Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Information Related to Operating Lease

The following table reflects information relating to our operating leases:

	December 31, 2020
	(Dollars in millions)
Operating Leases (1)
Weighted-average remaining lease term (years)	3.64
Weighted-average discount rate	1.85		%
Right-of-use asset (2)	$	23
Lease liability (3)	$	23

(1)Lease expense on operating leases includes a de-minimis amount of short-term lease expense and variable lease expense.

(2)Recorded in premises and equipment on the Consolidated Statements of Financial Condition.

(3)Recorded in other liabilities on the Consolidated Statements of Financial Condition.

Schedule of Minimum Contractual Lease Obligations

The following table presents our undiscounted cash flows on our operating lease liabilities as of December 31, 2020

and our minimum contractual obligations on our operating leases as of December 31, 2019:

	December 31, 2020		December 31, 2019
	(Dollars in millions)
Within one year	$	9	$	9
After one year and within two years	8		7
After two years and within three years	5		5
After three years and within four years	3		3
After four years and within five years	2		1
After five years	1		2
Total (1)	$	28	$	27

(1)The difference between the total undiscounted cash payments on operating leases and the lease liability is solely the effect of discounting.

Disaggregation of Revenue

The disaggregation of our revenue from contracts with customers is provided below:

		For the Years Ended December 31,
	Location of Revenue (1)	2020		2019
		(Dollars in millions)
Deposit account and other banking income	Deposit fees and charges	$	21	$	27
Debit card interchange fees	Deposit fees and charges	11		11
Credit card interchange fees	Other noninterest income	1		2
Wealth management	Other noninterest income	8		6
Total		$	41	$	46

(1)Recognized within the Community Banking segment.

Schedule of Adoption of New Accounting Standards and Accounting Standards Issued But Not Yet Adopted

The following table illustrates the impact of adopting ASC 326:

	January 1, 2020
	Pre-ASC 326 Adoption		Impact of ASC 326 Adoption		As Reported Under ASC 326
	(Dollars in millions)
Assets:
Allowance for loan losses	$	107	$	23	$	130
Liabilities:
Reserve for unfunded commitments	$	3	$	7	$	10

We adopted the following ASUs during 2020, none of which had a material impact to our financial statements:

Standard	Description	Effective Date
ASU 2020-10	Codification Improvements	December 15, 2020
ASU 2020-08	Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs	December 15, 2020
ASU 2020-06	Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity	September 1, 2020
ASU 2020-04	Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting	March 12, 2020
ASU 2020-03	Codification Improvements to Financial Instruments	January 1, 2020
ASU 2020-02	Financial Instruments-Credit Losses (Topic 326) and Leases (Topic 842)-Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842) ( SEC Update)	February 6, 2020
ASU 2018-15	Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)	January 1, 2020
ASU 2018-13	Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement	January 1, 2020
ASU 2017-04	Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment	January 1, 2020

The following ASUs have been issued and are not expected to have a material impact on our Consolidated Financial Statements and/or significant accounting policies upon implementation:

Standard	Description	Effective Date
ASU 2019-12	Simplifying the Accounting for Income Taxes	January 1, 2021