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Segment Information
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
    Our operations are conducted through three operating segments: Community Banking, Mortgage Originations, and Mortgage Servicing. The Other segment includes the remaining reported activities. Operating segments are defined as components of an enterprise that engage in business activity from which revenues are earned and expenses are incurred for which discrete financial information is available that is evaluated regularly by executive management in deciding how to allocate resources and in assessing performance. The operating segments have been determined based on the products and services offered and reflect the manner in which financial information is currently evaluated by Management. Each segment operates under the same banking charter, but is reported on a segmented basis for this report. Each of the operating segments is complementary to each other and because of the interrelationships of the segments, the information presented is not indicative of how the segments would perform if they operated as independent entities.

The Community Banking segment originates loans, provides deposits and fee-based services to consumer, business, and mortgage lending customers through its Branch Banking, Business Banking and Commercial Banking, Government Banking and Warehouse Lending. Products offered through these groups include checking accounts, savings accounts, money market accounts, CD, consumer loans, commercial loans, CRE loans, home builder finance loans and warehouse lines of credit. Other financial services available include consumer and corporate card services, customized treasury management solutions, merchant services and capital markets services such as loan syndications, and investment and insurance products and services. The interest income on LHFI is recognized in the Community Banking segment, excluding residential first mortgages and newly originated home equity products within the Mortgage Originations segment.

The Mortgage Originations segment originates and acquires one-to-four family residential mortgage loans to sell or hold on our balance sheet. Loans originated-to-sell comprise the majority of the lending activity. These loans are originated through mortgage branches, call centers, the Internet and third-party counterparties. The Mortgage Originations segment recognizes interest income on loans that are held-for-sale and the gains from sales associated with these loans, along with the interest income on residential mortgages and newly originated home equity products within LHFI.

The Mortgage Servicing segment services and subservices mortgage and other consumer loans for others on a fee for service basis and may also collect ancillary fees and earn income through the use of noninterest-bearing escrows. Revenue for those serviced and subserviced loans is earned on a contractual fee basis, with the fees varying based on our responsibilities and the status of the underlying loans. The Mortgage Servicing segment also services loans for our LHFI portfolio and our own LHFS portfolio in the Mortgage Originations segment, for which it earns revenue via an intercompany service fee allocation.
The Other segment includes the treasury functions, which include the impact of interest rate risk management, balance sheet funding activities and the administration of the investment securities portfolios, as well as miscellaneous other expenses of a corporate nature. In addition, the Other segment includes revenue and expenses related to treasury and corporate assets and liabilities and equity not directly assigned or allocated to the Community Banking, Mortgage Originations or Mortgage Servicing operating segments.

Revenues are comprised of net interest income (before the provision (benefit) for credit losses) and noninterest income. Noninterest expenses and a majority of provision (benefit) for income taxes, are allocated to each operating segment. Provision for credit losses is allocated to segments based on net charge-offs and changes in outstanding balances. In contrast, the level of the consolidated provision for credit losses is determined based on an allowance model using the methodologies described in Item 2 – MD&A. The net effect of the credit provision is recorded in the Other segment. Allocation methodologies may be subject to periodic adjustment as the internal management accounting system is revised and the business or product lines within the segments change.

    The following tables present financial information by business segment for the periods indicated:
 Three Months Ended September 30, 2021
 Community BankingMortgage OriginationsMortgage ServicingOther (1)Total
(Dollars in millions)
Summary of Operations
Net interest income$149 $72 $4 $(30)$195 
Provision (benefit) for credit losses8 (2)— (29)(23)
Net interest income after benefit for credit losses141 74 4 (1)218 
Net gain on loan sales— 169 — — 169 
Loan fees and charges— 13 20 — 33 
Net return on mortgage servicing rights— 9 — — 9 
Loan administrative (expense) income— (7)40 (2)31 
Other noninterest income16 3 — 5 24 
Total noninterest income16 187 60 3 266 
Compensation and benefits26 48 16 40 130 
Commissions1 43 — — 44 
Loan processing expense1 11 9 1 22 
Other noninterest expense12 23 22 33 90 
Total noninterest expense40 125 47 74 286 
Income (loss) before indirect overhead allocations and income taxes117 136 17 (72)198 
Indirect overhead allocation (expense) income(7)(14)(4)25 — 
Provision (benefit) for income taxes23 26 3 (6)46 
Net income (loss)$87 $96 $10 $(41)$152 
Intersegment revenue (expense)$34 $— $10 $(44)$— 
Average balances
Loans held-for-sale$20 $7,819 $— $— $7,839 
Loans with government guarantees— 2,046 — — 2,046 
Loans held-for-investment (2)11,846 1,683 — 11 13,540 
Total assets12,224 12,356 83 3,384 28,047 
Deposits12,116 40 6,249 1,281 19,686 
(1)Includes offsetting adjustments made to reclassify income and expenses relating to operating leases and custodial deposits for subservicing clients.
(2)    Includes adjustment made to reclassify operating lease assets to LHFI.
Three Months Ended September 30, 2020
 Community BankingMortgage OriginationsMortgage ServicingOther (1)Total
(Dollars in millions)
Summary of Operations
Net interest income$158 $49 $5 $(32)$180 
Provision (benefit) for credit losses(2)(3)— 37 32 
Net interest income after provision (benefit) for credit losses160 52 5 (69)148 
Net gain on loan sales2 344 — — 346 
Loan fees and charges— 25 16 — 41 
Net return on mortgage servicing rights— 12 — — 12 
Loan administrative (expense) income(1)(10)40 (3)26 
Other noninterest income15 3 — 5 23 
Total noninterest income16 374 56 2 448 
Compensation and benefits28 42 12 41 123 
Commissions1 71 — — 72 
Loan processing expense1 11 8 — 20 
Other noninterest expense63 32 21 (30)86 
Total noninterest expense93 156 41 11 301 
Income (loss) before indirect overhead allocations and income taxes83 270 20 (78)295 
Indirect overhead allocation (expense) income(11)(18)(4)33 — 
Provision (benefit) for income taxes15 53 3 2 73 
Net income (loss)$57 $199 $13 $(47)$222 
Intersegment (expense) revenue$(22)$(12)$10 $24 $— 
Average balances
Loans held-for-sale$— $5,602 $— $— $5,602 
Loans with government guarantees— 2,122 — — 2,122 
Loans held-for-investment (2)12,311 2,498 — 30 14,839 
Total assets12,603 11,195 78 4,401 28,277 
Deposits11,265 — 7,329 967 19,561 
(1)Includes offsetting adjustments made to reclassify income and expenses relating to operating leases and custodial deposits for subservicing clients.
(2)    Includes adjustment made to reclassify operating lease assets to LHFI.
 Nine Months Ended September 30, 2021
 Community BankingMortgage OriginationsMortgage ServicingOther (1)Total
(Dollars in millions)
Summary of Operations
Net interest income$454 $186 $11 $(85)$566 
Provision (benefit) for credit losses(5)(7)— (83)(95)
Net interest income after benefit for credit losses459 193 11 (2)661 
Net gain on loan sales— 564 — — 564 
Loan fees and charges1 55 57 (1)112 
Net return on mortgage servicing rights— 4 — — 4 
Loan administrative (expense) income(1)(26)120 (8)85 
Other noninterest income49 8 — 20 77 
Total noninterest income49 605 177 11 842 
Compensation and benefits81 151 47 117 396 
Commissions2 155 — (1)156 
Loan processing expense4 34 24 3 65 
Other noninterest expense39 65 66 135 305 
Total noninterest expense126 405 137 254 922 
Income (loss) before indirect overhead allocations and income taxes382 393 51 (245)581 
Indirect overhead allocation (expense) income(26)(50)(14)90 — 
Provision (benefit) for income taxes75 72 8 (22)133 
Net income (loss)$281 $271 $29 $(133)$448 
Intersegment revenue (expense)$93 $(3)$33 $(123)$— 
Average balances
Loans held-for-sale$14 $7,389 $— $— $7,403 
Loans with government guarantees— 2,296 — (1)2,295 
Loans held-for-investment (2)12,156 1,865 — 22 14,043 
Total assets12,518 12,462 246 3,475 28,701 
Deposits11,872 26 6,525 1,175 19,598 
(1)Includes offsetting adjustments made to reclassify income and expenses relating to operating leases and custodial deposits for subservicing clients.
(2)    Includes adjustment made to reclassify operating lease assets to LHFI.
 Nine Months Ended September 30, 2020
 Community BankingMortgage OriginationsMortgage ServicingOther (1)Total
(Dollars in millions)
Summary of Operations
Net interest income$395 $147 $14 $(60)$496 
Provision (benefit) for credit losses3 (8)— 153 148 
Net interest income after benefit for credit losses392 155 14 (213)348 
Net gain on loan sales2 737 — — 739 
Loan fees and charges1 58 43 — 102 
Net return on mortgage servicing rights— 10 — — 10 
Loan administrative (expense) income(2)(25)112 (26)59 
Other noninterest income43 5 — 20 68 
Total noninterest income44 785 155 (6)978 
Compensation and benefits79 111 33 118 341 
Commissions2 160 — — 162 
Loan processing expense4 29 24 2 59 
Other noninterest expense231 114 57 (137)265 
Total noninterest expense316 414 114 (17)827 
Income (loss) before indirect overhead allocations and income taxes120 526 55 (202)499 
Indirect overhead allocation (expense) income(31)(45)(15)91 — 
Provision (benefit) for income taxes19 101 8 (13)115 
Net income (loss)$70 $380 $32 $(98)$384 
Intersegment revenue (expense)$(97)$(46)$27 $116 $— 
Average balances
Loans held-for-sale$— $5,499 $— $— $5,499 
Loans with government guarantees— 1,267 — — 1,267 
Loans held-for-investment (2)10,702 2,693 — 29 13,424 
Total assets11,100 10,539 65 4,288 25,992 
Deposits10,817 — 6,114 767 17,698 
(1)Includes offsetting adjustments made to reclassify income and expenses relating to operating leases and custodial deposits for subservicing clients.
(2)    Includes adjustment made to reclassify operating lease assets to LHFI.