Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table details the components of Accumulated Other Comprehensive Income (“AOCI”):

Components of Accumulated Other Comprehensive Income (Loss)

	June 30, 2022						December 31, 2021
dollars in millions	Gross Unrealized		Income Taxes		Net Unrealized		Gross Unrealized		Income Taxes		Net Unrealized
Unrealized loss on securities available for sale	$	(647)	$	157	$	(490)	$	(12)	$	3	$	(9)
Unrealized loss on securities available for sale transferred to securities held to maturity	(8)		2		(6)		(9)		2		(7)
Defined benefit pension items	41		(10)		31		34		(8)		26
Total accumulated other comprehensive income (loss)	$	(614)	$	149	$	(465)	$	13	$	(3)	$	10

The following table details the changes in the components of AOCI, net of income taxes:

Changes in Accumulated Other Comprehensive Income (Loss) by Component

dollars in millions	Unrealized (loss) gain on securities available for sale		Unrealized loss on securities available for sale transferred to securities held to maturity		Net change in Defined Benefit Pension Items		Total AOCI
Balance as of December 31, 2021	$	(9)	$	(7)	$	26	$	10
AOCI activity before reclassifications	(481)		—		—		(481)
Amounts reclassified from AOCI	—		1		5		6
Net current period AOCI	(481)		1		5		(475)
Balance as of June 30, 2022	$	(490)	$	(6)	$	31	$	(465)
Balance as of December 31, 2020	$	79	$	4	$	(71)	$	12
AOCI activity before reclassifications	(25)		—		—		(25)
Amounts reclassified from AOCI	(19)		—		10		(9)
Net current period AOCI	(44)		—		10		(34)
Balance as of June 30, 2021	$	35	$	4	$	(61)	$	(22)

The following table presents the pretax and after-tax components of other comprehensive income.

Other Comprehensive Income (Loss) by Component

	Three Months Ended June 30,
	2022						2021
dollars in millions	Gross Amount		Tax		Net Amount		Gross Amount		Tax		Net Amount		Income Statement Line Item
Net change in pension obligations
AOCI activity before reclassification	$	—	$	—	$	—	$	—	$	—	$	—
Reclassifications out of AOCI	4		(1)		3		6		(1)		5		Other noninterest expense
Net Change	$	4	$	(1)	$	3	$	6	$	(1)	$	5
Unrealized (loss) gain on securities available for sale
AOCI activity before reclassification	$	(216)	$	53	$	(163)	$	25	$	(6)	$	19
Reclassifications out of AOCI	—		—		—		(16)		4		(12)		Realized gain on sales of investment securities available for sale, net
Net Change	$	(216)	$	53	$	(163)	$	9	$	(2)	$	7
Net current period AOCI	$	(212)	$	52	$	(160)	$	15	$	(3)	$	12
	Six Months Ended June 30,
	2022						2021
	Gross Amount		Tax		Net Amount		Gross Amount		Tax		Net Amount		Income Statement Line Item
Net change in pension obligations
AOCI activity before reclassification	$	—	$	—	$	—	$	—	$	—	$	—
Reclassifications out of AOCI	7		(2)		5		13		(3)		10		Other noninterest expense
Net Change	$	7	$	(2)	$	5	$	13	$	(3)	$	10
Unrealized loss on securities available for sale transferred to securities held to maturity
AOCI activity before reclassification	$	—	$	—	$	—	$	—	$	—	$	—
Reclassifications out of AOCI	1		—		1		—		—		—		Interest on investment securities
Net Change	$	1	$	—	$	1	$	—	$	—	$	—
Unrealized loss on securities available for sale
AOCI activity before reclassification	$	(635)	$	154	$	(481)	$	(32)	$	7	$	(25)
Reclassifications out of AOCI	—		—		—		(25)		6		(19)		Realized gain on sales of investment securities available for sale, net
Net Change	$	(635)	$	154	$	(481)	$	(57)	$	13	$	(44)
Net current period AOCI	$	(627)	$	152	$	(475)	$	(44)	$	10	$	(34)