Schedule of Investments (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Debt Securities Available-for-sale, Fair Value | [1] | $ 25,319 | $ 26,067 |
Debt Securities Held-to-maturity, Amortized Cost | [1] | 2,056 | 2,242 |
Debt Securities Held-to-maturity, Gross Unrealized Gain | 3 | 54 | |
Debt Securities Held-to-maturity, Gross Unrealized Losses | (48) | (7) | |
Debt Securities held-to-maturity, Fair Value | 2,011 | 2,289 | |
Total equity securities, at cost, Amortized Cost | 611 | 624 | |
Equity securities, at cost, fair value | 611 | 624 | |
Equity Securities, Amortized Cost | 130 | 109 | |
Equity Securities, Fair Value | 130 | 109 | |
U.S. Treasury and other | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Debt Securities Available-for-sale, Amortized Cost | 158 | 11 | |
Debt Securities Available-for-sale, Gross Unrealized Gains | 0 | 0 | |
Debt Securities Available-for-sale, Gross Unrealized Losses | (4) | 0 | |
Debt Securities Available-for-sale, Fair Value | 154 | 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 | 2 | |
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 | 2 | |
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 | 25,074 | 24,607 | |
Debt Securities Available-for-sale, Gross Unrealized Gains | 4 | 210 | |
Debt Securities Available-for-sale, Gross Unrealized Losses | (1,580) | (375) | |
Debt Securities Available-for-sale, Fair Value | 23,498 | 24,442 | |
Debt Securities Held-to-maturity, Amortized Cost | 1,370 | 1,505 | |
Debt Securities Held-to-maturity, Gross Unrealized Gain | 3 | 52 | |
Debt Securities Held-to-maturity, Gross Unrealized Losses | (18) | 0 | |
Debt Securities held-to-maturity, Fair Value | 1,355 | 1,557 | |
Other/non-agency | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Debt Securities Available-for-sale, Amortized Cost | 412 | 397 | |
Debt Securities Available-for-sale, Gross Unrealized Gains | 2 | 9 | |
Debt Securities Available-for-sale, Gross Unrealized Losses | (13) | (1) | |
Debt Securities Available-for-sale, Fair Value | 401 | 405 | |
Total mortgage-backed securities | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Debt Securities Available-for-sale, Amortized Cost | 25,486 | 25,004 | |
Debt Securities Available-for-sale, Gross Unrealized Gains | 6 | 219 | |
Debt Securities Available-for-sale, Gross Unrealized Losses | (1,593) | (376) | |
Debt Securities Available-for-sale, Fair Value | 23,899 | 24,847 | |
Debt Securities Held-to-maturity, Amortized Cost | 1,370 | 1,505 | |
Debt Securities Held-to-maturity, Gross Unrealized Gain | 3 | 52 | |
Debt Securities Held-to-maturity, Gross Unrealized Losses | (18) | 0 | |
Debt Securities held-to-maturity, Fair Value | 1,355 | 1,557 | |
Collateralized loan obligations | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Debt Securities Available-for-sale, Amortized Cost | 1,276 | 1,208 | |
Debt Securities Available-for-sale, Gross Unrealized Gains | 0 | 0 | |
Debt Securities Available-for-sale, Gross Unrealized Losses | (12) | (1) | |
Debt Securities Available-for-sale, Fair Value | 1,264 | 1,207 | |
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 | 26,922 | 26,225 | |
Debt Securities Available-for-sale, Gross Unrealized Gains | 6 | 219 | |
Debt Securities Available-for-sale, Gross Unrealized Losses | (1,609) | (377) | |
Debt Securities Available-for-sale, Fair Value | 25,319 | 26,067 | |
Asset-backed securities | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Debt Securities Held-to-maturity, Amortized Cost | 686 | 737 | |
Debt Securities Held-to-maturity, Gross Unrealized Gain | 0 | 2 | |
Debt Securities Held-to-maturity, Gross Unrealized Losses | (30) | (7) | |
Debt Securities held-to-maturity, Fair Value | $ 656 | $ 732 | |
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
SECURITIES - Narrative (Details
SECURITIES - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Accrued interest receivable on debt securities | $ 59,000,000 | $ 56,000,000 | |
Taxable interest income from securities | 138,000,000 | $ 128,000,000 | |
Offsetting of short-term receivables or payables recognized | $ 0 | $ 0 | |
Held-to-maturity, zero expected credit loss, percent of portfolio | 67.00% | ||
Mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Securitizations of mortgage loans | $ 0 | $ 81,000,000 |
SECURITIES - Schedule of Availa
SECURITIES - Schedule of Available for Sale Securities Debt Maturities (Details) $ in Millions | Mar. 31, 2022USD ($) |
Amortized cost: | |
Amortized Cost, Debt securities available for sale, Maturity of 1 Year or Less | $ 15 |
Amortized Cost, Debt securities available for sale, Maturity of 1-5 Years | 112 |
Amortized Cost, Debt securities available for sale, Maturity of 5-10 Years | 2,025 |
Amortized Cost, Debt securities available for sale, Maturity After 10 Years | 24,770 |
Amortized Cost, Debt securities available for sale, Total | 26,922 |
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 | 686 |
Amortized Cost, Debt securities held to maturity, Maturity After 10 Years | 1,370 |
Amortized Cost, Debt securities held to maturity, Total | 2,056 |
Total amortized cost of debt securities, Maturity of 1 Year or Less | 15 |
Total amortized cost of debt securities, Maturity of 1-5 Years | 112 |
Total amortized cost of debt securities, Maturity of 5-10 Years | 2,711 |
Total amortized cost of debt securities, Maturity After 10 Years | 26,140 |
Total amortized cost of debt securities, Total | 28,978 |
Fair value: | |
Fair Value, Debt securities available for sale, Maturity of 1 Year or Less | 15 |
Fair Value, Debt securities available for sale, Maturity of 1-5 Years | 110 |
Fair Value, Debt securities available for sale, Maturity of 5-10 Years | 1,985 |
Fair Value, Debt securities available for sale, Maturity After 10 Years | 23,209 |
Fair Value, Debt securities available for sale, Total | 25,319 |
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 | 656 |
Fair Value, Debt securities held to maturity, Maturity After 10 Years | 1,355 |
Fair Value, Debt securities held to maturity, Total | 2,011 |
Total fair value of debt securities, Maturity of 1 Year or Less | 15 |
Total fair value of debt securities, Maturity of 1-5 Years | 110 |
Total fair value of debt securities, Maturity of 5-10 Years | 2,641 |
Total fair value of debt securities, Maturity After 10 Years | 24,564 |
Total fair value of debt securities, Total | 27,330 |
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 | 49 |
Amortized Cost, Debt securities available for sale, Maturity of 5-10 Years | 98 |
Amortized Cost, Debt securities available for sale, Maturity After 10 Years | 0 |
Amortized Cost, Debt securities available for sale, Total | 158 |
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 | 48 |
Fair Value, Debt securities available for sale, Maturity of 5-10 Years | 95 |
Fair Value, Debt securities available for sale, Maturity After 10 Years | 0 |
Fair Value, Debt securities available for sale, Total | 154 |
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 | 4 |
Amortized Cost, Debt securities available for sale, Maturity of 1-5 Years | 63 |
Amortized Cost, Debt securities available for sale, Maturity of 5-10 Years | 1,902 |
Amortized Cost, Debt securities available for sale, Maturity After 10 Years | 23,105 |
Amortized Cost, Debt securities available for sale, Total | 25,074 |
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 | 1,370 |
Amortized Cost, Debt securities held to maturity, Total | 1,370 |
Fair value: | |
Fair Value, Debt securities available for sale, Maturity of 1 Year or Less | 4 |
Fair Value, Debt securities available for sale, Maturity of 1-5 Years | 62 |
Fair Value, Debt securities available for sale, Maturity of 5-10 Years | 1,866 |
Fair Value, Debt securities available for sale, Maturity After 10 Years | 21,566 |
Fair Value, Debt securities available for sale, Total | 23,498 |
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 | 1,355 |
Fair Value, Debt securities held to maturity, Total | 1,355 |
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 | 412 |
Amortized Cost, Debt securities available for sale, Total | 412 |
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 | 401 |
Fair Value, Debt securities available for sale, Total | 401 |
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 | 25 |
Amortized Cost, Debt securities available for sale, Maturity After 10 Years | 1,251 |
Amortized Cost, Debt securities available for sale, Total | 1,276 |
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 | 24 |
Fair Value, Debt securities available for sale, Maturity After 10 Years | 1,240 |
Fair Value, Debt securities available for sale, Total | 1,264 |
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 | 686 |
Amortized Cost, Debt securities held to maturity, Maturity After 10 Years | 0 |
Amortized Cost, Debt securities held to maturity, Total | 686 |
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 | 656 |
Fair Value, Debt securities held to maturity, Maturity After 10 Years | 0 |
Fair Value, Debt securities held to maturity, Total | $ 656 |
SECURITIES - Income Recognized
SECURITIES - Income Recognized from Investment Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gains on sale of securities | $ 7 | $ 3 |
Losses on sale of securities | (3) | 0 |
Securities gains, net | $ 4 | $ 3 |
SECURITIES - Schedule of Securi
SECURITIES - Schedule of Securities Pledged (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law | $ 4,733 | $ 4,816 |
Pledged as collateral for FHLB borrowing capacity | 430 | 325 |
Pledged against repurchase agreements | 0 | 1 |
Fair Value | ||
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law | 4,415 | 4,782 |
Pledged as collateral for FHLB borrowing capacity | 420 | 333 |
Pledged against repurchase agreements | $ 0 | $ 1 |
SECURITIES - Schedule of Inve_2
SECURITIES - Schedule of Investments in Continuous Loss Positions (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value | ||
Less than 12 Months | $ 18,171 | $ 14,990 |
12 Months or Longer | 6,265 | 1,236 |
Total | 24,436 | 16,226 |
Gross Unrealized Losses | ||
Less than 12 Months | (912) | (322) |
12 Months or Longer | (697) | (55) |
Total | (1,609) | (377) |
U.S. Treasury and other | ||
Fair Value | ||
Less than 12 Months | 154 | |
12 Months or Longer | 0 | |
Total | 154 | |
Gross Unrealized Losses | ||
Less than 12 Months | (4) | |
12 Months or Longer | 0 | |
Total | (4) | |
Federal agencies and U.S. government sponsored entities | ||
Fair Value | ||
Less than 12 Months | 16,512 | 14,131 |
12 Months or Longer | 6,265 | 1,236 |
Total | 22,777 | 15,367 |
Gross Unrealized Losses | ||
Less than 12 Months | (883) | (320) |
12 Months or Longer | (697) | (55) |
Total | (1,580) | (375) |
Other/non-agency | ||
Fair Value | ||
Less than 12 Months | 268 | 123 |
12 Months or Longer | 0 | 0 |
Total | 268 | 123 |
Gross Unrealized Losses | ||
Less than 12 Months | (13) | (1) |
12 Months or Longer | 0 | 0 |
Total | (13) | (1) |
Mortgage-backed securities | ||
Fair Value | ||
Less than 12 Months | 16,780 | 14,254 |
12 Months or Longer | 6,265 | 1,236 |
Total | 23,045 | 15,490 |
Gross Unrealized Losses | ||
Less than 12 Months | (896) | (321) |
12 Months or Longer | (697) | (55) |
Total | (1,593) | (376) |
Collateralized Loan Obligations | ||
Fair Value | ||
Less than 12 Months | 1,237 | 736 |
12 Months or Longer | 0 | 0 |
Total | 1,237 | 736 |
Gross Unrealized Losses | ||
Less than 12 Months | (12) | (1) |
12 Months or Longer | 0 | 0 |
Total | $ (12) | $ (1) |
LOANS AND LEASES - Summary of L
LOANS AND LEASES - Summary of Loans and Leases Portfolio (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 131,305 | $ 128,163 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 61,521 | 60,350 |
Commercial | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 45,724 | 44,500 |
Commercial | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 14,268 | 14,264 |
Commercial | Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,529 | 1,586 |
Retail | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 69,784 | 67,813 |
Retail | Residential mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 24,211 | 22,822 |
Retail | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 12,264 | 12,015 |
Retail | Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 14,439 | 14,549 |
Retail | Education | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 13,306 | 12,997 |
Retail | Other retail | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 5,564 | $ 5,430 |
LOANS AND LEASES - Narrative (D
LOANS AND LEASES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable on loans and leases held for investment | $ 452 | $ 450 | |
Interest income on direct financing lease | 11 | $ 13 | |
Retail | Residential mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans pledged as collateral for FHLB borrowed funds | 27,500 | 26,100 | |
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 | $ 36,000 | $ 35,800 |
LOANS AND LEASES - Loans Held F
LOANS AND LEASES - Loans Held For Sale (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale, at fair value | $ 1,717 | $ 2,733 |
Other loans held for sale | 99 | 735 |
Residential loans held for sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale, at fair value | 1,595 | 2,657 |
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 | 122 | 76 |
Other loans held for sale | $ 99 | $ 735 |
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 | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Charge-offs | $ 59 | ||
Provision expense (benefit) for loans and leases | 3 | $ (140) | |
Allowance for credit loss, reserve build | $ 56 | ||
Economic forecast that generally reflects real GDP growth on an annual average basis | 2.50% | 2.80% | |
Economic forecast that generally reflects average unemployment rate | 5.20% | 6.00% | |
Loans and leases | $ 131,305 | $ 128,163 | |
Mortgage loans collateralized by OREO | 189 | 142 | |
Troubled debt restructuring, charge-offs | 1 | $ 2 | |
TDR commitment to lend | 76 | 56 | |
80 Branches And Deposit Business, HSBC Bank | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Provision expense (benefit) for loans and leases | 24 | ||
Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Charge-offs decrease | 93 | ||
Loans and leases | 61,521 | 60,350 | |
Retail | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Charge-offs decrease | 6 | ||
Loans and leases | 69,784 | 67,813 | |
Commercial and industrial | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans and leases | 45,724 | 44,500 | |
Collateral Dependent | Home Equity Loan and Residential Mortgages | Retail | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans and leases | 579 | 542 | |
Collateral Dependent | Commercial and industrial | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans and leases | $ 21 | $ 103 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Beginning balance | $ 1,758 | |
Charge-offs | (59) | |
Provision expense (benefit) for loans and leases | 3 | $ (140) |
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | 1,720 | |
Allowance, Credit Loss | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | 1,878 | 2,372 |
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 | 1,758 | 2,443 |
Charge-offs | (101) | (227) |
Recoveries | 42 | 69 |
Net charge-offs | (59) | (158) |
Provision expense (benefit) for loans and leases | 21 | (91) |
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | 1,720 | 2,194 |
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 | 176 | 227 |
Provision expense (benefit) for unfunded lending commitments | (18) | (49) |
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | 158 | 178 |
Commercial | Allowance, Credit Loss | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | 925 | 1,311 |
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 | 821 | 1,233 |
Charge-offs | (14) | (134) |
Recoveries | 3 | 30 |
Net charge-offs | (11) | (104) |
Provision expense (benefit) for loans and leases | (32) | 17 |
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | 778 | 1,146 |
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 | 153 | 186 |
Provision expense (benefit) for unfunded lending commitments | (6) | (21) |
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | 147 | 165 |
Retail | Allowance, Credit Loss | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | 953 | 1,061 |
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 | 937 | 1,210 |
Charge-offs | (87) | (93) |
Recoveries | 39 | 39 |
Net charge-offs | (48) | (54) |
Provision expense (benefit) for loans and leases | 53 | (108) |
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | 942 | 1,048 |
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 | 23 | 41 |
Provision expense (benefit) for unfunded lending commitments | (12) | (28) |
Allowance for loan and lease losses / Reserve for unfunded lending commitments, Ending balance | $ 11 | $ 13 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 131,305 | $ 128,163 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 2,804 | 13,660 |
Year two | 13,126 | 6,289 |
Year three | 5,930 | 7,499 |
Year four | 6,573 | 4,775 |
Year five | 4,234 | 2,327 |
Prior to year five | 5,612 | 3,878 |
Within the Revolving Period | 23,100 | 21,777 |
Converted to Term | 142 | 145 |
Total | 61,521 | 60,350 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 2,796 | 13,431 |
Year two | 12,892 | 6,015 |
Year three | 5,702 | 6,914 |
Year four | 5,923 | 4,184 |
Year five | 3,700 | 2,118 |
Prior to year five | 5,055 | 3,441 |
Within the Revolving Period | 22,187 | 20,857 |
Converted to Term | 121 | 125 |
Total | 58,376 | 57,085 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 1 | 102 |
Year two | 130 | 128 |
Year three | 108 | 268 |
Year four | 335 | 219 |
Year five | 201 | 71 |
Prior to year five | 194 | 159 |
Within the Revolving Period | 395 | 316 |
Converted to Term | 1 | 1 |
Total | 1,365 | 1,264 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 125 |
Year two | 91 | 128 |
Year three | 92 | 308 |
Year four | 311 | 350 |
Year five | 323 | 128 |
Prior to year five | 336 | 260 |
Within the Revolving Period | 422 | 530 |
Converted to Term | 17 | 17 |
Total | 1,592 | 1,846 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 7 | 2 |
Year two | 13 | 18 |
Year three | 28 | 9 |
Year four | 4 | 22 |
Year five | 10 | 10 |
Prior to year five | 27 | 18 |
Within the Revolving Period | 96 | 74 |
Converted to Term | 3 | 2 |
Total | 188 | 155 |
Commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 1,952 | 10,363 |
Year two | 9,994 | 3,528 |
Year three | 3,173 | 3,978 |
Year four | 3,241 | 2,501 |
Year five | 2,287 | 1,527 |
Prior to year five | 3,309 | 2,144 |
Within the Revolving Period | 21,629 | 20,317 |
Converted to Term | 139 | 142 |
Total | 45,724 | 44,500 |
Commercial | Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 1,944 | 10,218 |
Year two | 9,819 | 3,336 |
Year three | 3,007 | 3,599 |
Year four | 2,908 | 2,284 |
Year five | 2,094 | 1,426 |
Prior to year five | 2,975 | 1,863 |
Within the Revolving Period | 20,729 | 19,406 |
Converted to Term | 118 | 122 |
Total | 43,594 | 42,254 |
Commercial | Commercial and industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 1 | 47 |
Year two | 74 | 71 |
Year three | 58 | 155 |
Year four | 107 | 114 |
Year five | 105 | 41 |
Prior to year five | 114 | 64 |
Within the Revolving Period | 385 | 316 |
Converted to Term | 1 | 1 |
Total | 845 | 809 |
Commercial | Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 97 |
Year two | 89 | 112 |
Year three | 89 | 215 |
Year four | 222 | 81 |
Year five | 78 | 50 |
Prior to year five | 195 | 201 |
Within the Revolving Period | 419 | 521 |
Converted to Term | 17 | 17 |
Total | 1,109 | 1,294 |
Commercial | Commercial and industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 7 | 1 |
Year two | 12 | 9 |
Year three | 19 | 9 |
Year four | 4 | 22 |
Year five | 10 | 10 |
Prior to year five | 25 | 16 |
Within the Revolving Period | 96 | 74 |
Converted to Term | 3 | 2 |
Total | 176 | 143 |
Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 784 | 2,839 |
Year two | 2,723 | 2,468 |
Year three | 2,477 | 3,382 |
Year four | 3,201 | 2,123 |
Year five | 1,801 | 731 |
Prior to year five | 1,808 | 1,258 |
Within the Revolving Period | 1,471 | 1,460 |
Converted to Term | 3 | 3 |
Total | 14,268 | 14,264 |
Commercial | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 784 | 2,766 |
Year two | 2,667 | 2,417 |
Year three | 2,420 | 3,181 |
Year four | 2,889 | 1,756 |
Year five | 1,465 | 626 |
Prior to year five | 1,587 | 1,119 |
Within the Revolving Period | 1,458 | 1,451 |
Converted to Term | 3 | 3 |
Total | 13,273 | 13,319 |
Commercial | Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 45 |
Year two | 54 | 42 |
Year three | 48 | 113 |
Year four | 228 | 100 |
Year five | 93 | 27 |
Prior to year five | 79 | 79 |
Within the Revolving Period | 10 | 0 |
Converted to Term | 0 | 0 |
Total | 512 | 406 |
Commercial | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 27 |
Year two | 1 | 0 |
Year three | 0 | 88 |
Year four | 84 | 267 |
Year five | 243 | 78 |
Prior to year five | 141 | 59 |
Within the Revolving Period | 3 | 9 |
Converted to Term | 0 | 0 |
Total | 472 | 528 |
Commercial | Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 1 |
Year two | 1 | 9 |
Year three | 9 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior to year five | 1 | 1 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 11 | 11 |
Commercial | Leases | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 68 | 458 |
Year two | 409 | 293 |
Year three | 280 | 139 |
Year four | 131 | 151 |
Year five | 146 | 69 |
Prior to year five | 495 | 476 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 1,529 | 1,586 |
Commercial | Leases | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 68 | 447 |
Year two | 406 | 262 |
Year three | 275 | 134 |
Year four | 126 | 144 |
Year five | 141 | 66 |
Prior to year five | 493 | 459 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 1,509 | 1,512 |
Commercial | Leases | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 10 |
Year two | 2 | 15 |
Year three | 2 | 0 |
Year four | 0 | 5 |
Year five | 3 | 3 |
Prior to year five | 1 | 16 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 8 | 49 |
Commercial | Leases | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 1 |
Year two | 1 | 16 |
Year three | 3 | 5 |
Year four | 5 | 2 |
Year five | 2 | 0 |
Prior to year five | 0 | 0 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 11 | 24 |
Commercial | Leases | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior to year five | 1 | 1 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 1 | 1 |
Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 3,898 | 19,683 |
Year two | 19,483 | 13,715 |
Year three | 12,716 | 7,020 |
Year four | 6,344 | 3,366 |
Year five | 3,023 | 3,083 |
Prior to year five | 9,847 | 7,094 |
Within the Revolving Period | 13,239 | 12,688 |
Converted to Term | 1,234 | 1,164 |
Total | 69,784 | 67,813 |
Retail | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 1,427 | 7,700 |
Year two | 7,900 | 5,669 |
Year three | 5,495 | 2,637 |
Year four | 2,477 | 995 |
Year five | 963 | 1,468 |
Prior to year five | 5,949 | 4,353 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 24,211 | 22,822 |
Retail | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 1 | 9 |
Year three | 7 | 43 |
Year four | 41 | 66 |
Year five | 63 | 63 |
Prior to year five | 593 | 589 |
Within the Revolving Period | 10,343 | 10,100 |
Converted to Term | 1,216 | 1,145 |
Total | 12,264 | 12,015 |
Retail | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 1,536 | 7,469 |
Year two | 6,827 | 3,227 |
Year three | 2,862 | 2,065 |
Year four | 1,789 | 1,000 |
Year five | 838 | 561 |
Prior to year five | 587 | 227 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 14,439 | 14,549 |
Retail | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 698 | 3,487 |
Year two | 3,837 | 3,899 |
Year three | 3,581 | 1,798 |
Year four | 1,641 | 1,071 |
Year five | 972 | 890 |
Prior to year five | 2,577 | 1,852 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 13,306 | 12,997 |
Retail | Other retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 237 | 1,027 |
Year two | 918 | 911 |
Year three | 771 | 477 |
Year four | 396 | 234 |
Year five | 187 | 101 |
Prior to year five | 141 | 73 |
Within the Revolving Period | 2,896 | 2,588 |
Converted to Term | 18 | 19 |
Total | 5,564 | 5,430 |
Greater than 800 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 975 | 5,912 |
Year two | 6,865 | 5,833 |
Year three | 5,718 | 2,735 |
Year four | 2,563 | 1,170 |
Year five | 1,068 | 1,323 |
Prior to year five | 4,456 | 3,239 |
Within the Revolving Period | 4,906 | 4,780 |
Converted to Term | 310 | 281 |
Total | 26,861 | 25,273 |
Greater than 800 | Retail | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 351 | 2,431 |
Year two | 3,332 | 3,017 |
Year three | 3,066 | 1,230 |
Year four | 1,184 | 342 |
Year five | 322 | 672 |
Prior to year five | 2,868 | 2,139 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 11,123 | 9,831 |
Greater than 800 | Retail | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 1 | 2 |
Year three | 1 | 5 |
Year four | 4 | 5 |
Year five | 5 | 3 |
Prior to year five | 122 | 134 |
Within the Revolving Period | 4,492 | 4,394 |
Converted to Term | 310 | 281 |
Total | 4,935 | 4,824 |
Greater than 800 | Retail | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 369 | 1,887 |
Year two | 1,662 | 829 |
Year three | 780 | 538 |
Year four | 481 | 244 |
Year five | 210 | 148 |
Prior to year five | 154 | 57 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 3,656 | 3,703 |
Greater than 800 | Retail | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 213 | 1,361 |
Year two | 1,641 | 1,771 |
Year three | 1,687 | 840 |
Year four | 792 | 514 |
Year five | 479 | 470 |
Prior to year five | 1,261 | 880 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 6,073 | 5,836 |
Greater than 800 | Retail | Other retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 42 | 233 |
Year two | 229 | 214 |
Year three | 184 | 122 |
Year four | 102 | 65 |
Year five | 52 | 30 |
Prior to year five | 51 | 29 |
Within the Revolving Period | 414 | 386 |
Converted to Term | 0 | 0 |
Total | 1,074 | 1,079 |
740-799 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 1,726 | 8,311 |
Year two | 7,520 | 4,801 |
Year three | 4,242 | 2,210 |
Year four | 1,935 | 994 |
Year five | 875 | 836 |
Prior to year five | 2,484 | 1,806 |
Within the Revolving Period | 4,377 | 4,278 |
Converted to Term | 298 | 280 |
Total | 23,457 | 23,516 |
740-799 | Retail | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 866 | 4,015 |
Year two | 3,423 | 1,876 |
Year three | 1,690 | 746 |
Year four | 673 | 246 |
Year five | 240 | 360 |
Prior to year five | 1,429 | 1,086 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 8,321 | 8,329 |
740-799 | Retail | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 1 |
Year three | 1 | 4 |
Year four | 4 | 5 |
Year five | 6 | 7 |
Prior to year five | 110 | 122 |
Within the Revolving Period | 3,564 | 3,514 |
Converted to Term | 296 | 278 |
Total | 3,981 | 3,931 |
740-799 | Retail | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 487 | 2,418 |
Year two | 2,203 | 1,051 |
Year three | 915 | 615 |
Year four | 531 | 288 |
Year five | 238 | 156 |
Prior to year five | 157 | 58 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 4,531 | 4,586 |
740-799 | Retail | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 311 | 1,555 |
Year two | 1,600 | 1,577 |
Year three | 1,391 | 672 |
Year four | 587 | 371 |
Year five | 325 | 275 |
Prior to year five | 739 | 514 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 4,953 | 4,964 |
740-799 | Retail | Other retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 62 | 323 |
Year two | 294 | 296 |
Year three | 245 | 173 |
Year four | 140 | 84 |
Year five | 66 | 38 |
Prior to year five | 49 | 26 |
Within the Revolving Period | 813 | 764 |
Converted to Term | 2 | 2 |
Total | 1,671 | 1,706 |
680-739 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 830 | 3,842 |
Year two | 3,457 | 2,114 |
Year three | 1,869 | 1,193 |
Year four | 1,009 | 596 |
Year five | 519 | 441 |
Prior to year five | 1,446 | 1,041 |
Within the Revolving Period | 2,584 | 2,447 |
Converted to Term | 262 | 248 |
Total | 11,976 | 11,922 |
680-739 | Retail | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 192 | 1,116 |
Year two | 968 | 572 |
Year three | 540 | 335 |
Year four | 275 | 152 |
Year five | 145 | 172 |
Prior to year five | 800 | 585 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 2,920 | 2,932 |
680-739 | Retail | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 1 |
Year three | 1 | 7 |
Year four | 8 | 14 |
Year five | 13 | 16 |
Prior to year five | 140 | 134 |
Within the Revolving Period | 1,774 | 1,738 |
Converted to Term | 258 | 243 |
Total | 2,194 | 2,153 |
680-739 | Retail | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 423 | 1,968 |
Year two | 1,751 | 827 |
Year three | 701 | 500 |
Year four | 414 | 234 |
Year five | 190 | 123 |
Prior to year five | 124 | 48 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 3,603 | 3,700 |
680-739 | Retail | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 161 | 512 |
Year two | 513 | 474 |
Year three | 425 | 229 |
Year four | 209 | 140 |
Year five | 126 | 107 |
Prior to year five | 354 | 262 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 1,788 | 1,724 |
680-739 | Retail | Other retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 54 | 246 |
Year two | 225 | 240 |
Year three | 202 | 122 |
Year four | 103 | 56 |
Year five | 45 | 23 |
Prior to year five | 28 | 12 |
Within the Revolving Period | 810 | 709 |
Converted to Term | 4 | 5 |
Total | 1,471 | 1,413 |
620-679 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 288 | 1,339 |
Year two | 1,248 | 696 |
Year three | 596 | 517 |
Year four | 474 | 296 |
Year five | 267 | 231 |
Prior to year five | 724 | 523 |
Within the Revolving Period | 748 | 662 |
Converted to Term | 173 | 172 |
Total | 4,518 | 4,436 |
620-679 | Retail | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 18 | 111 |
Year two | 127 | 130 |
Year three | 114 | 161 |
Year four | 170 | 93 |
Year five | 93 | 107 |
Prior to year five | 399 | 276 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 921 | 878 |
620-679 | Retail | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 3 |
Year three | 2 | 11 |
Year four | 9 | 19 |
Year five | 19 | 17 |
Prior to year five | 118 | 112 |
Within the Revolving Period | 399 | 363 |
Converted to Term | 168 | 167 |
Total | 715 | 692 |
620-679 | Retail | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 223 | 1,029 |
Year two | 919 | 378 |
Year three | 317 | 257 |
Year four | 218 | 131 |
Year five | 109 | 72 |
Prior to year five | 77 | 32 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 1,863 | 1,899 |
620-679 | Retail | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 10 | 50 |
Year two | 73 | 66 |
Year three | 64 | 45 |
Year four | 41 | 34 |
Year five | 30 | 28 |
Prior to year five | 121 | 99 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 339 | 322 |
620-679 | Retail | Other retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 37 | 149 |
Year two | 129 | 119 |
Year three | 99 | 43 |
Year four | 36 | 19 |
Year five | 16 | 7 |
Prior to year five | 9 | 4 |
Within the Revolving Period | 349 | 299 |
Converted to Term | 5 | 5 |
Total | 680 | 645 |
Less than 620 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 38 | 225 |
Year two | 383 | 258 |
Year three | 283 | 364 |
Year four | 359 | 310 |
Year five | 289 | 252 |
Prior to year five | 669 | 423 |
Within the Revolving Period | 243 | 191 |
Converted to Term | 190 | 182 |
Total | 2,454 | 2,205 |
Less than 620 | Retail | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 24 |
Year two | 45 | 66 |
Year three | 82 | 164 |
Year four | 171 | 162 |
Year five | 158 | 157 |
Prior to year five | 435 | 257 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 891 | 830 |
Less than 620 | Retail | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 2 |
Year three | 2 | 16 |
Year four | 16 | 23 |
Year five | 20 | 20 |
Prior to year five | 103 | 87 |
Within the Revolving Period | 114 | 91 |
Converted to Term | 184 | 176 |
Total | 439 | 415 |
Less than 620 | Retail | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 32 | 164 |
Year two | 291 | 142 |
Year three | 149 | 155 |
Year four | 145 | 103 |
Year five | 91 | 62 |
Prior to year five | 75 | 32 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 783 | 658 |
Less than 620 | Retail | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 1 | 5 |
Year two | 9 | 11 |
Year three | 14 | 12 |
Year four | 12 | 12 |
Year five | 12 | 10 |
Prior to year five | 52 | 45 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 100 | 95 |
Less than 620 | Retail | Other retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 5 | 32 |
Year two | 38 | 37 |
Year three | 36 | 17 |
Year four | 15 | 10 |
Year five | 8 | 3 |
Prior to year five | 4 | 2 |
Within the Revolving Period | 129 | 100 |
Converted to Term | 6 | 6 |
Total | 241 | 207 |
No FICO available | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 41 | 54 |
Year two | 10 | 13 |
Year three | 8 | 1 |
Year four | 4 | 0 |
Year five | 5 | 0 |
Prior to year five | 68 | 62 |
Within the Revolving Period | 381 | 330 |
Converted to Term | 1 | 1 |
Total | 518 | 461 |
No FICO available | Retail | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 3 |
Year two | 5 | 8 |
Year three | 3 | 1 |
Year four | 4 | 0 |
Year five | 5 | 0 |
Prior to year five | 18 | 10 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 35 | 22 |
No FICO available | Retail | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 2 | 3 |
Year two | 1 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior to year five | 0 | 0 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 3 | 3 |
No FICO available | Retail | Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 2 | 4 |
Year two | 1 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior to year five | 50 | 52 |
Within the Revolving Period | 0 | 0 |
Converted to Term | 0 | 0 |
Total | 53 | 56 |
No FICO available | Retail | Other retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 37 | 44 |
Year two | 3 | 5 |
Year three | 5 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior to year five | 0 | 0 |
Within the Revolving Period | 381 | 330 |
Converted to Term | 1 | 1 |
Total | $ 427 | $ 380 |
ALLOWANCE FOR CREDIT LOSSES, _6
ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK - Accruing and Nonaccruing Past Due Amounts (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 131,305 | $ 128,163 |
Loans and leases, nonaccrual | 789 | 702 |
Loans and leases, nonaccrual with no related ACL | 413 | 386 |
Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 129,184 | 126,308 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 369 | 412 |
Financing Receivables 60 To 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 137 | 166 |
Financing Receivables 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 826 | 575 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 61,521 | 60,350 |
Loans and leases, nonaccrual | 212 | 183 |
Loans and leases, nonaccrual with no related ACL | 32 | 37 |
Commercial | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 45,724 | 44,500 |
Loans and leases, nonaccrual | 200 | 171 |
Loans and leases, nonaccrual with no related ACL | 31 | 36 |
Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 14,268 | 14,264 |
Loans and leases, nonaccrual | 11 | 11 |
Loans and leases, nonaccrual with no related ACL | 1 | 1 |
Commercial | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,529 | 1,586 |
Loans and leases, nonaccrual | 1 | 1 |
Loans and leases, nonaccrual with no related ACL | 0 | 0 |
Commercial | Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 61,211 | 60,064 |
Commercial | Financial Asset, 1 to 29 Days Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 45,477 | 44,247 |
Commercial | Financial Asset, 1 to 29 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 14,256 | 14,247 |
Commercial | Financial Asset, 1 to 29 Days Past Due | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,478 | 1,570 |
Commercial | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 63 | 67 |
Commercial | Financing Receivables, 30 to 59 Days Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 18 | 47 |
Commercial | Financing Receivables, 30 to 59 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 6 |
Commercial | Financing Receivables, 30 to 59 Days Past Due | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 45 | 14 |
Commercial | Financing Receivables 60 To 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 17 | 27 |
Commercial | Financing Receivables 60 To 89 Days Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 16 | 26 |
Commercial | Financing Receivables 60 To 89 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1 | 0 |
Commercial | Financing Receivables 60 To 89 Days Past Due | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 1 |
Commercial | Financing Receivables 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 18 | 9 |
Commercial | Financing Receivables 90 Days or More Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 13 | 9 |
Commercial | Financing Receivables 90 Days or More Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Commercial | Financing Receivables 90 Days or More Past Due | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 5 | 0 |
Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 69,784 | 67,813 |
Loans and leases, nonaccrual | 577 | 519 |
Loans and leases, nonaccrual with no related ACL | 381 | 349 |
Retail | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 24,211 | 22,822 |
Loans and leases, nonaccrual with no related ACL | 179 | 137 |
Retail | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 12,264 | 12,015 |
Loans and leases, nonaccrual with no related ACL | 188 | 186 |
Retail | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 14,439 | 14,549 |
Loans and leases, nonaccrual with no related ACL | 10 | 22 |
Retail | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 13,306 | 12,997 |
Loans and leases, nonaccrual with no related ACL | 3 | 2 |
Retail | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 5,564 | 5,430 |
Loans and leases, nonaccrual with no related ACL | 1 | 2 |
Retail | FHA, VA And USDA Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, 90 days or more past due and still accruing | 792 | 544 |
Retail | Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 67,973 | 66,244 |
Retail | Financial Asset, 1 to 29 Days Past Due | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 23,077 | 21,918 |
Retail | Financial Asset, 1 to 29 Days Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 11,969 | 11,745 |
Retail | Financial Asset, 1 to 29 Days Past Due | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 14,236 | 14,324 |
Retail | Financial Asset, 1 to 29 Days Past Due | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 13,244 | 12,926 |
Retail | Financial Asset, 1 to 29 Days Past Due | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 5,447 | 5,331 |
Retail | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 306 | 345 |
Retail | Financing Receivables, 30 to 59 Days Past Due | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 57 | 102 |
Retail | Financing Receivables, 30 to 59 Days Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 42 | 38 |
Retail | Financing Receivables, 30 to 59 Days Past Due | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 120 | 131 |
Retail | Financing Receivables, 30 to 59 Days Past Due | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 26 | 34 |
Retail | Financing Receivables, 30 to 59 Days Past Due | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 61 | 40 |
Retail | Financing Receivables 60 To 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 120 | 139 |
Retail | Financing Receivables 60 To 89 Days Past Due | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 42 | 52 |
Retail | Financing Receivables 60 To 89 Days Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 14 | 12 |
Retail | Financing Receivables 60 To 89 Days Past Due | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 31 | 39 |
Retail | Financing Receivables 60 To 89 Days Past Due | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 11 | 13 |
Retail | Financing Receivables 60 To 89 Days Past Due | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 22 | 23 |
Retail | Financing Receivables 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 808 | 566 |
Retail | Financing Receivables 90 Days or More Past Due | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 792 | 549 |
Loans and leases, nonaccrual | 243 | 201 |
Retail | Financing Receivables 90 Days or More Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Loans and leases, nonaccrual | 239 | 220 |
Retail | Financing Receivables 90 Days or More Past Due | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Loans and leases, nonaccrual | 52 | 55 |
Retail | Financing Receivables 90 Days or More Past Due | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 2 | 1 |
Loans and leases, nonaccrual | 23 | 23 |
Retail | Financing Receivables 90 Days or More Past Due | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 14 | 16 |
Loans and leases, nonaccrual | $ 20 | $ 20 |
ALLOWANCE FOR CREDIT LOSSES, _7
ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK - Troubled Debt Restructuring Activity (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)contract | Mar. 31, 2021USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 2,198 | 1,642 |
Post-modification | $ 302 | $ 43 |
Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 27 | 9 |
Maturity Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 38 | 14 |
Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | $ 237 | $ 20 |
Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 10 | 7 |
Post-modification | $ 31 | $ 3 |
Commercial | Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 0 | 0 |
Commercial | Maturity Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 24 | 3 |
Commercial | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | $ 7 | $ 0 |
Commercial | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 10 | 7 |
Post-modification | $ 31 | $ 3 |
Commercial | Commercial and industrial | Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 0 | 0 |
Commercial | Commercial and industrial | Maturity Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 24 | 3 |
Commercial | Commercial and industrial | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | $ 7 | $ 0 |
Retail | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 2,188 | 1,635 |
Post-modification | $ 271 | $ 40 |
Retail | Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 27 | 9 |
Retail | Maturity Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 14 | 11 |
Retail | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | $ 230 | $ 20 |
Retail | Residential mortgages | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 1,181 | 42 |
Post-modification | $ 250 | $ 13 |
Retail | Residential mortgages | Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 22 | 4 |
Retail | Residential mortgages | Maturity Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 14 | 6 |
Retail | Residential mortgages | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | $ 214 | $ 3 |
Retail | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 178 | 147 |
Post-modification | $ 11 | $ 11 |
Retail | Home equity | Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 2 | 2 |
Retail | Home equity | Maturity Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 0 | 5 |
Retail | Home equity | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | $ 9 | $ 4 |
Retail | Automobile | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 165 | 669 |
Post-modification | $ 2 | $ 8 |
Retail | Automobile | Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 1 | 0 |
Retail | Automobile | Maturity Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 0 | 0 |
Retail | Automobile | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | $ 1 | $ 8 |
Retail | Education | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 143 | 147 |
Post-modification | $ 6 | $ 4 |
Retail | Education | Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 0 | 0 |
Retail | Education | Maturity Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 0 | 0 |
Retail | Education | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | $ 6 | $ 4 |
Retail | Other retail | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 521 | 630 |
Post-modification | $ 2 | $ 4 |
Retail | Other retail | Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 2 | 3 |
Retail | Other retail | Maturity Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | 0 | 0 |
Retail | Other retail | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification | $ 0 | $ 1 |
ALLOWANCE FOR CREDIT LOSSES, _8
ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK - Troubled Debt Restructurings (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
TDR's that defaulted within 12 months of modification date | $ 15 | $ 37 |
Commercial | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
TDR's that defaulted within 12 months of modification date | 0 | 22 |
Retail | Residential mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
TDR's that defaulted within 12 months of modification date | 15 | 15 |
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 | $ 10 | $ 2 |
MORTGAGE BANKING AND OTHER - Re
MORTGAGE BANKING AND OTHER - Residential Mortgage Loan Sales (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Residential mortgages | ||
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 | $ 6,582 | $ 9,038 |
Repurchased residential mortgages | 87 | 0 |
Mortgage banking fees | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Gain on sales | 30 | 140 |
Contractually specified servicing, late and other anciliary fees | $ 67 | $ 58 |
MORTGAGE BANKING AND OTHER - Na
MORTGAGE BANKING AND OTHER - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 131,305 | $ 128,163 |
Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sensitivity analysis, basis spread | 10.00% | |
Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sensitivity analysis, basis spread | 20.00% | |
Mortgage loans serviced for others | Banking Subsidiaries | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 92,800 | $ 90,200 |
MORTGAGE BANKING AND OTHER - Ch
MORTGAGE BANKING AND OTHER - Changes Related to MSRs - Fair Value Method (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
MSRs | ||
Fair value as of beginning of period | $ 1,029 | |
Fair value at end of the period | 1,241 | |
Residential mortgages | ||
MSRs | ||
Fair value as of beginning of period | 1,029 | $ 658 |
Amounts capitalized | 95 | 87 |
Changes in unpaid principal balance during the period | (39) | (58) |
Changes in fair value during the period | 156 | 206 |
Fair value at end of the period | $ 1,241 | $ 893 |
MORTGAGE BANKING AND OTHER - Ec
MORTGAGE BANKING AND OTHER - Economic Assumptions Used to Estimate Value of MSRs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value [Abstract] | |||
Fair value | $ 1,241 | $ 1,029 | |
Weighted average life (years) | 7 years 9 months 18 days | 6 years 4 months 24 days | |
Weighted average constant prepayment rate | 8.80% | 10.70% | |
Weighted average option adjusted spread | 6.21% | 5.96% | |
Minimum | |||
Servicing Assets at Fair Value [Line Items] | |||
Sensitivity analysis, basis spread | 10.00% | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value [Abstract] | |||
Decline in fair value from 10% adverse change | $ 40 | $ 45 | |
Decline in fair value from 10% adverse change | $ 33 | 25 | |
Maximum | |||
Servicing Assets at Fair Value [Line Items] | |||
Sensitivity analysis, basis spread | 20.00% | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value [Abstract] | |||
Decline in fair value from 20% adverse change | $ 78 | 87 | |
Decline in fair value from 20% adverse change | $ 66 | $ 50 |
MORTGAGE BANKING AND OTHER - Ot
MORTGAGE BANKING AND OTHER - Other Serviced Loans (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 131,305 | $ 128,163 |
Education | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 699 | 761 |
Commercial and industrial | CBNA and Other Subsidiaries | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 83 | $ 80 |
VARIABLE INTEREST ENTITIES - Na
VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Variable Interest Entity | |||
Lending to special purpose entities included in loans and leases | $ 131,305,000,000 | $ 128,163,000,000 | |
LIHTC Investments | |||
Variable Interest Entity | |||
Net impairment losses recognized in earnings | 0 | $ 0 | |
Commitments to extend credit | Special Purpose Entities | |||
Variable Interest Entity | |||
Commitment amount | 2,100,000,000 | 1,900,000,000 | |
Commercial and industrial | Special Purpose Entities | |||
Variable Interest Entity | |||
Lending to special purpose entities included in loans and leases | 2,602,000,000 | 2,646,000,000 | |
Retail | |||
Variable Interest Entity | |||
Lending to special purpose entities included in loans and leases | 69,784,000,000 | 67,813,000,000 | |
Retail | Education | |||
Variable Interest Entity | |||
Lending to special purpose entities included in loans and leases | $ 13,306,000,000 | $ 12,997,000,000 |
VARIABLE INTEREST ENTITIES - Sc
VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entity | |||
Lending to special purpose entities included in loans and leases | $ 131,305 | $ 128,163 | |
Debt securities held to maturity, carrying value | [1] | 2,056 | 2,242 |
LIHTC Investments | |||
Variable Interest Entity | |||
LIHTC investment included in other assets | 2,130 | 1,978 | |
LIHTC unfunded commitments included in other liabilities | 1,050 | 927 | |
Renewable Energy | |||
Variable Interest Entity | |||
Renewable energy investments included in other assets | 417 | 429 | |
Commercial and industrial | Special Purpose Entities | |||
Variable Interest Entity | |||
Lending to special purpose entities included in loans and leases | 2,602 | 2,646 | |
Asset-backed securities | |||
Variable Interest Entity | |||
Debt securities held to maturity, carrying value | 686 | 737 | |
Asset-backed securities | Asset-backed securities | |||
Variable Interest Entity | |||
Debt securities held to maturity, carrying value | $ 686 | $ 737 | |
[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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Variable Interest Entity | ||
Tax credits included in income tax expense | $ 61 | $ 51 |
Other tax benefits included in income tax expense | 15 | 12 |
Total tax benefits included in income tax expense | 76 | 63 |
Less: Amortization included in income tax expense | 64 | 53 |
Net benefit from affordable housing tax credit investments included in income tax expense | $ 12 | $ 10 |
BORROWED FUNDS - Narrative (Det
BORROWED FUNDS - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Short-term borrowed funds | $ 25 | $ 74 |
Hedging basis adjustments | 2,163 | 1,509 |
Available borrowing capacity | 63,200 | |
Federal Home Loan Bank Advances and Letters of Credit | Secured Debt | ||
Debt Instrument [Line Items] | ||
Short-term borrowed funds | 2,800 | 2,300 |
Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | 16,400 | 15,900 |
Parent Company | ||
Debt Instrument [Line Items] | ||
Principal balance | 3,200 | |
Unamortized deferred issuance costs and/or discounts | (78) | (80) |
Banking Subsidiaries | ||
Debt Instrument [Line Items] | ||
Principal balance | 2,800 | 3,800 |
Unamortized deferred issuance costs and/or discounts | (6) | (7) |
Hedging basis adjustments | $ 5 | $ 42 |
BORROWED FUNDS - Long Term Debt
BORROWED FUNDS - Long Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 5,894 | $ 6,932 |
Parent Company | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 3,101 | |
Parent Company | Subordinated Debt | 4.150% fixed-rate subordinated debt, due September 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.15% | |
Long-term borrowed funds | $ 168 | 168 |
Parent Company | Subordinated Debt | 3.750% fixed-rate subordinated debt, due July 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.75% | |
Long-term borrowed funds | $ 90 | 90 |
Parent Company | Subordinated Debt | 4.023% fixed-rate subordinated debt, due October 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.023% | |
Long-term borrowed funds | $ 17 | 17 |
Parent Company | Subordinated Debt | 4.350% fixed-rate subordinated debt, due August 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.35% | |
Long-term borrowed funds | $ 133 | 133 |
Parent Company | Subordinated Debt | 4.300% fixed-rate subordinated debt, due December 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.30% | |
Long-term borrowed funds | $ 337 | 336 |
Parent Company | Subordinated Debt | 3.750% fixed-rate reset subordinated debt, due February 2031 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.75% | |
Long-term borrowed funds | $ 69 | 69 |
Parent Company | Subordinated Debt | 4.300% fixed-rate reset subordinated debt, due February 2031 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.30% | |
Long-term borrowed funds | $ 135 | 135 |
Parent Company | Subordinated Debt | 4.350% fixed-rate reset subordinated debt, due February 2031 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.35% | |
Long-term borrowed funds | $ 60 | 60 |
Parent Company | Subordinated Debt | 2.638% fixed-rate subordinated debt, due September 2032 | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 551 | 550 |
Parent Company | Senior Unsecured Notes | 2.850% fixed-rate senior unsecured notes, due July 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.85% | |
Long-term borrowed funds | $ 498 | 498 |
Parent Company | Senior Unsecured Notes | 2.500% fixed-rate senior unsecured notes, due February 2030 | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.50% | |
Long-term borrowed funds | $ 298 | 298 |
Parent Company | Senior Unsecured Notes | 3.250% fixed-rate senior unsecured notes, due April 2030 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.25% | |
Long-term borrowed funds | $ 745 | 745 |
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 | $ 2,793 | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 3.250% senior unsecured notes, due February 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.25% | |
Long-term borrowed funds | $ 0 | 700 |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 0.845% floating-rate senior unsecured notes, due February 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.845% | |
Long-term borrowed funds | $ 0 | 300 |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 1.318% floating-rate senior unsecured notes, due May 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.318% | |
Long-term borrowed funds | $ 250 | 250 |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 2.650% senior unsecured notes, due May 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.65% | |
Long-term borrowed funds | $ 500 | 503 |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 3.700% senior unsecured notes, due March 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.70% | |
Long-term borrowed funds | $ 504 | 512 |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 1.933% floating-rate senior unsecured notes, due March 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.933% | |
Long-term borrowed funds | $ 250 | 250 |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 2.250% senior unsecured notes, due April 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.25% | |
Long-term borrowed funds | $ 747 | 746 |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 3.750% senior unsecured notes, due February 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.75% | |
Long-term borrowed funds | $ 498 | 524 |
CBNA and Other Subsidiaries | Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Weighted average rate | 0.774% | |
Long-term borrowed funds | $ 20 | 19 |
CBNA and Other Subsidiaries | Other | ||
Debt Instrument [Line Items] | ||
Long-term borrowed funds | $ 24 | $ 29 |
BORROWED FUNDS - Maturities of
BORROWED FUNDS - Maturities of Long-term Borrowed Funds (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
2022 | $ 923 | |
2023 | 758 | |
2024 | 108 | |
2025 | 1,229 | |
2026 | 997 | |
2027 and thereafter | 1,879 | |
Total | 5,894 | $ 6,932 |
Parent Company | ||
Debt Instrument [Line Items] | ||
2022 | 168 | |
2023 | 0 | |
2024 | 107 | |
2025 | 469 | |
2026 | 498 | |
2027 and thereafter | 1,859 | |
Total | 3,101 | |
CBNA and Other Subsidiaries | ||
Debt Instrument [Line Items] | ||
2022 | 755 | |
2023 | 758 | |
2024 | 1 | |
2025 | 760 | |
2026 | 499 | |
2027 and thereafter | 20 | |
Total | $ 2,793 |
DERIVATIVES - Schedule of Deriv
DERIVATIVES - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Assets | ||
Derivative assets | $ 2,163 | $ 1,509 |
Less: Gross amounts offset in the Consolidated Balance Sheets | (312) | (235) |
Less: Cash collateral applied | (176) | (58) |
Total net derivative fair values presented in the Consolidated Balance Sheets | 1,675 | 1,216 |
Derivative Liabilities | ||
Derivative liabilities | 2,343 | 922 |
Less: Gross amounts offset in the Consolidated Balance Sheets | (312) | (235) |
Less: Cash collateral applied | (1,396) | (490) |
Total net derivative fair values presented in the Consolidated Balance Sheets | 635 | 197 |
Derivatives not designated as hedging instruments: | ||
Derivative Assets | ||
Derivative assets | 2,162 | 1,497 |
Derivative Liabilities | ||
Derivative liabilities | 2,342 | 920 |
Interest rate contracts | ||
Derivative Assets | ||
Derivative assets | 173 | 692 |
Derivative Liabilities | ||
Derivative liabilities | 446 | 176 |
Interest rate contracts | Derivatives designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 17,250 | 23,450 |
Derivative Assets | ||
Derivative assets | 1 | 12 |
Derivative Liabilities | ||
Derivative liabilities | 1 | 2 |
Interest rate contracts | Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 158,286 | 142,987 |
Derivative Assets | ||
Derivative assets | 172 | 680 |
Derivative Liabilities | ||
Derivative liabilities | 445 | 174 |
Foreign exchange contracts | ||
Derivative Assets | ||
Derivative assets | 378 | 263 |
Derivative Liabilities | ||
Derivative liabilities | 349 | 231 |
Foreign exchange contracts | Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 22,809 | 21,336 |
Derivative Assets | ||
Derivative assets | 378 | 263 |
Derivative Liabilities | ||
Derivative liabilities | 349 | 231 |
Commodities contracts | ||
Derivative Assets | ||
Derivative assets | 1,501 | 508 |
Derivative Liabilities | ||
Derivative liabilities | 1,496 | 505 |
Commodities contracts | Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 694 | 514 |
Derivative Assets | ||
Derivative assets | 1,501 | 508 |
Derivative Liabilities | ||
Derivative liabilities | 1,496 | 505 |
TBA contracts | ||
Derivative Assets | ||
Derivative assets | 102 | 8 |
Derivative Liabilities | ||
Derivative liabilities | 22 | 8 |
TBA contracts | Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 7,650 | 7,776 |
Derivative Assets | ||
Derivative assets | 102 | 8 |
Derivative Liabilities | ||
Derivative liabilities | 22 | 8 |
Other contracts | ||
Derivative Assets | ||
Derivative assets | 9 | 38 |
Derivative Liabilities | ||
Derivative liabilities | 30 | 2 |
Other contracts | Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 3,081 | 3,555 |
Derivative Assets | ||
Derivative assets | 9 | 38 |
Derivative Liabilities | ||
Derivative liabilities | $ 30 | $ 2 |
DERIVATIVES - Narrative (Detail
DERIVATIVES - Narrative (Details) $ in Millions | Mar. 31, 2022USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net loss (pre-tax) on derivatives expected to be reclassified in next 12 months | $ 141 |
DERIVATIVES - Schedule of Fair
DERIVATIVES - Schedule of Fair Value Hedges (Details) - Interest rate swap - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest expense - long-term borrowed funds | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative | $ (37) | $ (28) |
Hedged item | 37 | 28 |
Interest income - investment securities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative | 29 | 28 |
Hedged item | $ (29) | $ (28) |
DERIVATIVES - Amounts Recorded
DERIVATIVES - Amounts Recorded in Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 6,000 | |
Debt securities available for sale | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | 0 | 6,042 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items | 0 | 29 |
Debt securities available for sale | ||
Derivative [Line Items] | ||
Carrying amount of hedged liabilities | 0 | 0 |
Long-term borrowed funds | ||
Derivative [Line Items] | ||
Carrying amount of hedged liabilities | 1,503 | 2,239 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of long-term borrowed funds | $ 5 | $ 42 |
DERIVATIVES - Effect of Derivat
DERIVATIVES - Effect of Derivative Instruments on Net Income and Stockholders' Equity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pre-tax net gains (losses) recognized in OCI | $ (661) | $ (28) |
Interest Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pretax net gains (losses) from OCI into income statement | 37 | 46 |
Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pretax net gains (losses) from OCI into income statement | $ (5) | $ (12) |
DERIVATIVES - Effect of Custome
DERIVATIVES - Effect of Customer Derivatives and Economic Hedges on Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts Recognized in Noninterest Income | $ 23 | $ (101) |
Economic hedges | Foreign exchange and interest rate products | Customer interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts Recognized in Noninterest Income | (767) | (348) |
Economic hedges | Foreign exchange and interest rate products | Derivatives hedging interest rate risk | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts Recognized in Noninterest Income | 793 | 356 |
Economic hedges | Foreign exchange and interest rate products | Customer foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts Recognized in Noninterest Income | 26 | (116) |
Economic hedges | Foreign exchange and interest rate products | Derivatives hedging foreign exchange risk | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts Recognized in Noninterest Income | 3 | 150 |
Economic hedges | Foreign exchange and interest rate products | Customer commodity contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts Recognized in Noninterest Income | 1,152 | 94 |
Economic hedges | Foreign exchange and interest rate products | Derivatives hedging commodity price risk | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts Recognized in Noninterest Income | (1,148) | (92) |
Economic hedges | Mortgage banking fees | Residential loan commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts Recognized in Noninterest Income | (161) | (238) |
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 | 271 | 275 |
Economic hedges | Mortgage banking fees | Derivative contracts used to hedge residential MSRs | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts Recognized in Noninterest Income | $ (146) | $ (182) |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ 23,420 | $ 22,673 |
Other comprehensive income (loss) before reclassifications | (1,568) | (328) |
Amounts reclassified to the Consolidated Statements of Operations | (25) | (23) |
Total other comprehensive income (loss), net of income taxes | (1,593) | (351) |
Ending balance | 22,074 | 22,653 |
Total AOCI | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (665) | (60) |
Total other comprehensive income (loss), net of income taxes | (1,593) | (351) |
Ending balance | (2,258) | (411) |
Net Unrealized Gains (Losses) on Derivatives | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (161) | (11) |
Other comprehensive income (loss) before reclassifications | (491) | (21) |
Amounts reclassified to the Consolidated Statements of Operations | (24) | (25) |
Total other comprehensive income (loss), net of income taxes | (515) | (46) |
Ending balance | (676) | (57) |
Net Unrealized Gains (Losses) on Debt Securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (156) | 380 |
Other comprehensive income (loss) before reclassifications | (1,077) | (307) |
Amounts reclassified to the Consolidated Statements of Operations | (3) | (2) |
Total other comprehensive income (loss), net of income taxes | (1,080) | (309) |
Ending balance | (1,236) | 71 |
Employee Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (348) | (429) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified to the Consolidated Statements of Operations | 2 | 4 |
Total other comprehensive income (loss), net of income taxes | 2 | 4 |
Ending balance | $ (346) | $ (425) |
STOCKHOLDERS' EQUITY - Authoriz
STOCKHOLDERS' EQUITY - Authorized Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Preferred Stock | ||
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 | 2,050,000 |
Preferred stock, value, issued | $ 2,014 | $ 2,014 |
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 | $ 296 |
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 | $ 297 |
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 | $ 293 |
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 | $ 437 |
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 | $ 395 |
Series G 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 | $ 296 |
STOCKHOLDERS' EQUITY - Dividend
STOCKHOLDERS' EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Class of Stock [Line Items] | ||
Dividends declared per share of common stock (in usd per share) | $ 0.39 | $ 0.39 |
Common stock dividends declared and paid | $ 165 | $ 167 |
Preferred stock dividends declared and paid | $ 24 | $ 23 |
Series A Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividends declared per share of preferred stock (in usd per share) | $ 0 | $ 10.49 |
Series B Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividends declared per share of preferred stock (in usd per share) | 0 | 0 |
Series C Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividends declared per share of preferred stock (in usd per share) | 15.94 | 15.94 |
Series D Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividends declared per share of preferred stock (in usd per share) | 15.88 | 15.88 |
Series E Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividends declared per share of preferred stock (in usd per share) | 12.50 | 12.50 |
Series F Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividends declared per share of preferred stock (in usd per share) | 14.13 | 14.13 |
Series G Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividends declared per share of preferred stock (in usd per share) | $ 10 | $ 0 |
Dividends Declared | ||
Class of Stock [Line Items] | ||
Common stock dividends declared and paid | $ 165 | $ 167 |
Preferred stock dividends declared and paid | 24 | 23 |
Dividends Declared | Series A Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared and paid | 0 | 3 |
Dividends Declared | Series B Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared and paid | 0 | 0 |
Dividends Declared | Series C Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared and paid | 5 | 5 |
Dividends Declared | Series D Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared and paid | 5 | 5 |
Dividends Declared | Series E Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared and paid | 5 | 5 |
Dividends Declared | Series F Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared and paid | 6 | 5 |
Dividends Declared | Series G Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared and paid | 3 | 0 |
Dividends Paid | ||
Class of Stock [Line Items] | ||
Common stock dividends declared and paid | 165 | 167 |
Preferred stock dividends declared and paid | 33 | 32 |
Dividends Paid | Series A Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared and paid | 0 | 3 |
Dividends Paid | Series B Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared and paid | 9 | 9 |
Dividends Paid | Series C Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared and paid | 5 | 5 |
Dividends Paid | Series D Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared and paid | 5 | 5 |
Dividends Paid | Series E Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared and paid | 5 | 5 |
Dividends Paid | Series F Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared and paid | 6 | 5 |
Dividends Paid | Series G Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared and paid | $ 3 | $ 0 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Schedule of Outstanding Off-balance sheet Arrangements (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Other Commitments [Line Items] | ||
Commitment amount | $ 89,230 | $ 86,351 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitment amount | 87,127 | 84,206 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Commitment amount | 1,977 | 1,998 |
Risk participation agreements | ||
Other Commitments [Line Items] | ||
Commitment amount | 17 | 39 |
Loans sold with recourse | ||
Other Commitments [Line Items] | ||
Commitment amount | 85 | 82 |
Marketing rights | ||
Other Commitments [Line Items] | ||
Commitment amount | $ 24 | $ 26 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Narrative (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | 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 |
FAIR VALUE MEASUREMENTS - Resid
FAIR VALUE MEASUREMENTS - Residential Mortgage and Commercial Real Estate Loans Held For Sale (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | $ 1,717 | $ 2,733 |
Residential mortgage loans held for sale, at fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | 1,595 | 2,657 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | 1,717 | 2,733 |
Level 2 | Residential mortgage loans held for sale, at fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | 1,595 | 2,657 |
Aggregate Unpaid Principal | 1,610 | 2,591 |
Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal | (15) | 66 |
Level 2 | Commercial and industrial, and commercial real estate loans held for sale, at fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | 122 | 76 |
Aggregate Unpaid Principal | 127 | 79 |
Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal | $ (5) | $ (3) |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Assets | |||
Securities available for sale | [1] | $ 25,319 | $ 26,067 |
Loans held for sale, at fair value | 1,717 | 2,733 | |
Mortgage servicing rights | 1,241 | 1,029 | |
Derivative assets | 2,163 | 1,509 | |
Equity securities, at fair value | 108 | 102 | |
Total assets | 30,548 | 31,440 | |
Liabilities | |||
Total derivative liabilities | 2,343 | 922 | |
Total liabilities | 2,343 | 922 | |
Equity securities excluded from investments | 130 | 109 | |
Interest rate contracts | |||
Assets | |||
Derivative assets | 173 | 692 | |
Liabilities | |||
Total derivative liabilities | 446 | 176 | |
Foreign exchange contracts | |||
Assets | |||
Derivative assets | 378 | 263 | |
Liabilities | |||
Total derivative liabilities | 349 | 231 | |
Commodities contracts | |||
Assets | |||
Derivative assets | 1,501 | 508 | |
Liabilities | |||
Total derivative liabilities | 1,496 | 505 | |
TBA contracts | |||
Assets | |||
Derivative assets | 102 | 8 | |
Liabilities | |||
Total derivative liabilities | 22 | 8 | |
Other contracts | |||
Assets | |||
Derivative assets | 9 | 38 | |
Liabilities | |||
Total derivative liabilities | 30 | 2 | |
Level 1 | |||
Assets | |||
Securities available for sale | 154 | 11 | |
Loans held for sale, at fair value | 0 | 0 | |
Derivative assets | 0 | 0 | |
Equity securities, at fair value | 101 | 95 | |
Total assets | 255 | 106 | |
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 | |
Liabilities | |||
Total derivative liabilities | 0 | 0 | |
Level 2 | |||
Assets | |||
Securities available for sale | 25,165 | 26,056 | |
Loans held for sale, at fair value | 1,717 | 2,733 | |
Derivative assets | 2,154 | 1,471 | |
Equity securities, at fair value | 7 | 7 | |
Total assets | 29,043 | 30,267 | |
Liabilities | |||
Total derivative liabilities | 2,313 | 922 | |
Total liabilities | 2,313 | 922 | |
Level 2 | Interest rate contracts | |||
Assets | |||
Derivative assets | 173 | 692 | |
Liabilities | |||
Total derivative liabilities | 446 | 176 | |
Level 2 | Foreign exchange contracts | |||
Assets | |||
Derivative assets | 378 | 263 | |
Liabilities | |||
Total derivative liabilities | 349 | 231 | |
Level 2 | Commodities contracts | |||
Assets | |||
Derivative assets | 1,501 | 508 | |
Liabilities | |||
Total derivative liabilities | 1,496 | 505 | |
Level 2 | TBA contracts | |||
Assets | |||
Derivative assets | 102 | 8 | |
Liabilities | |||
Total derivative liabilities | 22 | 8 | |
Level 2 | Other contracts | |||
Assets | |||
Derivative assets | 0 | 0 | |
Liabilities | |||
Total derivative liabilities | 0 | 2 | |
Level 3 | |||
Assets | |||
Securities available for sale | 0 | 0 | |
Loans held for sale, at fair value | 0 | 0 | |
Derivative assets | 9 | 38 | |
Equity securities, at fair value | 0 | 0 | |
Total assets | 1,250 | 1,067 | |
Liabilities | |||
Total derivative liabilities | 30 | 0 | |
Total liabilities | 30 | 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 | 9 | 38 | |
Liabilities | |||
Total derivative liabilities | 30 | 0 | |
Fair Value Measured at Net Asset Value Per Share | |||
Liabilities | |||
Equity securities excluded from investments | 22 | 7 | |
Mortgage-backed securities | |||
Assets | |||
Securities available for sale | 23,899 | 24,847 | |
Mortgage-backed securities | Level 1 | |||
Assets | |||
Securities available for sale | 0 | 0 | |
Mortgage-backed securities | Level 2 | |||
Assets | |||
Securities available for sale | 23,899 | 24,847 | |
Mortgage-backed securities | Level 3 | |||
Assets | |||
Securities available for sale | 0 | 0 | |
Collateralized loan obligations | |||
Assets | |||
Securities available for sale | 1,264 | 1,207 | |
Collateralized loan obligations | Level 1 | |||
Assets | |||
Securities available for sale | 0 | 0 | |
Collateralized loan obligations | Level 2 | |||
Assets | |||
Securities available for sale | 1,264 | 1,207 | |
Collateralized loan obligations | Level 3 | |||
Assets | |||
Securities available for sale | 0 | 0 | |
State and political subdivisions | |||
Assets | |||
Securities available for sale | 2 | 2 | |
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 | 2 | |
State and political subdivisions | Level 3 | |||
Assets | |||
Securities available for sale | 0 | 0 | |
U.S. Treasury and other | |||
Assets | |||
Securities available for sale | 154 | 11 | |
U.S. Treasury and other | Level 1 | |||
Assets | |||
Securities available for sale | 154 | 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 | 1,595 | 2,657 | |
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 | 1,595 | 2,657 | |
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 | 122 | 76 | |
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 | 122 | 76 | |
Commercial loans held for sale | Level 3 | |||
Assets | |||
Loans held for sale, at fair value | 0 | 0 | |
Mortgage servicing rights | |||
Assets | |||
Mortgage servicing rights | 1,241 | 1,029 | |
Mortgage servicing rights | Level 1 | |||
Assets | |||
Mortgage servicing rights | 0 | 0 | |
Mortgage servicing rights | Level 2 | |||
Assets | |||
Mortgage servicing rights | 0 | 0 | |
Mortgage servicing rights | Level 3 | |||
Assets | |||
Mortgage servicing rights | $ 1,241 | $ 1,029 | |
[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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Mortgage Servicing Rights | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 1,029 | $ 658 |
Issuances | 95 | 87 |
Settlements | (39) | (58) |
Change in fair value during the period recognized in earnings | 156 | 206 |
Ending balance | 1,241 | 893 |
Other Derivative Contracts | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 38 | 197 |
Issuances | 41 | 162 |
Settlements | 61 | (83) |
Change in fair value during the period recognized in earnings | (161) | (238) |
Ending balance | $ (21) | $ 38 |
FAIR VALUE MEASUREMENTS - Unobs
FAIR VALUE MEASUREMENTS - Unobservable Inputs Used and Valuation Techniques (Details) - Level 3 | Mar. 31, 2022 |
Mortgage servicing rights | Minimum | Discounted Cash Flow | Constant prepayment rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Mortgage servicing rights, measurement input | 0.0774 |
Mortgage servicing rights | Minimum | Discounted Cash Flow | Option adjusted spread | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Mortgage servicing rights, measurement input | 4 |
Mortgage servicing rights | Maximum | Discounted Cash Flow | Constant prepayment rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Mortgage servicing rights, measurement input | 0.2235 |
Mortgage servicing rights | Maximum | Discounted Cash Flow | Option adjusted spread | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Mortgage servicing rights, measurement input | 10.60 |
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 | 0.088 |
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 | 6.21 |
Customer commodity contracts | Minimum | Internal Model | Pull through rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Other derivative contracts, measurement input | 0.1862 |
Customer commodity contracts | Minimum | Internal Model | MSR value | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Other derivative contracts, measurement input | 0.0437 |
Customer commodity contracts | Maximum | Internal Model | Pull through rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Other derivative contracts, measurement input | 1.0006 |
Customer commodity contracts | Maximum | Internal Model | MSR value | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Other derivative contracts, measurement input | 1.7745 |
Customer commodity contracts | Weighted Average | Internal Model | Pull through rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Other derivative contracts, measurement input | 0.8266 |
Customer commodity contracts | Weighted Average | Internal Model | MSR value | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Other derivative contracts, measurement input | 1 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Nonrecurring measurement basis | Collateral-dependent loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Losses on assets measured at fair value | $ (2) | $ (19) |
FAIR VALUE MEASUREMENTS - Sch_4
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements on a Nonrecurring Basis (Details) - Nonrecurring measurement basis - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | $ 600 | $ 645 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | 600 | 645 |
Level 3 | ||
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 | Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt securities held to maturity, carrying value | [1] | $ 2,056 | $ 2,242 |
Debt Securities held-to-maturity, Fair Value | 2,011 | 2,289 | |
Other loans held for sale, carrying value | 99 | 735 | |
Other loans held for sale, fair value | 98 | 735 | |
Loans and leases | 131,305 | 128,163 | |
Loans and leases, fair value | 129,134 | 128,156 | |
Other assets, carrying value | 611 | 624 | |
Other assets, fair value | 611 | 624 | |
Deposits, carrying value | 158,776 | 154,361 | |
Deposits, fair value | 158,746 | 154,366 | |
Short-term borrowed funds, carrying value | 25 | 74 | |
Short-term borrowed funds, fair value | 25 | 74 | |
Long-term borrowed funds, carrying value | 5,894 | 6,932 | |
Long-term borrowed funds, fair value | 5,853 | 7,188 | |
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 | 1,370 | 1,505 | |
Debt Securities held-to-maturity, Fair Value | 1,355 | 1,557 | |
Other loans held for sale, carrying value | 0 | 0 | |
Other loans held for sale, fair value | 0 | 0 | |
Loans and leases | 600 | 645 | |
Loans and leases, fair value | 600 | 645 | |
Other assets, carrying value | 595 | 609 | |
Other assets, fair value | 595 | 609 | |
Deposits, carrying value | 158,776 | 154,361 | |
Deposits, fair value | 158,746 | 154,366 | |
Short-term borrowed funds, carrying value | 25 | 74 | |
Short-term borrowed funds, fair value | 25 | 74 | |
Long-term borrowed funds, carrying value | 5,894 | 6,932 | |
Long-term borrowed funds, fair value | 5,853 | 7,188 | |
Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt securities held to maturity, carrying value | 686 | 737 | |
Debt Securities held-to-maturity, Fair Value | 656 | 732 | |
Other loans held for sale, carrying value | 99 | 735 | |
Other loans held for sale, fair value | 98 | 735 | |
Loans and leases | 130,705 | 127,518 | |
Loans and leases, fair value | 128,534 | 127,511 | |
Other assets, carrying value | 16 | 15 | |
Other assets, fair value | 16 | 15 | |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 300 | $ 285 |
Total noninterest income | 498 | 542 |
Bank-owned life insurance income | 21 | 14 |
Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from other sources | 198 | 257 |
Total noninterest income | 498 | 542 |
Consumer Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 181 | 179 |
Consumer Banking | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from other sources | 76 | 172 |
Total noninterest income | 257 | 351 |
Commercial Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 117 | 106 |
Commercial Banking | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from other sources | 96 | 64 |
Total noninterest income | 213 | 170 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2 | 0 |
Other | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from other sources | 26 | 21 |
Total noninterest income | 28 | 21 |
Service charges and fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 97 | 99 |
Service charges and fees | Consumer Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 69 | 74 |
Service charges and fees | Commercial Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 27 | 25 |
Service charges and fees | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1 | 0 |
Card fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 60 | 54 |
Card fees | Consumer Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 50 | 47 |
Card fees | Commercial Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 10 | 7 |
Card fees | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Capital markets fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 78 | 72 |
Capital markets fees | Consumer Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Capital markets fees | Commercial Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 78 | 72 |
Capital markets fees | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Trust and investment services fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 61 | 58 |
Trust and investment services fees | Consumer Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 61 | 58 |
Trust and investment services fees | Commercial Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Trust and investment services fees | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Other banking fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4 | 2 |
Other banking fees | Consumer Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1 | 0 |
Other banking fees | Commercial Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2 | 2 |
Other banking fees | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 1 | $ 0 |
NONINTEREST INCOME - Narrative
NONINTEREST INCOME - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Trust and investment services fees | ||
Disaggregation of Revenue [Line Items] | ||
Trailing commission income | $ 4 | $ 4 |
OTHER OPERATING EXPENSE (Detail
OTHER OPERATING EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | ||
Marketing | $ 26 | $ 19 |
Deposit Insurance | 20 | 15 |
Other | 64 | 57 |
Other operating expense | $ 110 | $ 91 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator (basic and diluted): | ||
Net income | $ 420 | $ 611 |
Less: Preferred stock dividends | 24 | 23 |
Net income available to common stockholders | $ 396 | $ 588 |
Denominator: | ||
Weighted-average common shares outstanding - basic (in shares) | 422,401,747 | 425,953,716 |
Dilutive common shares: share-based awards (in shares) | 2,269,124 | 1,926,814 |
Weighted-average common shares outstanding - diluted (in shares) | 424,670,871 | 427,880,530 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.94 | $ 1.38 |
Diluted (in dollars per share) | $ 0.93 | $ 1.37 |
Share-based awards excluded from diluted earnings per share computation (in shares) | 2,222 | 305,210 |
BUSINESS OPERATING SEGMENTS - N
BUSINESS OPERATING SEGMENTS - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of segments | 2 |
BUSINESS OPERATING SEGMENTS - A
BUSINESS OPERATING SEGMENTS - Assets by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net interest income | $ 1,147 | $ 1,117 |
Noninterest income | 498 | 542 |
Total revenue | 1,645 | 1,659 |
Noninterest expense | 1,106 | 1,018 |
Profit (loss) before provision (benefit) for credit losses | 539 | 641 |
Provision (benefit) for credit losses | 3 | (140) |
Income before income tax expense | 536 | 781 |
Income tax expense (benefit) | 116 | 170 |
NET INCOME | 420 | 611 |
Total average assets | 188,317 | 182,569 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Noninterest income | 498 | 542 |
Operating Segments | Consumer Banking | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 857 | 863 |
Noninterest income | 257 | 351 |
Total revenue | 1,114 | 1,214 |
Noninterest expense | 784 | 750 |
Profit (loss) before provision (benefit) for credit losses | 330 | 464 |
Provision (benefit) for credit losses | 49 | 59 |
Income before income tax expense | 281 | 405 |
Income tax expense (benefit) | 72 | 103 |
NET INCOME | 209 | 302 |
Total average assets | 77,551 | 75,283 |
Operating Segments | Commercial Banking | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 416 | 421 |
Noninterest income | 213 | 170 |
Total revenue | 629 | 591 |
Noninterest expense | 272 | 227 |
Profit (loss) before provision (benefit) for credit losses | 357 | 364 |
Provision (benefit) for credit losses | 12 | 101 |
Income before income tax expense | 345 | 263 |
Income tax expense (benefit) | 74 | 52 |
NET INCOME | 271 | 211 |
Total average assets | 61,118 | 57,738 |
Other | ||
Segment Reporting Information [Line Items] | ||
Net interest income | (126) | (167) |
Noninterest income | 28 | 21 |
Total revenue | (98) | (146) |
Noninterest expense | 50 | 41 |
Profit (loss) before provision (benefit) for credit losses | (148) | (187) |
Provision (benefit) for credit losses | (58) | (300) |
Income before income tax expense | (90) | 113 |
Income tax expense (benefit) | (30) | 15 |
NET INCOME | (60) | 98 |
Total average assets | $ 49,648 | $ 49,548 |