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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize assets and liabilities measured at fair value on a recurring basis as of:
Fair Value Measurements Using
September 30, 2024 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$4,350 — — 4,350 
Obligations of states and political subdivisions securities— — — — 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 5,017 — 5,017 
Agency commercial mortgage-backed securities— 21,719 — 21,719 
Non-agency commercial mortgage-backed securities— 4,399 — 4,399 
Asset-backed securities and other debt securities— 4,134 — 4,134 
Available-for-sale debt and other securities(a)
4,350 35,269 — 39,619 
Trading debt securities:
U.S. Treasury and federal agencies securities596 23 — 619 
Obligations of states and political subdivisions securities— 86 — 86 
Agency residential mortgage-backed securities— 12 — 12 
Asset-backed securities and other debt securities— 459 — 459 
Trading debt securities596 580 — 1,176 
Equity securities394 34 — 428 
Residential mortgage loans held for sale— 512 — 512 
Residential mortgage loans(b)
— — 114 114 
Servicing rights— — 1,656 1,656 
Derivative assets:
Interest rate contracts2 638 7 647 
Foreign exchange contracts— 739 — 739 
Commodity contracts152 560 — 712 
Derivative assets(c)
154 1,937 7 2,098 
Total assets$5,494 38,332 1,777 45,603 
Liabilities:
Derivative liabilities:
Interest rate contracts$4 810 5 819 
Foreign exchange contracts— 710 — 710 
Equity contracts— — 196 196 
Commodity contracts30 672 — 702 
Derivative liabilities(d)
34 2,192 201 2,427 
Short positions:
U.S. Treasury and federal agencies securities81 1 — 82 
Asset-backed securities and other debt securities— 149 — 149 
Short positions(d)
81 150 — 231 
Total liabilities$115 2,342 201 2,658 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $275, $499 and $3, respectively, at September 30, 2024.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Condensed Consolidated Balance Sheets.
(d)Included in other liabilities in the Condensed Consolidated Balance Sheets.
Fair Value Measurements Using
December 31, 2023 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$4,336 — — 4,336 
Obligations of states and political subdivisions securities— 2 — 2 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 10,282 — 10,282 
Agency commercial mortgage-backed securities— 25,720 — 25,720 
Non-agency commercial mortgage-backed securities— 4,445 — 4,445 
Asset-backed securities and other debt securities— 4,912 — 4,912 
Available-for-sale debt and other securities(a)
4,336 45,361 — 49,697 
Trading debt securities:
U.S. Treasury and federal agencies securities640 7 — 647 
Obligations of states and political subdivisions securities— 39 — 39 
Agency residential mortgage-backed securities— 6 — 6 
Asset-backed securities and other debt securities— 207 — 207 
Trading debt securities640 259 — 899 
Equity securities600 13 — 613 
Residential mortgage loans held for sale— 334 — 334 
Residential mortgage loans(b)
— — 116 116 
Servicing rights— — 1,737 1,737 
Derivative assets:
Interest rate contracts— 977 6 983 
Foreign exchange contracts— 643 — 643 
Commodity contracts205 846 — 1,051 
Derivative assets(c)
205 2,466 6 2,677 
Total assets$5,781 48,433 1,859 56,073 
Liabilities:
Derivative liabilities:
Interest rate contracts$5 1,202 6 1,213 
Foreign exchange contracts— 600 — 600 
Equity contracts— — 168 168 
Commodity contracts28 990 — 1,018 
Derivative liabilities(d)
33 2,792 174 2,999 
Short positions:
U.S. Treasury and federal agencies securities31 — — 31 
Asset-backed securities and other debt securities— 76 — 76 
Short positions(d)
31 76 — 107 
Total liabilities$64 2,868 174 3,106 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $224, $496 and $2, respectively, at December 31, 2023.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Condensed Consolidated Balance Sheets.
(d)Included in other liabilities in the Condensed Consolidated Balance Sheets.
Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The following tables are a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the three months ended September 30, 2024 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$109 1,731 — (164)1,676 
Total (losses) gains (realized/unrealized):(b)
 Included in earnings7 (90)18 (47)(112)
Purchases/originations— 15 — — 15 
Settlements(3)— (16)15 (4)
Transfers into Level 3(c)
1 — — — 1 
Balance, end of period$114 1,656 2 (196)1,576 
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at September 30, 2024
$7 (66)6 (47)(100)
(a)Net interest rate derivatives include derivative assets and liabilities of $7 and $5, respectively, as of September 30, 2024.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at September 30, 2024.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the three months ended September 30, 2023 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$124 1,764 2 (204)1,686 
Total gains (losses) (realized/unrealized):(b)
 Included in earnings(7)34 7 (10)24 
Purchases/originations— 24 — — 24 
Settlements(5)— (11)42 26 
Transfers into Level 3(c)
1 — — — 1 
Balance, end of period$113 1,822 (2)(172)1,761 
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at September 30, 2023
$(7)56 3 (10)42 
(a)Net interest rate derivatives include derivative assets and liabilities of $5 and $7, respectively, as of September 30, 2023.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at September 30, 2023.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the nine months ended September 30, 2024 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$116 1,737 — (168)1,685 
Total (losses) gains (realized/unrealized):(b)
 Included in earnings4 (112)38 (87)(157)
Purchases/originations— 36 (1)— 35 
Sales— (5)— — (5)
Settlements(9)— (35)59 15 
Transfers into Level 3(c)
3 — — — 3 
Balance, end of period$114 1,656 2 (196)1,576 
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at September 30, 2024
$4 (44)7 (87)(120)
(a)Net interest rate derivatives include derivative assets and liabilities of $7 and $5, respectively, as of September 30, 2024.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at September 30, 2024.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the nine months ended September 30, 2023 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$123 1,746 (1)(195)1,673 
Total (losses) gains (realized/unrealized):(b)
 Included in earnings(4)(6)32 (72)(50)
Purchases/originations— 82 (2)— 80 
Settlements(11)— (31)95 53 
Transfers into Level 3(c)
5 — — — 5 
Balance, end of period$113 1,822 (2)(172)1,761 
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at September 30, 2023
$(4)53 3 (72)(20)
(a)Net interest rate derivatives include derivative assets and liabilities of $5 and $7, respectively, as of September 30, 2023.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at September 30, 2023.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
Total Gains and Losses Included in Earnings for Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The total losses and gains included in earnings for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were recorded in the Condensed Consolidated Statements of Income as follows:
For the three months ended
September 30,		For the nine months ended
September 30,
($ in millions)2024202320242023
Mortgage banking net revenue$(66)33 (71)19 
Commercial banking revenue1 1 2 3 
Other noninterest income(47)(10)(88)(72)
Total (losses) gains
$(112)24 (157)(50)

The total losses and gains included in earnings attributable to changes in unrealized gains and losses related to Level 3 assets and liabilities still held at September 30, 2024 and 2023 were recorded in the Condensed Consolidated Statements of Income as follows:
For the three months ended
September 30,		For the nine months ended
September 30,
($ in millions)2024202320242023
Mortgage banking net revenue$(54)51 (34)49 
Commercial banking revenue1 1 2 3 
Other noninterest income(47)(10)(88)(72)
Total (losses) gains$(100)42 (120)(20)
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Input, Recurring
The following tables present information as of September 30, 2024 and 2023 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured at fair value on a recurring basis:
As of September 30, 2024 ($ in millions)
Financial InstrumentFair ValueValuation
Technique		Significant
Unobservable Inputs		Range of Inputs
Weighted-Average
Residential mortgage loans$114 Loss rate modelInterest rate risk factor(52.3)-4.3%(9.3)%
(a)
Credit risk factor— -0.5%0.1 %
(a)
Servicing rights1,656 DCFPrepayment speed— -100.0%
(Fixed)
6.7 %
(b)
(Adjustable)
22.0 %
(b)
OAS (bps)420 -1,833
(Fixed)
470
(b)
(Adjustable)
696
(b)
IRLCs, net6 DCFLoan closing rates18.5 -96.0%78.7 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(196)DCFTiming of the resolution
   of the Covered Litigation		Q4 2026-Q1 2028Q2 2027
(d)
(a)Unobservable inputs were weighted by the relative carrying value of the instruments.
(b)Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c)Unobservable inputs were weighted by the relative notional amount of the instruments.
(d)Unobservable inputs were weighted by the probability of the final funding date of the instruments.

As of September 30, 2023 ($ in millions)
Financial InstrumentFair ValueValuation
Technique		Significant
Unobservable Inputs		Range of InputsWeighted-Average
Residential mortgage loans$113 Loss rate modelInterest rate risk factor(28.7)-4.0 %(16.9)%
(a)
Credit risk factor— -0.6 %0.2 %
(a)
Servicing rights1,822 DCFPrepayment speed— -100.0 %(Fixed)5.0 %
(b)
(Adjustable)20.3 %
(b)
OAS (bps)477-1,447(Fixed)582
(b)
(Adjustable)1,204
(b)
IRLCs, net4 DCFLoan closing rates33.2 -97.5 %82.3 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares
(172)DCFTiming of the resolution
   of the Covered Litigation		Q3 2024-Q1 2027Q4 2025
(d)
(a)Unobservable inputs were weighted by the relative carrying value of the instruments.
(b)Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c)Unobservable inputs were weighted by the relative notional amount of the instruments.
(d)Unobservable inputs were weighted by the probability of the final funding date of the instruments.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The following tables provide the fair value hierarchy and carrying amount of all assets that were held as of September 30, 2024 and 2023, and for which a nonrecurring fair value adjustment was recorded during the three and nine months ended September 30, 2024 and 2023, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period.

Fair Value Measurements UsingTotal (Losses) Gains
As of September 30, 2024 ($ in millions)Level 1Level 2Level 3Total
For the three months ended September 30, 2024
For the nine
months ended September 30, 2024
Commercial loans held for sale$— — 47 47 (1)(1)
Commercial loans and leases— — 125 125 (73)(177)
Consumer and residential mortgage loans— — 208 208 (7)(10)
OREO— — 6 6 — (1)
Bank premises and equipment— — 9 9 — — 
Private equity investments— 3 — 3 2 11 
Total$— 3 395 398 (79)(178)
Fair Value Measurements UsingTotal Losses
As of September 30, 2023 ($ in millions)Level 1Level 2Level 3Total
For the three months ended
 September 30, 2023
For the nine
months ended
September 30, 2023
Commercial loans and leases$— — 154 154 (21)(118)
Consumer and residential mortgage loans— — 188 188 (2)(10)
OREO— — 18 18 (7)(8)
Bank premises and equipment— — 4 4 — (2)
Private equity investments— — — — — (2)
Total$— — 364 364 (30)(140)
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Input, Nonrecurring
The following tables present information as of September 30, 2024 and 2023 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured on a nonrecurring basis:
As of September 30, 2024 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans held for sale$47 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases125 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans208 Appraised valueCollateral valueNMNM
OREO6 Appraised valueAppraised valueNMNM
Bank premises and equipment9 Appraised valueAppraised valueNMNM
Private equity investments— Comparable company analysisMarket comparable transactionsNMNM

As of September 30, 2023 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans and leases$154 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans188 Appraised valueCollateral valueNMNM
OREO18 Appraised valueAppraised valueNMNM
Bank premises and equipment4 Appraised valueAppraised valueNMNM
Private equity investments— Comparable company analysisMarket comparable transactionsNMNM
Difference Between the Fair Value and the Unpaid Principal Balance for Loans
The following table summarizes the difference between the fair value and the unpaid principal balance for residential mortgage loans measured at fair value as of:
September 30, 2024 ($ in millions)
Aggregate
Fair Value
Aggregate Unpaid
Principal Balance

Difference
Residential mortgage loans measured at fair value$626 624 2 
Past due loans of 30-89 days1 1 — 
Nonaccrual loans1 1 — 
December 31, 2023

Residential mortgage loans measured at fair value
$450 456 (6)
Past due loans of 30-89 days1 1 — 
Nonaccrual loans
2 2 — 
Carrying Amounts and Estimated Fair Values for Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:
Net Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
As of September 30, 2024 ($ in millions)Level 1Level 2Level 3
Financial assets:
Cash and due from banks
$3,215 3,215 — — 3,215 
Other short-term investments21,729 21,729 — — 21,729 
Other securities777 — 777 — 777 
Held-to-maturity securities11,358 2,379 9,173 2 11,554 
Loans and leases held for sale100 — — 100 100 
Portfolio loans and leases:
Commercial loans and leases70,025 — — 70,529 70,529 
Consumer and residential mortgage loans44,224 — — 42,190 42,190 
Total portfolio loans and leases, net$114,249 — — 112,719 112,719 
Financial liabilities:
Deposits$168,340 — 168,319 — 168,319 
Federal funds purchased169 169 — — 169 
Other short-term borrowings1,424 — 1,429 — 1,429 
Long-term debt17,058 13,979 3,452 — 17,431 
Net Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
As of December 31, 2023 ($ in millions)Level 1Level 2Level 3
Financial assets:
Cash and due from banks$3,142 3,142 — — 3,142 
Other short-term investments22,082 22,082 — — 22,082 
Other securities722 — 722 — 722 
Held-to-maturity securities2 — — 2 2 
Loans and leases held for sale44 — — 44 44 
Portfolio loans and leases:
Commercial loans and leases71,616 — — 71,766 71,766 
Consumer and residential mortgage loans43,180 — — 41,410 41,410 
Total portfolio loans and leases, net$114,796 — — 113,176 113,176 
Financial liabilities:
Deposits$168,912 — 168,873 — 168,873 
Federal funds purchased193 193 — — 193 
Other short-term borrowings2,861 — 2,872 — 2,872 
Long-term debt16,418 14,481 1,903 — 16,384