Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 26, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | 448,300,466 | |
Entity Central Index Key | 0000759944 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common stock, $0.01 par value per share | |
Trading Symbol | CFG | |
Security Exchange Name | NYSE | |
Series E | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E | |
Trading Symbol | CFG PrE | |
Security Exchange Name | NYSE | |
Series H | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series H | |
Trading Symbol | CFG PrH | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
ASSETS: | |||
Cash and due from banks | [1] | $ 1,191 | $ 1,794 |
Interest-bearing cash and due from banks | 10,580 | 9,834 | |
Interest-bearing deposits in banks | [1] | 559 | 405 |
Debt securities available for sale, at fair value (including $68 and $110 pledged to creditors, respectively) | [2] | 31,938 | 29,777 |
Debt securities held to maturity (fair value of $7,924 and $8,350, respectively, and including $175 and $204 pledged to creditors, respectively) | [2] | 8,895 | 9,184 |
Loans held for sale, at fair value | 591 | 676 | |
Other loans held for sale | 92 | 103 | |
Loans and leases | 141,842 | 145,959 | |
Less: Allowance for loan and lease losses | (2,125) | (2,098) | |
Net loans and leases | [1] | 139,717 | 143,861 |
Derivative assets | 367 | 440 | |
Premises and equipment, net | 863 | 895 | |
Bank-owned life insurance | 3,325 | 3,291 | |
Goodwill | 8,187 | 8,188 | |
Other intangible assets | [3] | 139 | 157 |
Other assets | [1] | 13,494 | 13,359 |
TOTAL ASSETS | 219,938 | 221,964 | |
Deposits: | |||
Noninterest-bearing | 36,927 | 37,107 | |
Interest-bearing | 139,425 | 140,235 | |
Total deposits | 176,352 | 177,342 | |
Short-term borrowed funds | 2 | 505 | |
Derivative liabilities | 1,547 | 1,562 | |
Long-term borrowed funds | [1] | 13,082 | 13,467 |
Other liabilities | [1] | 5,086 | 4,746 |
TOTAL LIABILITIES | 196,069 | 197,622 | |
Commitments and Contingencies (refer to Note 11) | |||
Preferred stock: | |||
$25.00 par value,100,000,000 shares authorized; 2,150,000 and 2,050,000 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 2,112 | 2,014 | |
Common stock: | |||
$0.01 par value, 1,000,000,000 shares authorized; 649,373,706 shares issued and 452,961,853 shares outstanding at June 30, 2024 and 647,829,720 shares issued and 466,418,055 shares outstanding at December 31, 2023 | 6 | 6 | |
Additional paid-in capital | 22,299 | 22,250 | |
Retained earnings | 10,079 | 9,816 | |
Treasury stock, at cost, 196,411,853 and 181,411,665 shares at June 30, 2024 and December 31, 2023, respectively | (6,492) | (5,986) | |
Accumulated other comprehensive income (loss) | (4,135) | (3,758) | |
TOTAL STOCKHOLDERS’ EQUITY | 23,869 | 24,342 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 219,938 | $ 221,964 | |
[1]Includes amounts in consolidated VIEs. See Note 6 for additional information.[2]Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.[3]Excludes MSRs, which are reported in Other assets. |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
ASSETS: | |||
Fair Value | [1] | $ 31,938 | $ 29,777 |
Securities held-to-maturity, fair value | 7,924 | 8,350 | |
Asset-backed investments included in HTM securities | [1] | $ 8,895 | $ 9,184 |
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) | 2,150,000 | 2,050,000 | |
Preferred stock, outstanding (in shares) | 2,150,000 | 2,050,000 | |
Common stock: | |||
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) | 649,373,706 | 647,829,720 | |
Common stock, outstanding (in shares) | 452,961,853 | 466,418,055 | |
Treasury stock (in shares) | 196,411,853 | 181,411,665 | |
Asset Pledged as Collateral | |||
ASSETS: | |||
Fair Value | $ 68 | $ 110 | |
Asset-backed investments included in HTM securities | $ 175 | $ 204 | |
[1]Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
INTEREST INCOME: | |||||
Interest and fees on loans and leases | $ 2,011 | $ 2,132 | $ 4,062 | $ 4,179 | |
Interest and fees on loans held for sale | 13 | 20 | 27 | 35 | |
Interest and fees on other loans held for sale | 4 | 12 | 10 | 17 | |
Investment securities | 417 | 267 | 816 | 533 | |
Interest-bearing deposits in banks | 130 | 100 | 270 | 169 | |
Total interest income | 2,575 | 2,531 | 5,185 | 4,933 | |
INTEREST EXPENSE: | |||||
Deposits | 965 | 723 | 1,952 | 1,273 | |
Short-term borrowed funds | 4 | 22 | 11 | 28 | |
Long-term borrowed funds | 196 | 198 | 370 | 401 | |
Total interest expense | 1,165 | 943 | 2,333 | 1,702 | |
Net interest income | 1,410 | 1,588 | 2,852 | 3,231 | |
Provision (benefit) for credit losses | 182 | 176 | 353 | 344 | |
Net interest income after provision (benefit) for credit losses | 1,228 | 1,412 | 2,499 | 2,887 | |
NONINTEREST INCOME: | |||||
Service charges and fees | 106 | 101 | 202 | 201 | |
Capital markets fees | 134 | 82 | 252 | 165 | |
Card fees | 92 | 80 | 178 | 152 | |
Wealth fees | [1] | 75 | 65 | 143 | 128 |
Mortgage banking fees | 54 | 59 | 103 | 116 | |
Foreign exchange and derivative products | 39 | 44 | 75 | 92 | |
Letter of credit and loan fees | 43 | 43 | 85 | 83 | |
Securities gains, net | 0 | 9 | 5 | 14 | |
Other income | 10 | 23 | 27 | 40 | |
Total noninterest income | 553 | 506 | 1,070 | 991 | |
NONINTEREST EXPENSE: | |||||
Salaries and employee benefits | 645 | 615 | 1,336 | 1,273 | |
Equipment and software | 190 | 181 | 382 | 350 | |
Outside services | 165 | 177 | 323 | 353 | |
Occupancy | 113 | 136 | 227 | 260 | |
Other operating expense | 188 | 197 | 391 | 366 | |
Total noninterest expense | 1,301 | 1,306 | 2,659 | 2,602 | |
Income before income tax expense | 480 | 612 | 910 | 1,276 | |
Income tax expense | 88 | 134 | 184 | 287 | |
NET INCOME | 392 | 478 | 726 | 989 | |
Net income available to common stockholders | $ 357 | $ 444 | $ 661 | $ 932 | |
Weighted-average common shares outstanding: | |||||
Basic (in Shares) | 454,142,489 | 479,470,543 | 457,750,585 | 482,440,926 | |
Diluted (in Shares) | 456,561,022 | 480,975,281 | 460,009,546 | 484,252,103 | |
Per common share information: | |||||
Basic earnings (in dollars per share) | $ 0.79 | $ 0.93 | $ 1.44 | $ 1.93 | |
Diluted earnings (in dollars per Share) | $ 0.78 | $ 0.92 | $ 1.44 | $ 1.92 | |
[1]See Note 1 for information regarding updates to the Consolidated Statements of Operations during the second quarter of 2024. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 392 | $ 478 | $ 726 | $ 989 |
Other comprehensive income (loss): | ||||
Net unrealized derivative instruments gains (losses) arising during the periods, net of income taxes of ($48), ($175), ($193), and ($115), respectively | (129) | (505) | (534) | (332) |
Reclassification adjustment for net derivative (gains) losses included in net income, net of income taxes of $62, $35, $116, and $68, respectively | 170 | 101 | 319 | 195 |
Net unrealized debt securities gains (losses) arising during the periods, net of income taxes of ($9), ($80), ($65), and $29, respectively | (29) | (239) | (202) | 88 |
Reclassification of net debt securities (gains) losses to net income, net of income taxes of $4, $7, $9, and $14, respectively | 15 | 20 | 29 | 40 |
Employee benefit plans: | ||||
Actuarial gain (loss), net of income taxes of $—, $—, $1, and $—, respectively | 0 | 0 | 4 | 0 |
Reclassification of actuarial (gain) loss to net income, net of income taxes of $1, $1, $2, and $2, respectively | 2 | 3 | 7 | 6 |
Total other comprehensive income (loss), net of income taxes | 29 | (620) | (377) | (3) |
Total comprehensive income (loss) | $ 421 | $ (142) | $ 349 | $ 986 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other comprehensive income (loss): | ||||
Net unrealized derivative instrument gain (loss) arising during the periods, tax | $ (48) | $ (175) | $ (193) | $ (115) |
Reclassification adjustment for net derivative (gains) losses included in net income, tax | 62 | 35 | 116 | 68 |
Net unrealized debt securities gains (losses) arising during the periods, tax | (9) | (80) | (65) | 29 |
Reclassification of net debt securities (gains) loss to net income, tax | 4 | 7 | 9 | 14 |
Actuarial (loss) gain, tax | 0 | 0 | 1 | 0 |
Amortization of actuarial loss, tax | $ 1 | $ 1 | $ 2 | $ 2 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Treasury Stock, at Cost | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2022 | 2,000,000 | 492,000,000 | |||||||
Beginning balance at Dec. 31, 2022 | $ 23,690 | $ (26) | $ 2,014 | $ 6 | $ 22,142 | $ 9,159 | $ (26) | $ (5,071) | $ (4,560) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends to common stockholders | (410) | (410) | |||||||
Dividends to preferred stockholders | $ (57) | (57) | |||||||
Treasury stock purchased (in shares) | (19,736,783) | (20,000,000) | |||||||
Treasury stock purchased | $ (656) | (656) | |||||||
Share repurchase excise tax | (7) | (7) | |||||||
Share-based compensation plans (in shares) | 3,000,000 | ||||||||
Share-based compensation plans | 51 | 51 | |||||||
Employee stock purchase plan | 14 | 14 | |||||||
Total comprehensive income (loss): | |||||||||
Net income | 989 | 989 | |||||||
Other comprehensive income (loss) | (3) | (3) | |||||||
Total comprehensive income (loss) | 986 | 989 | (3) | ||||||
Ending balance (in shares) at Jun. 30, 2023 | 2,000,000 | 475,000,000 | |||||||
Ending balance at Jun. 30, 2023 | 23,585 | $ 2,014 | $ 6 | 22,207 | 9,655 | (5,734) | (4,563) | ||
Beginning balance (in shares) at Mar. 31, 2023 | 2,000,000 | 484,000,000 | |||||||
Beginning balance at Mar. 31, 2023 | 24,201 | $ 2,014 | $ 6 | 22,183 | 9,416 | (5,475) | (3,943) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends to common stockholders | (205) | (205) | |||||||
Dividends to preferred stockholders | (34) | (34) | |||||||
Treasury stock purchased (in shares) | (10,000,000) | ||||||||
Treasury stock purchased | (256) | (256) | |||||||
Share repurchase excise tax | (3) | (3) | |||||||
Share-based compensation plans (in shares) | 1,000,000 | ||||||||
Share-based compensation plans | 18 | 18 | |||||||
Employee stock purchase plan | 6 | 6 | |||||||
Total comprehensive income (loss): | |||||||||
Net income | 478 | 478 | |||||||
Other comprehensive income (loss) | (620) | (620) | |||||||
Total comprehensive income (loss) | (142) | 478 | (620) | ||||||
Ending balance (in shares) at Jun. 30, 2023 | 2,000,000 | 475,000,000 | |||||||
Ending balance at Jun. 30, 2023 | 23,585 | $ 2,014 | $ 6 | 22,207 | 9,655 | (5,734) | (4,563) | ||
Beginning balance (in shares) at Dec. 31, 2023 | 2,000,000 | 466,000,000 | |||||||
Beginning balance at Dec. 31, 2023 | 24,342 | $ 2,014 | $ 6 | 22,250 | 9,816 | (5,986) | (3,758) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends to common stockholders | (391) | (391) | |||||||
Dividends to preferred stockholders | (65) | (65) | |||||||
Preferred stock issued | 391 | 391 | |||||||
Preferred stock redemption | $ (300) | $ (293) | (7) | ||||||
Treasury stock purchased (in shares) | (15,000,188) | (15,000,000) | |||||||
Treasury stock purchased | $ (500) | (500) | |||||||
Share repurchase excise tax | (6) | (6) | |||||||
Share-based compensation plans (in shares) | 2,000,000 | ||||||||
Share-based compensation plans | 36 | 36 | |||||||
Employee stock purchase plan | 13 | 13 | |||||||
Total comprehensive income (loss): | |||||||||
Net income | 726 | 726 | |||||||
Other comprehensive income (loss) | (377) | (377) | |||||||
Total comprehensive income (loss) | 349 | 726 | (377) | ||||||
Ending balance (in shares) at Jun. 30, 2024 | 2,000,000 | 453,000,000 | |||||||
Ending balance at Jun. 30, 2024 | 23,869 | $ 2,112 | $ 6 | 22,299 | 10,079 | (6,492) | (4,135) | ||
Beginning balance (in shares) at Mar. 31, 2024 | 2,000,000 | 458,000,000 | |||||||
Beginning balance at Mar. 31, 2024 | 23,761 | $ 2,014 | $ 6 | 22,272 | 9,923 | (6,290) | (4,164) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends to common stockholders | (194) | (194) | |||||||
Dividends to preferred stockholders | (35) | (35) | |||||||
Preferred stock issued | 391 | 391 | |||||||
Preferred stock redemption | (300) | $ (293) | (7) | ||||||
Treasury stock purchased (in shares) | (6,000,000) | ||||||||
Treasury stock purchased | (200) | (200) | |||||||
Share repurchase excise tax | (2) | (2) | |||||||
Share-based compensation plans (in shares) | 1,000,000 | ||||||||
Share-based compensation plans | 21 | 21 | |||||||
Employee stock purchase plan | 6 | 6 | |||||||
Total comprehensive income (loss): | |||||||||
Net income | 392 | 392 | |||||||
Other comprehensive income (loss) | 29 | 29 | |||||||
Total comprehensive income (loss) | 421 | 392 | 29 | ||||||
Ending balance (in shares) at Jun. 30, 2024 | 2,000,000 | 453,000,000 | |||||||
Ending balance at Jun. 30, 2024 | $ 23,869 | $ 2,112 | $ 6 | $ 22,299 | $ 10,079 | $ (6,492) | $ (4,135) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
OPERATING ACTIVITIES | |||
Net income | $ 726 | $ 989 | |
Adjustments to reconcile net income to net change due to operating activities: | |||
Provision (benefit) for credit losses | 353 | 344 | |
Net change in loans held for sale, at fair value | 85 | (451) | |
Depreciation, amortization and accretion | 245 | 230 | |
Deferred income tax expense (benefit) | (32) | (40) | |
Share-based compensation | 55 | 55 | |
Net gain on sale of assets | (5) | (14) | |
Net (increase) decrease in other assets | 277 | (827) | |
Net increase (decrease) in other liabilities | (316) | 990 | |
Net change due to operating activities | 1,388 | 1,276 | |
Investment securities: | |||
Purchases of debt securities available for sale | (4,487) | (3,206) | |
Proceeds from maturities and paydowns of debt securities available for sale | 1,318 | 929 | |
Proceeds from sales of debt securities available for sale | 703 | 1,632 | |
Proceeds from maturities and paydowns of debt securities held to maturity | 324 | 369 | |
Net (increase) decrease in interest-bearing deposits in banks | (154) | 19 | |
Purchases of loans | (440) | 0 | |
Sales of loans | 125 | 2,335 | |
Net (increase) decrease in loans and leases | 3,831 | 2,659 | |
Capital expenditures, net | (40) | (91) | |
Other | 38 | (5) | |
Net change due to investing activities | 1,218 | 4,641 | |
FINANCING ACTIVITIES | |||
Net increase (decrease) in deposits | (990) | (3,057) | |
Net increase (decrease) in short-term borrowed funds | (503) | 1,096 | |
Proceeds from issuance of long-term borrowed funds | 10,853 | 12,217 | |
Repayments of long-term borrowed funds | (11,256) | (14,004) | |
Treasury stock purchased | (500) | (656) | |
Net proceeds from issuance of preferred stock | 391 | 0 | |
Dividends paid to common stockholders | (391) | (410) | |
Dividends paid to preferred stockholders | (61) | (57) | |
Other | (6) | (26) | |
Net change due to financing activities | (2,463) | (4,897) | |
Net change in cash and cash equivalents | [1] | 143 | 1,020 |
Cash and cash equivalents at beginning of period | [1] | 11,628 | 10,547 |
Cash and cash equivalents at end of period | [1] | 11,771 | 11,567 |
Non-cash items: | |||
Transfer of loans from loans held for investment to loans held for sale | 215 | 2,401 | |
Loans securitized and transferred to AFS securities | $ 133 | $ 0 | |
[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. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements and Notes have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and notes included in annual financial statements prepared in accordance with GAAP. The Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the interim period results presented. These unaudited interim financial statements and notes should be read in conjunction with the audited Consolidated Financial Statements and Notes included in the Company’s 2023 Form 10-K. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year. The unaudited interim Consolidated Financial Statements include the accounts of Citizens and its subsidiaries, including VIEs in which Citizens is a primary beneficiary. Investments in VIEs in which the Company does not have the ability to exercise significant influence are not consolidated. All intercompany transactions and balances have been eliminated in consolidation. During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from the Consumer Banking segment into a new Non-Core segment to reflect the manner in which management is currently assessing performance and allocating resources. Prior period results have been revised to conform to the new segment presentation. See Note 16 for additional information. During the first quarter of 2024, the Company modified the presentation of its loans and leases portfolio to include leases in the commercial and industrial financing receivable class. Prior period results have been revised to conform to the new presentation. See Notes 3 and 4 for additional information relative to the Company’s loans and leases portfolio. Effective for the second quarter of 2024, Trust and investment services fees was renamed to Wealth fees in the Consolidated Statements of Operations to better reflect the broad range of wealth-related management fees and services provided to customers. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL, fair value measurements and the evaluation and measurement of goodwill impairment. Significant Accounting Policies For further information regarding the Company’s significant accounting policies, see Note 1 in the Company’s 2023 Form 10-K. |
SECURITIES
SECURITIES | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | NOTE 2 - SECURITIES The following table presents the major components of securities at amortized cost and fair value: June 30, 2024 December 31, 2023 (dollars in millions) Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and other $5,198 $5 ($191) $5,012 $4,493 $26 ($139) $4,380 State and political subdivisions 1 — — 1 1 — — 1 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 28,568 30 (2,220) 26,378 26,289 45 (1,857) 24,477 Other/non-agency 274 — (21) 253 279 — (24) 255 Total mortgage-backed securities 28,842 30 (2,241) 26,631 26,568 45 (1,881) 24,732 Collateralized loan obligations 293 1 — 294 667 — (3) 664 Total debt securities available for sale, at fair value $34,334 $36 ($2,432) $31,938 $31,729 $71 ($2,023) $29,777 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities $8,447 $— ($957) $7,490 $8,696 $9 ($818) $7,887 Total mortgage-backed securities 8,447 — (957) 7,490 8,696 9 (818) 7,887 Asset-backed securities 448 1 (15) 434 488 — (25) 463 Total debt securities held to maturity $8,895 $1 ($972) $7,924 $9,184 $9 ($843) $8,350 Equity securities, at cost (2) $731 $— $— $731 $869 $— $— $869 Equity securities, at fair value (2) 192 — — 192 173 — — 173 (1) Excludes portfolio level basis adjustments of $(113) million and $60 million, respectively, for securities designated in active fair value hedge relationships at June 30, 2024 and December 31, 2023. (2) Included in other assets in the Consolidated Balance Sheets. Accrued interest receivable on debt securities totaled $138 million and $125 million as of June 30, 2024 and December 31, 2023, 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 June 30, 2024. 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 (dollars 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 $— $3,604 $1,594 $— $5,198 State and political subdivisions — — — 1 1 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — 1,868 1,964 24,736 28,568 Other/non-agency — — — 274 274 Collateralized loan obligations — — 59 234 293 Total debt securities available for sale — 5,472 3,617 25,245 34,334 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — — — 8,447 8,447 Asset-backed securities — 448 — — 448 Total debt securities held to maturity — 448 — 8,447 8,895 Total amortized cost of debt securities $— $5,920 $3,617 $33,692 $43,229 Fair value: U.S. Treasury and other $— $3,427 $1,585 $— $5,012 State and political subdivisions — — — 1 1 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — 1,774 1,857 22,747 26,378 Other/non-agency — — — 253 253 Collateralized loan obligations — — 59 235 294 Total debt securities available for sale — 5,201 3,501 23,236 31,938 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — — — 7,490 7,490 Asset-backed securities — 434 — — 434 Total debt securities held to maturity — 434 — 7,490 7,924 Total fair value of debt securities $— $5,635 $3,501 $30,726 $39,862 Taxable interest income from investment securities as presented in the Consolidated Statements of Operations was $417 million and $267 million for the three months ended June 30, 2024 and 2023, respectively, and $816 million and $533 million for the six months ended June 30, 2024 and 2023, respectively. The following table presents realized gains and losses on the sale of securities: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Gains $— $9 $5 $18 Losses — — — (4) Securities gains, net $— $9 $5 $14 The following table presents the amortized cost and fair value of debt securities pledged: June 30, 2024 December 31, 2023 (dollars in millions) Amortized Cost Fair Value Amortized Cost Fair Value Pledged against derivatives, to qualify for fiduciary powers, or to secure public and other deposits as required by law $7,527 $6,959 $5,619 $5,305 Pledged as collateral for FHLB borrowing capacity 238 218 242 220 Pledged against repurchase agreements — — — — The Company 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 short-term receivables or payables associated with security repurchase agreements as of June 30, 2024 or December 31, 2023. Securitizations of mortgage loans retained in the investment portfolio were $133 million for the three and six months ended June 30, 2024. There were no securitizations of mortgage loans retained in the investment portfolio for the three and six months ended June 30, 2023. Impairment The Company evaluated its existing HTM portfolio as of June 30, 2024 and concluded that 95% of HTM securities met the zero expected credit loss criteria and, 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 June 30, 2024. 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: June 30, 2024 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 $1,260 ($14) $3,209 ($177) $4,469 ($191) State and political subdivisions — — 1 — 1 — Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 5,990 (56) 16,462 (2,164) 22,452 (2,220) Other/non-agency — — 253 (21) 253 (21) Total mortgage-backed securities 5,990 (56) 16,715 (2,185) 22,705 (2,241) Collateralized loan obligations — — 10 — 10 — Total $7,250 ($70) $19,935 ($2,362) $27,185 ($2,432) December 31, 2023 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 $49 $— $3,245 ($139) $3,294 ($139) Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 2,939 (24) 16,398 (1,833) 19,337 (1,857) Other/non-agency — — 255 (24) 255 (24) Total mortgage-backed securities 2,939 (24) 16,653 (1,857) 19,592 (1,881) Collateralized loan obligations 56 — 607 (3) 663 (3) Total $3,044 ($24) $20,505 ($1,999) $23,549 ($2,023) |
LOANS AND LEASES
LOANS AND LEASES | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
LOANS AND LEASES | NOTE 3 - LOANS AND LEASES Loans held for investment are reported at the amount of their outstanding principal, net of charge-offs, unearned income, deferred loan origination fees and costs, and unamortized premiums or discounts on purchased loans. The following table presents loans and leases, excluding LHFS: (dollars in millions) June 30, 2024 December 31, 2023 Commercial and industrial $43,623 $44,974 Commercial real estate 28,311 29,471 Total commercial 71,934 74,445 Residential mortgages 31,890 31,332 Home equity 15,534 15,040 Automobile 6,383 8,258 Education 11,265 11,834 Other retail 4,836 5,050 Total retail 69,908 71,514 Total loans and leases $141,842 $145,959 Accrued interest receivable on loans and leases held for investment totaled $858 million and $875 million as of June 30, 2024 and December 31, 2023, 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 $36.5 billion and $36.0 billion at June 30, 2024 and December 31, 2023, respectively. Loans pledged as collateral to support the contingent ability to borrow at the FRB discount window, if necessary, were primarily comprised of education, commercial and industrial, and commercial real estate loans, and totaled $28.0 billion and $31.9 billion at June 30, 2024 and December 31, 2023, respectively. Interest income on direct financing and sales-type leases is reported within interest and fees on loans and leases in the Consolidated Statements of Operations, and was $9 million and $12 million for the three months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, this interest income was $20 million and $24 million, respectively. The following table presents the composition of LHFS: June 30, 2024 December 31, 2023 (dollars in millions) Residential Mortgages (1) Commercial (2) Total Residential Mortgages (1) Commercial (2) Total Loans held for sale at fair value $519 $72 $591 $614 $62 $676 Other loans held for sale 39 53 92 — 103 103 (1) Residential mortgage LHFS at fair value 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 primarily consist of loans associated with the Company’s syndication business. |
CREDIT QUALITY AND THE ALLOWANC
CREDIT QUALITY AND THE ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
CREDIT QUALITY AND THE ALLOWANCE FOR CREDIT LOSSES | NOTE 4 - CREDIT QUALITY AND THE ALLOWANCE FOR CREDIT LOSSES Allowance for Credit Losses The Company’s estimate of expected credit losses in its loan and lease portfolios is recorded in the ACL and considers extensive historical loss experience, including the impact of loss mitigation and restructuring programs that the Company offers to borrowers experiencing financial difficulty, as well as projected loss severity as a result of loan default. For a detailed discussion of the ACL reserve methodology and estimation techniques as of December 31, 2023, see Note 6 in the Company’s 2023 Form 10-K. There were no significant changes to the ACL reserve methodology during the six months ended June 30, 2024. The following table presents a summary of changes in the ACL for the three and six months ended June 30, 2024: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 (dollars in millions) Commercial Retail Total Commercial Retail Total Allowance for loan and lease losses, beginning of period $1,234 $852 $2,086 $1,250 $848 $2,098 Charge-offs (100) (123) (223) (202) (252) (454) Recoveries 4 35 39 21 68 89 Net charge-offs (96) (88) (184) (181) (184) (365) Provision expense (benefit) for loans and leases 144 79 223 213 179 392 Allowance for loan and lease losses, end of period 1,282 843 2,125 1,282 843 2,125 Allowance for unfunded lending commitments, beginning of period 191 31 222 175 45 220 Provision expense (benefit) for unfunded lending commitments (44) 3 (41) (28) (11) (39) Allowance for unfunded lending commitments, end of period 147 34 181 147 34 181 Total allowance for credit losses, end of period $1,429 $877 $2,306 $1,429 $877 $2,306 During the six months ended June 30, 2024, net charge-offs of $365 million and a provision for expected credit losses of $353 million resulted in an decrease of $12 million to the ACL. As of June 30, 2024, the ACL economic forecast over a two-year reasonable and supportable period was consistent with December 31, 2023, with peak unemployment of approximately 5.0% and start-to-trough real GDP decline of approximately 0.4%. These forecasts reflect a mild recession over the two-year reasonable and supportable period. The following table presents a summary of changes in the ACL for the three and six months ended June 30, 2023: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (dollars in millions) Commercial Retail Total Commercial Retail Total Allowance for loan and lease losses, beginning of period $1,111 $906 $2,017 $1,060 $923 $1,983 Charge-offs (79) (110) (189) (138) (222) (360) Recoveries 3 34 37 10 65 75 Net charge-offs (76) (76) (152) (128) (157) (285) Provision expense (benefit) for loans and leases 122 57 179 225 121 346 Allowance for loan and lease losses, end of period 1,157 887 2,044 1,157 887 2,044 Allowance for unfunded lending commitments, beginning of period 215 43 258 207 50 257 Provision expense (benefit) for unfunded lending commitments (2) (1) (3) 6 (8) (2) Allowance for unfunded lending commitments, end of period 213 42 255 213 42 255 Total allowance for credit losses, end of period $1,370 $929 $2,299 $1,370 $929 $2,299 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. Renewals are categorized as new credit decisions and reflect the renewal date as the vintage date, except for renewals of loans modified for borrowers experiencing financial difficulty, or FDMs, which are presented in the original vintage. Citizens utilizes internal risk ratings to monitor credit quality for commercial loans and leases. For more information on these ratings see Note 6 in the Company’s 2023 Form 10-K. The following table presents the amortized cost basis of commercial loans and leases by vintage date and internal risk rating as of June 30, 2024: Term Loans and Leases by Origination Year Revolving Loans (dollars in millions) 2024 2023 2022 2021 2020 Prior to 2020 Within the Revolving Period Converted to Term Total Commercial and industrial Pass $2,807 $3,159 $5,507 $4,190 $1,176 $2,581 $21,128 $77 $40,625 Special Mention — 61 123 298 58 28 395 — 963 Substandard Accrual — 32 229 274 132 347 749 11 1,774 Nonaccrual — 23 49 29 5 101 47 7 261 Total commercial and industrial 2,807 3,275 5,908 4,791 1,371 3,057 22,319 95 43,623 Commercial real estate Pass 1,197 1,296 5,726 5,937 2,084 5,182 1,529 5 22,956 Special Mention — 3 812 561 134 389 96 — 1,995 Substandard Accrual — — 422 259 479 1,310 207 5 2,682 Nonaccrual — — 79 45 98 454 2 — 678 Total commercial real estate 1,197 1,299 7,039 6,802 2,795 7,335 1,834 10 28,311 Total commercial Pass 4,004 4,455 11,233 10,127 3,260 7,763 22,657 82 63,581 Special Mention — 64 935 859 192 417 491 — 2,958 Substandard Accrual — 32 651 533 611 1,657 956 16 4,456 Nonaccrual — 23 128 74 103 555 49 7 939 Total commercial $4,004 $4,574 $12,947 $11,593 $4,166 $10,392 $24,153 $105 $71,934 The following table presents the amortized cost basis of commercial loans and leases by vintage date and internal risk rating as of December 31, 2023: Term Loans and Leases by Origination Year Revolving Loans (dollars in millions) 2023 2022 2021 2020 2019 Prior to 2019 Within the Revolving Period Converted to Term Total Commercial and industrial Pass $3,694 $6,512 $5,331 $1,445 $1,147 $2,299 $21,033 $53 $41,514 Special Mention 59 221 355 30 50 113 368 — 1,196 Substandard Accrual 8 189 337 218 125 287 792 11 1,967 Nonaccrual 1 72 54 4 5 102 53 6 297 Total commercial and industrial 3,762 6,994 6,077 1,697 1,327 2,801 22,246 70 44,974 Commercial real estate Pass 1,906 5,791 6,062 2,555 2,294 3,895 1,975 8 24,486 Special Mention — 713 539 222 183 260 75 — 1,992 Substandard Accrual — 277 203 469 528 939 100 — 2,516 Nonaccrual 1 66 2 23 144 238 3 — 477 Total commercial real estate 1,907 6,847 6,806 3,269 3,149 5,332 2,153 8 29,471 Total commercial Pass 5,600 12,303 11,393 4,000 3,441 6,194 23,008 61 66,000 Special Mention 59 934 894 252 233 373 443 — 3,188 Substandard Accrual 8 466 540 687 653 1,226 892 11 4,483 Nonaccrual 2 138 56 27 149 340 56 6 774 Total commercial $5,669 $13,841 $12,883 $4,966 $4,476 $8,133 $24,399 $78 $74,445 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 current FICO score as of June 30, 2024: Term Loans by Origination Year Revolving Loans (dollars in millions) 2024 2023 2022 2021 2020 Prior to 2020 Within the Revolving Period Converted to Term Total Residential mortgages 800+ $469 $1,206 $3,182 $5,230 $3,023 $4,112 $— $— $17,222 740-799 763 1,043 1,810 2,354 1,394 2,054 — — 9,418 680-739 148 294 626 704 448 1,044 — — 3,264 620-679 21 48 106 148 80 535 — — 938 <620 4 27 63 141 87 707 — — 1,029 No FICO available (1) — — — 2 1 16 — — 19 Total residential mortgages 1,405 2,618 5,787 8,579 5,033 8,468 — — 31,890 Home equity 800+ 1 — 4 4 1 84 5,280 210 5,584 740-799 — — 1 2 1 74 4,932 227 5,237 680-739 — — 1 1 2 86 2,788 188 3,066 620-679 — 1 3 1 2 69 716 147 939 <620 — 1 4 2 1 71 382 247 708 No FICO available (1) — — — — — — — — — Total home equity 1 2 13 10 7 384 14,098 1,019 15,534 Automobile 800+ — 78 465 871 273 119 — — 1,806 740-799 — 114 544 793 265 122 — — 1,838 680-739 — 115 455 536 176 90 — — 1,372 620-679 — 68 245 260 82 54 — — 709 <620 — 46 215 253 80 64 — — 658 No FICO available (1) — — — — — — — — — Total automobile — 421 1,924 2,713 876 449 — — 6,383 Education 800+ 73 376 668 1,602 1,342 1,628 — — 5,689 740-799 106 398 634 905 734 912 — — 3,689 680-739 31 166 250 286 237 377 — — 1,347 620-679 10 49 61 64 53 124 — — 361 <620 2 9 19 27 24 63 — — 144 No FICO available (1) 2 — — — — 33 — — 35 Total education 224 998 1,632 2,884 2,390 3,137 — — 11,265 Other retail 800+ 87 127 47 24 22 18 509 — 834 740-799 154 176 60 28 27 21 934 1 1,401 680-739 125 149 51 24 23 15 904 2 1,293 620-679 51 81 34 15 12 5 377 1 576 <620 9 39 36 18 11 5 229 1 348 No FICO available (1) 2 2 — — — — 380 — 384 Total other retail 428 574 228 109 95 64 3,333 5 4,836 Total retail 800+ 630 1,787 4,366 7,731 4,661 5,961 5,789 210 31,135 740-799 1,023 1,731 3,049 4,082 2,421 3,183 5,866 228 21,583 680-739 304 724 1,383 1,551 886 1,612 3,692 190 10,342 620-679 82 247 449 488 229 787 1,093 148 3,523 <620 15 122 337 441 203 910 611 248 2,887 No FICO available (1) 4 2 — 2 1 49 380 — 438 Total retail $2,058 $4,613 $9,584 $14,295 $8,401 $12,502 $17,431 $1,024 $69,908 (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 current FICO score as of December 31, 2023: Term Loans by Origination Year Revolving Loans (dollars in millions) 2023 2022 2021 2020 2019 Prior to 2019 Within the Revolving Period Converted to Term Total Residential mortgages 800+ $889 $3,067 $5,172 $3,117 $1,131 $3,125 $— $— $16,501 740-799 1,333 1,940 2,560 1,411 592 1,625 — — 9,461 680-739 367 631 758 466 266 873 — — 3,361 620-679 54 135 165 90 121 445 — — 1,010 <620 9 48 104 95 161 561 — — 978 No FICO available (1) 1 — 2 1 3 14 — — 21 Total residential mortgages 2,653 5,821 8,761 5,180 2,274 6,643 — — 31,332 Home equity 800+ — 4 4 1 4 91 5,078 222 5,404 740-799 — 1 2 1 3 82 4,708 241 5,038 680-739 1 1 1 2 5 93 2,693 202 2,998 620-679 — 1 1 2 8 77 718 137 944 <620 — 2 1 1 10 80 332 230 656 Total home equity 1 9 9 7 30 423 13,529 1,032 15,040 Automobile 800+ 81 539 1,062 368 162 47 — — 2,259 740-799 134 671 1,038 375 165 52 — — 2,435 680-739 147 577 708 252 118 39 — — 1,841 620-679 94 316 345 112 65 26 — — 958 <620 44 232 291 100 66 32 — — 765 Total automobile 500 2,335 3,444 1,207 576 196 — — 8,258 Education 800+ 296 671 1,637 1,418 600 1,185 — — 5,807 740-799 368 694 1,050 850 369 678 — — 4,009 680-739 143 289 333 273 134 298 — — 1,470 620-679 30 65 68 58 32 107 — — 360 <620 5 18 25 23 15 55 — — 141 No FICO available (1) 10 — 1 — — 36 — — 47 Total education 852 1,737 3,114 2,622 1,150 2,359 — — 11,834 Other retail 800+ 183 70 38 35 16 18 500 — 860 740-799 258 87 46 45 21 19 963 1 1,440 680-739 214 76 39 39 18 11 973 2 1,372 620-679 118 48 23 19 6 4 419 2 639 <620 31 35 18 14 4 2 251 2 357 No FICO available (1) 7 1 — 1 — — 373 — 382 Total other retail 811 317 164 153 65 54 3,479 7 5,050 Total retail 800+ 1,449 4,351 7,913 4,939 1,913 4,466 5,578 222 30,831 740-799 2,093 3,393 4,696 2,682 1,150 2,456 5,671 242 22,383 680-739 872 1,574 1,839 1,032 541 1,314 3,666 204 11,042 620-679 296 565 602 281 232 659 1,137 139 3,911 <620 89 335 439 233 256 730 583 232 2,897 No FICO available (1) 18 1 3 2 3 50 373 — 450 Total retail $4,817 $10,219 $15,492 $9,169 $4,095 $9,675 $17,008 $1,039 $71,514 (1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes). The following tables present gross charge-offs by vintage date for the Company’s loan and lease portfolios: Six Months Ended June 30, 2024 Term Loans and Leases by Origination Year Revolving Loans (dollars in millions) 2024 2023 2022 2021 2020 Prior to 2020 Within the Revolving Period Converted to Term Total Commercial and industrial $— $— $1 $11 $— $3 $13 $— $28 Commercial real estate — — 1 19 86 68 — — 174 Total commercial — — 2 30 86 71 13 — 202 Residential mortgages — — — — — 3 — — 3 Home equity — — — — — 2 5 1 8 Automobile — 3 16 17 5 6 — — 47 Education — — 3 13 14 33 — — 63 Other retail 15 10 7 10 2 6 81 — 131 Total retail 15 13 26 40 21 50 86 1 252 Total loans and leases $15 $13 $28 $70 $107 $121 $99 $1 $454 Six Months Ended June 30, 2023 Term Loans and Leases by Origination Year Revolving Loans (dollars in millions) 2023 2022 2021 2020 2019 Prior to 2019 Within the Revolving Period Converted to Term Total Commercial and industrial $— $1 $32 $4 $1 $5 $29 $— $72 Commercial real estate — — — 22 6 38 — — 66 Total commercial — 1 32 26 7 43 29 — 138 Residential mortgages — — — — 1 1 — — 2 Home equity — — — — — 2 3 — 5 Automobile — 15 21 7 6 5 — — 54 Education — 3 6 10 7 23 — — 49 Other retail 19 20 7 5 7 5 49 — 112 Total retail 19 38 34 22 21 36 52 — 222 Total loans and leases $19 $39 $66 $48 $28 $79 $81 $— $360 Nonaccrual and Past Due Assets The following tables present an aging analysis of accruing and nonaccrual loans and leases as of June 30, 2024 and December 31, 2023: June 30, 2024 Days Past Due and Accruing (dollars in millions) Current 30-59 60-89 90+ Nonaccrual Total Nonaccrual with no related ACL Commercial and industrial $43,311 $27 $17 $7 $261 $43,623 $25 Commercial real estate 27,424 72 101 36 678 28,311 111 Total commercial 70,735 99 118 43 939 71,934 136 Residential mortgages 31,417 93 45 182 153 31,890 126 Home equity 15,147 79 29 — 279 15,534 195 Automobile 6,190 113 36 — 44 6,383 6 Education 11,154 37 20 2 52 11,265 3 Other retail 4,707 40 28 1 60 4,836 1 Total retail 68,615 362 158 185 588 69,908 331 Total $139,350 $461 $276 $228 $1,527 $141,842 $467 Guaranteed residential mortgages (1) $821 $59 $28 $168 $— $1,076 $— December 31, 2023 Days Past Due and Accruing (dollars in millions) Current 30-59 60-89 90+ Nonaccrual Total Nonaccrual with no related ACL Commercial and industrial $44,591 $62 $18 $6 $297 $44,974 $30 Commercial real estate 28,745 150 59 40 477 29,471 71 Total commercial 73,336 212 77 46 774 74,445 101 Residential mortgages 30,499 282 118 256 177 31,332 144 Home equity 14,640 82 33 — 285 15,040 198 Automobile 8,005 144 48 — 61 8,258 7 Education 11,732 49 23 2 28 11,834 3 Other retail 4,899 49 34 29 39 5,050 — Total retail 69,775 606 256 287 590 71,514 352 Total $143,111 $818 $333 $333 $1,364 $145,959 $453 Guaranteed residential mortgages (1) $675 $128 $76 $243 $— $1,122 $— (1) Guaranteed residential mortgages represent loans fully or partially guaranteed by the FHA, VA, and USDA, and are included in the amounts presented for Residential mortgages. At June 30, 2024 and December 31, 2023, the Company had collateral-dependent residential mortgage and home equity loans totaling $530 million and $556 million, respectively, and collateral-dependent commercial loans totaling $404 million and $233 million, respectively. The amortized cost basis of mortgage loans collateralized by residential real estate for which formal foreclosure proceedings were in-process was $317 million and $336 million as of June 30, 2024 and December 31, 2023, respectively. Loan Modifications to Borrowers Experiencing Financial Difficulty The Company offers loan modifications, characterized as FDMs, to retail and commercial borrowers experiencing financial difficulty as a result of its loss mitigation activities that may result in a payment delay, interest rate reduction, term extension, principal forgiveness, or combination thereof. Payment delays consist of modifications that result in a delay of contractual amounts due greater than three months over a rolling 12-month period. Commercial loan modifications are offered on a case-by-case basis and generally include a payment delay, term extension and/or interest rate reduction. The Company does not typically offer principal forgiveness for commercial loans. Retail loan modifications are offered through structured loan modification programs, which are summarized below. • Forbearance programs provide borrowers experiencing some form of hardship a period of time during which their contractual payment obligations are suspended, resulting in a payment delay and/or term extension. • Other repayment plans are offered due to hardship and include an interest rate reduction and/or term extension designed to enable the borrower to return the loan to current status in an expeditious manner. • Settlement agreements may be executed with borrowers experiencing a long-term hardship or who are delinquent, resulting in principal forgiveness. Upon fulfillment of the terms of the settlement agreement, the unpaid principal amount is forgiven resulting in a charge-off of the outstanding principal balance. • Certain reorganization bankruptcy judgments may result in any one of the four modification types or some combination thereof. The following tables present the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified during the three and six months ended June 30, 2024 and 2023, disaggregated by class of financing receivable and modification type. The modification type reflects the cumulative effect of all FDMs received during the indicated period. Three Months Ended June 30, 2024 (dollars in millions) Interest Rate Reduction Term Extension Payment Delay Principal Forgiveness Interest Rate Reduction and Term Extension Term Extension and Payment Delay Total Total as a % of Loan Class (1) Commercial and industrial $— $184 $14 $— $— $— $198 0.45 % Commercial real estate — 307 87 — 24 49 467 1.65 Total commercial — 491 101 — 24 49 665 0.92 Residential mortgages 2 15 5 — 2 — 24 0.08 Home equity 1 1 — — 2 — 4 0.03 Automobile — — — — — — — — Education 3 2 19 — — — 24 0.21 Other retail 4 — — — — — 4 0.08 Total retail 10 18 24 — 4 — 56 0.08 Total $10 $509 $125 $— $28 $49 $721 0.51 % Three Months Ended June 30, 2023 (dollars in millions) Interest Rate Reduction Term Extension Payment Delay Principal Forgiveness Interest Rate Reduction and Term Extension Term Extension and Payment Delay Total Total as a % of Loan Class (1) Commercial and industrial $— $123 $— $— $1 $1 $125 0.26 % Commercial real estate — 298 — — — 1 299 1.03 Total commercial — 421 — — 1 2 424 0.54 Residential mortgages 2 17 — — 8 — 27 0.09 Home equity — 2 — — 2 — 4 0.03 Automobile — — — — — — — — Education 2 — 1 — — — 3 0.02 Other retail 3 — — — — — 3 0.06 Total retail 7 19 1 — 10 — 37 0.05 Total $7 $440 $1 $— $11 $2 $461 0.30 % Six Months Ended June 30, 2024 (dollars in millions) Interest Rate Reduction Term Extension Payment Delay Principal Forgiveness Interest Rate Reduction and Term Extension Term Extension and Payment Delay Total Total as a % of Loan Class (1) Commercial and industrial $— $210 $78 $— $1 $32 $321 0.74 % Commercial real estate — 569 110 — 63 50 792 2.80 Total commercial — 779 188 — 64 82 1,113 1.55 Residential mortgages 3 50 8 — 4 — 65 0.20 Home equity 2 1 — — 6 — 9 0.06 Automobile — — — — — — — — Education 6 1 30 — — — 37 0.33 Other retail 9 — — — — — 9 0.19 Total retail 20 52 38 — 10 — 120 0.17 Total $20 $831 $226 $— $74 $82 $1,233 0.87 % Six Months Ended June 30, 2023 (dollars in millions) Interest Rate Reduction Term Extension Payment Delay Principal Forgiveness Interest Rate Reduction and Term Extension Term Extension and Payment Delay Total Total as a % of Loan Class (1) Commercial and industrial $— $160 $32 $— $1 $21 $214 0.45 % Commercial real estate — 335 — — — 1 336 1.16 Total commercial — 495 32 — 1 22 550 0.70 Residential mortgages 4 35 — — 10 — 49 0.16 Home equity — 3 — — 4 — 7 0.05 Automobile — — — — — — — — Education 4 — 1 — — — 5 0.04 Other retail 6 — — — — — 6 0.12 Total retail 14 38 1 — 14 — 67 0.09 Total $14 $533 $33 $— $15 $22 $617 0.41 % (1) Represents the total amortized cost as of period-end divided by the period-end amortized cost of the corresponding loan class. Accrued interest receivable is excluded from amortized cost and is immaterial. The following tables present the financial effect of loans to borrowers experiencing financial difficulty that were modified during the three and six months ended June 30, 2024 and 2023, disaggregated by class of financing receivable. Three Months Ended June 30, 2024 (dollars in millions) Weighted-Average Interest Rate Reduction (1) Weighted-Average Term Extension (in Months) (1) Weighted-Average Payment Deferral (1) Amount of Principal Forgiven (2) Commercial and industrial 1.59 % 8 $1 $— Commercial real estate 2.44 9 1 — Residential mortgages 1.45 99 — — Home equity 4.63 92 — — Automobile — — — — Education 4.37 24 — — Other retail 20.41 — — 2 Three Months Ended June 30, 2023 (dollars in millions) Weighted-Average Interest Rate Reduction (1) Weighted-Average Term Extension (in Months) (1) Weighted-Average Payment Deferral (1) Amount of Principal Forgiven (2) Commercial and industrial 2.87 % 9 $— $— Commercial real estate — 7 — — Residential mortgages 2.04 52 — — Home equity 2.20 115 — — Automobile 2.40 19 — — Education 4.90 — — — Other retail 18.76 — — 1 Six Months Ended June 30, 2024 (dollars in millions) Weighted-Average Interest Rate Reduction (1) Weighted-Average Term Extension (in Months) (1) Weighted-Average Payment Deferral (1) Amount of Principal Forgiven (2) Commercial and industrial 3.84 % 10 $1 $— Commercial real estate 1.24 16 1 — Residential mortgages 1.63 92 — — Home equity 3.82 90 — — Automobile — — — — Education 4.41 24 — — Other retail 20.05 — — 4 Six Months Ended June 30, 2023 (dollars in millions) Weighted-Average Interest Rate Reduction (1) Weighted-Average Term Extension (in Months) (1) Weighted-Average Payment Deferral (1) Amount of Principal Forgiven (2) Commercial and industrial 3.06 % 9 $— $— Commercial real estate — 8 — — Residential mortgages 1.86 48 — — Home equity 2.12 125 — — Automobile 2.59 21 — — Education 5.00 — — — Other retail 18.28 22 — 2 (1) Weighted based on period-end amortized cost. (2) Amounts are recorded as charge-offs. The following tables present an aging analysis of the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified during the twelve month period ending June 30, 2024 and the six month period ending June 30, 2023, disaggregated by class of financing receivable. A loan in a forbearance or repayment plan is reported as past due according to its contractual terms until contractually modified. Subsequent to modification, it is reported as past due based on its restructured terms. June 30, 2024 Days Past Due and Accruing (dollars in millions) Current 30-59 60-89 90+ Nonaccrual Total Commercial and industrial $300 $11 $— $— $115 $426 Commercial real estate 723 66 — — 120 909 Total commercial 1,023 77 — — 235 1,335 Residential mortgages 79 — 9 22 11 121 Home equity 6 — — — 10 16 Automobile — — — — — — Education 31 1 1 — 31 64 Other retail 11 1 1 — 1 14 Total retail 127 2 11 22 53 215 Total $1,150 $79 $11 $22 $288 $1,550 June 30, 2023 Days Past Due and Accruing (dollars in millions) Current 30-59 60-89 90+ Nonaccrual Total Commercial and industrial $151 $7 $— $— $56 $214 Commercial real estate 256 24 — — 56 336 Total commercial 407 31 — — 112 550 Residential mortgages 33 — 2 4 10 49 Home equity 1 — — — 6 7 Automobile — — — — — — Education 4 — — — 1 5 Other retail 4 1 — — 1 6 Total retail 42 1 2 4 18 67 Total $449 $32 $2 $4 $130 $617 The following tables present the period-end amortized cost of loans to borrowers experiencing financial difficulty that defaulted during the period presented and were modified within the previous 12 months preceding the default, disaggregated by class of financing receivable and modification type. The modification type reflects the cumulative effect of all FDMs at the time of default. A loan is considered to be in default if, subsequent to modification, it becomes 90 or more days past due or is placed on nonaccrual status. Three Months Ended June 30, 2024 (dollars in millions) Interest Rate Reduction Term Extension Payment Delay Interest Rate Reduction and Term Extension Total Commercial and industrial $— $1 $— $— $1 Commercial real estate — 33 — — 33 Total commercial — 34 — — 34 Residential mortgages — 5 1 1 7 Home equity — — — — — Automobile — — — — — Education 2 — 14 — 16 Other retail 1 — — — 1 Total retail 3 5 15 1 24 Total $3 $39 $15 $1 $58 Three Months Ended June 30, 2023 (dollars in millions) Term Extension Interest Rate Reduction and Term Extension Total Commercial and industrial $— $— $— Commercial real estate 38 — 38 Total commercial 38 — 38 Residential mortgages 2 2 4 Home equity — — — Automobile — — — Education — — — Other retail — — — Total retail 2 2 4 Total $40 $2 $42 Six Months Ended June 30, 2024 (dollars in millions) Interest Rate Reduction Term Extension Payment Delay Interest Rate Reduction and Term Extension Total Commercial and industrial $— $18 $— $— $18 Commercial real estate — 70 — — 70 Total commercial — 88 — — 88 Residential mortgages — 12 1 1 14 Home equity — — — — — Automobile — — — — — Education 3 — 14 — 17 Other retail 1 — — — 1 Total retail 4 12 15 1 32 Total $4 $100 $15 $1 $120 Six Months Ended June 30, 2023 (dollars in millions) Term Extension Interest Rate Reduction and Term Extension Term Extension and Payment Delay Total Commercial and industrial $3 $— $20 $23 Commercial real estate 38 — — 38 Total commercial 41 — 20 61 Residential mortgages 2 2 — 4 Home equity — — — — Automobile — — — — Education — — — — Other retail — — — — Total retail 2 2 — 4 Total $43 $2 $20 $65 Unfunded commitments related to loans modified during the six months ended June 30, 2024 were $73 million at June 30, 2024. Unfunded commitments related to loans modified during the year ended December 31, 2023 were $221 million at December 31, 2023. Concentrations of Credit Risk The Company’s lending activity is geographically well diversified with an emphasis in our core markets 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 June 30, 2024 and December 31, 2023, there were no material 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 the facts surrounding the transaction. |
MORTGAGE BANKING AND OTHER SERV
MORTGAGE BANKING AND OTHER SERVICED LOANS | 6 Months Ended |
Jun. 30, 2024 | |
Mortgage Banking [Abstract] | |
MORTGAGE BANKING AND OTHER SERVICED LOANS | NOTE 5 - MORTGAGE BANKING AND OTHER SERVICED LOANS The Company sells residential mortgages into the secondary market and retains no beneficial interest 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 June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Cash proceeds from residential mortgage loans sold with servicing retained $1,807 $2,513 $3,295 $4,088 Gain on sales (1) 15 22 30 41 Contractually specified servicing, late and other ancillary fees (1) 77 76 156 154 (1) Reported in mortgage banking fees in the Consolidated Statements of Operations. The unpaid principal balance of residential mortgage loans related to our MSRs was $96.4 billion and $97.4 billion at June 30, 2024 and December 31, 2023, respectively. The Company manages the risk associated with changes in the value of the MSRs with an active economic hedging strategy, 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 June 30, As of and for the Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Fair value as of beginning of the period $1,564 $1,496 $1,552 $1,530 Amounts capitalized 25 36 43 57 Changes in unpaid principal balance during the period (1) (43) (41) (89) (82) Changes in fair value during the period (2) 22 33 62 19 Fair value at end of the period $1,568 $1,524 $1,568 $1,524 (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 of an immediate 10% and 20% adverse change in key economic assumptions to the current fair value of MSRs. 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. 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 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) June 30, 2024 December 31, 2023 Fair value $1,568 $1,552 Weighted average life (years) 8.8 8.8 Weighted average constant prepayment rate 7.1% 7.2% Decline in fair value from 10% adverse change $37 $37 Decline in fair value from 20% adverse change $71 $71 Weighted average option adjusted spread 635 bps 630 bps Decline in fair value from 10% adverse change $44 $43 Decline in fair value from 20% adverse change $88 $87 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 8 for additional information. Other Serviced Loans Citizens engages in other servicing relationships from time to time. The following table presents the unpaid principal balance of other serviced loans: (dollars in millions) June 30, 2024 December 31, 2023 Education $460 $502 Commercial and industrial (1) 97 94 (1) |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 6 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 6 - VARIABLE INTEREST ENTITIES Citizens, in the normal course of business, engages in a variety of activities with entities that are considered VIEs, as defined by GAAP, with its variable interest arising from contractual, ownership or other monetary interests in the entity. A VIE typically does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties. For more details regarding the Company’s involvement with VIEs see Note 11 in the Company’s 2023 Form 10-K. Consolidated VIEs The Company has consolidated VIEs related to secured borrowings collateralized by auto loans. The following table summarizes the carrying amount of assets and liabilities for the Company’s consolidated VIEs: (dollars in millions) June 30, 2024 December 31, 2023 Assets: Cash and due from banks $— $13 Interest-bearing deposits in banks 209 106 Net loans and leases 5,034 3,194 Other assets 24 14 Total assets $5,267 $3,327 Liabilities: Long-term borrowed funds $4,190 $2,692 Other liabilities 11 8 Total liabilities $4,201 $2,700 Secured Borrowings Citizens utilizes a portion of its auto loan portfolio to support certain secured borrowing arrangements, which provide a source of funding for the Company and involves the transfer of auto loans to bankruptcy remote special purpose entities (“SPEs”). These SPEs then issue asset-backed notes to third-parties collateralized by the transferred loans. The assets of a particular VIE are the primary source of funds to settle its obligations. Creditors of these VIEs do not have recourse to the general credit of the Company. The performance of the loans transferred to the SPEs is the most significant driver impacting the economic performance of the VIEs. Unconsolidated VIEs Citizens is involved with various VIEs that are not consolidated including lending to special purpose entities, investments in asset-backed securities and investments in entities that sponsor affordable housing, renewable energy and economic development projects. Citizens’ maximum exposure to loss resulting from its involvement with these entities is limited to the balance sheet carrying amount of its investments, unfunded commitments, and the outstanding principal balance of loans to special purpose entities. A summary of these investments is presented below: (dollars in millions) June 30, 2024 December 31, 2023 Lending to special purpose entities included in loans and leases $4,378 $4,760 LIHTC investments included in other assets 2,537 2,444 LIHTC unfunded commitments included in other liabilities 1,068 1,025 Asset-backed investments included in HTM securities 448 488 Renewable energy investments included in other assets 283 314 NMTC investments included in other assets 3 3 Lending to Special Purpose Entities Citizens provides lending facilities to third-party sponsored special purpose entities. As of June 30, 2024 and December 31, 2023, the lending facilities had undrawn commitments to extend credit of $2.9 billion and $2.7 billion, respectively. For more information on commitments to extend credit see Note 11. Asset-backed securities The Company’s investments in asset-backed securities are collateralized by education loans sold to a third-party sponsored VIE. Citizens acts as the primary servicer for the sold loans and receives a servicing fee. A third-party servicer is responsible for all loans that become significantly delinquent. Low Income Housing Tax Credit Partnerships The purpose of the Company’s LIHTC investments is to assist in achieving the goals of the Community Reinvestment Act and to earn an adequate return of capital. Renewable Energy Entities The Company’s investments in certain renewable energy entities provide benefits from government incentives and other tax attributes (e.g., tax depreciation). Contingent commitments related to the Company’s renewable energy investments were $63 million at June 30, 2024, and are expected to be paid in varying amounts through 2026. These payments are contingent upon the level of electricity production attained by the renewable energy entity relative to its targeted threshold and changes in the production tax credit rates set by the Internal Revenue Service. New Markets Tax Credit Program The Company participates in the NMTC program which provides a tax incentive for private sector investment into economic development projects and businesses located in low-income communities. The following table summarizes the impact to the Consolidated Statements of Operations relative to the Company’s tax credit programs for which it has elected to apply the proportional amortization method of accounting: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Tax credits recognized $94 $87 $191 $174 Other tax benefits recognized 24 20 47 38 Amortization (89) (85) (188) (166) Net benefit (expense) included in income tax expense 29 22 50 46 Other income 2 2 3 3 Allocated income (loss) on investments (3) (3) (6) (6) Net benefit (expense) included in noninterest income (1) (1) (3) (3) Net benefit (expense) included in the Consolidated Statements of Operations (1) $28 $21 $47 $43 (1) Includes the impact of tax credit investments when the election to apply the proportional amortization method was in effect during the periods presented. For 2024 and 2023, this includes LIHTC, renewable energy and NMTC investments. The Company did not recognize impairment losses resulting from the forfeiture or ineligibility of income tax credits or other circumstances during the three and six months ended June 30, 2024 and 2023. |
BORROWED FUNDS
BORROWED FUNDS | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
BORROWED FUNDS | NOTE 7 - BORROWED FUNDS Short-term borrowed funds Short-term borrowed funds were $2 million and $505 million as of June 30, 2024 and December 31, 2023, respectively. Long-term borrowed funds The following table presents a summary of the Company’s long-term borrowed funds: (dollars in millions) June 30, 2024 December 31, 2023 Parent Company: 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 336 336 2.850% fixed-rate senior unsecured notes, due July 2026 499 499 5.841% fixed/floating-rate senior unsecured notes, due January 2030 1,244 — 2.500% fixed-rate senior unsecured notes, due February 2030 298 298 3.250% fixed-rate senior unsecured notes, due April 2030 747 746 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 566 563 6.645% fixed/floating-rate senior unsecured notes, due April 2035 745 — 5.641% fixed-rate reset subordinated debt, due May 2037 398 398 CBNA’s Global Note Program: 2.250% senior unsecured notes, due April 2025 749 749 4.119% fixed/floating-rate senior unsecured notes, due May 2025 (1) — 649 6.064% fixed/floating-rate senior unsecured notes, due October 2025 600 599 5.284% fixed/floating-rate senior unsecured notes, due January 2026 350 349 3.750% senior unsecured notes, due February 2026 482 483 4.575% fixed/floating-rate senior unsecured notes, due August 2028 798 798 Additional Borrowings by CBNA and Other Subsidiaries: Federal Home Loan Bank advances, 5.314% weighted average rate, due through 2043 (2) 553 3,786 Secured borrowings, 5.667% weighted average rate, due through 2030 (2)(3) 4,190 2,692 Other 23 18 Total long-term borrowed funds $13,082 $13,467 (1) Notes were redeemed on May 23, 2024. (2) Rate disclosed reflects the weighted average rate as of June 30, 2024. (3) Collateralized by auto loans. See Note 6 for additional information. At June 30, 2024, the Company’s long-term borrowed funds include principal balances of $13.2 billion, unamortized debt issuance costs and discounts of $77 million, and hedging basis adjustments of ($17) million. At December 31, 2023, the Company’s long-term borrowed funds include principal balances of $13.6 billion, unamortized debt issuance costs and discounts of $74 million, and hedging basis adjustments of ($17) million. See Note 8 for further information about the Company’s hedging of certain long-term borrowed funds. Advances, lines of credit and letters of credit from the FHLB are collateralized primarily by residential mortgages and home equity products sufficient to satisfy the collateral maintenance level established by the FHLB. The utilized FHLB borrowing capacity, primarily for advances and letters of credit, was $5.0 billion and $9.2 billion at June 30, 2024 and December 31, 2023, respectively. The Company’s available FHLB borrowing capacity was $19.8 billion and $15.9 billion at June 30, 2024 and December 31, 2023, 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 June 30, 2024, the Company’s unused secured borrowing capacity was approximately $69.9 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 June 30, 2024: (dollars in millions) Parent Company CBNA and Other Subsidiaries Consolidated Year 2024 $106 $— $106 2025 469 1,911 2,380 2026 499 2,690 3,189 2027 — 9 9 2028 — 2,695 2,695 2029 and thereafter 4,263 440 4,703 Total $5,337 $7,745 $13,082 |
DERIVATIVES
DERIVATIVES | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | NOTE 8 - DERIVATIVES In the normal course of business, Citizens enters into derivative transactions to meet the financing and hedging needs of its customers and 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 2023 Form 10-K. The following table presents derivative instruments included in the Consolidated Balance Sheets: June 30, 2024 December 31, 2023 (dollars in millions) Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate contracts $76,731 $251 $67 $86,895 $173 $44 Derivatives not designated as hedging instruments: Interest rate contracts 188,971 228 1,231 185,993 291 1,105 Foreign exchange contracts 29,770 345 285 32,528 434 378 Commodities contracts 1,157 516 467 1,251 685 640 TBA contracts 2,722 3 8 2,337 3 16 Other contracts 891 7 1 549 7 — Total derivatives not designated as hedging instruments 223,511 1,099 1,992 222,658 1,420 2,139 Total gross derivatives 300,242 1,350 2,059 309,553 1,593 2,183 Less: Gross amounts offset in the Consolidated Balance Sheets (1) (396) (396) (471) (471) Less: Cash collateral applied (1) (587) (116) (682) (150) Total net derivatives presented in the Consolidated Balance Sheets $367 $1,547 $440 $1,562 (1) 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 facilitation 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. All hedging relationships are formally documented at inception, as well as risk management objectives and strategies for undertaking various accounting hedges. In addition, the effectiveness of hedge relationships is monitored during the duration of the hedge period. The methods utilized to assess hedge effectiveness vary based on the hedge relationship and each relationship is monitored to ensure that management’s initial intent continues to be satisfied. Hedge accounting treatment is discontinued when the derivative is terminated or when it is determined that a derivative is not expected to be, or has ceased to be, effective as a hedge. Changes in the fair value of a derivative are reflected in earnings after termination of the hedge relationship. Fair Value Hedges In a fair value hedge, changes in the fair value of both the derivative instrument and the hedged asset or liability attributable to the risk being hedged are recognized in the same income statement line item in the Consolidated Statements of Operations when the changes in fair value occur. The Company has entered into fair value hedges to manage interest rate risk within its AFS securities and long-term borrowed funds portfolios. The following table presents the effect of fair value hedges on the Consolidated Statements of Operations and the respective line items affected for each hedged item: Location and Amount of Gains (Losses) Recognized Interest Income Interest Expense (dollars in millions) Investment Securities Long-Term Borrowed Funds Three Months Ended June 30, 2024 Gains (losses) on fair value hedges recognized on: Hedged items ($39) ($3) Derivatives 40 3 Amounts related to interest settlements on derivatives 28 (3) Total net interest income recognized on fair value hedges $29 ($3) Three Months Ended June 30, 2023 Gains (losses) on fair value hedges recognized on: Hedged items ($12) $7 Derivatives 12 (7) Amounts related to interest settlements on derivatives 1 (3) Total net interest income recognized on fair value hedges $1 ($3) Six Months Ended June 30, 2024 Gains (losses) on fair value hedges recognized on: Hedged items ($174) $— Derivatives 179 — Amounts related to interest settlements on derivatives 53 (7) Total net interest income recognized on fair value hedges $58 ($7) Six Months Ended June 30, 2023 Gains (losses) on fair value hedges recognized on: Hedged items ($12) ($1) Derivatives 12 1 Amounts related to interest settlements on derivatives 1 (8) Total net interest income recognized on fair value hedges $1 ($8) The following table reflects amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges: (dollars in millions) June 30, 2024 December 31, 2023 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 $9,662 $— $7,253 $— Carrying amount of hedged liabilities — 482 — 483 Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items (113) (17) 60 (17) (1) Includes the amortized cost basis of closed portfolios used to designate hedging relationships under the portfolio layer method. The hedged item is a layer of the closed portfolio which is expected to be remaining at the end of the hedging relationship. As of June 30, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $6.7 billion and $5.9 billion, respectively, including associated cumulative basis adjustments of $(88) million and $39 million, respectively. The amount of the designated hedging instruments was $4.8 billion and $4.0 billion at June 30, 2024 and December 31, 2023, respectively. Cash Flow Hedges In a cash flow hedge the entire change in the fair value of the interest rate swap included in the assessment of hedge effectiveness is initially recorded in OCI and is subsequently reclassified from AOCI into earnings in the period during which the hedged item affects earnings. Citizens has entered into interest rate swap agreements designed to hedge a portion of the Company’s floating-rate assets and liabilities. All of these swaps are deemed highly effective cash flow hedges. The Company has also entered into certain interest rate option agreements that utilize interest rate floors and caps, or some combination thereof, providing the ability to hedge the variability in cash flows within different interest rate bands. Option premiums paid and received are excluded from the assessment of hedge effectiveness and are amortized over the life of the instruments. 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 June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Amount of pre-tax net gains (losses) recognized in OCI ($177) ($680) ($727) ($447) Amount of pre-tax net gains (losses) reclassified from AOCI into interest income (232) (137) (435) (264) Amount of pre-tax net gains (losses) reclassified from AOCI into interest expense — 1 — 1 Using the interest rate curve at June 30, 2024 with respect to cash flow hedge strategies, the Company estimates that approximately $984 million in pre-tax net losses will be reclassified from AOCI to net interest income over the next 12 months, including $448 million related to terminated swaps. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to June 30, 2024. Derivatives Not Designated As Hedging Instruments The Company offers derivatives to customers in connection with their risk management needs consisting primarily of interest rate, foreign exchange and commodity contracts. Market risk exposure from customer transactions is primarily managed by entering into a variety of hedging transactions with third-party dealers. Gains and losses on customer-related derivatives are reported in foreign exchange and derivatives products in the Consolidated Statements of Operations. Residential mortgage loans that will be sold in the secondary market and the related loan commitments, which are considered derivatives, are accounted for at fair value. Forward contracts to sell mortgage-backed securities are utilized to hedge the fair value of the loans and related commitments. Gains and losses on the loans and related commitments, and the derivatives used to economically hedge them, are reported in mortgage banking fees in the Consolidated Statements of Operations. Residential MSRs are accounted for at fair value. Derivatives utilized to hedge the fair value of residential MSRs include interest rate futures, swaps, options, and forward contracts to purchase mortgage-backed securities. Gains and losses on residential MSRs and the related derivatives are reported in mortgage banking fees in the Consolidated Statements of Operations. The following table presents the effect of economic hedges on noninterest income: Amounts Recognized in Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Consolidated Statements of Operations (dollars in millions) 2024 2023 2024 2023 Economic hedge type: Customer interest rate contracts ($189) ($614) ($683) ($580) Foreign exchange and derivative products Derivatives hedging interest rate risk 197 627 700 608 Foreign exchange and derivative products Customer foreign exchange contracts (23) 9 (133) 5 Foreign exchange and derivative products Derivatives hedging foreign exchange risk 37 (18) 182 (20) Foreign exchange and derivative products Customer commodity contracts 32 (94) 67 (569) Foreign exchange and derivative products Derivatives hedging commodity price risk (25) 102 (57) 588 Foreign exchange and derivative products Residential loan commitments (5) (20) (7) (18) Mortgage banking fees Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value 6 26 9 15 Mortgage banking fees Derivative contracts used to hedge residential MSRs (18) (31) (56) (15) Mortgage banking fees Total $12 ($13) $22 $14 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 9 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables present the changes in the balances, net of income taxes, of each component of AOCI: As of and for the Three Months Ended June 30, (dollars in millions) Net Unrealized Gains (Losses) on Derivatives Net Unrealized Gains (Losses) on Debt Securities Employee Benefit Plans Total AOCI Balance at April 1, 2023 ($1,149) ($2,424) ($370) ($3,943) Other comprehensive income (loss) before reclassifications (505) (239) — (744) Amounts reclassified to the Consolidated Statements of Operations 101 20 3 124 Net other comprehensive income (loss) (404) (219) 3 (620) Balance at June 30, 2023 ($1,553) ($2,643) ($367) ($4,563) Balance at April 1, 2024 ($1,343) ($2,497) ($324) ($4,164) Other comprehensive income (loss) before reclassifications (129) (29) — (158) Amounts reclassified to the Consolidated Statements of Operations 170 15 2 187 Net other comprehensive income (loss) 41 (14) 2 29 Balance at June 30, 2024 ($1,302) ($2,511) ($322) ($4,135) Primary location in the Consolidated Statements of Operations of amounts reclassified from AOCI Net interest income Securities gains, net and Net interest income Other operating expense As of and for the Six Months Ended June 30, (dollars in millions) Net Unrealized Gains (Losses) on Derivatives Net Unrealized Gains (Losses) on Debt Securities Employee Benefit Plans Total AOCI Balance at January 1, 2023 ($1,416) ($2,771) ($373) ($4,560) Other comprehensive income (loss) before reclassifications (332) 88 — (244) Amounts reclassified to the Consolidated Statements of Operations 195 40 6 241 Net other comprehensive income (loss) (137) 128 6 (3) Balance at June 30, 2023 ($1,553) ($2,643) ($367) ($4,563) Balance at January 1, 2024 ($1,087) ($2,338) ($333) ($3,758) Other comprehensive income (loss) before reclassifications (534) (202) 4 (732) Amounts reclassified to the Consolidated Statements of Operations 319 29 7 355 Net other comprehensive income (loss) (215) (173) 11 (377) Balance at June 30, 2024 ($1,302) ($2,511) ($322) ($4,135) Primary location in the Consolidated Statements of Operations of amounts reclassified from AOCI Net interest income Securities gains, net and Net interest income Other operating expense |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 10 - STOCKHOLDERS’ EQUITY Preferred Stock The following table summarizes the Company’s preferred stock: June 30, 2024 December 31, 2023 (dollars in millions, except per 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 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 Series H 1,000 (1) 400,000 (4) 391 — — Total 2,150,000 $2,112 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. (4) Represented by 16,000,000 depositary shares each representing a 1/40th interest in the Series H Preferred Stock. On May 23, 2024, the Company issued $400 million, or 400,000 shares, of 7.375% fixed-rate non-cumulative perpetual Series H Preferred Stock, par value of $25.00 per share with a liquidation preference of $1,000 per share (the “Series H Preferred Stock”). As a result of this issuance, the Company received net proceeds of $391 million after underwriting fees and other expenses. The Series H Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. The Series H Preferred Stock is redeemable at the Company’s option, in whole or in part, on any dividend payment date on or after July 6, 2029 or, in whole but not in part, at any time within the 90 days following a regulatory capital treatment event at a redemption price equal to $1,000 per share, plus any declared and unpaid dividends. The Company may not redeem shares of the Series H Preferred Stock without the prior approval of the FRB or other appropriate federal banking agency as required under applicable capital rules. Except in limited circumstances or otherwise required by law, holders of the Series H Preferred Stock do not have any voting rights. In May 2024, the Company provided notice of its intent to redeem all outstanding shares of the 9.205% floating rate non-cumulative perpetual Series D Preferred Stock. The Series D Preferred Stock was reclassified from stockholders’ equity to other liabilities in the Consolidated Balance Sheets prior to settlement. On July 8, 2024, the Company redeemed all outstanding shares of the Series D Preferred Stock. For further detail regarding the terms and conditions of the Company’s preferred stock, see Note 17 in the Company’s 2023 Form 10-K. Dividends The following tables summarize the Company’s dividend activity for the three and six months ended June 30, 2024 and 2023. Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 (dollars in millions, except per share data) Dividends Declared per Share Dividends Declared Dividends Paid Dividends Declared per Share Dividends Declared Dividends Paid Common stock $0.42 $194 $194 $0.42 $205 $205 Preferred stock Series B $21.66 $6 $6 $30.00 $9 $— Series C 22.53 7 5 15.94 5 5 Series D 23.78 7 5 15.87 5 5 Series E 12.50 6 6 12.50 6 6 Series F 14.12 6 5 14.12 6 5 Series G 10.00 3 3 10.00 3 3 Total preferred stock $35 $30 $34 $24 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 (dollars in millions, except per share data) Dividends Declared per Share Dividends Declared Dividends Paid Dividends Declared per Share Dividends Declared Dividends Paid Common stock $0.84 $391 $391 $0.84 $410 $410 Preferred stock Series B $43.38 $13 $13 $30.00 $9 $9 Series C 38.47 12 10 31.88 10 10 Series D 39.66 12 10 31.75 10 10 Series E 25.00 11 11 25.00 11 11 Series F 28.25 11 11 28.25 11 11 Series G 20.00 6 6 20.00 6 6 Total preferred stock $65 $61 $57 $57 Treasury Stock During the six months ended June 30, 2024 and 2023, the Company repurchased $500 million, or 15,000,188 shares, and repurchased $656 million, or 19,736,783 shares, respectively, of its outstanding common stock, which are held in treasury stock. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 11 - COMMITMENTS AND CONTINGENCIES A summary of outstanding off-balance sheet arrangements is presented below. For more information on these arrangements, see Note 19 in the Company’s 2023 Form 10-K. (dollars in millions) June 30, 2024 December 31, 2023 Commitments to extend credit $94,526 $94,201 Letters of credit 1,957 1,977 Loans sold with recourse 99 96 Marketing rights 17 18 Risk participation agreements 1 3 Total $96,600 $96,295 Commitments to Extend Credit Commitments to extend credit are agreements to lend to customers in accordance with conditions contractually agreed upon in advance. These commitments generally 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. Letters of credit are generally collateralized by cash, accounts receivable, inventory or investment securities. Credit risk associated with letters of credit is considered in determining the appropriate amount of allowances for unfunded commitments. Standby letters of credit and commercial letters of credit are issued for terms of up to two 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 June 30, 2024, the remaining terms on these RPAs ranged from less than one year to nine 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 | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 12 - FAIR VALUE MEASUREMENTS Citizens measures or monitors many of its assets and liabilities on a fair value basis. Fair value is used on a recurring basis for assets and liabilities for which fair value is the required or elected measurement basis of accounting. Fair value is also 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. Fair value measurement guidance is also applied 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: June 30, 2024 December 31, 2023 (dollars 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 $519 $507 $12 $614 $593 $21 Commercial and industrial, and commercial real estate loans held for sale, at fair value 72 78 (6) 62 69 (7) For more information on the election of the fair value option for these assets see Note 20 in the Company’s 2023 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 fair value on a recurring basis, see Note 20 in the Company’s 2023 Form 10-K. Short-term investments Short-term investments include corporate bonds and U.S. Treasury securities managed by the Company’s trading desks. U.S. Treasury securities are classified as Level 1 in the fair value hierarchy as quoted prices in active markets are readily available. The fair value of corporate bonds is estimated using a combination of direct market quotes for a particular bond, or a comparable bond if recent market data is not available, and a discounted cash flow model that incorporates certain credit attributes of the bond issuer. External pricing services are utilized to corroborate the fair value of corporate bonds, which may result in an adjustment to the underlying bond’s valuation if price differences exceed certain thresholds. Corporate bonds are classified as Level 2 in the fair value hierarchy given the observable market inputs utilized to value these instruments. Short-term investments are included in interest-bearing deposits in banks in the Consolidated Balance Sheets. Short-term borrowed funds Short-term borrowed funds include short positions in corporate bonds held by the Company’s trading desks and are classified as Level 2 in the fair value hierarchy. See “Short-term investments” above for more information regarding the valuation techniques utilized to value corporate bonds. The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at June 30, 2024: (dollars in millions) Total Level 1 Level 2 Level 3 Debt securities available for sale: Mortgage-backed securities $26,631 $— $26,631 $— Collateralized loan obligations 294 — 294 — State and political subdivisions 1 — 1 — U.S. Treasury and other 5,012 5,012 — — Total debt securities available for sale 31,938 5,012 26,926 — Loans held for sale, at fair value: Residential loans held for sale 519 — 519 — Commercial loans held for sale 72 — 72 — Total loans held for sale, at fair value 591 — 591 — Mortgage servicing rights 1,568 — — 1,568 Derivative assets: Interest rate contracts 479 — 479 — Foreign exchange contracts 345 — 345 — Commodities contracts 516 — 516 — TBA contracts 3 — 3 — Other contracts 7 — — 7 Total derivative assets 1,350 — 1,343 7 Equity securities, at fair value (1) 135 135 — — Short-term investments 61 30 31 — Total assets $35,643 $5,177 $28,891 $1,575 Derivative liabilities: Interest rate contracts $1,298 $— $1,298 $— Foreign exchange contracts 285 — 285 — Commodities contracts 467 — 467 — TBA contracts 8 — 8 — Other contracts 1 — — 1 Total derivative liabilities 2,059 — 2,058 1 Short-term borrowed funds 2 — 2 — Total liabilities $2,061 $— $2,060 $1 (1) Excludes investments of $57 million included in other assets in the Consolidated Balance Sheets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient. These investments include capital contributions to private investment funds and have unfunded capital commitments of $24 million at June 30, 2024, which may be called at any time during prescribed time periods. The credit exposure is generally limited to the carrying amount of investments made and unfunded capital commitments. The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at December 31, 2023: (dollars in millions) Total Level 1 Level 2 Level 3 Debt securities available for sale: Mortgage-backed securities $24,732 $— $24,732 $— Collateralized loan obligations 664 — 664 — State and political subdivisions 1 — 1 — U.S. Treasury and other 4,380 4,380 — — Total debt securities available for sale 29,777 4,380 25,397 — Loans held for sale, at fair value: Residential loans held for sale 614 — 614 — Commercial loans held for sale 62 — 62 — Total loans held for sale, at fair value 676 — 676 — Mortgage servicing rights 1,552 — — 1,552 Derivative assets: Interest rate contracts 464 — 464 — Foreign exchange contracts 434 — 434 — Commodities contracts 685 — 685 — TBA contracts 3 — 3 — Other contracts 7 — — 7 Total derivative assets 1,593 — 1,586 7 Equity securities, at fair value (1) 115 115 — — Total assets $33,713 $4,495 $27,659 $1,559 Derivative liabilities: Interest rate contracts $1,149 $— $1,149 $— Foreign exchange contracts 378 — 378 — Commodities contracts 640 — 640 — TBA contracts 16 — 16 — Other contracts — — — — Total derivative liabilities 2,183 — 2,183 — Total liabilities $2,183 $— $2,183 $— (1) Excludes investments of $58 million included in other assets in the Consolidated Balance Sheets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient. These investments include capital contributions to private investment funds and have unfunded capital commitments of $28 million at December 31, 2023, which may be called at any time during prescribed time periods. The credit exposure is generally limited to the carrying amount of investments made and unfunded capital commitments. The following tables present a roll forward of the balance sheet amounts for assets and liabilities measured at fair value on a recurring basis and classified as Level 3: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 (dollars in millions) Mortgage Servicing Rights Other Derivative Contracts Mortgage Servicing Rights Other Derivative Contracts Beginning balance $1,564 $8 $1,552 $7 Issuances 25 16 43 29 Settlements (1) (43) (13) (89) (23) Changes in fair value during the period recognized in earnings (2) 22 (5) 62 (7) Ending balance $1,568 $6 $1,568 $6 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (dollars in millions) Mortgage Servicing Rights Other Derivative Contracts Mortgage Servicing Rights Other Derivative Contracts Beginning balance $1,496 $13 $1,530 $1 Issuances 36 20 57 35 Settlements (1) (41) (7) (82) (12) Changes in fair value during the period recognized in earnings (2) 33 (20) 19 (18) Ending balance $1,524 $6 $1,524 $6 (1) For MSRs, 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. For other derivative contracts, represents the closeout of interest rate lock commitments. (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 significant unobservable inputs utilized to measure the fair value of Level 3 assets and liabilities. As of June 30, 2024 As of December 31, 2023 Financial Instrument Valuation Technique Unobservable Input Range (Weighted Average) Range (Weighted Average) Mortgage servicing rights Discounted Cash Flow Constant prepayment rate 5.53-17.24% CPR (7.05% CPR) 6.70-14.55% CPR (7.23% CPR) Option adjusted spread 398-1,058 bps (635 bps) 398-1,058 bps (630 bps) Other derivative contracts Internal Model Pull through rate 26.75-99.70% (80.80%) 24.90-99.70% (80.34%) MSR value 6.61-155.54 bps (103.92 bps) (8.90)-141.24 bps (88.04 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 fair value on a nonrecurring basis, see Note 20 in the Company’s 2023 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 June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Collateral-dependent loans ($64) ($64) ($120) ($68) The following table presents assets measured at fair value on a nonrecurring basis: June 30, 2024 December 31, 2023 (dollars in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Collateral-dependent loans $934 $— $934 $— $789 $— $789 $— Fair Value of Financial Instruments The following tables present the estimated fair value for financial instruments not recorded at fair value in the Consolidated Financial Statements. The carrying amounts are recorded in the Consolidated Balance Sheets under the indicated captions: June 30, 2024 Total Level 1 Level 2 Level 3 (dollars 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 $8,895 $7,924 $— $— $8,447 $7,490 $448 $434 Other loans held for sale 92 92 — — — — 92 92 Net loans and leases 139,717 137,363 — — 934 934 138,783 136,429 Other assets 731 731 — — 709 709 22 22 Financial liabilities: Deposits 176,352 176,102 — — 176,352 176,102 — — Short-term borrowed funds 2 2 — — 2 2 — — Long-term borrowed funds 13,082 12,719 — — 13,082 12,719 — — December 31, 2023 Total Level 1 Level 2 Level 3 (dollars 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 $9,184 $8,350 $— $— $8,696 $7,887 $488 $463 Other loans held for sale 103 103 — — — — 103 103 Net loans and leases 143,861 140,504 — — 789 789 143,072 139,715 Other assets 869 869 — — 851 851 18 18 Financial liabilities: Deposits 177,342 177,096 — — 177,342 177,096 — — Short-term borrowed funds 505 505 — — 505 505 — — Long-term borrowed funds 13,467 13,012 — — 13,467 13,012 — — |
NONINTEREST INCOME
NONINTEREST INCOME | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
NONINTEREST INCOME | NOTE 13 - NONINTEREST INCOME Revenues from Contracts with Customers The following tables present the components of revenue from contracts with customers disaggregated by revenue stream and business operating segment: Three Months Ended June 30, 2024 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Service charges and fees $75 $30 $— $— $105 Card fees 74 13 — 4 91 Capital markets fees — 126 — — 126 Wealth fees (1) 75 — — — 75 Other banking fees — 4 — 1 5 Total revenue from contracts with customers $224 $173 $— $5 $402 Total revenue from other sources (2) 53 69 — 29 151 Total noninterest income $277 $242 $— $34 $553 Three Months Ended June 30, 2023 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Service charges and fees $66 $35 $— $— $101 Card fees 67 11 — — 78 Capital markets fees — 76 — — 76 Wealth fees (1) 65 — — — 65 Other banking fees — 3 — — 3 Total revenue from contracts with customers $198 $125 $— $— $323 Total revenue from other sources (2) 70 82 — 31 183 Total noninterest income $268 $207 $— $31 $506 Six Months Ended June 30, 2024 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Service charges and fees $138 $63 $— $— $201 Card fees 140 28 — 7 175 Capital markets fees — 242 — — 242 Wealth fees (1) 143 — — — 143 Other banking fees 1 6 — 1 8 Total revenue from contracts with customers $422 $339 $— $8 $769 Total revenue from other sources (2) 113 130 — 58 301 Total noninterest income $535 $469 $— $66 $1,070 Six Months Ended June 30, 2023 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Service charges and fees $133 $67 $— $— $200 Card fees 126 23 — — 149 Capital markets fees — 147 — — 147 Wealth fees (1) 128 — — — 128 Other banking fees 1 7 — — 8 Total revenue from contracts with customers $388 $244 $— $— $632 Total revenue from other sources (2) 136 164 — 59 359 Total noninterest income $524 $408 $— $59 $991 (1) See Note 1 for information regarding updates to the Consolidated Statements of Operations during the second quarter of 2024. (2) Includes bank-owned life insurance income of $30 million and $23 million for the three months ended June 30, 2024 and 2023, respectively, and $54 million and $46 million for the six months ended June 30, 2024 and 2023, respectively. The Company recognized trailing commissions of $3 million for the three months ended June 30, 2024 and 2023, and $7 million for the six months ended June 30, 2024 and 2023 related to ongoing commissions from previous investment sales. |
OTHER OPERATING EXPENSE
OTHER OPERATING EXPENSE | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
OTHER OPERATING EXPENSE | NOTE 14 - OTHER OPERATING EXPENSE The following table presents the details of other operating expense: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Marketing $49 $56 $84 $94 Deposit insurance 46 43 122 79 Other 93 98 185 193 Other operating expense $188 $197 $391 $366 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 15 - EARNINGS PER SHARE Three Months Ended June 30, Six Months Ended June 30, (dollars in millions, except per share data) 2024 2023 2024 2023 Numerator (basic and diluted): Net income $392 $478 $726 $989 Less: Preferred stock dividends 35 34 65 57 Net income available to common stockholders $357 $444 $661 $932 Denominator: Weighted-average common shares outstanding - basic 454,142,489 479,470,543 457,750,585 482,440,926 Dilutive common shares: share-based awards 2,418,533 1,504,738 2,258,961 1,811,177 Weighted-average common shares outstanding - diluted 456,561,022 480,975,281 460,009,546 484,252,103 Earnings per common share: Basic $0.79 $0.93 $1.44 $1.93 Diluted (1) 0.78 0.92 1.44 1.92 (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 1,206,158 and 3,249,834 for the three months ended June 30, 2024 and 2023, respectively, and 1,318,088 and 2,305,895 for the six months ended June 30, 2024 and 2023, respectively. |
BUSINESS OPERATING SEGMENTS
BUSINESS OPERATING SEGMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
BUSINESS OPERATING SEGMENTS | NOTE 16 - BUSINESS OPERATING SEGMENTS Citizens is managed by its Chief Executive Officer on a segment basis. The Company’s three business operating segments are Consumer Banking, Commercial Banking, and Non-Core. The business operating segments are determined based on the products and services provided, or the type of customer served. Each business operating segment has a segment head that reports directly to the Chief Executive Officer, who has final authority over resource allocation decisions and performance assessment. The business operating segments reflect this management structure and the manner in which financial information is currently evaluated by the Chief Executive Officer. Developing and applying methodologies used to allocate items among the business operating segments is a dynamic process. Accordingly, financial results may be revised periodically as management systems are enhanced, methods of evaluating performance or product lines are updated, or organizational structure changes occur. See Note 1 for a description of segment changes made during the third quarter of 2023. For more information on the Company’s business operating segments, as well as Other non-segment operations, see Note 26 in the Company’s 2023 Form 10-K. Three Months Ended June 30, 2024 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Net interest income $1,120 $494 ($31) ($173) $1,410 Noninterest income 277 242 — 34 553 Total revenue 1,397 736 (31) (139) 1,963 Noninterest expense 915 311 26 49 1,301 Profit (loss) before provision (benefit) for credit losses 482 425 (57) (188) 662 Provision (benefit) for credit losses 84 90 10 (2) 182 Income (loss) before income tax expense (benefit) 398 335 (67) (186) 480 Income tax expense (benefit) 102 76 (17) (73) 88 Net income (loss) $296 $259 ($50) ($113) $392 Total average assets $74,295 $68,958 $9,418 $66,551 $219,222 Three Months Ended June 30, 2023 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Net interest income $1,023 $584 ($28) $9 $1,588 Noninterest income 268 207 — 31 506 Total revenue 1,291 791 (28) 40 2,094 Noninterest expense 875 315 33 83 1,306 Profit (loss) before provision (benefit) for credit losses 416 476 (61) (43) 788 Provision (benefit) for credit losses 68 71 13 24 176 Income (loss) before income tax expense (benefit) 348 405 (74) (67) 612 Income tax expense (benefit) 91 100 (19) (38) 134 Net income (loss) $257 $305 ($55) ($29) $478 Total average assets $72,583 $77,546 $14,456 $57,788 $222,373 Six Months Ended June 30, 2024 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Net interest income $2,213 $1,008 ($68) ($301) $2,852 Noninterest income 535 469 — 66 1,070 Total revenue 2,748 1,477 (68) (235) 3,922 Noninterest expense 1,818 628 51 162 2,659 Profit (loss) before provision (benefit) for credit losses 930 849 (119) (397) 1,263 Provision (benefit) for credit losses 165 171 29 (12) 353 Income (loss) before income tax expense (benefit) 765 678 (148) (385) 910 Income tax expense (benefit) 197 160 (38) (135) 184 Net income (loss) $568 $518 ($110) ($250) $726 Total average assets $74,064 $69,529 $9,986 $66,417 $219,996 Six Months Ended June 30, 2023 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Net interest income $2,034 $1,181 ($43) $59 $3,231 Noninterest income 524 408 — 59 991 Total revenue 2,558 1,589 (43) 118 4,222 Noninterest expense 1,732 646 65 159 2,602 Profit (loss) before provision (benefit) for credit losses 826 943 (108) (41) 1,620 Provision (benefit) for credit losses 131 118 34 61 344 Income (loss) before income tax expense (benefit) 695 825 (142) (102) 1,276 Income tax expense (benefit) 181 201 (37) (58) 287 Net income (loss) $514 $624 ($105) ($44) $989 Total average assets $72,230 $78,215 $15,068 $57,028 $222,541 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying unaudited interim Consolidated Financial Statements and Notes have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and notes included in annual financial statements prepared in accordance with GAAP. The Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the interim period results presented. These unaudited interim financial statements and notes should be read in conjunction with the audited Consolidated Financial Statements and Notes included in the Company’s 2023 Form 10-K. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year. |
Consolidation | The unaudited interim Consolidated Financial Statements include the accounts of Citizens and its subsidiaries, including VIEs in which Citizens is a primary beneficiary. Investments in VIEs in which the Company does not have the ability to exercise significant influence are not consolidated. All intercompany transactions and balances have been eliminated in consolidation. During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from the Consumer Banking segment into a new Non-Core segment to reflect the manner in which management is currently assessing performance and allocating resources. Prior period results have been revised to conform to the new segment presentation. See Note 16 for additional information. During the first quarter of 2024, the Company modified the presentation of its loans and leases portfolio to include leases in the commercial and industrial financing receivable class. Prior period results have been revised to conform to the new presentation. See Notes 3 and 4 for additional information relative to the Company’s loans and leases portfolio. |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL, fair value measurements and the evaluation and measurement of goodwill impairment. |
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. Renewals are categorized as new credit decisions and reflect the renewal date as the vintage date, except for renewals of loans modified for borrowers experiencing financial difficulty, or FDMs, which are presented in the original vintage. Citizens utilizes internal risk ratings to monitor credit quality for commercial loans and leases. For more information on these ratings see Note 6 in the Company’s 2023 Form 10-K. |
Variable Interest Entity | Citizens, in the normal course of business, engages in a variety of activities with entities that are considered VIEs, as defined by GAAP, with its variable interest arising from contractual, ownership or other monetary interests in the entity. A VIE typically does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties. |
Short-Term Investments and Short-Term Borrowed Funds | Short-term investments Short-term investments include corporate bonds and U.S. Treasury securities managed by the Company’s trading desks. U.S. Treasury securities are classified as Level 1 in the fair value hierarchy as quoted prices in active markets are readily available. The fair value of corporate bonds is estimated using a combination of direct market quotes for a particular bond, or a comparable bond if recent market data is not available, and a discounted cash flow model that incorporates certain credit attributes of the bond issuer. External pricing services are utilized to corroborate the fair value of corporate bonds, which may result in an adjustment to the underlying bond’s valuation if price differences exceed certain thresholds. Corporate bonds are classified as Level 2 in the fair value hierarchy given the observable market inputs utilized to value these instruments. Short-term investments are included in interest-bearing deposits in banks in the Consolidated Balance Sheets. Short-term borrowed funds Short-term borrowed funds include short positions in corporate bonds held by the Company’s trading desks and are classified as Level 2 in the fair value hierarchy. See “Short-term investments” above for more information regarding the valuation techniques utilized to value corporate bonds. |
SECURITIES (Tables)
SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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: June 30, 2024 December 31, 2023 (dollars in millions) Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury and other $5,198 $5 ($191) $5,012 $4,493 $26 ($139) $4,380 State and political subdivisions 1 — — 1 1 — — 1 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 28,568 30 (2,220) 26,378 26,289 45 (1,857) 24,477 Other/non-agency 274 — (21) 253 279 — (24) 255 Total mortgage-backed securities 28,842 30 (2,241) 26,631 26,568 45 (1,881) 24,732 Collateralized loan obligations 293 1 — 294 667 — (3) 664 Total debt securities available for sale, at fair value $34,334 $36 ($2,432) $31,938 $31,729 $71 ($2,023) $29,777 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities $8,447 $— ($957) $7,490 $8,696 $9 ($818) $7,887 Total mortgage-backed securities 8,447 — (957) 7,490 8,696 9 (818) 7,887 Asset-backed securities 448 1 (15) 434 488 — (25) 463 Total debt securities held to maturity $8,895 $1 ($972) $7,924 $9,184 $9 ($843) $8,350 Equity securities, at cost (2) $731 $— $— $731 $869 $— $— $869 Equity securities, at fair value (2) 192 — — 192 173 — — 173 (1) Excludes portfolio level basis adjustments of $(113) million and $60 million, respectively, for securities designated in active fair value hedge relationships at June 30, 2024 and December 31, 2023. (2) Included in other assets in the Consolidated Balance Sheets. |
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 June 30, 2024. 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 (dollars 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 $— $3,604 $1,594 $— $5,198 State and political subdivisions — — — 1 1 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — 1,868 1,964 24,736 28,568 Other/non-agency — — — 274 274 Collateralized loan obligations — — 59 234 293 Total debt securities available for sale — 5,472 3,617 25,245 34,334 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — — — 8,447 8,447 Asset-backed securities — 448 — — 448 Total debt securities held to maturity — 448 — 8,447 8,895 Total amortized cost of debt securities $— $5,920 $3,617 $33,692 $43,229 Fair value: U.S. Treasury and other $— $3,427 $1,585 $— $5,012 State and political subdivisions — — — 1 1 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — 1,774 1,857 22,747 26,378 Other/non-agency — — — 253 253 Collateralized loan obligations — — 59 235 294 Total debt securities available for sale — 5,201 3,501 23,236 31,938 Mortgage-backed securities: Federal agencies and U.S. government sponsored entities — — — 7,490 7,490 Asset-backed securities — 434 — — 434 Total debt securities held to maturity — 434 — 7,490 7,924 Total fair value of debt securities $— $5,635 $3,501 $30,726 $39,862 |
Schedule of income recognized on investment securities | The following table presents realized gains and losses on the sale of securities: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Gains $— $9 $5 $18 Losses — — — (4) Securities gains, net $— $9 $5 $14 |
Schedule of financial instruments owned and pledged as collateral | The following table presents the amortized cost and fair value of debt securities pledged: June 30, 2024 December 31, 2023 (dollars in millions) Amortized Cost Fair Value Amortized Cost Fair Value Pledged against derivatives, to qualify for fiduciary powers, or to secure public and other deposits as required by law $7,527 $6,959 $5,619 $5,305 Pledged as collateral for FHLB borrowing capacity 238 218 242 220 Pledged against repurchase agreements — — — — |
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: June 30, 2024 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 $1,260 ($14) $3,209 ($177) $4,469 ($191) State and political subdivisions — — 1 — 1 — Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 5,990 (56) 16,462 (2,164) 22,452 (2,220) Other/non-agency — — 253 (21) 253 (21) Total mortgage-backed securities 5,990 (56) 16,715 (2,185) 22,705 (2,241) Collateralized loan obligations — — 10 — 10 — Total $7,250 ($70) $19,935 ($2,362) $27,185 ($2,432) December 31, 2023 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 $49 $— $3,245 ($139) $3,294 ($139) Mortgage-backed securities: Federal agencies and U.S. government sponsored entities 2,939 (24) 16,398 (1,833) 19,337 (1,857) Other/non-agency — — 255 (24) 255 (24) Total mortgage-backed securities 2,939 (24) 16,653 (1,857) 19,592 (1,881) Collateralized loan obligations 56 — 607 (3) 663 (3) Total $3,044 ($24) $20,505 ($1,999) $23,549 ($2,023) |
LOANS AND LEASES (Tables)
LOANS AND LEASES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of loans and leases | The following table presents loans and leases, excluding LHFS: (dollars in millions) June 30, 2024 December 31, 2023 Commercial and industrial $43,623 $44,974 Commercial real estate 28,311 29,471 Total commercial 71,934 74,445 Residential mortgages 31,890 31,332 Home equity 15,534 15,040 Automobile 6,383 8,258 Education 11,265 11,834 Other retail 4,836 5,050 Total retail 69,908 71,514 Total loans and leases $141,842 $145,959 The following table presents the composition of LHFS: June 30, 2024 December 31, 2023 (dollars in millions) Residential Mortgages (1) Commercial (2) Total Residential Mortgages (1) Commercial (2) Total Loans held for sale at fair value $519 $72 $591 $614 $62 $676 Other loans held for sale 39 53 92 — 103 103 (1) Residential mortgage LHFS at fair value 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 primarily consist of loans associated with the Company’s syndication business. |
CREDIT QUALITY AND THE ALLOWA_2
CREDIT QUALITY AND THE ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 and six months ended June 30, 2024: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 (dollars in millions) Commercial Retail Total Commercial Retail Total Allowance for loan and lease losses, beginning of period $1,234 $852 $2,086 $1,250 $848 $2,098 Charge-offs (100) (123) (223) (202) (252) (454) Recoveries 4 35 39 21 68 89 Net charge-offs (96) (88) (184) (181) (184) (365) Provision expense (benefit) for loans and leases 144 79 223 213 179 392 Allowance for loan and lease losses, end of period 1,282 843 2,125 1,282 843 2,125 Allowance for unfunded lending commitments, beginning of period 191 31 222 175 45 220 Provision expense (benefit) for unfunded lending commitments (44) 3 (41) (28) (11) (39) Allowance for unfunded lending commitments, end of period 147 34 181 147 34 181 Total allowance for credit losses, end of period $1,429 $877 $2,306 $1,429 $877 $2,306 The following table presents a summary of changes in the ACL for the three and six months ended June 30, 2023: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (dollars in millions) Commercial Retail Total Commercial Retail Total Allowance for loan and lease losses, beginning of period $1,111 $906 $2,017 $1,060 $923 $1,983 Charge-offs (79) (110) (189) (138) (222) (360) Recoveries 3 34 37 10 65 75 Net charge-offs (76) (76) (152) (128) (157) (285) Provision expense (benefit) for loans and leases 122 57 179 225 121 346 Allowance for loan and lease losses, end of period 1,157 887 2,044 1,157 887 2,044 Allowance for unfunded lending commitments, beginning of period 215 43 258 207 50 257 Provision expense (benefit) for unfunded lending commitments (2) (1) (3) 6 (8) (2) Allowance for unfunded lending commitments, end of period 213 42 255 213 42 255 Total allowance for credit losses, end of period $1,370 $929 $2,299 $1,370 $929 $2,299 The following tables present gross charge-offs by vintage date for the Company’s loan and lease portfolios: Six Months Ended June 30, 2024 Term Loans and Leases by Origination Year Revolving Loans (dollars in millions) 2024 2023 2022 2021 2020 Prior to 2020 Within the Revolving Period Converted to Term Total Commercial and industrial $— $— $1 $11 $— $3 $13 $— $28 Commercial real estate — — 1 19 86 68 — — 174 Total commercial — — 2 30 86 71 13 — 202 Residential mortgages — — — — — 3 — — 3 Home equity — — — — — 2 5 1 8 Automobile — 3 16 17 5 6 — — 47 Education — — 3 13 14 33 — — 63 Other retail 15 10 7 10 2 6 81 — 131 Total retail 15 13 26 40 21 50 86 1 252 Total loans and leases $15 $13 $28 $70 $107 $121 $99 $1 $454 Six Months Ended June 30, 2023 Term Loans and Leases by Origination Year Revolving Loans (dollars in millions) 2023 2022 2021 2020 2019 Prior to 2019 Within the Revolving Period Converted to Term Total Commercial and industrial $— $1 $32 $4 $1 $5 $29 $— $72 Commercial real estate — — — 22 6 38 — — 66 Total commercial — 1 32 26 7 43 29 — 138 Residential mortgages — — — — 1 1 — — 2 Home equity — — — — — 2 3 — 5 Automobile — 15 21 7 6 5 — — 54 Education — 3 6 10 7 23 — — 49 Other retail 19 20 7 5 7 5 49 — 112 Total retail 19 38 34 22 21 36 52 — 222 Total loans and leases $19 $39 $66 $48 $28 $79 $81 $— $360 |
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 internal risk rating as of June 30, 2024: Term Loans and Leases by Origination Year Revolving Loans (dollars in millions) 2024 2023 2022 2021 2020 Prior to 2020 Within the Revolving Period Converted to Term Total Commercial and industrial Pass $2,807 $3,159 $5,507 $4,190 $1,176 $2,581 $21,128 $77 $40,625 Special Mention — 61 123 298 58 28 395 — 963 Substandard Accrual — 32 229 274 132 347 749 11 1,774 Nonaccrual — 23 49 29 5 101 47 7 261 Total commercial and industrial 2,807 3,275 5,908 4,791 1,371 3,057 22,319 95 43,623 Commercial real estate Pass 1,197 1,296 5,726 5,937 2,084 5,182 1,529 5 22,956 Special Mention — 3 812 561 134 389 96 — 1,995 Substandard Accrual — — 422 259 479 1,310 207 5 2,682 Nonaccrual — — 79 45 98 454 2 — 678 Total commercial real estate 1,197 1,299 7,039 6,802 2,795 7,335 1,834 10 28,311 Total commercial Pass 4,004 4,455 11,233 10,127 3,260 7,763 22,657 82 63,581 Special Mention — 64 935 859 192 417 491 — 2,958 Substandard Accrual — 32 651 533 611 1,657 956 16 4,456 Nonaccrual — 23 128 74 103 555 49 7 939 Total commercial $4,004 $4,574 $12,947 $11,593 $4,166 $10,392 $24,153 $105 $71,934 The following table presents the amortized cost basis of commercial loans and leases by vintage date and internal risk rating as of December 31, 2023: Term Loans and Leases by Origination Year Revolving Loans (dollars in millions) 2023 2022 2021 2020 2019 Prior to 2019 Within the Revolving Period Converted to Term Total Commercial and industrial Pass $3,694 $6,512 $5,331 $1,445 $1,147 $2,299 $21,033 $53 $41,514 Special Mention 59 221 355 30 50 113 368 — 1,196 Substandard Accrual 8 189 337 218 125 287 792 11 1,967 Nonaccrual 1 72 54 4 5 102 53 6 297 Total commercial and industrial 3,762 6,994 6,077 1,697 1,327 2,801 22,246 70 44,974 Commercial real estate Pass 1,906 5,791 6,062 2,555 2,294 3,895 1,975 8 24,486 Special Mention — 713 539 222 183 260 75 — 1,992 Substandard Accrual — 277 203 469 528 939 100 — 2,516 Nonaccrual 1 66 2 23 144 238 3 — 477 Total commercial real estate 1,907 6,847 6,806 3,269 3,149 5,332 2,153 8 29,471 Total commercial Pass 5,600 12,303 11,393 4,000 3,441 6,194 23,008 61 66,000 Special Mention 59 934 894 252 233 373 443 — 3,188 Substandard Accrual 8 466 540 687 653 1,226 892 11 4,483 Nonaccrual 2 138 56 27 149 340 56 6 774 Total commercial $5,669 $13,841 $12,883 $4,966 $4,476 $8,133 $24,399 $78 $74,445 The following table presents the amortized cost basis of retail loans by vintage date and current FICO score as of June 30, 2024: Term Loans by Origination Year Revolving Loans (dollars in millions) 2024 2023 2022 2021 2020 Prior to 2020 Within the Revolving Period Converted to Term Total Residential mortgages 800+ $469 $1,206 $3,182 $5,230 $3,023 $4,112 $— $— $17,222 740-799 763 1,043 1,810 2,354 1,394 2,054 — — 9,418 680-739 148 294 626 704 448 1,044 — — 3,264 620-679 21 48 106 148 80 535 — — 938 <620 4 27 63 141 87 707 — — 1,029 No FICO available (1) — — — 2 1 16 — — 19 Total residential mortgages 1,405 2,618 5,787 8,579 5,033 8,468 — — 31,890 Home equity 800+ 1 — 4 4 1 84 5,280 210 5,584 740-799 — — 1 2 1 74 4,932 227 5,237 680-739 — — 1 1 2 86 2,788 188 3,066 620-679 — 1 3 1 2 69 716 147 939 <620 — 1 4 2 1 71 382 247 708 No FICO available (1) — — — — — — — — — Total home equity 1 2 13 10 7 384 14,098 1,019 15,534 Automobile 800+ — 78 465 871 273 119 — — 1,806 740-799 — 114 544 793 265 122 — — 1,838 680-739 — 115 455 536 176 90 — — 1,372 620-679 — 68 245 260 82 54 — — 709 <620 — 46 215 253 80 64 — — 658 No FICO available (1) — — — — — — — — — Total automobile — 421 1,924 2,713 876 449 — — 6,383 Education 800+ 73 376 668 1,602 1,342 1,628 — — 5,689 740-799 106 398 634 905 734 912 — — 3,689 680-739 31 166 250 286 237 377 — — 1,347 620-679 10 49 61 64 53 124 — — 361 <620 2 9 19 27 24 63 — — 144 No FICO available (1) 2 — — — — 33 — — 35 Total education 224 998 1,632 2,884 2,390 3,137 — — 11,265 Other retail 800+ 87 127 47 24 22 18 509 — 834 740-799 154 176 60 28 27 21 934 1 1,401 680-739 125 149 51 24 23 15 904 2 1,293 620-679 51 81 34 15 12 5 377 1 576 <620 9 39 36 18 11 5 229 1 348 No FICO available (1) 2 2 — — — — 380 — 384 Total other retail 428 574 228 109 95 64 3,333 5 4,836 Total retail 800+ 630 1,787 4,366 7,731 4,661 5,961 5,789 210 31,135 740-799 1,023 1,731 3,049 4,082 2,421 3,183 5,866 228 21,583 680-739 304 724 1,383 1,551 886 1,612 3,692 190 10,342 620-679 82 247 449 488 229 787 1,093 148 3,523 <620 15 122 337 441 203 910 611 248 2,887 No FICO available (1) 4 2 — 2 1 49 380 — 438 Total retail $2,058 $4,613 $9,584 $14,295 $8,401 $12,502 $17,431 $1,024 $69,908 (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 current FICO score as of December 31, 2023: Term Loans by Origination Year Revolving Loans (dollars in millions) 2023 2022 2021 2020 2019 Prior to 2019 Within the Revolving Period Converted to Term Total Residential mortgages 800+ $889 $3,067 $5,172 $3,117 $1,131 $3,125 $— $— $16,501 740-799 1,333 1,940 2,560 1,411 592 1,625 — — 9,461 680-739 367 631 758 466 266 873 — — 3,361 620-679 54 135 165 90 121 445 — — 1,010 <620 9 48 104 95 161 561 — — 978 No FICO available (1) 1 — 2 1 3 14 — — 21 Total residential mortgages 2,653 5,821 8,761 5,180 2,274 6,643 — — 31,332 Home equity 800+ — 4 4 1 4 91 5,078 222 5,404 740-799 — 1 2 1 3 82 4,708 241 5,038 680-739 1 1 1 2 5 93 2,693 202 2,998 620-679 — 1 1 2 8 77 718 137 944 <620 — 2 1 1 10 80 332 230 656 Total home equity 1 9 9 7 30 423 13,529 1,032 15,040 Automobile 800+ 81 539 1,062 368 162 47 — — 2,259 740-799 134 671 1,038 375 165 52 — — 2,435 680-739 147 577 708 252 118 39 — — 1,841 620-679 94 316 345 112 65 26 — — 958 <620 44 232 291 100 66 32 — — 765 Total automobile 500 2,335 3,444 1,207 576 196 — — 8,258 Education 800+ 296 671 1,637 1,418 600 1,185 — — 5,807 740-799 368 694 1,050 850 369 678 — — 4,009 680-739 143 289 333 273 134 298 — — 1,470 620-679 30 65 68 58 32 107 — — 360 <620 5 18 25 23 15 55 — — 141 No FICO available (1) 10 — 1 — — 36 — — 47 Total education 852 1,737 3,114 2,622 1,150 2,359 — — 11,834 Other retail 800+ 183 70 38 35 16 18 500 — 860 740-799 258 87 46 45 21 19 963 1 1,440 680-739 214 76 39 39 18 11 973 2 1,372 620-679 118 48 23 19 6 4 419 2 639 <620 31 35 18 14 4 2 251 2 357 No FICO available (1) 7 1 — 1 — — 373 — 382 Total other retail 811 317 164 153 65 54 3,479 7 5,050 Total retail 800+ 1,449 4,351 7,913 4,939 1,913 4,466 5,578 222 30,831 740-799 2,093 3,393 4,696 2,682 1,150 2,456 5,671 242 22,383 680-739 872 1,574 1,839 1,032 541 1,314 3,666 204 11,042 620-679 296 565 602 281 232 659 1,137 139 3,911 <620 89 335 439 233 256 730 583 232 2,897 No FICO available (1) 18 1 3 2 3 50 373 — 450 Total retail $4,817 $10,219 $15,492 $9,169 $4,095 $9,675 $17,008 $1,039 $71,514 (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 and nonaccrual loans and leases as of June 30, 2024 and December 31, 2023: June 30, 2024 Days Past Due and Accruing (dollars in millions) Current 30-59 60-89 90+ Nonaccrual Total Nonaccrual with no related ACL Commercial and industrial $43,311 $27 $17 $7 $261 $43,623 $25 Commercial real estate 27,424 72 101 36 678 28,311 111 Total commercial 70,735 99 118 43 939 71,934 136 Residential mortgages 31,417 93 45 182 153 31,890 126 Home equity 15,147 79 29 — 279 15,534 195 Automobile 6,190 113 36 — 44 6,383 6 Education 11,154 37 20 2 52 11,265 3 Other retail 4,707 40 28 1 60 4,836 1 Total retail 68,615 362 158 185 588 69,908 331 Total $139,350 $461 $276 $228 $1,527 $141,842 $467 Guaranteed residential mortgages (1) $821 $59 $28 $168 $— $1,076 $— December 31, 2023 Days Past Due and Accruing (dollars in millions) Current 30-59 60-89 90+ Nonaccrual Total Nonaccrual with no related ACL Commercial and industrial $44,591 $62 $18 $6 $297 $44,974 $30 Commercial real estate 28,745 150 59 40 477 29,471 71 Total commercial 73,336 212 77 46 774 74,445 101 Residential mortgages 30,499 282 118 256 177 31,332 144 Home equity 14,640 82 33 — 285 15,040 198 Automobile 8,005 144 48 — 61 8,258 7 Education 11,732 49 23 2 28 11,834 3 Other retail 4,899 49 34 29 39 5,050 — Total retail 69,775 606 256 287 590 71,514 352 Total $143,111 $818 $333 $333 $1,364 $145,959 $453 Guaranteed residential mortgages (1) $675 $128 $76 $243 $— $1,122 $— (1) |
Troubled debt restructurings on financing receivables | The following tables present the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified during the three and six months ended June 30, 2024 and 2023, disaggregated by class of financing receivable and modification type. The modification type reflects the cumulative effect of all FDMs received during the indicated period. Three Months Ended June 30, 2024 (dollars in millions) Interest Rate Reduction Term Extension Payment Delay Principal Forgiveness Interest Rate Reduction and Term Extension Term Extension and Payment Delay Total Total as a % of Loan Class (1) Commercial and industrial $— $184 $14 $— $— $— $198 0.45 % Commercial real estate — 307 87 — 24 49 467 1.65 Total commercial — 491 101 — 24 49 665 0.92 Residential mortgages 2 15 5 — 2 — 24 0.08 Home equity 1 1 — — 2 — 4 0.03 Automobile — — — — — — — — Education 3 2 19 — — — 24 0.21 Other retail 4 — — — — — 4 0.08 Total retail 10 18 24 — 4 — 56 0.08 Total $10 $509 $125 $— $28 $49 $721 0.51 % Three Months Ended June 30, 2023 (dollars in millions) Interest Rate Reduction Term Extension Payment Delay Principal Forgiveness Interest Rate Reduction and Term Extension Term Extension and Payment Delay Total Total as a % of Loan Class (1) Commercial and industrial $— $123 $— $— $1 $1 $125 0.26 % Commercial real estate — 298 — — — 1 299 1.03 Total commercial — 421 — — 1 2 424 0.54 Residential mortgages 2 17 — — 8 — 27 0.09 Home equity — 2 — — 2 — 4 0.03 Automobile — — — — — — — — Education 2 — 1 — — — 3 0.02 Other retail 3 — — — — — 3 0.06 Total retail 7 19 1 — 10 — 37 0.05 Total $7 $440 $1 $— $11 $2 $461 0.30 % Six Months Ended June 30, 2024 (dollars in millions) Interest Rate Reduction Term Extension Payment Delay Principal Forgiveness Interest Rate Reduction and Term Extension Term Extension and Payment Delay Total Total as a % of Loan Class (1) Commercial and industrial $— $210 $78 $— $1 $32 $321 0.74 % Commercial real estate — 569 110 — 63 50 792 2.80 Total commercial — 779 188 — 64 82 1,113 1.55 Residential mortgages 3 50 8 — 4 — 65 0.20 Home equity 2 1 — — 6 — 9 0.06 Automobile — — — — — — — — Education 6 1 30 — — — 37 0.33 Other retail 9 — — — — — 9 0.19 Total retail 20 52 38 — 10 — 120 0.17 Total $20 $831 $226 $— $74 $82 $1,233 0.87 % Six Months Ended June 30, 2023 (dollars in millions) Interest Rate Reduction Term Extension Payment Delay Principal Forgiveness Interest Rate Reduction and Term Extension Term Extension and Payment Delay Total Total as a % of Loan Class (1) Commercial and industrial $— $160 $32 $— $1 $21 $214 0.45 % Commercial real estate — 335 — — — 1 336 1.16 Total commercial — 495 32 — 1 22 550 0.70 Residential mortgages 4 35 — — 10 — 49 0.16 Home equity — 3 — — 4 — 7 0.05 Automobile — — — — — — — — Education 4 — 1 — — — 5 0.04 Other retail 6 — — — — — 6 0.12 Total retail 14 38 1 — 14 — 67 0.09 Total $14 $533 $33 $— $15 $22 $617 0.41 % (1) Represents the total amortized cost as of period-end divided by the period-end amortized cost of the corresponding loan class. Accrued interest receivable is excluded from amortized cost and is immaterial. The following tables present the financial effect of loans to borrowers experiencing financial difficulty that were modified during the three and six months ended June 30, 2024 and 2023, disaggregated by class of financing receivable. Three Months Ended June 30, 2024 (dollars in millions) Weighted-Average Interest Rate Reduction (1) Weighted-Average Term Extension (in Months) (1) Weighted-Average Payment Deferral (1) Amount of Principal Forgiven (2) Commercial and industrial 1.59 % 8 $1 $— Commercial real estate 2.44 9 1 — Residential mortgages 1.45 99 — — Home equity 4.63 92 — — Automobile — — — — Education 4.37 24 — — Other retail 20.41 — — 2 Three Months Ended June 30, 2023 (dollars in millions) Weighted-Average Interest Rate Reduction (1) Weighted-Average Term Extension (in Months) (1) Weighted-Average Payment Deferral (1) Amount of Principal Forgiven (2) Commercial and industrial 2.87 % 9 $— $— Commercial real estate — 7 — — Residential mortgages 2.04 52 — — Home equity 2.20 115 — — Automobile 2.40 19 — — Education 4.90 — — — Other retail 18.76 — — 1 Six Months Ended June 30, 2024 (dollars in millions) Weighted-Average Interest Rate Reduction (1) Weighted-Average Term Extension (in Months) (1) Weighted-Average Payment Deferral (1) Amount of Principal Forgiven (2) Commercial and industrial 3.84 % 10 $1 $— Commercial real estate 1.24 16 1 — Residential mortgages 1.63 92 — — Home equity 3.82 90 — — Automobile — — — — Education 4.41 24 — — Other retail 20.05 — — 4 Six Months Ended June 30, 2023 (dollars in millions) Weighted-Average Interest Rate Reduction (1) Weighted-Average Term Extension (in Months) (1) Weighted-Average Payment Deferral (1) Amount of Principal Forgiven (2) Commercial and industrial 3.06 % 9 $— $— Commercial real estate — 8 — — Residential mortgages 1.86 48 — — Home equity 2.12 125 — — Automobile 2.59 21 — — Education 5.00 — — — Other retail 18.28 22 — 2 (1) Weighted based on period-end amortized cost. (2) Amounts are recorded as charge-offs. The following tables present an aging analysis of the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified during the twelve month period ending June 30, 2024 and the six month period ending June 30, 2023, disaggregated by class of financing receivable. A loan in a forbearance or repayment plan is reported as past due according to its contractual terms until contractually modified. Subsequent to modification, it is reported as past due based on its restructured terms. June 30, 2024 Days Past Due and Accruing (dollars in millions) Current 30-59 60-89 90+ Nonaccrual Total Commercial and industrial $300 $11 $— $— $115 $426 Commercial real estate 723 66 — — 120 909 Total commercial 1,023 77 — — 235 1,335 Residential mortgages 79 — 9 22 11 121 Home equity 6 — — — 10 16 Automobile — — — — — — Education 31 1 1 — 31 64 Other retail 11 1 1 — 1 14 Total retail 127 2 11 22 53 215 Total $1,150 $79 $11 $22 $288 $1,550 June 30, 2023 Days Past Due and Accruing (dollars in millions) Current 30-59 60-89 90+ Nonaccrual Total Commercial and industrial $151 $7 $— $— $56 $214 Commercial real estate 256 24 — — 56 336 Total commercial 407 31 — — 112 550 Residential mortgages 33 — 2 4 10 49 Home equity 1 — — — 6 7 Automobile — — — — — — Education 4 — — — 1 5 Other retail 4 1 — — 1 6 Total retail 42 1 2 4 18 67 Total $449 $32 $2 $4 $130 $617 |
Financing receivable, modified, subsequent default | The following tables present the period-end amortized cost of loans to borrowers experiencing financial difficulty that defaulted during the period presented and were modified within the previous 12 months preceding the default, disaggregated by class of financing receivable and modification type. The modification type reflects the cumulative effect of all FDMs at the time of default. A loan is considered to be in default if, subsequent to modification, it becomes 90 or more days past due or is placed on nonaccrual status. Three Months Ended June 30, 2024 (dollars in millions) Interest Rate Reduction Term Extension Payment Delay Interest Rate Reduction and Term Extension Total Commercial and industrial $— $1 $— $— $1 Commercial real estate — 33 — — 33 Total commercial — 34 — — 34 Residential mortgages — 5 1 1 7 Home equity — — — — — Automobile — — — — — Education 2 — 14 — 16 Other retail 1 — — — 1 Total retail 3 5 15 1 24 Total $3 $39 $15 $1 $58 Three Months Ended June 30, 2023 (dollars in millions) Term Extension Interest Rate Reduction and Term Extension Total Commercial and industrial $— $— $— Commercial real estate 38 — 38 Total commercial 38 — 38 Residential mortgages 2 2 4 Home equity — — — Automobile — — — Education — — — Other retail — — — Total retail 2 2 4 Total $40 $2 $42 Six Months Ended June 30, 2024 (dollars in millions) Interest Rate Reduction Term Extension Payment Delay Interest Rate Reduction and Term Extension Total Commercial and industrial $— $18 $— $— $18 Commercial real estate — 70 — — 70 Total commercial — 88 — — 88 Residential mortgages — 12 1 1 14 Home equity — — — — — Automobile — — — — — Education 3 — 14 — 17 Other retail 1 — — — 1 Total retail 4 12 15 1 32 Total $4 $100 $15 $1 $120 Six Months Ended June 30, 2023 (dollars in millions) Term Extension Interest Rate Reduction and Term Extension Term Extension and Payment Delay Total Commercial and industrial $3 $— $20 $23 Commercial real estate 38 — — 38 Total commercial 41 — 20 61 Residential mortgages 2 2 — 4 Home equity — — — — Automobile — — — — Education — — — — Other retail — — — — Total retail 2 2 — 4 Total $43 $2 $20 $65 |
MORTGAGE BANKING AND OTHER SE_2
MORTGAGE BANKING AND OTHER SERVICED LOANS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Cash proceeds from residential mortgage loans sold with servicing retained $1,807 $2,513 $3,295 $4,088 Gain on sales (1) 15 22 30 41 Contractually specified servicing, late and other ancillary fees (1) 77 76 156 154 (1) Reported in mortgage banking fees in the Consolidated Statements of Operations. |
Servicing asset at fair value | The following table summarizes changes in MSRs recorded using the fair value method: As of and for the Three Months Ended June 30, As of and for the Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Fair value as of beginning of the period $1,564 $1,496 $1,552 $1,530 Amounts capitalized 25 36 43 57 Changes in unpaid principal balance during the period (1) (43) (41) (89) (82) Changes in fair value during the period (2) 22 33 62 19 Fair value at end of the period $1,568 $1,524 $1,568 $1,524 (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 | The sensitivity analysis below presents the impact of an immediate 10% and 20% adverse change in key economic assumptions to the current fair value of MSRs. 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. 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 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) June 30, 2024 December 31, 2023 Fair value $1,568 $1,552 Weighted average life (years) 8.8 8.8 Weighted average constant prepayment rate 7.1% 7.2% Decline in fair value from 10% adverse change $37 $37 Decline in fair value from 20% adverse change $71 $71 Weighted average option adjusted spread 635 bps 630 bps Decline in fair value from 10% adverse change $44 $43 Decline in fair value from 20% adverse change $88 $87 |
Schedule of other serviced loans | The following table presents the unpaid principal balance of other serviced loans: (dollars in millions) June 30, 2024 December 31, 2023 Education $460 $502 Commercial and industrial (1) 97 94 (1) |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of variable interest entities | The following table summarizes the carrying amount of assets and liabilities for the Company’s consolidated VIEs: (dollars in millions) June 30, 2024 December 31, 2023 Assets: Cash and due from banks $— $13 Interest-bearing deposits in banks 209 106 Net loans and leases 5,034 3,194 Other assets 24 14 Total assets $5,267 $3,327 Liabilities: Long-term borrowed funds $4,190 $2,692 Other liabilities 11 8 Total liabilities $4,201 $2,700 A summary of these investments is presented below: (dollars in millions) June 30, 2024 December 31, 2023 Lending to special purpose entities included in loans and leases $4,378 $4,760 LIHTC investments included in other assets 2,537 2,444 LIHTC unfunded commitments included in other liabilities 1,068 1,025 Asset-backed investments included in HTM securities 448 488 Renewable energy investments included in other assets 283 314 NMTC investments included in other assets 3 3 |
Schedule of proportionally amortized tax credit investments | The following table summarizes the impact to the Consolidated Statements of Operations relative to the Company’s tax credit programs for which it has elected to apply the proportional amortization method of accounting: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Tax credits recognized $94 $87 $191 $174 Other tax benefits recognized 24 20 47 38 Amortization (89) (85) (188) (166) Net benefit (expense) included in income tax expense 29 22 50 46 Other income 2 2 3 3 Allocated income (loss) on investments (3) (3) (6) (6) Net benefit (expense) included in noninterest income (1) (1) (3) (3) Net benefit (expense) included in the Consolidated Statements of Operations (1) $28 $21 $47 $43 (1) Includes the impact of tax credit investments when the election to apply the proportional amortization method was in effect during the periods presented. For 2024 and 2023, this includes LIHTC, renewable energy and NMTC investments. |
BORROWED FUNDS (Tables)
BORROWED FUNDS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of long-term borrowed funds | The following table presents a summary of the Company’s long-term borrowed funds: (dollars in millions) June 30, 2024 December 31, 2023 Parent Company: 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 336 336 2.850% fixed-rate senior unsecured notes, due July 2026 499 499 5.841% fixed/floating-rate senior unsecured notes, due January 2030 1,244 — 2.500% fixed-rate senior unsecured notes, due February 2030 298 298 3.250% fixed-rate senior unsecured notes, due April 2030 747 746 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 566 563 6.645% fixed/floating-rate senior unsecured notes, due April 2035 745 — 5.641% fixed-rate reset subordinated debt, due May 2037 398 398 CBNA’s Global Note Program: 2.250% senior unsecured notes, due April 2025 749 749 4.119% fixed/floating-rate senior unsecured notes, due May 2025 (1) — 649 6.064% fixed/floating-rate senior unsecured notes, due October 2025 600 599 5.284% fixed/floating-rate senior unsecured notes, due January 2026 350 349 3.750% senior unsecured notes, due February 2026 482 483 4.575% fixed/floating-rate senior unsecured notes, due August 2028 798 798 Additional Borrowings by CBNA and Other Subsidiaries: Federal Home Loan Bank advances, 5.314% weighted average rate, due through 2043 (2) 553 3,786 Secured borrowings, 5.667% weighted average rate, due through 2030 (2)(3) 4,190 2,692 Other 23 18 Total long-term borrowed funds $13,082 $13,467 (1) Notes were redeemed on May 23, 2024. (2) Rate disclosed reflects the weighted average rate as of June 30, 2024. (3) Collateralized by auto loans. See Note 6 for additional information. |
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 June 30, 2024: (dollars in millions) Parent Company CBNA and Other Subsidiaries Consolidated Year 2024 $106 $— $106 2025 469 1,911 2,380 2026 499 2,690 3,189 2027 — 9 9 2028 — 2,695 2,695 2029 and thereafter 4,263 440 4,703 Total $5,337 $7,745 $13,082 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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: June 30, 2024 December 31, 2023 (dollars in millions) Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate contracts $76,731 $251 $67 $86,895 $173 $44 Derivatives not designated as hedging instruments: Interest rate contracts 188,971 228 1,231 185,993 291 1,105 Foreign exchange contracts 29,770 345 285 32,528 434 378 Commodities contracts 1,157 516 467 1,251 685 640 TBA contracts 2,722 3 8 2,337 3 16 Other contracts 891 7 1 549 7 — Total derivatives not designated as hedging instruments 223,511 1,099 1,992 222,658 1,420 2,139 Total gross derivatives 300,242 1,350 2,059 309,553 1,593 2,183 Less: Gross amounts offset in the Consolidated Balance Sheets (1) (396) (396) (471) (471) Less: Cash collateral applied (1) (587) (116) (682) (150) Total net derivatives presented in the Consolidated Balance Sheets $367 $1,547 $440 $1,562 (1) 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 effect of fair value hedges on the Consolidated Statements of Operations and the respective line items affected for each hedged item: Location and Amount of Gains (Losses) Recognized Interest Income Interest Expense (dollars in millions) Investment Securities Long-Term Borrowed Funds Three Months Ended June 30, 2024 Gains (losses) on fair value hedges recognized on: Hedged items ($39) ($3) Derivatives 40 3 Amounts related to interest settlements on derivatives 28 (3) Total net interest income recognized on fair value hedges $29 ($3) Three Months Ended June 30, 2023 Gains (losses) on fair value hedges recognized on: Hedged items ($12) $7 Derivatives 12 (7) Amounts related to interest settlements on derivatives 1 (3) Total net interest income recognized on fair value hedges $1 ($3) Six Months Ended June 30, 2024 Gains (losses) on fair value hedges recognized on: Hedged items ($174) $— Derivatives 179 — Amounts related to interest settlements on derivatives 53 (7) Total net interest income recognized on fair value hedges $58 ($7) Six Months Ended June 30, 2023 Gains (losses) on fair value hedges recognized on: Hedged items ($12) ($1) Derivatives 12 1 Amounts related to interest settlements on derivatives 1 (8) Total net interest income recognized on fair value hedges $1 ($8) The following table reflects amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges: (dollars in millions) June 30, 2024 December 31, 2023 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 $9,662 $— $7,253 $— Carrying amount of hedged liabilities — 482 — 483 Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items (113) (17) 60 (17) (1) Includes the amortized cost basis of closed portfolios used to designate hedging relationships under the portfolio layer method. The hedged item is a layer of the closed portfolio which is expected to be remaining at the end of the hedging relationship. As of June 30, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $6.7 billion and $5.9 billion, respectively, including associated cumulative basis adjustments of $(88) million and $39 million, respectively. The amount of the designated hedging instruments was $4.8 billion and $4.0 billion at June 30, 2024 and December 31, 2023, respectively. |
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 June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Amount of pre-tax net gains (losses) recognized in OCI ($177) ($680) ($727) ($447) Amount of pre-tax net gains (losses) reclassified from AOCI into interest income (232) (137) (435) (264) Amount of pre-tax net gains (losses) reclassified from AOCI into interest expense — 1 — 1 |
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 June 30, Six Months Ended June 30, Affected Line Item in the Consolidated Statements of Operations (dollars in millions) 2024 2023 2024 2023 Economic hedge type: Customer interest rate contracts ($189) ($614) ($683) ($580) Foreign exchange and derivative products Derivatives hedging interest rate risk 197 627 700 608 Foreign exchange and derivative products Customer foreign exchange contracts (23) 9 (133) 5 Foreign exchange and derivative products Derivatives hedging foreign exchange risk 37 (18) 182 (20) Foreign exchange and derivative products Customer commodity contracts 32 (94) 67 (569) Foreign exchange and derivative products Derivatives hedging commodity price risk (25) 102 (57) 588 Foreign exchange and derivative products Residential loan commitments (5) (20) (7) (18) Mortgage banking fees Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value 6 26 9 15 Mortgage banking fees Derivative contracts used to hedge residential MSRs (18) (31) (56) (15) Mortgage banking fees Total $12 ($13) $22 $14 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of other comprehensive income | The following tables present the changes in the balances, net of income taxes, of each component of AOCI: As of and for the Three Months Ended June 30, (dollars in millions) Net Unrealized Gains (Losses) on Derivatives Net Unrealized Gains (Losses) on Debt Securities Employee Benefit Plans Total AOCI Balance at April 1, 2023 ($1,149) ($2,424) ($370) ($3,943) Other comprehensive income (loss) before reclassifications (505) (239) — (744) Amounts reclassified to the Consolidated Statements of Operations 101 20 3 124 Net other comprehensive income (loss) (404) (219) 3 (620) Balance at June 30, 2023 ($1,553) ($2,643) ($367) ($4,563) Balance at April 1, 2024 ($1,343) ($2,497) ($324) ($4,164) Other comprehensive income (loss) before reclassifications (129) (29) — (158) Amounts reclassified to the Consolidated Statements of Operations 170 15 2 187 Net other comprehensive income (loss) 41 (14) 2 29 Balance at June 30, 2024 ($1,302) ($2,511) ($322) ($4,135) Primary location in the Consolidated Statements of Operations of amounts reclassified from AOCI Net interest income Securities gains, net and Net interest income Other operating expense As of and for the Six Months Ended June 30, (dollars in millions) Net Unrealized Gains (Losses) on Derivatives Net Unrealized Gains (Losses) on Debt Securities Employee Benefit Plans Total AOCI Balance at January 1, 2023 ($1,416) ($2,771) ($373) ($4,560) Other comprehensive income (loss) before reclassifications (332) 88 — (244) Amounts reclassified to the Consolidated Statements of Operations 195 40 6 241 Net other comprehensive income (loss) (137) 128 6 (3) Balance at June 30, 2023 ($1,553) ($2,643) ($367) ($4,563) Balance at January 1, 2024 ($1,087) ($2,338) ($333) ($3,758) Other comprehensive income (loss) before reclassifications (534) (202) 4 (732) Amounts reclassified to the Consolidated Statements of Operations 319 29 7 355 Net other comprehensive income (loss) (215) (173) 11 (377) Balance at June 30, 2024 ($1,302) ($2,511) ($322) ($4,135) Primary location in the Consolidated Statements of Operations of amounts reclassified from AOCI Net interest income Securities gains, net and Net interest income Other operating expense |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of preferred stock | The following table summarizes the Company’s preferred stock: June 30, 2024 December 31, 2023 (dollars in millions, except per 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 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 Series H 1,000 (1) 400,000 (4) 391 — — Total 2,150,000 $2,112 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. (4) Represented by 16,000,000 depositary shares each representing a 1/40th interest in the Series H Preferred Stock. |
Schedule of dividends | The following tables summarize the Company’s dividend activity for the three and six months ended June 30, 2024 and 2023. Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 (dollars in millions, except per share data) Dividends Declared per Share Dividends Declared Dividends Paid Dividends Declared per Share Dividends Declared Dividends Paid Common stock $0.42 $194 $194 $0.42 $205 $205 Preferred stock Series B $21.66 $6 $6 $30.00 $9 $— Series C 22.53 7 5 15.94 5 5 Series D 23.78 7 5 15.87 5 5 Series E 12.50 6 6 12.50 6 6 Series F 14.12 6 5 14.12 6 5 Series G 10.00 3 3 10.00 3 3 Total preferred stock $35 $30 $34 $24 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 (dollars in millions, except per share data) Dividends Declared per Share Dividends Declared Dividends Paid Dividends Declared per Share Dividends Declared Dividends Paid Common stock $0.84 $391 $391 $0.84 $410 $410 Preferred stock Series B $43.38 $13 $13 $30.00 $9 $9 Series C 38.47 12 10 31.88 10 10 Series D 39.66 12 10 31.75 10 10 Series E 25.00 11 11 25.00 11 11 Series F 28.25 11 11 28.25 11 11 Series G 20.00 6 6 20.00 6 6 Total preferred stock $65 $61 $57 $57 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 2023 Form 10-K. (dollars in millions) June 30, 2024 December 31, 2023 Commitments to extend credit $94,526 $94,201 Letters of credit 1,957 1,977 Loans sold with recourse 99 96 Marketing rights 17 18 Risk participation agreements 1 3 Total $96,600 $96,295 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair value option | The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of LHFS measured at fair value: June 30, 2024 December 31, 2023 (dollars 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 $519 $507 $12 $614 $593 $21 Commercial and industrial, and commercial real estate loans held for sale, at fair value 72 78 (6) 62 69 (7) |
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 June 30, 2024: (dollars in millions) Total Level 1 Level 2 Level 3 Debt securities available for sale: Mortgage-backed securities $26,631 $— $26,631 $— Collateralized loan obligations 294 — 294 — State and political subdivisions 1 — 1 — U.S. Treasury and other 5,012 5,012 — — Total debt securities available for sale 31,938 5,012 26,926 — Loans held for sale, at fair value: Residential loans held for sale 519 — 519 — Commercial loans held for sale 72 — 72 — Total loans held for sale, at fair value 591 — 591 — Mortgage servicing rights 1,568 — — 1,568 Derivative assets: Interest rate contracts 479 — 479 — Foreign exchange contracts 345 — 345 — Commodities contracts 516 — 516 — TBA contracts 3 — 3 — Other contracts 7 — — 7 Total derivative assets 1,350 — 1,343 7 Equity securities, at fair value (1) 135 135 — — Short-term investments 61 30 31 — Total assets $35,643 $5,177 $28,891 $1,575 Derivative liabilities: Interest rate contracts $1,298 $— $1,298 $— Foreign exchange contracts 285 — 285 — Commodities contracts 467 — 467 — TBA contracts 8 — 8 — Other contracts 1 — — 1 Total derivative liabilities 2,059 — 2,058 1 Short-term borrowed funds 2 — 2 — Total liabilities $2,061 $— $2,060 $1 (1) Excludes investments of $57 million included in other assets in the Consolidated Balance Sheets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient. These investments include capital contributions to private investment funds and have unfunded capital commitments of $24 million at June 30, 2024, which may be called at any time during prescribed time periods. The credit exposure is generally limited to the carrying amount of investments made and unfunded capital commitments. The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at December 31, 2023: (dollars in millions) Total Level 1 Level 2 Level 3 Debt securities available for sale: Mortgage-backed securities $24,732 $— $24,732 $— Collateralized loan obligations 664 — 664 — State and political subdivisions 1 — 1 — U.S. Treasury and other 4,380 4,380 — — Total debt securities available for sale 29,777 4,380 25,397 — Loans held for sale, at fair value: Residential loans held for sale 614 — 614 — Commercial loans held for sale 62 — 62 — Total loans held for sale, at fair value 676 — 676 — Mortgage servicing rights 1,552 — — 1,552 Derivative assets: Interest rate contracts 464 — 464 — Foreign exchange contracts 434 — 434 — Commodities contracts 685 — 685 — TBA contracts 3 — 3 — Other contracts 7 — — 7 Total derivative assets 1,593 — 1,586 7 Equity securities, at fair value (1) 115 115 — — Total assets $33,713 $4,495 $27,659 $1,559 Derivative liabilities: Interest rate contracts $1,149 $— $1,149 $— Foreign exchange contracts 378 — 378 — Commodities contracts 640 — 640 — TBA contracts 16 — 16 — Other contracts — — — — Total derivative liabilities 2,183 — 2,183 — Total liabilities $2,183 $— $2,183 $— (1) Excludes investments of $58 million included in other assets in the Consolidated Balance Sheets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient. These investments include capital contributions to private investment funds and have unfunded capital commitments of $28 million at December 31, 2023, which may be called at any time during prescribed time periods. The credit exposure is generally limited to the carrying amount of investments made and unfunded capital commitments. |
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 and liabilities measured at fair value on a recurring basis and classified as Level 3: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 (dollars in millions) Mortgage Servicing Rights Other Derivative Contracts Mortgage Servicing Rights Other Derivative Contracts Beginning balance $1,564 $8 $1,552 $7 Issuances 25 16 43 29 Settlements (1) (43) (13) (89) (23) Changes in fair value during the period recognized in earnings (2) 22 (5) 62 (7) Ending balance $1,568 $6 $1,568 $6 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (dollars in millions) Mortgage Servicing Rights Other Derivative Contracts Mortgage Servicing Rights Other Derivative Contracts Beginning balance $1,496 $13 $1,530 $1 Issuances 36 20 57 35 Settlements (1) (41) (7) (82) (12) Changes in fair value during the period recognized in earnings (2) 33 (20) 19 (18) Ending balance $1,524 $6 $1,524 $6 (1) For MSRs, 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. For other derivative contracts, represents the closeout of interest rate lock commitments. (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 significant unobservable inputs utilized to measure the fair value of Level 3 assets and liabilities. As of June 30, 2024 As of December 31, 2023 Financial Instrument Valuation Technique Unobservable Input Range (Weighted Average) Range (Weighted Average) Mortgage servicing rights Discounted Cash Flow Constant prepayment rate 5.53-17.24% CPR (7.05% CPR) 6.70-14.55% CPR (7.23% CPR) Option adjusted spread 398-1,058 bps (635 bps) 398-1,058 bps (630 bps) Other derivative contracts Internal Model Pull through rate 26.75-99.70% (80.80%) 24.90-99.70% (80.34%) MSR value 6.61-155.54 bps (103.92 bps) (8.90)-141.24 bps (88.04 bps) |
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 June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Collateral-dependent loans ($64) ($64) ($120) ($68) |
Fair value of assets and liabilities measured on a nonrecurring basis | The following table presents assets measured at fair value on a nonrecurring basis: June 30, 2024 December 31, 2023 (dollars in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Collateral-dependent loans $934 $— $934 $— $789 $— $789 $— |
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 Consolidated Financial Statements. The carrying amounts are recorded in the Consolidated Balance Sheets under the indicated captions: June 30, 2024 Total Level 1 Level 2 Level 3 (dollars 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 $8,895 $7,924 $— $— $8,447 $7,490 $448 $434 Other loans held for sale 92 92 — — — — 92 92 Net loans and leases 139,717 137,363 — — 934 934 138,783 136,429 Other assets 731 731 — — 709 709 22 22 Financial liabilities: Deposits 176,352 176,102 — — 176,352 176,102 — — Short-term borrowed funds 2 2 — — 2 2 — — Long-term borrowed funds 13,082 12,719 — — 13,082 12,719 — — December 31, 2023 Total Level 1 Level 2 Level 3 (dollars 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 $9,184 $8,350 $— $— $8,696 $7,887 $488 $463 Other loans held for sale 103 103 — — — — 103 103 Net loans and leases 143,861 140,504 — — 789 789 143,072 139,715 Other assets 869 869 — — 851 851 18 18 Financial liabilities: Deposits 177,342 177,096 — — 177,342 177,096 — — Short-term borrowed funds 505 505 — — 505 505 — — Long-term borrowed funds 13,467 13,012 — — 13,467 13,012 — — |
NONINTEREST INCOME (Tables)
NONINTEREST INCOME (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Components of revenue from contracts with customers | The following tables present the components of revenue from contracts with customers disaggregated by revenue stream and business operating segment: Three Months Ended June 30, 2024 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Service charges and fees $75 $30 $— $— $105 Card fees 74 13 — 4 91 Capital markets fees — 126 — — 126 Wealth fees (1) 75 — — — 75 Other banking fees — 4 — 1 5 Total revenue from contracts with customers $224 $173 $— $5 $402 Total revenue from other sources (2) 53 69 — 29 151 Total noninterest income $277 $242 $— $34 $553 Three Months Ended June 30, 2023 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Service charges and fees $66 $35 $— $— $101 Card fees 67 11 — — 78 Capital markets fees — 76 — — 76 Wealth fees (1) 65 — — — 65 Other banking fees — 3 — — 3 Total revenue from contracts with customers $198 $125 $— $— $323 Total revenue from other sources (2) 70 82 — 31 183 Total noninterest income $268 $207 $— $31 $506 Six Months Ended June 30, 2024 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Service charges and fees $138 $63 $— $— $201 Card fees 140 28 — 7 175 Capital markets fees — 242 — — 242 Wealth fees (1) 143 — — — 143 Other banking fees 1 6 — 1 8 Total revenue from contracts with customers $422 $339 $— $8 $769 Total revenue from other sources (2) 113 130 — 58 301 Total noninterest income $535 $469 $— $66 $1,070 Six Months Ended June 30, 2023 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Service charges and fees $133 $67 $— $— $200 Card fees 126 23 — — 149 Capital markets fees — 147 — — 147 Wealth fees (1) 128 — — — 128 Other banking fees 1 7 — — 8 Total revenue from contracts with customers $388 $244 $— $— $632 Total revenue from other sources (2) 136 164 — 59 359 Total noninterest income $524 $408 $— $59 $991 (1) See Note 1 for information regarding updates to the Consolidated Statements of Operations during the second quarter of 2024. (2) Includes bank-owned life insurance income of $30 million and $23 million for the three months ended June 30, 2024 and 2023, respectively, and $54 million and $46 million for the six months ended June 30, 2024 and 2023, respectively. |
OTHER OPERATING EXPENSE (Tables
OTHER OPERATING EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of other operating expense | The following table presents the details of other operating expense: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Marketing $49 $56 $84 $94 Deposit insurance 46 43 122 79 Other 93 98 185 193 Other operating expense $188 $197 $391 $366 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | Three Months Ended June 30, Six Months Ended June 30, (dollars in millions, except per share data) 2024 2023 2024 2023 Numerator (basic and diluted): Net income $392 $478 $726 $989 Less: Preferred stock dividends 35 34 65 57 Net income available to common stockholders $357 $444 $661 $932 Denominator: Weighted-average common shares outstanding - basic 454,142,489 479,470,543 457,750,585 482,440,926 Dilutive common shares: share-based awards 2,418,533 1,504,738 2,258,961 1,811,177 Weighted-average common shares outstanding - diluted 456,561,022 480,975,281 460,009,546 484,252,103 Earnings per common share: Basic $0.79 $0.93 $1.44 $1.93 Diluted (1) 0.78 0.92 1.44 1.92 (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 1,206,158 and 3,249,834 for the three months ended June 30, 2024 and 2023, respectively, and 1,318,088 and 2,305,895 for the six months ended June 30, 2024 and 2023, respectively. |
BUSINESS OPERATING SEGMENTS (Ta
BUSINESS OPERATING SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | Three Months Ended June 30, 2024 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Net interest income $1,120 $494 ($31) ($173) $1,410 Noninterest income 277 242 — 34 553 Total revenue 1,397 736 (31) (139) 1,963 Noninterest expense 915 311 26 49 1,301 Profit (loss) before provision (benefit) for credit losses 482 425 (57) (188) 662 Provision (benefit) for credit losses 84 90 10 (2) 182 Income (loss) before income tax expense (benefit) 398 335 (67) (186) 480 Income tax expense (benefit) 102 76 (17) (73) 88 Net income (loss) $296 $259 ($50) ($113) $392 Total average assets $74,295 $68,958 $9,418 $66,551 $219,222 Three Months Ended June 30, 2023 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Net interest income $1,023 $584 ($28) $9 $1,588 Noninterest income 268 207 — 31 506 Total revenue 1,291 791 (28) 40 2,094 Noninterest expense 875 315 33 83 1,306 Profit (loss) before provision (benefit) for credit losses 416 476 (61) (43) 788 Provision (benefit) for credit losses 68 71 13 24 176 Income (loss) before income tax expense (benefit) 348 405 (74) (67) 612 Income tax expense (benefit) 91 100 (19) (38) 134 Net income (loss) $257 $305 ($55) ($29) $478 Total average assets $72,583 $77,546 $14,456 $57,788 $222,373 Six Months Ended June 30, 2024 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Net interest income $2,213 $1,008 ($68) ($301) $2,852 Noninterest income 535 469 — 66 1,070 Total revenue 2,748 1,477 (68) (235) 3,922 Noninterest expense 1,818 628 51 162 2,659 Profit (loss) before provision (benefit) for credit losses 930 849 (119) (397) 1,263 Provision (benefit) for credit losses 165 171 29 (12) 353 Income (loss) before income tax expense (benefit) 765 678 (148) (385) 910 Income tax expense (benefit) 197 160 (38) (135) 184 Net income (loss) $568 $518 ($110) ($250) $726 Total average assets $74,064 $69,529 $9,986 $66,417 $219,996 Six Months Ended June 30, 2023 (dollars in millions) Consumer Banking Commercial Banking Non-Core Other Consolidated Net interest income $2,034 $1,181 ($43) $59 $3,231 Noninterest income 524 408 — 59 991 Total revenue 2,558 1,589 (43) 118 4,222 Noninterest expense 1,732 646 65 159 2,602 Profit (loss) before provision (benefit) for credit losses 826 943 (108) (41) 1,620 Provision (benefit) for credit losses 131 118 34 61 344 Income (loss) before income tax expense (benefit) 695 825 (142) (102) 1,276 Income tax expense (benefit) 181 201 (37) (58) 287 Net income (loss) $514 $624 ($105) ($44) $989 Total average assets $72,230 $78,215 $15,068 $57,028 $222,541 |
SECURITIES - Schedule of Invest
SECURITIES - Schedule of Investments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | |||
Fair Value | [1] | $ 31,938 | $ 29,777 |
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | |||
Amortized Cost | [1] | 8,895 | 9,184 |
Gross Unrealized Gains | 1 | 9 | |
Gross Unrealized Gains | (972) | (843) | |
Fair Value | 7,924 | 8,350 | |
Total equity securities, at cost, Amortized Cost | 731 | 869 | |
Equity securities, at cost, fair value | 731 | 869 | |
Equity Securities, Amortized Cost | 192 | 173 | |
Equity Securities, Fair Value | 192 | 173 | |
Portfolio level basis adjustments excluded from amortized cost | (113) | 60 | |
Total debt securities available for sale, at fair value | |||
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | |||
Amortized Cost | 34,334 | 31,729 | |
Gross Unrealized Gains | 36 | 71 | |
Gross Unrealized Losses | (2,432) | (2,023) | |
Fair Value | 31,938 | 29,777 | |
U.S. Treasury and other | |||
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | |||
Amortized Cost | 5,198 | 4,493 | |
Gross Unrealized Gains | 5 | 26 | |
Gross Unrealized Losses | (191) | (139) | |
Fair Value | 5,012 | 4,380 | |
State and political subdivisions | |||
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | |||
Amortized Cost | 1 | 1 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 1 | 1 | |
Total mortgage-backed securities | |||
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | |||
Amortized Cost | 28,842 | 26,568 | |
Gross Unrealized Gains | 30 | 45 | |
Gross Unrealized Losses | (2,241) | (1,881) | |
Fair Value | 26,631 | 24,732 | |
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | |||
Amortized Cost | 8,447 | 8,696 | |
Gross Unrealized Gains | 0 | 9 | |
Gross Unrealized Gains | (957) | (818) | |
Fair Value | 7,490 | 7,887 | |
Federal agencies and U.S. government sponsored entities | |||
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | |||
Amortized Cost | 28,568 | 26,289 | |
Gross Unrealized Gains | 30 | 45 | |
Gross Unrealized Losses | (2,220) | (1,857) | |
Fair Value | 26,378 | 24,477 | |
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | |||
Amortized Cost | 8,447 | 8,696 | |
Gross Unrealized Gains | 0 | 9 | |
Gross Unrealized Gains | (957) | (818) | |
Fair Value | 7,490 | 7,887 | |
Other/non-agency | |||
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | |||
Amortized Cost | 274 | 279 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (21) | (24) | |
Fair Value | 253 | 255 | |
Collateralized loan obligations | |||
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | |||
Amortized Cost | 293 | 667 | |
Gross Unrealized Gains | 1 | 0 | |
Gross Unrealized Losses | 0 | (3) | |
Fair Value | 294 | 664 | |
Asset-backed securities | |||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | |||
Amortized Cost | 448 | 488 | |
Gross Unrealized Gains | 1 | 0 | |
Gross Unrealized Gains | (15) | (25) | |
Fair Value | $ 434 | $ 463 | |
[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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||||
Accrued interest receivable on debt securities | $ 138,000,000 | $ 138,000,000 | $ 125,000,000 | ||
Taxable interest income from securities | 417,000,000 | $ 267,000,000 | 816,000,000 | $ 533,000,000 | |
Offsetting of short-term receivables or payables recognized | $ 0 | $ 0 | $ 0 | ||
Securitizations of mortgage loans | $ 0 | $ 0 | |||
Held-to-maturity, zero expected credit loss, percent of portfolio | 95% | 95% | |||
Allowance for credit loss recognized | $ 0 | $ 0 | |||
Mortgage-backed securities | |||||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||||
Securitizations of mortgage loans | $ 133,000,000 | $ 133,000,000 |
SECURITIES - Schedule of Availa
SECURITIES - Schedule of Available for Sale Securities Debt Maturities (Details) $ in Millions | Jun. 30, 2024 USD ($) |
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 | 5,472 |
Amortized Cost, Debt securities available for sale, Maturity of 5-10 Years | 3,617 |
Amortized Cost, Debt securities available for sale, Maturity After 10 Years | 25,245 |
Amortized Cost, Debt securities available for sale, Total | 34,334 |
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 | 448 |
Amortized Cost, Debt securities held to maturity, Maturity of 5-10 Years | 0 |
Amortized Cost, Debt securities held to maturity, Maturity After 10 Years | 8,447 |
Amortized Cost, Debt securities held to maturity, Total | 8,895 |
Total amortized cost of debt securities, Maturity of 1 Year or Less | 0 |
Total amortized cost of debt securities, Maturity of 1-5 Years | 5,920 |
Total amortized cost of debt securities, Maturity of 5-10 Years | 3,617 |
Total amortized cost of debt securities, Maturity After 10 Years | 33,692 |
Total amortized cost of debt securities, Total | 43,229 |
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 | 5,201 |
Fair Value, Debt securities available for sale, Maturity of 5-10 Years | 3,501 |
Fair Value, Debt securities available for sale, Maturity After 10 Years | 23,236 |
Fair Value, Debt securities available for sale, Total | 31,938 |
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 | 434 |
Fair Value, Debt securities held to maturity, Maturity of 5-10 Years | 0 |
Fair Value, Debt securities held to maturity, Maturity After 10 Years | 7,490 |
Fair Value, Debt securities held to maturity, Total | 7,924 |
Total fair value of debt securities, Maturity of 1 Year or Less | 0 |
Total fair value of debt securities, Maturity of 1-5 Years | 5,635 |
Total fair value of debt securities, Maturity of 5-10 Years | 3,501 |
Total fair value of debt securities, Maturity After 10 Years | 30,726 |
Total fair value of debt securities, Total | 39,862 |
U.S. Treasury and other | |
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 | 3,604 |
Amortized Cost, Debt securities available for sale, Maturity of 5-10 Years | 1,594 |
Amortized Cost, Debt securities available for sale, Maturity After 10 Years | 0 |
Amortized Cost, Debt securities available for sale, Total | 5,198 |
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 | 3,427 |
Fair Value, Debt securities available for sale, Maturity of 5-10 Years | 1,585 |
Fair Value, Debt securities available for sale, Maturity After 10 Years | 0 |
Fair Value, Debt securities available for sale, Total | 5,012 |
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 | 1 |
Amortized Cost, Debt securities available for sale, Total | 1 |
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 | 1 |
Fair Value, Debt securities available for sale, Total | 1 |
Federal agencies and U.S. government sponsored entities | |
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 | 1,868 |
Amortized Cost, Debt securities available for sale, Maturity of 5-10 Years | 1,964 |
Amortized Cost, Debt securities available for sale, Maturity After 10 Years | 24,736 |
Amortized Cost, Debt securities available for sale, Total | 28,568 |
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 | 8,447 |
Amortized Cost, Debt securities held to maturity, Total | 8,447 |
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 | 1,774 |
Fair Value, Debt securities available for sale, Maturity of 5-10 Years | 1,857 |
Fair Value, Debt securities available for sale, Maturity After 10 Years | 22,747 |
Fair Value, Debt securities available for sale, Total | 26,378 |
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 | 7,490 |
Fair Value, Debt securities held to maturity, Total | 7,490 |
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 | 274 |
Amortized Cost, Debt securities available for sale, Total | 274 |
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 | 253 |
Fair Value, Debt securities available for sale, Total | 253 |
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 | 59 |
Amortized Cost, Debt securities available for sale, Maturity After 10 Years | 234 |
Amortized Cost, Debt securities available for sale, Total | 293 |
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 | 59 |
Fair Value, Debt securities available for sale, Maturity After 10 Years | 235 |
Fair Value, Debt securities available for sale, Total | 294 |
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 | 448 |
Amortized Cost, Debt securities held to maturity, Maturity of 5-10 Years | 0 |
Amortized Cost, Debt securities held to maturity, Maturity After 10 Years | 0 |
Amortized Cost, Debt securities held to maturity, Total | 448 |
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 | 434 |
Fair Value, Debt securities held to maturity, Maturity of 5-10 Years | 0 |
Fair Value, Debt securities held to maturity, Maturity After 10 Years | 0 |
Fair Value, Debt securities held to maturity, Total | $ 434 |
SECURITIES - Income Recognized
SECURITIES - Income Recognized from Investment Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gains | $ 0 | $ 9 | $ 5 | $ 18 |
Losses | 0 | 0 | 0 | (4) |
Securities gains, net | $ 0 | $ 9 | $ 5 | $ 14 |
SECURITIES - Schedule of Securi
SECURITIES - Schedule of Securities Pledged (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Pledged against derivatives, to qualify for fiduciary powers, or to secure public and other deposits as required by law | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Debt securities at amortized cost | $ 7,527 | $ 5,619 |
Debt securities at fair value | 6,959 | 5,305 |
Pledged as collateral for FHLB borrowing capacity | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Debt securities at amortized cost | 238 | 242 |
Debt securities at fair value | 218 | 220 |
Pledged against repurchase agreements | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Debt securities at amortized cost | 0 | 0 |
Debt securities at fair value | $ 0 | $ 0 |
SECURITIES - Schedule of Inve_2
SECURITIES - Schedule of Investments in Continuous Loss Positions (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value | ||
Less than 12 Months | $ 7,250 | $ 3,044 |
12 Months or Longer | 19,935 | 20,505 |
Total | 27,185 | 23,549 |
Gross Unrealized Losses | ||
Less than 12 Months | (70) | (24) |
12 Months or Longer | (2,362) | (1,999) |
Total | (2,432) | (2,023) |
Mortgage-backed securities | ||
Fair Value | ||
Less than 12 Months | 5,990 | 2,939 |
12 Months or Longer | 16,715 | 16,653 |
Total | 22,705 | 19,592 |
Gross Unrealized Losses | ||
Less than 12 Months | (56) | (24) |
12 Months or Longer | (2,185) | (1,857) |
Total | (2,241) | (1,881) |
U.S. Treasury and other | ||
Fair Value | ||
Less than 12 Months | 1,260 | 49 |
12 Months or Longer | 3,209 | 3,245 |
Total | 4,469 | 3,294 |
Gross Unrealized Losses | ||
Less than 12 Months | (14) | 0 |
12 Months or Longer | (177) | (139) |
Total | (191) | (139) |
State and political subdivisions | ||
Fair Value | ||
Less than 12 Months | 0 | |
12 Months or Longer | 1 | |
Total | 1 | |
Gross Unrealized Losses | ||
Less than 12 Months | 0 | |
12 Months or Longer | 0 | |
Total | 0 | |
Federal agencies and U.S. government sponsored entities | ||
Fair Value | ||
Less than 12 Months | 5,990 | 2,939 |
12 Months or Longer | 16,462 | 16,398 |
Total | 22,452 | 19,337 |
Gross Unrealized Losses | ||
Less than 12 Months | (56) | (24) |
12 Months or Longer | (2,164) | (1,833) |
Total | (2,220) | (1,857) |
Other/non-agency | ||
Fair Value | ||
Less than 12 Months | 0 | 0 |
12 Months or Longer | 253 | 255 |
Total | 253 | 255 |
Gross Unrealized Losses | ||
Less than 12 Months | 0 | 0 |
12 Months or Longer | (21) | (24) |
Total | (21) | (24) |
Collateralized loan obligations | ||
Fair Value | ||
Less than 12 Months | 0 | 56 |
12 Months or Longer | 10 | 607 |
Total | 10 | 663 |
Gross Unrealized Losses | ||
Less than 12 Months | 0 | 0 |
12 Months or Longer | 0 | (3) |
Total | $ 0 | $ (3) |
LOANS AND LEASES - Summary of L
LOANS AND LEASES - Summary of Loans and Leases Portfolio (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 141,842 | $ 145,959 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 71,934 | 74,445 |
Commercial | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 43,623 | 44,974 |
Commercial | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 28,311 | 29,471 |
Retail | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 69,908 | 71,514 |
Retail | Residential mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 31,890 | 31,332 |
Retail | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 15,534 | 15,040 |
Retail | Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 6,383 | 8,258 |
Retail | Education | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 11,265 | 11,834 |
Retail | Other retail | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 4,836 | $ 5,050 |
LOANS AND LEASES - Narrative (D
LOANS AND LEASES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accrued interest receivable on loans and leases held for investment | $ 858 | $ 858 | $ 875 | |||
Loans pledged as collateral for FHLB borrowed funds | [1] | 139,717 | 139,717 | 143,861 | ||
Interest income on direct financing lease | 9 | $ 12 | 20 | $ 24 | ||
Retail | Residential mortgages | Pledged as collateral for FHLB borrowing capacity | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans pledged as collateral for FHLB borrowed funds | 36,500 | 36,500 | 36,000 | |||
Consumer and Commercial Portfolio Segment | Education, commercial and industrial, and commercial real estate loans | Notes Payable, Other Payables | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans pledged as collateral for FHLB borrowed funds | $ 28,000 | $ 28,000 | $ 31,900 | |||
[1]Includes amounts in consolidated VIEs. See Note 6 for additional information. |
LOANS AND LEASES - Loans Held F
LOANS AND LEASES - Loans Held For Sale (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale, at fair value | $ 591 | $ 676 |
Other loans held for sale | 92 | 103 |
Residential loans held for sale | Residential Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale, at fair value | 519 | 614 |
Other loans held for sale | 39 | 0 |
Commercial loans held for sale | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale, at fair value | 72 | 62 |
Other loans held for sale | $ 53 | $ 103 |
CREDIT QUALITY AND THE ALLOWA_3
CREDIT QUALITY AND THE ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of period | $ 2,086 | $ 2,017 | $ 2,098 | $ 1,983 |
Charge-offs | (223) | (189) | (454) | (360) |
Recoveries | 39 | 37 | 89 | 75 |
Net charge-offs | (184) | (152) | (365) | (285) |
Provision expense (benefit) for loans and leases | 223 | 179 | 392 | 346 |
Allowance for loan and lease losses, end of period | 2,125 | 2,044 | 2,125 | 2,044 |
Unfunded lending commitments [Roll Forward] | ||||
Allowance for unfunded lending commitments, beginning of period | 222 | 258 | 220 | 257 |
Provision expense (benefit) for unfunded lending commitments | (41) | (3) | (39) | (2) |
Allowance for unfunded lending commitments, end of period | 181 | 255 | 181 | 255 |
Total allowance for credit losses, end of period | 2,306 | 2,299 | 2,306 | 2,299 |
Commercial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of period | 1,234 | 1,111 | 1,250 | 1,060 |
Charge-offs | (100) | (79) | (202) | (138) |
Recoveries | 4 | 3 | 21 | 10 |
Net charge-offs | (96) | (76) | (181) | (128) |
Provision expense (benefit) for loans and leases | 144 | 122 | 213 | 225 |
Allowance for loan and lease losses, end of period | 1,282 | 1,157 | 1,282 | 1,157 |
Unfunded lending commitments [Roll Forward] | ||||
Allowance for unfunded lending commitments, beginning of period | 191 | 215 | 175 | 207 |
Provision expense (benefit) for unfunded lending commitments | (44) | (2) | (28) | 6 |
Allowance for unfunded lending commitments, end of period | 147 | 213 | 147 | 213 |
Total allowance for credit losses, end of period | 1,429 | 1,370 | 1,429 | 1,370 |
Retail | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of period | 852 | 906 | 848 | 923 |
Charge-offs | (123) | (110) | (252) | (222) |
Recoveries | 35 | 34 | 68 | 65 |
Net charge-offs | (88) | (76) | (184) | (157) |
Provision expense (benefit) for loans and leases | 79 | 57 | 179 | 121 |
Allowance for loan and lease losses, end of period | 843 | 887 | 843 | 887 |
Unfunded lending commitments [Roll Forward] | ||||
Allowance for unfunded lending commitments, beginning of period | 31 | 43 | 45 | 50 |
Provision expense (benefit) for unfunded lending commitments | 3 | (1) | (11) | (8) |
Allowance for unfunded lending commitments, end of period | 34 | 42 | 34 | 42 |
Total allowance for credit losses, end of period | $ 877 | $ 929 | $ 877 | $ 929 |
CREDIT QUALITY AND THE ALLOWA_4
CREDIT QUALITY AND THE ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Net charge-offs | $ 184 | $ 152 | $ 365 | $ 285 | ||
Credit provision | 182 | 176 | 353 | 344 | ||
Decrease to ACL | (12) | |||||
Loans and leases | 141,842 | 141,842 | $ 141,842 | $ 145,959 | ||
Mortgage loans collateralized by OREO | 317 | 317 | 317 | 336 | ||
Amortized cost basis | 721 | 461 | 1,233 | 617 | 1,550 | |
Retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Net charge-offs | 88 | 76 | 184 | 157 | ||
Loans and leases | 69,908 | 69,908 | 69,908 | 71,514 | ||
Amortized cost basis | 56 | 37 | 120 | 67 | 215 | |
Commercial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Net charge-offs | 96 | 76 | 181 | 128 | ||
Loans and leases | 71,934 | 71,934 | 71,934 | 74,445 | ||
Amortized cost basis | 665 | 424 | 1,113 | 550 | 1,335 | |
Commercial and industrial | Commercial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Loans and leases | 43,623 | 43,623 | 43,623 | 44,974 | ||
Amortized cost basis | 198 | $ 125 | 321 | $ 214 | 426 | |
Unfunded loan commitment | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 73 | 221 | ||||
Collateral Dependent | Home Equity Loan and Residential Mortgages | Retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Loans and leases | 530 | 530 | 530 | 556 | ||
Collateral Dependent | Commercial and industrial | Commercial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Loans and leases | $ 404 | $ 404 | $ 404 | $ 233 |
CREDIT QUALITY AND THE ALLOWA_5
CREDIT QUALITY AND THE ALLOWANCE FOR CREDIT LOSSES - Amortized Cost Basis by Credit Quality Indicator (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Total | $ 141,842 | $ 141,842 | $ 145,959 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
Year one | 15 | $ 19 | |||
Year two | 13 | 39 | |||
Year three | 28 | 66 | |||
Year four | 70 | 48 | |||
Year five | 107 | 28 | |||
Prior to year five | 121 | 79 | |||
Within the Revolving Period | 99 | 81 | |||
Converted to Term | 1 | 0 | |||
Total | 223 | $ 189 | 454 | 360 | |
Commercial | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 4,004 | 4,004 | 5,669 | ||
Year two | 4,574 | 4,574 | 13,841 | ||
Year three | 12,947 | 12,947 | 12,883 | ||
Year four | 11,593 | 11,593 | 4,966 | ||
Year five | 4,166 | 4,166 | 4,476 | ||
Prior to year five | 10,392 | 10,392 | 8,133 | ||
Within the Revolving Period | 24,153 | 24,153 | 24,399 | ||
Converted to Term | 105 | 105 | 78 | ||
Total | 71,934 | 71,934 | 74,445 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | |||
Year two | 0 | 1 | |||
Year three | 2 | 32 | |||
Year four | 30 | 26 | |||
Year five | 86 | 7 | |||
Prior to year five | 71 | 43 | |||
Within the Revolving Period | 13 | 29 | |||
Converted to Term | 0 | 0 | |||
Total | 100 | 79 | 202 | 138 | |
Commercial | Pass | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 4,004 | 4,004 | 5,600 | ||
Year two | 4,455 | 4,455 | 12,303 | ||
Year three | 11,233 | 11,233 | 11,393 | ||
Year four | 10,127 | 10,127 | 4,000 | ||
Year five | 3,260 | 3,260 | 3,441 | ||
Prior to year five | 7,763 | 7,763 | 6,194 | ||
Within the Revolving Period | 22,657 | 22,657 | 23,008 | ||
Converted to Term | 82 | 82 | 61 | ||
Total | 63,581 | 63,581 | 66,000 | ||
Commercial | Special Mention | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 59 | ||
Year two | 64 | 64 | 934 | ||
Year three | 935 | 935 | 894 | ||
Year four | 859 | 859 | 252 | ||
Year five | 192 | 192 | 233 | ||
Prior to year five | 417 | 417 | 373 | ||
Within the Revolving Period | 491 | 491 | 443 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 2,958 | 2,958 | 3,188 | ||
Commercial | Substandard Accrual | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 8 | ||
Year two | 32 | 32 | 466 | ||
Year three | 651 | 651 | 540 | ||
Year four | 533 | 533 | 687 | ||
Year five | 611 | 611 | 653 | ||
Prior to year five | 1,657 | 1,657 | 1,226 | ||
Within the Revolving Period | 956 | 956 | 892 | ||
Converted to Term | 16 | 16 | 11 | ||
Total | 4,456 | 4,456 | 4,483 | ||
Commercial | Nonaccrual | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 2 | ||
Year two | 23 | 23 | 138 | ||
Year three | 128 | 128 | 56 | ||
Year four | 74 | 74 | 27 | ||
Year five | 103 | 103 | 149 | ||
Prior to year five | 555 | 555 | 340 | ||
Within the Revolving Period | 49 | 49 | 56 | ||
Converted to Term | 7 | 7 | 6 | ||
Total | 939 | 939 | 774 | ||
Commercial | Commercial and industrial | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 2,807 | 2,807 | 3,762 | ||
Year two | 3,275 | 3,275 | 6,994 | ||
Year three | 5,908 | 5,908 | 6,077 | ||
Year four | 4,791 | 4,791 | 1,697 | ||
Year five | 1,371 | 1,371 | 1,327 | ||
Prior to year five | 3,057 | 3,057 | 2,801 | ||
Within the Revolving Period | 22,319 | 22,319 | 22,246 | ||
Converted to Term | 95 | 95 | 70 | ||
Total | 43,623 | 43,623 | 44,974 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | |||
Year two | 0 | 1 | |||
Year three | 1 | 32 | |||
Year four | 11 | 4 | |||
Year five | 0 | 1 | |||
Prior to year five | 3 | 5 | |||
Within the Revolving Period | 13 | 29 | |||
Converted to Term | 0 | 0 | |||
Total | 28 | 72 | |||
Commercial | Commercial and industrial | Pass | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 2,807 | 2,807 | 3,694 | ||
Year two | 3,159 | 3,159 | 6,512 | ||
Year three | 5,507 | 5,507 | 5,331 | ||
Year four | 4,190 | 4,190 | 1,445 | ||
Year five | 1,176 | 1,176 | 1,147 | ||
Prior to year five | 2,581 | 2,581 | 2,299 | ||
Within the Revolving Period | 21,128 | 21,128 | 21,033 | ||
Converted to Term | 77 | 77 | 53 | ||
Total | 40,625 | 40,625 | 41,514 | ||
Commercial | Commercial and industrial | Special Mention | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 59 | ||
Year two | 61 | 61 | 221 | ||
Year three | 123 | 123 | 355 | ||
Year four | 298 | 298 | 30 | ||
Year five | 58 | 58 | 50 | ||
Prior to year five | 28 | 28 | 113 | ||
Within the Revolving Period | 395 | 395 | 368 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 963 | 963 | 1,196 | ||
Commercial | Commercial and industrial | Substandard Accrual | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 8 | ||
Year two | 32 | 32 | 189 | ||
Year three | 229 | 229 | 337 | ||
Year four | 274 | 274 | 218 | ||
Year five | 132 | 132 | 125 | ||
Prior to year five | 347 | 347 | 287 | ||
Within the Revolving Period | 749 | 749 | 792 | ||
Converted to Term | 11 | 11 | 11 | ||
Total | 1,774 | 1,774 | 1,967 | ||
Commercial | Commercial and industrial | Nonaccrual | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 1 | ||
Year two | 23 | 23 | 72 | ||
Year three | 49 | 49 | 54 | ||
Year four | 29 | 29 | 4 | ||
Year five | 5 | 5 | 5 | ||
Prior to year five | 101 | 101 | 102 | ||
Within the Revolving Period | 47 | 47 | 53 | ||
Converted to Term | 7 | 7 | 6 | ||
Total | 261 | 261 | 297 | ||
Commercial | Commercial real estate | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 1,197 | 1,197 | 1,907 | ||
Year two | 1,299 | 1,299 | 6,847 | ||
Year three | 7,039 | 7,039 | 6,806 | ||
Year four | 6,802 | 6,802 | 3,269 | ||
Year five | 2,795 | 2,795 | 3,149 | ||
Prior to year five | 7,335 | 7,335 | 5,332 | ||
Within the Revolving Period | 1,834 | 1,834 | 2,153 | ||
Converted to Term | 10 | 10 | 8 | ||
Total | 28,311 | 28,311 | 29,471 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | |||
Year two | 0 | 0 | |||
Year three | 1 | 0 | |||
Year four | 19 | 22 | |||
Year five | 86 | 6 | |||
Prior to year five | 68 | 38 | |||
Within the Revolving Period | 0 | 0 | |||
Converted to Term | 0 | 0 | |||
Total | 174 | 66 | |||
Commercial | Commercial real estate | Pass | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 1,197 | 1,197 | 1,906 | ||
Year two | 1,296 | 1,296 | 5,791 | ||
Year three | 5,726 | 5,726 | 6,062 | ||
Year four | 5,937 | 5,937 | 2,555 | ||
Year five | 2,084 | 2,084 | 2,294 | ||
Prior to year five | 5,182 | 5,182 | 3,895 | ||
Within the Revolving Period | 1,529 | 1,529 | 1,975 | ||
Converted to Term | 5 | 5 | 8 | ||
Total | 22,956 | 22,956 | 24,486 | ||
Commercial | Commercial real estate | Special Mention | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 0 | ||
Year two | 3 | 3 | 713 | ||
Year three | 812 | 812 | 539 | ||
Year four | 561 | 561 | 222 | ||
Year five | 134 | 134 | 183 | ||
Prior to year five | 389 | 389 | 260 | ||
Within the Revolving Period | 96 | 96 | 75 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 1,995 | 1,995 | 1,992 | ||
Commercial | Commercial real estate | Substandard Accrual | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 0 | ||
Year two | 0 | 0 | 277 | ||
Year three | 422 | 422 | 203 | ||
Year four | 259 | 259 | 469 | ||
Year five | 479 | 479 | 528 | ||
Prior to year five | 1,310 | 1,310 | 939 | ||
Within the Revolving Period | 207 | 207 | 100 | ||
Converted to Term | 5 | 5 | 0 | ||
Total | 2,682 | 2,682 | 2,516 | ||
Commercial | Commercial real estate | Nonaccrual | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 1 | ||
Year two | 0 | 0 | 66 | ||
Year three | 79 | 79 | 2 | ||
Year four | 45 | 45 | 23 | ||
Year five | 98 | 98 | 144 | ||
Prior to year five | 454 | 454 | 238 | ||
Within the Revolving Period | 2 | 2 | 3 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 678 | 678 | 477 | ||
Retail | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 2,058 | 2,058 | 4,817 | ||
Year two | 4,613 | 4,613 | 10,219 | ||
Year three | 9,584 | 9,584 | 15,492 | ||
Year four | 14,295 | 14,295 | 9,169 | ||
Year five | 8,401 | 8,401 | 4,095 | ||
Prior to year five | 12,502 | 12,502 | 9,675 | ||
Within the Revolving Period | 17,431 | 17,431 | 17,008 | ||
Converted to Term | 1,024 | 1,024 | 1,039 | ||
Total | 69,908 | 69,908 | 71,514 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
Year one | 15 | 19 | |||
Year two | 13 | 38 | |||
Year three | 26 | 34 | |||
Year four | 40 | 22 | |||
Year five | 21 | 21 | |||
Prior to year five | 50 | 36 | |||
Within the Revolving Period | 86 | 52 | |||
Converted to Term | 1 | 0 | |||
Total | 123 | $ 110 | 252 | 222 | |
Retail | Residential mortgages | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 1,405 | 1,405 | 2,653 | ||
Year two | 2,618 | 2,618 | 5,821 | ||
Year three | 5,787 | 5,787 | 8,761 | ||
Year four | 8,579 | 8,579 | 5,180 | ||
Year five | 5,033 | 5,033 | 2,274 | ||
Prior to year five | 8,468 | 8,468 | 6,643 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 31,890 | 31,890 | 31,332 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | |||
Year two | 0 | 0 | |||
Year three | 0 | 0 | |||
Year four | 0 | 0 | |||
Year five | 0 | 1 | |||
Prior to year five | 3 | 1 | |||
Within the Revolving Period | 0 | 0 | |||
Converted to Term | 0 | 0 | |||
Total | 3 | 2 | |||
Retail | Home equity | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 1 | 1 | 1 | ||
Year two | 2 | 2 | 9 | ||
Year three | 13 | 13 | 9 | ||
Year four | 10 | 10 | 7 | ||
Year five | 7 | 7 | 30 | ||
Prior to year five | 384 | 384 | 423 | ||
Within the Revolving Period | 14,098 | 14,098 | 13,529 | ||
Converted to Term | 1,019 | 1,019 | 1,032 | ||
Total | 15,534 | 15,534 | 15,040 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | |||
Year two | 0 | 0 | |||
Year three | 0 | 0 | |||
Year four | 0 | 0 | |||
Year five | 0 | 0 | |||
Prior to year five | 2 | 2 | |||
Within the Revolving Period | 5 | 3 | |||
Converted to Term | 1 | 0 | |||
Total | 8 | 5 | |||
Retail | Automobile | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 500 | ||
Year two | 421 | 421 | 2,335 | ||
Year three | 1,924 | 1,924 | 3,444 | ||
Year four | 2,713 | 2,713 | 1,207 | ||
Year five | 876 | 876 | 576 | ||
Prior to year five | 449 | 449 | 196 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 6,383 | 6,383 | 8,258 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | |||
Year two | 3 | 15 | |||
Year three | 16 | 21 | |||
Year four | 17 | 7 | |||
Year five | 5 | 6 | |||
Prior to year five | 6 | 5 | |||
Within the Revolving Period | 0 | 0 | |||
Converted to Term | 0 | 0 | |||
Total | 47 | 54 | |||
Retail | Education | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 224 | 224 | 852 | ||
Year two | 998 | 998 | 1,737 | ||
Year three | 1,632 | 1,632 | 3,114 | ||
Year four | 2,884 | 2,884 | 2,622 | ||
Year five | 2,390 | 2,390 | 1,150 | ||
Prior to year five | 3,137 | 3,137 | 2,359 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 11,265 | 11,265 | 11,834 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | |||
Year two | 0 | 3 | |||
Year three | 3 | 6 | |||
Year four | 13 | 10 | |||
Year five | 14 | 7 | |||
Prior to year five | 33 | 23 | |||
Within the Revolving Period | 0 | 0 | |||
Converted to Term | 0 | 0 | |||
Total | 63 | 49 | |||
Retail | Other retail | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 428 | 428 | 811 | ||
Year two | 574 | 574 | 317 | ||
Year three | 228 | 228 | 164 | ||
Year four | 109 | 109 | 153 | ||
Year five | 95 | 95 | 65 | ||
Prior to year five | 64 | 64 | 54 | ||
Within the Revolving Period | 3,333 | 3,333 | 3,479 | ||
Converted to Term | 5 | 5 | 7 | ||
Total | 4,836 | 4,836 | 5,050 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||||
Year one | 15 | 19 | |||
Year two | 10 | 20 | |||
Year three | 7 | 7 | |||
Year four | 10 | 5 | |||
Year five | 2 | 7 | |||
Prior to year five | 6 | 5 | |||
Within the Revolving Period | 81 | 49 | |||
Converted to Term | 0 | 0 | |||
Total | 131 | $ 112 | |||
Greater than 800 | Retail | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 630 | 630 | 1,449 | ||
Year two | 1,787 | 1,787 | 4,351 | ||
Year three | 4,366 | 4,366 | 7,913 | ||
Year four | 7,731 | 7,731 | 4,939 | ||
Year five | 4,661 | 4,661 | 1,913 | ||
Prior to year five | 5,961 | 5,961 | 4,466 | ||
Within the Revolving Period | 5,789 | 5,789 | 5,578 | ||
Converted to Term | 210 | 210 | 222 | ||
Total | 31,135 | 31,135 | 30,831 | ||
Greater than 800 | Retail | Residential mortgages | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 469 | 469 | 889 | ||
Year two | 1,206 | 1,206 | 3,067 | ||
Year three | 3,182 | 3,182 | 5,172 | ||
Year four | 5,230 | 5,230 | 3,117 | ||
Year five | 3,023 | 3,023 | 1,131 | ||
Prior to year five | 4,112 | 4,112 | 3,125 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 17,222 | 17,222 | 16,501 | ||
Greater than 800 | Retail | Home equity | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 1 | 1 | 0 | ||
Year two | 0 | 0 | 4 | ||
Year three | 4 | 4 | 4 | ||
Year four | 4 | 4 | 1 | ||
Year five | 1 | 1 | 4 | ||
Prior to year five | 84 | 84 | 91 | ||
Within the Revolving Period | 5,280 | 5,280 | 5,078 | ||
Converted to Term | 210 | 210 | 222 | ||
Total | 5,584 | 5,584 | 5,404 | ||
Greater than 800 | Retail | Automobile | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 81 | ||
Year two | 78 | 78 | 539 | ||
Year three | 465 | 465 | 1,062 | ||
Year four | 871 | 871 | 368 | ||
Year five | 273 | 273 | 162 | ||
Prior to year five | 119 | 119 | 47 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 1,806 | 1,806 | 2,259 | ||
Greater than 800 | Retail | Education | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 73 | 73 | 296 | ||
Year two | 376 | 376 | 671 | ||
Year three | 668 | 668 | 1,637 | ||
Year four | 1,602 | 1,602 | 1,418 | ||
Year five | 1,342 | 1,342 | 600 | ||
Prior to year five | 1,628 | 1,628 | 1,185 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 5,689 | 5,689 | 5,807 | ||
Greater than 800 | Retail | Other retail | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 87 | 87 | 183 | ||
Year two | 127 | 127 | 70 | ||
Year three | 47 | 47 | 38 | ||
Year four | 24 | 24 | 35 | ||
Year five | 22 | 22 | 16 | ||
Prior to year five | 18 | 18 | 18 | ||
Within the Revolving Period | 509 | 509 | 500 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 834 | 834 | 860 | ||
740-799 | Retail | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 1,023 | 1,023 | 2,093 | ||
Year two | 1,731 | 1,731 | 3,393 | ||
Year three | 3,049 | 3,049 | 4,696 | ||
Year four | 4,082 | 4,082 | 2,682 | ||
Year five | 2,421 | 2,421 | 1,150 | ||
Prior to year five | 3,183 | 3,183 | 2,456 | ||
Within the Revolving Period | 5,866 | 5,866 | 5,671 | ||
Converted to Term | 228 | 228 | 242 | ||
Total | 21,583 | 21,583 | 22,383 | ||
740-799 | Retail | Residential mortgages | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 763 | 763 | 1,333 | ||
Year two | 1,043 | 1,043 | 1,940 | ||
Year three | 1,810 | 1,810 | 2,560 | ||
Year four | 2,354 | 2,354 | 1,411 | ||
Year five | 1,394 | 1,394 | 592 | ||
Prior to year five | 2,054 | 2,054 | 1,625 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 9,418 | 9,418 | 9,461 | ||
740-799 | Retail | Home equity | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 0 | ||
Year two | 0 | 0 | 1 | ||
Year three | 1 | 1 | 2 | ||
Year four | 2 | 2 | 1 | ||
Year five | 1 | 1 | 3 | ||
Prior to year five | 74 | 74 | 82 | ||
Within the Revolving Period | 4,932 | 4,932 | 4,708 | ||
Converted to Term | 227 | 227 | 241 | ||
Total | 5,237 | 5,237 | 5,038 | ||
740-799 | Retail | Automobile | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 134 | ||
Year two | 114 | 114 | 671 | ||
Year three | 544 | 544 | 1,038 | ||
Year four | 793 | 793 | 375 | ||
Year five | 265 | 265 | 165 | ||
Prior to year five | 122 | 122 | 52 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 1,838 | 1,838 | 2,435 | ||
740-799 | Retail | Education | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 106 | 106 | 368 | ||
Year two | 398 | 398 | 694 | ||
Year three | 634 | 634 | 1,050 | ||
Year four | 905 | 905 | 850 | ||
Year five | 734 | 734 | 369 | ||
Prior to year five | 912 | 912 | 678 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 3,689 | 3,689 | 4,009 | ||
740-799 | Retail | Other retail | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 154 | 154 | 258 | ||
Year two | 176 | 176 | 87 | ||
Year three | 60 | 60 | 46 | ||
Year four | 28 | 28 | 45 | ||
Year five | 27 | 27 | 21 | ||
Prior to year five | 21 | 21 | 19 | ||
Within the Revolving Period | 934 | 934 | 963 | ||
Converted to Term | 1 | 1 | 1 | ||
Total | 1,401 | 1,401 | 1,440 | ||
680-739 | Retail | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 304 | 304 | 872 | ||
Year two | 724 | 724 | 1,574 | ||
Year three | 1,383 | 1,383 | 1,839 | ||
Year four | 1,551 | 1,551 | 1,032 | ||
Year five | 886 | 886 | 541 | ||
Prior to year five | 1,612 | 1,612 | 1,314 | ||
Within the Revolving Period | 3,692 | 3,692 | 3,666 | ||
Converted to Term | 190 | 190 | 204 | ||
Total | 10,342 | 10,342 | 11,042 | ||
680-739 | Retail | Residential mortgages | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 148 | 148 | 367 | ||
Year two | 294 | 294 | 631 | ||
Year three | 626 | 626 | 758 | ||
Year four | 704 | 704 | 466 | ||
Year five | 448 | 448 | 266 | ||
Prior to year five | 1,044 | 1,044 | 873 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 3,264 | 3,264 | 3,361 | ||
680-739 | Retail | Home equity | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 1 | ||
Year two | 0 | 0 | 1 | ||
Year three | 1 | 1 | 1 | ||
Year four | 1 | 1 | 2 | ||
Year five | 2 | 2 | 5 | ||
Prior to year five | 86 | 86 | 93 | ||
Within the Revolving Period | 2,788 | 2,788 | 2,693 | ||
Converted to Term | 188 | 188 | 202 | ||
Total | 3,066 | 3,066 | 2,998 | ||
680-739 | Retail | Automobile | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 147 | ||
Year two | 115 | 115 | 577 | ||
Year three | 455 | 455 | 708 | ||
Year four | 536 | 536 | 252 | ||
Year five | 176 | 176 | 118 | ||
Prior to year five | 90 | 90 | 39 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 1,372 | 1,372 | 1,841 | ||
680-739 | Retail | Education | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 31 | 31 | 143 | ||
Year two | 166 | 166 | 289 | ||
Year three | 250 | 250 | 333 | ||
Year four | 286 | 286 | 273 | ||
Year five | 237 | 237 | 134 | ||
Prior to year five | 377 | 377 | 298 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 1,347 | 1,347 | 1,470 | ||
680-739 | Retail | Other retail | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 125 | 125 | 214 | ||
Year two | 149 | 149 | 76 | ||
Year three | 51 | 51 | 39 | ||
Year four | 24 | 24 | 39 | ||
Year five | 23 | 23 | 18 | ||
Prior to year five | 15 | 15 | 11 | ||
Within the Revolving Period | 904 | 904 | 973 | ||
Converted to Term | 2 | 2 | 2 | ||
Total | 1,293 | 1,293 | 1,372 | ||
620-679 | Retail | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 82 | 82 | 296 | ||
Year two | 247 | 247 | 565 | ||
Year three | 449 | 449 | 602 | ||
Year four | 488 | 488 | 281 | ||
Year five | 229 | 229 | 232 | ||
Prior to year five | 787 | 787 | 659 | ||
Within the Revolving Period | 1,093 | 1,093 | 1,137 | ||
Converted to Term | 148 | 148 | 139 | ||
Total | 3,523 | 3,523 | 3,911 | ||
620-679 | Retail | Residential mortgages | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 21 | 21 | 54 | ||
Year two | 48 | 48 | 135 | ||
Year three | 106 | 106 | 165 | ||
Year four | 148 | 148 | 90 | ||
Year five | 80 | 80 | 121 | ||
Prior to year five | 535 | 535 | 445 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 938 | 938 | 1,010 | ||
620-679 | Retail | Home equity | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 0 | ||
Year two | 1 | 1 | 1 | ||
Year three | 3 | 3 | 1 | ||
Year four | 1 | 1 | 2 | ||
Year five | 2 | 2 | 8 | ||
Prior to year five | 69 | 69 | 77 | ||
Within the Revolving Period | 716 | 716 | 718 | ||
Converted to Term | 147 | 147 | 137 | ||
Total | 939 | 939 | 944 | ||
620-679 | Retail | Automobile | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 94 | ||
Year two | 68 | 68 | 316 | ||
Year three | 245 | 245 | 345 | ||
Year four | 260 | 260 | 112 | ||
Year five | 82 | 82 | 65 | ||
Prior to year five | 54 | 54 | 26 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 709 | 709 | 958 | ||
620-679 | Retail | Education | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 10 | 10 | 30 | ||
Year two | 49 | 49 | 65 | ||
Year three | 61 | 61 | 68 | ||
Year four | 64 | 64 | 58 | ||
Year five | 53 | 53 | 32 | ||
Prior to year five | 124 | 124 | 107 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 361 | 361 | 360 | ||
620-679 | Retail | Other retail | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 51 | 51 | 118 | ||
Year two | 81 | 81 | 48 | ||
Year three | 34 | 34 | 23 | ||
Year four | 15 | 15 | 19 | ||
Year five | 12 | 12 | 6 | ||
Prior to year five | 5 | 5 | 4 | ||
Within the Revolving Period | 377 | 377 | 419 | ||
Converted to Term | 1 | 1 | 2 | ||
Total | 576 | 576 | 639 | ||
Less than 620 | Retail | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 15 | 15 | 89 | ||
Year two | 122 | 122 | 335 | ||
Year three | 337 | 337 | 439 | ||
Year four | 441 | 441 | 233 | ||
Year five | 203 | 203 | 256 | ||
Prior to year five | 910 | 910 | 730 | ||
Within the Revolving Period | 611 | 611 | 583 | ||
Converted to Term | 248 | 248 | 232 | ||
Total | 2,887 | 2,887 | 2,897 | ||
Less than 620 | Retail | Residential mortgages | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 4 | 4 | 9 | ||
Year two | 27 | 27 | 48 | ||
Year three | 63 | 63 | 104 | ||
Year four | 141 | 141 | 95 | ||
Year five | 87 | 87 | 161 | ||
Prior to year five | 707 | 707 | 561 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 1,029 | 1,029 | 978 | ||
Less than 620 | Retail | Home equity | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 0 | ||
Year two | 1 | 1 | 2 | ||
Year three | 4 | 4 | 1 | ||
Year four | 2 | 2 | 1 | ||
Year five | 1 | 1 | 10 | ||
Prior to year five | 71 | 71 | 80 | ||
Within the Revolving Period | 382 | 382 | 332 | ||
Converted to Term | 247 | 247 | 230 | ||
Total | 708 | 708 | 656 | ||
Less than 620 | Retail | Automobile | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 44 | ||
Year two | 46 | 46 | 232 | ||
Year three | 215 | 215 | 291 | ||
Year four | 253 | 253 | 100 | ||
Year five | 80 | 80 | 66 | ||
Prior to year five | 64 | 64 | 32 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 658 | 658 | 765 | ||
Less than 620 | Retail | Education | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 2 | 2 | 5 | ||
Year two | 9 | 9 | 18 | ||
Year three | 19 | 19 | 25 | ||
Year four | 27 | 27 | 23 | ||
Year five | 24 | 24 | 15 | ||
Prior to year five | 63 | 63 | 55 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 144 | 144 | 141 | ||
Less than 620 | Retail | Other retail | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 9 | 9 | 31 | ||
Year two | 39 | 39 | 35 | ||
Year three | 36 | 36 | 18 | ||
Year four | 18 | 18 | 14 | ||
Year five | 11 | 11 | 4 | ||
Prior to year five | 5 | 5 | 2 | ||
Within the Revolving Period | 229 | 229 | 251 | ||
Converted to Term | 1 | 1 | 2 | ||
Total | 348 | 348 | 357 | ||
No FICO available | Retail | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 4 | 4 | 18 | ||
Year two | 2 | 2 | 1 | ||
Year three | 0 | 0 | 3 | ||
Year four | 2 | 2 | 2 | ||
Year five | 1 | 1 | 3 | ||
Prior to year five | 49 | 49 | 50 | ||
Within the Revolving Period | 380 | 380 | 373 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 438 | 438 | 450 | ||
No FICO available | Retail | Residential mortgages | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | 1 | ||
Year two | 0 | 0 | 0 | ||
Year three | 0 | 0 | 2 | ||
Year four | 2 | 2 | 1 | ||
Year five | 1 | 1 | 3 | ||
Prior to year five | 16 | 16 | 14 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 19 | 19 | 21 | ||
No FICO available | Retail | Home equity | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | |||
Year two | 0 | 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 | 0 | 0 | |||
No FICO available | Retail | Automobile | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 0 | 0 | |||
Year two | 0 | 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 | 0 | 0 | |||
No FICO available | Retail | Education | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 2 | 2 | 10 | ||
Year two | 0 | 0 | 0 | ||
Year three | 0 | 0 | 1 | ||
Year four | 0 | 0 | 0 | ||
Year five | 0 | 0 | 0 | ||
Prior to year five | 33 | 33 | 36 | ||
Within the Revolving Period | 0 | 0 | 0 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | 35 | 35 | 47 | ||
No FICO available | Retail | Other retail | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
Year one | 2 | 2 | 7 | ||
Year two | 2 | 2 | 1 | ||
Year three | 0 | 0 | 0 | ||
Year four | 0 | 0 | 1 | ||
Year five | 0 | 0 | 0 | ||
Prior to year five | 0 | 0 | 0 | ||
Within the Revolving Period | 380 | 380 | 373 | ||
Converted to Term | 0 | 0 | 0 | ||
Total | $ 384 | $ 384 | $ 382 |
CREDIT QUALITY AND THE ALLOWA_6
CREDIT QUALITY AND THE ALLOWANCE FOR CREDIT LOSSES - Accruing and Nonaccruing Past Due Amounts (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 141,842 | $ 145,959 |
Loans and leases, nonaccrual | 1,527 | 1,364 |
Loans and leases, nonaccrual with no related ACL | 467 | 453 |
Guaranteed residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,076 | 1,122 |
Loans and leases, nonaccrual | 0 | 0 |
Loans and leases, nonaccrual with no related ACL | 0 | 0 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 139,350 | 143,111 |
Current | Guaranteed residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 821 | 675 |
30-59 | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 461 | 818 |
30-59 | Guaranteed residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 59 | 128 |
60-89 | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 276 | 333 |
60-89 | Guaranteed residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 28 | 76 |
90+ | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 228 | 333 |
90+ | Guaranteed residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 168 | 243 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 71,934 | 74,445 |
Loans and leases, nonaccrual | 939 | 774 |
Loans and leases, nonaccrual with no related ACL | 136 | 101 |
Commercial | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 43,623 | 44,974 |
Loans and leases, nonaccrual | 261 | 297 |
Loans and leases, nonaccrual with no related ACL | 25 | 30 |
Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 28,311 | 29,471 |
Loans and leases, nonaccrual | 678 | 477 |
Loans and leases, nonaccrual with no related ACL | 111 | 71 |
Commercial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 70,735 | 73,336 |
Commercial | Current | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 43,311 | 44,591 |
Commercial | Current | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 27,424 | 28,745 |
Commercial | 30-59 | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 99 | 212 |
Commercial | 30-59 | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 27 | 62 |
Commercial | 30-59 | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 72 | 150 |
Commercial | 60-89 | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 118 | 77 |
Commercial | 60-89 | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 17 | 18 |
Commercial | 60-89 | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 101 | 59 |
Commercial | 90+ | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 43 | 46 |
Commercial | 90+ | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 7 | 6 |
Commercial | 90+ | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 36 | 40 |
Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 69,908 | 71,514 |
Loans and leases, nonaccrual | 588 | 590 |
Loans and leases, nonaccrual with no related ACL | 331 | 352 |
Retail | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 31,890 | 31,332 |
Loans and leases, nonaccrual | 153 | 177 |
Loans and leases, nonaccrual with no related ACL | 126 | 144 |
Retail | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 15,534 | 15,040 |
Loans and leases, nonaccrual | 279 | 285 |
Loans and leases, nonaccrual with no related ACL | 195 | 198 |
Retail | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 6,383 | 8,258 |
Loans and leases, nonaccrual | 44 | 61 |
Loans and leases, nonaccrual with no related ACL | 6 | 7 |
Retail | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 11,265 | 11,834 |
Loans and leases, nonaccrual | 52 | 28 |
Loans and leases, nonaccrual with no related ACL | 3 | 3 |
Retail | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 4,836 | 5,050 |
Loans and leases, nonaccrual | 60 | 39 |
Loans and leases, nonaccrual with no related ACL | 1 | 0 |
Retail | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 68,615 | 69,775 |
Retail | Current | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 31,417 | 30,499 |
Retail | Current | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 15,147 | 14,640 |
Retail | Current | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 6,190 | 8,005 |
Retail | Current | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 11,154 | 11,732 |
Retail | Current | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 4,707 | 4,899 |
Retail | 30-59 | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 362 | 606 |
Retail | 30-59 | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 93 | 282 |
Retail | 30-59 | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 79 | 82 |
Retail | 30-59 | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 113 | 144 |
Retail | 30-59 | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 37 | 49 |
Retail | 30-59 | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 40 | 49 |
Retail | 60-89 | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 158 | 256 |
Retail | 60-89 | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 45 | 118 |
Retail | 60-89 | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 29 | 33 |
Retail | 60-89 | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 36 | 48 |
Retail | 60-89 | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 20 | 23 |
Retail | 60-89 | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 28 | 34 |
Retail | 90+ | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 185 | 287 |
Retail | 90+ | Residential mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 182 | 256 |
Retail | 90+ | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Retail | 90+ | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Retail | 90+ | Education | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 2 | 2 |
Retail | 90+ | Other retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 1 | $ 29 |
CREDIT QUALITY AND THE ALLOWA_7
CREDIT QUALITY AND THE ALLOWANCE FOR CREDIT LOSSES - Modified (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | $ 721 | $ 461 | $ 1,233 | $ 617 | $ 1,550 | |
Total as a % of Loan Class | 0.51% | 0.30% | 0.87% | 0.41% | ||
Current | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | $ 449 | 1,150 | ||||
30-59 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 32 | 79 | ||||
60-89 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 2 | 11 | ||||
90+ | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 4 | 22 | ||||
Nonaccrual | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 130 | 288 | ||||
Unfunded loan commitment | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | $ 73 | $ 221 | ||||
Commercial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | $ 665 | $ 424 | $ 1,113 | $ 550 | 1,335 | |
Total as a % of Loan Class | 0.92% | 0.54% | 1.55% | 0.70% | ||
Commercial | Current | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | $ 407 | 1,023 | ||||
Commercial | 30-59 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 31 | 77 | ||||
Commercial | 60-89 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Commercial | 90+ | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Commercial | Nonaccrual | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 112 | 235 | ||||
Commercial | Commercial and industrial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | $ 198 | $ 125 | $ 321 | $ 214 | 426 | |
Total as a % of Loan Class | 0.45% | 0.26% | 0.74% | 0.45% | ||
Weighted-Average Interest Rate Reduction | 1.59% | 2.87% | 3.84% | 3.06% | ||
Weighted-Average Term Extension (in Months) | 8 months | 9 months | 10 months | 9 months | ||
Weighted-Average Payment Deferral | $ 1 | $ 0 | $ 1 | $ 0 | ||
Commercial | Commercial and industrial | Current | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 151 | 300 | ||||
Commercial | Commercial and industrial | 30-59 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 7 | 11 | ||||
Commercial | Commercial and industrial | 60-89 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Commercial | Commercial and industrial | 90+ | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Commercial | Commercial and industrial | Nonaccrual | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 56 | 115 | ||||
Commercial | Commercial real estate | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | $ 467 | $ 299 | $ 792 | $ 336 | 909 | |
Total as a % of Loan Class | 1.65% | 1.03% | 2.80% | 1.16% | ||
Weighted-Average Interest Rate Reduction | 2.44% | 0% | 1.24% | 0% | ||
Weighted-Average Term Extension (in Months) | 9 months | 7 months | 16 months | 8 months | ||
Weighted-Average Payment Deferral | $ 1 | $ 0 | $ 1 | $ 0 | ||
Commercial | Commercial real estate | Current | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 256 | 723 | ||||
Commercial | Commercial real estate | 30-59 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 24 | 66 | ||||
Commercial | Commercial real estate | 60-89 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Commercial | Commercial real estate | 90+ | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Commercial | Commercial real estate | Nonaccrual | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 56 | 120 | ||||
Retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | $ 56 | $ 37 | $ 120 | $ 67 | 215 | |
Total as a % of Loan Class | 0.08% | 0.05% | 0.17% | 0.09% | ||
Retail | Current | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | $ 42 | 127 | ||||
Retail | 30-59 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 1 | 2 | ||||
Retail | 60-89 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 2 | 11 | ||||
Retail | 90+ | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 4 | 22 | ||||
Retail | Nonaccrual | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 18 | 53 | ||||
Retail | Residential mortgages | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | $ 24 | $ 27 | $ 65 | $ 49 | 121 | |
Total as a % of Loan Class | 0.08% | 0.09% | 0.20% | 0.16% | ||
Weighted-Average Interest Rate Reduction | 1.45% | 2.04% | 1.63% | 1.86% | ||
Weighted-Average Term Extension (in Months) | 99 months | 52 months | 92 months | 48 months | ||
Weighted-Average Payment Deferral | $ 0 | $ 0 | $ 0 | $ 0 | ||
Retail | Residential mortgages | Current | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 33 | 79 | ||||
Retail | Residential mortgages | 30-59 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Retail | Residential mortgages | 60-89 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 2 | 9 | ||||
Retail | Residential mortgages | 90+ | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 4 | 22 | ||||
Retail | Residential mortgages | Nonaccrual | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 10 | 11 | ||||
Retail | Home equity | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | $ 4 | $ 4 | $ 9 | $ 7 | 16 | |
Total as a % of Loan Class | 0.03% | 0.03% | 0.06% | 0.05% | ||
Weighted-Average Interest Rate Reduction | 4.63% | 2.20% | 3.82% | 2.12% | ||
Weighted-Average Term Extension (in Months) | 92 months | 115 months | 90 months | 125 months | ||
Weighted-Average Payment Deferral | $ 0 | $ 0 | $ 0 | $ 0 | ||
Retail | Home equity | Current | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 1 | 6 | ||||
Retail | Home equity | 30-59 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Retail | Home equity | 60-89 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Retail | Home equity | 90+ | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Retail | Home equity | Nonaccrual | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 6 | 10 | ||||
Retail | Automobile | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | $ 0 | $ 0 | $ 0 | $ 0 | 0 | |
Total as a % of Loan Class | 0% | 0% | 0% | 0% | ||
Weighted-Average Interest Rate Reduction | 0% | 2.40% | 0% | 2.59% | ||
Weighted-Average Term Extension (in Months) | 19 months | 21 months | ||||
Weighted-Average Payment Deferral | $ 0 | $ 0 | $ 0 | $ 0 | ||
Retail | Automobile | Current | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Retail | Automobile | 30-59 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Retail | Automobile | 60-89 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Retail | Automobile | 90+ | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Retail | Automobile | Nonaccrual | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Retail | Education | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | $ 24 | $ 3 | $ 37 | $ 5 | 64 | |
Total as a % of Loan Class | 0.21% | 0.02% | 0.33% | 0.04% | ||
Weighted-Average Interest Rate Reduction | 4.37% | 4.90% | 4.41% | 5% | ||
Weighted-Average Term Extension (in Months) | 24 months | 24 months | ||||
Weighted-Average Payment Deferral | $ 0 | $ 0 | $ 0 | $ 0 | ||
Retail | Education | Current | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 4 | 31 | ||||
Retail | Education | 30-59 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 1 | ||||
Retail | Education | 60-89 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 1 | ||||
Retail | Education | 90+ | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Retail | Education | Nonaccrual | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 1 | 31 | ||||
Retail | Other retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | $ 4 | $ 3 | $ 9 | $ 6 | 14 | |
Total as a % of Loan Class | 0.08% | 0.06% | 0.19% | 0.12% | ||
Weighted-Average Interest Rate Reduction | 20.41% | 18.76% | 20.05% | 18.28% | ||
Weighted-Average Term Extension (in Months) | 22 months | |||||
Weighted-Average Payment Deferral | $ 0 | $ 0 | $ 0 | $ 0 | ||
Retail | Other retail | Current | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 4 | 11 | ||||
Retail | Other retail | 30-59 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 1 | 1 | ||||
Retail | Other retail | 60-89 | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 1 | ||||
Retail | Other retail | 90+ | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | ||||
Retail | Other retail | Nonaccrual | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 1 | $ 1 | ||||
Interest Rate Reduction | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 10 | 7 | 20 | 14 | ||
Interest Rate Reduction | Commercial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Interest Rate Reduction | Commercial | Commercial and industrial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Interest Rate Reduction | Commercial | Commercial real estate | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Interest Rate Reduction | Retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 10 | 7 | 20 | 14 | ||
Interest Rate Reduction | Retail | Residential mortgages | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 2 | 2 | 3 | 4 | ||
Interest Rate Reduction | Retail | Home equity | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 1 | 0 | 2 | 0 | ||
Interest Rate Reduction | Retail | Automobile | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Interest Rate Reduction | Retail | Education | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 3 | 2 | 6 | 4 | ||
Interest Rate Reduction | Retail | Other retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 4 | 3 | 9 | 6 | ||
Term Extension | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 509 | 440 | 831 | 533 | ||
Term Extension | Commercial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 491 | 421 | 779 | 495 | ||
Term Extension | Commercial | Commercial and industrial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 184 | 123 | 210 | 160 | ||
Term Extension | Commercial | Commercial real estate | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 307 | 298 | 569 | 335 | ||
Term Extension | Retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 18 | 19 | 52 | 38 | ||
Term Extension | Retail | Residential mortgages | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 15 | 17 | 50 | 35 | ||
Term Extension | Retail | Home equity | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 1 | 2 | 1 | 3 | ||
Term Extension | Retail | Automobile | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Term Extension | Retail | Education | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 2 | 0 | 1 | 0 | ||
Term Extension | Retail | Other retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Payment Delay | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 125 | 1 | 226 | 33 | ||
Payment Delay | Commercial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 101 | 0 | 188 | 32 | ||
Payment Delay | Commercial | Commercial and industrial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 14 | 0 | 78 | 32 | ||
Payment Delay | Commercial | Commercial real estate | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 87 | 0 | 110 | 0 | ||
Payment Delay | Retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 24 | 1 | 38 | 1 | ||
Payment Delay | Retail | Residential mortgages | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 5 | 0 | 8 | 0 | ||
Payment Delay | Retail | Home equity | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Payment Delay | Retail | Automobile | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Payment Delay | Retail | Education | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 19 | 1 | 30 | 1 | ||
Payment Delay | Retail | Other retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Principal Forgiveness | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Principal Forgiveness | Commercial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Principal Forgiveness | Commercial | Commercial and industrial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Amount of Principal Forgiven | 0 | 0 | 0 | 0 | ||
Principal Forgiveness | Commercial | Commercial real estate | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Amount of Principal Forgiven | 0 | 0 | 0 | 0 | ||
Principal Forgiveness | Retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Principal Forgiveness | Retail | Residential mortgages | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Amount of Principal Forgiven | 0 | 0 | 0 | 0 | ||
Principal Forgiveness | Retail | Home equity | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Amount of Principal Forgiven | 0 | 0 | 0 | 0 | ||
Principal Forgiveness | Retail | Automobile | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Amount of Principal Forgiven | 0 | 0 | 0 | 0 | ||
Principal Forgiveness | Retail | Education | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Amount of Principal Forgiven | 0 | 0 | 0 | 0 | ||
Principal Forgiveness | Retail | Other retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Amount of Principal Forgiven | 2 | 1 | 4 | 2 | ||
Interest Rate Reduction and Term Extension | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 28 | 11 | 74 | 15 | ||
Interest Rate Reduction and Term Extension | Commercial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 24 | 1 | 64 | 1 | ||
Interest Rate Reduction and Term Extension | Commercial | Commercial and industrial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 1 | 1 | 1 | ||
Interest Rate Reduction and Term Extension | Commercial | Commercial real estate | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 24 | 0 | 63 | 0 | ||
Interest Rate Reduction and Term Extension | Retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 4 | 10 | 10 | 14 | ||
Interest Rate Reduction and Term Extension | Retail | Residential mortgages | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 2 | 8 | 4 | 10 | ||
Interest Rate Reduction and Term Extension | Retail | Home equity | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 2 | 2 | 6 | 4 | ||
Interest Rate Reduction and Term Extension | Retail | Automobile | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Interest Rate Reduction and Term Extension | Retail | Education | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Interest Rate Reduction and Term Extension | Retail | Other retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Term Extension and Payment Delay | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 49 | 2 | 82 | 22 | ||
Term Extension and Payment Delay | Commercial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 49 | 2 | 82 | 22 | ||
Term Extension and Payment Delay | Commercial | Commercial and industrial | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 1 | 32 | 21 | ||
Term Extension and Payment Delay | Commercial | Commercial real estate | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 49 | 1 | 50 | 1 | ||
Term Extension and Payment Delay | Retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Term Extension and Payment Delay | Retail | Residential mortgages | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Term Extension and Payment Delay | Retail | Home equity | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Term Extension and Payment Delay | Retail | Automobile | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Term Extension and Payment Delay | Retail | Education | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | 0 | 0 | 0 | 0 | ||
Term Extension and Payment Delay | Retail | Other retail | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost basis | $ 0 | $ 0 | $ 0 | $ 0 |
CREDIT QUALITY AND THE ALLOWA_8
CREDIT QUALITY AND THE ALLOWANCE FOR CREDIT LOSSES - Troubled Debt Restructurings, Modified Default (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | $ 58 | $ 42 | $ 120 | $ 65 |
Interest Rate Reduction | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 3 | 4 | ||
Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 39 | 40 | 100 | 43 |
Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 15 | 15 | ||
Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 1 | 2 | 1 | 2 |
Term Extension and Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 20 | |||
Commercial | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 34 | 38 | 88 | 61 |
Commercial | Interest Rate Reduction | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | ||
Commercial | Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 34 | 38 | 88 | 41 |
Commercial | Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | ||
Commercial | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | 0 | 0 |
Commercial | Term Extension and Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 20 | |||
Commercial | Commercial and industrial | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 1 | 0 | 18 | 23 |
Commercial | Commercial and industrial | Interest Rate Reduction | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | ||
Commercial | Commercial and industrial | Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 1 | 0 | 18 | 3 |
Commercial | Commercial and industrial | Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | ||
Commercial | Commercial and industrial | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | 0 | 0 |
Commercial | Commercial and industrial | Term Extension and Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 20 | |||
Commercial | Commercial real estate | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 33 | 38 | 70 | 38 |
Commercial | Commercial real estate | Interest Rate Reduction | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | ||
Commercial | Commercial real estate | Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 33 | 38 | 70 | 38 |
Commercial | Commercial real estate | Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | ||
Commercial | Commercial real estate | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | 0 | 0 |
Commercial | Commercial real estate | Term Extension and Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | |||
Retail | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 24 | 4 | 32 | 4 |
Retail | Interest Rate Reduction | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 3 | 4 | ||
Retail | Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 5 | 2 | 12 | 2 |
Retail | Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 15 | 15 | ||
Retail | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 1 | 2 | 1 | 2 |
Retail | Term Extension and Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | |||
Retail | Residential mortgages | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 7 | 4 | 14 | 4 |
Retail | Residential mortgages | Interest Rate Reduction | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | ||
Retail | Residential mortgages | Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 5 | 2 | 12 | 2 |
Retail | Residential mortgages | Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 1 | 1 | ||
Retail | Residential mortgages | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 1 | 2 | 1 | 2 |
Retail | Residential mortgages | Term Extension and Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | |||
Retail | Home equity | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | 0 | 0 |
Retail | Home equity | Interest Rate Reduction | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | ||
Retail | Home equity | Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | 0 | 0 |
Retail | Home equity | Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | ||
Retail | Home equity | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | 0 | 0 |
Retail | Home equity | Term Extension and Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | |||
Retail | Automobile | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | 0 | 0 |
Retail | Automobile | Interest Rate Reduction | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | ||
Retail | Automobile | Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | 0 | 0 |
Retail | Automobile | Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | ||
Retail | Automobile | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | 0 | 0 |
Retail | Automobile | Term Extension and Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | |||
Retail | Education | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 16 | 0 | 17 | 0 |
Retail | Education | Interest Rate Reduction | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 2 | 3 | ||
Retail | Education | Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | 0 | 0 |
Retail | Education | Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 14 | 14 | ||
Retail | Education | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | 0 | 0 |
Retail | Education | Term Extension and Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | |||
Retail | Other retail | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 1 | 0 | 1 | 0 |
Retail | Other retail | Interest Rate Reduction | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 1 | 1 | ||
Retail | Other retail | Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | 0 | 0 |
Retail | Other retail | Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | 0 | 0 | ||
Retail | Other retail | Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | $ 0 | $ 0 | $ 0 | 0 |
Retail | Other retail | Term Extension and Payment Delay | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Amortized cost basis of modified loans that are in subsequent default | $ 0 |
MORTGAGE BANKING AND OTHER SE_3
MORTGAGE BANKING AND OTHER SERVICED LOANS - Residential Mortgage Loan Sales (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
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 | $ 1,807 | $ 2,513 | $ 3,295 | $ 4,088 |
Mortgage banking fees | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Gain on sales | 15 | 22 | 30 | 41 |
Contractually specified servicing, late and other ancillary fees | $ 77 | $ 76 | $ 156 | $ 154 |
MORTGAGE BANKING AND OTHER SE_4
MORTGAGE BANKING AND OTHER SERVICED LOANS - Narrative (Details) - USD ($) $ in Billions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Residential mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
MSR loans | $ 96.4 | $ 97.4 |
Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sensitivity analysis, basis spread | 10% | |
Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sensitivity analysis, basis spread | 20% |
MORTGAGE BANKING AND OTHER SE_5
MORTGAGE BANKING AND OTHER SERVICED LOANS - Changes Related to MSRs - Fair Value Method (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
MSRs | ||||
Fair value as of beginning of the period | $ 1,552 | |||
Fair value at end of the period | $ 1,568 | 1,568 | ||
Residential mortgages | ||||
MSRs | ||||
Fair value as of beginning of the period | 1,564 | $ 1,496 | 1,552 | $ 1,530 |
Amounts capitalized | 25 | 36 | 43 | 57 |
Changes in unpaid principal balance during the period | (43) | (41) | (89) | (82) |
Changes in fair value during the period | 22 | 33 | 62 | 19 |
Fair value at end of the period | $ 1,568 | $ 1,524 | $ 1,568 | $ 1,524 |
MORTGAGE BANKING AND OTHER SE_6
MORTGAGE BANKING AND OTHER SERVICED LOANS - Economic Assumptions Used to Estimate Value of MSRs (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value [Abstract] | ||
Fair value | $ 1,568 | $ 1,552 |
Weighted average life (years) | 8 years 9 months 18 days | 8 years 9 months 18 days |
Weighted average constant prepayment rate | 7.10% | 7.20% |
Weighted average option adjusted spread | 6.35% | 6.30% |
Minimum | ||
Servicing Assets at Fair Value [Line Items] | ||
Sensitivity analysis, basis spread | 10% | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value [Abstract] | ||
Decline in fair value from 10% adverse change | $ 37 | $ 37 |
Decline in fair value from 10% adverse change | $ 44 | 43 |
Maximum | ||
Servicing Assets at Fair Value [Line Items] | ||
Sensitivity analysis, basis spread | 20% | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value [Abstract] | ||
Decline in fair value from 20% adverse change | $ 71 | 71 |
Decline in fair value from 20% adverse change | $ 88 | $ 87 |
MORTGAGE BANKING AND OTHER SE_7
MORTGAGE BANKING AND OTHER SERVICED LOANS - Other Serviced Loans (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Education | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other serviced loans | $ 460 | $ 502 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other serviced loans | $ 97 | $ 94 |
VARIABLE INTEREST ENTITIES - Sc
VARIABLE INTEREST ENTITIES - Schedule of Consolidated Variable Interest Entities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
ASSETS: | |||
Cash and due from banks | [1] | $ 1,191 | $ 1,794 |
Interest-bearing deposits in banks | [1] | 559 | 405 |
Net loans and leases | [1] | 139,717 | 143,861 |
Other assets | [1] | 13,494 | 13,359 |
TOTAL ASSETS | 219,938 | 221,964 | |
LIABILITIES: | |||
Long-term borrowed funds | [1] | 13,082 | 13,467 |
Other liabilities | [1] | 5,086 | 4,746 |
TOTAL LIABILITIES | 196,069 | 197,622 | |
Variable Interest Entity, Primary Beneficiary | |||
ASSETS: | |||
Cash and due from banks | 0 | 13 | |
Interest-bearing deposits in banks | 209 | 106 | |
Net loans and leases | 5,034 | 3,194 | |
Other assets | 24 | 14 | |
TOTAL ASSETS | 5,267 | 3,327 | |
LIABILITIES: | |||
Long-term borrowed funds | 4,190 | 2,692 | |
Other liabilities | 11 | 8 | |
TOTAL LIABILITIES | $ 4,201 | $ 2,700 | |
[1]Includes amounts in consolidated VIEs. See Note 6 for additional information. |
VARIABLE INTEREST ENTITIES - _2
VARIABLE INTEREST ENTITIES - Schedule of Unconsolidated Variable Interest Entities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Variable Interest Entity | |||
Lending to special purpose entities included in loans and leases | [1] | $ 139,717 | $ 143,861 |
Investments included in other assets | [1] | 13,494 | 13,359 |
LIHTC unfunded commitments included in other liabilities | [1] | 5,086 | 4,746 |
Asset-backed investments included in HTM securities | [2] | 8,895 | 9,184 |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity | |||
Lending to special purpose entities included in loans and leases | 4,378 | 4,760 | |
LIHTC unfunded commitments included in other liabilities | 1,068 | 1,025 | |
Asset-backed investments included in HTM securities | 448 | 488 | |
Variable Interest Entity, Not Primary Beneficiary | Low Income Housing Tax Credit Partnerships | |||
Variable Interest Entity | |||
Investments included in other assets | 2,537 | 2,444 | |
Variable Interest Entity, Not Primary Beneficiary | Renewable Energy | |||
Variable Interest Entity | |||
Investments included in other assets | 283 | 314 | |
Variable Interest Entity, Not Primary Beneficiary | New Market Tax Credit Investments | |||
Variable Interest Entity | |||
Investments included in other assets | $ 3 | $ 3 | |
[1]Includes amounts in consolidated VIEs. See Note 6 for additional information.[2]Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
VARIABLE INTEREST ENTITIES - Na
VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments to extend credit | Variable Interest Entity, Not Primary Beneficiary | Special Purpose Entities | ||
Variable Interest Entity | ||
Commitment amount | $ 2,900 | $ 2,700 |
Renewable energy wind investments | Renewable Energy Entities | ||
Variable Interest Entity | ||
Commitment amount | $ 63 |
VARIABLE INTEREST ENTITIES - _3
VARIABLE INTEREST ENTITIES - Schedule of Affordable Housing Tax Credit Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Variable Interest Entity | ||||
Income tax expense | $ (88) | $ (134) | $ (184) | $ (287) |
Noninterest income | 553 | 506 | 1,070 | 991 |
Net income | 392 | 478 | 726 | 989 |
Variable Interest Entity, Not Primary Beneficiary | Net Income (Loss) Attributable To Parent, Net Benefit | ||||
Variable Interest Entity | ||||
Net income | 28 | 21 | 47 | 43 |
Variable Interest Entity, Not Primary Beneficiary | Net benefit (expense) included in income tax expense | ||||
Variable Interest Entity | ||||
Income tax expense | 29 | 22 | 50 | 46 |
Variable Interest Entity, Not Primary Beneficiary | Tax credits recognized | ||||
Variable Interest Entity | ||||
Income tax expense | 94 | 87 | 191 | 174 |
Variable Interest Entity, Not Primary Beneficiary | Other tax benefits recognized | ||||
Variable Interest Entity | ||||
Income tax expense | 24 | 20 | 47 | 38 |
Variable Interest Entity, Not Primary Beneficiary | Amortization | ||||
Variable Interest Entity | ||||
Income tax expense | (89) | (85) | (188) | (166) |
Variable Interest Entity, Not Primary Beneficiary | Net benefit (expense) included in noninterest income | ||||
Variable Interest Entity | ||||
Noninterest income | (1) | (1) | (3) | (3) |
Variable Interest Entity, Not Primary Beneficiary | Other income | ||||
Variable Interest Entity | ||||
Noninterest income | 2 | 2 | 3 | 3 |
Variable Interest Entity, Not Primary Beneficiary | Allocated income (loss) on investments | ||||
Variable Interest Entity | ||||
Noninterest income | $ (3) | $ (3) | $ (6) | $ (6) |
BORROWED FUNDS - Narrative (Det
BORROWED FUNDS - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Principal balance | $ 13,200 | $ 13,600 |
Unamortized deferred issuance costs and/or discounts | 77 | 74 |
Hedging basis adjustments | (17) | (17) |
Short-term borrowed funds | 2 | 505 |
Available borrowing capacity | 69,900 | |
Federal Home Loan Bank Advances and Letters of Credit | Secured Debt | ||
Debt Instrument [Line Items] | ||
Short-term borrowed funds | 5,000 | 9,200 |
Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | $ 19,800 | $ 15,900 |
BORROWED FUNDS - Long Term Debt
BORROWED FUNDS - Long Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
Long-term borrowed funds | [1] | $ 13,082 | $ 13,467 |
Parent Company | |||
Debt Instrument [Line Items] | |||
Long-term borrowed funds | $ 5,337 | ||
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 | $ 336 | 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] | |||
Interest rate | 2.638% | ||
Long-term borrowed funds | $ 566 | 563 | |
Parent Company | Subordinated Debt | 6.645% fixed/floating-rate senior unsecured notes, due April 2035 | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.645% | ||
Long-term borrowed funds | $ 745 | 0 | |
Parent Company | Subordinated Debt | 5.641% fixed-rate reset subordinated debt, due May 2037 | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.641% | ||
Long-term borrowed funds | $ 398 | 398 | |
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 | $ 499 | 499 | |
Parent Company | Senior Unsecured Notes | 5.841% fixed/floating-rate senior unsecured notes, due January 2030 | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.841% | ||
Long-term borrowed funds | $ 1,244 | 0 | |
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 | $ 747 | 746 | |
CBNA and Other Subsidiaries | |||
Debt Instrument [Line Items] | |||
Long-term borrowed funds | $ 7,745 | ||
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 | $ 749 | 749 | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 4.119% fixed/floating-rate senior unsecured notes, due May 2025(1) | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.119% | ||
Long-term borrowed funds | $ 0 | 649 | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 6.064% fixed/floating-rate senior unsecured notes, due October 2025 | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.064% | ||
Long-term borrowed funds | $ 600 | 599 | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 5.284% fixed/floating-rate senior unsecured notes, due January 2026 | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.284% | ||
Long-term borrowed funds | $ 350 | 349 | |
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 | $ 482 | 483 | |
CBNA and Other Subsidiaries | Senior Unsecured Notes | 4.575% fixed/floating-rate senior unsecured notes, due August 2028 | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.575% | ||
Long-term borrowed funds | $ 798 | 798 | |
CBNA and Other Subsidiaries | Federal Home Loan Bank advances | |||
Debt Instrument [Line Items] | |||
Weighted average rate | 5.314% | ||
Long-term borrowed funds | $ 553 | 3,786 | |
CBNA and Other Subsidiaries | Secured Debt | |||
Debt Instrument [Line Items] | |||
Securitized borrowings, weighted average interest rate | 5.667% | ||
Long-term borrowed funds | $ 4,190 | 2,692 | |
CBNA and Other Subsidiaries | Other | |||
Debt Instrument [Line Items] | |||
Long-term borrowed funds | $ 23 | $ 18 | |
[1]Includes amounts in consolidated VIEs. See Note 6 for additional information. |
BORROWED FUNDS - Maturities of
BORROWED FUNDS - Maturities of Long-term Borrowed Funds (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
2024 | $ 106 | ||
2025 | 2,380 | ||
2026 | 3,189 | ||
2027 | 9 | ||
2028 | 2,695 | ||
2029 and thereafter | 4,703 | ||
Total | [1] | 13,082 | $ 13,467 |
Parent Company | |||
Debt Instrument [Line Items] | |||
2024 | 106 | ||
2025 | 469 | ||
2026 | 499 | ||
2027 | 0 | ||
2028 | 0 | ||
2029 and thereafter | 4,263 | ||
Total | 5,337 | ||
CBNA and Other Subsidiaries | |||
Debt Instrument [Line Items] | |||
2024 | 0 | ||
2025 | 1,911 | ||
2026 | 2,690 | ||
2027 | 9 | ||
2028 | 2,695 | ||
2029 and thereafter | 440 | ||
Total | $ 7,745 | ||
[1]Includes amounts in consolidated VIEs. See Note 6 for additional information. |
DERIVATIVES - Schedule of Deriv
DERIVATIVES - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 300,242 | $ 309,553 |
Derivative Assets | ||
Derivative assets | 1,350 | 1,593 |
Less: Gross amounts offset in the Consolidated Balance Sheets | (396) | (471) |
Less: Cash collateral applied | (587) | (682) |
Total net derivatives presented in the Consolidated Balance Sheets | 367 | 440 |
Derivative Liabilities | ||
Derivative liabilities | 2,059 | 2,183 |
Less: Gross amounts offset in the Consolidated Balance Sheets | (396) | (471) |
Less: Cash collateral applied | (116) | (150) |
Total net derivatives presented in the Consolidated Balance Sheets | 1,547 | 1,562 |
Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 223,511 | 222,658 |
Derivative Assets | ||
Derivative assets | 1,099 | 1,420 |
Derivative Liabilities | ||
Derivative liabilities | 1,992 | 2,139 |
Interest rate contracts | ||
Derivative Assets | ||
Derivative assets | 479 | 464 |
Derivative Liabilities | ||
Derivative liabilities | 1,298 | 1,149 |
Interest rate contracts | Derivatives designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 76,731 | 86,895 |
Derivative Assets | ||
Derivative assets | 251 | 173 |
Derivative Liabilities | ||
Derivative liabilities | 67 | 44 |
Interest rate contracts | Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 188,971 | 185,993 |
Derivative Assets | ||
Derivative assets | 228 | 291 |
Derivative Liabilities | ||
Derivative liabilities | 1,231 | 1,105 |
Foreign exchange contracts | ||
Derivative Assets | ||
Derivative assets | 345 | 434 |
Derivative Liabilities | ||
Derivative liabilities | 285 | 378 |
Foreign exchange contracts | Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 29,770 | 32,528 |
Derivative Assets | ||
Derivative assets | 345 | 434 |
Derivative Liabilities | ||
Derivative liabilities | 285 | 378 |
Commodities contracts | ||
Derivative Assets | ||
Derivative assets | 516 | 685 |
Derivative Liabilities | ||
Derivative liabilities | 467 | 640 |
Commodities contracts | Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,157 | 1,251 |
Derivative Assets | ||
Derivative assets | 516 | 685 |
Derivative Liabilities | ||
Derivative liabilities | 467 | 640 |
TBA contracts | ||
Derivative Assets | ||
Derivative assets | 3 | 3 |
Derivative Liabilities | ||
Derivative liabilities | 8 | 16 |
TBA contracts | Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,722 | 2,337 |
Derivative Assets | ||
Derivative assets | 3 | 3 |
Derivative Liabilities | ||
Derivative liabilities | 8 | 16 |
Other contracts | ||
Derivative Assets | ||
Derivative assets | 7 | 7 |
Derivative Liabilities | ||
Derivative liabilities | 1 | 0 |
Other contracts | Derivatives not designated as hedging instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 891 | 549 |
Derivative Assets | ||
Derivative assets | 7 | 7 |
Derivative Liabilities | ||
Derivative liabilities | $ 1 | $ 0 |
DERIVATIVES - Schedule of Fair
DERIVATIVES - Schedule of Fair Value Hedges (Details) - Interest rate swap - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest And Dividend Income, Investment Securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged items | $ (39) | $ (12) | $ (174) | $ (12) |
Derivatives | 40 | 12 | 179 | 12 |
Amounts related to interest settlements on derivatives | 28 | 1 | 53 | 1 |
Total net interest income recognized on fair value hedges | 29 | 1 | 58 | 1 |
Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged items | (3) | 7 | 0 | (1) |
Derivatives | 3 | (7) | 0 | 1 |
Amounts related to interest settlements on derivatives | (3) | (3) | (7) | (8) |
Total net interest income recognized on fair value hedges | $ (3) | $ (3) | $ (7) | $ (8) |
DERIVATIVES - Narrative (Detail
DERIVATIVES - Narrative (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Derivative [Line Items] | |
Net loss (pre-tax) on derivatives expected to be reclassified in next 12 months | $ 984 |
Terminated Swap | |
Derivative [Line Items] | |
Net loss (pre-tax) on derivatives expected to be reclassified in next 12 months | $ 448 |
DERIVATIVES - Amounts Recorded
DERIVATIVES - Amounts Recorded in Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items | $ (17) | $ (17) |
Closed Portfolios | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | 4,800 | 4,000 |
Amortized cost | 6,700 | 5,900 |
Cumulative basis adjustment | (88) | 39 |
Total debt securities available for sale, at fair value | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | 9,662 | 7,253 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged assets | (113) | 60 |
Long-term borrowed funds | ||
Derivative [Line Items] | ||
Carrying amount of hedged liabilities | 482 | 483 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items | $ (17) | $ (17) |
DERIVATIVES - Effect of Derivat
DERIVATIVES - Effect of Derivative Instruments on Net Income and Stockholders' Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of pre-tax net gains (losses) recognized in OCI | $ (177) | $ (680) | $ (727) | $ (447) |
Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of pretax net gains (losses) from OCI into income statement | (232) | (137) | (435) | (264) |
Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of pretax net gains (losses) from OCI into income statement | $ 0 | $ 1 | $ 0 | $ 1 |
DERIVATIVES - Effect of Custome
DERIVATIVES - Effect of Customer Derivatives and Economic Hedges on Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts recognized in noninterest income | $ 12 | $ (13) | $ 22 | $ 14 |
Economic hedges | Customer interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts recognized in noninterest income | (189) | (614) | (683) | (580) |
Economic hedges | Derivatives hedging interest rate risk | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts recognized in noninterest income | 197 | 627 | 700 | 608 |
Economic hedges | Customer foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts recognized in noninterest income | (23) | 9 | (133) | 5 |
Economic hedges | Derivatives hedging foreign exchange risk | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts recognized in noninterest income | 37 | (18) | 182 | (20) |
Economic hedges | Customer commodity contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts recognized in noninterest income | 32 | (94) | 67 | (569) |
Economic hedges | Derivatives hedging commodity price risk | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts recognized in noninterest income | (25) | 102 | (57) | 588 |
Economic hedges | Residential loan commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts recognized in noninterest income | (5) | (20) | (7) | (18) |
Economic hedges | 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 | 6 | 26 | 9 | 15 |
Economic hedges | Derivative contracts used to hedge residential MSRs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts recognized in noninterest income | $ (18) | $ (31) | $ (56) | $ (15) |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ 23,761 | $ 24,201 | $ 24,342 | $ 23,690 |
Other comprehensive income (loss) before reclassifications | (158) | (744) | (732) | (244) |
Amounts reclassified to the Consolidated Statements of Operations | 187 | 124 | 355 | 241 |
Total other comprehensive income (loss), net of income taxes | 29 | (620) | (377) | (3) |
Ending balance | 23,869 | 23,585 | 23,869 | 23,585 |
Total AOCI | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (4,164) | (3,943) | (3,758) | (4,560) |
Total other comprehensive income (loss), net of income taxes | 29 | (620) | (377) | (3) |
Ending balance | (4,135) | (4,563) | (4,135) | (4,563) |
Net Unrealized Gains (Losses) on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (1,343) | (1,149) | (1,087) | (1,416) |
Other comprehensive income (loss) before reclassifications | (129) | (505) | (534) | (332) |
Amounts reclassified to the Consolidated Statements of Operations | 170 | 101 | 319 | 195 |
Total other comprehensive income (loss), net of income taxes | 41 | (404) | (215) | (137) |
Ending balance | (1,302) | (1,553) | (1,302) | (1,553) |
Net Unrealized Gains (Losses) on Debt Securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (2,497) | (2,424) | (2,338) | (2,771) |
Other comprehensive income (loss) before reclassifications | (29) | (239) | (202) | 88 |
Amounts reclassified to the Consolidated Statements of Operations | 15 | 20 | 29 | 40 |
Total other comprehensive income (loss), net of income taxes | (14) | (219) | (173) | 128 |
Ending balance | (2,511) | (2,643) | (2,511) | (2,643) |
Employee Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (324) | (370) | (333) | (373) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 4 | 0 |
Amounts reclassified to the Consolidated Statements of Operations | 2 | 3 | 7 | 6 |
Total other comprehensive income (loss), net of income taxes | 2 | 3 | 11 | 6 |
Ending balance | $ (322) | $ (367) | $ (322) | $ (367) |
STOCKHOLDERS' EQUITY - Authoriz
STOCKHOLDERS' EQUITY - Authorized Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | May 23, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | |||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 | |
Preferred stock, authorized (in shares) | 100,000,000 | 100,000,000 | |
Preferred stock: | |||
Preferred stock, issued (in shares) | 2,150,000 | 2,050,000 | |
Preferred stock, value, issued | $ 2,112 | $ 2,014 | |
Series B | |||
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, 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, liquidation preference per share (in dollars per share) | $ 1,000 | ||
Preferred stock, issued (in shares) | 0 | 300,000 | |
Preferred stock, value, issued | $ 0 | $ 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, 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, 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, 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 H | |||
Class of Stock [Line Items] | |||
Preferred stock, par value (in dollars per share) | $ 25 | ||
Preferred stock: | |||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | $ 1,000 | |
Preferred stock, issued (in shares) | 400,000 | 400,000 | 0 |
Preferred stock, value, issued | $ 391 | $ 400 | $ 0 |
Depositary shares issued (in shares) | 16,000,000 | ||
Depository share interest percentage | 2.50% |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |||
May 23, 2024 | May 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | ||||
Preferred stock, value, issued | $ 2,112 | $ 2,014 | ||
Preferred stock, issued (in shares) | 2,150,000 | 2,050,000 | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 | ||
Series H | ||||
Class of Stock [Line Items] | ||||
Preferred stock, value, issued | $ 400 | $ 391 | $ 0 | |
Preferred stock, issued (in shares) | 400,000 | 400,000 | 0 | |
Preferred stock, dividend rate | 9.205% | |||
Preferred stock, par value (in dollars per share) | $ 25 | |||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | $ 1,000 | ||
Proceeds from issuance of stock | $ 391 | |||
Redemption option regulatory capital treatment event window | 90 days | |||
Series D | ||||
Class of Stock [Line Items] | ||||
Preferred stock, value, issued | $ 0 | $ 293 | ||
Preferred stock, issued (in shares) | 0 | 300,000 | ||
Preferred stock, dividend rate | 7.375% | |||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 |
STOCKHOLDERS' EQUITY - Dividend
STOCKHOLDERS' EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Class of Stock [Line Items] | ||||
Dividends declared per share of common stock (in usd per share) | $ 0.42 | $ 0.42 | $ 0.84 | $ 0.84 |
Common stock dividends declared and paid | $ 194 | $ 205 | $ 391 | $ 410 |
Preferred stock | ||||
Preferred stock dividends declared and paid | $ 35 | $ 34 | $ 65 | $ 57 |
Series B | ||||
Preferred stock | ||||
Dividends declared per share of preferred stock (in usd per share) | $ 21.66 | $ 30 | $ 43.38 | $ 30 |
Series C | ||||
Preferred stock | ||||
Dividends declared per share of preferred stock (in usd per share) | 22.53 | 15.94 | 38.47 | 31.88 |
Series D | ||||
Preferred stock | ||||
Dividends declared per share of preferred stock (in usd per share) | 23.78 | 15.87 | 39.66 | 31.75 |
Series E | ||||
Preferred stock | ||||
Dividends declared per share of preferred stock (in usd per share) | 12.50 | 12.50 | 25 | 25 |
Series F | ||||
Preferred stock | ||||
Dividends declared per share of preferred stock (in usd per share) | 14.12 | 14.12 | 28.25 | 28.25 |
Series G | ||||
Preferred stock | ||||
Dividends declared per share of preferred stock (in usd per share) | $ 10 | $ 10 | $ 20 | $ 20 |
Dividends Declared | ||||
Class of Stock [Line Items] | ||||
Common stock dividends declared and paid | $ 194 | $ 205 | $ 391 | $ 410 |
Preferred stock | ||||
Preferred stock dividends declared and paid | 35 | 34 | 65 | 57 |
Dividends Declared | Series B | ||||
Preferred stock | ||||
Preferred stock dividends declared and paid | 6 | 9 | 13 | 9 |
Dividends Declared | Series C | ||||
Preferred stock | ||||
Preferred stock dividends declared and paid | 7 | 5 | 12 | 10 |
Dividends Declared | Series D | ||||
Preferred stock | ||||
Preferred stock dividends declared and paid | 7 | 5 | 12 | 10 |
Dividends Declared | Series E | ||||
Preferred stock | ||||
Preferred stock dividends declared and paid | 6 | 6 | 11 | 11 |
Dividends Declared | Series F | ||||
Preferred stock | ||||
Preferred stock dividends declared and paid | 6 | 6 | 11 | 11 |
Dividends Declared | Series G | ||||
Preferred stock | ||||
Preferred stock dividends declared and paid | 3 | 3 | 6 | 6 |
Dividends Paid | ||||
Class of Stock [Line Items] | ||||
Common stock dividends declared and paid | 194 | 205 | 391 | 410 |
Preferred stock | ||||
Preferred stock dividends declared and paid | 30 | 24 | 61 | 57 |
Dividends Paid | Series B | ||||
Preferred stock | ||||
Preferred stock dividends declared and paid | 6 | 0 | 13 | 9 |
Dividends Paid | Series C | ||||
Preferred stock | ||||
Preferred stock dividends declared and paid | 5 | 5 | 10 | 10 |
Dividends Paid | Series D | ||||
Preferred stock | ||||
Preferred stock dividends declared and paid | 5 | 5 | 10 | 10 |
Dividends Paid | Series E | ||||
Preferred stock | ||||
Preferred stock dividends declared and paid | 6 | 6 | 11 | 11 |
Dividends Paid | Series F | ||||
Preferred stock | ||||
Preferred stock dividends declared and paid | 5 | 5 | 11 | 11 |
Dividends Paid | Series G | ||||
Preferred stock | ||||
Preferred stock dividends declared and paid | $ 3 | $ 3 | $ 6 | $ 6 |
STOCKHOLDERS' EQUITY - Treasury
STOCKHOLDERS' EQUITY - Treasury Stock Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Equity [Abstract] | ||||
Treasury stock purchased | $ 200 | $ 256 | $ 500 | $ 656 |
Treasury stock purchased (in shares) | 15,000,188 | 19,736,783 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Schedule of Outstanding Off-balance sheet Arrangements (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Other Commitments [Line Items] | ||
Commitment amount | $ 96,600 | $ 96,295 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitment amount | 94,526 | 94,201 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Commitment amount | 1,957 | 1,977 |
Loans sold with recourse | ||
Other Commitments [Line Items] | ||
Commitment amount | 99 | 96 |
Marketing rights | ||
Other Commitments [Line Items] | ||
Commitment amount | 17 | 18 |
Risk participation agreements | ||
Other Commitments [Line Items] | ||
Commitment amount | $ 1 | $ 3 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Narrative (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | 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 | 9 years | |
Marketing rights | ||
Marketing Rights [Abstract] | ||
Commitment period | 25 years | |
Financial standby letters of credit | ||
Letters of Credit [Abstract] | ||
Letters of credit outstanding, term | 2 years | |
Commercial letters of credit | ||
Letters of Credit [Abstract] | ||
Letters of credit outstanding, term | 1 year |
FAIR VALUE MEASUREMENTS - Resid
FAIR VALUE MEASUREMENTS - Residential Mortgage and Commercial Real Estate Loans Held For Sale (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | $ 591 | $ 676 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | 591 | 676 |
Level 2 | Residential mortgage loans held for sale, at fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | 519 | 614 |
Aggregate Unpaid Principal | 507 | 593 |
Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal | 12 | 21 |
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 | 72 | 62 |
Aggregate Unpaid Principal | 78 | 69 |
Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal | $ (6) | $ (7) |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Assets | |||
Fair Value | [1] | $ 31,938 | $ 29,777 |
Loans held for sale, at fair value | 591 | 676 | |
Mortgage servicing rights | 1,568 | 1,552 | |
Derivative assets | 1,350 | 1,593 | |
Equity securities, at fair value | 135 | 115 | |
Short-term investments | 61 | ||
Total assets | 35,643 | 33,713 | |
Liabilities | |||
Total derivative liabilities | 2,059 | 2,183 | |
Short-term borrowed funds | 2 | ||
Total liabilities | 2,061 | 2,183 | |
Equity securities excluded from investments | 192 | 173 | |
Interest rate contracts | |||
Assets | |||
Derivative assets | 479 | 464 | |
Liabilities | |||
Total derivative liabilities | 1,298 | 1,149 | |
Foreign exchange contracts | |||
Assets | |||
Derivative assets | 345 | 434 | |
Liabilities | |||
Total derivative liabilities | 285 | 378 | |
Commodities contracts | |||
Assets | |||
Derivative assets | 516 | 685 | |
Liabilities | |||
Total derivative liabilities | 467 | 640 | |
TBA contracts | |||
Assets | |||
Derivative assets | 3 | 3 | |
Liabilities | |||
Total derivative liabilities | 8 | 16 | |
Other contracts | |||
Assets | |||
Derivative assets | 7 | 7 | |
Liabilities | |||
Total derivative liabilities | 1 | 0 | |
Level 1 | |||
Assets | |||
Fair Value | 5,012 | 4,380 | |
Loans held for sale, at fair value | 0 | 0 | |
Derivative assets | 0 | 0 | |
Equity securities, at fair value | 135 | 115 | |
Short-term investments | 30 | ||
Total assets | 5,177 | 4,495 | |
Liabilities | |||
Total derivative liabilities | 0 | 0 | |
Short-term borrowed funds | 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 | |||
Fair Value | 26,926 | 25,397 | |
Loans held for sale, at fair value | 591 | 676 | |
Derivative assets | 1,343 | 1,586 | |
Equity securities, at fair value | 0 | 0 | |
Short-term investments | 31 | ||
Total assets | 28,891 | 27,659 | |
Liabilities | |||
Total derivative liabilities | 2,058 | 2,183 | |
Short-term borrowed funds | 2 | ||
Total liabilities | 2,060 | 2,183 | |
Level 2 | Interest rate contracts | |||
Assets | |||
Derivative assets | 479 | 464 | |
Liabilities | |||
Total derivative liabilities | 1,298 | 1,149 | |
Level 2 | Foreign exchange contracts | |||
Assets | |||
Derivative assets | 345 | 434 | |
Liabilities | |||
Total derivative liabilities | 285 | 378 | |
Level 2 | Commodities contracts | |||
Assets | |||
Derivative assets | 516 | 685 | |
Liabilities | |||
Total derivative liabilities | 467 | 640 | |
Level 2 | TBA contracts | |||
Assets | |||
Derivative assets | 3 | 3 | |
Liabilities | |||
Total derivative liabilities | 8 | 16 | |
Level 2 | Other contracts | |||
Assets | |||
Derivative assets | 0 | 0 | |
Liabilities | |||
Total derivative liabilities | 0 | 0 | |
Level 3 | |||
Assets | |||
Fair Value | 0 | 0 | |
Loans held for sale, at fair value | 0 | 0 | |
Derivative assets | 7 | 7 | |
Equity securities, at fair value | 0 | 0 | |
Short-term investments | 0 | ||
Total assets | 1,575 | 1,559 | |
Liabilities | |||
Total derivative liabilities | 1 | 0 | |
Short-term borrowed funds | 0 | ||
Total liabilities | 1 | 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 | 7 | 7 | |
Liabilities | |||
Total derivative liabilities | 1 | 0 | |
Fair Value Measured at Net Asset Value Per Share | |||
Liabilities | |||
Equity securities excluded from investments | 57 | 58 | |
Unfunded capital commitments | 24 | 28 | |
Mortgage-backed securities | |||
Assets | |||
Fair Value | 26,631 | 24,732 | |
Mortgage-backed securities | Level 1 | |||
Assets | |||
Fair Value | 0 | 0 | |
Mortgage-backed securities | Level 2 | |||
Assets | |||
Fair Value | 26,631 | 24,732 | |
Mortgage-backed securities | Level 3 | |||
Assets | |||
Fair Value | 0 | 0 | |
Collateralized loan obligations | |||
Assets | |||
Fair Value | 294 | 664 | |
Collateralized loan obligations | Level 1 | |||
Assets | |||
Fair Value | 0 | 0 | |
Collateralized loan obligations | Level 2 | |||
Assets | |||
Fair Value | 294 | 664 | |
Collateralized loan obligations | Level 3 | |||
Assets | |||
Fair Value | 0 | 0 | |
State and political subdivisions | |||
Assets | |||
Fair Value | 1 | 1 | |
State and political subdivisions | Level 1 | |||
Assets | |||
Fair Value | 0 | 0 | |
State and political subdivisions | Level 2 | |||
Assets | |||
Fair Value | 1 | 1 | |
State and political subdivisions | Level 3 | |||
Assets | |||
Fair Value | 0 | 0 | |
U.S. Treasury and other | |||
Assets | |||
Fair Value | 5,012 | 4,380 | |
U.S. Treasury and other | Level 1 | |||
Assets | |||
Fair Value | 5,012 | 4,380 | |
U.S. Treasury and other | Level 2 | |||
Assets | |||
Fair Value | 0 | 0 | |
U.S. Treasury and other | Level 3 | |||
Assets | |||
Fair Value | 0 | 0 | |
Residential loans held for sale | |||
Assets | |||
Loans held for sale, at fair value | 519 | 614 | |
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 | 519 | 614 | |
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 | 72 | 62 | |
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 | 72 | 62 | |
Commercial loans held for sale | Level 3 | |||
Assets | |||
Loans held for sale, at fair value | 0 | 0 | |
Mortgage servicing rights | |||
Assets | |||
Mortgage servicing rights | 1,568 | 1,552 | |
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 | $ 1,568 | $ 1,552 | |
[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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Mortgage Servicing Rights | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 1,564 | $ 1,496 | $ 1,552 | $ 1,530 |
Issuances | 25 | 36 | 43 | 57 |
Settlements | (43) | (41) | (89) | (82) |
Change in fair value during the period recognized in earnings | 22 | 33 | 62 | 19 |
Ending balance | 1,568 | 1,524 | 1,568 | 1,524 |
Other Derivative Contracts | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 8 | 13 | 7 | 1 |
Issuances | 16 | 20 | 29 | 35 |
Settlements | (13) | (7) | (23) | (12) |
Change in fair value during the period recognized in earnings | (5) | (20) | (7) | (18) |
Ending balance | $ 6 | $ 6 | $ 6 | $ 6 |
FAIR VALUE MEASUREMENTS - Unobs
FAIR VALUE MEASUREMENTS - Unobservable Inputs Used and Valuation Techniques (Details) - Level 3 | Jun. 30, 2024 | Dec. 31, 2023 |
Minimum | Discounted Cash Flow | Constant prepayment rate | Mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.0553 | |
Minimum | Discounted Cash Flow | Constant prepayment rate | Residential mortgages | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.0670 | |
Minimum | Discounted Cash Flow | Option adjusted spread | Mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 3.98 | 3.98 |
Minimum | Internal Model | Pull through rate | Other derivative contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other derivative contracts, measurement input | 0.2675 | 0.2490 |
Minimum | Internal Model | MSR value | Other derivative contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other derivative contracts, measurement input | 0.0661 | (0.0890) |
Maximum | Discounted Cash Flow | Constant prepayment rate | Mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.1724 | |
Maximum | Discounted Cash Flow | Constant prepayment rate | Residential mortgages | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.1455 | |
Maximum | Discounted Cash Flow | Option adjusted spread | Mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 10.58 | 10.58 |
Maximum | Internal Model | Pull through rate | Other derivative contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other derivative contracts, measurement input | 0.9970 | 0.9970 |
Maximum | Internal Model | MSR value | Other derivative contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other derivative contracts, measurement input | 1.5554 | 1.4124 |
Weighted Average | Discounted Cash Flow | Constant prepayment rate | Mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.0705 | |
Weighted Average | Discounted Cash Flow | Constant prepayment rate | Residential mortgages | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.0723 | |
Weighted Average | Discounted Cash Flow | Option adjusted spread | Mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 6.35 | 6.30 |
Weighted Average | Internal Model | Pull through rate | Other derivative contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other derivative contracts, measurement input | 0.8080 | 0.8034 |
Weighted Average | Internal Model | MSR value | Other derivative contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other derivative contracts, measurement input | 1.0392 | 0.8804 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
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 | $ (64) | $ (64) | $ (120) | $ (68) |
FAIR VALUE MEASUREMENTS - Sch_4
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements on a Nonrecurring Basis (Details) - Nonrecurring measurement basis - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | $ 934 | $ 789 |
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 | 934 | 789 |
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 | Jun. 30, 2024 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Asset-backed investments included in HTM securities | [1] | $ 8,895 | $ 9,184 |
Fair Value | 7,924 | 8,350 | |
Other loans held for sale, carrying value | 92 | 103 | |
Other loans held for sale, fair value | 92 | 103 | |
Loans pledged as collateral for FHLB borrowed funds | [2] | 139,717 | 143,861 |
Loans and leases, fair value | 137,363 | 140,504 | |
Other assets, carrying value | 731 | 869 | |
Other assets, fair value | 731 | 869 | |
Deposits, carrying value | 176,352 | 177,342 | |
Deposits, fair value | 176,102 | 177,096 | |
Short-term borrowed funds, carrying value | 2 | 505 | |
Short-term borrowed funds, fair value | 2 | 505 | |
Long-term borrowed funds, carrying value | [2] | 13,082 | 13,467 |
Long-term borrowed funds, fair value | 12,719 | 13,012 | |
Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Asset-backed investments included in HTM securities | 0 | 0 | |
Fair Value | 0 | 0 | |
Other loans held for sale, carrying value | 0 | 0 | |
Other loans held for sale, fair value | 0 | 0 | |
Loans pledged as collateral for FHLB borrowed funds | 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] | |||
Asset-backed investments included in HTM securities | 8,447 | 8,696 | |
Fair Value | 7,490 | 7,887 | |
Other loans held for sale, carrying value | 0 | 0 | |
Other loans held for sale, fair value | 0 | 0 | |
Loans pledged as collateral for FHLB borrowed funds | 934 | 789 | |
Loans and leases, fair value | 934 | 789 | |
Other assets, carrying value | 709 | 851 | |
Other assets, fair value | 709 | 851 | |
Deposits, carrying value | 176,352 | 177,342 | |
Deposits, fair value | 176,102 | 177,096 | |
Short-term borrowed funds, carrying value | 2 | 505 | |
Short-term borrowed funds, fair value | 2 | 505 | |
Long-term borrowed funds, carrying value | 13,082 | 13,467 | |
Long-term borrowed funds, fair value | 12,719 | 13,012 | |
Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Asset-backed investments included in HTM securities | 448 | 488 | |
Fair Value | 434 | 463 | |
Other loans held for sale, carrying value | 92 | 103 | |
Other loans held for sale, fair value | 92 | 103 | |
Loans pledged as collateral for FHLB borrowed funds | 138,783 | 143,072 | |
Loans and leases, fair value | 136,429 | 139,715 | |
Other assets, carrying value | 22 | 18 | |
Other assets, fair value | 22 | 18 | |
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.[2]Includes amounts in consolidated VIEs. See Note 6 for additional information. |
NONINTEREST INCOME - Components
NONINTEREST INCOME - Components of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 402 | $ 323 | $ 769 | $ 632 |
Total revenue from other sources | 151 | 183 | 301 | 359 |
Total noninterest income | 553 | 506 | 1,070 | 991 |
Bank-owned life insurance income | 30 | 23 | 54 | 46 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5 | 0 | 8 | 0 |
Total revenue from other sources | 29 | 31 | 58 | 59 |
Total noninterest income | 34 | 31 | 66 | 59 |
Consumer Banking | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 224 | 198 | 422 | 388 |
Total revenue from other sources | 53 | 70 | 113 | 136 |
Total noninterest income | 277 | 268 | 535 | 524 |
Commercial Banking | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 173 | 125 | 339 | 244 |
Total revenue from other sources | 69 | 82 | 130 | 164 |
Total noninterest income | 242 | 207 | 469 | 408 |
Non-Core | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Total revenue from other sources | 0 | 0 | 0 | 0 |
Total noninterest income | 0 | 0 | 0 | 0 |
Service charges and fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 105 | 101 | 201 | 200 |
Service charges and fees | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Service charges and fees | Consumer Banking | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 75 | 66 | 138 | 133 |
Service charges and fees | Commercial Banking | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 30 | 35 | 63 | 67 |
Service charges and fees | Non-Core | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Card fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 91 | 78 | 175 | 149 |
Card fees | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 0 | 7 | 0 |
Card fees | Consumer Banking | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 74 | 67 | 140 | 126 |
Card fees | Commercial Banking | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 13 | 11 | 28 | 23 |
Card fees | Non-Core | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Capital markets fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 126 | 76 | 242 | 147 |
Capital markets fees | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Capital markets fees | Consumer Banking | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Capital markets fees | Commercial Banking | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 126 | 76 | 242 | 147 |
Capital markets fees | Non-Core | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Wealth fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 75 | 65 | 143 | 128 |
Wealth fees | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Wealth fees | Consumer Banking | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 75 | 65 | 143 | 128 |
Wealth fees | Commercial Banking | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Wealth fees | Non-Core | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Other banking fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5 | 3 | 8 | 8 |
Other banking fees | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1 | 0 | 1 | 0 |
Other banking fees | Consumer Banking | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 1 | 1 |
Other banking fees | Commercial Banking | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 3 | 6 | 7 |
Other banking fees | Non-Core | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 0 | $ 0 | $ 0 | $ 0 |
NONINTEREST INCOME - Narrative
NONINTEREST INCOME - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Wealth fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Trailing commission income | $ 3 | $ 3 | $ 7 | $ 7 |
OTHER OPERATING EXPENSE (Detail
OTHER OPERATING EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | ||||
Marketing | $ 49 | $ 56 | $ 84 | $ 94 |
Deposit insurance | 46 | 43 | 122 | 79 |
Other | 93 | 98 | 185 | 193 |
Other operating expense | $ 188 | $ 197 | $ 391 | $ 366 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator (basic and diluted): | ||||
Net income | $ 392 | $ 478 | $ 726 | $ 989 |
Less: Preferred stock dividends | 35 | 34 | 65 | 57 |
Net income available to common stockholders | $ 357 | $ 444 | $ 661 | $ 932 |
Denominator: | ||||
Weighted-average common shares outstanding - basic (in shares) | 454,142,489 | 479,470,543 | 457,750,585 | 482,440,926 |
Dilutive common shares: share-based awards (in shares) | 2,418,533 | 1,504,738 | 2,258,961 | 1,811,177 |
Weighted-average common shares outstanding - diluted (in shares) | 456,561,022 | 480,975,281 | 460,009,546 | 484,252,103 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.79 | $ 0.93 | $ 1.44 | $ 1.93 |
Diluted (in dollars per share) | $ 0.78 | $ 0.92 | $ 1.44 | $ 1.92 |
Share-based awards excluded from diluted earnings per share computation (in shares) | 1,206,158 | 3,249,834 | 1,318,088 | 2,305,895 |
BUSINESS OPERATING SEGMENTS - N
BUSINESS OPERATING SEGMENTS - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 segment | |
Segment Reporting [Abstract] | |
Number of segments | 3 |
BUSINESS OPERATING SEGMENTS - A
BUSINESS OPERATING SEGMENTS - Assets by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 1,410 | $ 1,588 | $ 2,852 | $ 3,231 |
Noninterest income | 553 | 506 | 1,070 | 991 |
Total revenue | 1,963 | 2,094 | 3,922 | 4,222 |
Noninterest expense | 1,301 | 1,306 | 2,659 | 2,602 |
Profit (loss) before provision (benefit) for credit losses | 662 | 788 | 1,263 | 1,620 |
Provision (benefit) for credit losses | 182 | 176 | 353 | 344 |
Income before income tax expense | 480 | 612 | 910 | 1,276 |
Income tax expense (benefit) | 88 | 134 | 184 | 287 |
NET INCOME | 392 | 478 | 726 | 989 |
Total average assets | 219,222 | 222,373 | 219,996 | 222,541 |
Operating Segments | Consumer Banking | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 1,120 | 1,023 | 2,213 | 2,034 |
Noninterest income | 277 | 268 | 535 | 524 |
Total revenue | 1,397 | 1,291 | 2,748 | 2,558 |
Noninterest expense | 915 | 875 | 1,818 | 1,732 |
Profit (loss) before provision (benefit) for credit losses | 482 | 416 | 930 | 826 |
Provision (benefit) for credit losses | 84 | 68 | 165 | 131 |
Income before income tax expense | 398 | 348 | 765 | 695 |
Income tax expense (benefit) | 102 | 91 | 197 | 181 |
NET INCOME | 296 | 257 | 568 | 514 |
Total average assets | 74,295 | 72,583 | 74,064 | 72,230 |
Operating Segments | Commercial Banking | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 494 | 584 | 1,008 | 1,181 |
Noninterest income | 242 | 207 | 469 | 408 |
Total revenue | 736 | 791 | 1,477 | 1,589 |
Noninterest expense | 311 | 315 | 628 | 646 |
Profit (loss) before provision (benefit) for credit losses | 425 | 476 | 849 | 943 |
Provision (benefit) for credit losses | 90 | 71 | 171 | 118 |
Income before income tax expense | 335 | 405 | 678 | 825 |
Income tax expense (benefit) | 76 | 100 | 160 | 201 |
NET INCOME | 259 | 305 | 518 | 624 |
Total average assets | 68,958 | 77,546 | 69,529 | 78,215 |
Operating Segments | Non-Core | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | (31) | (28) | (68) | (43) |
Noninterest income | 0 | 0 | 0 | 0 |
Total revenue | (31) | (28) | (68) | (43) |
Noninterest expense | 26 | 33 | 51 | 65 |
Profit (loss) before provision (benefit) for credit losses | (57) | (61) | (119) | (108) |
Provision (benefit) for credit losses | 10 | 13 | 29 | 34 |
Income before income tax expense | (67) | (74) | (148) | (142) |
Income tax expense (benefit) | (17) | (19) | (38) | (37) |
NET INCOME | (50) | (55) | (110) | (105) |
Total average assets | 9,418 | 14,456 | 9,986 | 15,068 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | (173) | 9 | (301) | 59 |
Noninterest income | 34 | 31 | 66 | 59 |
Total revenue | (139) | 40 | (235) | 118 |
Noninterest expense | 49 | 83 | 162 | 159 |
Profit (loss) before provision (benefit) for credit losses | (188) | (43) | (397) | (41) |
Provision (benefit) for credit losses | (2) | 24 | (12) | 61 |
Income before income tax expense | (186) | (67) | (385) | (102) |
Income tax expense (benefit) | (73) | (38) | (135) | (58) |
NET INCOME | (113) | (29) | (250) | (44) |
Total average assets | $ 66,551 | $ 57,788 | $ 66,417 | $ 57,028 |