Form | |
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||
For the quarterly period ended |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||
For the transition period from | to |
(Exact name of registrant as specified in its charter) | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Depositary Shares, each representing a 1/40th Interest in a Share of | ||
Depositary Shares, each representing a 1/40th Interest in a Share of | ||
Depositary Shares, each representing a 1/40th Interest in a Share of | ||
Page | ||||
Forward-Looking Statements | ||||
Part I. Financial Information | ||||
Item 1. | Financial Statements (Unaudited) | |||
Item 2. | ||||
Item 3. | ||||
Item 4. | ||||
Part II. Other Information | ||||
Item 1. | ||||
Item 1A. | Risk Factors | |||
Item 2. | ||||
Item 6. | ||||
• | Current and future economic and market conditions in the United States generally or in the communities we serve (in particular the Southeastern United States), including the effects of possible declines in property values, increases in unemployment rates, financial market disruptions and potential reductions of economic growth, which may adversely affect our lending and other businesses and our financial results and conditions. |
• | Possible changes in trade, monetary and fiscal policies of, and other activities undertaken by, governments, agencies, central banks and similar organizations, which could have a material adverse effect on our earnings. |
• | Possible changes in market interest rates or capital markets could adversely affect our revenue and expense, the value of assets and obligations, and the availability and cost of capital and liquidity. |
• | The impact of pandemics, including the ongoing COVID-19 pandemic, on our businesses and financial results and conditions.The duration and severity of the ongoing COVID-19 pandemic, which has disrupted the global economy, has and could continue to adversely affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for credit losses, impair collateral values, and result in lost revenue or additional expenses. The pandemic could also cause an outflow of deposits, result in goodwill impairment charges and the impairment of other financial and nonfinancial assets, and increase our cost of capital. |
• | Any impairment of our goodwill or other intangibles, any repricing of assets, or any adjustment of valuation allowances on our deferred tax assets due to changes in law, adverse changes in the economic environment, declining operations of the reporting unit or other factors. |
• | The effect of changes in tax laws, including the effect of any future interpretations of or amendments to Tax Reform, which may impact our earnings, capital ratios and our ability to return capital to shareholders. |
• | Possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and leases, including operating leases. |
• | Changes in the speed of loan prepayments, loan origination and sale volumes, charge-offs, loan loss provisions or actual loan losses where our allowance for loan losses may not be adequate to cover our eventual losses. |
• | Possible acceleration of prepayments on mortgage-backed securities due to low interest rates, and the related acceleration of premium amortization on those securities. |
• | Loss of customer checking and savings account deposits as customers pursue other, higher-yield investments, which could increase our funding costs. |
• | Possible changes in consumer and business spending and saving habits and the related effect on our ability to increase assets and to attract deposits, which could adversely affect our net income. |
• | Our ability to effectively compete with other traditional and non-traditional financial services companies, some of whom possess greater financial resources than we do or are subject to different regulatory standards than we are. |
• | Our inability to develop and gain acceptance from current and prospective customers for new products and services and the enhancement of existing products and services to meet customers’ needs and respond to emerging technological trends in a timely manner could have a negative impact on our revenue. |
• | Our inability to keep pace with technological changes could result in losing business to competitors. |
• | Changes in laws and regulations affecting our businesses, including legislation and regulations relating to bank products and services, as well as changes in the enforcement and interpretation of such laws and regulations by applicable governmental and self-regulatory agencies, which could require us to change certain business practices, increase compliance risk, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses. |
• | Our capital actions, including dividend payments, common stock repurchases, or redemptions of preferred stock or other regulatory capital instruments, must not cause us to fall below minimum capital ratio requirements, with applicable buffers taken into account, and must comply with other requirements under law or imposed by our regulators, which may impact our ability to return capital to shareholders. |
• | Our ability to comply with stress testing and capital planning requirements (as part of the CCAR process or otherwise) may continue to require a significant investment of our managerial resources due to the importance of such tests and requirements. |
• | Our ability to comply with applicable capital and liquidity requirements (including, among other things, the Basel III capital standards), including our ability to generate capital internally or raise capital on favorable terms, and if we fail to meet requirements, our financial condition and market perceptions of us could be negatively impacted. |
• | The effects of any developments, changes or actions relating to any litigation or regulatory proceedings brought against us or any of our subsidiaries. |
• | The costs, including possibly incurring fines, penalties, or other negative effects (including reputational harm) of any adverse judicial, administrative, or arbitral rulings or proceedings, regulatory enforcement actions, or other legal actions to which we or any of our subsidiaries are a party, and which may adversely affect our results. |
• | Our ability to manage fluctuations in the value of assets and liabilities and off-balance sheet exposure so as to maintain sufficient capital and liquidity to support our business. |
• | Our ability to execute on our strategic and operational plans, including our ability to fully realize the financial and non-financial benefits relating to our strategic initiatives. |
• | The risks and uncertainties related to our acquisition or divestiture of businesses. |
• | The success of our marketing efforts in attracting and retaining customers. |
• | Our ability to recruit and retain talented and experienced personnel to assist in the development, management and operation of our products and services may be affected by changes in laws and regulations in effect from time to time. |
• | Fraud or misconduct by our customers, employees or business partners. |
• | Any inaccurate or incomplete information provided to us by our customers or counterparties. |
• | Inability of our framework to manage risks associated with our business such as credit risk and operational risk, including third-party vendors and other service providers, which could, among other things, result in a breach of operating or security systems as a result of a cyber attack or similar act or failure to deliver our services effectively. |
• | Dependence on key suppliers or vendors to obtain equipment and other supplies for our business on acceptable terms. |
• | The inability of our internal controls and procedures to prevent, detect or mitigate any material errors or fraudulent acts. |
• | The effects of geopolitical instability, including wars, conflicts and terrorist attacks and the potential impact, directly or indirectly, on our businesses. |
• | The effects of man-made and natural disasters, including fires, floods, droughts, tornadoes, hurricanes, and environmental damage (specifically in the Southeastern United States), which may negatively affect our operations and/or our loan portfolios and increase our cost of conducting business. The severity and impact of future earthquakes, fires, hurricanes, tornadoes, droughts, floods and other weather-related events are difficult to predict and may be exacerbated by global climate change. |
• | Changes in commodity market prices and conditions could adversely affect the cash flows of our borrowers operating in industries that are impacted by changes in commodity prices (including businesses indirectly impacted by commodities prices such as businesses that transport commodities or manufacture equipment used in the production of commodities), which could impair their ability to service any loans outstanding to them and/or reduce demand for loans in those industries. |
• | Our ability to identify and address cyber-security risks such as data security breaches, malware, “denial of service” attacks, “hacking” and identity theft, including account take-overs, a failure of which could disrupt our business and result in the |
• | Our ability to achieve our expense management initiatives. |
• | Market replacement of LIBOR and the related effect on our LIBOR-based financial products and contracts, including, but not limited to, derivative products, debt obligations, deposits, investments, and loans. |
• | Possible downgrades in our credit ratings or outlook could, among other negative impacts, increase the costs of funding from capital markets. |
• | The effects of a possible downgrade in the U.S. government’s sovereign credit rating or outlook, which could result in risks to us and general economic conditions that we are not able to predict. |
• | The effects of problems encountered by other financial institutions that adversely affect us or the banking industry generally could require us to change certain business practices, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses. |
• | The effects of the failure of any component of our business infrastructure provided by a third party could disrupt our businesses, result in the disclosure of and/or misuse of confidential information or proprietary information, increase our costs, negatively affect our reputation, and cause losses. |
• | Our ability to receive dividends from our subsidiaries could affect our liquidity and ability to pay dividends to shareholders. |
• | Changes in accounting policies or procedures as may be required by the FASB or other regulatory agencies could materially affect our financial statements and how we report those results, and expectations and preliminary analyses relating to how such changes will affect our financial results could prove incorrect. |
• | Other risks identified from time to time in reports that we file with the SEC. |
• | Fluctuations in the price of our common stock and inability to complete stock repurchases in the time frame and/or on the terms anticipated. |
• | The effects of any damage to our reputation resulting from developments related to any of the items identified above. |
June 30, 2020 | December 31, 2019 | ||||||
(In millions, except share data) | |||||||
Assets | |||||||
Cash and due from banks | $ | $ | |||||
Interest-bearing deposits in other banks | |||||||
Debt securities held to maturity (estimated fair value of $1,356 and $1,372, respectively) | |||||||
Debt securities available for sale (amortized cost of $22,783 and $22,332, respectively) | |||||||
Loans held for sale (includes $969 and $439 measured at fair value, respectively) | |||||||
Loans, net of unearned income | |||||||
Allowance for loan losses | ( | ) | ( | ) | |||
Net loans | |||||||
Other earning assets | |||||||
Premises and equipment, net | |||||||
Interest receivable | |||||||
Goodwill | |||||||
Residential mortgage servicing rights at fair value | |||||||
Other identifiable intangible assets, net | |||||||
Other assets | |||||||
Total assets | $ | $ | |||||
Liabilities and Equity | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | $ | |||||
Interest-bearing | |||||||
Total deposits | |||||||
Borrowed funds: | |||||||
Short-term borrowings | |||||||
Long-term borrowings | |||||||
Total borrowed funds | |||||||
Other liabilities | |||||||
Total liabilities | |||||||
Equity: | |||||||
Preferred stock, authorized 10 million shares, par value $1.00 per share | |||||||
Non-cumulative perpetual, including related surplus, net of issuance costs; issued—1,850,000 and 1,500,000 shares, respectively | |||||||
Common stock, authorized 3 billion shares, par value $.01 per share: | |||||||
Issued including treasury stock— 1,001,112,100 and 998,278,188 shares, respectively | |||||||
Additional paid-in capital | |||||||
Retained earnings | |||||||
Treasury stock, at cost—41,032,676 shares | ( | ) | ( | ) | |||
Accumulated other comprehensive income (loss), net | ( | ) | |||||
Total shareholders’ equity | |||||||
Noncontrolling interest | |||||||
Total equity | |||||||
Total liabilities and equity | $ | $ |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions, except per share data) | |||||||||||||||
Interest income on: | |||||||||||||||
Loans, including fees | $ | $ | $ | $ | |||||||||||
Debt securities | |||||||||||||||
Loans held for sale | |||||||||||||||
Other earning assets | |||||||||||||||
Total interest income | |||||||||||||||
Interest expense on: | |||||||||||||||
Deposits | |||||||||||||||
Short-term borrowings | |||||||||||||||
Long-term borrowings | |||||||||||||||
Total interest expense | |||||||||||||||
Net interest income | |||||||||||||||
Provision for credit losses (1) | |||||||||||||||
Net interest income after provision for credit losses (1) | |||||||||||||||
Non-interest income: | |||||||||||||||
Service charges on deposit accounts | |||||||||||||||
Card and ATM fees | |||||||||||||||
Investment management and trust fee income | |||||||||||||||
Capital markets income | |||||||||||||||
Mortgage income | |||||||||||||||
Securities gains (losses), net | ( | ) | ( | ) | |||||||||||
Other | |||||||||||||||
Total non-interest income | |||||||||||||||
Non-interest expense: | |||||||||||||||
Salaries and employee benefits | |||||||||||||||
Net occupancy expense | |||||||||||||||
Furniture and equipment expense | |||||||||||||||
Other | |||||||||||||||
Total non-interest expense | |||||||||||||||
Income (loss) before income taxes | ( | ) | ( | ) | |||||||||||
Income tax expense (benefit) | ( | ) | ( | ) | |||||||||||
Net income (loss) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Net income (loss) available to common shareholders | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Weighted-average number of shares outstanding: | |||||||||||||||
Basic | |||||||||||||||
Diluted | |||||||||||||||
Earnings (loss) per common share: | |||||||||||||||
Basic | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Diluted | $ | ( | ) | $ | $ | ( | ) | $ |
Three Months Ended June 30 | |||||||
2020 | 2019 | ||||||
(In millions) | |||||||
Net income (loss) | $ | ( | ) | $ | |||
Other comprehensive income, net of tax: | |||||||
Unrealized losses on securities transferred to held to maturity: | |||||||
Unrealized losses on securities transferred to held to maturity during the period (net of zero and zero tax effect, respectively) | |||||||
Less: reclassification adjustments for amortization of unrealized losses on securities transferred to held to maturity (net of zero and zero tax effect, respectively) | ( | ) | ( | ) | |||
Net change in unrealized losses on securities transferred to held to maturity, net of tax | |||||||
Unrealized gains (losses) on securities available for sale: | |||||||
Unrealized holding gains (losses) arising during the period (net of $61 and $88 tax effect, respectively) | |||||||
Less: reclassification adjustments for securities gains (losses) realized in net income (loss) (net of zero and ($3) tax effect, respectively) | ( | ) | |||||
Net change in unrealized gains (losses) on securities available for sale, net of tax | |||||||
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | |||||||
Unrealized holding gains (losses) on derivatives arising during the period (net of $52 and $102 tax effect, respectively) | |||||||
Less: reclassification adjustments for gains (losses) on derivative instruments realized in net income (loss) (net of $15 and ($2) tax effect, respectively) | ( | ) | |||||
Net change in unrealized gains (losses) on derivative instruments, net of tax | |||||||
Defined benefit pension plans and other post employment benefits: | |||||||
Net actuarial gains (losses) arising during the period (net of zero and zero tax effect, respectively) | |||||||
Less: reclassification adjustments for amortization of actuarial loss and settlements realized in net income (loss) (net of ($3) and ($3) tax effect, respectively) | ( | ) | ( | ) | |||
Net change from defined benefit pension plans and other post employment benefits, net of tax | |||||||
Other comprehensive income, net of tax | |||||||
Comprehensive income | $ | $ | |||||
Six Months Ended June 30 | |||||||
2020 | 2019 | ||||||
(In millions) | |||||||
Net income (loss) | $ | ( | ) | $ | |||
Other comprehensive income, net of tax: | |||||||
Unrealized losses on securities transferred to held to maturity: | |||||||
Unrealized losses on securities transferred to held to maturity during the period (net of zero and zero tax effect, respectively) | |||||||
Less: reclassification adjustments for amortization of unrealized losses on securities transferred to held to maturity (net of zero and zero tax effect, respectively) | ( | ) | ( | ) | |||
Net change in unrealized losses on securities transferred to held to maturity, net of tax | |||||||
Unrealized gains (losses) on securities available for sale: | |||||||
Unrealized holding gains (losses) arising during the period (net of $212 and $165 tax effect, respectively) | |||||||
Less: reclassification adjustments for securities gains (losses) realized in net income (loss) (net of zero and ($5) tax effect, respectively) | ( | ) | |||||
Net change in unrealized gains (losses) on securities available for sale, net of tax | |||||||
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | |||||||
Unrealized holding gains (losses) on derivatives arising during the period (net of $377 and $138 tax effect, respectively) | |||||||
Less: reclassification adjustments for gains (losses) on derivative instruments realized in net income (loss) (net of $17 and ($4) tax effect, respectively) | ( | ) | |||||
Net change in unrealized gains (losses) on derivative instruments, net of tax | |||||||
Defined benefit pension plans and other post employment benefits: | |||||||
Net actuarial gains (losses) arising during the period (net of zero and zero tax effect, respectively) | |||||||
Less: reclassification adjustments for amortization of actuarial loss and settlements realized in net income (loss) (net of ($6) and ($5) tax effect, respectively) | ( | ) | ( | ) | |||
Net change from defined benefit pension plans and other post employment benefits, net of tax | |||||||
Other comprehensive income, net of tax | |||||||
Comprehensive income | $ | $ |
Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock, At Cost | Accumulated Other Comprehensive Income (Loss), Net | Total | Non- controlling Interest | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||||||||||||||||||||
BALANCE AT JANUARY 1, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||||||||
Cumulative effect from change in accounting guidance | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ||||||||||||||||||||||||||
Common stock transactions: | ||||||||||||||||||||||||||||||||||||||
Impact of share repurchases | — | — | ( | ) | — | ( | ) | — | — | — | ( | ) | — | |||||||||||||||||||||||||
Impact of stock transactions under compensation plans, net | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
BALANCE AT MARCH 31, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||||||||
BALANCE AT APRIL 1, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ||||||||||||||||||||||||||
Net proceeds from issuance of 500 thousand shares of Series C, fixed to floating rate, non-cumulative perpetual preferred stock, including related surplus | — | — | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||
Common stock transactions: | ||||||||||||||||||||||||||||||||||||||
Impact of share repurchases | — | — | ( | ) | ( | ) | — | — | — | ( | ) | — | ||||||||||||||||||||||||||
Impact of stock transactions under compensation plans, net and other | — | — | — | ( | ) | — | — | — | ( | ) | — | |||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | ( | ) | |||||||||||||||||||||||||||
BALANCE AT JUNE 30, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||||||||
BALANCE AT JANUARY 1, 2020 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||||||||
Cumulative effect from change in accounting guidance | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ||||||||||||||||||||||||||
Impact of common stock transactions under compensation plans, net | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
BALANCE AT MARCH 31, 2020 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||||||||
BALANCE AT APRIL 1, 2020 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | ( | ) | — | — | ( | ) | — | ||||||||||||||||||||||||||
Net proceeds from issuance of 350 thousand shares of Series D preferred stock, including related surplus | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Impact of common stock transactions under compensation plans, net | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
BALANCE AT JUNE 30, 2020 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ |
Six Months Ended June 30 | |||||||
2020 | 2019 | ||||||
(In millions) | |||||||
Operating activities: | |||||||
Net income (loss) | $ | ( | ) | $ | |||
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||
Provision for credit losses (1) | |||||||
Depreciation, amortization and accretion, net | |||||||
Securities (gains) losses, net | ( | ) | |||||
Deferred income tax (benefit) expense | ( | ) | |||||
Originations and purchases of loans held for sale | ( | ) | ( | ) | |||
Proceeds from sales of loans held for sale | |||||||
(Gain) loss on sale of loans, net | ( | ) | ( | ) | |||
(Gain) loss on early extinguishment of debt | |||||||
Net change in operating assets and liabilities: | |||||||
Other earning assets | |||||||
Interest receivable and other assets | ( | ) | |||||
Other liabilities | |||||||
Other | |||||||
Net cash from operating activities | |||||||
Investing activities: | |||||||
Proceeds from maturities of debt securities held to maturity | |||||||
Proceeds from sales of debt securities available for sale | |||||||
Proceeds from maturities of debt securities available for sale | |||||||
Purchases of debt securities available for sale | ( | ) | ( | ) | |||
Net proceeds from (payments for) bank-owned life insurance | ( | ) | ( | ) | |||
Proceeds from sales of loans | |||||||
Purchases of loans | ( | ) | ( | ) | |||
Purchases of mortgage servicing rights | ( | ) | ( | ) | |||
Net change in loans | ( | ) | ( | ) | |||
Net purchases of other assets | ( | ) | ( | ) | |||
Payment for acquisition of a business, net of cash received | ( | ) | |||||
Net cash from investing activities | ( | ) | |||||
Financing activities: | |||||||
Net change in deposits | |||||||
Net change in short-term borrowings | ( | ) | |||||
Proceeds from long-term borrowings | |||||||
Payments on long-term borrowings | ( | ) | ( | ) | |||
Net proceeds from issuance of preferred stock | |||||||
Cash dividends on common stock | ( | ) | ( | ) | |||
Cash dividends on preferred stock | ( | ) | ( | ) | |||
Repurchases of common stock | ( | ) | |||||
Taxes paid related to net share settlement of equity awards | ( | ) | ( | ) | |||
Other | ( | ) | ( | ) | |||
Net cash from financing activities | ( | ) | |||||
Net change in cash and cash equivalents | |||||||
Cash and cash equivalents at beginning of year | |||||||
Cash and cash equivalents at end of period | $ | $ |
June 30, 2020 | |||||||||||||||||||||||||||
Recognized in OCI (1) | Not Recognized in OCI | ||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
Debt securities held to maturity: | |||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||
Residential agency | $ | $ | $ | ( | ) | $ | $ | $ | $ | ||||||||||||||||||
Commercial agency | ( | ) | |||||||||||||||||||||||||
$ | $ | $ | ( | ) | $ | $ | $ | $ | |||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Federal agency securities | |||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||
Residential agency | ( | ) | |||||||||||||||||||||||||
Residential non-agency | |||||||||||||||||||||||||||
Commercial agency | |||||||||||||||||||||||||||
Commercial non-agency | |||||||||||||||||||||||||||
Corporate and other debt securities | ( | ) | |||||||||||||||||||||||||
$ | $ | $ | ( | ) | $ | $ |
December 31, 2019 | |||||||||||||||||||||||||||
Recognized in OCI (1) | Not Recognized in OCI | ||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
Debt securities held to maturity: | |||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||
Residential agency | $ | $ | $ | ( | ) | $ | $ | $ | $ | ||||||||||||||||||
Commercial agency | ( | ) | ( | ) | |||||||||||||||||||||||
$ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Federal agency securities | |||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||
Residential agency | ( | ) | |||||||||||||||||||||||||
Residential non-agency | |||||||||||||||||||||||||||
Commercial agency | ( | ) | |||||||||||||||||||||||||
Commercial non-agency | |||||||||||||||||||||||||||
Corporate and other debt securities | ( | ) | |||||||||||||||||||||||||
$ | $ | $ | ( | ) | $ | $ |
Amortized Cost | Estimated Fair Value | ||||||
(In millions) | |||||||
Debt securities held to maturity: | |||||||
Mortgage-backed securities: | |||||||
Residential agency | $ | $ | |||||
Commercial agency | |||||||
$ | $ | ||||||
Debt securities available for sale: | |||||||
Due in one year or less | $ | $ | |||||
Due after one year through five years | |||||||
Due after five years through ten years | |||||||
Due after ten years | |||||||
Mortgage-backed securities: | |||||||
Residential agency | |||||||
Residential non-agency | |||||||
Commercial agency | |||||||
Commercial non-agency | |||||||
$ | $ |
June 30, 2020 | |||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | |||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Residential agency | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||||
Corporate and other debt securities | ( | ) | ( | ) | |||||||||||||||||||
$ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) |
December 31, 2019 | |||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | |||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Debt securities held to maturity: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Residential agency | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||||
Commercial agency | ( | ) | ( | ) | |||||||||||||||||||
$ | $ | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Residential agency | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||
Commercial agency | ( | ) | ( | ) | |||||||||||||||||||
Corporate and other debt securities | ( | ) | ( | ) | |||||||||||||||||||
$ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions) | |||||||||||||||
Gross realized gains | $ | $ | $ | $ | |||||||||||
Gross realized losses | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Impairment | ( | ) | |||||||||||||
Debt securities available for sale gains (losses), net | $ | $ | ( | ) | $ | $ | ( | ) |
June 30, 2020 | December 31, 2019 | ||||||
(In millions, net of unearned income) | |||||||
Commercial and industrial | $ | $ | |||||
Commercial real estate mortgage—owner-occupied | |||||||
Commercial real estate construction—owner-occupied | |||||||
Total commercial | |||||||
Commercial investor real estate mortgage | |||||||
Commercial investor real estate construction | |||||||
Total investor real estate | |||||||
Residential first mortgage | |||||||
Home equity lines | |||||||
Home equity loans | |||||||
Indirect—vehicles | |||||||
Indirect—other consumer | |||||||
Consumer credit card | |||||||
Other consumer | |||||||
Total consumer | |||||||
$ | $ |
Three Months Ended June 30, 2020 | |||||||||||||||
Commercial | Investor Real Estate | Consumer | Total | ||||||||||||
(In millions) | |||||||||||||||
Allowance for loan losses, April 1, 2020 | $ | $ | $ | $ | |||||||||||
Provision for loan losses | |||||||||||||||
Initial allowance on acquired PCD loans | |||||||||||||||
Loan losses: | |||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | |||||||||
Recoveries | |||||||||||||||
Net loan (losses) recoveries | ( | ) | ( | ) | ( | ) | |||||||||
Allowance for loan losses, June 30, 2020 | |||||||||||||||
Reserve for unfunded credit commitments, April 1, 2020 | |||||||||||||||
Provision for unfunded credit losses | |||||||||||||||
Reserve for unfunded credit commitments, June 30, 2020 | |||||||||||||||
Allowance for credit losses, June 30, 2020 | $ | $ | $ | $ |
Three Months Ended June 30, 2019 | |||||||||||||||
Commercial | Investor Real Estate | Consumer | Total | ||||||||||||
(In millions) | |||||||||||||||
Allowance for loan losses, April 1, 2019 | $ | $ | $ | $ | |||||||||||
Provision (credit) for loan losses | ( | ) | |||||||||||||
Loan losses: | |||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | |||||||||
Recoveries | |||||||||||||||
Net loan (losses) recoveries | ( | ) | ( | ) | ( | ) | |||||||||
Allowance for loan losses, June 30, 2019 | |||||||||||||||
Reserve for unfunded credit commitments, April 1, 2019 | |||||||||||||||
Provision (credit) for unfunded credit losses | |||||||||||||||
Reserve for unfunded credit commitments, June 30, 2019 | |||||||||||||||
Allowance for credit losses, June 30, 2019 | $ | $ | $ | $ |
Six Months Ended June 30, 2020 | |||||||||||||||
Commercial | Investor Real Estate | Consumer | Total | ||||||||||||
(In millions) | |||||||||||||||
Allowance for loan losses, December 31, 2019 | $ | $ | $ | $ | |||||||||||
Cumulative change in accounting guidance (Note 1) | ( | ) | |||||||||||||
Allowance for loan losses, January 1, 2020 (adjusted for change in accounting guidance) | |||||||||||||||
Provision for loan losses | |||||||||||||||
Initial allowance on acquired PCD loans | |||||||||||||||
Loan losses: | |||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | |||||||||
Recoveries | |||||||||||||||
Net loan (losses) recoveries | ( | ) | ( | ) | ( | ) | |||||||||
Allowance for loan losses, June 30, 2020 | |||||||||||||||
Reserve for unfunded credit commitments, December 31, 2019 | |||||||||||||||
Cumulative change in accounting guidance (Note 1) | |||||||||||||||
Reserve for unfunded credit commitments, January 1, 2020 (adjusted for change in accounting guidance) | |||||||||||||||
Provision for unfunded credit losses | |||||||||||||||
Reserve for unfunded credit commitments, June 30, 2020 | |||||||||||||||
Allowance for credit losses, June 30, 2020 | $ | $ | $ | $ |
Six Months Ended June 30, 2019 | |||||||||||||||
Commercial | Investor Real Estate | Consumer | Total | ||||||||||||
(In millions) | |||||||||||||||
Allowance for loan losses, January 1, 2019 | $ | $ | $ | $ | |||||||||||
Provision (credit) for loan losses | ( | ) | |||||||||||||
Loan losses: | |||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | |||||||||
Recoveries | |||||||||||||||
Net loan (losses) recoveries | ( | ) | ( | ) | ( | ) | |||||||||
Allowance for loan losses, June 30, 2019 | |||||||||||||||
Reserve for unfunded credit commitments, January 1, 2019 | |||||||||||||||
Provision (credit) for unfunded credit losses | ( | ) | ( | ) | |||||||||||
Reserve for unfunded credit commitments, June 30, 2019 | |||||||||||||||
Allowance for credit losses, June 30, 2019 | |||||||||||||||
Portion of ending allowance for loan losses: | |||||||||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | |||||||||||||||
Total allowance for loan losses | |||||||||||||||
Portion of loan portfolio ending balance: | |||||||||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | |||||||||||||||
Total loans evaluated for impairment | $ | $ | $ | $ |
• | Pass—includes obligations where the probability of default is considered low; |
• | Special Mention—includes obligations that have potential weakness that may, if not reversed or corrected, weaken the credit or inadequately protect the Company’s position at some future date. Obligations in this category may also be subject to economic or market conditions that may, in the future, have an adverse effect on debt service ability; |
• | Substandard Accrual—includes obligations that exhibit a well-defined weakness that presently jeopardizes debt repayment, even though they are currently performing. These obligations are characterized by the distinct possibility that the Company may incur a loss in the future if these weaknesses are not corrected; |
• | Non-accrual—includes obligations where management has determined that full payment of principal and interest is in doubt. |
June 30, 2020 | ||||||||||||||||||||||||||||||||||
Term Loans | Revolving Loans | Revolving Loans Converted to Amortizing | Unallocated (1) | Total | ||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | |||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||
Commercial and industrial: | ||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||
Substandard Accrual | ||||||||||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||||||||||
Total commercial and industrial | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Commercial real estate mortgage—owner-occupied: | ||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||
Substandard Accrual | ||||||||||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||||||||||
Total commercial real estate mortgage—owner-occupied: | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Commercial real estate construction—owner-occupied: | ||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||
Substandard Accrual | ||||||||||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||||||||||
Total commercial real estate construction—owner-occupied: | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total commercial | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Commercial investor real estate mortgage: | ||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||
Substandard Accrual | ||||||||||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||||||||||
Total commercial investor real estate mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||
June 30, 2020 | ||||||||||||||||||||||||||||||||||
Term Loans | Revolving Loans | Revolving Loans Converted to Amortizing | Unallocated (1) | Total | ||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | |||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||
Commercial investor real estate construction: | ||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||
Substandard Accrual | ||||||||||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||||||||||
Total commercial investor real estate construction | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Total investor real estate | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Residential first mortgage: | ||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||
Above 720 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
681-720 | ||||||||||||||||||||||||||||||||||
620-680 | ||||||||||||||||||||||||||||||||||
Below 620 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Data not available | ||||||||||||||||||||||||||||||||||
Total residential first mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Home equity lines: | ||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||
Above 720 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
681-720 | ||||||||||||||||||||||||||||||||||
620-680 | ||||||||||||||||||||||||||||||||||
Below 620 | ||||||||||||||||||||||||||||||||||
Data not available | ||||||||||||||||||||||||||||||||||
Total home equity lines | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Home equity loans | ||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||
Above 720 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
681-720 | ||||||||||||||||||||||||||||||||||
620-680 | ||||||||||||||||||||||||||||||||||
Below 620 | ||||||||||||||||||||||||||||||||||
Data not available | ||||||||||||||||||||||||||||||||||
Total home equity loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Indirect—vehicles: | ||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||
Above 720 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
681-720 | ||||||||||||||||||||||||||||||||||
620-680 | ||||||||||||||||||||||||||||||||||
Below 620 | ||||||||||||||||||||||||||||||||||
Data not available | ||||||||||||||||||||||||||||||||||
Total indirect- vehicles | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
June 30, 2020 | ||||||||||||||||||||||||||||||||||
Term Loans | Revolving Loans | Revolving Loans Converted to Amortizing | Unallocated (1) | Total | ||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | |||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||
Indirect—other consumer: | ||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||
Above 720 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
681-720 | ||||||||||||||||||||||||||||||||||
620-680 | ||||||||||||||||||||||||||||||||||
Below 620 | ||||||||||||||||||||||||||||||||||
Data not available | ||||||||||||||||||||||||||||||||||
Total indirect- other consumer | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Consumer credit card: | ||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||
Above 720 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
681-720 | ||||||||||||||||||||||||||||||||||
620-680 | ||||||||||||||||||||||||||||||||||
Below 620 | ||||||||||||||||||||||||||||||||||
Data not available | ( | ) | ( | ) | ||||||||||||||||||||||||||||||
Total consumer credit card | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Other consumer: | ||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||
Above 720 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
681-720 | ||||||||||||||||||||||||||||||||||
620-680 | ||||||||||||||||||||||||||||||||||
Below 620 | ||||||||||||||||||||||||||||||||||
Data not available | ||||||||||||||||||||||||||||||||||
Total other consumer | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total consumer loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
June 30, 2020 | |||||||||||||||||||||||||||
Accrual Loans | |||||||||||||||||||||||||||
30-59 DPD | 60-89 DPD | 90+ DPD | Total 30+ DPD | Total Accrual | Non-accrual | Total | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Commercial real estate mortgage—owner-occupied | |||||||||||||||||||||||||||
Commercial real estate construction—owner-occupied | |||||||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||||||
Commercial investor real estate mortgage | |||||||||||||||||||||||||||
Commercial investor real estate construction | |||||||||||||||||||||||||||
Total investor real estate | |||||||||||||||||||||||||||
Residential first mortgage | |||||||||||||||||||||||||||
Home equity lines | |||||||||||||||||||||||||||
Home equity loans | |||||||||||||||||||||||||||
Indirect—vehicles | |||||||||||||||||||||||||||
Indirect—other consumer | |||||||||||||||||||||||||||
Consumer credit card | |||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||
Total consumer | |||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ |
December 31, 2019 | |||||||||||||||||||||||||||
Accrual Loans | |||||||||||||||||||||||||||
30-59 DPD | 60-89 DPD | 90+ DPD | Total 30+ DPD | Total Accrual | Non-accrual | Total | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Commercial real estate mortgage—owner-occupied | |||||||||||||||||||||||||||
Commercial real estate construction—owner-occupied | |||||||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||||||
Commercial investor real estate mortgage | |||||||||||||||||||||||||||
Commercial investor real estate construction | |||||||||||||||||||||||||||
Total investor real estate | |||||||||||||||||||||||||||
Residential first mortgage | |||||||||||||||||||||||||||
Home equity lines | |||||||||||||||||||||||||||
Home equity loans | |||||||||||||||||||||||||||
Indirect—vehicles | |||||||||||||||||||||||||||
Indirect—other consumer | |||||||||||||||||||||||||||
Consumer credit card | |||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||
Total consumer | |||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2020 | |||||||||||
Financial Impact of Modifications Considered TDRs | |||||||||||
Number of Obligors | Recorded Investment | Increase in Allowance at Modification | |||||||||
(Dollars in millions) | |||||||||||
Commercial and industrial | $ | $ | $ | ||||||||
Commercial real estate mortgage—owner-occupied | |||||||||||
Commercial real estate construction—owner-occupied | |||||||||||
Total commercial | |||||||||||
Commercial investor real estate mortgage | |||||||||||
Commercial investor real estate construction | |||||||||||
Total investor real estate | |||||||||||
Residential first mortgage | |||||||||||
Home equity lines | |||||||||||
Home equity loans | |||||||||||
Consumer credit card | |||||||||||
Indirect—vehicles and other consumer | |||||||||||
Total consumer | |||||||||||
$ | $ | $ |
Three Months Ended June 30, 2019 | |||||||||||
Financial Impact of Modifications Considered TDRs | |||||||||||
Number of Obligors | Recorded Investment | Increase in Allowance at Modification | |||||||||
(Dollars in millions) | |||||||||||
Commercial and industrial | $ | $ | $ | ||||||||
Commercial real estate mortgage—owner-occupied | |||||||||||
Total commercial | |||||||||||
Commercial investor real estate mortgage | |||||||||||
Commercial investor real estate construction | |||||||||||
Total investor real estate | |||||||||||
Residential first mortgage | |||||||||||
Home equity lines | |||||||||||
Home equity loans | |||||||||||
Consumer credit card | |||||||||||
Indirect—vehicles and other consumer | |||||||||||
Total consumer | |||||||||||
$ | $ | $ |
Six Months Ended June 30, 2020 | ||||||||||
Financial Impact of Modifications Considered TDRs | ||||||||||
Number of Obligors | Recorded Investment | Increase in Allowance at Modification | ||||||||
(Dollars in millions) | ||||||||||
Commercial and industrial | $ | $ | ||||||||
Commercial real estate mortgage—owner-occupied | ||||||||||
Commercial real estate construction—owner-occupied | ||||||||||
Total commercial | ||||||||||
Commercial investor real estate mortgage | ||||||||||
Commercial investor real estate construction | ||||||||||
Total investor real estate | ||||||||||
Residential first mortgage | ||||||||||
Home equity lines | ||||||||||
Home equity loans | ||||||||||
Consumer credit card | ||||||||||
Indirect—vehicles and other consumer | ||||||||||
Total consumer | ||||||||||
$ | $ | |||||||||
Six Months Ended June 30, 2019 | ||||||||||
Financial Impact of Modifications Considered TDRs | ||||||||||
Number of Obligors | Recorded Investment | Increase in Allowance at Modification | ||||||||
(Dollars in millions) | ||||||||||
Commercial and industrial | $ | $ | ||||||||
Commercial real estate mortgage—owner-occupied | ||||||||||
Commercial real estate construction—owner-occupied | ||||||||||
Total commercial | ||||||||||
Commercial investor real estate mortgage | ||||||||||
Commercial investor real estate construction | ||||||||||
Total investor real estate | ||||||||||
Residential first mortgage | ||||||||||
Home equity lines | ||||||||||
Home equity loans | ||||||||||
Consumer credit card | ||||||||||
Indirect—vehicles and other consumer | ||||||||||
Total consumer | ||||||||||
$ | $ | |||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions) | |||||||||||||||
Carrying value, beginning of period | $ | $ | $ | $ | |||||||||||
Additions | |||||||||||||||
Increase (decrease) in fair value: | |||||||||||||||
Due to change in valuation inputs or assumptions | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Economic amortization associated with borrower repayments (1) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Carrying value, end of period | $ | $ | $ | $ |
June 30 | |||||||
2020 | 2019 | ||||||
(Dollars in millions) | |||||||
Unpaid principal balance | $ | $ | |||||
Weighted-average CPR (%) | % | % | |||||
Estimated impact on fair value of a 10% increase | $ | ( | ) | $ | ( | ) | |
Estimated impact on fair value of a 20% increase | $ | ( | ) | $ | ( | ) | |
Option-adjusted spread (basis points) | |||||||
Estimated impact on fair value of a 10% increase | $ | ( | ) | $ | ( | ) | |
Estimated impact on fair value of a 20% increase | $ | ( | ) | $ | ( | ) | |
Weighted-average coupon interest rate | % | % | |||||
Weighted-average remaining maturity (months) | 280 | 279 | |||||
Weighted-average servicing fee (basis points) |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions) | (In millions) | ||||||||||||||
Servicing related fees and other ancillary income | $ | $ | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||
(In millions) | |||||||
Corporate Bank | $ | $ | |||||
Consumer Bank | |||||||
Wealth Management | |||||||
$ | $ |
• | Recent operating performance, |
• | Changes in market capitalization, |
• | Regulatory actions and assessments, |
• | Changes in the business climate (including legislation, legal factors, competition, and the impacts of COVID-19), |
• | Company-specific factors (including changes in key personnel, asset impairments, and business dispositions), and |
• | Trends in the banking industry. |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Issuance Date | Earliest Redemption Date | Dividend Rate (1) | Liquidation Amount | Liquidation Preference per Share | Liquidation preference per Depositary Share | Ownership Interest per Depositary Share | Carrying Amount | Carrying Amount | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Series A | 11/1/2012 | 12/15/2017 | % | $ | $ | $ | 1/40th | $ | $ | ||||||||||||||||||||
Series B | 4/29/2014 | 9/15/2024 | % | (2) | 1/40th | ||||||||||||||||||||||||
Series C | 4/30/2019 | 5/15/2029 | % | (3) | 1/40th | ||||||||||||||||||||||||
Series D | 6/5/2020 | 9/15/2025 | % | (4) | 1/100th | ||||||||||||||||||||||||
$ | $ | $ |
Three Months Ended June 30, 2020 | |||||||||||||||||||
Unrealized losses on securities transferred to held to maturity | Unrealized gains (losses) on securities available for sale | Unrealized gains (losses) on derivative instruments designated as cash flow hedges | Defined benefit pension plans and other post employment benefits | Accumulated other comprehensive income (loss), net of tax | |||||||||||||||
(In millions) | |||||||||||||||||||
Beginning of period | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||
Net change | |||||||||||||||||||
End of period | $ | ( | ) | $ | $ | $ | ( | ) | $ |
Three Months Ended June 30, 2019 | |||||||||||||||||||
Unrealized losses on securities transferred to held to maturity | Unrealized gains (losses) on securities available for sale | Unrealized gains (losses) on derivative instruments designated as cash flow hedges | Defined benefit pension plans and other post employment benefits | Accumulated other comprehensive income (loss), net of tax | |||||||||||||||
(In millions) | |||||||||||||||||||
Beginning of period | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | ||||||
Net change | |||||||||||||||||||
End of period | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) |
Six Months Ended June 30, 2020 | |||||||||||||||||||
Unrealized losses on securities transferred to held to maturity | Unrealized gains (losses) on securities available for sale | Unrealized gains (losses) on derivative instruments designated as cash flow hedges | Defined benefit pension plans and other post employment benefits | Accumulated other comprehensive income (loss), net of tax | |||||||||||||||
(In millions) | |||||||||||||||||||
Beginning of period | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||
Net change | |||||||||||||||||||
End of period | $ | ( | ) | $ | $ | $ | ( | ) | $ |
Six Months Ended June 30, 2019 | |||||||||||||||||||
Unrealized losses on securities transferred to held to maturity | Unrealized gains (losses) on securities available for sale | Unrealized gains (losses) on derivative instruments designated as cash flow hedges | Defined benefit pension plans and other post employment benefits | Accumulated other comprehensive income (loss), net of tax | |||||||||||||||
(In millions) | |||||||||||||||||||
Beginning of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Net change | |||||||||||||||||||
End of period | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) |
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | |||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss)(1) | Amount Reclassified from Accumulated Other Comprehensive Income (Loss)(1) | Affected Line Item in the Consolidated Statements of Operations | |||||
(In millions) | ||||||||
Unrealized losses on securities transferred to held to maturity: | ||||||||
$ | ( | ) | $ | ( | ) | Net interest income | ||
Tax (expense) or benefit | ||||||||
$ | ( | ) | $ | ( | ) | Net of tax | ||
Unrealized gains and (losses) on available for sale securities: | ||||||||
$ | $ | ( | ) | Securities gains (losses), net | ||||
Tax (expense) or benefit | ||||||||
$ | $ | ( | ) | Net of tax | ||||
Gains and (losses) on cash flow hedges: | ||||||||
Interest rate contracts | $ | $ | ( | ) | Net interest income | |||
( | ) | Tax (expense) or benefit | ||||||
$ | $ | ( | ) | Net of tax | ||||
Amortization of defined benefit pension plans and other post employment benefits: | ||||||||
Actuarial gains (losses) and settlements(2) | $ | ( | ) | $ | ( | ) | Other non-interest expense | |
Tax (expense) or benefit | ||||||||
$ | ( | ) | $ | ( | ) | Net of tax | ||
Total reclassifications for the period | $ | $ | ( | ) | Net of tax |
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss)(1) | Amount Reclassified from Accumulated Other Comprehensive Income (Loss)(1) | Affected Line Item in the Consolidated Statements of Operations | ||||||
(In millions) | |||||||||
Unrealized losses on securities transferred to held to maturity: | |||||||||
$ | ( | ) | $ | ( | ) | Net interest income and other financing income | |||
Tax (expense) or benefit | |||||||||
$ | ( | ) | $ | ( | ) | Net of tax | |||
Unrealized gains and (losses) on available for sale securities: | |||||||||
$ | $ | ( | ) | Securities gains (losses), net | |||||
Tax (expense) or benefit | |||||||||
$ | $ | ( | ) | Net of tax | |||||
Gains and (losses) on cash flow hedges: | |||||||||
Interest rate contracts | $ | $ | ( | ) | Net interest income and other financing income | ||||
( | ) | Tax (expense) or benefit | |||||||
$ | $ | ( | ) | Net of tax | |||||
Amortization of defined benefit pension plans and other post employment benefits: | |||||||||
Actuarial gains (losses) and settlements(2) | $ | ( | ) | $ | ( | ) | Other non-interest expense | ||
Tax (expense) or benefit | |||||||||
$ | ( | ) | $ | ( | ) | Net of tax | |||
Total reclassifications for the period | $ | $ | ( | ) | Net of tax |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions, except per share amounts) | |||||||||||||||
Numerator: | |||||||||||||||
Net income (loss) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Preferred stock dividends | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Net income (loss) available to common shareholders | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Denominator: | |||||||||||||||
Weighted-average common shares outstanding—basic | |||||||||||||||
Potential common shares | |||||||||||||||
Weighted-average common shares outstanding—diluted | |||||||||||||||
Earnings (loss) per common share: | |||||||||||||||
Basic | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Diluted | ( | ) | ( | ) |
Qualified Plans | Non-qualified Plans | Total | ||||||||||||||||||||||
Three Months Ended June 30 | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Interest cost | ||||||||||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Amortization of actuarial loss | ||||||||||||||||||||||||
Net periodic pension cost (credit) | $ | ( | ) | $ | $ | $ | $ | $ |
Qualified Plans | Non-qualified Plans | Total | ||||||||||||||||||||||
Six Months Ended June 30 | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Interest cost | ||||||||||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Amortization of actuarial loss | ||||||||||||||||||||||||
Net periodic pension cost (credit) | $ | ( | ) | $ | $ | $ | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | ||||||||||||||||||||
Gain(1) | Loss(1) | Gain(1) | Loss(1) | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Derivatives in fair value hedging relationships: | |||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||
Interest rate floors (2) | |||||||||||||||||||||||
Total derivatives in cash flow hedging relationships | |||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Interest rate options | |||||||||||||||||||||||
Interest rate futures and forward commitments | |||||||||||||||||||||||
Other contracts | |||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Total derivatives | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Total gross derivative instruments, before netting | $ | $ | $ | $ | |||||||||||||||||||
Less: Legally enforceable master netting agreements | |||||||||||||||||||||||
Less: Cash collateral received/posted | |||||||||||||||||||||||
Less: Variation margin collateral (3) | |||||||||||||||||||||||
Total gross derivative instruments, after netting (4) | $ | $ | $ | $ |
(1) | Derivatives in a gain position are recorded as other assets and derivatives in a loss position are recorded as other liabilities on the consolidated balance sheets. |
(2) |
(3) | As permitted by U.S. GAAP, variation margin payments made or received for derivatives that are centrally cleared are legally characterized as settled, such that no fair value is presented on the balance sheet for the respective derivatives. As of June 30, 2020 and December 31, 2019, the net amounts of variation margin cash collateral received from central counterparty clearing houses were $ |
(4) | The gain amounts,which are not collateralized with cash or other assets or reserved for, represent the net credit risk on all trading and other derivative positions. As of June 30, 2020 and December 31, 2019, financial instruments posted of $ |
Three Months Ended June 30, 2020 | |||||||||||
Interest Income | Interest Expense | ||||||||||
Debt securities | Loans, including fees | Long-term borrowings | |||||||||
(In millions) | |||||||||||
Total amounts presented in the consolidated statements of operations | $ | $ | $ | ||||||||
Gains/(losses) on fair value hedging relationships: | |||||||||||
Interest rate contracts: | |||||||||||
Amounts related to interest settlements on derivatives | $ | $ | $ | ||||||||
Recognized on derivatives | |||||||||||
Recognized on hedged items | ( | ) | |||||||||
Net income (loss) recognized on fair value hedges | $ | $ | $ | ||||||||
Gains/(losses) on cash flow hedging relationships: (1) | |||||||||||
Interest rate contracts: | |||||||||||
Realized gains (losses) reclassified from AOCI into net income (loss) (2) | $ | $ | $ | ||||||||
Income (expense) recognized on cash flow hedges | $ | $ | $ |
Three Months Ended June 30, 2019 | |||||||||||
Interest Income | Interest Expense | ||||||||||
Debt securities | Loans, including fees | Long-term borrowings | |||||||||
(In millions) | |||||||||||
Total amounts presented in the consolidated statements of operations | $ | $ | $ | ||||||||
Gains/(losses) on fair value hedging relationships: | |||||||||||
Interest rate contracts: | |||||||||||
Amounts related to interest settlements on derivatives | $ | $ | $ | ( | ) | ||||||
Recognized on derivatives | ( | ) | |||||||||
Recognized on hedged items | ( | ) | |||||||||
Net income (loss) recognized on fair value hedges | $ | $ | $ | ( | ) | ||||||
Gains/(losses) on cash flow hedging relationships: (1) | |||||||||||
Interest rate contracts: | |||||||||||
Realized gains (losses) reclassified from AOCI into net income (loss) (2) | $ | $ | ( | ) | $ | ||||||
Income (expense) recognized on cash flow hedges | $ | $ | ( | ) | $ |
Six Months Ended June 30, 2020 | |||||||||||
Interest Income | Interest Expense | ||||||||||
Debt securities | Loans, including fees | Long-term borrowings | |||||||||
(In millions) | |||||||||||
Total amounts presented in the consolidated statements of operations | $ | $ | $ | ||||||||
Gains/(losses) on fair value hedging relationships: | |||||||||||
Interest rate contracts: | |||||||||||
Amounts related to interest settlements on derivatives | $ | $ | $ | ||||||||
Recognized on derivatives | |||||||||||
Recognized on hedged items | ( | ) | |||||||||
Income (expense) recognized on fair value hedges | $ | $ | $ | ||||||||
Gains/(losses) on cash flow hedging relationships: (1) | |||||||||||
Interest rate contracts: | |||||||||||
Realized gains (losses) reclassified from AOCI into net income (loss) (2) | $ | $ | $ | ||||||||
Income (expense) recognized on cash flow hedges | $ | $ | $ |
Six Months Ended June 30, 2019 | |||||||||||
Interest Income | Interest Expense | ||||||||||
Debt securities | Loans, including fees | Long-term borrowings | |||||||||
(In millions) | |||||||||||
Total amounts presented in the consolidated statements of operations | $ | $ | $ | ||||||||
Gains/(losses) on fair value hedging relationships: | |||||||||||
Interest rate contracts: | |||||||||||
Amounts related to interest settlements on derivatives | $ | $ | $ | ( | ) | ||||||
Recognized on derivatives | ( | ) | |||||||||
Recognized on hedged items | ( | ) | |||||||||
Income (expense) recognized on fair value hedges | $ | $ | $ | ( | ) | ||||||
Gains/(losses) on cash flow hedging relationships: (1) | |||||||||||
Interest rate contracts: | |||||||||||
Realized gains (losses) reclassified from AOCI into net income (loss) (2) | $ | $ | ( | ) | $ | ||||||
Income (expense) recognized on cash flow hedges | $ | $ | ( | ) | $ |
(1) | See Note 6 for gain or (loss) recognized for cash flow hedges in AOCI. |
(2) |
June 30, 2020 | December 31, 2019 | ||||||||||||||
Hedged Items Currently Designated | Hedged Items Currently Designated | ||||||||||||||
Carrying Amount of Assets/(Liabilities) | Hedge Accounting Basis Adjustment | Carrying Amount of Assets/(Liabilities) | Hedge Accounting Basis Adjustment | ||||||||||||
(In millions) | (In millions) | ||||||||||||||
Long-term borrowings | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
Derivatives Not Designated as Hedging Instruments | 2020 | 2019 | 2020 | 2019 | |||||||||||
(In millions) | |||||||||||||||
Capital markets income: | |||||||||||||||
Interest rate swaps | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||
Interest rate options | |||||||||||||||
Interest rate futures and forward commitments | |||||||||||||||
Other contracts | ( | ) | ( | ) | |||||||||||
Total capital markets income | |||||||||||||||
Mortgage income: | |||||||||||||||
Interest rate swaps | |||||||||||||||
Interest rate options | |||||||||||||||
Interest rate futures and forward commitments | ( | ) | ( | ) | |||||||||||
Total mortgage income | |||||||||||||||
$ | $ | $ | $ |
June 30, 2020 | |||||||||||||||||||
Level 1 | Level 2 | Level 3(1) | Derivative Offset Adjustments(2) | Total Estimated Fair Value | |||||||||||||||
(In millions) | |||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | — | $ | |||||||||||||
Federal agency securities | — | ||||||||||||||||||
Mortgage-backed securities (MBS): | |||||||||||||||||||
Residential agency | — | ||||||||||||||||||
Residential non-agency | — | ||||||||||||||||||
Commercial agency | — | ||||||||||||||||||
Commercial non-agency | — | ||||||||||||||||||
Corporate and other debt securities | — | ||||||||||||||||||
Total debt securities available for sale | $ | $ | $ | $ | — | $ | |||||||||||||
Loans held for sale | $ | $ | $ | $ | — | $ | |||||||||||||
Marketable equity securities | $ | $ | $ | $ | — | $ | |||||||||||||
Residential mortgage servicing rights | $ | $ | $ | $ | — | $ | |||||||||||||
Derivative assets: | |||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Interest rate options | — | ||||||||||||||||||
Interest rate futures and forward commitments | — | ||||||||||||||||||
Other contracts | — | ||||||||||||||||||
Total derivative assets | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Derivative liabilities: | |||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Interest rate options | — | ||||||||||||||||||
Interest rate futures and forward commitments | — | ||||||||||||||||||
Other contracts | — | ||||||||||||||||||
Total derivative liabilities | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Non-recurring fair value measurements | |||||||||||||||||||
Loans held for sale | $ | $ | $ | $ | — | $ | |||||||||||||
Equity investments without a readily determinable fair value | — | ||||||||||||||||||
Foreclosed property and other real estate | — |
December 31, 2019 | |||||||||||||||||||
Level 1 | Level 2 | Level 3(1) | Derivative Offset Adjustments(2) | Total Estimated Fair Value | |||||||||||||||
Recurring fair value measurements | |||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | — | $ | |||||||||||||
Federal agency securities | — | ||||||||||||||||||
Mortgage-backed securities (MBS): | |||||||||||||||||||
Residential agency | — | ||||||||||||||||||
Residential non-agency | — | ||||||||||||||||||
Commercial agency | — | ||||||||||||||||||
Commercial non-agency | — | ||||||||||||||||||
Corporate and other debt securities | — | ||||||||||||||||||
Total debt securities available for sale | $ | $ | $ | $ | — | $ | |||||||||||||
Loans held for sale | $ | $ | $ | $ | — | $ | |||||||||||||
Marketable equity securities | $ | $ | $ | $ | — | $ | |||||||||||||
Residential mortgage servicing rights | $ | $ | $ | $ | — | $ | |||||||||||||
Derivative assets: | |||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Interest rate options | — | ||||||||||||||||||
Interest rate futures and forward commitments | — | ||||||||||||||||||
Other contracts | — | ||||||||||||||||||
Total derivative assets | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Derivative liabilities: | |||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Interest rate options | — | ||||||||||||||||||
Interest rate futures and forward commitments | — | ||||||||||||||||||
Other contracts | — | ||||||||||||||||||
Total derivative liabilities | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Non-recurring fair value measurements | |||||||||||||||||||
Loans held for sale | $ | $ | $ | $ | — | $ | |||||||||||||
Equity investments without a readily determinable fair value | — | ||||||||||||||||||
Foreclosed property and other real estate | — |
(1) | All following disclosures related to Level 3 recurring and non-recurring assets do not include those deemed to be immaterial. |
(2) | As permitted under U.S. GAAP, variation margin collateral payments made or received for derivatives that are centrally cleared are legally characterized as settled. As such, these derivative assets and derivative liabilities and the related variation margin collateral are presented on a net basis on the balance sheet. |
Residential mortgage servicing rights | |||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions) | |||||||||||||||
Carrying value, beginning of period | $ | $ | $ | $ | |||||||||||
Total realized/unrealized gains (losses) included in earnings (1) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Purchases | |||||||||||||||
Carrying value, end of period | $ | $ | $ | $ |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions) | |||||||||||||||
Loans held for sale | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Equity investments without a readily determinable fair value | ( | ) | |||||||||||||
Foreclosed property and other real estate | ( | ) | ( | ) | ( | ) | ( | ) |
June 30, 2020 | |||||||
Level 3 Estimated Fair Value at June 30, 2020 | Valuation Technique | Unobservable Input(s) | Quantitative Range of Unobservable Inputs and (Weighted-Average) | ||||
(Dollars in millions) | |||||||
Recurring fair value measurements: | |||||||
Residential mortgage servicing rights(1) | $ | Discounted cash flow | Weighted-average CPR (%) | 8.2% - 36.2% (17.0%) | |||
OAS (%) | 5.2% - 10.2% (6.3%) |
December 31, 2019 | |||||||
Level 3 Estimated Fair Value at December 31, 2019 | Valuation Technique | Unobservable Input(s) | Quantitative Range of Unobservable Inputs and (Weighted-Average) | ||||
(Dollars in millions) | |||||||
Recurring fair value measurements: | |||||||
Residential mortgage servicing rights(1) | $ | Discounted cash flow | Weighted-average CPR (%) | 7.4% - 26.1% (12.0%) | |||
OAS (%) | 5.2% - 10.2% (6.18%) |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Aggregate Unpaid Principal | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Aggregate Unpaid Principal | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Mortgage loans held for sale, at fair value | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions) | |||||||||||||||
Net gains (losses) resulting for the change in fair value of mortgage loans held for sale | $ | $ | $ | $ |
June 30, 2020 | |||||||||||||||||||
Carrying Amount | Estimated Fair Value(1) | Level 1 | Level 2 | Level 3 | |||||||||||||||
(In millions) | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||
Debt securities held to maturity | |||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||
Loans held for sale | |||||||||||||||||||
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3) | |||||||||||||||||||
Other earning assets(4) | |||||||||||||||||||
Derivative assets | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||
Derivative liabilities | |||||||||||||||||||
Deposits | |||||||||||||||||||
Long-term borrowings | |||||||||||||||||||
Loan commitments and letters of credit |
(1) | Estimated fair values are consistent with an exit price concept. The assumptions used to estimate the fair values are intended to approximate those that a market participant would use in a hypothetical orderly transaction. In estimating fair value, the Company makes adjustments for estimated changes in interest rates, market liquidity and credit spreads in the periods they are deemed to have occurred. |
(2) | The estimated fair value of portfolio loans assumes sale of the loans to a third-party financial investor. Accordingly, the value to the Company if the loans were held to maturity is not reflected in the fair value estimate. The fair value discount on the loan portfolio's net carrying amount at June 30, 2020 was $ |
(3) |
(4) |
December 31, 2019 | |||||||||||||||||||
Carrying Amount | Estimated Fair Value(1) | Level 1 | Level 2 | Level 3 | |||||||||||||||
(In millions) | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||
Debt securities held to maturity | |||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||
Loans held for sale | |||||||||||||||||||
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3) | |||||||||||||||||||
Other earning assets(4) | |||||||||||||||||||
Derivative assets | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||
Derivative liabilities | |||||||||||||||||||
Deposits | |||||||||||||||||||
Short-term borrowings | |||||||||||||||||||
Long-term borrowings | |||||||||||||||||||
Loan commitments and letters of credit |
(1) | Estimated fair values are consistent with an exit price concept. The assumptions used to estimate the fair values are intended to approximate those that a market participant would use in a hypothetical orderly transaction. In estimating fair value, the Company makes adjustments for estimated changes in interest rates, market liquidity and credit spreads in the periods they are deemed to have occurred. |
(2) | The estimated fair value of portfolio loans assumes sale of the loans to a third-party financial investor. Accordingly, the value to the Company if the loans were held to maturity is not reflected in the fair value estimate. The fair value discount on the loan portfolio's net carrying amount at December 31, 2019 was $ |
(3) | Excluded from this table is the capital lease carrying amount of $ |
(4) | Excluded from this table is the operating lease carrying amount of $ |
Three Months Ended June 30, 2020 | |||||||||||||||||||
Corporate Bank | Consumer Bank | Wealth Management | Other | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Net interest income (loss) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Provision (credit) for credit losses (1) | |||||||||||||||||||
Non-interest income | |||||||||||||||||||
Non-interest expense | |||||||||||||||||||
Income (loss) before income taxes | ( | ) | ( | ) | |||||||||||||||
Income tax expense (benefit) | ( | ) | ( | ) | |||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||
Average assets | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2019 | |||||||||||||||||||
Corporate Bank | Consumer Bank | Wealth Management | Other | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Net interest income (loss) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Provision (credit) for credit losses (1) | ( | ) | |||||||||||||||||
Non-interest income | ( | ) | |||||||||||||||||
Non-interest expense | |||||||||||||||||||
Income (loss) before income taxes | ( | ) | |||||||||||||||||
Income tax expense (benefit) | ( | ) | |||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Average assets | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2020 | |||||||||||||||||||
Corporate Bank | Consumer Bank | Wealth Management | Other | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Net interest income (loss) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Provision (credit) for credit losses (1) | |||||||||||||||||||
Non-interest income | |||||||||||||||||||
Non-interest expense | |||||||||||||||||||
Income (loss) before income taxes | ( | ) | ( | ) | |||||||||||||||
Income tax expense (benefit) | ( | ) | ( | ) | |||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||
Average assets | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2019 | |||||||||||||||||||
Corporate Bank | Consumer Bank | Wealth Management | Other | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Net interest income (loss) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Provision (credit) for credit losses (1) | ( | ) | |||||||||||||||||
Non-interest income | ( | ) | |||||||||||||||||
Non-interest expense | |||||||||||||||||||
Income (loss) before income taxes | ( | ) | |||||||||||||||||
Income tax expense (benefit) | ( | ) | |||||||||||||||||
Net income (loss) | $ | $ | $ | $ | $ | ||||||||||||||
Average assets | $ | $ | $ | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||
(In millions) | |||||||
Unused commitments to extend credit | $ | $ | |||||
Standby letters of credit | |||||||
Commercial letters of credit | |||||||
Liabilities associated with standby letters of credit | |||||||
Assets associated with standby letters of credit | |||||||
Reserve for unfunded credit commitments |
Standard | Description | Required Date of Adoption | Effect on Regions' financial statements or other significant matters |
Standards Adopted (or partially adopted) in 2020 | |||
ASU 2016-13, Measurement of Credit Losses on Financial Instruments ASU 2018-19, Codification Improvements to Topic 326 ASU 2019-04, Codification Improvements to Topic 326 ASU 2019-05, Targeted Transition Relief to Topic 326 ASU 2019-11, Financial Instruments- Credit Losses ASU 2020-02, Financial Instruments - Credit Losses | This ASU amends Topic 326, Financial Instruments- Credit Losses to replace the current incurred loss accounting model with a current expected credit loss approach (CECL) for financial instruments measured at amortized cost and other commitments to extend credit. The amendments require entities to consider all available relevant information when estimating current expected credit losses, including details about past events, current conditions, and R&S forecasts. The resulting allowance for credit losses is to reflect the portion of the amortized cost basis that the entity does not expect to collect. The ASU also eliminates the current accounting model for purchased credit-impaired loans, but requires an allowance to be recognized for purchased-credit-deteriorated (PCD) assets (those that have experienced more-than-insignificant deterioration in credit quality since origination). Entities that had loans accounted for under ASC 310-30 at the time of adoption should prospectively apply the guidance in this amendment for purchase credit deteriorated assets. Additional quantitative and qualitative disclosures are required upon adoption. While the CECL model does not apply to available for sale debt securities, the ASU does require entities to record an allowance when recognizing credit losses for available for sale securities, rather than reduce the amortized cost of the securities by direct write-offs. The ASU should be adopted on a modified retrospective basis. | January 1, 2020 | The allowance increased by $501 million based on loan exposure balances and Regions' internally developed macroeconomic forecast upon adoption of CECL on January 1, 2020. The increase in the allowance at adoption was primarily the result of significant increases within the consumer portfolio segment, specifically residential first mortgages, home equity loans, home equity lines, and indirect-other consumer. The impact to the residential first mortgage and home equity classes was mainly driven by their longer time to maturity. Additionally, a significant portion of the indirect-other consumer class is unsecured lending through third parties which yielded higher loss rates. Under CECL these higher loss rates compounded over a life of loan estimate result in a significantly larger allowance estimate. A suite of controls including governance, data, forecast and model controls was in place at adoption. The impact was reflected as a reduction of approximately $375 million to retained earnings and an increase of approximately $126 million to deferred tax assets. In late March 2020, the Federal Banking agencies published an interim final rule related to a revised transition of the impact of CECL on regulatory capital. The rule allows an add-back to regulatory capital for the impacts of CECL for a two-year period. At the end of the two years, the impact is then phased in over the following three years. The add-back is calculated as the impact of initial adoption, plus 25 percent of subsequent changes in allowance. At June 30, 2020 this amount is approximately $613 million year-to-date. The impact on CET1 is approximately 56 basis points. The interim final rule has been published for comment, but has an immediate effective date. There was no material impact to available for sale or held to maturity securities upon adoption of CECL, nor to any other financial assets in scope. Most of the held to maturity portfolio consists of agency-backed securities that inherently have an immaterial risk of loss. Additionally, Regions had no PCI assets that were converted to PCD upon adoption. See Note 1 Basis of Presentation for additional information about Regions' CECL methodologies and assumptions. |
ASU 2017-04, Simplifying the Test for Goodwill Impairment | This ASU amends Topic 350, Intangibles-Goodwill and Other, and eliminates Step 2 from the goodwill impairment test. | January 1, 2020 | The adoption of this guidance did not have a material impact. |
Standard | Description | Required Date of Adoption | Effect on Regions' financial statements or other significant matters |
Standards Adopted (or partially adopted) in 2020 | |||
ASU 2018-15, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement | This ASU amends Topic 350-40, Intangibles-Goodwill and Other-Internal-Use Software, regarding a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor, i.e. a service contract. Customers will apply the same criteria for capitalizing implementation costs as they would for an arrangement that has a software license. The amendments also prescribe the balance sheet, income statement, and cash flow classification of the capitalized implementation costs and related amortization expense, and require additional quantitative and qualitative disclosures. | January 1, 2020 | The adoption of this guidance did not have a material impact. |
ASU 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities | This ASU amends Topic 810, Consolidation, guidance on how all reporting entities evaluate indirect interests held through related parties in common control arrangements when determining whether fees paid to decision makers and service providers are variable interests. | January 1, 2020 | The adoption of this guidance did not have a material impact. |
ASU 2019-04, Codification Improvements to Topics 815 and 825 | This ASU amends Topic 815, Derivatives and Hedging, by providing clarification on ASU 2017-12, which the Company previously adopted. The amendment provides clarity on the term used to measure the change in fair value on a partial term hedge of interest rate risk. The amendment also provides additional guidance on the amortization of the basis adjustment on partial term hedges. This ASU also amends Topic 825, Financial Instruments, by providing clarification on ASU 2016-01, which the Company previously adopted. The amendment clarifies that an entity must remeasure a security without a readily determinable fair value at fair value in accordance with Topic 820 when an orderly transaction is identified for an identical or similar investment. | January 1, 2020 | The adoption of this guidance did not have a material impact. |
ASU 2019-08 Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606) | The amendments in this Update require that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. The amount recorded as a reduction of the transaction price is required to be measured on the basis of the grant-date fair value of the share-based payment award measured in accordance with Topic 718. The grant date is the date at which a grantor (supplier) and grantee (customer) reach a mutual understanding of the key terms and conditions of a share-based payment award. The classification and subsequent measurement of the award are subject to the guidance in Topic 718 unless the share-based payment award is subsequently modified and the grantee is no longer a customer. | January 1, 2020 | The adoption of this guidance did not have a material impact. |
Standard | Description | Required Date of Adoption | Effect on Regions' financial statements or other significant matters |
Standards Not Yet Adopted | |||
ASU 2019-12 Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes | The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. | January 1, 2021 | Regions is evaluating the impact upon adoption; however, the impact is not expected to be material. |
ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) | The amendments clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. | January 1, 2021 Early adoption is permitted. | Regions is evaluating the impact upon adoption; however, the impact is not expected to be material. |
ASU 2020-04, Reference Rate Reform - Topic 848 | This Update provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications, hedge accounting, and other transactions affected that reference LIBOR or another reference rate expected to be discontinued. | The Update is effective upon issuance and can be applied through December 31, 2022. | Regions is evaluating the overall impact of this ASU. To the extent available, Regions expects to adopt optional relief expedients related to the effects of LIBOR transition. |
June 30, 2020 | December 31, 2019 | ||||||
(In millions) | |||||||
U.S. Treasury securities | $ | 181 | $ | 182 | |||
Federal agency securities | 42 | 43 | |||||
Mortgage-backed securities: | |||||||
Residential agency | 17,113 | 16,226 | |||||
Residential non-agency | 1 | 1 | |||||
Commercial agency | 5,829 | 5,388 | |||||
Commercial non-agency | 616 | 647 | |||||
Corporate and other debt securities | 1,371 | 1,451 | |||||
$ | 25,153 | $ | 23,938 |
June 30, 2020 | December 31, 2019 | ||||||
(In millions, net of unearned income) | |||||||
Commercial and industrial | $ | 47,670 | $ | 39,971 | |||
Commercial real estate mortgage—owner-occupied (1) | 5,491 | 5,537 | |||||
Commercial real estate construction—owner-occupied (1) | 314 | 331 | |||||
Total commercial | 53,475 | 45,839 | |||||
Commercial investor real estate mortgage | 5,221 | 4,936 | |||||
Commercial investor real estate construction | 1,908 | 1,621 | |||||
Total investor real estate | 7,129 | 6,557 | |||||
Residential first mortgage | 15,382 | 14,485 | |||||
Home equity lines | 4,953 | 5,300 | |||||
Home equity loans | 2,937 | 3,084 | |||||
Indirect—vehicles | 1,331 | 1,812 | |||||
Indirect—other consumer | 3,022 | 3,249 | |||||
Consumer credit card | 1,213 | 1,387 | |||||
Other consumer | 1,106 | 1,250 | |||||
Total consumer | 29,944 | 30,567 | |||||
$ | 90,548 | $ | 82,963 |
June 30, 2020 | |||||||||||
Loans | Unfunded Commitments | Total Exposure | |||||||||
(In millions) | |||||||||||
Administrative, support, waste and repair | $ | 1,829 | $ | 979 | $ | 2,808 | |||||
Agriculture | 517 | 250 | 767 | ||||||||
Educational services | 3,172 | 902 | 4,074 | ||||||||
Energy | 2,195 | 2,108 | 4,303 | ||||||||
Financial services | 4,281 | 4,784 | 9,065 | ||||||||
Government and public sector | 3,044 | 606 | 3,650 | ||||||||
Healthcare | 4,797 | 2,389 | 7,186 | ||||||||
Information | 1,832 | 904 | 2,736 | ||||||||
Manufacturing | 5,176 | 4,157 | 9,333 | ||||||||
Professional, scientific and technical services | 2,601 | 1,415 | 4,016 | ||||||||
Real estate (3) | 8,431 | 6,907 | 15,338 | ||||||||
Religious, leisure, personal and non-profit services | 2,263 | 730 | 2,993 | ||||||||
Restaurant, accommodation and lodging | 2,480 | 338 | 2,818 | ||||||||
Retail trade | 3,119 | 1,891 | 5,010 | ||||||||
Transportation and warehousing | 2,701 | 1,176 | 3,877 | ||||||||
Utilities | 1,901 | 2,774 | 4,675 | ||||||||
Wholesale goods | 3,348 | 3,002 | 6,350 | ||||||||
Other (1) | (212 | ) | 2,180 | 1,968 | |||||||
Total commercial | $ | 53,475 | $ | 37,492 | $ | 90,967 |
December 31, 2019 (2) | |||||||||||
Loans | Unfunded Commitments | Total Exposure | |||||||||
(In millions) | |||||||||||
Administrative, support, waste and repair | $ | 1,402 | $ | 888 | $ | 2,290 | |||||
Agriculture | 456 | 225 | 681 | ||||||||
Educational services | 2,724 | 676 | 3,400 | ||||||||
Energy | 2,172 | 2,528 | 4,700 | ||||||||
Financial services | 4,588 | 4,257 | 8,845 | ||||||||
Government and public sector | 2,825 | 522 | 3,347 | ||||||||
Healthcare | 3,646 | 1,802 | 5,448 | ||||||||
Information | 1,394 | 847 | 2,241 | ||||||||
Manufacturing | 4,347 | 3,912 | 8,259 | ||||||||
Professional, scientific and technical services | 1,970 | 1,299 | 3,269 | ||||||||
Real estate (3) | 7,067 | 7,224 | 14,291 | ||||||||
Religious, leisure, personal and non-profit services | 1,748 | 769 | 2,517 | ||||||||
Restaurant, accommodation and lodging | 1,780 | 420 | 2,200 | ||||||||
Retail trade | 2,439 | 2,039 | 4,478 | ||||||||
Transportation and warehousing | 1,885 | 1,250 | 3,135 | ||||||||
Utilities | 1,774 | 2,437 | 4,211 | ||||||||
Wholesale goods | 3,335 | 2,637 | 5,972 | ||||||||
Other (1) | 287 | 2,095 | 2,382 | ||||||||
Total commercial | $ | 45,839 | $ | 35,827 | $ | 81,666 |
(1) | "Other" contains balances related to non-classifiable and invalid business industry codes offset by payments in process and fee accounts that are not available at the loan level. |
(2) | As customers' businesses evolve (e.g. up or down the vertical manufacturing chain), Regions may need to change the assigned business industry code used to define the customer relationship. When these changes occur, Regions does not recast the customer history for prior periods into the new classification because the business industry code used in the prior period was deemed appropriate. As a result, comparable period changes may be impacted. |
(3) | "Real estate" includes REITs, which are unsecured commercial and industrial products that are real estate related. |
June 30, 2020 | |||||||||||||||||||||
Balance Outstanding | % of Total Loans | Utilization % | Leveraged % of Balance | SNC % of Balance | % Deferral | % Criticized | |||||||||||||||
($ in millions) | |||||||||||||||||||||
Commercial | |||||||||||||||||||||
Energy - E&P, oilfield services | $ | 1,367 | 1.5 | % | 66 | % | — | % | 80 | % | 6 | % | 48 | % | |||||||
Freight transportation- local general freight, freight arrangement | 261 | 0.3 | % | 80 | % | 6 | % | — | % | 23 | % | 5 | % | ||||||||
Healthcare - offices of physicians and other health practitioners | 1,130 | 1.2 | % | 72 | % | 4 | % | 4 | % | 32 | % | 4 | % | ||||||||
Other consumer services - personal care services, religious organizations, dry cleaning and laundry services | 463 | 0.5 | % | 75 | % | — | % | — | % | 29 | % | 8 | % | ||||||||
Restaurants - full service, special food services | 798 | 0.9 | % | 86 | % | 21 | % | 40 | % | 29 | % | 32 | % | ||||||||
Retail (non-essential) - clothing | 247 | 0.3 | % | 67 | % | — | % | 75 | % | 11 | % | 44 | % | ||||||||
Travel and leisure - amusement, arts and recreation | 649 | 0.7 | % | 76 | % | 37 | % | 48 | % | 17 | % | 17 | % | ||||||||
Total commercial | 4,915 | 5.4 | % | 73 | % | 10 | % | 40 | % | 21 | % | 25 | % | ||||||||
REITs and IRE | |||||||||||||||||||||
Hotels - full service, limited service, extended stay | 983 | 1.1 | % | 81 | % | — | % | 69 | % | 18 | % | 27 | % | ||||||||
Retail (non-essential) - malls and outlet centers | 2,529 | 2.8 | % | 65 | % | — | % | 77 | % | 9 | % | 25 | % | ||||||||
Total REITs and IRE | 3,512 | 3.9 | % | 69 | % | — | % | 75 | % | 11 | % | 25 | % | ||||||||
Total COVID-19 high-risk industries | $ | 8,427 |
June 30, 2020 | ||||||||||||||||
Balance Outstanding | % Outstanding | Utilization Rate | Criticized Balances | % Criticized | ||||||||||||
(In millions) | ||||||||||||||||
Oilfield services and supply | $ | 360 | 17 | % | 70 | % | $ | 187 | 52 | % | ||||||
E&P | 1,007 | 46 | % | 65 | % | 472 | 47 | % | ||||||||
Midstream | 646 | 29 | % | 41 | % | 132 | 20 | % | ||||||||
Downstream | 97 | 4 | % | 26 | % | — | — | % | ||||||||
Other | 72 | 3 | % | 25 | % | 43 | 60 | % | ||||||||
PPP | 13 | 1 | % | 100 | % | — | — | % | ||||||||
Total energy | $ | 2,195 | 100 | % | 51 | % | $ | 834 | 38 | % |
June 30, 2020 | ||||||||||||||||
Balance Outstanding | % Outstanding | Utilization Rate | Criticized Balances | % Criticized | ||||||||||||
(In millions) | ||||||||||||||||
Quick service | $ | 1,280 | 56 | % | 84 | % | $ | 168 | 13 | % | ||||||
Casual dining | 487 | 21 | % | 87 | % | 254 | 52 | % | ||||||||
Other | 149 | 6 | % | 90 | % | 20 | 13 | % | ||||||||
PPP | 396 | 17 | % | 100 | % | — | — | % | ||||||||
Total restaurant | $ | 2,312 | 100 | % | 87 | % | $ | 442 | 19 | % |
June 30, 2020 | ||||||||||||||||
Balance Outstanding | % Outstanding | Utilization Rate | Criticized Balances | % Criticized | ||||||||||||
(In millions) | ||||||||||||||||
Commercial: | ||||||||||||||||
REITs | $ | 714 | 62 | % | 80 | % | $ | — | — | % | ||||||
Consumer services | 131 | 12 | % | 95 | % | 1 | 1 | % | ||||||||
PPP | 37 | 3 | % | 100 | % | — | — | % | ||||||||
Total commercial | 882 | 77 | % | 1 | 1 | % | ||||||||||
IRE: | ||||||||||||||||
IRE - mortgage | 238 | 21 | % | 96 | % | 236 | 99 | % | ||||||||
IRE - construction | 31 | 2 | % | 39 | % | 31 | 100 | % | ||||||||
Total IRE | 269 | 23 | % | 267 | 99 | % | ||||||||||
Total hotel-related | $ | 1,151 | 100 | % | 83 | % | $ | 268 | 23 | % |
June 30, 2020 | ||||||||||||||||
Balance Outstanding | % Outstanding | Utilization Rate | Criticized balances | Criticized percentage | ||||||||||||
(In millions) | ||||||||||||||||
Commercial: | ||||||||||||||||
REITs | $ | 1,789 | 32 | % | 57 | % | $ | 92 | 5 | % | ||||||
Commercial and industrial- leveraged | 229 | 4 | % | 60 | % | — | — | % | ||||||||
Commercial and industrial- not leveraged | 1,266 | 22 | % | 55 | % | 29 | 2 | % | ||||||||
Asset-based lending | 588 | 10 | % | 48 | % | 163 | 28 | % | ||||||||
PPP | 334 | 7 | % | 100 | % | — | — | % | ||||||||
CRE- owner-occupied | 702 | 12 | % | 94 | % | 24 | 3 | % | ||||||||
Total commercial | 4,908 | 87 | % | 308 | 6 | % | ||||||||||
IRE | 740 | 13 | % | 94 | % | 532 | 72 | % | ||||||||
Total commercial and IRE retail-related | $ | 5,648 | 100 | % | 63 | % | $ | 840 | 15 | % |
First Lien | % of Total | Second Lien | % of Total | Total | ||||||||||
(Dollars in millions) | ||||||||||||||
2020 | 69 | 1.40 | % | 56 | 1.12 | % | 125 | |||||||
2021 | 92 | 1.84 | % | 81 | 1.64 | % | 173 | |||||||
2022 | 101 | 2.03 | % | 97 | 1.96 | % | 198 | |||||||
2023 | 132 | 2.67 | % | 108 | 2.19 | % | 240 | |||||||
2024 | 184 | 3.71 | % | 145 | 2.92 | % | 329 | |||||||
2025-2029 | 1,948 | 39.33 | % | 1,727 | 34.87 | % | 3,675 | |||||||
2030-2034 | 133 | 2.69 | % | 74 | 1.51 | % | 207 | |||||||
Thereafter | 3 | 0.07 | % | 3 | 0.05 | % | 6 | |||||||
Total | 2,662 | 53.74 | % | 2,291 | 46.26 | % | 4,953 |
June 30, 2020 | |||||||||||||||||||
Residential First Mortgage | Home Equity Lines of Credit | Home Equity Loans | |||||||||||||||||
1st Lien | 2nd Lien | 1st Lien | 2nd Lien | ||||||||||||||||
(In millions) | |||||||||||||||||||
Estimated current LTV: | |||||||||||||||||||
Above 100% | $ | 32 | $ | 7 | $ | 9 | $ | 8 | $ | 4 | |||||||||
80% - 100% | 2,338 | 64 | 149 | 42 | 22 | ||||||||||||||
Below 80% | 12,734 | 2,551 | 2,052 | 2,612 | 232 | ||||||||||||||
Data not available | 278 | 40 | 81 | 13 | 4 | ||||||||||||||
$ | 15,382 | $ | 2,662 | $ | 2,291 | $ | 2,675 | $ | 262 |
December 31, 2019 | |||||||||||||||||||
Residential First Mortgage | Home Equity Lines of Credit | Home Equity Loans | |||||||||||||||||
1st Lien | 2nd Lien | 1st Lien | 2nd Lien | ||||||||||||||||
(In millions) | |||||||||||||||||||
Estimated current LTV: | |||||||||||||||||||
Above 100% | $ | 32 | $ | 8 | $ | 18 | $ | 9 | $ | 5 | |||||||||
80% - 100% | 1,745 | 86 | 208 | 39 | 29 | ||||||||||||||
Below 80% | 12,438 | 2,659 | 2,195 | 2,731 | 252 | ||||||||||||||
Data not available | 270 | 35 | 91 | 14 | 5 | ||||||||||||||
$ | 14,485 | $ | 2,788 | $ | 2,512 | $ | 2,793 | $ | 291 |
Three months ended June 30, 2020 | |||
(In millions) | |||
Allowance for credit losses at April 1 | $ | 1,665 | |
Initial allowance on acquired PCD loans | 60 | ||
Provision over net charge-offs: | |||
Economic outlook and adjustments | 287 | ||
Changes in portfolio credit quality | 382 | ||
Changes in specific reserves | (10 | ) | |
Portfolio growth (run-off) (1) | (35 | ) | |
Provision impact of non-PCD acquired loans(3) | 76 | ||
Total provision over net charge-offs | 700 | ||
Allowance for credit losses at June 30 | $ | 2,425 |
Six months ended June 30, 2020 | |||
(In millions) | |||
Allowance for credit losses at January 1 (as adjusted for change in accounting guidance) (2) | $ | 1,415 | |
Initial allowance on acquired PCD loans | 60 | ||
Provision over net charge-offs: | |||
Economic outlook and adjustments | 510 | ||
Changes in portfolio credit quality | 424 | ||
Changes in specific reserves | 26 | ||
Portfolio growth (run-off) (1) | (86 | ) | |
Provision impact of non-PCD acquired loans(3) | 76 | ||
Total provision over net charge-offs | 950 | ||
Allowance for credit losses at June 30 | $ | 2,425 |
(1) | Portfolio growth does not include PPP loans of $4.5 billion, which are fully backed by the U.S. government and do not have an associated allowance. |
(2) | Regions adopted the CECL accounting guidance on January 1, 2020 and recorded the cumulative effect of the change in accounting guidance as a reduction to retained earnings and an increase to deferred tax assets. See Note 1 for additional details. |
(3) | This balance includes $64 million related to the initial allowance for non-PCD loans acquired as part of the Ascentium acquisition. |
Pre-R&S Period | Base R&S Forecast | |||||||||||||||||||||||||
June 30, 2020 | ||||||||||||||||||||||||||
2Q2020 | 3Q2020 | 4Q2020 | 1Q2021 | 2Q2021 | 3Q2021 | 4Q2021 | 1Q2022 | 2Q2022 | ||||||||||||||||||
Real GDP, annualized % change | (37.90 | )% | 25.60 | % | 9.00 | % | 5.60 | % | 4.10 | % | 3.00 | % | 2.90 | % | 2.60 | % | 2.80 | % | ||||||||
Unemployment rate | 13.20 | % | 9.90 | % | 9.10 | % | 8.60 | % | 7.90 | % | 7.40 | % | 7.00 | % | 6.70 | % | 6.50 | % | ||||||||
HPI, year-over-year % change | 5.70 | % | 5.00 | % | 3.20 | % | 1.30 | % | (0.50 | )% | (0.30 | )% | 1.30 | % | 2.80 | % | 3.60 | % | ||||||||
S&P 500 | 2,959 | 3,232 | 3,253 | 3,270 | 3,283 | 3,313 | 3,347 | 3,375 | 3,398 |
Six Months Ended June 30 | |||||||
2020 | 2019 | ||||||
(Dollars in millions) | |||||||
Allowance for loan losses at January 1 | $ | 869 | $ | 840 | |||
Cumulative change in accounting guidance (1) | 438 | — | |||||
Allowance for loan losses, January 1 (as adjusted for change in accounting guidance) (1) | 1,307 | 840 | |||||
Loans charged-off: | |||||||
Commercial and industrial | 207 | 69 | |||||
Commercial real estate mortgage—owner-occupied | 6 | 5 | |||||
Residential first mortgage | 2 | 3 | |||||
Home equity lines | 7 | 8 | |||||
Home equity loans | 1 | 3 | |||||
Indirect—vehicles | 12 | 15 | |||||
Indirect—other consumer | 41 | 35 | |||||
Consumer credit card | 33 | 34 | |||||
Other consumer | 39 | 43 | |||||
348 | 215 | ||||||
Recoveries of loans previously charged-off: | |||||||
Commercial and industrial | 14 | 12 | |||||
Commercial real estate mortgage—owner-occupied | 3 | 3 | |||||
Commercial investor real estate mortgage | 1 | 1 | |||||
Commercial investor real estate construction | — | 1 | |||||
Residential first mortgage | 2 | 2 | |||||
Home equity lines | 5 | 6 | |||||
Home equity loans | 1 | 2 | |||||
Indirect—vehicles | 5 | 7 | |||||
Indirect—other consumer | — | — | |||||
Consumer credit card | 5 | 4 | |||||
Other consumer | 7 | 7 | |||||
43 | 45 | ||||||
Net charge-offs: | |||||||
Commercial and industrial | 193 | 57 | |||||
Commercial real estate mortgage—owner-occupied | 3 | 2 | |||||
Commercial investor real estate mortgage | (1 | ) | (1 | ) | |||
Commercial investor real estate construction | — | (1 | ) | ||||
Residential first mortgage | — | 1 | |||||
Home equity lines | 2 | 2 | |||||
Home equity loans | — | 1 | |||||
Indirect—vehicles | 7 | 8 | |||||
Indirect—other consumer | 41 | 35 | |||||
Consumer credit card | 28 | 30 | |||||
Other consumer | 32 | 36 | |||||
305 | 170 | ||||||
Provision for loan losses | 1,214 | 183 | |||||
Initial allowance on acquired PCD loans | 60 | — | |||||
Allowance for loan losses at June 30 | 2,276 | 853 | |||||
Reserve for unfunded credit commitments at beginning of year | 45 | 51 | |||||
Cumulative change in accounting guidance (1) | 63 | — | |||||
Provision (credit) for unfunded credit losses | 41 | (1 | ) | ||||
Reserve for unfunded credit commitments at June 30 | 149 | 50 | |||||
Allowance for credit losses at June 30 | $ | 2,425 | $ | 903 | |||
Loans, net of unearned income, outstanding at end of period | $ | 90,548 | $ | 83,553 | |||
Average loans, net of unearned income, outstanding for the period | $ | 87,607 | $ | 83,816 | |||
Six Months Ended June 30 | |||||||
2020 | 2019 | ||||||
(Dollars in millions) | |||||||
Ratios: | |||||||
Allowance for credit losses at end of period to loans, net of unearned income | 2.68 | % | 1.08 | % | |||
Allowance for credit losses at end of period to loans, excluding PPP, net (non-GAAP) (2) | 2.82 | % | 1.08 | % | |||
Allowance for loan losses at end of period to loans, net of unearned income | 2.51 | % | 1.02 | % | |||
Allowance for credit losses at end of period to non-performing loans, excluding loans held for sale | 395 | % | 169 | % | |||
Allowance for loan losses at end of period to non-performing loans, excluding loans held for sale | 370 | % | 160 | % | |||
Net charge-offs as percentage of average loans, net of unearned income (annualized) | 0.70 | % | 0.41 | % |
(1) | Regions adopted the CECL accounting guidance on January 1, 2020 and recorded the cumulative effect of the change in accounting guidance as a reduction to retained earnings and an increase to deferred tax assets. See Note 1 for additional details. |
(2) | See Table 23 for calculation. |
June 30, 2020 | January 1, 2020 | ||||||||||||||||||||
Loan Balance | Allowance Allocation | Allowance to Loans % | Loan Balance | Allowance Allocation | Allowance to Loans % | ||||||||||||||||
Commercial and industrial | $ | 47,670 | $ | 1,109 | 2.33 | % | $ | 39,971 | $ | 443 | 1.11 | % | |||||||||
Commercial real estate mortgage—owner-occupied | 5,491 | 249 | 4.53 | % | 5,537 | 153 | 2.76 | % | |||||||||||||
Commercial real estate construction—owner-occupied | 314 | 20 | 6.37 | % | 331 | 14 | 4.23 | % | |||||||||||||
Total commercial | 53,475 | 1,378 | 2.58 | % | 45,839 | 610 | 1.33 | % | |||||||||||||
Commercial investor real estate mortgage | 5,221 | 132 | 2.53 | % | 4,936 | 54 | 1.09 | % | |||||||||||||
Commercial investor real estate construction | 1,908 | 55 | 2.88 | % | 1,621 | 16 | 0.99 | % | |||||||||||||
Total investor real estate | 7,129 | 187 | 2.62 | % | 6,557 | 70 | 1.07 | % | |||||||||||||
Residential first mortgage | 15,382 | 151 | 0.98 | % | 14,485 | 86 | 0.59 | % | |||||||||||||
Home equity lines | 4,953 | 146 | 2.95 | % | 5,300 | 144 | 2.72 | % | |||||||||||||
Home equity loans | 2,937 | 42 | 1.43 | % | 3,084 | 32 | 1.04 | % | |||||||||||||
Indirect—vehicles | 1,331 | 34 | 2.55 | % | 1,812 | 26 | 1.43 | % | |||||||||||||
Indirect—other consumer | 3,022 | 278 | 9.20 | % | 3,249 | 267 | 8.22 | % | |||||||||||||
Consumer credit card | 1,213 | 143 | 11.79 | % | 1,387 | 112 | 8.07 | % | |||||||||||||
Other consumer | 1,106 | 66 | 5.97 | % | 1,250 | 68 | 5.44 | % | |||||||||||||
Total consumer | 29,944 | 860 | 2.87 | % | 30,567 | 735 | 2.40 | % | |||||||||||||
$ | 90,548 | $ | 2,425 | 2.68 | % | $ | 82,963 | $ | 1,415 | 1.71 | % |
June 30, 2020 | December 31, 2019 | ||||||||||||||
Loan Balance | Allowance for Credit Losses | Loan Balance | Allowance for Credit Losses | ||||||||||||
(In millions) | |||||||||||||||
Accruing: | |||||||||||||||
Commercial | $ | 49 | $ | 4 | $ | 106 | $ | 15 | |||||||
Investor real estate | 6 | 1 | 32 | 3 | |||||||||||
Residential first mortgage | 178 | 24 | 177 | 18 | |||||||||||
Home equity lines | 38 | 6 | 42 | 2 | |||||||||||
Home equity loans | 90 | 10 | 109 | 5 | |||||||||||
Consumer credit card | 1 | — | 1 | — | |||||||||||
Other consumer | 3 | — | 4 | — | |||||||||||
365 | 45 | 471 | 43 | ||||||||||||
Non-accrual status or 90 days past due and still accruing: | |||||||||||||||
Commercial | 214 | 9 | 139 | 20 | |||||||||||
Investor real estate | — | — | 1 | — | |||||||||||
Residential first mortgage | 37 | 5 | 40 | 4 | |||||||||||
Home equity lines | 3 | — | 2 | — | |||||||||||
Home equity loans | 7 | 1 | 6 | — | |||||||||||
261 | 15 | 188 | 24 | ||||||||||||
Total TDRs - Loans | $ | 626 | $ | 60 | $ | 659 | $ | 67 | |||||||
TDRs - Held For Sale | — | — | 1 | — | |||||||||||
Total TDRs | $ | 626 | $ | 60 | $ | 660 | $ | 67 |
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||
Commercial | Investor Real Estate | Commercial | Investor Real Estate | ||||||||||||
(In millions) | |||||||||||||||
Balance, beginning of period | $ | 245 | $ | 33 | $ | 291 | $ | 19 | |||||||
Additions | 208 | — | 100 | 2 | |||||||||||
Charge-offs | (52 | ) | — | (14 | ) | — | |||||||||
Other activity, inclusive of payments and removals (1) | (138 | ) | (27 | ) | (94 | ) | (1 | ) | |||||||
Balance, end of period | $ | 263 | $ | 6 | $ | 283 | $ | 20 |
June 30, 2020 | December 31, 2019 | ||||||
(Dollars in millions) | |||||||
Non-performing loans: | |||||||
Commercial and industrial | $ | 445 | $ | 347 | |||
Commercial real estate mortgage—owner-occupied | 74 | 73 | |||||
Commercial real estate construction—owner-occupied | 10 | 11 | |||||
Total commercial | 529 | 431 | |||||
Commercial investor real estate mortgage | 1 | 2 | |||||
Total investor real estate | 1 | 2 | |||||
Residential first mortgage | 32 | 27 | |||||
Home equity lines | 46 | 41 | |||||
Home equity loans | 6 | 6 | |||||
Total consumer | 84 | 74 | |||||
Total non-performing loans, excluding loans held for sale | 614 | 507 | |||||
Non-performing loans held for sale | 10 | 13 | |||||
Total non-performing loans(1) | 624 | 520 | |||||
Foreclosed properties | 43 | 53 | |||||
Non-marketable investments received in foreclosure | — | 5 | |||||
Total non-performing assets(1) | $ | 667 | $ | 578 | |||
Accruing loans 90 days past due: | |||||||
Commercial and industrial | $ | 11 | $ | 11 | |||
Commercial real estate mortgage—owner-occupied | 3 | 1 | |||||
Total commercial | 14 | 12 | |||||
Residential first mortgage(2) | 75 | 70 | |||||
Home equity lines | 26 | 32 | |||||
Home equity loans | 12 | 10 | |||||
Indirect—vehicles | 8 | 7 | |||||
Indirect—other consumer | 3 | 3 | |||||
Consumer credit card | 17 | 19 | |||||
Other consumer | 5 | 5 | |||||
Total consumer | 146 | 146 | |||||
$ | 160 | $ | 158 | ||||
Non-performing loans(1) to loans and non-performing loans held for sale | 0.69 | % | 0.63 | % | |||
Non-performing assets(1) to loans, foreclosed properties, non-marketable investments, and non-performing loans held for sale | 0.74 | % | 0.70 | % |
(1) | Excludes accruing loans 90 days past due. |
(2) | Excludes residential first mortgage loans that are 100% guaranteed by the FHA and all guaranteed loans sold to the GNMA where Regions has the right but not the obligation to repurchase. Total 90 days or more past due guaranteed loans excluded were $55 million at June 30, 2020 and $66 million at December 31, 2019. |
Non-Accrual Loans, Excluding Loans Held for Sale Six Months Ended June 30, 2020 | |||||||||||||||
Commercial | Investor Real Estate | Consumer(1) | Total | ||||||||||||
(In millions) | |||||||||||||||
Balance at beginning of period | $ | 431 | $ | 2 | $ | 74 | $ | 507 | |||||||
Additions | 432 | 1 | 12 | 445 | |||||||||||
Net payments/other activity | (99 | ) | (2 | ) | (2 | ) | (103 | ) | |||||||
Return to accrual | (13 | ) | — | — | (13 | ) | |||||||||
Charge-offs on non-accrual loans(2) | (195 | ) | — | — | (195 | ) | |||||||||
Transfers to held for sale(3) | (11 | ) | — | — | (11 | ) | |||||||||
Transfers to real estate owned | (4 | ) | — | — | (4 | ) | |||||||||
Sales | (12 | ) | — | — | (12 | ) | |||||||||
Balance at end of period | $ | 529 | $ | 1 | $ | 84 | $ | 614 |
Non-Accrual Loans, Excluding Loans Held for Sale Six Months Ended June 30, 2019 | |||||||||||||||
Commercial | Investor Real Estate | Consumer(1) | Total | ||||||||||||
(In millions) | |||||||||||||||
Balance at beginning of period | $ | 382 | $ | 11 | $ | 103 | $ | 496 | |||||||
Additions | 250 | 1 | — | 251 | |||||||||||
Net payments/other activity | (82 | ) | (4 | ) | (8 | ) | (94 | ) | |||||||
Return to accrual | (13 | ) | — | — | (13 | ) | |||||||||
Charge-offs on non-accrual loans(2) | (63 | ) | — | — | (63 | ) | |||||||||
Transfers to held for sale(3) | (22 | ) | — | — | (22 | ) | |||||||||
Transfers to real estate owned | (2 | ) | — | — | (2 | ) | |||||||||
Sales | (20 | ) | — | — | (20 | ) | |||||||||
Balance at end of period | $ | 430 | $ | 8 | $ | 95 | $ | 533 |
(1) | All net activity within the consumer portfolio segment other than sales and transfers to held for sale (including related charge-offs) is included as a single net number within the net payments/other activity line. |
(2) | Includes charge-offs on loans on non-accrual status and charge-offs taken upon sale and transfer of non-accrual loans to held for sale. |
(3) | Transfers to held for sale are shown net of charge-offs of $4 million and $5 million recorded upon transfer for the six months ended June 30, 2020 and 2019, respectively. |
June 30, 2020 | December 31, 2019 | ||||||
(In millions) | |||||||
Non-interest-bearing demand | $ | 47,964 | $ | 34,113 | |||
Savings | 10,698 | 8,640 | |||||
Interest-bearing transaction | 22,407 | 20,046 | |||||
Money market—domestic | 29,263 | 25,326 | |||||
Time deposits | 6,428 | 7,442 | |||||
Customer deposits | 116,760 | 95,567 | |||||
Corporate treasury time deposits | 19 | 108 | |||||
Corporate treasury other deposits | — | 1,800 | |||||
$ | 116,779 | $ | 97,475 |
June 30, 2020 | December 31, 2019 | ||||||
(In millions) | |||||||
Regions Financial Corporation (Parent): | |||||||
3.20% senior notes due February 2021 | $ | 359 | $ | 358 | |||
2.75% senior notes due August 2022 | 998 | 997 | |||||
3.80% senior notes due August 2023 | 997 | 996 | |||||
2.25% senior notes due April 2025 | 745 | — | |||||
7.75% subordinated notes due September 2024 | 100 | 100 | |||||
6.75% subordinated debentures due November 2025 | 156 | 156 | |||||
7.375% subordinated notes due December 2037 | 298 | 298 | |||||
Valuation adjustments on hedged long-term debt | 115 | 45 | |||||
3,768 | 2,950 | ||||||
Regions Bank: | |||||||
FHLB advances | 401 | 2,501 | |||||
2.75% senior notes due April 2021 | 191 | 549 | |||||
3 month LIBOR plus 0.38% of floating rate senior notes due April 2021 | 66 | 350 | |||||
3.374% senior notes converting to 3 month LIBOR plus 0.50%, callable August 2020, due August 2021 | 499 | 499 | |||||
3 month LIBOR plus 0.50% of floating rate senior notes, callable August 2020, due August 2021 | 499 | 499 | |||||
6.45% subordinated notes due June 2037 | 495 | 495 | |||||
Ascentium note securitizations | 459 | — | |||||
Other long-term debt | 30 | 32 | |||||
Valuation adjustments on hedged long-term debt | — | 4 | |||||
2,640 | 4,929 | ||||||
Total consolidated | $ | 6,408 | $ | 7,879 |
Transitional Basis Basel III Regulatory Capital Rules | June 30, 2020 Ratio (1) | December 31, 2019 Ratio | Minimum Requirement | To Be Well Capitalized | |||||||
Basel III common equity Tier 1 capital: | |||||||||||
Regions Financial Corporation | 8.87 | % | 9.68 | % | 4.50 | % | N/A | ||||
Regions Bank | 11.06 | 11.58 | 4.50 | 6.50 | % | ||||||
Tier 1 capital: | |||||||||||
Regions Financial Corporation | 10.38 | % | 10.91 | % | 6.00 | % | 6.00 | % | |||
Regions Bank | 11.06 | 11.58 | 6.00 | 8.00 | |||||||
Total capital: | |||||||||||
Regions Financial Corporation | 12.57 | % | 12.68 | % | 8.00 | % | 10.00 | % | |||
Regions Bank | 12.77 | 12.92 | 8.00 | 10.00 | |||||||
Leverage capital: | |||||||||||
Regions Financial Corporation | 8.43 | % | 9.65 | % | 4.00 | % | N/A | ||||
Regions Bank | 9.00 | 10.24 | 4.00 | 5.00 | % |
As of June 30, 2020 | ||||
S&P | Moody’s | Fitch | DBRS | |
Regions Financial Corporation | ||||
Senior unsecured debt | BBB+ | Baa2 | BBB+ | AL |
Subordinated debt | BBB | Baa2 | BBB | BBBH |
Regions Bank | ||||
Short-term | A-2 | P-1 | F1 | R-IL |
Long-term bank deposits | N/A | A2 | A- | A |
Senior unsecured debt | A- | Baa2 | BBB+ | A |
Subordinated debt | BBB+ | Baa2 | BBB | AL |
Outlook | Stable | Stable | Stable | Stable |
As of December 31, 2019 | ||||
S&P | Moody’s | Fitch | DBRS | |
Regions Financial Corporation | ||||
Senior unsecured debt | BBB+ | Baa2 | BBB+ | AL |
Subordinated debt | BBB | Baa2 | BBB | BBBH |
Regions Bank | ||||
Short-term | A-2 | P-1 | F1 | R-IL |
Long-term bank deposits | N/A | A2 | A- | A |
Senior unsecured debt | A- | Baa2 | BBB+ | A |
Subordinated debt | BBB+ | Baa2 | BBB | AL |
Outlook | Stable | Positive | Positive | Stable |
• | Preparation of Regions’ operating budgets |
• | Monthly financial performance reporting |
• | Monthly close-out reporting of consolidated results (management only) |
• | Presentations to investors of Company performance |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(Dollars in millions) | |||||||||||||||
ADJUSTED AVERAGE BALANCES OF LOANS | |||||||||||||||
Average total loans | $ | 91,964 | $ | 83,905 | $ | 87,607 | $ | 83,816 | |||||||
Less: Indirect—vehicles | 1,441 | 2,578 | 1,561 | 2,750 | |||||||||||
Adjusted average total loans (non-GAAP) | $ | 90,523 | $ | 81,327 | $ | 86,046 | $ | 81,066 |
June 30, 2020 | December 31, 2019 | June 30, 2019 | |||||||||
(Dollars in millions) | |||||||||||
ACL/LOANS, EXCLUDING PPP, NET | |||||||||||
Ending total loans | $ | 90,548 | $ | 82,963 | $ | 83,553 | |||||
Less: SBA PPP loans | 4,498 | — | — | ||||||||
Ending total loans excluding PPP, net (non-GAAP) | $ | 86,050 | $ | 82,963 | $ | 83,553 | |||||
ACL at period end | $ | 2,425 | $ | 914 | $ | 903 | |||||
ACL/Loans, excluding PPP, net (non-GAAP) | 2.82 | % | 1.10 | % | 1.08 | % |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(Dollars in millions) | ||||||||||||||||
INCOME (LOSS) | ||||||||||||||||
Net income (loss) (GAAP) | $ | (214 | ) | $ | 390 | $ | (52 | ) | $ | 784 | ||||||
Preferred dividends (GAAP) | (23 | ) | (16 | ) | (46 | ) | (32 | ) | ||||||||
Net income (loss) available to common shareholders (GAAP) | A | $ | (237 | ) | $ | 374 | $ | (98 | ) | $ | 752 | |||||
ADJUSTED EFFICIENCY AND FEE INCOME RATIOS | ||||||||||||||||
Non-interest expense (GAAP) | B | $ | 924 | $ | 861 | $ | 1,760 | $ | 1,721 | |||||||
Significant items: | ||||||||||||||||
Branch consolidation, property and equipment charges | (10 | ) | (2 | ) | (21 | ) | (8 | ) | ||||||||
Salary and employee benefits—severance charges | (2 | ) | (2 | ) | (3 | ) | (4 | ) | ||||||||
Loss on early extinguishment of debt | (6 | ) | — | (6 | ) | — | ||||||||||
Professional, legal and regulatory expenses | (7 | ) | — | (7 | ) | — | ||||||||||
Acquisition expenses | (1 | ) | — | (1 | ) | — | ||||||||||
Adjusted non-interest expense (non-GAAP) | C | $ | 898 | $ | 857 | $ | 1,722 | $ | 1,709 | |||||||
Net interest income (GAAP) | D | $ | 972 | $ | 942 | $ | 1,900 | $ | 1,890 | |||||||
Taxable-equivalent adjustment | 13 | 14 | 25 | 27 | ||||||||||||
Net interest income, taxable-equivalent basis | E | 985 | 956 | 1,925 | 1,917 | |||||||||||
Non-interest income (GAAP) | F | 573 | 494 | 1,058 | 996 | |||||||||||
Significant items: | ||||||||||||||||
Securities (gains) losses, net | (1 | ) | 19 | (1 | ) | 26 | ||||||||||
Leveraged lease termination gains | — | — | (2 | ) | — | |||||||||||
Gain on sale of affordable housing residential mortgage loans (1) | — | — | — | (8 | ) | |||||||||||
Adjusted non-interest income (non-GAAP) | G | $ | 572 | $ | 513 | $ | 1,055 | $ | 1,014 | |||||||
Total revenue | D+F=H | $ | 1,545 | $ | 1,436 | $ | 2,958 | $ | 2,886 | |||||||
Adjusted total revenue | D+G=I | $ | 1,544 | $ | 1,455 | $ | 2,955 | $ | 2,904 | |||||||
Total revenue, taxable-equivalent basis | E+F=J | $ | 1,558 | $ | 1,450 | $ | 2,983 | $ | 2,913 | |||||||
Adjusted total revenue, taxable-equivalent basis (non-GAAP) | E+G=K | $ | 1,557 | $ | 1,469 | $ | 2,980 | $ | 2,931 | |||||||
Efficiency ratio (GAAP) | B/J | 59.35 | % | 59.37 | % | 59.01 | % | 59.09 | % | |||||||
Adjusted efficiency ratio (non-GAAP) | C/K | 57.75 | % | 58.33 | % | 57.82 | % | 58.31 | % | |||||||
Fee income ratio (GAAP) | F/J | 36.78 | % | 34.09 | % | 35.48 | % | 34.20 | % | |||||||
Adjusted fee income ratio (non-GAAP) | G/K | 36.77 | % | 34.96 | % | 35.42 | % | 34.61 | % | |||||||
RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS’ EQUITY | ||||||||||||||||
Average shareholders’ equity (GAAP) | $ | 17,384 | $ | 15,927 | $ | 16,922 | $ | 15,562 | ||||||||
Less: Average intangible assets (GAAP) | 5,373 | 4,933 | 5,159 | 4,937 | ||||||||||||
Average deferred tax liability related to intangibles (GAAP) | (94 | ) | (94 | ) | (93 | ) | (94 | ) | ||||||||
Average preferred stock (GAAP) | 1,409 | 1,154 | 1,360 | 988 | ||||||||||||
Average tangible common shareholders’ equity (non-GAAP) | L | $ | 10,696 | $ | 9,934 | $ | 10,496 | $ | 9,731 | |||||||
Return on average tangible common shareholders’ equity (non-GAAP)(2) | A/L | (8.90 | )% | 15.11 | % | (1.87 | )% | 15.58 | % |
June 30, 2020 | December 31, 2019 | |||||||
(Dollars in millions, except per share data) | ||||||||
TANGIBLE COMMON RATIOS | ||||||||
Ending shareholders’ equity (GAAP) | $ | 17,602 | $ | 16,295 | ||||
Less: Ending intangible assets (GAAP) | 5,330 | 4,950 | ||||||
Ending deferred tax liability related to intangibles (GAAP) | (103 | ) | (92 | ) | ||||
Ending preferred stock (GAAP) | 1,656 | 1,310 | ||||||
Ending tangible common shareholders’ equity (non-GAAP) | M | $ | 10,719 | $ | 10,127 | |||
Ending total assets (GAAP) | $ | 144,070 | $ | 126,240 | ||||
Less: Ending intangible assets (GAAP) | 5,330 | 4,950 | ||||||
Ending deferred tax liability related to intangibles (GAAP) | (103 | ) | (92 | ) | ||||
Ending tangible assets (non-GAAP) | N | $ | 138,843 | $ | 121,382 | |||
End of period shares outstanding | O | 960 | 957 | |||||
Tangible common shareholders’ equity to tangible assets (non-GAAP) | M/N | 7.72 | % | 8.34 | % | |||
Tangible common book value per share (non-GAAP) | M/O | $ | 11.16 | $ | 10.58 |
Three Months Ended June 30 | |||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | ||||||||||||||||
(Dollars in millions; yields on taxable-equivalent basis) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Earning assets: | |||||||||||||||||||||
Debt securities (1) | $ | 23,828 | $ | 148 | 2.49 | % | $ | 24,675 | $ | 163 | 2.65 | % | |||||||||
Loans held for sale | 807 | 6 | 3.06 | 398 | 4 | 4.14 | |||||||||||||||
Loans, net of unearned income (2)(3) | 91,964 | 911 | 3.96 | 83,905 | 1,006 | 4.79 | |||||||||||||||
Other earning assets | 7,541 | 11 | 0.53 | 2,299 | 18 | 3.07 | |||||||||||||||
Total earning assets | 124,140 | 1,076 | 3.46 | 111,277 | 1,191 | 4.27 | |||||||||||||||
Unrealized gains/(losses) on securities available for sale, net (1) | 1,031 | (136 | ) | ||||||||||||||||||
Allowance for loan losses | (1,860 | ) | (857 | ) | |||||||||||||||||
Cash and due from banks | 2,070 | 1,857 | |||||||||||||||||||
Other non-earning assets | 14,439 | 13,974 | |||||||||||||||||||
$ | 139,820 | $ | 126,115 | ||||||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Savings | $ | 10,152 | 3 | 0.13 | $ | 8,806 | 3 | 0.16 | |||||||||||||
Interest-bearing checking | 21,755 | 6 | 0.11 | 18,869 | 33 | 0.71 | |||||||||||||||
Money market | 27,870 | 10 | 0.13 | 24,350 | 49 | 0.79 | |||||||||||||||
Time deposits | 6,690 | 21 | 1.26 | 7,800 | 33 | 1.69 | |||||||||||||||
Other deposits | 72 | — | 1.64 | 1,210 | 7 | 2.36 | |||||||||||||||
Total interest-bearing deposits (4) | 66,539 | 40 | 0.24 | 61,035 | 125 | 0.82 | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | — | — | — | 244 | 1 | 2.41 | |||||||||||||||
Other short-term borrowings | 1,558 | 2 | 0.53 | 1,965 | 13 | 2.54 | |||||||||||||||
Long-term borrowings | 7,567 | 49 | 2.56 | 10,855 | 96 | 3.52 | |||||||||||||||
Total interest-bearing liabilities | 75,664 | 91 | 0.48 | 74,099 | 235 | 1.27 | |||||||||||||||
Non-interest-bearing deposits (4) | 44,382 | — | — | 33,883 | — | — | |||||||||||||||
Total funding sources | 120,046 | 91 | 0.30 | 107,982 | 235 | 0.87 | |||||||||||||||
Net interest spread (1) | 2.98 | 3.00 | |||||||||||||||||||
Other liabilities | 2,390 | 2,195 | |||||||||||||||||||
Shareholders’ equity | 17,384 | 15,927 | |||||||||||||||||||
Noncontrolling Interest | — | 11 | |||||||||||||||||||
$ | 139,820 | $ | 126,115 | ||||||||||||||||||
Net interest income /margin on a taxable-equivalent basis (5) | $ | 985 | 3.19 | % | $ | 956 | 3.45 | % |
(1) | Debt securities are included on an amortized cost basis with yield, net interest spread, and net interest margin calculated accordingly. |
(2) | Loans, net of unearned income include non-accrual loans for all periods presented. |
(3) | Interest income includes net loan fees of $3 million and $2 million for the three months ended June 30, 2020 and 2019, respectively. |
(4) | Total deposit costs may be calculated by dividing total interest expense on deposits by the sum of interest-bearing deposits and non-interest-bearing deposits. The rates for total deposit costs equal 0.14% and 0.53% for the three months ended June 30, 2020 and 2019, respectively. |
(5) | The computation of taxable-equivalent net interest income is based on the statutory federal income tax rate of 21% for both June 30, 2020 and 2019 adjusted for applicable state income taxes net of the related federal tax benefit. |
Six Months Ended June 30 | |||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | ||||||||||||||||
(Dollars in millions; yields on taxable-equivalent basis) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Earning assets: | |||||||||||||||||||||
Debt securities—taxable (1) | $ | 23,797 | $ | 306 | 2.57 | % | $ | 24,685 | $ | 328 | 2.66 | % | |||||||||
Loans held for sale | 660 | 11 | 3.32 | 350 | 7 | 3.92 | |||||||||||||||
Loans, net of unearned income (2)(3) | 87,607 | 1,826 | 4.17 | 83,816 | 2,000 | 4.78 | |||||||||||||||
Other earning assets | 4,921 | 24 | 0.96 | 2,256 | 40 | 3.60 | |||||||||||||||
Total earning assets | 116,985 | 2,167 | 3.70 | 111,107 | 2,375 | 4.28 | |||||||||||||||
Unrealized gains (losses) on securities available for sale, net (1) | 771 | (290 | ) | ||||||||||||||||||
Allowance for loan losses | (1,588 | ) | (850 | ) | |||||||||||||||||
Cash and due from banks | 1,992 | 1,875 | |||||||||||||||||||
Other non-earning assets | 14,135 | 13,988 | |||||||||||||||||||
$ | 132,295 | $ | 125,830 | ||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Savings | $ | 9,487 | 7 | 0.15 | $ | 8,829 | 7 | 0.17 | |||||||||||||
Interest-bearing checking | 20,514 | 28 | 0.28 | 19,087 | 66 | 0.70 | |||||||||||||||
Money market | 26,510 | 38 | 0.28 | 24,171 | 89 | 0.74 | |||||||||||||||
Time deposits | 6,996 | 47 | 1.35 | 7,637 | 60 | 1.59 | |||||||||||||||
Other deposits | 495 | 4 | 1.58 | 933 | 11 | 2.35 | |||||||||||||||
Total interest-bearing deposits (4) | 64,002 | 124 | 0.39 | 60,657 | 233 | 0.77 | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 76 | 1 | 1.39 | 293 | 3 | 2.41 | |||||||||||||||
Other short-term borrowings | 1,601 | 9 | 1.13 | 1,851 | 24 | 2.54 | |||||||||||||||
Long-term borrowings | 7,985 | 108 | 2.69 | 11,301 | 198 | 3.49 | |||||||||||||||
Total interest-bearing liabilities | 73,664 | 242 | 0.66 | 74,102 | 458 | 1.25 | |||||||||||||||
Non-interest-bearing deposits (4) | 39,294 | — | — | 33,889 | — | — | |||||||||||||||
Total funding sources | 112,958 | 242 | 0.43 | 107,991 | 458 | 0.85 | |||||||||||||||
Net interest spread (1) | 3.04 | 3.03 | |||||||||||||||||||
Other liabilities | 2,415 | 2,272 | |||||||||||||||||||
Stockholders’ equity | 16,922 | 15,562 | |||||||||||||||||||
Noncontrolling Interest | — | 5 | |||||||||||||||||||
$ | 132,295 | $ | 125,830 | ||||||||||||||||||
Net interest income and other financing income/margin on a taxable-equivalent basis (1)(5) | $ | 1,925 | 3.31 | % | $ | 1,917 | 3.48 | % |
(1) | Debt securities are included on an amortized cost basis with yield, net interest spread, and net interest margin calculated accordingly. |
(2) | Loans, net of unearned income include non-accrual loans for all periods presented. |
(3) | Interest income includes net loan fees of $5 million and $3 million for the six months ended June 30, 2020 and 2019, respectively. |
(4) | Total deposit costs may be calculated by dividing total interest expense on deposits by the sum of interest-bearing deposits and non-interest-bearing deposits. The rates for total deposit costs equal 0.23% and 0.50% for the six months ended June 30, 2020 and 2019, respectively. |
(5) | The computation of taxable-equivalent net interest income is based on the statutory federal income tax rate of 21% for both June 30, 2020 and 2019 adjusted for applicable state income taxes net of the related federal tax benefit. |
Estimated Annual Change in Net Interest Income June 30, 2020(1)(2) | |||
(In millions) | |||
Gradual Change in Interest Rates | |||
+ 200 basis points | $154 | ||
+ 100 basis points | 94 | ||
- 100 basis points (floored)(3) | (57 | ) | |
Instantaneous Change in Interest Rates | |||
+ 200 basis points | $160 | ||
+ 100 basis points | 117 | ||
- 100 basis points (floored)(3) | (72 | ) |
(1) | Disclosed interest rate sensitivity levels represent the 12 month forward looking net interest income changes as compared to market forward rate cases and include expected balance sheet growth and remixing. |
(2) | Forward starting cash flow hedges already transacted will reduce sensitivity levels through 2020 as they continue to move into the measurement horizon. See Table 27 for additional information regarding hedge start dates. |
(3) | The -100 basis point (floored) scenario represents a 12 month average rate shock of -16 basis points and -64 basis points to approximately zero for 1 month LIBOR and the 10 year U.S. Treasury yield, respectively. Mortgage yield shocks are floored at their historical minimums minus 35 basis points. |
June 30, 2020 | |||||||||||||||
Weighted-Average | |||||||||||||||
Notional Amount | Maturity (Years) | Receive Rate(1) | Pay Rate(1) | Strike Price(1) | |||||||||||
(Dollars in millions) | |||||||||||||||
Derivatives in fair value hedging relationships: | |||||||||||||||
Receive fixed/pay variable swaps | $ | 3,100 | 2.9 | 1.7 | % | 0.2 | % | — | % | ||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||
Receive fixed/pay variable swaps | 16,000 | 4.8 | 1.9 | 0.2 | — | ||||||||||
Interest rate floors | 6,750 | 4.3 | — | — | 2.1 | ||||||||||
Total derivatives designated as hedging instruments | $ | 25,850 | 4.4 | 1.9 | % | 0.2 | % | 2.1 | % |
(1) | Variable rate indexes on swap and floor contracts reference a combination of short-term LIBOR benchmarks, primarily 1 month LIBOR. |
Notional Amount | |||||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||||
2020(1)(2) | 2021(1)(2) | 2022 | 2023 | 2024 | 2025 | 2026 | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
Receive fixed/pay variable swaps | $ | 15,250 | $ | 16,000 | $ | 16,000 | $ | 13,700 | $ | 12,700 | $ | 3,750 | $ | 1,250 | |||||||||||||
Interest rate floors | 6,500 | 6,750 | 6,750 | 6,750 | 4,000 | 250 | — | ||||||||||||||||||||
Cash flow hedges | $ | 21,750 | $ | 22,750 | $ | 22,750 | $ | 20,450 | $ | 16,700 | $ | 4,000 | $ | 1,250 |
(1) | As forward starting cash flow hedges are transacted within the 12 month measurement horizon, they will reduce 12 month net interest income sensitivity levels as disclosed in Table 25. |
(2) | As of June 30, 2020, $13.75 billion of the $16.0 billion notional of the cash flow swaps and $4.75 billion of the $6.75 billion notional of the interest rate floors are active. During the third quarter of 2020, $1.25 billion notional of interest rate swaps become active and $1.75 billion notional of interest rate floors become active. An additional $250 million notional of interest rate swaps become active in the fourth quarter of 2020. The remaining $750 million notional of interest rate swaps and $250 million notional of interest rate floors become active in the first quarter of 2021. |
Three Months Ended June 30 | Quarter-to-Date Change 6/30/2020 vs. 6/30/2019 | |||||||||||||
2020 | 2019 | Amount | Percent | |||||||||||
(Dollars in millions) | ||||||||||||||
Service charges on deposit accounts | $ | 131 | $ | 181 | $ | (50 | ) | (27.6 | )% | |||||
Card and ATM fees | 101 | 120 | (19 | ) | (15.8 | )% | ||||||||
Investment management and trust fee income | 62 | 59 | 3 | 5.1 | % | |||||||||
Capital markets income | 95 | 39 | 56 | 143.6 | % | |||||||||
Mortgage income | 82 | 31 | 51 | 164.5 | % | |||||||||
Investment services fee income | 17 | 20 | (3 | ) | (15.0 | )% | ||||||||
Commercial credit fee income | 17 | 18 | (1 | ) | (5.6 | )% | ||||||||
Bank-owned life insurance | 18 | 19 | (1 | ) | (5.3 | )% | ||||||||
Securities gains (losses), net | 1 | (19 | ) | 20 | 105.3 | % | ||||||||
Market value adjustments on employee benefit assets - other | 16 | (2 | ) | 18 | NM | |||||||||
Other miscellaneous income | 33 | 28 | 5 | 17.9 | % | |||||||||
$ | 573 | $ | 494 | $ | 79 | 16.0 | % |
Six Months Ended June 30 | Year-to-Date 6/30/2020 vs. 6/30/2019 | |||||||||||||
2020 | 2019 | Amount | Percent | |||||||||||
(Dollars in millions) | ||||||||||||||
Service charges on deposit accounts | $ | 309 | $ | 356 | $ | (47 | ) | (13.2 | )% | |||||
Card and ATM fees | 206 | 229 | (23 | ) | (10.0 | )% | ||||||||
Investment management and trust fee income | 124 | 116 | 8 | 6.9 | % | |||||||||
Capital markets income | 104 | 81 | 23 | 28.4 | % | |||||||||
Mortgage income | 150 | 58 | 92 | 158.6 | % | |||||||||
Investment services fee income | 39 | 39 | — | — | % | |||||||||
Commercial credit fee income | 35 | 36 | (1 | ) | (2.8 | )% | ||||||||
Bank-owned life insurance | 35 | 42 | (7 | ) | (16.7 | )% | ||||||||
Securities gains (losses), net | 1 | (26 | ) | 27 | (103.8 | )% | ||||||||
Market value adjustments on employee benefit assets - defined benefit | — | 5 | (5 | ) | (100.0 | )% | ||||||||
Market value adjustments on employee benefit assets - other | (9 | ) | (3 | ) | (6 | ) | (200.0 | )% | ||||||
Other miscellaneous income | 64 | 63 | 1 | 1.6 | % | |||||||||
$ | 1,058 | $ | 996 | $ | 62 | 6.2 | % |
Three Months Ended June 30 | Quarter-to-Date Change 6/30/2020 vs. 6/30/2019 | |||||||||||||
2020 | 2019 | Amount | Percent | |||||||||||
(Dollars in millions) | ||||||||||||||
Salaries and employee benefits | $ | 527 | $ | 469 | $ | 58 | 12.4 | % | ||||||
Net occupancy expense | 76 | 80 | (4 | ) | (5.0 | )% | ||||||||
Furniture and equipment expense | 86 | 84 | 2 | 2.4 | % | |||||||||
Outside services | 44 | 52 | (8 | ) | (15.4 | )% | ||||||||
Professional, legal and regulatory expenses | 28 | 26 | 2 | 7.7 | % | |||||||||
Marketing | 22 | 23 | (1 | ) | (4.3 | )% | ||||||||
FDIC insurance assessments | 15 | 12 | 3 | 25.0 | % | |||||||||
Credit/checkcard expenses | 12 | 18 | (6 | ) | (33.3 | )% | ||||||||
Branch consolidation, property and equipment charges | 10 | 2 | 8 | 400.0 | % | |||||||||
Visa class B shares expense | 9 | 3 | 6 | 200.0 | % | |||||||||
Loss on early extinguishment of debt | 6 | — | 6 | NM | ||||||||||
Other miscellaneous expenses | 89 | 92 | (3 | ) | (3.3 | )% | ||||||||
$ | 924 | $ | 861 | $ | 63 | 7.3 | % |
Six Months Ended June 30 | Year-to-Date 6/30/2020 vs. 6/30/2019 | |||||||||||||
2020 | 2019 | Amount | Percent | |||||||||||
(Dollars in millions) | ||||||||||||||
Salaries and employee benefits | $ | 994 | $ | 947 | $ | 47 | 5.0 | % | ||||||
Net occupancy expense | 155 | 162 | (7 | ) | (4.3 | )% | ||||||||
Furniture and equipment expense | 169 | 160 | 9 | 5.6 | % | |||||||||
Outside services | 89 | 97 | (8 | ) | (8.2 | )% | ||||||||
Professional, legal and regulatory expenses | 46 | 46 | — | — | % | |||||||||
Marketing | 46 | 46 | — | — | % | |||||||||
FDIC insurance assessments | 26 | 25 | 1 | 4.0 | % | |||||||||
Credit/checkcard expenses | 25 | 34 | (9 | ) | (26.5 | )% | ||||||||
Branch consolidation, property and equipment charges | 21 | 8 | 13 | 162.5 | % | |||||||||
Visa class B shares expense | 13 | 7 | 6 | 85.7 | % | |||||||||
Provision (credit) for unfunded credit losses(1) | — | (1 | ) | 1 | 100.0 | % | ||||||||
Loss on early extinguishment of debt | 6 | — | 6 | NM | ||||||||||
Other miscellaneous expenses | 170 | 190 | (20 | ) | (10.5 | )% | ||||||||
$ | 1,760 | $ | 1,721 | $ | 39 | 2.3 | % |
3.1 | ||
3.2 | ||
3.3 | ||
3.4 | ||
3.5 | ||
3.6 | ||
4.1 | ||
4.2 | ||
10.1 | ||
10.2 | ||
10.3 | ||
10.4 | ||
10.5 | ||
31.1 | ||
31.2 | ||
32 | ||
101 | The following materials from Regions' Form 10-Q Report for the quarterly period ended June 30, 2020, formatted in Inline XBRL: (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Operations; (iii) the Consolidated Statements of Comprehensive Income; (iv) the Consolidated Statements of Changes in Shareholders' Equity; (v) the Consolidated Statements of Cash Flows; and (vi) the Notes to the Consolidated Financial Statements. | |
104 | The cover page of Regions' Form 10-Q Report for the quarter ended June 30, 2020, formatted in Inline XBRL (included within the Exhibit 101 attachments). |
DATE: August 5, 2020 | Regions Financial Corporation | |
/S/ HARDIE B. KIMBROUGH, JR. | ||
Hardie B. Kimbrough, Jr. Executive Vice President and Controller (Chief Accounting Officer and Authorized Officer) |
Vesting Date: | The date of the 2021 Annual Shareholder Meeting |
(i) | Capital - Capital Action Decision Tree Status, as defined in the Capital Policy, must remain in either “Monitor Capital” or “Capital Deployment” status; and |
(ii) | Liquidity - Total Primary Liquidity must remain within the limit set by the Board in its Risk Appetite Statement. |
• | If your employment terminates due to your death, then as soon as practicable following your death, your Award will fully vest (unless prohibited by applicable laws, rules, or regulations), and shares of Stock equivalent to the Maximum Award will be issued to your estate. |
• | If your employment terminates due to (a) your Disability or (b) your Retirement (on or after age 65 or on or after you attain age 55 with 10 years of continuous service) any time on or after November 30, 2020, then (i) the portion of this Award not subject to vesting based on achievement of the Capital and Liquidity Performance Thresholds (___%) will fully vest upon your termination of employment (unless prohibited by applicable laws, rules, or regulations), and shares of Stock will be issued to you, and (ii) the portion of this Award subject to vesting based on achievement of the Capital and Liquidity Performance Thresholds (___%) will continue to vest in accordance with its terms. |
• | If the Company terminates your employment without Cause but through no fault of your own (as determined in the Company’s sole discretion), the Restricted Stock Units equivalent to the Maximum Award will be prorated for the portion of the Service Vesting Period between the grant date and the date your employment terminated, and then (i) the pro rata |
• | Notwithstanding anything in the Plan to the contrary, in the event of a Change in Control, the portion of your Award that is subject to vesting based on achievement of the Capital and Liquidity Performance Thresholds for any Performance Threshold Measurement Period that ends after the closing of the Change in Control will convert to time-based vesting for the duration of the applicable Performance Threshold Measurement Periods. If your employment is terminated by the Company without Cause or by you for Good Reason, in each case, within the twenty-four (24) month period following the Change in Control, this Award (i.e., the portion of this Award not subject to vesting based on achievement of the Capital and Liquidity Performance Thresholds (___%) and the portion of this Award subject to vesting based on achievement of the Capital and Liquidity Performance Thresholds but converted to time-based vesting in accordance with the preceding sentence (up to ___%)) will fully vest upon your termination of employment (unless prohibited by applicable laws, rules, or regulations), and shares of Stock equivalent to the Maximum Award will be issued to you. |
• | If your employment terminates during the Service Vesting Period for any reason other than those listed above, your Award will be forfeited as of your termination date. |
(i) | Capital - Capital Action Decision Tree Status, as defined in the Capital Policy, must remain in either “Monitor Capital” or “Capital Deployment” status; and |
(ii) | Liquidity - Total Primary Liquidity must remain within the limit set by the Board in its Risk Appetite Statement. |
• | If your employment terminates due to your death, then as soon as practicable following your death, the Performance Threshold Measurement Periods, the Performance Vesting Period, the Service Vesting Period, and any other restrictions imposed upon your Award will lapse (unless prohibited by applicable laws, rules, or regulations), and shares of Stock equivalent to the Target Grant will be issued to your estate. |
• | If your employment terminates due to your Disability, then this Award will continue to vest in accordance with its terms, and you will be entitled to receive the number of shares of Stock, if any, at the end of the Service Vesting Period that you otherwise would have received (i.e., based on actual achievement of the Performance Thresholds and the Performance Goals) had your employment continued through the date of delivery of such Stock. In the event your employment terminates due to your Disability and your death occurs prior to the end of the Service Vesting Period, then as soon as practicable following your death, all restrictions imposed upon your Award will lapse (unless prohibited by applicable laws, rules, or regulations), and shares of Stock equivalent to the Target Grant will be issued to your estate. |
• | If any time on or after November 30, 2020, you terminate your employment due to Retirement (on or after age 65 or on or after you attain age 55 with 10 years of continuous service), then this Award will continue to vest in accordance with |
• | If the Company terminates your employment without Cause but through no fault of your own (as determined in the Company’s sole discretion), this Award will continue to vest in accordance with its terms, and you will be entitled to receive the number of shares of Stock, if any, at the end of the Service Vesting Period that you otherwise would have received (i.e., based on actual achievement of the Performance Thresholds and the Performance Goals) had your employment continued through the payment date, which amount will be prorated for the portion of the Service Vesting Period between the grant date and the date your employment terminated. |
• | Notwithstanding anything in the Plan to the contrary, in the event of a Change in Control, this Award will convert to Restricted Stock Units equal to the greater of targeted performance and actual performance being attained as of the effective date of the Change in Control, which Restricted Stock Units will vest and become payable in accordance with the service-based vesting conditions in the Notice of Grant, provided you are employed by the Company as of such payment date. Notwithstanding the foregoing, if your employment is terminated by the Company without Cause or by you for Good Reason, in each case, within the twenty-four (24) month period following the Change in Control, all restrictions imposed upon your Award will lapse (unless prohibited by applicable laws, rules, or regulations), and such Restricted Stock Units will be issued to you. |
• | If your employment terminates during the Service Vesting Period for any reason other than those listed above, your Award will be forfeited as of your termination date. |
(i) | Capital - Capital Action Decision Tree Status, as defined in the Capital Policy, must remain in either “Monitor Capital” or “Capital Deployment” status; and |
(ii) | Liquidity - Total Primary Liquidity must remain within the limit set by the Board in its Risk Appetite Statement. |
• | If your employment terminates due to your death, then as soon as practicable following your death, the Performance Threshold Measurement Periods, the Performance Vesting Period, the Service Vesting Period, and any other restrictions imposed upon your Award will lapse (unless prohibited by applicable laws, rules, or regulations), and a cash amount equal to the Target Value will be paid to your estate. |
• | If your employment terminates due to your Disability, then this Award will continue to vest in accordance with its terms and you will be entitled to receive a cash payment under the PUs, if any, at the end of the Service Vesting Period that you otherwise would have received (i.e., based on actual achievement of the Performance Thresholds and the Performance Goals) had your employment continued through the payment date. In the event your employment terminates due to your Disability and your death occurs prior to the end of the Service Vesting Period, then as soon as practicable following your death, all restrictions imposed upon your Award will lapse (unless prohibited by applicable laws, rules, or regulations), and a cash amount equal to the Target Value will be paid to your estate. |
• | If any time on or after November 30, 2020, you terminate your employment due to Retirement (on or after age 65 or on or after you attain age 55 with 10 years of continuous service), then this Award will continue to vest in accordance with its terms and you will be entitled to receive a cash payment under the PUs, if any, at the end of the Service Vesting Period that you otherwise would have received (i.e., based on actual achievement of the Performance Thresholds and the Performance Goals) had your employment continued through the payment date. |
• | If the Company terminates your employment without Cause but through no fault of your own (as determined in the Company’s sole discretion), this Award will continue to vest in accordance with its terms and you will be entitled to receive a cash payment under the PUs, if any, at the end of the Service Vesting Period that you otherwise would have received (i.e., based on actual achievement of the Performance Thresholds and the Performance Goals) had your employment continued through the payment date, which amount will be prorated for the portion of the Service Vesting Period between the grant date and the date your employment terminated. |
• | Notwithstanding anything in the Plan to the contrary, in the event of a Change in Control, the value of the PUs under this Award will be locked in at the greater of targeted performance and actual performance being attained as of the effective |
• | If your employment terminates during the Service Vesting Period for any reason other than those listed above, your Award will be forfeited as of your termination date. |
1. | I have reviewed this Quarterly Report on Form 10-Q of Regions Financial Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/S/ JOHN M. TURNER, JR. |
John M. Turner, Jr. President and Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Regions Financial Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/S/ DAVID J. TURNER, JR. |
David J. Turner, Jr. Senior Executive Vice President and Chief Financial Officer |
1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/S/ JOHN M. TURNER, JR. | /S/ DAVID J. TURNER, JR. | |
John M. Turner, Jr. President and Chief Executive Officer | David J. Turner, Jr. Chief Financial Officer |
CONSOLIDATED BALANCE SHEETS - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
|||
---|---|---|---|---|---|
Assets | |||||
Cash and due from banks | $ 1,619,000,000 | $ 1,598,000,000 | |||
Interest-bearing deposits in other banks | 11,579,000,000 | 2,516,000,000 | |||
Debt securities held to maturity | 1,255,000,000 | 1,332,000,000 | |||
Debt securities available for sale | 23,898,000,000 | 22,606,000,000 | |||
Loans held for sale | 1,152,000,000 | 637,000,000 | |||
Loans, net of unearned income | 90,548,000,000 | [1] | 82,963,000,000 | ||
Allowance for loan losses | (2,276,000,000) | (869,000,000) | |||
Net loans | 88,272,000,000 | 82,094,000,000 | |||
Other earning assets | 1,238,000,000 | 1,518,000,000 | |||
Premises and equipment, net | 1,929,000,000 | 1,960,000,000 | |||
Interest receivable | 343,000,000 | 362,000,000 | |||
Goodwill | 5,193,000,000 | 4,845,000,000 | |||
Residential mortgage servicing rights at fair value | 249,000,000 | 345,000,000 | |||
Other identifiable intangible assets, net | 137,000,000 | 105,000,000 | |||
Other assets | 7,206,000,000 | 6,322,000,000 | |||
Total assets | 144,070,000,000 | 126,240,000,000 | |||
Deposits: | |||||
Non-interest-bearing | 47,964,000,000 | 34,113,000,000 | |||
Interest-bearing | 68,815,000,000 | 63,362,000,000 | |||
Total deposits | 116,779,000,000 | 97,475,000,000 | |||
Borrowed funds: | |||||
Short-term borrowings | 0 | 2,050,000,000 | |||
Long-term borrowings | 6,408,000,000 | 7,879,000,000 | |||
Total borrowed funds | 6,408,000,000 | 9,929,000,000 | |||
Other liabilities | 3,255,000,000 | 2,541,000,000 | |||
Total liabilities | 126,442,000,000 | 109,945,000,000 | |||
Equity: | |||||
Preferred stock | 1,656,000,000 | 1,310,000,000 | |||
Common stock | 10,000,000 | 10,000,000 | |||
Additional paid-in capital | 12,703,000,000 | 12,685,000,000 | |||
Retained earnings | 2,978,000,000 | 3,751,000,000 | |||
Treasury stock, at cost | (1,371,000,000) | (1,371,000,000) | |||
Accumulated other comprehensive income (loss), net | 1,626,000,000 | (90,000,000) | |||
Total shareholders’ equity | 17,602,000,000 | 16,295,000,000 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 26,000,000 | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 17,628,000,000 | 16,295,000,000 | |||
Total liabilities and equity | $ 144,070,000,000 | $ 126,240,000,000 | |||
|
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Securities held to maturity, estimated fair value | $ 1,356 | $ 1,372 |
Debt Securities, Available-for-sale, Amortized Cost | 22,783 | 22,332 |
Loans held for sale | $ 969 | $ 439 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 3,000,000,000 | 3,000,000,000 |
Common Stock, Shares, Issued | 1,001,112,100 | 998,278,188 |
Treasury Stock, Shares | 41,032,676 | 41,032,676 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Par Value Per Share (in dollars per share) | $ 1.00 | $ 1.00 |
Noncumulative Preferred Stock [Member] | ||
Preferred Stock, shares issued | 1,850,000 | 1,500,000 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (214) | $ 390 | $ (52) | $ 784 |
Unrealized losses on securities transferred to held to maturity: | ||||
Unrealized losses on securities transferred to held to maturity during the period, net of tax | 0 | 0 | 0 | 0 |
Less: Reclassification Adjustments for Amortization of Unrealized Losses on Securities Transferred to Held to Maturity, Net of Tax | (1) | (2) | (2) | (3) |
Net change in unrealized losses on securities transferred to held to maturity, net of tax | 1 | 2 | 2 | 3 |
Unrealized gains (losses) on securities available for sale: | ||||
Unrealized holding gains (losses) arising during the period on securities available for sale (net of tax) | 185 | 244 | 631 | 484 |
Less: reclassification adjustments for securities gains (losses) realized in net income (net of tax) | 1 | (16) | 1 | (21) |
Net change in unrealized gains (losses) on securities available for sale, net of tax | 184 | 260 | 630 | 505 |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 153 | 302 | 1,119 | 409 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 45 | (6) | 52 | (12) |
Net change in unrealized gains (losses) on derivative instruments, net of tax | 108 | 308 | 1,067 | 421 |
Defined benefit pension plans and other post employment benefits: | ||||
Net actuarial gains (losses) arising during the period (net of tax) | 0 | 0 | 0 | 0 |
Less: reclassification adjustments for amortization of actuarial loss realized in net income (net of tax) | (9) | (7) | (17) | (14) |
Net change from defined benefit pension plans and other post employment benefits, net of tax | 9 | 7 | 17 | 14 |
Other comprehensive income, net of tax | 302 | 577 | 1,716 | 943 |
Comprehensive income | $ 88 | $ 967 | $ 1,664 | $ 1,727 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Unrealized losses on securities transferred to held to maturity during the period, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Amortization of unrealized losses on securities transferred to held to maturity, tax | 0 | 0 | 0 | 0 |
Unrealized holding gains (losses) on available for sale securities, tax | 61 | 88 | 212 | 165 |
Reclassification adjustments for securities gains (losses) realized in net income, tax | 0 | (3) | 0 | (5) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 52 | 102 | 377 | 138 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 15 | (2) | 17 | (4) |
Net actuarial gains and losses arising during the period, tax | 0 | 0 | 0 | 0 |
Reclassification adjustments for amortization of actuarial loss realized in net income, and other, tax | $ (3) | $ (3) | $ (6) | $ (5) |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions |
Total |
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock, At Cost [Member] |
Accumulated Other Comprehensive Income (Loss), Net [Member] |
Noncontrolling Interest [Member] |
---|---|---|---|---|---|---|---|---|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 0 | |||||||
Beginning Balance Outstanding (in shares) at Dec. 31, 2018 | 1 | 1,025 | ||||||
Beginning Balance at Dec. 31, 2018 | 15,090 | $ 820 | $ 11 | $ 13,766 | $ 2,828 | $ (1,371) | $ (964) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative Effect on Retained Earnings, Net of Tax | 2 | 2 | ||||||
Net income (loss) | 394 | 394 | ||||||
Other comprehensive income, net of tax | 366 | 366 | ||||||
Cash dividends declared | (142) | (142) | ||||||
Preferred stock dividends | (16) | (16) | ||||||
Impact of share repurchase, shares | (12) | |||||||
Impact of share repurchases, value | (190) | (190) | ||||||
Impact of stock transaction under compensation plans, net | 8 | 8 | ||||||
Ending Balance Outstanding (in shares) at Mar. 31, 2019 | 1 | 1,013 | ||||||
Ending Balance at Mar. 31, 2019 | 15,512 | $ 820 | $ 11 | 13,584 | 3,066 | (1,371) | (598) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other | $ 11 | |||||||
Beginning Balance Outstanding (in shares) at Dec. 31, 2018 | 1 | 1,025 | ||||||
Beginning Balance at Dec. 31, 2018 | 15,090 | $ 820 | $ 11 | 13,766 | 2,828 | (1,371) | (964) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 784 | |||||||
Other comprehensive income, net of tax | 943 | |||||||
Proceeds from Issuance of Redeemable Preferred Stock | 490 | |||||||
Preferred stock dividends | (32) | |||||||
Preferred Stock Dividends, Income Statement Impact | 32 | |||||||
Ending Balance Outstanding (in shares) at Jun. 30, 2019 | 2 | 1,004 | ||||||
Ending Balance at Jun. 30, 2019 | 16,608 | $ 1,310 | $ 11 | 13,380 | 3,299 | (1,371) | (21) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 11 | |||||||
Beginning Balance Outstanding (in shares) at Mar. 31, 2019 | 1 | 1,013 | ||||||
Beginning Balance at Mar. 31, 2019 | 15,512 | $ 820 | $ 11 | 13,584 | 3,066 | (1,371) | (598) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 390 | 390 | ||||||
Other comprehensive income, net of tax | 577 | 577 | ||||||
Cash dividends declared | (141) | (141) | ||||||
Stock Issued During Period, Shares, New Issues | 1 | |||||||
Proceeds from Issuance of Redeemable Preferred Stock | 490 | $ 490 | ||||||
Preferred stock dividends | (16) | (16) | ||||||
Preferred Stock Dividends, Income Statement Impact | 16 | |||||||
Impact of share repurchase, shares | (13) | |||||||
Impact of share repurchases, value | (190) | (190) | ||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 4 | |||||||
Impact of stock transaction under compensation plans, net | 14 | (14) | ||||||
Ending Balance Outstanding (in shares) at Jun. 30, 2019 | 2 | 1,004 | ||||||
Ending Balance at Jun. 30, 2019 | 16,608 | $ 1,310 | $ 11 | 13,380 | 3,299 | (1,371) | (21) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other | (11) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | |||||||
Beginning Balance Outstanding (in shares) at Dec. 31, 2019 | 2 | 957 | ||||||
Beginning Balance at Dec. 31, 2019 | 16,295 | $ 1,310 | $ 10 | 12,685 | 3,751 | (1,371) | (90) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative Effect on Retained Earnings, Net of Tax | (377) | (377) | ||||||
Net income (loss) | 162 | 162 | ||||||
Other comprehensive income, net of tax | 1,414 | 1,414 | ||||||
Cash dividends declared | (149) | (149) | ||||||
Preferred stock dividends | (23) | (23) | ||||||
Impact of stock transaction under compensation plans, net | 10 | 10 | ||||||
Ending Balance Outstanding (in shares) at Mar. 31, 2020 | 2 | 957 | ||||||
Ending Balance at Mar. 31, 2020 | 17,332 | $ 1,310 | $ 10 | 12,695 | 3,364 | (1,371) | 1,324 | |
Beginning Balance Outstanding (in shares) at Dec. 31, 2019 | 2 | 957 | ||||||
Beginning Balance at Dec. 31, 2019 | 16,295 | $ 1,310 | $ 10 | 12,685 | 3,751 | (1,371) | (90) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (52) | |||||||
Other comprehensive income, net of tax | 1,716 | |||||||
Proceeds from Issuance of Redeemable Preferred Stock | 346 | |||||||
Preferred stock dividends | (46) | |||||||
Preferred Stock Dividends, Income Statement Impact | 46 | |||||||
Ending Balance Outstanding (in shares) at Jun. 30, 2020 | 2 | 960 | ||||||
Ending Balance at Jun. 30, 2020 | 17,602 | $ 1,656 | $ 10 | 12,703 | 2,978 | (1,371) | 1,626 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | |||||||
Beginning Balance Outstanding (in shares) at Mar. 31, 2020 | 2 | 957 | ||||||
Beginning Balance at Mar. 31, 2020 | 17,332 | $ 1,310 | $ 10 | 12,695 | 3,364 | (1,371) | 1,324 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (214) | (214) | ||||||
Other comprehensive income, net of tax | 302 | 302 | ||||||
Cash dividends declared | (149) | (149) | ||||||
Proceeds from Issuance of Redeemable Preferred Stock | 346 | $ 346 | ||||||
Preferred stock dividends | (23) | |||||||
Preferred Stock Dividends, Income Statement Impact | 23 | |||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 3 | |||||||
Impact of stock transaction under compensation plans, net | 8 | 8 | ||||||
Ending Balance Outstanding (in shares) at Jun. 30, 2020 | 2 | 960 | ||||||
Ending Balance at Jun. 30, 2020 | 17,602 | $ 1,656 | $ 10 | $ 12,703 | $ 2,978 | $ (1,371) | $ 1,626 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other | $ 26 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 26 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|||
Operating activities: | ||||
Net income (loss) | $ (52) | $ 784 | ||
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||
Provision for credit losses | [1] | 1,255 | 183 | |
Depreciation, amortization and accretion, net | 228 | 212 | ||
Securities (gains) losses, net | (1) | 26 | ||
Deferred income tax (benefit) expense | (242) | 18 | ||
Originations and purchases of loans held for sale | (2,918) | (1,580) | ||
Proceeds from sales of loans held for sale | 2,517 | 1,420 | ||
(Gain) loss on sale of loans, net | (97) | (55) | ||
Gain (Loss) on Extinguishment of Debt | 6 | 0 | ||
Net change in operating assets and liabilities: | ||||
Other earning assets | 305 | 50 | ||
Interest receivable and other assets | 55 | (234) | ||
Other liabilities | 489 | 381 | ||
Other | 99 | 116 | ||
Net cash from operating activities | 1,644 | 1,321 | ||
Investing activities: | ||||
Proceeds from maturities of debt securities held to maturity | 76 | 65 | ||
Proceeds from sales of debt securities available for sale | 102 | 4,121 | ||
Proceeds from maturities of debt securities available for sale | 1,909 | 1,682 | ||
Purchases of debt securities available for sale | (2,352) | (5,167) | ||
Net proceeds from (payments for) bank-owned life insurance | (4) | (4) | ||
Proceeds from sales of loans | 141 | 327 | ||
Purchases of loans | (856) | (526) | ||
Purchases of mortgage servicing rights | (16) | (10) | ||
Net change in loans | (4,941) | (398) | ||
Net purchases of other assets | (88) | (55) | ||
Payments to Acquire Businesses, Net of Cash Acquired | (387) | 0 | ||
Net cash from investing activities | (6,416) | 35 | ||
Financing activities: | ||||
Net change in deposits | 19,304 | 480 | ||
Net change in short-term borrowings | (2,050) | 2,650 | ||
Proceeds from long-term borrowings | 4,698 | 20,774 | ||
Payments on long-term borrowings | (8,088) | (24,074) | ||
Proceeds from Issuance of Redeemable Preferred Stock | 346 | 490 | ||
Cash dividends on common stock | (298) | (286) | ||
Cash dividends on preferred stock | (46) | (32) | ||
Repurchases of common stock | 0 | (380) | ||
Payment, Tax Withholding, Share-based Payment Arrangement | (7) | (27) | ||
Other | (3) | (1) | ||
Net cash from financing activities | 13,856 | (406) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 9,084 | 950 | ||
Cash and cash equivalents at beginning of year | 4,114 | 3,538 | ||
Cash and cash equivalents at end of period | $ 13,198 | $ 4,488 | ||
|
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1. BASIS OF PRESENTATION Regions Financial Corporation (“Regions” or the "Company”) provides a full range of banking and bank-related services to individual and corporate customers through its subsidiaries and branch offices located across the South, Midwest and Texas. The Company competes with other financial institutions located in the states in which it operates, as well as other adjoining states. Regions is subject to the regulations of certain government agencies and undergoes periodic examinations by certain regulatory authorities. The accounting and reporting policies of Regions and the methods of applying those policies that materially affect the consolidated financial statements conform with GAAP and with general financial services industry practices. The accompanying interim financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and notes to the consolidated financial statements necessary for a complete presentation of financial position, results of operations, comprehensive income and cash flows in conformity with GAAP. In the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair presentation of the consolidated financial statements have been included. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in Regions’ Annual Report on Form 10-K for the year ended December 31, 2019. Regions has evaluated all subsequent events for potential recognition and disclosure through the filing date of this Form 10-Q. During 2020, the Company adopted new accounting guidance related to several topics, including CECL. See Note 13 and below for related disclosures. CECL On January 1, 2020, the Company adopted CECL, which replaces the incurred loss methodology with an expected loss methodology. The measurement of expected losses under CECL is applicable to financial assets measured at amortized cost, including loan receivables and debt securities held to maturity. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with accounting guidance on leases. In addition, CECL required changes to the accounting for debt securities available for sale. The adoption of CECL had a material impact to the allowance for credit losses (see below). The cumulative effect of the modified retrospective application for all items in scope was a reduction to retained earnings of $377 million, net of taxes, $375 million of which was attributable to the allowance and $2 million of which was attributable to other financial assets. DEBT SECURITIES The company adopted CECL using the prospective transition approach for debt securities for which OTTI had previously been recognized. As a result, the amortized cost basis remained the same before and after adoption. Recoveries of amounts previously written off relating to improvements in cash flows after January 1, 2020 will be recorded in earnings when received. For debt securities available for sale, CECL eliminates the concept of OTTI and instead requires entities to determine if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. Subsequent activity related to the credit loss component (e.g. write-offs, recoveries) is recognized as part of the allowance for credit losses on debt securities available for sale. Securities held to maturity are evaluated under the allowance for credit losses model. For securities which have an expectation of zero nonpayment of the amortized cost basis (e.g. U.S. Treasury securities or agency securities), the expected credit loss is zero. LOANS Loans held for investment are carried at amortized cost (the principal amount outstanding, net of premiums, discounts, unearned income and deferred loan fees and costs). Regions elected to exclude accrued interest receivable balances from the amortized cost basis. Interest receivable is included as a separate line item on the balance sheets. Additionally, Regions elected to not estimate an allowance on interest receivable balances because the Company has non-accrual policies in place that provide for the accrual of interest to cease on a timely basis when all contractual amounts due are not expected. See more information about Regions' non-accrual policies in Note 1 of Regions' Annual Report on Form 10-K for the year ended December 31, 2019. Purchased loans are recorded at their fair value at the acquisition date. Purchased loans are evaluated and classified as either PCD, which indicates that the loan has experienced more than insignificant credit deterioration since origination, or non-PCD loans. For PCD loans, the sum of the loans' purchase price and allowance for credit losses, which is determined using the same methodology as originated loans, becomes their initial amortized cost basis. For non-PCD loans, the difference between the fair value and the par value is considered the fair value mark. The non-credit discount or premium related to PCD loans and the fair value mark on non-PCD loans is accreted or amortized to interest income over the contractual life of the loan using the effective interest method. Subsequent changes in the allowance related to PCD and non-PCD loans are recognized in the provision for credit losses. TDRs are loans whereby the borrower is experiencing financial difficulty at the time of restructuring, and Regions has granted a concession to the borrower. TDRs are undertaken in order to improve the likelihood of recovery on the loan and may take the form of modifications to the stated interest rate such that it is lower than the current market rate for new debt with similar risk, other modifications to the structure of the loan that fall outside of normal underwriting policies and procedures, or in limited circumstances forgiveness of principal and/or interest. Insignificant delays in payments are not considered TDRs. Prior to the adoption of CECL on January 1, 2020, all loans with the TDR designation were considered to be impaired, even if they were accruing. With the adoption of CECL on January 1, 2020, the definition of impaired loans was removed from accounting guidance. ALLOWANCE Regions adopted CECL using the modified retrospective method for loans held for investment, net investment in lease assets, and off-balance sheet credit exposures. Results for reporting periods beginning January 1, 2020 are presented under CECL while prior periods' amounts continue to be reported in accordance with previously applicable GAAP. The cumulative effect of the retrospective application for loans and unfunded commitments was an increase in the allowance of $501 million and a reduction to retained earnings of $375 million, with the difference being an increase to deferred tax assets. Upon the adoption of CECL, the allowance is intended to cover expected credit losses over the contractual life of loans measured at amortized cost, including unfunded commitments. Management’s measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and R&S forecasts that affect the collectability of the reported amount. For periods beyond which Regions makes or obtains such R&S forecasts, Regions reverts to historical credit loss information. Regions maintains an appropriate level of allowance that falls within an acceptable range of estimated losses, measured in accordance with GAAP. Management's determination of the appropriateness of the allowance is based on many factors, including, but not limited to, an evaluation and rating of the loan portfolio; historical loan loss experience; current economic conditions; collateral values securing loans; levels of problem loans; volume, growth, quality and composition of the loan portfolio; regulatory guidance; R&S economic forecasts; and other relevant factors. Changes in any of these factors, assumptions, or the availability of new information, could require that the allowance be adjusted in future periods, perhaps materially. Loss forecasting models are built on historical loss information and then applied to the current portfolio. Outputs from the loss forecasting models in combination with Regions' qualitative framework, and other analyses are used to inform management in its estimation of Regions' expected credit losses. Actual losses could vary, perhaps materially, from management’s estimates. The entire allowance is available to cover all charge-offs that arise from the loan portfolio. Regions' allowance calculation is a significant estimate. Regions uses its best judgment to assess economic conditions and loss data in estimating the CECL allowance and these estimates are subject to periodic refinement based on changes in underlying external or internal data. Therefore, assumptions and decisions driving the estimate may change as conditions change. These assumptions and estimates are detailed below. R & S forecast period During the two-year R&S forecast period, Regions incorporates forward-looking information by utilizing its internally developed and approved Base economic forecast. The scenario is developed by the Chief Economist and approved through a formal governance process. The Base forecast considers market forward/consensus information and is consistent with the Company's organization-wide economic outlook. When appropriate, additional scenarios, including externally created scenarios, are considered as part of the determination of the allowance. Reversion period Regions utilizes an exponential reversion approach that reverts to TTC rates derived from the simple average of all historical quarterly observations for PD, LGD, EAD and prepayment rates. The length of the reversion period differs by class of financing receivable. Historical loss period Regions does not adjust historical loss information for existing economic conditions or expectations of future economic conditions for periods that are beyond the R&S period. Regions utilizes internal historical loss information; however, there are certain loan portfolios that also benefit from the use of external or other reference data due to identified limitations with internal historical data. Contractual life Regions estimates expected credit losses over the contractual life of a loan. Regions defines contractual life for non-revolving loans as contractual maturity, net of estimated prepayments and excluding expected extensions, renewals and modifications unless 1) Regions has a reasonable expectation at the reporting date that it will execute a TDR with the borrower ("RETDR") or 2) extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by Regions. RETDR Regions individually identifies commercial and investor real estate loans for inclusion as RETDRs. The identification criteria are based on internal risk ratings and time to maturity. Regions typically does not identify consumer loans as RETDRs due to the insignificant period between initial contact with a customer regarding a loan modification and when a TDR modification is consummated. The RETDR status extends the life of the loan past the contractual maturity and includes the allowance impact of interest rate concessions. Loans identified as RETDRs will be treated consistently from a modeling/reserving perspective as loans identified as TDRs. Contractual term extensions (borrower versus lender option to renew) Regions' consumer loan contracts do not permit automatic extensions or unilateral customer extensions, and Regions retains the right to approve or deny any extension requested from the borrower. As a result, extensions and renewal options are not included in the life of consumer loans for the purposes of calculating the allowance. Similarly, Regions does not include extension and renewal options in the life of commercial loans for the purposes of calculating the allowance, unless it is a RETDR. Most commercial products do not offer borrowers a unilateral right to renew or extend. Contractual life of credit card receivables Regions estimates the life of credit card receivables based on the amount and timing of payments expected to be collected. Regions' credit card allowance estimate only considers the amount of debt outstanding at the reporting date (the current position) because undrawn balances are unconditionally cancellable and therefore are not considered. Regions classifies credit card accounts into one of three payment patterns: dormant, transacting or revolving. The dormant accounts are idle, carry no balance, and do not contribute to the allowance. The transacting account holders tend to pay the entire balance due every month and are, therefore, subject to practically no interest charges. For transactor accounts, the current position balance is expected to be paid off in one quarter. The revolving accounts tend to be subject to interest charges, and their current position balance liquidates over time. Regions' credit card portfolio is comprised primarily of revolvers. Collateral-dependent loans Regions' collateral-dependent consumer loans are loans secured by collateral (primarily real estate) that meet the partial charge-down requirements disclosed in Note 1 of Regions' Annual Report on Form 10-K for the year ended December 31, 2019. Regions evaluates significant commercial and investor loans that are in financial difficulty and secured by collateral to determine if they are collateral dependent. For collateral-dependent loans, CECL requires an entity to measure the expected credit losses based on the fair value of the collateral at the reporting date when the entity determines that foreclosure is probable. Additionally, CECL allows a fair value of collateral practical expedient as a measurement approach for loans when the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty ("collateral dependent”). For any collateral-dependent loans that meet Regions' specific allowance criteria (see below), Regions will calculate the CECL allowance based on the fair value of collateral methodology. For collateral-dependent consumer, commercial and investor real estate loans that do not meet Regions' specific allowance criteria (as described below), Regions considers the value of the collateral through the LGD component of the loss model based on collateral type. Credit enhancements Regions' estimate of credit losses reflects how credit enhancements, other than those that are freestanding contracts, mitigate expected credit losses on financial assets. In the event that a credit enhancement arrangement is considered to be a freestanding contract, Regions excludes the credit enhancement from the related loan when estimating expected credit losses. Unfunded commitments and other off-balance sheet items CECL requires an entity to record a liability or allowance for credit losses for the unfunded portion of a loan commitment in the event that the issuer does not have the unconditional right to cancel the commitment. For an unfunded commitment to be considered unconditionally cancellable, Regions must be able to, at any time, with or without cause, refuse to extend credit. The liability is measured over the full contractual period for which Regions is exposed to credit risk through a current obligation to extend credit. In determining the liability, management considers the likelihood that funding will occur, and if funded, the related expected credit losses under the CECL model. Regions' off-balance sheet unfunded commitments in the form of home equity lines, standby letters of credit, commercial letters of credit and commercial revolving products that are deemed to be conditionally cancellable will include unfunded balances within the allowance estimate. Future advances from certain unfunded commitments and other revolving products where Regions does have the unconditional right to cancel these agreements will not be included. CALCULATION OF THE ALLOWANCE FOR CREDIT LOSSES Pooled allowances The allowance is measured on a collective (pool) basis when similar risk characteristics exist. Segmentation variables for Commercial and Investor Real estate segments include product, loan size, collateral type, risk rating and term. Segmentation variables considered for Consumer segments include product, FICO, LTV, age, TDR status, etc. The allowance is calculated for most portfolios and classes using econometric models (i.e., models that include macro-economic forecasts). Specific allowances Due to their size, complexity and individualized risk characteristics and monitoring, the allowance for significant non-accrual commercial and investor real estate loans (including TDRs) and unfunded commitments is measured on an individual basis. Loans evaluated individually are not included in the collective evaluation. Regions generally measures the allowance for these loans based on the present value of estimated cash flows, considering all facts and circumstances specific to the borrower and market and economic conditions. The allowance measurement for collateral-dependent loans that meet the individually evaluated threshold is based on the fair value of collateral methodology. TDRs and RETDRs Loans identified as TDRs and RETDRs are treated consistently in CECL loss models. These loans are included in their respective loan pools (if they do not qualify for specific evaluation) and losses are determined by CECL models. The effect of the interest rate concession on these loans is considered through a post-model adjustment. Qualitative framework While quantitative allowance methodologies strive to reflect all risk factors, any estimate involves assumptions and uncertainties resulting in some level of imprecision. Imprecision exists in the estimation process due to the inherent time lag between obtaining information, performing the calculation, as well as variations between estimates and actual outcomes. Regions adjusts the allowance considering quantitative and qualitative factors which may not be directly measured in the modeled calculations. Regions' qualitative framework provides for specific, quantitatively supported model adjustments and general imprecision adjustments. Specific model adjustments capture highly specific issues or events that Regions believes are not adequately captured in model outcomes. General imprecision adjustments address other sources of imprecision that are not specifically identifiable or quantifiable to a particular loan portfolio and have not been captured by the model or by a specific model adjustment. Regions considers general imprecision in three dimensions; economic forecast imprecision, model error imprecision, and process imprecision.
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | NOTE 2. DEBT SECURITIES The amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities held to maturity and debt securities available for sale are as follows:
(1) The gross unrealized losses recognized in OCI on securities held to maturity resulted from a transfer of securities available for sale to held to maturity in the second quarter of 2013. Debt securities with carrying values of $9.6 billion and $8.3 billion at June 30, 2020, and December 31, 2019, respectively, were pledged to secure public funds, trust deposits and certain borrowing arrangements. Included within total pledged securities is approximately $25 million and $24 million of encumbered U.S. Treasury securities at June 30, 2020, and December 31, 2019, respectively. The amortized cost and estimated fair value of debt securities held to maturity and debt securities available for sale at June 30, 2020, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
The following tables present gross unrealized losses and the related estimated fair value of debt securities held to maturity and debt securities available for sale at June 30, 2020, and December 31, 2019. For debt securities transferred to held to maturity from available for sale, the analysis in the tables below is comparing the securities' original amortized cost to its current estimated fair value. These securities are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more.
The number of individual debt positions in an unrealized loss position in the tables above decreased from 500 at December 31, 2019, to 98 at June 30, 2020. The decrease in the number of securities and the total amount of unrealized losses from year-end 2019 was primarily due to changes in market interest rates. In instances where an unrealized loss existed, there was no indication of an adverse change in credit on the underlying positions in the tables above. As it relates to these positions, management believes no individual unrealized loss, other than those discussed below, represented credit impairment as of those dates. The Company does not intend to sell, and it is not more likely than not that the Company will be required to sell, the positions before the recovery of their amortized cost basis, which may be at maturity. Gross realized gains and gross realized losses on sales of debt securities available for sale are shown in the table below. The cost of securities sold is based on the specific identification method. As part of the Company's normal process for evaluating impairment, management did identify a limited number of positions where impairment was believed to exist in certain periods, as shown in the table below.
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Loans and the Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and the Allowance for Credit Losses | NOTE 3. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES LOANS The following table presents the distribution of Regions' loan portfolio by segment and class, net of unearned income:
During the six months ended June 30, 2020 and 2019, Regions purchased approximately $856 million and $526 million in indirect-other consumer and commercial and industrial loans from third parties, respectively. In January 2019, Regions decided to discontinue its indirect auto lending business due to margin compression impacting overall returns on the portfolio. Regions ceased originating new indirect auto loans in the first quarter of 2019 and completed any in-process indirect auto loan closings at the end of the second quarter of 2019. The Company remains in the direct auto lending business. At June 30, 2020, $21.2 billion in securities and net eligible loans held by Regions were pledged to secure current and potential borrowings from the FHLB. At June 30, 2020, an additional $21.3 billion in net eligible loans held by Regions were pledged to the FRB for potential borrowings. Included in the commercial and industrial loan balance are sales-type and direct financing leases totaling $1.3 billion as of June 30, 2020, with related income of $27 million for the six months ended June 30, 2020. ALLOWANCE FOR CREDIT LOSSES On January 1, 2020, Regions adopted CECL, which replaces the incurred loss methodology with an expected loss methodology. Refer to Note 1 "Basis of Presentation" and Note 13 "Recent Accounting Pronouncements" for description of the adoption of CECL and Regions' allowance methodology. Additionally, refer to Note 1 "Summary of Significant Accounting Policies" to the consolidated financial statements to the Annual Report on Form 10-K for the year ended December 31, 2019, for a description of the methodology prior to the adoption of CECL on January 1, 2020. During the second quarter of 2020, Regions recorded $4.5 billion of PPP loans. These loans are guaranteed by the Federal government and as the guarantee is not separable from the loans, Regions did not record an allowance on these loans. ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES The cumulative effect of the adoption of CECL on January 1, 2020 for loans and unfunded commitments was an increase in the allowance of $501 million. During the first half of 2020, Regions increased the allowance by an additional $1.0 billion to $2.4 billion, which represents management's best estimate of expected losses over the life of the portfolio. The increase was due primarily to higher expected credit losses due to the economic impact and ongoing uncertainty of the COVID-19 pandemic and the purchase of Ascentium. Macroeconomic factors utilized in the CECL loss models include, but are not limited to, unemployment rate, GDP, HPI and the S&P 500 index, with unemployment being the most significant macroeconomic factor within the CECL models. Declines in the macroeconomic environment were incorporated into the June 30, 2020 forecast utilized in the CECL loss models. Regions' models are sensitive to changes in the economic scenario, specifically to the level of unemployment. The June 30, 2020 economic forecast includes a high degree of uncertainty around how widely the COVID-19 pandemic could spread, how long it could persist and the effectiveness of government relief programs and debt payment relief provided by Regions. These factors cannot be fully reflected in the models. Therefore, the risks to the economic forecast and the model limitations were considered through model adjustments and the qualitative framework. The following tables present analyses of the allowance by portfolio segment for the three and six months ended June 30, 2020 and 2019. The total allowance for loan losses and the related loan portfolio ending balances for the six months ended June 30, 2019 are disaggregated to detail the amounts derived through individual evaluation and collective evaluation for impairment. Prior to 2020, the allowance for loan losses related to individually evaluated loans was attributable to allowances for non-accrual commercial and investor real estate loans and all TDRs ("impaired loans") and the allowance for loan losses related to collectively evaluated loans was attributable to the remainder of the portfolio. With the adoption of CECL on January 1, 2020, the impaired loan designation and disclosures related to impaired loans are no longer required.
PORTFOLIO SEGMENT RISK FACTORS The following describe the risk characteristics relevant to each of the portfolio segments. Commercial—The commercial portfolio segment includes commercial and industrial loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases or other expansion projects. Commercial also includes owner-occupied commercial real estate mortgage loans to operating businesses, which are loans for long-term financing of land and buildings, and are repaid by cash flow generated by business operations. Owner-occupied construction loans are made to commercial businesses for the development of land or construction of a building where the repayment is derived from revenues generated from the business of the borrower. Collection risk in this portfolio is driven by the creditworthiness of underlying borrowers, particularly cash flow from customers’ business operations, and the sensitivity to market fluctuations in commodity prices. Investor Real Estate—Loans for real estate development are repaid through cash flow related to the operation, sale or refinance of the property. This portfolio segment includes extensions of credit to real estate developers or investors where repayment is dependent on the sale of real estate or income generated from the real estate collateral. A portion of Regions’ investor real estate portfolio segment consists of loans secured by residential product types (land, single-family and condominium loans) within Regions’ markets. Additionally, these loans are made to finance income-producing properties such as apartment buildings, office and industrial buildings, and retail shopping centers. Loans in this portfolio segment are particularly sensitive to the valuation of real estate. Consumer—The consumer portfolio segment includes residential first mortgage, home equity lines, home equity loans, indirect-vehicles, indirect-other consumer, consumer credit card, and other consumer loans. Residential first mortgage loans represent loans to consumers to finance a residence. These loans are typically financed over a 15 to 30 year term and, in most cases, are extended to borrowers to finance their primary residence. Home equity lending includes both home equity loans and lines of credit. This type of lending, which is secured by a first or second mortgage on the borrower’s residence, allows customers to borrow against the equity in their home. Real estate market values as of the time the loan or line is secured directly affect the amount of credit extended and, in addition, changes in these values impact the depth of potential losses. Indirect-vehicles lending, which is lending initiated through third-party business partners, largely consists of loans made through automotive dealerships. Indirect-other consumer lending includes other point of sale lending through third parties. Consumer credit card lending includes Regions branded consumer credit card accounts. Other consumer loans include other revolving consumer accounts, direct consumer loans, and overdrafts. Loans in this portfolio segment are sensitive to unemployment and other key consumer economic measures. CREDIT QUALITY INDICATORS The following tables present credit quality indicators for portfolio segments and classes, excluding loans held for sale, as of June 30, 2020. Commercial and investor real estate portfolio segments are detailed by categories related to underlying credit quality and probability of default. Regions assigns these categories at loan origination and reviews the relationship utilizing a risk-based approach on, at minimum, an annual basis or at any time management becomes aware of information affecting the borrowers' ability to fulfill their obligations. Both quantitative and qualitative factors are considered in this review process. These categories are utilized to develop the associated allowance for credit losses.
Substandard accrual and non-accrual loans are often collectively referred to as “classified.” Special mention, substandard accrual, and non-accrual loans are often collectively referred to as “criticized and classified.” Regions considers factors such as periodic updates of FICO scores, unemployment rates, home prices, accrual status and geography as credit quality indicators for the consumer loan portfolio. FICO scores are obtained at origination as part of Regions' formal underwriting process. Refreshed FICO scores are obtained by the Company quarterly for all consumer loans, including residential first mortgage loans. Current FICO data is not available for certain loans in the portfolio for various reasons; for example, if customers do not use sufficient credit, an updated score may not be available. These categories are utilized to develop the associated allowance for credit losses. The higher the FICO score the less probability of default and vice versa. With the adoption of CECL in 2020, the disclosure of credit quality indicators for loan portfolio segments and classes, excluding loans held for sale, is presented by credit quality indicator by vintage year. Regions defines the vintage date for the purposes of disclosure as the date of the most recent credit decision. In general, renewals are categorized as new credit decisions and reflect the renewal date as the vintage date. Loans that are modified as a TDR are considered to be a continuation of the original loan, therefore the origination date of the original loan is reflected as the vintage date. The following tables present applicable credit quality indicators for the loan portfolio segments and classes, excluding loans held for sale, as of June 30, 2020. Classes in the commercial and investor real estate portfolio segments are disclosed by risk rating. Classes in the consumer portfolio segment are disclosed by current FICO scores. Refer to Note 6 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2019, for the December 31, 2019 Credit Quality Indicator tables.
_________ (1) These amounts consist of fees that are not allocated at the loan level and loans serviced by third parties wherein Regions does not receive FICO or vintage information. AGING AND NON-ACCRUAL ANALYSIS The following tables include an aging analysis of DPD and loans on non-accrual status for each portfolio segment and class as of June 30, 2020 and December 31, 2019. Loans on non-accrual status with no related allowance included $119 million of commercial and industrial loans and $1 million of commercial real estate mortgage-owner-occupied loans as of June 30, 2020. Non–accrual loans with no related allowance typically include loans where the underlying collateral is deemed sufficient to recover all remaining principal. Prior to the adoption of CECL on January 1, 2020, all TDRs and all non-accrual commercial and investor real estate loans, excluding leases, were deemed to be impaired. The definition of impairment and the required impaired loan disclosures were removed with CECL. Refer to Note 6 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2019 for disclosure of Regions' impaired loans as of December 31, 2019. Loans that have been fully charged-off do not appear in the tables below.
TROUBLED DEBT RESTRUCTURINGS Regions regularly modifies commercial and investor real estate loans in order to facilitate a workout strategy. Similarly, Regions works to meet the individual needs of consumer borrowers to stem foreclosure through its CAP. Refer to Note 6 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2019 for additional information regarding the Company's TDRs. As provided in the CARES Act passed into law on March 27, 2020, certain loan modifications related to the COVID-19 pandemic beginning March 1, 2020 are eligible for relief from TDR classification. Regions elected this provision of the CARES Act; therefore, modified loans that met the required guidelines for relief are not considered TDRs and are excluded from the disclosures below. The CARES Act relief and short-term nature of most COVID-19 deferrals precluded the majority of Regions' COVID-19 loan modifications from being classified as TDRs as of June 30, 2020. Further discussion related to TDRs, including their impact on the allowance upon adoption of CECL is included in Note 1 "Basis of Presentation." Additional discussion related to TDRs, including their impact on the allowance and designation of TDRs in periods subsequent to the modification prior to the adoption of CECL is included in Note 1 "Basis of Presentation" and discussion in Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2019. The following tables present the end of period balance for loans modified in a TDR during the periods presented by portfolio segment and class, and the financial impact of those modifications. The tables include modifications made to new TDRs, as well as renewals of existing TDRs. Loans first reported as TDRs during the six months ended June 30, 2020 and 2019 totaled approximately $111 million and $121 million, respectively.
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Servicing of Financial Assets |
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Transfers and Servicing of Financial Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Servicing of Financial Assets | NOTE 4. SERVICING OF FINANCIAL ASSETS RESIDENTIAL MORTGAGE BANKING ACTIVITIES The fair value of residential MSRs is calculated using various assumptions including future cash flows, market discount rates, expected prepayment rates, servicing costs and other factors. A significant change in prepayments of mortgages in the servicing portfolio could result in significant changes in the valuation adjustments, thus creating potential volatility in the carrying amount of residential MSRs. The Company compares fair value estimates and assumptions to observable market data where available, and also considers recent market activity and actual portfolio experience. The table below presents an analysis of residential MSRs under the fair value measurement method:
(1) "Economic amortization associated with borrower repayments" includes both total loan payoffs as well as partial paydowns. In the first quarter of 2020, Regions revised its MSR decay methodology from a passage of time approach to a discounted net cash flow approach. The change in methodology results in shifts between decay and hedge impacts, but does not impact the overall valuation. On March 27, 2019, the Company sold $167 million of affordable housing residential mortgage loans and as part of the transaction kept the rights to service the loans, which resulted in the retained residential MSR of approximately $2 million. Data and assumptions used in the fair value calculation, as well as the valuation’s sensitivity to rate fluctuations, related to residential MSRs (excluding related derivative instruments) are as follows:
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of an adverse variation in a particular assumption on the fair value of the residential MSRs is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change. The derivative instruments utilized by Regions would serve to reduce the estimated impacts to fair value included in the table above. The following table presents servicing related fees, which includes contractually specified servicing fees, late fees and other ancillary income resulting from the servicing of residential mortgage loans:
Residential mortgage loans are sold in the secondary market with standard representations and warranties regarding certain characteristics such as the quality of the loan, the absence of fraud, the eligibility of the loan for sale and the future servicing associated with the loan. Regions may be required to repurchase these loans at par, or make-whole or indemnify the purchasers for losses incurred when representations and warranties are breached. Regions maintains an immaterial repurchase liability related to residential mortgage loans sold with representations and warranty provisions. This repurchase liability is reported in other liabilities on the consolidated balance sheets and reflects management’s estimate of losses based on historical repurchase and loss trends, as well as other factors that may result in anticipated losses different from historical loss trends. Adjustments to this reserve are recorded in other non-interest expense on the consolidated statements of operations. COMMERCIAL MORTGAGE BANKING ACTIVITIES Regions is an approved DUS lender. The DUS program provides liquidity to the multi-family housing market. In connection with the DUS program, Regions services commercial mortgage loans, retains commercial MSRs and intangible assets associated with the DUS license, and assumes a loss share guarantee associated with the loans. See Note 1 "Summary of Significant Accounting Policies" in the 2019 Annual Report on Form 10-K for additional information. Also see Note 12 for additional information related to the guarantee. As of both June 30, 2020 and December 31, 2019, the DUS servicing portfolio was approximately $3.9 billion. The related commercial MSRs were approximately $64 million at June 30, 2020 and $59 million at December 31, 2019. The estimated fair value of the commercial MSRs was approximately $72 million at June 30, 2020 and $64 million December 31, 2019, respectively.
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Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | NOTE 5. GOODWILL Goodwill allocated to each reportable segment (each a reporting unit) is presented as follows:
The goodwill allocated to the Corporate Bank reporting unit increased due to the acquisition of Ascentium in the second quarter of 2020. Regions evaluates each reporting unit’s goodwill for impairment on an annual basis in the fourth quarter, or more often if events or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. A detailed description of the Company’s methodology and valuation approaches used to determine the estimated fair value of each reporting unit is included in Note 1 "Summary of Significant Accounting Policies" to the consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2019. Adverse changes in the economic environment, declining operations, or other factors could result in a decline in the implied fair value of goodwill. During the second quarter 2020, Regions assessed events and circumstances for all three reporting units as of June 30, 2020, and through the date of the filing of this Quarterly Report on Form 10-Q that could potentially indicate goodwill impairment including analyzing the impacts from the COVID-19 pandemic. The indicators assessed included:
Based on recent events and circumstances, and after assessing the indicators noted above, Regions concluded that a triggering event had occurred in the second quarter which required Regions to perform a quantitative goodwill impairment test. The results of the test did not require Regions to record a goodwill impairment charge as all three reporting units continued to have a fair value in excess of book value.
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Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) | NOTE 6. SHAREHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) PREFERRED STOCK The following table presents a summary of the non-cumulative perpetual preferred stock:
_________ (1) Dividends on all series of preferred stock, if declared, accrue and are payable quarterly in arrears. (2) Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2024, 6.375%, and (ii) for each period beginning on or after September 15, 2024, three-month LIBOR plus 3.536%. (3) Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to August 15, 2029, 5.700%, and (ii) for each period beginning on or after August 15, 2029, three-month LIBOR plus 3.148%. (4) Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2025, 5.750%, and (ii) for each period beginning on or after September 15, 2025, the five-year treasury rate as of the most recent reset dividend determination date plus 5.426%. On June 5, 2020, Regions completed the issuance of $350 million in depositary shares each representing a 1/100th ownership interest in a share of the Company's Non-Cumulative Perpetual Preferred Stock, Series D, par value $1.00 per share ("Series D Preferred Stock"). All series of preferred stock have no stated maturity and redemption is solely at Regions' option, subject to regulatory approval, in whole, or in part, after the earliest redemption date or in whole, but not in part, within 90 days following a regulatory capital treatment event for the Series A preferred stock or at any time following a regulatory capital treatment event for the Series B, Series C, and Series D preferred stock. The Board of Directors declared $16 million in cash dividends on both Series A and Series B Preferred Stock during both the first six months of 2020 and 2019. In the first six months of 2020, the Board of Directors declared $14 million in cash dividends on Series C Preferred Stock; the initial quarterly dividend for the Series C Preferred Stock was declared on July 24, 2019, therefore there were no cash dividends for the first six months of 2019. The initial quarterly dividend for the Series D Preferred Stock was declared on July 22, 2020, therefore there were no cash dividends for the first six months of 2020. Therefore, a total of $46 million in cash dividends on total preferred stock was declared in the first six months of 2020 compared to the total of $32 million in cash dividends on total preferred stock declared in the first six months of 2019. In the event Series A, Series B, Series C, or Series D preferred shares are redeemed at the liquidation amounts, $113 million, $67 million, $10 million, or $4 million in excess of the redemption amount over the carrying amount will be recognized, respectively. Approximately $100 million of Series A preferred dividends that were recorded as a reduction of preferred stock, including related surplus, will be recorded as a reduction to retained earnings, and approximately $13 million of related issuance costs that were recorded as a reduction of preferred stock, including related surplus, will be recorded as a reduction to net income (loss) available to common shareholders. Approximately $52 million of Series B preferred dividends that were recorded as a reduction of preferred stock, including related surplus, will be recorded as a reduction to retained earnings, and approximately $15 million of related issuance costs that were recorded as a reduction of preferred stock, including related surplus, will be recorded as a reduction to net income (loss) available to common shareholders. Approximately $10 million of Series C issuance costs that were recorded as a reduction of preferred stock, including related surplus, will be recorded as a reduction to net income (loss) available to common shareholders. Approximately $4 million of Series D issuance costs that were recorded as a reduction of preferred stock, including related surplus, will be recorded as a reduction to net income (loss) available to common shareholders. COMMON STOCK On June 25, 2020, the Federal Reserve indicated that the Company exceeded all minimum capital levels under the supervisory stress test. The capital plan submitted to the Federal Reserve reflected no share repurchases through year-end 2020 and Regions is in compliance with the capital plan. Prior to the supervisory stress test submission, the Board had authorized the repurchase of $1.370 billion of the Company's common stock, permitting repurchases from the beginning of the third quarter of 2019 through the second quarter of 2020. Regions' Board declared a cash dividend for both the first and second quarter of 2020 of $0.155 per share, totaling $0.310 per common share for the first six months of 2020. The Board declared a cash dividend for both the first and second quarter of 2019 of $0.140 per common share, totaling $0.280 per common share for the first six months of 2019. The Board evaluated the common dividend in July 2020, considering the specific Federal Reserve limitations on capital distributions in the third quarter of 2020. The Federal Reserve mandated that banks must not increase their quarterly per share common dividend and implemented an earnings-based payout restriction in connection with the supervisory stress test, requiring the third quarter 2020 dividend to not exceed the average of the prior four quarters of net income excluding preferred dividends. On July 22, 2020, the Board declared a cash dividend for the third quarter of 2020 of $0.155 per share, which was in compliance with the Federal Reserve's limit. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Activity within the balances in accumulated other comprehensive income (loss), net is shown in the following tables:
The following tables present amounts reclassified out of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019:
(1) Amounts in parentheses indicate reductions to net income (loss). (2) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note 8 for additional details).
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Earnings (Loss) Per Common Share |
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Earnings (Loss) Per Common Share | NOTE 7. EARNINGS (LOSS) PER COMMON SHARE The following table sets forth the computation of basic earnings (loss) per common share and diluted earnings (loss) per common share:
For the three and six months ended June 30, 2020, basic and diluted weighted-average common shares outstanding for earnings (loss) per common share are the same due to net losses. The effects from the assumed exercise of 9 million and 7 million stock options, restricted stock units and awards and performance stock units for the three and six months ended June 30, 2019, respectively, were not included in the above computations of diluted earnings per common share because such amounts would have had an antidilutive effect on earnings per common share.
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Pension and Other Postretirement Benefits | NOTE 8. PENSION AND OTHER POSTRETIREMENT BENEFITS Regions' defined benefit pension plans cover certain employees as the pension plans are closed to new entrants. The Company also sponsors a SERP, which is a non-qualified pension plan that provides certain senior executive officers defined benefits in relation to their compensation. Net periodic pension cost (credit) includes the following components:
The service cost component of net periodic pension cost (credit) is recorded in salaries and employee benefits on the consolidated statements of operations. Components other than service cost are recorded in other non-interest expense on the consolidated statements of operations. Regions' funding policy for the qualified plans is to contribute annually at least the amount required by IRS minimum funding standards. Regions made no contributions during the first six months of 2020. Regions also provides other postretirement benefits, such as defined benefit health care plans and life insurance plans, that cover certain retired employees. There was no material impact from other postretirement benefits on the consolidated financial statements for the six months ended June 30, 2020 or 2019.
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging Activities | NOTE 9. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES The following tables present the notional amount and estimated fair value of derivative instruments on a gross basis.
HEDGING DERIVATIVES Derivatives entered into to manage interest rate risk and facilitate asset/liability management strategies are designated as hedging derivatives. Derivative financial instruments that qualify in a hedging relationship are classified, based on the exposure being hedged, as either fair value hedges or cash flow hedges. See Note 1 "Summary of Significant Accounting Policies" of the Annual Report on Form 10-K for the year ended December 31, 2019, for additional information regarding accounting policies for derivatives. FAIR VALUE HEDGES Fair value hedge relationships mitigate exposure to the change in fair value of an asset, liability or firm commitment. Regions enters into interest rate swap agreements to manage interest rate exposure on the Company’s fixed-rate borrowings. These agreements involve the receipt of fixed-rate amounts in exchange for floating-rate interest payments over the life of the agreements. Regions enters into interest rate swap agreements to manage interest rate exposure on certain of the Company's fixed-rate available for sale debt securities. These agreements involve the payment of fixed-rate amounts in exchange for floating-rate interest receipts. CASH FLOW HEDGES Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. Regions enters into interest rate swap and floor agreements to manage overall cash flow changes related to interest rate risk exposure on LIBOR-based loans. The agreements effectively modify the Company’s exposure to interest rate risk by utilizing receive fixed/pay LIBOR interest rate swaps and interest rate floors. Regions recognized an unrealized after-tax gain of $51 million and $45 million in accumulated other comprehensive income (loss) at June 30, 2020 and 2019, respectively, related to discontinued cash flow hedges of loan instruments, which will be amortized into earnings in conjunction with the recognition of interest payments through 2026. Regions recognized pre-tax income of $2 million and $3 million during the three months ended June 30, 2020 and 2019, respectively, and pre-tax income of $4 million and $8 million during the six months ended June 30, 2020 and 2019, respectively, related to the amortization of discontinued cash flow hedges of loan instruments. Regions expects to reclassify into earnings approximately $349 million in pre-tax income due to the receipt or payment of interest payments and floor premium amortization on all cash flow hedges within the next twelve months. Included in this amount is $5 million in pre-tax net gains related to the amortization of discontinued cash flow hedges. The maximum length of time over which Regions is hedging its exposure to the variability in future cash flows for forecasted transactions is approximately seven years as of June 30, 2020, and a portion of these hedges are forward starting. The following tables present the effect of hedging derivative instruments on the consolidated statements of operations and the total amounts for the respective line items effected:
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The following tables present the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships.
As of June 30, 2020 and December 31, 2019, the Company had terminated fair value hedges related to debt securities available for sale with carrying values of $312 million and $337 million, respectively. The remaining basis adjustments related to these terminated hedges were $1 million and $3 million, respectively. DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS The Company holds a portfolio of interest rate swaps, option contracts, and futures and forward commitments that result from transactions with its commercial customers in which they manage their risks by entering into a derivative with Regions. The Company monitors and manages the net risk in this customer portfolio and enters into separate derivative contracts in order to reduce the overall exposure to pre-defined limits. For both derivatives with its end customers and derivatives Regions enters into to mitigate the risk in this portfolio, the Company is subject to market risk and the risk that the counterparty will default. The contracts in this portfolio are not designated as accounting hedges and are marked-to market through earnings (in capital markets fee income) and included in other assets and other liabilities, as appropriate. Regions enters into interest rate lock commitments, which are commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. At June 30, 2020 and December 31, 2019, Regions had $1.0 billion and $366 million, respectively, in total notional amount of interest rate lock commitments. Regions manages market risk on interest rate lock commitments and mortgage loans held for sale with corresponding forward sale commitments. Residential mortgage loans held for sale are recorded at fair value with changes in fair value recorded in mortgage income. Commercial mortgage loans held for sale are recorded at either the lower of cost or market or at fair value based on management's election. At June 30, 2020 and December 31, 2019, Regions had $1.8 billion and $622 million, respectively, in total notional amounts related to these forward sale commitments. Changes in mark-to-market from both interest rate lock commitments and corresponding forward sale commitments related to residential mortgage loans are included in mortgage income. Changes in mark-to-market from both interest rate lock commitments and corresponding forward sale commitments related to commercial mortgage loans are included in capital markets income. Regions has elected to account for residential MSRs at fair value with any changes to fair value recorded in mortgage income. Concurrent with the election to use the fair value measurement method, Regions began using various derivative instruments in the form of forward rate commitments, futures contracts, swaps and swaptions to mitigate the effect of changes in the fair value of its residential MSRs in its consolidated statements of operations. As of June 30, 2020 and December 31, 2019, the total notional amount related to these contracts was $4.2 billion and $4.8 billion, respectively. The following table presents the location and amount of gain or (loss) recognized in income on derivatives not designated as hedging instruments in the consolidated statements of operations for the periods presented below:
CREDIT DERIVATIVES Regions has both bought and sold credit protection in the form of participations on interest rate swaps (swap participations). These swap participations, which meet the definition of credit derivatives, were entered into in the ordinary course of business to serve the credit needs of customers. Swap participations, whereby Regions has purchased credit protection, entitle Regions to receive a payment from the counterparty if the customer fails to make payment on any amounts due to Regions upon early termination of the swap transaction and have maturities between 2020 and 2029. Swap participations, whereby Regions has sold credit protection have maturities between 2020 and 2038. For contracts where Regions sold credit protection, Regions would be required to make payment to the counterparty if the customer fails to make payment on any amounts due to the counterparty upon early termination of the swap transaction. Regions bases the current status of the prepayment/performance risk on bought and sold credit derivatives on recently issued internal risk ratings consistent with the risk management practices of unfunded commitments. Regions’ maximum potential amount of future payments under these contracts as of June 30, 2020 was approximately $558 million. This scenario occurs if variable interest rates were at zero percent and all counterparties defaulted with zero recovery. The fair value of sold protection at June 30, 2020 and 2019 was immaterial. In transactions where Regions has sold credit protection, recourse to collateral associated with the original swap transaction is available to offset some or all of Regions’ obligation. Regions has bought credit protection in the form of credit default indices. These indices, which meet the definition of credit derivatives, were entered into in the ordinary course of business to economically hedge credit spread risk in commercial mortgage loans held for sale whereby the fair value option has been elected. Credit derivatives, whereby Regions has purchased credit protection, entitle Regions to receive a payment from the counterparty if losses on the underlying index exceed a certain threshold, dependent upon the tranche rating of the capital structure. CONTINGENT FEATURES Certain of Regions’ derivative instrument contracts with broker-dealers contain credit-related termination provisions and/or credit-related provisions regarding the posting of collateral, allowing those broker-dealers to terminate the contracts in the event that Regions’ and/or Regions Bank’s credit ratings falls below specified ratings from certain major credit rating agencies. The aggregate fair values of all derivative instruments with any credit-risk-related contingent features that were in a liability position on June 30, 2020 and December 31, 2019, were $66 million and $64 million, respectively, for which Regions had posted collateral of $67 million and $67 million, respectively, in the normal course of business.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | NOTE 10. FAIR VALUE MEASUREMENTS See Note 1 "Summary of Significant Accounting Policies" to the consolidated financial statements of the Annual Report on Form 10-K for the year ended December 31, 2019 for a description of valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis. Assets and liabilities measured at fair value rarely transfer between Level 1 and Level 2 measurements. Marketable equity securities and debt securities available for sale may be periodically transferred to or from Level 3 valuation based on management’s conclusion regarding the observability of inputs used in valuing the securities. Such transfers are accounted for as if they occur at the beginning of a reporting period. The following table presents assets and liabilities measured at estimated fair value on a recurring basis and non-recurring basis:
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Assets and liabilities in all levels could result in volatile and material price fluctuations. Realized and unrealized gains and losses on Level 3 assets represent only a portion of the risk to market fluctuations in Regions’ consolidated balance sheets. Further, derivatives included in Levels 2 and 3 are used by ALCO in a holistic approach to managing price fluctuation risks. The following tables illustrate rollforwards for residential mortgage servicing rights, which are the only material assets or liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2020 and 2019, respectively.
_________ (1) Included in mortgage income. Amounts presented exclude offsetting impact from related derivatives. The following table presents the fair value adjustments related to non-recurring fair value measurements:
The following tables present detailed information regarding material assets and liabilities measured at fair value using significant unobservable inputs (Level 3) as of June 30, 2020, and December 31, 2019. The tables include the valuation techniques and the significant unobservable inputs utilized. The range of each significant unobservable input as well as the weighted-average within the range utilized at June 30, 2020, and December 31, 2019, are included. Following the tables are descriptions of the valuation techniques and the sensitivity of the techniques to changes in the significant unobservable inputs.
_________ (1) See Note 4 for additional disclosures related to assumptions used in the fair value calculation for residential mortgage servicing rights.
_________ (1) See Note 7 to the consolidated financial statements of the Annual Report on Form 10-K for the year ended December 31, 2019 for additional disclosures related to assumptions used in the fair value calculation for residential mortgage servicing rights. RECURRING FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS Residential mortgage servicing rights The significant unobservable inputs used in the fair value measurement of residential MSRs are OAS and CPR. This valuation requires generating cash flow projections over multiple interest rate scenarios and discounting those cash flows at a risk-adjusted rate. Additionally, the impact of prepayments and changes in the OAS are based on a variety of underlying inputs including servicing costs. Increases or decreases to the underlying cash flow inputs will have a corresponding impact on the value of the MSR asset. The net change in unrealized gains (losses) included in earnings related to MSRs held at period end are disclosed as the changes in valuation inputs or assumptions included in the MSR rollforward table in Note 4. FAIR VALUE OPTION Regions has elected the fair value option for all eligible agency residential mortgage loans and certain commercial mortgage loans originated with the intent to sell. These elections allow for a more effective offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting. Regions has not elected the fair value option for other loans held for sale primarily because they are not economically hedged using derivative instruments. Fair values of residential mortgage loans held for sale are based on traded market prices of similar assets where available and/or discounted cash flows at market interest rates, adjusted for securitization activities that include servicing values and market conditions, and are recorded in loans held for sale in the consolidated balance sheets. The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for mortgage loans held for sale measured at fair value:
Interest income on mortgage loans held for sale is recognized based on contractual rates and is reflected in interest income on loans held for sale in the consolidated statements of operations. The following table details net gains and losses resulting from changes in fair value of these loans, which were recorded in mortgage income in the consolidated statements of operations during the three and six months ended June 30, 2020 and 2019. These changes in fair value are mostly offset by economic hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk.
The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments as of June 30, 2020 are as follows:
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The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company's financial instruments as of December 31, 2019 are as follows:
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(4) Excluded from this table is the operating lease carrying amount of $297 million at December 31, 2019.
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Business Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | NOTE 11. BUSINESS SEGMENT INFORMATION Each of Regions’ reportable segments is a strategic business unit that serves specific needs of Regions’ customers based on the products and services provided. The segments are based on the manner in which management views the financial performance of the business. The Company has three reportable segments: Corporate Bank, Consumer Bank, and Wealth Management, with the remainder in Other. Additional information about the Company's reportable segments is included in Regions' Annual Report on Form 10-K for the year ended December 31, 2019. The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable segment may be periodically revised. The following tables present financial information for each reportable segment for the period indicated.
_____ (1) Upon adoption of CECL on January 1, 2020, the provision for credit losses is the sum of the provision for loans losses and the provision for unfunded credit commitments. Prior to the adoption of CECL, the provision for unfunded commitments was included in other non-interest expense. See Note 23 "Business Segment Information" in the Annual Report on Form 10-K for the year ended December 31, 2019 for information on how the provision is allocated to each reportable segment.
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Commitments, Contingencies and Guarantees |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments, Contingencies and Guarantees | NOTE 12. COMMITMENTS, CONTINGENCIES AND GUARANTEES COMMERCIAL COMMITMENTS Regions issues off-balance sheet financial instruments in connection with lending activities. The credit risk associated with these instruments is essentially the same as that involved in extending loans to customers and is subject to Regions’ normal credit approval policies and procedures. Regions measures inherent risk associated with these instruments by recording a reserve for unfunded commitments based on an assessment of the likelihood that the guarantee will be funded and the creditworthiness of the customer or counterparty. Collateral is obtained based on management’s assessment of the creditworthiness of the customer. Credit risk associated with these instruments is represented by the contractual amounts indicated in the following table:
Unused commitments to extend credit—To accommodate the financial needs of its customers, Regions makes commitments under various terms to lend funds to consumers, businesses and other entities. These commitments include (among others) credit card and other revolving credit agreements, term loan commitments and short-term borrowing agreements. Many of these loan commitments have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of these commitments are expected to expire without being funded, the total commitment amounts do not necessarily represent future liquidity requirements. Standby letters of credit—Standby letters of credit are also issued to customers, which commit Regions to make payments on behalf of customers if certain specified future events occur. Regions has recourse against the customer for any amount required to be paid to a third party under a standby letter of credit. The credit risk involved in the issuance of these guarantees is essentially the same as that involved in extending loans to clients and as such, the instruments are collateralized when necessary. Historically, a large percentage of standby letters of credit expire without being funded. The contractual amount of standby letters of credit represents the maximum potential amount of future payments Regions could be required to make and represents Regions’ maximum credit risk. Commercial letters of credit—Commercial letters of credit are issued to facilitate foreign or domestic trade transactions for customers. As a general rule, drafts will be drawn when the goods underlying the transaction are in transit. LEGAL CONTINGENCIES Regions and its subsidiaries are subject to loss contingencies related to litigation, claims, investigations and legal and administrative cases and proceedings arising in the ordinary course of business. Regions evaluates these contingencies based on information currently available, including advice of counsel. Regions establishes accruals for those matters when a loss contingency is considered probable and the related amount is reasonably estimable. Any accruals are periodically reviewed and may be adjusted as circumstances change. Some of Regions' exposure with respect to loss contingencies may be offset by applicable insurance coverage. In determining the amounts of any accruals or estimates of possible loss contingencies however, Regions does not take into account the availability of insurance coverage. To the extent that Regions has an insurance recovery, the proceeds are recorded in the period the recovery is received. When it is practicable, Regions estimates possible loss contingencies, whether or not there is an accrued probable loss. When Regions is able to estimate such possible losses, and when it is reasonably possible Regions could incur losses in excess of amounts accrued, Regions discloses the aggregate estimation of such possible losses. Regions currently estimates that it is reasonably possible that it may experience losses in excess of what Regions has accrued in an aggregate amount of up to approximately $20 million as of June 30, 2020, with it also being reasonably possible that Regions could incur no losses in excess of amounts accrued. However, as available information changes, the matters for which Regions is able to estimate, as well as the estimates themselves will be adjusted accordingly. The reasonably possible estimate includes a legal contingency that is subject to an indemnification agreement. Assessments of litigation and claims exposure are difficult because they involve inherently unpredictable factors including, but not limited to, the following: whether the proceeding is in the early stages; whether damages are unspecified, unsupported, or uncertain; whether there is a potential for punitive or other pecuniary damages; whether the matter involves legal uncertainties, including novel issues of law; whether the matter involves multiple parties and/or jurisdictions; whether discovery has begun or is not complete; whether meaningful settlement discussions have commenced; and whether the lawsuit involves class allegations. Assessments of class action litigation, which is generally more complex than other types of litigation, are particularly difficult, especially in the early stages of the proceeding when it is not known whether a class will be certified or how a potential class, if certified, will be defined. As a result, Regions may be unable to estimate reasonably possible losses with respect to some of the matters disclosed below, and the aggregated estimated amount discussed above may not include an estimate for every matter disclosed below. Regions is involved in formal and informal information-gathering requests, investigations, reviews, examinations and proceedings by various governmental regulatory agencies, law enforcement authorities and self-regulatory bodies regarding Regions’ business, Regions' business practices and policies, and the conduct of persons with whom Regions does business. Additional inquiries will arise from time to time. In connection with those inquiries, Regions receives document requests, subpoenas and other requests for information. The inquiries, including the one described below, could develop into administrative, civil or criminal proceedings or enforcement actions that could result in consequences that have a material effect on Regions' consolidated financial position, results of operations or cash flows as a whole. Such consequences could include adverse judgments, findings, settlements, penalties, fines, orders, injunctions, restitution, or alterations in our business practices, and could result in additional expenses and collateral costs, including reputational damage. Regions is cooperating with an investigation by the United States Attorney’s Office for the Eastern District of New York pertaining to Regions' banking relationship with a former customer and accounts maintained by related entities and individuals affiliated with the customer who may be involved in criminal activity, as well as related aspects of Regions' Anti-Money Laundering and Bank Secrecy Act compliance program. While the final outcome of litigation and claims exposures or of any inquiries is inherently unpredictable, management is currently of the opinion that the outcome of pending and threatened litigation and inquiries will not have a material effect on Regions’ business, consolidated financial position, results of operations or cash flows as a whole. However, in the event of unexpected future developments, it is reasonably possible that an adverse outcome in any of the matters discussed above could be material to Regions’ business, consolidated financial position, results of operations or cash flows for any particular reporting period of occurrence. GUARANTEES FANNIE MAE DUS LOSS SHARE GUARANTEE Regions is a DUS lender. The DUS program provides liquidity to the multi-family housing market. Regions services loans sold to Fannie Mae and is required to provide a loss share guarantee equal to one-third for the majority of its DUS servicing portfolio. At both June 30, 2020 and December 31, 2019, the Company's DUS servicing portfolio totaled approximately $3.9 billion. Regions' maximum quantifiable contingent liability related to its loss share guarantee was approximately $1.3 billion at both June 30, 2020 and December 31, 2019. The Company would be liable for this amount only if all of the loans it services for Fannie Mae, for which the Company retains some risk of loss, were to default and all of the collateral underlying these loans was determined to be without value at the time of settlement. Therefore, the maximum quantifiable contingent liability is not representative of the actual loss the Company would be expected to incur. The estimated fair value of the associated loss share guarantee recorded as a liability on the Company's consolidated balance sheets was approximately $5 million and $4 million at June 30, 2020 and December 31, 2019, respectively. Refer to Note 1 in the Annual Report on Form 10-K for the year ended December 31, 2019, for additional information.
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Recent Accounting Pronouncements |
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | NOTE 13. RECENT ACCOUNTING PRONOUNCEMENTS
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Basis of Presentation Accounting policies (Policies) |
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Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Credit Loss, Financial Instrument [Policy Text Block] | CECL On January 1, 2020, the Company adopted CECL, which replaces the incurred loss methodology with an expected loss methodology. The measurement of expected losses under CECL is applicable to financial assets measured at amortized cost, including loan receivables and debt securities held to maturity. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with accounting guidance on leases. In addition, CECL required changes to the accounting for debt securities available for sale. The adoption of CECL had a material impact to the allowance for credit losses (see below). The cumulative effect of the modified retrospective application for all items in scope was a reduction to retained earnings of $377 million, net of taxes, $375 million of which was attributable to the allowance and $2 million of which was attributable to other financial assets.
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Investment, Policy [Policy Text Block] | DEBT SECURITIES The company adopted CECL using the prospective transition approach for debt securities for which OTTI had previously been recognized. As a result, the amortized cost basis remained the same before and after adoption. Recoveries of amounts previously written off relating to improvements in cash flows after January 1, 2020 will be recorded in earnings when received. For debt securities available for sale, CECL eliminates the concept of OTTI and instead requires entities to determine if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. Subsequent activity related to the credit loss component (e.g. write-offs, recoveries) is recognized as part of the allowance for credit losses on debt securities available for sale. Securities held to maturity are evaluated under the allowance for credit losses model. For securities which have an expectation of zero nonpayment of the amortized cost basis (e.g. U.S. Treasury securities or agency securities), the expected credit loss is zero.
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Receivable [Policy Text Block] | LOANS Loans held for investment are carried at amortized cost (the principal amount outstanding, net of premiums, discounts, unearned income and deferred loan fees and costs). Regions elected to exclude accrued interest receivable balances from the amortized cost basis. Interest receivable is included as a separate line item on the balance sheets. Additionally, Regions elected to not estimate an allowance on interest receivable balances because the Company has non-accrual policies in place that provide for the accrual of interest to cease on a timely basis when all contractual amounts due are not expected. See more information about Regions' non-accrual policies in Note 1 of Regions' Annual Report on Form 10-K for the year ended December 31, 2019. Purchased loans are recorded at their fair value at the acquisition date. Purchased loans are evaluated and classified as either PCD, which indicates that the loan has experienced more than insignificant credit deterioration since origination, or non-PCD loans. For PCD loans, the sum of the loans' purchase price and allowance for credit losses, which is determined using the same methodology as originated loans, becomes their initial amortized cost basis. For non-PCD loans, the difference between the fair value and the par value is considered the fair value mark. The non-credit discount or premium related to PCD loans and the fair value mark on non-PCD loans is accreted or amortized to interest income over the contractual life of the loan using the effective interest method. Subsequent changes in the allowance related to PCD and non-PCD loans are recognized in the provision for credit losses. TDRs are loans whereby the borrower is experiencing financial difficulty at the time of restructuring, and Regions has granted a concession to the borrower. TDRs are undertaken in order to improve the likelihood of recovery on the loan and may take the form of modifications to the stated interest rate such that it is lower than the current market rate for new debt with similar risk, other modifications to the structure of the loan that fall outside of normal underwriting policies and procedures, or in limited circumstances forgiveness of principal and/or interest. Insignificant delays in payments are not considered TDRs. Prior to the adoption of CECL on January 1, 2020, all loans with the TDR designation were considered to be impaired, even if they were accruing. With the adoption of CECL on January 1, 2020, the definition of impaired loans was removed from accounting guidance.
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Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts [Policy Text Block] | ALLOWANCE Regions adopted CECL using the modified retrospective method for loans held for investment, net investment in lease assets, and off-balance sheet credit exposures. Results for reporting periods beginning January 1, 2020 are presented under CECL while prior periods' amounts continue to be reported in accordance with previously applicable GAAP. The cumulative effect of the retrospective application for loans and unfunded commitments was an increase in the allowance of $501 million and a reduction to retained earnings of $375 million, with the difference being an increase to deferred tax assets. Upon the adoption of CECL, the allowance is intended to cover expected credit losses over the contractual life of loans measured at amortized cost, including unfunded commitments. Management’s measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and R&S forecasts that affect the collectability of the reported amount. For periods beyond which Regions makes or obtains such R&S forecasts, Regions reverts to historical credit loss information. Regions maintains an appropriate level of allowance that falls within an acceptable range of estimated losses, measured in accordance with GAAP. Management's determination of the appropriateness of the allowance is based on many factors, including, but not limited to, an evaluation and rating of the loan portfolio; historical loan loss experience; current economic conditions; collateral values securing loans; levels of problem loans; volume, growth, quality and composition of the loan portfolio; regulatory guidance; R&S economic forecasts; and other relevant factors. Changes in any of these factors, assumptions, or the availability of new information, could require that the allowance be adjusted in future periods, perhaps materially. Loss forecasting models are built on historical loss information and then applied to the current portfolio. Outputs from the loss forecasting models in combination with Regions' qualitative framework, and other analyses are used to inform management in its estimation of Regions' expected credit losses. Actual losses could vary, perhaps materially, from management’s estimates. The entire allowance is available to cover all charge-offs that arise from the loan portfolio. Regions' allowance calculation is a significant estimate. Regions uses its best judgment to assess economic conditions and loss data in estimating the CECL allowance and these estimates are subject to periodic refinement based on changes in underlying external or internal data. Therefore, assumptions and decisions driving the estimate may change as conditions change. These assumptions and estimates are detailed below. R & S forecast period During the two-year R&S forecast period, Regions incorporates forward-looking information by utilizing its internally developed and approved Base economic forecast. The scenario is developed by the Chief Economist and approved through a formal governance process. The Base forecast considers market forward/consensus information and is consistent with the Company's organization-wide economic outlook. When appropriate, additional scenarios, including externally created scenarios, are considered as part of the determination of the allowance. Reversion period Regions utilizes an exponential reversion approach that reverts to TTC rates derived from the simple average of all historical quarterly observations for PD, LGD, EAD and prepayment rates. The length of the reversion period differs by class of financing receivable. Historical loss period Regions does not adjust historical loss information for existing economic conditions or expectations of future economic conditions for periods that are beyond the R&S period. Regions utilizes internal historical loss information; however, there are certain loan portfolios that also benefit from the use of external or other reference data due to identified limitations with internal historical data. Contractual life Regions estimates expected credit losses over the contractual life of a loan. Regions defines contractual life for non-revolving loans as contractual maturity, net of estimated prepayments and excluding expected extensions, renewals and modifications unless 1) Regions has a reasonable expectation at the reporting date that it will execute a TDR with the borrower ("RETDR") or 2) extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by Regions. RETDR Regions individually identifies commercial and investor real estate loans for inclusion as RETDRs. The identification criteria are based on internal risk ratings and time to maturity. Regions typically does not identify consumer loans as RETDRs due to the insignificant period between initial contact with a customer regarding a loan modification and when a TDR modification is consummated. The RETDR status extends the life of the loan past the contractual maturity and includes the allowance impact of interest rate concessions. Loans identified as RETDRs will be treated consistently from a modeling/reserving perspective as loans identified as TDRs. Contractual term extensions (borrower versus lender option to renew) Regions' consumer loan contracts do not permit automatic extensions or unilateral customer extensions, and Regions retains the right to approve or deny any extension requested from the borrower. As a result, extensions and renewal options are not included in the life of consumer loans for the purposes of calculating the allowance. Similarly, Regions does not include extension and renewal options in the life of commercial loans for the purposes of calculating the allowance, unless it is a RETDR. Most commercial products do not offer borrowers a unilateral right to renew or extend. Contractual life of credit card receivables Regions estimates the life of credit card receivables based on the amount and timing of payments expected to be collected. Regions' credit card allowance estimate only considers the amount of debt outstanding at the reporting date (the current position) because undrawn balances are unconditionally cancellable and therefore are not considered. Regions classifies credit card accounts into one of three payment patterns: dormant, transacting or revolving. The dormant accounts are idle, carry no balance, and do not contribute to the allowance. The transacting account holders tend to pay the entire balance due every month and are, therefore, subject to practically no interest charges. For transactor accounts, the current position balance is expected to be paid off in one quarter. The revolving accounts tend to be subject to interest charges, and their current position balance liquidates over time. Regions' credit card portfolio is comprised primarily of revolvers. Collateral-dependent loans Regions' collateral-dependent consumer loans are loans secured by collateral (primarily real estate) that meet the partial charge-down requirements disclosed in Note 1 of Regions' Annual Report on Form 10-K for the year ended December 31, 2019. Regions evaluates significant commercial and investor loans that are in financial difficulty and secured by collateral to determine if they are collateral dependent. For collateral-dependent loans, CECL requires an entity to measure the expected credit losses based on the fair value of the collateral at the reporting date when the entity determines that foreclosure is probable. Additionally, CECL allows a fair value of collateral practical expedient as a measurement approach for loans when the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty ("collateral dependent”). For any collateral-dependent loans that meet Regions' specific allowance criteria (see below), Regions will calculate the CECL allowance based on the fair value of collateral methodology. For collateral-dependent consumer, commercial and investor real estate loans that do not meet Regions' specific allowance criteria (as described below), Regions considers the value of the collateral through the LGD component of the loss model based on collateral type. Credit enhancements Regions' estimate of credit losses reflects how credit enhancements, other than those that are freestanding contracts, mitigate expected credit losses on financial assets. In the event that a credit enhancement arrangement is considered to be a freestanding contract, Regions excludes the credit enhancement from the related loan when estimating expected credit losses. Unfunded commitments and other off-balance sheet items CECL requires an entity to record a liability or allowance for credit losses for the unfunded portion of a loan commitment in the event that the issuer does not have the unconditional right to cancel the commitment. For an unfunded commitment to be considered unconditionally cancellable, Regions must be able to, at any time, with or without cause, refuse to extend credit. The liability is measured over the full contractual period for which Regions is exposed to credit risk through a current obligation to extend credit. In determining the liability, management considers the likelihood that funding will occur, and if funded, the related expected credit losses under the CECL model. Regions' off-balance sheet unfunded commitments in the form of home equity lines, standby letters of credit, commercial letters of credit and commercial revolving products that are deemed to be conditionally cancellable will include unfunded balances within the allowance estimate. Future advances from certain unfunded commitments and other revolving products where Regions does have the unconditional right to cancel these agreements will not be included. CALCULATION OF THE ALLOWANCE FOR CREDIT LOSSES Pooled allowances The allowance is measured on a collective (pool) basis when similar risk characteristics exist. Segmentation variables for Commercial and Investor Real estate segments include product, loan size, collateral type, risk rating and term. Segmentation variables considered for Consumer segments include product, FICO, LTV, age, TDR status, etc. The allowance is calculated for most portfolios and classes using econometric models (i.e., models that include macro-economic forecasts). Specific allowances Due to their size, complexity and individualized risk characteristics and monitoring, the allowance for significant non-accrual commercial and investor real estate loans (including TDRs) and unfunded commitments is measured on an individual basis. Loans evaluated individually are not included in the collective evaluation. Regions generally measures the allowance for these loans based on the present value of estimated cash flows, considering all facts and circumstances specific to the borrower and market and economic conditions. The allowance measurement for collateral-dependent loans that meet the individually evaluated threshold is based on the fair value of collateral methodology. TDRs and RETDRs Loans identified as TDRs and RETDRs are treated consistently in CECL loss models. These loans are included in their respective loan pools (if they do not qualify for specific evaluation) and losses are determined by CECL models. The effect of the interest rate concession on these loans is considered through a post-model adjustment. Qualitative framework While quantitative allowance methodologies strive to reflect all risk factors, any estimate involves assumptions and uncertainties resulting in some level of imprecision. Imprecision exists in the estimation process due to the inherent time lag between obtaining information, performing the calculation, as well as variations between estimates and actual outcomes. Regions adjusts the allowance considering quantitative and qualitative factors which may not be directly measured in the modeled calculations. Regions' qualitative framework provides for specific, quantitatively supported model adjustments and general imprecision adjustments. Specific model adjustments capture highly specific issues or events that Regions believes are not adequately captured in model outcomes. General imprecision adjustments address other sources of imprecision that are not specifically identifiable or quantifiable to a particular loan portfolio and have not been captured by the model or by a specific model adjustment. Regions considers general imprecision in three dimensions; economic forecast imprecision, model error imprecision, and process imprecision.
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Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Amortized Cost, Gross Unrealized Gains and Losses, And Estimated Fair Value Of Debt Securities Available For Sale And Debt Securities Held To Maturity | The amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities held to maturity and debt securities available for sale are as follows:
(1) The gross unrealized losses recognized in OCI on securities held to maturity resulted from a transfer of securities available for sale to held to maturity in the second quarter of 2013. |
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Schedule Of Cost And Estimated Fair Value Of Debt Securities Available For Sale And Debt Securities Held To Maturity By Contractual Maturity | The amortized cost and estimated fair value of debt securities held to maturity and debt securities available for sale at June 30, 2020, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
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Schedule Of Gross Unrealized Losses And Estimated Fair Value Of Debt Securities Available For Sale and Held to Maturity | The following tables present gross unrealized losses and the related estimated fair value of debt securities held to maturity and debt securities available for sale at June 30, 2020, and December 31, 2019. For debt securities transferred to held to maturity from available for sale, the analysis in the tables below is comparing the securities' original amortized cost to its current estimated fair value. These securities are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more.
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Schedule of Gross Realized Gains And Gross Realized Losses On Available For Sale Debt Securities | Gross realized gains and gross realized losses on sales of debt securities available for sale are shown in the table below. The cost of securities sold is based on the specific identification method. As part of the Company's normal process for evaluating impairment, management did identify a limited number of positions where impairment was believed to exist in certain periods, as shown in the table below.
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Loans and the Allowance for Credit Losses (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table presents the distribution of Regions' loan portfolio by segment and class, net of unearned income:
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Analysis of the Allowance for Credit Losses by Portfolio Segment | The following tables present analyses of the allowance by portfolio segment for the three and six months ended June 30, 2020 and 2019. The total allowance for loan losses and the related loan portfolio ending balances for the six months ended June 30, 2019 are disaggregated to detail the amounts derived through individual evaluation and collective evaluation for impairment. Prior to 2020, the allowance for loan losses related to individually evaluated loans was attributable to allowances for non-accrual commercial and investor real estate loans and all TDRs ("impaired loans") and the allowance for loan losses related to collectively evaluated loans was attributable to the remainder of the portfolio. With the adoption of CECL on January 1, 2020, the impaired loan designation and disclosures related to impaired loans are no longer required.
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Financing Receivable Credit Quality Indicators | The following tables present applicable credit quality indicators for the loan portfolio segments and classes, excluding loans held for sale, as of June 30, 2020. Classes in the commercial and investor real estate portfolio segments are disclosed by risk rating. Classes in the consumer portfolio segment are disclosed by current FICO scores. Refer to Note 6 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2019, for the December 31, 2019 Credit Quality Indicator tables.
_________ (1) These amounts consist of fees that are not allocated at the loan level and loans serviced by third parties wherein Regions does not receive FICO or vintage information. |
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Past Due Financing Receivables | The following tables include an aging analysis of DPD and loans on non-accrual status for each portfolio segment and class as of June 30, 2020 and December 31, 2019. Loans on non-accrual status with no related allowance included $119 million of commercial and industrial loans and $1 million of commercial real estate mortgage-owner-occupied loans as of June 30, 2020. Non–accrual loans with no related allowance typically include loans where the underlying collateral is deemed sufficient to recover all remaining principal. Prior to the adoption of CECL on January 1, 2020, all TDRs and all non-accrual commercial and investor real estate loans, excluding leases, were deemed to be impaired. The definition of impairment and the required impaired loan disclosures were removed with CECL. Refer to Note 6 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2019 for disclosure of Regions' impaired loans as of December 31, 2019. Loans that have been fully charged-off do not appear in the tables below.
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Troubled Debt Restructurings on Financing Receivables | The following tables present the end of period balance for loans modified in a TDR during the periods presented by portfolio segment and class, and the financial impact of those modifications. The tables include modifications made to new TDRs, as well as renewals of existing TDRs. Loans first reported as TDRs during the six months ended June 30, 2020 and 2019 totaled approximately $111 million and $121 million, respectively.
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Servicing of Financial Assets (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing of Financial Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Residential Mortgage Servicing Rights Under The Fair Value Measurement Method | The table below presents an analysis of residential MSRs under the fair value measurement method:
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Data And Assumptions Used In The Fair Value Calculation As Well As The Valuation's Sensitivity To Rate Fluctuations Related To Residential Mortgage Servicing Rights | Data and assumptions used in the fair value calculation, as well as the valuation’s sensitivity to rate fluctuations, related to residential MSRs (excluding related derivative instruments) are as follows:
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Schedule Of Fees Resulting From The Servicing Of Residential Mortgage Loans | The following table presents servicing related fees, which includes contractually specified servicing fees, late fees and other ancillary income resulting from the servicing of residential mortgage loans:
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Goodwill (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Goodwill allocated to each reportable segment (each a reporting unit) is presented as follows:
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Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the non-cumulative perpetual preferred stock | The following table presents a summary of the non-cumulative perpetual preferred stock:
_________ (1) Dividends on all series of preferred stock, if declared, accrue and are payable quarterly in arrears. (2) Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2024, 6.375%, and (ii) for each period beginning on or after September 15, 2024, three-month LIBOR plus 3.536%. (3) Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to August 15, 2029, 5.700%, and (ii) for each period beginning on or after August 15, 2029, three-month LIBOR plus 3.148%. (4) Dividends, if declared, will be paid quarterly at an annual rate equal to (i) for each period beginning prior to September 15, 2025, 5.750%, and (ii) for each period beginning on or after September 15, 2025, the five-year treasury rate as of the most recent reset dividend determination date plus 5.426%.
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Schedule of Accumulated Other Comprehensive Income (Loss) | Activity within the balances in accumulated other comprehensive income (loss), net is shown in the following tables:
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Reclassification From Accumulated Other Comprehensive Income (Loss) | The following tables present amounts reclassified out of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019:
(1) Amounts in parentheses indicate reductions to net income (loss). (2) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note 8 for additional details).
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Earnings (Loss) Per Common Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic earnings (loss) per common share and diluted earnings (loss) per common share:
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Pension and Other Postretirement Benefits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Periodic Pension Cost | Net periodic pension cost (credit) includes the following components:
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Derivative Financial Instruments and Hedging Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Derivative Instruments Notional And Fair Values | The following tables present the notional amount and estimated fair value of derivative instruments on a gross basis.
(4) The gain amounts,which are not collateralized with cash or other assets or reserved for, represent the net credit risk on all trading and other derivative positions. As of June 30, 2020 and December 31, 2019, financial instruments posted of $25 million and $24 million, respectively, were not offset in the consolidated balance sheets.
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Schedule Of Effect Of Hedging Derivative Instruments On Statements Of Operations | The following tables present the effect of hedging derivative instruments on the consolidated statements of operations and the total amounts for the respective line items effected:
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(2) Pre-tax
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Schedule of Fair Value Hedging Basis Adjustments | The following tables present the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships.
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Schedule of Gains (Losses) Recognized Related to Derivatives Not Designated as Hedging Instruments | The following table presents the location and amount of gain or (loss) recognized in income on derivatives not designated as hedging instruments in the consolidated statements of operations for the periods presented below:
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Assets And Liabilities At Fair Value Measured On A Recurring Basis And Non-Recurring Basis | The following table presents assets and liabilities measured at estimated fair value on a recurring basis and non-recurring basis:
_________
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Rollforward For Assets And Liabilities Measured At Fair Value On A Recurring Basis With Level 3 Significant Unobservable Inputs | The following tables illustrate rollforwards for residential mortgage servicing rights, which are the only material assets or liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2020 and 2019, respectively.
_________ (1) Included in mortgage income. Amounts presented exclude offsetting impact from related derivatives.
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Schedule Of Fair Value Adjustments Related To Non-Recurring Fair Value Measurements | The following table presents the fair value adjustments related to non-recurring fair value measurements:
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Summary Of Quantitative Information About Level 3 Measurements | The following tables present detailed information regarding material assets and liabilities measured at fair value using significant unobservable inputs (Level 3) as of June 30, 2020, and December 31, 2019. The tables include the valuation techniques and the significant unobservable inputs utilized. The range of each significant unobservable input as well as the weighted-average within the range utilized at June 30, 2020, and December 31, 2019, are included. Following the tables are descriptions of the valuation techniques and the sensitivity of the techniques to changes in the significant unobservable inputs.
_________ (1) See Note 4 for additional disclosures related to assumptions used in the fair value calculation for residential mortgage servicing rights.
_________ (1) See Note 7 to the consolidated financial statements of the Annual Report on Form 10-K for the year ended December 31, 2019 for additional disclosures related to assumptions used in the fair value calculation for residential mortgage servicing rights. |
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Fair Value Option, Fair Value and Unpaid Principal Balance | The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for mortgage loans held for sale measured at fair value:
Interest income on mortgage loans held for sale is recognized based on contractual rates and is reflected in interest income on loans held for sale in the consolidated statements of operations. The following table details net gains and losses resulting from changes in fair value of these loans, which were recorded in mortgage income in the consolidated statements of operations during the three and six months ended June 30, 2020 and 2019. These changes in fair value are mostly offset by economic hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk.
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Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments | The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments as of June 30, 2020 are as follows:
_________
The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company's financial instruments as of December 31, 2019 are as follows:
_________
(4) Excluded from this table is the operating lease carrying amount of $297 million at December 31, 2019.
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Business Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Financial Information By Reportable Segment | The following tables present financial information for each reportable segment for the period indicated.
_____ (1) Upon adoption of CECL on January 1, 2020, the provision for credit losses is the sum of the provision for loans losses and the provision for unfunded credit commitments. Prior to the adoption of CECL, the provision for unfunded commitments was included in other non-interest expense. See Note 23 "Business Segment Information" in the Annual Report on Form 10-K for the year ended December 31, 2019 for information on how the provision is allocated to each reportable segment.
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Commitments, Contingencies and Guarantees (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Risk Of Off-Balance Sheet Financial Instruments By Contractual Amounts | Credit risk associated with these instruments is represented by the contractual amounts indicated in the following table:
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Basis of Presentation Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
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Mar. 31, 2020 |
Mar. 31, 2019 |
Jun. 30, 2020 |
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 1,000,000 | ||
Cumulative Effect on Retained Earnings, Net of Tax | $ 377,000 | $ (2,000) | |
CapitalPhaseInforAccountingPrincipleAdopted | $ 613,000 | ||
Retained Earnings [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative Effect on Retained Earnings, Net of Tax | 377,000 | $ (2,000) | |
CECL [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 501,000 | ||
CECL Day 1 Adjustment to the Allowance [Member] | Retained Earnings [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative Effect on Retained Earnings, Net of Tax | 375,000 | ||
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | (126,000) | ||
CECL Day 1 Adjustment to Other Financial Assets[Member] [Member] | Retained Earnings [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative Effect on Retained Earnings, Net of Tax | $ 2,000 |
Securities (Schedule Of Amortized Cost, Gross Unrealized Gains And Losses, And Estimated Fair Value Of Securities Available For Sale And Securities Held To Maturity) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
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Schedule of Held-to-maturity Securities [Line Items] | ||||
Debt Securities held to maturity, amortized cost | $ 1,281 | $ 1,361 | ||
Held To Maturity Debt Securities Gross Unrealized Gains | [1] | 0 | 0 | |
Held To Maturity Debt Securities Gross Unrealized Losses | [1] | (26) | (29) | |
Debt Securities held to maturity | 1,255 | 1,332 | ||
Held-to-maturity Debt Securities, Accumulated Unrecognized Holding Gain | 101 | 42 | ||
Held-to-maturity Debt Securities, Accumulated Unrecognized Holding Loss | 0 | (2) | ||
Debt Securities held to maturity, estimated fair value | 1,356 | 1,372 | ||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 22,783 | 22,332 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,118 | 344 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (3) | (70) | ||
Available-for-sale debt securities, net carrying value | 23,898 | 22,606 | ||
Debt securities available for sale | 23,898 | 22,606 | ||
US Treasury Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 174 | 180 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 7 | 2 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Available-for-sale debt securities, net carrying value | 181 | 182 | ||
Debt securities available for sale | 181 | 182 | ||
Federal Agency Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 39 | 42 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 3 | 1 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Available-for-sale debt securities, net carrying value | 42 | 43 | ||
Debt securities available for sale | 42 | 43 | ||
Residential Agency [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Debt Securities held to maturity, amortized cost | 664 | 736 | ||
Held To Maturity Debt Securities Gross Unrealized Gains | [1] | 0 | 0 | |
Held To Maturity Debt Securities Gross Unrealized Losses | [1] | (24) | (26) | |
Debt Securities held to maturity | 640 | 710 | ||
Held-to-maturity Debt Securities, Accumulated Unrecognized Holding Gain | 43 | 22 | ||
Held-to-maturity Debt Securities, Accumulated Unrecognized Holding Loss | 0 | 0 | ||
Debt Securities held to maturity, estimated fair value | 683 | 732 | ||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 15,804 | 15,336 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 670 | 218 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (1) | (38) | ||
Available-for-sale debt securities, net carrying value | 16,473 | 15,516 | ||
Debt securities available for sale | 16,473 | 15,516 | ||
Residential Non-Agency [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 1 | 1 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Available-for-sale debt securities, net carrying value | 1 | 1 | ||
Debt securities available for sale | 1 | 1 | ||
Commercial Agency [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Debt Securities held to maturity, amortized cost | 617 | 625 | ||
Held To Maturity Debt Securities Gross Unrealized Gains | [1] | 0 | 0 | |
Held To Maturity Debt Securities Gross Unrealized Losses | [1] | (2) | (3) | |
Debt Securities held to maturity | 615 | 622 | ||
Held-to-maturity Debt Securities, Accumulated Unrecognized Holding Gain | 58 | 20 | ||
Held-to-maturity Debt Securities, Accumulated Unrecognized Holding Loss | 0 | (2) | ||
Debt Securities held to maturity, estimated fair value | 673 | 640 | ||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 4,869 | 4,720 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 345 | 77 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | (31) | ||
Available-for-sale debt securities, net carrying value | 5,214 | 4,766 | ||
Debt securities available for sale | 5,214 | 4,766 | ||
Commercial Non-Agency [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 605 | 639 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 11 | 8 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Available-for-sale debt securities, net carrying value | 616 | 647 | ||
Debt securities available for sale | 616 | 647 | ||
Corporate and other debt securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 1,291 | 1,414 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 82 | 38 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (2) | (1) | ||
Available-for-sale debt securities, net carrying value | 1,371 | 1,451 | ||
Debt securities available for sale | $ 1,371 | $ 1,451 | ||
|
Securities (Schedule Of Cost And Estimated Fair Value Of Securities Available For Sale And Securities Held To Maturity By Contractual Maturity) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Securities held to maturity, amortized cost | $ 1,281 | $ 1,361 |
Debt Securities held to maturity, estimated fair value | 1,356 | 1,372 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | 98 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 99 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 1,063 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 1,114 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 301 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 333 | |
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 42 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 48 | |
Debt Securities, Available-for-sale, Amortized Cost | 22,783 | 22,332 |
Debt securities available for sale | 23,898 | 22,606 |
Residential Agency [Member] | ||
Debt Securities held to maturity, amortized cost | 664 | 736 |
Debt Securities held to maturity, estimated fair value | 683 | 732 |
Debt Securities, Available-for-sale, Amortized Cost | 15,804 | 15,336 |
Debt securities available for sale | 16,473 | 15,516 |
Residential Non-Agency [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 1 | 1 |
Debt securities available for sale | 1 | 1 |
Commercial Agency [Member] | ||
Debt Securities held to maturity, amortized cost | 617 | 625 |
Debt Securities held to maturity, estimated fair value | 673 | 640 |
Debt Securities, Available-for-sale, Amortized Cost | 4,869 | 4,720 |
Debt securities available for sale | 5,214 | 4,766 |
Commercial Non-Agency [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 605 | 639 |
Debt securities available for sale | $ 616 | $ 647 |
Securities (Schedule Of Gross Unrealized Losses And Estimated Fair Value Of Securities Available For Sale and Held to Maturity) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Unrealized Loss And Fair Value On Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Estimated Fair Value | $ 82 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Estimated Fair Value | 628 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (10) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Estimated Fair Value | 710 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (10) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 145 | 3,870 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2) | (42) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Estimated Fair Value | 272 | 2,610 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1) | (28) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Estimated Fair Value | 417 | 6,480 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3) | (70) |
Residential Agency [Member] | ||
Unrealized Loss And Fair Value On Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Estimated Fair Value | 82 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Estimated Fair Value | 501 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (5) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Estimated Fair Value | 583 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (5) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 118 | 2,402 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (11) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Estimated Fair Value | 269 | 2,505 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1) | (27) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Estimated Fair Value | 387 | 4,907 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1) | (38) |
Commercial Agency [Member] | ||
Unrealized Loss And Fair Value On Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Estimated Fair Value | 0 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Estimated Fair Value | 127 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (5) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Estimated Fair Value | 127 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (5) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,449 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (31) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Estimated Fair Value | 73 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Estimated Fair Value | 1,522 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (31) | |
Corporate and other debt securities [Member] | ||
Unrealized Loss And Fair Value On Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 27 | 19 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Estimated Fair Value | 3 | 32 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (1) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Estimated Fair Value | 30 | 51 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (2) | $ (1) |
Securities (Schedule Of Gross Realized Gains And Gross Realized Losses On Available For Sale Securities) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Gross realized gains | $ 2 | $ 7 | $ 2 | $ 7 |
Gross realized losses | (1) | (26) | (1) | (32) |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | 0 | 0 | (1) |
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 1 | $ (19) | $ 1 | $ (26) |
Securities (Narrative) (Details) $ in Millions |
Jun. 30, 2020
USD ($)
security
|
Dec. 31, 2019
USD ($)
security
|
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value | $ 9,600 | $ 8,300 |
Number of individual positions in unrealized loss position | security | 98 | 500 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value | $ 25 | $ 24 |
Loans and the Allowance for Credit Losses (Schedule Of Loan Portfolio, Net Of Unearned Income) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|||
---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | $ 90,548 | [1] | $ 82,963 | $ 83,553 | ||
Commercial And Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 47,670 | 39,971 | ||||
Commercial Real Estate Mortgage - Owner-Occupied [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 5,491 | 5,537 | ||||
Commercial Real Estate Construction - Owner-Occupied [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 314 | 331 | ||||
Commercial Investor Real Estate Mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 5,221 | 4,936 | ||||
Commercial Investor Real Estate Construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 1,908 | 1,621 | ||||
Residential First Mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 15,382 | 14,485 | ||||
Home Equity Line [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 4,953 | 5,300 | ||||
Home Equity Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 2,937 | 3,084 | ||||
Indirect-vehicles [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 1,331 | 1,812 | ||||
Indirect-other consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 3,022 | 3,249 | ||||
Consumer Credit Card [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 1,213 | 1,387 | ||||
Other consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 1,106 | 1,250 | ||||
Commercial Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 53,475 | 45,839 | 46,308 | |||
Total Investor Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | 7,129 | 6,557 | 6,453 | |||
Consumer Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | $ 29,944 | [1] | $ 30,567 | $ 30,792 | ||
|
Loans and the Allowance for Credit Losses (Analysis of the Allowance for Credit Losses by Portfolio Segment) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jan. 01, 2020 |
Dec. 31, 2019 |
|||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||
Allowance for loan losses, beginning of period | $ 1,560,000,000 | $ 853,000,000 | $ 869,000,000 | $ 840,000,000 | ||||||
Provision (credit) for loan and lease losses | 838,000,000 | 92,000,000 | 1,214,000,000 | 183,000,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 60,000,000 | 60,000,000 | ||||||||
Loan losses: | ||||||||||
Charge-offs | (204,000,000) | (113,000,000) | (348,000,000) | (215,000,000) | ||||||
Recoveries | 22,000,000 | 21,000,000 | 43,000,000 | 45,000,000 | ||||||
Net loan losses | (182,000,000) | (92,000,000) | (305,000,000) | (170,000,000) | ||||||
Total allowance for loan losses | 2,276,000,000 | 853,000,000 | 2,276,000,000 | 853,000,000 | ||||||
Reserve For Unfunded Credit Commitments [Roll Forward] | ||||||||||
Reserve For Unfunded Credit Commitments, beginning of period | 105,000,000 | 50,000,000 | 45,000,000 | 51,000,000 | ||||||
Provision (credit) for unfunded credit losses | 44,000,000 | 0 | 41,000,000 | (1,000,000) | ||||||
Reserve For Unfunded Credit Commitments, end of period | 149,000,000 | 50,000,000 | 149,000,000 | 50,000,000 | ||||||
Allowance for Credit Losses, end of period | 2,425,000,000 | 903,000,000 | 2,425,000,000 | 903,000,000 | ||||||
Unfunded credit commitments, Change in Method, Credit Loss Expense | $ 63,000,000 | |||||||||
Accounts Receivable, Change in Method, Credit Loss Expense (Reversal) | 438,000,000 | |||||||||
Portion of ending allowance for loan losses: | ||||||||||
Allowance Individually Evaluated for Impairment | 157,000,000 | 157,000,000 | ||||||||
Allowance Collectively Evaluated for Impairment | 696,000,000 | 696,000,000 | ||||||||
Total allowance for loan losses | 2,276,000,000 | 853,000,000 | 2,276,000,000 | 853,000,000 | ||||||
Portion of loan portfolio ending balance: | ||||||||||
Loans Individually Evaluated for Impairment | 954,000,000 | 954,000,000 | ||||||||
Loans Collectively Evaluated for Impairment | 82,599,000,000 | 82,599,000,000 | ||||||||
Loans, net of unearned income | 90,548,000,000 | [1] | 83,553,000,000 | 90,548,000,000 | [1] | 83,553,000,000 | $ 82,963,000,000 | |||
Loan and Lease Receivable, Allowance, Beginning Balance as adjusted for CECL | 1,307,000,000 | |||||||||
Reserve For Unfunded Credit Commitments, Beginning Balance as adjusted for CECL | 108,000,000 | |||||||||
Commercial Portfolio Segment [Member] | ||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||
Allowance for loan losses, beginning of period | 721,000,000 | 537,000,000 | 537,000,000 | 520,000,000 | ||||||
Provision (credit) for loan and lease losses | 622,000,000 | 26,000,000 | 873,000,000 | 64,000,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 60,000,000 | 60,000,000 | ||||||||
Loan losses: | ||||||||||
Charge-offs | (142,000,000) | (44,000,000) | (213,000,000) | (74,000,000) | ||||||
Recoveries | 10,000,000 | 6,000,000 | 17,000,000 | 15,000,000 | ||||||
Net loan losses | (132,000,000) | (38,000,000) | (196,000,000) | (59,000,000) | ||||||
Total allowance for loan losses | 1,271,000,000 | 525,000,000 | 1,271,000,000 | 525,000,000 | ||||||
Reserve For Unfunded Credit Commitments [Roll Forward] | ||||||||||
Reserve For Unfunded Credit Commitments, beginning of period | 73,000,000 | 46,000,000 | 41,000,000 | 47,000,000 | ||||||
Provision (credit) for unfunded credit losses | 34,000,000 | 0 | 30,000,000 | (1,000,000) | ||||||
Reserve For Unfunded Credit Commitments, end of period | 107,000,000 | 46,000,000 | 107,000,000 | 46,000,000 | ||||||
Allowance for Credit Losses, end of period | 1,378,000,000 | 571,000,000 | 1,378,000,000 | 571,000,000 | ||||||
Unfunded credit commitments, Change in Method, Credit Loss Expense | 36,000,000 | |||||||||
Accounts Receivable, Change in Method, Credit Loss Expense (Reversal) | (3,000,000) | |||||||||
Portion of ending allowance for loan losses: | ||||||||||
Allowance Individually Evaluated for Impairment | 125,000,000 | 125,000,000 | ||||||||
Allowance Collectively Evaluated for Impairment | 400,000,000 | 400,000,000 | ||||||||
Total allowance for loan losses | 1,271,000,000 | 525,000,000 | 1,271,000,000 | 525,000,000 | ||||||
Portion of loan portfolio ending balance: | ||||||||||
Loans Individually Evaluated for Impairment | 532,000,000 | 532,000,000 | ||||||||
Loans Collectively Evaluated for Impairment | 45,776,000,000 | 45,776,000,000 | ||||||||
Loans, net of unearned income | 53,475,000,000 | 46,308,000,000 | 53,475,000,000 | 46,308,000,000 | 45,839,000,000 | |||||
Loan and Lease Receivable, Allowance, Beginning Balance as adjusted for CECL | 534,000,000 | |||||||||
Reserve For Unfunded Credit Commitments, Beginning Balance as adjusted for CECL | 77,000,000 | |||||||||
Total Investor Real Estate [Member] | ||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||
Allowance for loan losses, beginning of period | 63,000,000 | 54,000,000 | 45,000,000 | 58,000,000 | ||||||
Provision (credit) for loan and lease losses | 97,000,000 | 1,000,000 | 107,000,000 | (6,000,000) | ||||||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 | ||||||||
Loan losses: | ||||||||||
Charge-offs | 0 | 0 | 0 | 0 | ||||||
Recoveries | 0 | 1,000,000 | 1,000,000 | 2,000,000 | ||||||
Net loan losses | 0 | 1,000,000 | 1,000,000 | 2,000,000 | ||||||
Total allowance for loan losses | 160,000,000 | 54,000,000 | 160,000,000 | 54,000,000 | ||||||
Reserve For Unfunded Credit Commitments [Roll Forward] | ||||||||||
Reserve For Unfunded Credit Commitments, beginning of period | 18,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | ||||||
Provision (credit) for unfunded credit losses | 9,000,000 | 0 | 10,000,000 | 0 | ||||||
Reserve For Unfunded Credit Commitments, end of period | 27,000,000 | 4,000,000 | 27,000,000 | 4,000,000 | ||||||
Allowance for Credit Losses, end of period | 187,000,000 | 58,000,000 | 187,000,000 | 58,000,000 | ||||||
Unfunded credit commitments, Change in Method, Credit Loss Expense | 13,000,000 | |||||||||
Accounts Receivable, Change in Method, Credit Loss Expense (Reversal) | 7,000,000 | |||||||||
Portion of ending allowance for loan losses: | ||||||||||
Allowance Individually Evaluated for Impairment | 2,000,000 | 2,000,000 | ||||||||
Allowance Collectively Evaluated for Impairment | 52,000,000 | 52,000,000 | ||||||||
Total allowance for loan losses | 160,000,000 | 54,000,000 | 160,000,000 | 54,000,000 | ||||||
Portion of loan portfolio ending balance: | ||||||||||
Loans Individually Evaluated for Impairment | 22,000,000 | 22,000,000 | ||||||||
Loans Collectively Evaluated for Impairment | 6,431,000,000 | 6,431,000,000 | ||||||||
Loans, net of unearned income | 7,129,000,000 | 6,453,000,000 | 7,129,000,000 | 6,453,000,000 | 6,557,000,000 | |||||
Loan and Lease Receivable, Allowance, Beginning Balance as adjusted for CECL | 52,000,000 | |||||||||
Reserve For Unfunded Credit Commitments, Beginning Balance as adjusted for CECL | 17,000,000 | |||||||||
Consumer Portfolio Segment [Member] | ||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||
Allowance for loan losses, beginning of period | 776,000,000 | 262,000,000 | 287,000,000 | 262,000,000 | ||||||
Provision (credit) for loan and lease losses | 119,000,000 | 67,000,000 | 234,000,000 | 125,000,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 | ||||||||
Loan losses: | ||||||||||
Charge-offs | (62,000,000) | (69,000,000) | (135,000,000) | (141,000,000) | ||||||
Recoveries | 12,000,000 | 14,000,000 | 25,000,000 | 28,000,000 | ||||||
Net loan losses | (50,000,000) | (55,000,000) | (110,000,000) | (113,000,000) | ||||||
Total allowance for loan losses | 845,000,000 | 274,000,000 | 845,000,000 | 274,000,000 | ||||||
Reserve For Unfunded Credit Commitments [Roll Forward] | ||||||||||
Reserve For Unfunded Credit Commitments, beginning of period | 14,000,000 | 0 | 0 | 0 | ||||||
Provision (credit) for unfunded credit losses | 1,000,000 | 0 | 1,000,000 | 0 | ||||||
Reserve For Unfunded Credit Commitments, end of period | 15,000,000 | 0 | 15,000,000 | 0 | ||||||
Allowance for Credit Losses, end of period | 860,000,000 | 274,000,000 | 860,000,000 | 274,000,000 | ||||||
Unfunded credit commitments, Change in Method, Credit Loss Expense | 14,000,000 | |||||||||
Accounts Receivable, Change in Method, Credit Loss Expense (Reversal) | 434,000,000 | |||||||||
Portion of ending allowance for loan losses: | ||||||||||
Allowance Individually Evaluated for Impairment | 30,000,000 | 30,000,000 | ||||||||
Allowance Collectively Evaluated for Impairment | 244,000,000 | 244,000,000 | ||||||||
Total allowance for loan losses | 845,000,000 | 274,000,000 | 845,000,000 | 274,000,000 | ||||||
Portion of loan portfolio ending balance: | ||||||||||
Loans Individually Evaluated for Impairment | 400,000,000 | 400,000,000 | ||||||||
Loans Collectively Evaluated for Impairment | 30,392,000,000 | 30,392,000,000 | ||||||||
Loans, net of unearned income | $ 29,944,000,000 | [1] | $ 30,792,000,000 | $ 29,944,000,000 | [1] | $ 30,792,000,000 | $ 30,567,000,000 | |||
Loan and Lease Receivable, Allowance, Beginning Balance as adjusted for CECL | 721,000,000 | |||||||||
Reserve For Unfunded Credit Commitments, Beginning Balance as adjusted for CECL | $ 14,000,000 | |||||||||
|
Loans and the Allowance for Credit Losses (Credit Quality Indicators) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|||
---|---|---|---|---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | $ 16,120 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 15,613 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 11,682 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 7,579 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,846 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 10,776 | |||||
Financing Receivable, Revolving | 23,832 | |||||
Financing Receivable, Revolving Converted to Amortizing | 52 | |||||
Financing Receivable, Unallocated | [1] | 48 | ||||
Loans, net of unearned income | (90,548) | [1] | $ (82,963) | $ (83,553) | ||
Commercial And Industrial [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 10,412 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 7,927 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5,332 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,467 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,496 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,146 | |||||
Financing Receivable, Revolving | 16,119 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | (229) | ||||
Loans, net of unearned income | (47,670) | (39,971) | ||||
Commercial Real Estate Mortgage - Owner-Occupied [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 756 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,003 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,137 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 723 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 496 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,221 | |||||
Financing Receivable, Revolving | 187 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | (32) | ||||
Loans, net of unearned income | (5,491) | (5,537) | ||||
Commercial Real Estate Construction - Owner-Occupied [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 27 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 103 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 50 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 31 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 35 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 59 | |||||
Financing Receivable, Revolving | 9 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (314) | (331) | ||||
Commercial Investor Real Estate Mortgage [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 913 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,441 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,378 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 578 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 90 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 369 | |||||
Financing Receivable, Revolving | 456 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | (4) | ||||
Loans, net of unearned income | (5,221) | (4,936) | ||||
Commercial Investor Real Estate Construction [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 118 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 594 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 474 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 10 | |||||
Financing Receivable, Revolving | 723 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | (13) | ||||
Loans, net of unearned income | (1,908) | (1,621) | ||||
Residential First Mortgage [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 3,066 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,448 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,425 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,657 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,887 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,799 | |||||
Financing Receivable, Revolving | 10 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 90 | ||||
Loans, net of unearned income | (15,382) | (14,485) | ||||
Home Equity Line [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 4,865 | |||||
Financing Receivable, Revolving Converted to Amortizing | 52 | |||||
Financing Receivable, Unallocated | [1] | 36 | ||||
Loans, net of unearned income | (4,953) | (5,300) | ||||
Home Equity Loan [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 276 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 383 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 363 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 484 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 457 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 950 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 24 | ||||
Loans, net of unearned income | (2,937) | (3,084) | ||||
Indirect-vehicles [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 38 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 581 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 297 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 242 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 145 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 28 | ||||
Loans, net of unearned income | (1,331) | (1,812) | ||||
Indirect-other consumer [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 321 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,329 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 758 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 269 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 123 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 68 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 154 | ||||
Loans, net of unearned income | (3,022) | (3,249) | ||||
Consumer Credit Card [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 1,226 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | (13) | ||||
Loans, net of unearned income | (1,213) | (1,387) | ||||
Other consumer | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 231 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 347 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 184 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 71 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 20 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 9 | |||||
Financing Receivable, Revolving | 237 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 7 | ||||
Loans, net of unearned income | (1,106) | (1,250) | ||||
Pass [Member] | Commercial And Industrial [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 10,294 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 7,646 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 4,993 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,290 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,385 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,961 | |||||
Financing Receivable, Revolving | 14,568 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | (229) | ||||
Loans, net of unearned income | (44,908) | |||||
Pass [Member] | Commercial Real Estate Mortgage - Owner-Occupied [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 714 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 948 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,024 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 651 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 462 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,112 | |||||
Financing Receivable, Revolving | 178 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | (32) | ||||
Loans, net of unearned income | (5,057) | |||||
Pass [Member] | Commercial Real Estate Construction - Owner-Occupied [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 27 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 99 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 44 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 27 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 30 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 50 | |||||
Financing Receivable, Revolving | 9 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (286) | |||||
Pass [Member] | Commercial Investor Real Estate Mortgage [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 843 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,158 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,195 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 427 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 72 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 318 | |||||
Financing Receivable, Revolving | 345 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | (4) | ||||
Loans, net of unearned income | (4,354) | |||||
Pass [Member] | Commercial Investor Real Estate Construction [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 98 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 538 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 447 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 10 | |||||
Financing Receivable, Revolving | 692 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | (13) | ||||
Loans, net of unearned income | (1,774) | |||||
Special Mention [Member] | Commercial And Industrial [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 29 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 171 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 167 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 124 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 9 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 79 | |||||
Financing Receivable, Revolving | 689 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (1,268) | |||||
Special Mention [Member] | Commercial Real Estate Mortgage - Owner-Occupied [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 22 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 28 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 39 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 24 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 12 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 32 | |||||
Financing Receivable, Revolving | 5 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (162) | |||||
Special Mention [Member] | Commercial Real Estate Construction - Owner-Occupied [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (8) | |||||
Special Mention [Member] | Commercial Investor Real Estate Mortgage [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 70 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 234 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 156 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 151 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 15 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 50 | |||||
Financing Receivable, Revolving | 42 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (718) | |||||
Special Mention [Member] | Commercial Investor Real Estate Construction [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 20 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 20 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 26 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 14 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (80) | |||||
Substandard [Member] | Commercial And Industrial [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 58 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 40 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 85 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 28 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 58 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 70 | |||||
Financing Receivable, Revolving | 710 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (1,049) | |||||
Substandard [Member] | Commercial Real Estate Mortgage - Owner-Occupied [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 13 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 21 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 62 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 30 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 11 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 60 | |||||
Financing Receivable, Revolving | 1 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (198) | |||||
Substandard [Member] | Commercial Real Estate Construction - Owner-Occupied [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (10) | |||||
Substandard [Member] | Commercial Investor Real Estate Mortgage [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 49 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 27 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 69 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (148) | |||||
Substandard [Member] | Commercial Investor Real Estate Construction [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 36 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 17 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (54) | |||||
Non Accrual [Member] | Commercial And Industrial [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 31 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 70 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 87 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 25 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 44 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 36 | |||||
Financing Receivable, Revolving | 152 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (445) | |||||
Non Accrual [Member] | Commercial Real Estate Mortgage - Owner-Occupied [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 7 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 6 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 12 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 18 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 11 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 17 | |||||
Financing Receivable, Revolving | 3 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (74) | |||||
Non Accrual [Member] | Commercial Real Estate Construction - Owner-Occupied [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 8 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (10) | |||||
Non Accrual [Member] | Commercial Investor Real Estate Mortgage [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (1) | |||||
Non Accrual [Member] | Commercial Investor Real Estate Construction [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | 0 | |||||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 11,195 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 9,033 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 6,519 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 4,221 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,027 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,426 | |||||
Financing Receivable, Revolving | 16,315 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | (261) | ||||
Loans, net of unearned income | (53,475) | (45,839) | (46,308) | |||
Total Investor Real Estate [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 1,031 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,035 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,852 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 580 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 90 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 379 | |||||
Financing Receivable, Revolving | 1,179 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | (17) | ||||
Loans, net of unearned income | (7,129) | (6,557) | (6,453) | |||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 3,894 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4,545 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,311 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,778 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,729 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 5,971 | |||||
Financing Receivable, Revolving | 6,338 | |||||
Financing Receivable, Revolving Converted to Amortizing | 52 | |||||
Financing Receivable, Unallocated | [1] | 326 | ||||
Loans, net of unearned income | (29,944) | [1] | $ (30,567) | $ (30,792) | ||
FICO Scores, Above 720 [Member] | Residential First Mortgage [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 2,721 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,078 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,162 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,382 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,615 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,337 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (12,295) | |||||
FICO Scores, Above 720 [Member] | Home Equity Line [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 3,623 | |||||
Financing Receivable, Revolving Converted to Amortizing | 30 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (3,653) | |||||
FICO Scores, Above 720 [Member] | Home Equity Loan [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 229 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 307 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 288 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 390 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 363 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 703 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (2,280) | |||||
FICO Scores, Above 720 [Member] | Indirect-vehicles [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 23 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 401 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 191 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 148 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 81 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (844) | |||||
FICO Scores, Above 720 [Member] | Indirect-other consumer [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 282 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 992 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 497 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 169 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 76 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 41 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (2,057) | |||||
FICO Scores, Above 720 [Member] | Consumer Credit Card [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 650 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | 0 | |||||
Loans, net of unearned income | (650) | |||||
FICO Scores, Above 720 [Member] | Other consumer | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 129 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 226 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 123 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 49 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 14 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6 | |||||
Financing Receivable, Revolving | 117 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (664) | |||||
FICO Scores, 681-720 [Member] | Residential First Mortgage [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 235 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 201 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 135 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 135 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 120 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 407 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (1,233) | |||||
FICO Scores, 681-720 [Member] | Home Equity Line [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 530 | |||||
Financing Receivable, Revolving Converted to Amortizing | 8 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (538) | |||||
FICO Scores, 681-720 [Member] | Home Equity Loan [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 32 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 46 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 41 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 47 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 43 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 88 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (297) | |||||
FICO Scores, 681-720 [Member] | Indirect-vehicles [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 6 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 66 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 32 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 25 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 15 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (144) | |||||
FICO Scores, 681-720 [Member] | Indirect-other consumer [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 37 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 223 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 152 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 52 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 24 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 13 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (501) | |||||
FICO Scores, 681-720 [Member] | Consumer Credit Card [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 258 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | 0 | |||||
Loans, net of unearned income | (258) | |||||
FICO Scores, 681-720 [Member] | Other consumer | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 36 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 63 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 30 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 10 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1 | |||||
Financing Receivable, Revolving | 54 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (197) | |||||
FICO Scores, 620-680 [Member] | Residential First Mortgage [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 74 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 107 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 66 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 61 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 70 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 376 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (754) | |||||
FICO Scores, 620-680 [Member] | Home Equity Line [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 364 | |||||
Financing Receivable, Revolving Converted to Amortizing | 6 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (370) | |||||
FICO Scores, 620-680 [Member] | Home Equity Loan [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 12 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 23 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 23 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 28 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 29 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 76 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (191) | |||||
FICO Scores, 620-680 [Member] | Indirect-vehicles [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 56 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 31 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 26 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 17 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (135) | |||||
FICO Scores, 620-680 [Member] | Indirect-other consumer [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 2 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 90 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 80 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 33 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 15 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 9 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (229) | |||||
FICO Scores, 620-680 [Member] | Consumer Credit Card [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 212 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | 0 | |||||
Loans, net of unearned income | (212) | |||||
FICO Scores, 620-680 [Member] | Other consumer | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 19 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 41 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 20 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 7 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1 | |||||
Financing Receivable, Revolving | 43 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (133) | |||||
FICO Scores, Below 620 [Member] | Residential First Mortgage [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 9 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 22 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 36 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 38 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 51 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 482 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (638) | |||||
FICO Scores, Below 620 [Member] | Home Equity Line [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 222 | |||||
Financing Receivable, Revolving Converted to Amortizing | 6 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (228) | |||||
FICO Scores, Below 620 [Member] | Home Equity Loan [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 2 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 6 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 9 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 15 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 18 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 64 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (114) | |||||
FICO Scores, Below 620 [Member] | Indirect-vehicles [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 54 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 35 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 37 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 26 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (156) | |||||
FICO Scores, Below 620 [Member] | Indirect-other consumer [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 20 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 26 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 13 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (70) | |||||
FICO Scores, Below 620 [Member] | Consumer Credit Card [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 99 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | 0 | |||||
Loans, net of unearned income | (99) | |||||
FICO Scores, Below 620 [Member] | Other consumer | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 5 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 16 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 11 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1 | |||||
Financing Receivable, Revolving | 21 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 0 | ||||
Loans, net of unearned income | (60) | |||||
FICO Scores, Data not available [Member] [Member] | Residential First Mortgage [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 27 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 40 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 26 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 41 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 31 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 197 | |||||
Financing Receivable, Revolving | 10 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 90 | ||||
Loans, net of unearned income | (462) | |||||
FICO Scores, Data not available [Member] [Member] | Home Equity Line [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 126 | |||||
Financing Receivable, Revolving Converted to Amortizing | 2 | |||||
Financing Receivable, Unallocated | [1] | 36 | ||||
Loans, net of unearned income | (164) | |||||
FICO Scores, Data not available [Member] [Member] | Home Equity Loan [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 1 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 4 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 19 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 24 | ||||
Loans, net of unearned income | (55) | |||||
FICO Scores, Data not available [Member] [Member] | Indirect-vehicles [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 4 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 8 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 6 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 28 | ||||
Loans, net of unearned income | (52) | |||||
FICO Scores, Data not available [Member] [Member] | Indirect-other consumer [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1 | |||||
Financing Receivable, Revolving | 0 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 154 | ||||
Loans, net of unearned income | (165) | |||||
FICO Scores, Data not available [Member] [Member] | Consumer Credit Card [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 7 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | (13) | |||||
Loans, net of unearned income | (6) | |||||
FICO Scores, Data not available [Member] [Member] | Other consumer | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 42 | |||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1 | |||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |||||
Financing Receivable, Revolving | 2 | |||||
Financing Receivable, Revolving Converted to Amortizing | 0 | |||||
Financing Receivable, Unallocated | [1] | 7 | ||||
Loans, net of unearned income | $ (52) | |||||
|
Loans and the Allowance for Credit Losses (Schedule of Aging Analysis Of Days Past Due (DPD) For Each Portfolio Class) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|||
---|---|---|---|---|---|---|
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | $ 215 | $ 224 | ||||
Total 30 plus DPD, Accrual Loans | 597 | 586 | ||||
Total Accrual | 89,934 | 82,456 | ||||
Nonaccrual | 614 | 507 | ||||
Loans, net of unearned income | 90,548 | [1] | 82,963 | $ 83,553 | ||
Commercial And Industrial [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | 11 | 11 | ||||
Total 30 plus DPD, Accrual Loans | 92 | 62 | ||||
Total Accrual | 47,225 | 39,624 | ||||
Nonaccrual | 445 | 347 | ||||
Loans, net of unearned income | 47,670 | 39,971 | ||||
Commercial Real Estate Mortgage - Owner-Occupied [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | 3 | 1 | ||||
Total 30 plus DPD, Accrual Loans | 14 | 15 | ||||
Total Accrual | 5,417 | 5,464 | ||||
Nonaccrual | 74 | 73 | ||||
Loans, net of unearned income | 5,491 | 5,537 | ||||
Commercial Real Estate Construction - Owner-Occupied [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | 0 | 0 | ||||
Total 30 plus DPD, Accrual Loans | 1 | 2 | ||||
Total Accrual | 304 | 320 | ||||
Nonaccrual | 10 | 11 | ||||
Loans, net of unearned income | 314 | 331 | ||||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | 14 | 12 | ||||
Total 30 plus DPD, Accrual Loans | 107 | 79 | ||||
Total Accrual | 52,946 | 45,408 | ||||
Nonaccrual | 529 | 431 | ||||
Loans, net of unearned income | 53,475 | 45,839 | ||||
Commercial Investor Real Estate Mortgage [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | 0 | 0 | ||||
Total 30 plus DPD, Accrual Loans | 1 | 2 | ||||
Total Accrual | 5,220 | 4,934 | ||||
Nonaccrual | 1 | 2 | ||||
Loans, net of unearned income | 5,221 | 4,936 | ||||
Commercial Investor Real Estate Construction [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | 0 | 0 | ||||
Total 30 plus DPD, Accrual Loans | 0 | 0 | ||||
Total Accrual | 1,908 | 1,621 | ||||
Nonaccrual | 0 | 0 | ||||
Loans, net of unearned income | 1,908 | 1,621 | ||||
Total Investor Real Estate [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | 0 | 0 | ||||
Total 30 plus DPD, Accrual Loans | 1 | 2 | ||||
Total Accrual | 7,128 | 6,555 | ||||
Nonaccrual | 1 | 2 | ||||
Loans, net of unearned income | 7,129 | 6,557 | ||||
Residential First Mortgage [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | 130 | 136 | ||||
Total 30 plus DPD, Accrual Loans | 291 | 266 | ||||
Total Accrual | 15,350 | 14,458 | ||||
Nonaccrual | 32 | 27 | ||||
Loans, net of unearned income | 15,382 | 14,485 | ||||
Home Equity Line [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | 26 | 32 | ||||
Total 30 plus DPD, Accrual Loans | 58 | 74 | ||||
Total Accrual | 4,907 | 5,259 | ||||
Nonaccrual | 46 | 41 | ||||
Loans, net of unearned income | 4,953 | 5,300 | ||||
Home Equity Loan [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | 12 | 10 | ||||
Total 30 plus DPD, Accrual Loans | 37 | 28 | ||||
Total Accrual | 2,931 | 3,078 | ||||
Nonaccrual | 6 | 6 | ||||
Loans, net of unearned income | 2,937 | 3,084 | ||||
Indirect-vehicles [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | 8 | 7 | ||||
Total 30 plus DPD, Accrual Loans | 35 | 48 | ||||
Total Accrual | 1,331 | 1,812 | ||||
Nonaccrual | 0 | 0 | ||||
Loans, net of unearned income | 1,331 | 1,812 | ||||
Indirect-other consumer [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | 3 | 3 | ||||
Total 30 plus DPD, Accrual Loans | 19 | 28 | ||||
Total Accrual | 3,022 | 3,249 | ||||
Nonaccrual | 0 | 0 | ||||
Loans, net of unearned income | 3,022 | 3,249 | ||||
Consumer Credit Card [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | 17 | 19 | ||||
Total 30 plus DPD, Accrual Loans | 30 | 38 | ||||
Total Accrual | 1,213 | 1,387 | ||||
Nonaccrual | 0 | 0 | ||||
Loans, net of unearned income | 1,213 | 1,387 | ||||
Other consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | 5 | 5 | ||||
Total 30 plus DPD, Accrual Loans | 19 | 23 | ||||
Total Accrual | 1,106 | 1,250 | ||||
Nonaccrual | 0 | 0 | ||||
Loans, net of unearned income | 1,106 | 1,250 | ||||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
90 plus DPD, Accrual Loans | 201 | 212 | ||||
Total 30 plus DPD, Accrual Loans | 489 | 505 | ||||
Total Accrual | 29,860 | 30,493 | ||||
Nonaccrual | 84 | 74 | ||||
Loans, net of unearned income | 29,944 | 30,567 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 155 | 122 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial And Industrial [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 29 | 21 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Mortgage - Owner-Occupied [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 6 | 3 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Construction - Owner-Occupied [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 0 | 0 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 35 | 24 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Investor Real Estate Mortgage [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 1 | 1 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Investor Real Estate Construction [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 0 | 0 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Total Investor Real Estate [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 1 | 1 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Residential First Mortgage [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 63 | 47 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Line [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 16 | 12 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Loan [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 12 | 6 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Indirect-vehicles [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 10 | 10 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Indirect-other consumer [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 7 | 9 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Credit Card [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 6 | 8 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Other consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 5 | 5 | ||||
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 119 | 97 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 227 | 240 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial And Industrial [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 52 | 30 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Mortgage - Owner-Occupied [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 5 | 11 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Construction - Owner-Occupied [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 1 | 2 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 58 | 43 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Investor Real Estate Mortgage [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 0 | 1 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Investor Real Estate Construction [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 0 | 0 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | Total Investor Real Estate [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 0 | 1 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | Residential First Mortgage [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 98 | 83 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Line [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 16 | 30 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Loan [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 13 | 12 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | Indirect-vehicles [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 17 | 31 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | Indirect-other consumer [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 9 | 16 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Credit Card [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 7 | 11 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | Other consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | 9 | 13 | ||||
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total 30 plus DPD, Accrual Loans | $ 169 | $ 196 | ||||
|
Loans and the Allowance for Credit Losses (Loans By Class Modified In TDR) (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020
USD ($)
obligor
|
Jun. 30, 2019
USD ($)
obligor
|
Jun. 30, 2020
USD ($)
obligor
|
Jun. 30, 2019
USD ($)
obligor
|
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Obligors | obligor | 120 | 133 | 244 | 298 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 128 | $ 52 | $ 214 | $ 168 |
Increase in Allowance at Modification | $ 1 | $ 1 | $ 2 | $ 3 |
Commercial And Industrial [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Obligors | obligor | 67 | 23 | 93 | 49 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 120 | $ 32 | $ 194 | $ 110 |
Increase in Allowance at Modification | $ 0 | $ 0 | $ 0 | $ 1 |
Commercial Real Estate Mortgage - Owner-Occupied [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Obligors | obligor | 5 | 16 | 10 | 33 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 3 | $ 8 | $ 5 | $ 20 |
Increase in Allowance at Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Construction - Owner-Occupied [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Obligors | obligor | 0 | 1 | 1 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 1 | $ 2 | |
Increase in Allowance at Modification | $ 0 | $ 0 | $ 0 | |
Commercial investor real estate mortgage [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Obligors | obligor | 3 | 1 | 7 | 4 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | $ 1 | $ 11 |
Increase in Allowance at Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Investor Real Estate Construction [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Obligors | obligor | 0 | 2 | 1 | 4 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 1 | $ 0 | $ 1 |
Increase in Allowance at Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Residential First Mortgage [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Obligors | obligor | 31 | 34 | 83 | 68 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 4 | $ 8 | $ 11 | $ 18 |
Increase in Allowance at Modification | $ 1 | $ 1 | $ 2 | $ 2 |
Home Equity Line [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Obligors | obligor | 0 | 0 | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | $ 0 | $ 0 |
Increase in Allowance at Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Home Equity Loan [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Obligors | obligor | 12 | 30 | 27 | 64 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1 | $ 2 | $ 2 | $ 5 |
Increase in Allowance at Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer Credit Card [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Obligors | obligor | 1 | 8 | 11 | 26 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | $ 0 | $ 0 |
Increase in Allowance at Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Indirect-vehicles and other consumer [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Obligors | obligor | 1 | 19 | 11 | 49 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 1 | $ 0 | $ 1 |
Increase in Allowance at Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Obligors | obligor | 72 | 39 | 104 | 83 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 123 | $ 40 | $ 200 | $ 132 |
Increase in Allowance at Modification | $ 0 | $ 0 | $ 0 | $ 1 |
Total Investor Real Estate [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Obligors | obligor | 3 | 3 | 8 | 8 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 1 | $ 1 | $ 12 |
Increase in Allowance at Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Obligors | obligor | 45 | 91 | 132 | 207 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 5 | $ 11 | $ 13 | $ 24 |
Increase in Allowance at Modification | $ 1 | $ 1 | $ 2 | $ 2 |
Loans and the Allowance for Credit Losses (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Mar. 31, 2020 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans first reported as new TDRs | $ 111,000 | $ 121,000 | |
Payroll Protection Program loans | 4,500,000 | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 1,000,000 | ||
Financing Receivable, Allowance for Credit Loss | 2,425,000 | 903,000 | |
Federal Home Loan Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Pledged loans | 21,200,000 | ||
Federal Reserve Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Pledged loans | 21,300,000 | ||
Indirect-other consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Purchase | 856,000 | $ 526,000 | |
Commercial And Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Sales-type and direct financing lease receivable | 1,300,000 | ||
Sales-Type and Direct Financing | $ 27,000 | ||
Residential First Mortgage [Member] | Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing period for consumer loans, in years | 15 years | ||
Residential First Mortgage [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing period for consumer loans, in years | 30 years | ||
Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | $ 119,000 | ||
Commercial Investor Real Estate Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | $ 1,000 | ||
CECL [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 501,000 |
Servicing of Financial Assets (Analysis Of Residential Mortgage Servicing Rights Under The Fair Value Measurement Method) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||||
Carrying value, beginning of period | $ 345 | |||||
Carrying value, end of period | $ 249 | 249 | ||||
Residential Mortgage [Member] | ||||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||||
Carrying value, beginning of period | 254 | $ 386 | 345 | $ 418 | ||
Additions | 24 | 8 | 35 | 15 | ||
Increase (decrease) in fair value, due to change in valuation inputs or assumptions | (11) | (43) | (94) | (71) | ||
Increase (decrease) in fair value, economic amortization associated with borrower repayments | [1] | (18) | (14) | (37) | (25) | |
Carrying value, end of period | $ 249 | $ 337 | $ 249 | $ 337 | ||
|
Servicing of Financial Assets (Data And Assumptions Used In The Fair Value Calculation As Well As The Valuation's Sensitivity To Rate Fluctuations Related To Residential Mortgage Servicing Rights) (Details) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2020
USD ($)
basis_point
|
Jun. 30, 2019
USD ($)
basis_point
|
|
Servicing Assets at Fair Value [Line Items] | ||
Unpaid principal balance | $ 33,575 | $ 35,309 |
Weighted-average prepayment speed (CPR; percentage) | 17.00% | 12.50% |
Estimated impact on fair value of a 10% increase in prepayment speed | $ (25) | $ (19) |
Estimated impact on fair value of a 20% increase in prepayment speed | $ (44) | $ (35) |
Option-adjusted spread (basis points) | basis_point | 626 | 763 |
Estimated impact on fair value of a 10% increase in other assumptions | $ (5) | $ (10) |
Estimated impact on fair value of a 20% increase in other assumptions | $ (11) | $ (20) |
Weighted-average coupon interest rate | 4.10% | 4.20% |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Weighted Average Life | 280 months | 279 months |
Weighted Average Servicing Fee Basis Points | basis_point | 27.4 | 27.2 |
Servicing of Financial Assets (Schedule Of Fees Resulting From The Servicing Of Mortgage Loans) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Residential Mortgage [Member] | ||||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | ||||
Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset | $ 23 | $ 26 | $ 48 | $ 52 |
Servicing of Financial Assets (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2019 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Mar. 27, 2019 |
|
Servicing Assets at Fair Value [Line Items] | |||||
Unpaid principal balance | $ 33,575 | $ 35,309 | |||
Residential mortgage servicing rights at fair value | 249 | $ 345 | |||
Residential Mortgage [Member] | |||||
Servicing Assets at Fair Value [Line Items] | |||||
Servicing Asset | $ 2 | ||||
DUS Portfolio [Member] | |||||
Servicing Assets at Fair Value [Line Items] | |||||
Unpaid principal balance | 3,900 | 3,900 | |||
Commercial Real Estate [Member] | |||||
Servicing Assets at Fair Value [Line Items] | |||||
Servicing Asset at Amortized Cost | 64 | 59 | |||
Residential mortgage servicing rights at fair value | $ 72 | $ 64 | |||
Residential First Mortgage [Member] | |||||
Servicing Assets at Fair Value [Line Items] | |||||
Financing Receivable, Sale | $ 167 |
Goodwill (Schedule of Goodwill) (Details) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Goodwill [Line Items] | ||
Goodwill | $ 5,193 | $ 4,845 |
Number of reporting units | 3 | |
Corporate Bank [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 2,822 | 2,474 |
Consumer Bank [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 1,978 | 1,978 |
Wealth Management [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 393 | $ 393 |
Preferred Stock Issuances (Details) - USD ($) $ / shares in Units, $ in Millions |
6 Months Ended | 120 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 15, 2029 |
Sep. 15, 2025 |
Jun. 30, 2020 |
Sep. 15, 2024 |
Dec. 31, 2019 |
|||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Liquidation Preference, Value | $ 1,850 | ||||||||||||
Preferred stock | $ 1,656 | $ 1,310 | |||||||||||
Series A Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | [1] | 6.375% | |||||||||||
Preferred Stock, Liquidation Preference, Value | $ 500 | ||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||||||||||||
Preferred stock | $ 387 | 387 | |||||||||||
Series B Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | [1],[2] | 6.375% | |||||||||||
Preferred Stock, Liquidation Preference, Value | $ 500 | ||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||||||||||||
Preferred stock | $ 433 | 433 | |||||||||||
Series C Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | [1],[3] | 5.70% | |||||||||||
Preferred Stock, Liquidation Preference, Value | $ 500 | ||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||||||||||||
Preferred stock | $ 490 | 490 | |||||||||||
Series D Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | [1],[4] | 5.75% | |||||||||||
Preferred Stock, Liquidation Preference, Value | $ 350 | ||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 100,000 | ||||||||||||
Preferred stock | $ 346 | $ 0 | |||||||||||
Forecast [Member] | Series B Preferred Stock Dividend Scenario 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.375% | ||||||||||||
Forecast [Member] | Series C Preferred Stock Dividend Scenario 1 [Member] [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.70% | ||||||||||||
Plus 3-Month LIBOR [Member] | Forecast [Member] | Series B Preferred Stock Dividend Scenario 2 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Dividend Rate, Basis Spread on Variable Rate, Percentage | 3.536% | ||||||||||||
Plus 3-Month LIBOR [Member] | Forecast [Member] | Series C Preferred Stock Dividend Scenario 2 [Member] [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Dividend Rate, Basis Spread on Variable Rate, Percentage | 3.148% | ||||||||||||
Plus 5-year Treasury rate [Member] | Forecast [Member] | Series D Preferred Stock Dividend Scenario 1 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.75% | ||||||||||||
Plus 5-year Treasury rate [Member] | Forecast [Member] | Series D Preferred Stock Dividend Scenario 2 [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Dividend Rate, Basis Spread on Variable Rate, Percentage | 5.426% | ||||||||||||
Depositary Shares [Member] | Series A Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | ||||||||||||
Depositary Shares [Member] | Series B Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Liquidation Preference Per Share | 25 | ||||||||||||
Depositary Shares [Member] | Series C Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Liquidation Preference Per Share | 25 | ||||||||||||
Depositary Shares [Member] | Series D Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||||||||||||
|
Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | $ 1,324 | $ (90) | $ (598) | $ (964) | $ (90) | $ (964) |
Other comprehensive income, net of tax | 302 | 1,414 | 577 | 366 | 1,716 | 943 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | 1,626 | 1,324 | (21) | (598) | 1,626 | (21) |
Accumulated Net Unrealized Loss on Held To Maturity Securities [Member] | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | (21) | (22) | (26) | (27) | (22) | (27) |
Other comprehensive income, net of tax | 1 | 2 | 2 | 3 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | (20) | (21) | (24) | (26) | (20) | (24) |
Accumulated Net Unrealized Securities Available For Sale Gain (Loss) [Member] | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | 651 | 205 | (152) | (397) | 205 | (397) |
Other comprehensive income, net of tax | 184 | 260 | 630 | 505 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | 835 | 651 | 108 | (152) | 835 | 108 |
Accumulated Net Gain (Loss) from Derivative Instruments Designated as Cash Flow Hedges [Member] | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | 1,281 | 322 | 50 | (63) | 322 | (63) |
Other comprehensive income, net of tax | 108 | 308 | 1,067 | 421 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | 1,389 | 1,281 | 358 | 50 | 1,389 | 358 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start | (587) | (595) | (470) | (477) | (595) | (477) |
Other comprehensive income, net of tax | 9 | 7 | 17 | 14 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End | $ (578) | $ (587) | $ (463) | $ (470) | $ (578) | $ (463) |
Reclassification from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Interest Income (Expense), Net | $ 972 | $ 942 | $ 1,900 | $ 1,890 | ||||||||
Other Noninterest Expense | (235) | (228) | (442) | (452) | ||||||||
Income tax (expense) benefit | 47 | (93) | 5 | (198) | ||||||||
Net income (loss) | (214) | $ 162 | 390 | $ 394 | (52) | 784 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Net income (loss) | [1] | 36 | (31) | 34 | (50) | |||||||
Accumulated Net Unrealized Loss on Held To Maturity Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Interest Income (Expense), Net | (1) | [1] | (2) | [1] | (2) | (3) | ||||||
Income tax (expense) benefit | 0 | [1] | 0 | [1] | 0 | 0 | ||||||
Net income (loss) | [1] | (1) | (2) | (2) | (3) | |||||||
Accumulated Net Unrealized Securities Available For Sale Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Securities gains (losses), net | 1 | [1] | (19) | [1] | 1 | (26) | ||||||
Income tax (expense) benefit | 0 | [1] | 3 | [1] | 0 | 5 | ||||||
Net income (loss) | [1] | 1 | (16) | 1 | (21) | |||||||
Accumulated Net Gain (Loss) from Derivative Instruments Designated as Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Interest Income (Expense), Net | 60 | [1] | (8) | [1] | 69 | (16) | ||||||
Income tax (expense) benefit | (15) | [1] | 2 | [1] | (17) | 4 | ||||||
Net income (loss) | [1] | 45 | (6) | 52 | (12) | |||||||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other Noninterest Expense | [2] | (12) | [1] | (10) | [1] | (23) | (19) | |||||
Income tax (expense) benefit | 3 | [1],[2] | 3 | [1],[2] | 6 | 5 | ||||||
Net income (loss) | [1] | $ (9) | [2] | $ (7) | [2] | $ (17) | $ (14) | |||||
|
Stockholders' Equity And Accumulated Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 22, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
May 15, 2029 |
Sep. 15, 2025 |
Sep. 15, 2024 |
Jun. 27, 2019 |
Dec. 15, 2017 |
|
Stockholders' Equity And Comprehensive Income (Loss) [Line Items] | ||||||||||||
Dividends, Preferred Stock | $ (23) | $ (16) | $ (16) | $ (46) | $ (32) | |||||||
Stock repurchase plan, authorized amount | $ 1,370 | |||||||||||
Cash dividend declared (in dollars per share) | $ 0.155 | $ 0.155 | $ 0.140 | $ 0.14 | $ 0.310 | $ 0.280 | ||||||
Series A Preferred Stock [Member] | ||||||||||||
Stockholders' Equity And Comprehensive Income (Loss) [Line Items] | ||||||||||||
Dividends, Preferred Stock | $ (16) | $ (16) | ||||||||||
ExcessofRedemptionAmountOverCarryingAmount | $ 113 | |||||||||||
PreferredDividendsReductiontoRetainedEarningsatRedemption | 100 | |||||||||||
PreferredStockIssuanceCostsReductiontoNetIncome | $ 13 | |||||||||||
Series A Preferred Stock [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||||||
Stockholders' Equity And Comprehensive Income (Loss) [Line Items] | ||||||||||||
Preferred Stock, Redemption Terms | 90 days | |||||||||||
Series B Preferred Stock [Member] | ||||||||||||
Stockholders' Equity And Comprehensive Income (Loss) [Line Items] | ||||||||||||
Dividends, Preferred Stock | $ (16) | $ (16) | ||||||||||
Series B Preferred Stock [Member] | Forecast [Member] | ||||||||||||
Stockholders' Equity And Comprehensive Income (Loss) [Line Items] | ||||||||||||
ExcessofRedemptionAmountOverCarryingAmount | $ 67 | |||||||||||
PreferredDividendsReductiontoRetainedEarningsatRedemption | 52 | |||||||||||
PreferredStockIssuanceCostsReductiontoNetIncome | $ 15 | |||||||||||
Series C Preferred Stock [Member] | ||||||||||||
Stockholders' Equity And Comprehensive Income (Loss) [Line Items] | ||||||||||||
Dividends, Preferred Stock | $ (14) | |||||||||||
Series C Preferred Stock [Member] | Forecast [Member] | ||||||||||||
Stockholders' Equity And Comprehensive Income (Loss) [Line Items] | ||||||||||||
ExcessofRedemptionAmountOverCarryingAmount | $ 10 | |||||||||||
PreferredStockIssuanceCostsReductiontoNetIncome | $ 10 | |||||||||||
Series D Preferred Stock [Member] | Forecast [Member] | ||||||||||||
Stockholders' Equity And Comprehensive Income (Loss) [Line Items] | ||||||||||||
ExcessofRedemptionAmountOverCarryingAmount | $ 4 | |||||||||||
PreferredStockIssuanceCostsReductiontoNetIncome | $ 4 | |||||||||||
Subsequent Event [Member] | ||||||||||||
Stockholders' Equity And Comprehensive Income (Loss) [Line Items] | ||||||||||||
Cash dividend declared (in dollars per share) | $ 0.155 |
Earnings (Loss) Per Common Share (Computation Of Basic And Diluted Earnings (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Numerator: | ||||
Net income (loss) | $ (214) | $ 390 | $ (52) | $ 784 |
Preferred stock dividends | (23) | (16) | (46) | (32) |
Net income (loss) available to common shareholders | $ (237) | $ 374 | $ (98) | $ 752 |
Denominator: | ||||
Weighted-average common shares outstanding—basic (in shares) | 960 | 1,010 | 958 | 1,015 |
Potential common shares (in shares) | 0 | 2 | 0 | 5 |
Weighted-average common shares outstanding—diluted (in shares) | 960 | 1,012 | 958 | 1,020 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ (0.25) | $ 0.37 | $ (0.10) | $ 0.74 |
Diluted (in dollars per share) | $ (0.25) | $ 0.37 | $ (0.10) | $ 0.74 |
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares) | 9 | 7 |
Pension and Other Postretirement Benefits (Schedule of Net Periodic Pension Cost) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | |||
Service Cost | $ 9 | $ 8 | 19 | $ 17 |
Interest Cost | 17 | 20 | 34 | 40 |
Expected Return on Plan Assets | (38) | (34) | (75) | (68) |
Amortization of Actuarial Loss | 12 | 10 | 23 | 19 |
Net Periodic Pension Cost (Credit) | 0 | 4 | 1 | 8 |
Pension Plan [Member] | Qualified Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 8 | 7 | 17 | 15 |
Interest Cost | 16 | 18 | 32 | 37 |
Expected Return on Plan Assets | (38) | (34) | (75) | (68) |
Amortization of Actuarial Loss | 11 | 9 | 20 | 17 |
Net Periodic Pension Cost (Credit) | (3) | 0 | (6) | 1 |
Supplemental Employee Retirement Plan [Member] | Nonqualified Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 1 | 1 | 2 | 2 |
Interest Cost | 1 | 2 | 2 | 3 |
Expected Return on Plan Assets | 0 | 0 | 0 | 0 |
Amortization of Actuarial Loss | 1 | 1 | 3 | 2 |
Net Periodic Pension Cost (Credit) | $ 3 | $ 4 | $ 7 | $ 7 |
Derivative Financial Instruments and Hedging Activities (Schedule of Derivative Instruments Notional and Fair Value) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
|||||
---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||||
Cash Flow Hedge, Floor Premium | $ 104 | ||||||
Derivative Asset, net variation margin receivable | 643 | $ 113 | |||||
Notional Amount | 130,696 | 143,922 | |||||
Derivative Asset, Fair Value, Gross Asset | 4,136 | 1,357 | |||||
Estimated Fair Value, Loss | 1,964 | 817 | |||||
Derivative Asset, Fair Value of Derivative Contracts Offset in Accordance with Policy Election that were Offset Under Master Netting Agreements | [1] | 186 | 105 | ||||
Derivative Liability, Fair Value of Derivative Contracts Offset In Accordance with Policy Election that were Offset Under Master Netting Agreements | [1] | 186 | 105 | ||||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | [1] | 660 | 229 | ||||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | [1] | 134 | 90 | ||||
Derivative Assets | 1,099 | 335 | |||||
Derivative Liabilities | 96 | 47 | |||||
Estimated Fair Value, Gain | 2,191 | 688 | |||||
Derivative Liability, variation margin | 1,548 | 575 | |||||
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value | 9,600 | 8,300 | |||||
Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Notional Amount | 25,850 | 26,900 | |||||
Derivative Asset, Fair Value, Gross Asset | 2,056 | 613 | |||||
Derivative Asset, Fair Value, Gross Liability | 0 | 83 | |||||
Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Notional Amount | 104,846 | 117,022 | |||||
Derivative Asset, Fair Value, Gross Asset | 2,080 | 744 | |||||
Estimated Fair Value, Loss | 1,964 | 734 | |||||
Interest Rate Swaps [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Notional Amount | 76,182 | 68,075 | |||||
Interest Rate Swaps [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | 1,831 | 659 | |||||
Interest Rate Swaps [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Estimated Fair Value, Loss | 1,758 | 656 | |||||
Interest Rate Options [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Notional Amount | 13,880 | 11,347 | |||||
Interest Rate Options [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 101 | 27 | ||||
Interest Rate Options [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Estimated Fair Value, Loss | [1] | 37 | 9 | ||||
Interest Rate Futures And Forward Commitments [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Notional Amount | 4,782 | 27,324 | |||||
Interest Rate Futures And Forward Commitments [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | 13 | 10 | [1] | ||||
Interest Rate Futures And Forward Commitments [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Estimated Fair Value, Loss | [1] | 11 | 11 | ||||
Other Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Notional Amount | 10,002 | 10,276 | |||||
Other Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 135 | 48 | ||||
Other Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Estimated Fair Value, Loss | [1] | 158 | 58 | ||||
Fair Value Hedging [Member] | Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Notional Amount | 3,100 | 2,900 | |||||
Fair Value Hedging [Member] | Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 136 | 67 | ||||
Fair Value Hedging [Member] | Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 0 | |||||
Derivative Asset, Fair Value, Gross Liability | 0 | ||||||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Notional Amount | 22,750 | 24,000 | |||||
Derivative Asset, Fair Value, Gross Asset | 1,920 | 546 | |||||
Derivative Asset, Fair Value, Gross Liability | 0 | 83 | |||||
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Notional Amount | 16,000 | 17,250 | |||||
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 1,345 | 338 | ||||
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 83 | |||||
Derivative Asset, Fair Value, Gross Liability | 0 | ||||||
Cash Flow Hedging [Member] | Interest Rate Floor [Member] | Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Notional Amount | [2] | 6,750 | 6,750 | ||||
Cash Flow Hedging [Member] | Interest Rate Floor [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 575 | 208 | ||||
Cash Flow Hedging [Member] | Interest Rate Floor [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | [1] | 0 | |||||
Derivative Asset, Fair Value, Gross Liability | 0 | ||||||
US Treasury Securities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value | $ 25 | $ 24 | |||||
|
Derivative Financial Instruments And Hedging Activities (Schedule Of The Effect Of Derivative Instruments On The Statements Of Operations) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Debt securities | $ 148 | $ 163 | $ 306 | $ 328 | ||||
Interest and Fee Income, Loans and Leases Held-in-portfolio | 898 | 992 | 1,801 | 1,973 | ||||
Long-term borrowings | 49 | 96 | 108 | 198 | ||||
Fair Value Hedging [Member] | Interest Rate Contract [Member] | Taxable Debt Securities in Interest Income [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amounts Related to Interest Settlements on Derivatives | 0 | 0 | 0 | 0 | ||||
Gain or (Loss) Recognized in Income on Derivatives | 0 | (1) | 0 | (2) | ||||
Gain or (Loss) Recognized in Income on Related Hedged Item | 0 | 1 | 0 | 2 | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 0 | 0 | 0 | 0 | ||||
Fair Value Hedging [Member] | Interest Rate Contract [Member] | Loans Including Fees in Interest Income [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amounts Related to Interest Settlements on Derivatives | 0 | 0 | 0 | 0 | ||||
Gain or (Loss) Recognized in Income on Derivatives | 0 | 0 | 0 | 0 | ||||
Gain or (Loss) Recognized in Income on Related Hedged Item | 0 | 0 | 0 | 0 | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 0 | 0 | 0 | 0 | ||||
Fair Value Hedging [Member] | Interest Rate Contract [Member] | Long-term Borrowings In Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amounts Related to Interest Settlements on Derivatives | 11 | (5) | 15 | (11) | ||||
Gain or (Loss) Recognized in Income on Derivatives | 1 | 57 | 77 | 90 | ||||
Gain or (Loss) Recognized in Income on Related Hedged Item | (1) | (57) | (77) | (90) | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 11 | (5) | 15 | (11) | ||||
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Taxable Debt Securities in Interest Income [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gain or (Loss) Reclassified from AOCI into Income | [1],[2] | 0 | 0 | 0 | 0 | |||
Net Income (Expense) Recognized on Cash Flow Hedges | [1] | 0 | 0 | 0 | 0 | |||
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Loans Including Fees in Interest Income [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gain or (Loss) Reclassified from AOCI into Income | [1],[2] | 60 | (8) | 69 | (16) | |||
Net Income (Expense) Recognized on Cash Flow Hedges | [1] | 60 | (8) | 69 | (16) | |||
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Long-term Borrowings In Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gain or (Loss) Reclassified from AOCI into Income | [1],[2] | 0 | 0 | 0 | 0 | |||
Net Income (Expense) Recognized on Cash Flow Hedges | [1] | $ 0 | $ 0 | $ 0 | $ 0 | |||
|
Derivative Financial Instruments and Hedging Activities (Schedule of Fair Value Hedging Basis Adjustments) (Details) - Designated as Hedging Item [Member] - Long-term Debt [Member] - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Liability, Fair Value Hedge | $ (3,223) | $ (2,954) |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ (115) | $ (49) |
Derivative Financial Instruments and Hedging Activities (Schedule of Gains (Losses) Recognized Related to Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Derivative [Line Items] | ||||
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments | $ 83 | $ 37 | $ 162 | $ 65 |
Capital markets income | ||||
Derivative [Line Items] | ||||
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments | 58 | 3 | 31 | 7 |
Capital markets income | Interest Rate Swaps [Member] | ||||
Derivative [Line Items] | ||||
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments | 29 | (4) | (8) | (3) |
Capital markets income | Interest Rate Options [Member] | ||||
Derivative [Line Items] | ||||
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments | 16 | 5 | 32 | 7 |
Capital markets income | Interest Rate Futures And Forward Commitments [Member] | ||||
Derivative [Line Items] | ||||
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments | 2 | 3 | 7 | 4 |
Capital markets income | Other Contract [Member] | ||||
Derivative [Line Items] | ||||
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments | 11 | (1) | 0 | (1) |
Mortgage Income [Member] | ||||
Derivative [Line Items] | ||||
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments | 25 | 34 | 131 | 58 |
Mortgage Income [Member] | Interest Rate Swaps [Member] | ||||
Derivative [Line Items] | ||||
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments | 6 | 35 | 104 | 54 |
Mortgage Income [Member] | Interest Rate Options [Member] | ||||
Derivative [Line Items] | ||||
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments | 2 | 2 | 26 | 5 |
Mortgage Income [Member] | Interest Rate Futures And Forward Commitments [Member] | ||||
Derivative [Line Items] | ||||
Gain or (Loss) of Derivatives Not Designated as Hedging Instruments | $ 17 | $ (3) | $ 1 | $ (1) |
Derivative Financial Instruments And Hedging Activities (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Terminated Cash Flow Hedge Unrealized Gain (Loss) To Be Reclassified From OCI, After Tax Amount | $ 51,000,000 | $ 45,000,000 | |||
Cash Flow Hedge Pre Tax Income (Loss) | $ 2,000,000 | $ 3,000,000 | 4,000,000 | $ 8,000,000 | |
Cash flow hedge gain (loss) expected to be reclassified from AOCI into earnings within the next 12 months | (349,000,000) | ||||
Pre-tax net income related to amortization of discontinued cash flow hedges | $ 5,000,000 | ||||
Maximum Length of Time Hedged in Cash Flow Hedge | 7 years | ||||
Notional Amount | 130,696,000,000 | $ 130,696,000,000 | $ 143,922,000,000 | ||
Maximum potential future exposure on swap participations | 558,000,000 | 558,000,000 | |||
Aggregate fair value of all derivative instruments with credit risk | 66,000,000 | 66,000,000 | 64,000,000 | ||
Posted collateral related to derivative instruments with credit risk | 67,000,000 | 67,000,000 | 67,000,000 | ||
Designated as Hedging Instrument [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Notional Amount | 25,850,000,000 | 25,850,000,000 | 26,900,000,000 | ||
Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Notional Amount | 104,846,000,000 | 104,846,000,000 | 117,022,000,000 | ||
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Notional Amount | 1,000,000,000.0 | 1,000,000,000.0 | 366,000,000 | ||
Forward Sale Commitments [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Notional Amount | 1,800,000,000 | 1,800,000,000 | 622,000,000 | ||
Interest Rate Swaps [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Notional Amount | 76,182,000,000 | 76,182,000,000 | 68,075,000,000 | ||
Forward Rate Commitments and Futures Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Notional Amount | 4,200,000,000 | 4,200,000,000 | 4,800,000,000 | ||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Notional Amount | 22,750,000,000 | 22,750,000,000 | 24,000,000,000 | ||
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Notional Amount | 16,000,000,000 | 16,000,000,000 | 17,250,000,000 | ||
Debt Available-for-sale Securities [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Hedged Asset, Fair Value Hedge | 312,000,000 | 312,000,000 | 337,000,000 | ||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ 1,000,000 | $ 1,000,000 | $ 3,000,000 |
Fair Value Measurements (Schedule Of Assets And Liabilities At Fair Value Measured On A Recurring Basis And Non-Recurring Basis) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
|||
---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset, variation margin | $ (2,191) | $ (688) | |||
Derivative Liability, variation margin | (1,548) | (575) | |||
Debt securities available for sale | 23,898 | 22,606 | |||
Residential mortgage servicing rights | 249 | 345 | |||
Derivative Assets | 1,099 | 335 | |||
Derivative Liabilities | 96 | 47 | |||
Loans held for sale | 969 | 439 | |||
Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 23,898 | 22,606 | |||
Loans Held for Sale | 969 | 439 | |||
Marketable Equity Securities | 363 | 450 | |||
Residential mortgage servicing rights | 249 | 345 | |||
Derivative Assets | 1,945 | 669 | |||
Derivative Liabilities | 416 | 242 | |||
Nonrecurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans held for sale | 9 | 14 | |||
Security Owned Not Readily Marketable, Fair Value | 10 | 32 | |||
Foreclosed property and other real estate | 18 | 42 | |||
Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 181 | 182 | |||
Derivative Assets | 2 | 0 | |||
Derivative Liabilities | 3 | 0 | |||
Loans held for sale | 0 | 0 | |||
Level 1 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 181 | 182 | |||
Loans Held for Sale | 0 | 0 | |||
Marketable Equity Securities | 363 | 450 | |||
Residential mortgage servicing rights | 0 | 0 | |||
Derivative Assets | 2 | 0 | |||
Derivative Liabilities | 3 | 0 | |||
Level 1 [Member] | Nonrecurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans held for sale | 0 | 0 | |||
Security Owned Not Readily Marketable, Fair Value | 0 | 0 | |||
Foreclosed property and other real estate | 0 | 0 | |||
Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 23,715 | 22,422 | |||
Derivative Assets | 1,899 | 654 | |||
Derivative Liabilities | 402 | 237 | |||
Loans held for sale | 1,124 | 620 | |||
Level 2 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 23,715 | 22,422 | |||
Loans Held for Sale | 950 | 436 | |||
Marketable Equity Securities | 0 | 0 | |||
Residential mortgage servicing rights | 0 | 0 | |||
Derivative Assets | 4,090 | 1,342 | |||
Derivative Liabilities | 1,950 | 812 | |||
Level 2 [Member] | Nonrecurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans held for sale | 0 | 0 | |||
Security Owned Not Readily Marketable, Fair Value | 0 | 0 | |||
Foreclosed property and other real estate | 0 | 0 | |||
Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 2 | 2 | |||
Derivative Assets | 44 | 15 | |||
Derivative Liabilities | 11 | 5 | |||
Loans held for sale | 28 | 17 | |||
Level 3 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | [1] | 2 | 2 | ||
Loans Held for Sale | [1] | 19 | 3 | ||
Marketable Equity Securities | 0 | 0 | |||
Residential mortgage servicing rights | 249 | 345 | |||
Derivative Assets | [1] | 44 | 15 | ||
Derivative Liabilities | [1] | 11 | 5 | ||
Level 3 [Member] | Nonrecurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans held for sale | [1] | 9 | 14 | ||
Security Owned Not Readily Marketable, Fair Value | [1] | 10 | 32 | ||
Foreclosed property and other real estate | [1] | 18 | 42 | ||
Interest Rate Swaps [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 1,121 | 376 | |||
Derivative Liabilities | 210 | 164 | |||
Interest Rate Swaps [Member] | Level 1 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 0 | 0 | |||
Derivative Liabilities | 0 | 0 | |||
Interest Rate Swaps [Member] | Level 2 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 3,312 | 1,064 | |||
Derivative Liabilities | 1,758 | 739 | |||
Interest Rate Swaps [Member] | Level 3 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 0 | 0 | |||
Derivative Liabilities | 0 | 0 | |||
Interest Rate Options [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 676 | 235 | |||
Derivative Liabilities | 37 | 9 | |||
Interest Rate Options [Member] | Level 1 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 0 | 0 | |||
Derivative Liabilities | 0 | 0 | |||
Interest Rate Options [Member] | Level 2 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 634 | 227 | |||
Derivative Liabilities | 37 | 9 | |||
Interest Rate Options [Member] | Level 3 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | [1] | 42 | 8 | ||
Derivative Liabilities | 0 | 0 | |||
Interest Rate Futures And Forward Commitments [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 13 | 10 | |||
Derivative Liabilities | 11 | 11 | |||
Interest Rate Futures And Forward Commitments [Member] | Level 1 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 0 | 0 | |||
Derivative Liabilities | 0 | 0 | |||
Interest Rate Futures And Forward Commitments [Member] | Level 2 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 13 | 4 | |||
Derivative Liabilities | 11 | 11 | |||
Interest Rate Futures And Forward Commitments [Member] | Level 3 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 0 | 6 | [1] | ||
Derivative Liabilities | 0 | 0 | |||
Other Contract [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 135 | 48 | |||
Derivative Liabilities | 158 | 58 | |||
Other Contract [Member] | Level 1 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 2 | 0 | |||
Derivative Liabilities | 3 | 0 | |||
Other Contract [Member] | Level 2 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | 131 | 47 | |||
Derivative Liabilities | 144 | 53 | |||
Other Contract [Member] | Level 3 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Assets | [1] | 2 | 1 | ||
Derivative Liabilities | [1] | 11 | 5 | ||
US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 181 | 182 | |||
US Treasury Securities [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 181 | 182 | |||
US Treasury Securities [Member] | Level 1 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 181 | 182 | |||
US Treasury Securities [Member] | Level 2 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
US Treasury Securities [Member] | Level 3 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Federal Agency Securities [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 42 | 43 | |||
Federal Agency Securities [Member] | Level 1 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Federal Agency Securities [Member] | Level 2 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 42 | 43 | |||
Federal Agency Securities [Member] | Level 3 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Residential Agency [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 16,473 | 15,516 | |||
Residential Agency [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 16,473 | 15,516 | |||
Residential Agency [Member] | Level 1 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Residential Agency [Member] | Level 2 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 16,473 | 15,516 | |||
Residential Agency [Member] | Level 3 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Residential Non-Agency [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 1 | 1 | |||
Residential Non-Agency [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 1 | 1 | |||
Residential Non-Agency [Member] | Level 1 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Residential Non-Agency [Member] | Level 2 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Residential Non-Agency [Member] | Level 3 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | [1] | 1 | 1 | ||
Commercial Agency [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 5,214 | 4,766 | |||
Commercial Agency [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 5,214 | 4,766 | |||
Commercial Agency [Member] | Level 1 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Commercial Agency [Member] | Level 2 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 5,214 | 4,766 | |||
Commercial Agency [Member] | Level 3 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Commercial Non-Agency [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 616 | 647 | |||
Commercial Non-Agency [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 616 | 647 | |||
Commercial Non-Agency [Member] | Level 1 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Commercial Non-Agency [Member] | Level 2 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 616 | 647 | |||
Commercial Non-Agency [Member] | Level 3 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Corporate and other debt securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 1,371 | 1,451 | |||
Corporate and other debt securities [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 1,371 | 1,451 | |||
Corporate and other debt securities [Member] | Level 1 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Corporate and other debt securities [Member] | Level 2 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 1,370 | 1,450 | |||
Corporate and other debt securities [Member] | Level 3 [Member] | Recurring Fair Value Measurements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | [1] | $ 1 | $ 1 | ||
|
Fair Value Measurements (Rollforward For Assets And Liabilities Measured At Fair Value On A Recurring Basis With Level 3 Significant Unobservable Inputs) (Details) - Residential Mortgage Servicing Rights [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Opening balance | $ 254 | $ 386 | $ 345 | $ 418 | ||
Gain (Loss) Included in Earnings | [1] | (29) | (57) | (131) | (96) | |
Purchases | 24 | 8 | 35 | 15 | ||
Closing balance | $ 249 | $ 337 | $ 249 | $ 337 | ||
|
Fair Value Measurements (Schedule Of Fair Value Adjustments Related To Non-Recurring Fair Value Measurements) (Details) - Nonrecurring Fair Value Measurements [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Loans Held For Sale [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Adjustment | $ (2) | $ (4) | $ (5) | $ (6) |
Equity Investments Without a Readily Determinable Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Adjustment | 0 | 0 | (3) | 0 |
Foreclosed Property And Other Real Estate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Adjustment | $ (1) | $ (31) | $ (10) | $ (39) |
Fair Value Measurements (Summary Of Quantitative Information About Level 3 Fair Value Measurements) (Details) - Mortgage Servicing Rights [Member] - Discounted Cash Flow [Member] - USD ($) $ in Millions |
Jun. 30, 2020 |
[1] | Dec. 31, 2019 |
[2] | ||||
---|---|---|---|---|---|---|---|---|
Level 3 [Member] | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Assets, Fair Value Disclosure | $ 249 | $ 345 | ||||||
Recurring Fair Value Measurements [Member] | Minimum [Member] | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Weighted Average CPR | 0.082 | 0.074 | ||||||
Option-Adjusted Spread | 5.20% | 5.20% | ||||||
Recurring Fair Value Measurements [Member] | Maximum [Member] | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Weighted Average CPR | 0.362 | 0.261 | ||||||
Option-Adjusted Spread | 10.20% | 10.20% | ||||||
Recurring Fair Value Measurements [Member] | Weighted Average [Member] | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Weighted Average CPR | 0.170 | 0.120 | ||||||
Option-Adjusted Spread | 6.30% | 6.20% | ||||||
|
Fair Value Measurements (Fair Value Option, Fair Value and Unpaid Principal Balance) (Details) - Mortgage loans held for sale [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Mortgages Held-for-sale, Fair Value Disclosure | $ 969 | $ 969 | $ 439 | ||
Fair Value Option Mortgages Held For Sale Aggregate Unpaid Principal | 926 | 926 | 425 | ||
Aggregate Fair Value Less Aggregate Unpaid Principal | 43 | 43 | $ 14 | ||
Net gains (losses) resulting from changes in fair value | $ 20 | $ 5 | $ 30 | $ 5 |
Fair Value Measurements (Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Financial Assets [Abstract] | ||||||||||||||||||||
Debt securities held to maturity | $ 1,356 | $ 1,372 | ||||||||||||||||||
Debt securities available for sale | 23,898 | 22,606 | ||||||||||||||||||
Loans held for sale | 969 | 439 | ||||||||||||||||||
Other earning assets | 1,238 | 1,518 | ||||||||||||||||||
Derivative Assets | 1,099 | 335 | ||||||||||||||||||
Financial Liabilities [Abstract] | ||||||||||||||||||||
Derivative Liabilities | 96 | 47 | ||||||||||||||||||
Fair Value Discount On Loan Portfolio Amount | $ 219 | $ 42 | ||||||||||||||||||
Fair value discount on loan portfolio, rate | 0.30% | 0.10% | ||||||||||||||||||
Capital leases, carrying amount excluded | $ 1,500 | $ 1,300 | ||||||||||||||||||
Operating leases, carrying amount excluded | 229 | 297 | ||||||||||||||||||
Carrying Amount [Member] | ||||||||||||||||||||
Financial Assets [Abstract] | ||||||||||||||||||||
Cash and cash equivalents | 13,198 | 4,114 | ||||||||||||||||||
Debt securities held to maturity | 1,255 | 1,332 | ||||||||||||||||||
Debt securities available for sale | 23,898 | 22,606 | ||||||||||||||||||
Loans held for sale | 1,152 | 637 | ||||||||||||||||||
Loans (excluding leases), net of unearned income and allowance for loan losses | 86,723 | [1],[2] | 80,841 | [3],[4] | ||||||||||||||||
Other earning assets | 1,009 | [5] | 1,221 | [6] | ||||||||||||||||
Derivative Assets | 1,945 | 669 | ||||||||||||||||||
Financial Liabilities [Abstract] | ||||||||||||||||||||
Derivative Liabilities | 416 | 242 | ||||||||||||||||||
Deposits | 116,779 | 97,475 | ||||||||||||||||||
Short-term borrowings | 2,050 | |||||||||||||||||||
Long-term borrowings | 6,408 | 7,879 | ||||||||||||||||||
Loan commitments and letters of credit | 171 | 67 | ||||||||||||||||||
Estimate of Fair Value [Member] | ||||||||||||||||||||
Financial Assets [Abstract] | ||||||||||||||||||||
Cash and cash equivalents | [7] | 13,198 | 4,114 | |||||||||||||||||
Debt securities held to maturity | [7] | 1,356 | 1,372 | |||||||||||||||||
Debt securities available for sale | [7] | 23,898 | 22,606 | |||||||||||||||||
Loans held for sale | [7] | 1,152 | 637 | |||||||||||||||||
Loans (excluding leases), net of unearned income and allowance for loan losses | [1],[2],[7] | 86,504 | 80,799 | |||||||||||||||||
Other earning assets | 1,009 | [5],[7] | 1,221 | [6],[8] | ||||||||||||||||
Derivative Assets | [7] | 1,945 | 669 | |||||||||||||||||
Financial Liabilities [Abstract] | ||||||||||||||||||||
Derivative Liabilities | [7] | 416 | 242 | |||||||||||||||||
Deposits | [7] | 116,834 | 97,516 | |||||||||||||||||
Short-term borrowings | [7] | 2,050 | ||||||||||||||||||
Long-term borrowings | [7] | 8,231 | 8,275 | |||||||||||||||||
Loan commitments and letters of credit | [7] | 710 | 471 | |||||||||||||||||
Level 1 [Member] | ||||||||||||||||||||
Financial Assets [Abstract] | ||||||||||||||||||||
Cash and cash equivalents | 13,198 | 4,114 | ||||||||||||||||||
Debt securities held to maturity | 0 | 0 | ||||||||||||||||||
Debt securities available for sale | 181 | 182 | ||||||||||||||||||
Loans held for sale | 0 | 0 | ||||||||||||||||||
Loans (excluding leases), net of unearned income and allowance for loan losses | 0 | [1],[2] | 0 | [3],[4] | ||||||||||||||||
Other earning assets | 363 | [5] | 450 | [6] | ||||||||||||||||
Derivative Assets | 2 | 0 | ||||||||||||||||||
Financial Liabilities [Abstract] | ||||||||||||||||||||
Derivative Liabilities | 3 | 0 | ||||||||||||||||||
Deposits | 0 | 0 | ||||||||||||||||||
Short-term borrowings | 0 | |||||||||||||||||||
Long-term borrowings | 0 | 0 | ||||||||||||||||||
Loan commitments and letters of credit | 0 | 0 | ||||||||||||||||||
Level 2 [Member] | ||||||||||||||||||||
Financial Assets [Abstract] | ||||||||||||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||||||||||||
Debt securities held to maturity | 1,356 | 1,372 | ||||||||||||||||||
Debt securities available for sale | 23,715 | 22,422 | ||||||||||||||||||
Loans held for sale | 1,124 | 620 | ||||||||||||||||||
Loans (excluding leases), net of unearned income and allowance for loan losses | 0 | [1],[2] | 0 | [3],[4] | ||||||||||||||||
Other earning assets | 646 | [5] | 771 | [6] | ||||||||||||||||
Derivative Assets | 1,899 | 654 | ||||||||||||||||||
Financial Liabilities [Abstract] | ||||||||||||||||||||
Derivative Liabilities | 402 | 237 | ||||||||||||||||||
Deposits | 116,834 | 97,516 | ||||||||||||||||||
Short-term borrowings | 2,050 | |||||||||||||||||||
Long-term borrowings | 6,773 | 7,442 | ||||||||||||||||||
Loan commitments and letters of credit | 0 | 0 | ||||||||||||||||||
Level 3 [Member] | ||||||||||||||||||||
Financial Assets [Abstract] | ||||||||||||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||||||||||||
Debt securities held to maturity | 0 | 0 | ||||||||||||||||||
Debt securities available for sale | 2 | 2 | ||||||||||||||||||
Loans held for sale | 28 | 17 | ||||||||||||||||||
Loans (excluding leases), net of unearned income and allowance for loan losses | 86,504 | [1],[2] | 80,799 | [3],[4] | ||||||||||||||||
Other earning assets | 0 | [5] | 0 | [6] | ||||||||||||||||
Derivative Assets | 44 | 15 | ||||||||||||||||||
Financial Liabilities [Abstract] | ||||||||||||||||||||
Derivative Liabilities | 11 | 5 | ||||||||||||||||||
Deposits | 0 | 0 | ||||||||||||||||||
Short-term borrowings | 0 | |||||||||||||||||||
Long-term borrowings | 1,458 | 833 | ||||||||||||||||||
Loan commitments and letters of credit | $ 710 | $ 471 | ||||||||||||||||||
|
Business Segment Information (Schedule Of Financial Information By Reportable Segment) (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
segment
|
Jun. 30, 2019
USD ($)
|
|||||
Segment Reporting Information [Line Items] | ||||||||
Number of reportable segments | segment | 3 | |||||||
Provision (Credit) for Credit Losses | [1] | $ 882 | $ 92 | $ 1,255 | $ 183 | |||
Total non-interest income | 573 | 494 | 1,058 | 996 | ||||
Non-interest expense | 924 | 861 | 1,760 | 1,721 | ||||
Income tax expense (benefit) | (47) | 93 | (5) | 198 | ||||
Corporate Bank [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income and other financing income (loss) | 452 | 363 | 806 | 722 | ||||
Provision (Credit) for Credit Losses | [2] | 78 | 49 | 130 | 97 | |||
Total non-interest income | 180 | 134 | 284 | 265 | ||||
Non-interest expense | 267 | 232 | 503 | 468 | ||||
Income before income taxes | 287 | 216 | 457 | 422 | ||||
Income tax expense (benefit) | 71 | 54 | 114 | 106 | ||||
Net income | 216 | 162 | 343 | 316 | ||||
Average assets | 65,592 | 54,294 | 60,337 | 54,074 | ||||
Consumer Bank [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income and other financing income (loss) | 555 | 587 | 1,099 | 1,165 | ||||
Provision (Credit) for Credit Losses | [2] | 80 | 84 | 168 | 167 | |||
Total non-interest income | 286 | 292 | 602 | 575 | ||||
Non-interest expense | 518 | 527 | 1,018 | 1,048 | ||||
Income before income taxes | 243 | 268 | 515 | 525 | ||||
Income tax expense (benefit) | 61 | 67 | 129 | 131 | ||||
Net income | 182 | 201 | 386 | 394 | ||||
Average assets | 34,391 | 35,065 | 34,495 | 35,232 | ||||
Wealth Management [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income and other financing income (loss) | 36 | 45 | 75 | 92 | ||||
Provision (Credit) for Credit Losses | [2] | 4 | 4 | 7 | 8 | |||
Total non-interest income | 81 | 82 | 167 | 160 | ||||
Non-interest expense | 86 | 84 | 173 | 169 | ||||
Income before income taxes | 27 | 39 | 62 | 75 | ||||
Income tax expense (benefit) | 6 | 10 | 15 | 19 | ||||
Net income | 21 | 29 | 47 | 56 | ||||
Average assets | 2,009 | 2,178 | 2,035 | 2,190 | ||||
Other [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income and other financing income (loss) | (71) | (53) | (80) | (89) | ||||
Provision (Credit) for Credit Losses | [2] | 720 | (45) | 950 | (89) | |||
Total non-interest income | 26 | (14) | 5 | (4) | ||||
Non-interest expense | 53 | 18 | 66 | 36 | ||||
Income before income taxes | (818) | (40) | (1,091) | (40) | ||||
Income tax expense (benefit) | (185) | (38) | (263) | (58) | ||||
Net income | (633) | (2) | (828) | 18 | ||||
Average assets | 37,828 | 34,578 | 35,428 | 34,334 | ||||
Consolidated [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income and other financing income (loss) | 972 | 942 | 1,900 | 1,890 | ||||
Provision (Credit) for Credit Losses | [2] | 882 | 92 | 1,255 | 183 | |||
Total non-interest income | 573 | 494 | 1,058 | 996 | ||||
Non-interest expense | 924 | 861 | 1,760 | 1,721 | ||||
Income before income taxes | (261) | 483 | (57) | 982 | ||||
Income tax expense (benefit) | (47) | 93 | (5) | 198 | ||||
Net income | (214) | 390 | (52) | 784 | ||||
Average assets | $ 139,820 | $ 126,115 | $ 132,295 | $ 125,830 | ||||
|
Commitments, Contingencies and Guarantees (Credit Risk Of Off-Balance Sheet Financial Instruments By Contractual Amounts) (Details) - USD ($) |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|---|---|
Other Commitments [Line Items] | ||||||
Unused commitments to extend credit | $ 55,459,000,000 | $ 52,976,000,000 | ||||
Standby Letters Of Credit Commitment | 1,528,000,000 | 1,521,000,000 | ||||
Commercial letters of credit | 63,000,000 | 59,000,000 | ||||
Liabilities associated with standby letters of credit | 22,000,000 | 22,000,000 | ||||
Assets associated with standby letters of credit | 22,000,000 | 23,000,000 | ||||
Reserve for unfunded credit commitments | $ 149,000,000 | $ 105,000,000 | $ 45,000,000 | $ 50,000,000 | $ 50,000,000 | $ 51,000,000 |
Commitments, Contingencies and Guarantees (Narrative) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 20 | |
Long-term Purchase Commitment [Line Items] | ||
Fannie Mae DUS Servicing Portfolio, Amount | 3,900 | $ 3,900 |
Maximum Quantifiable Fannie Mae DUS Loss Share Guarantee | 1,300 | 1,300 |
Estimated Fair Value of the Fannie Mae DUS Loss Share Guarantee | $ 5 | $ 4 |
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Mar. 31, 2020 |
Jun. 30, 2020 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 1,000,000 | |
CapitalPhaseInforAccountingPrincipleAdopted | $ 613,000 | |
CECL [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 501,000 | |
Retained Earnings [Member] | CECL Day 1 Adjustment to the Allowance [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect on Retained Earnings, Net of Tax | 375,000 | |
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | $ (126,000) |
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