Derivative and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Cumulative Basis Adjustment for Fair Value Hedges

As of December 31, 2021, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges.

(in millions)		December 31, 2021						December 31, 2020
Line Item in the Consolidated Statements of    Condition in which the Hedge Item is Included		Carrying Amount of the Hedged Assets			Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets			Carrying Amount of the Hedged Assets			Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets
Total loans and leases, net (1)	$		2,025	$		25	$		2,073	$		73

(1)These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At December 31, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $2.9 billion; the cumulative basis adjustments associated with these hedging relationships was $25 million; and the amount of the designated hedged items was $2.0 billion.

Information Regarding Derivative Financial Instruments

The following table sets forth information regarding the Company’s derivative financial instruments at December 31, 2021.

	December 31, 2021
			Fair Value
(in millions)	Notional Amount		Other Assets		Other Liabilities
Derivatives designated as fair value hedging instruments:
Interest rate swap	$	2,000	$	—	$	—
Total derivatives designated as fair value hedging instruments	$	2,000	$	—	$	—

Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income

The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated.

(in millions)	For the Twelve Months Ended December 31, 2021			For the Twelve Months Ended December 31, 2020
Derivative – interest rate swap:
Interest income	$	48		$	(20	)
Hedged item – loans:
Interest income	$	(48	)	$	20

Information about Interest Rate Swaps Designated as Cash Flow Hedges

The following table summarizes information about the interest rate swaps designated as cash flow hedges at December 31, 2021 and December 31, 2020:

(dollars in millions)	December 31, 2021			December 31, 2020
Notional amounts	$	2,250		$	2,250
Cash collateral posted		12			46
Weighted average pay rates		1.27	%		1.27	%
Weighted average receive rates		0.18	%		0.23	%
Weighted average maturity	0.9 years			1.9 years

Effect of Cash Flow Derivative Instruments on AOCL

The following table presents the effect of the Company’s cash flow derivative instruments on AOCL for the year ending December 31, 2021:

(in millions)	For the Twelve Months Ended December 31, 2021		For the Twelve Months Ended December 31, 2020
Amount of (loss) gain recognized in AOCL	$	8	$	(58	)
Amount of reclassified from AOCL to interest expense		25		12