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Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of Assets and Liabilities Measured at Fair Value

September 30, 2014			Total		Level 1		Level 2		Level 3

			(Dollars in millions)
Assets:
	Trading securities		$	485	$	279	$	206	$	―
	AFS securities:
		U.S. Treasury		992		―		992		―
		MBS issued by GSE		16,613		―		16,613		―
		States and political subdivisions		1,965		―		1,965		―
		Non-agency MBS		277		―		277		―
		Other		42		7		35		―
		Covered		1,285		―		510		775
	LHFS			2,001		―		2,001		―
	Residential MSRs			943		―		―		943
	Derivative assets:
		Interest rate contracts		807		―		795		12
		Foreign exchange contracts		9		―		9		―
	Private equity and similar investments			305		―		―		305
		Total assets	$	25,724	$	286	$	23,403	$	2,035

Liabilities:
	Derivative liabilities:
		Interest rate contracts	$	755	$	―	$	753	$	2
		Foreign exchange contracts		5		―		5		―
	Short-term borrowings			159		―		159		―
		Total liabilities	$	919	$	―	$	917	$	2

December 31, 2013			Total		Level 1		Level 2		Level 3

			(Dollars in millions)
Assets:
	Trading securities		$	381	$	256	$	125	$	―
	AFS securities:
		U.S. Treasury		595		―		595		―
		MBS issued by GSE		17,929		―		17,929		―
		States and political subdivisions		1,851		―		1,851		―
		Non-agency MBS		291		―		291		―
		Other		45		10		35		―
		Covered		1,393		―		532		861
	LHFS			1,222		―		1,222		―
	Residential MSRs			1,047		―		―		1,047
	Derivative assets:
		Interest rate contracts		862		―		859		3
		Foreign exchange contracts		2		―		2		―
	Private equity and similar investments			291		―		―		291
		Total assets	$	25,909	$	266	$	23,441	$	2,202

Liabilities:
	Derivative liabilities:
		Interest rate contracts	$	967	$	―	$	953	$	14
		Foreign exchange contracts		3		―		3		―
	Short-term borrowings			84		―		84		―
		Total liabilities	$	1,054	$	―	$	1,040	$	14

Roll Forward of Level 3 Assets and Liabilities

										Private Equity
				Covered		Residential		Net		and Similar
Three Months Ended September 30, 2014				Securities		MSRs		Derivatives		Investments


Balance at July 1, 2014				$	810	$	954	$	24	$	322
	Total realized and unrealized gains (losses):
		Included in earnings:
			Interest income		7		―		―		―
			Mortgage banking income		―		(19)		26		―
		Included in unrealized net holding gains (losses) in OCI			(11)		―		―		―
	Purchases				―		―		―		5
	Issuances				―		39		11		―
	Sales				―		―		―		(20)
	Settlements				(31)		(31)		(51)		(2)
Balance at September 30, 2014				$	775	$	943	$	10	$	305

Change in unrealized gains (losses) included in earnings for the period,
	attributable to assets and liabilities still held at September 30, 2014			$	7	$	(19)	$	10	$	(1)

										Private Equity
				Covered		Residential		Net		and Similar
Three Months Ended September 30, 2013				Securities		MSRs		Derivatives		Investments


Balance at July 1, 2013				$	953	$	892	$	(89)	$	269
	Total realized and unrealized gains (losses):
		Included in earnings:
			Interest income		12		―		―		―
			Mortgage banking income		―		22		(91)		―
			Other noninterest income		―		―		―		6
		Included in unrealized net holding gains (losses) in OCI			(17)		―		―		―
	Purchases				―		―		―		23
	Issuances				―		77		31		―
	Sales				―		―		―		(8)
	Settlements				(46)		(35)		195		(2)
Balance at September 30, 2013				$	902	$	956	$	46	$	288

Change in unrealized gains (losses) included in earnings for the period,
	attributable to assets and liabilities still held at September 30, 2013			$	12	$	22	$	46	$	5

										Private
										Equity and
				Covered		Residential		Net		Similar
Nine Months Ended September 30, 2014				Securities		MSRs		Derivatives		Investments


Balance at January 1, 2014				$	861	$	1,047	$	(11)	$	291
	Total realized and unrealized gains (losses):
		Included in earnings:
			Interest income		24		―		―		―
			Mortgage banking income		―		(116)		70		―
			Other noninterest income		―		―		―		12
		Included in unrealized net holding gains (losses) in OCI			(26)		―		―		―
	Purchases				―		―		―		57
	Issuances				―		105		51		―
	Sales				―		―		―		(50)
	Settlements				(84)		(93)		(100)		(6)
	Transfers into Level 3				―		―		―		1
Balance at September 30, 2014				$	775	$	943	$	10	$	305

Change in unrealized gains (losses) included in earnings for the period,
	attributable to assets and liabilities still held at September 30, 2014			$	24	$	(116)	$	10	$	(5)

										Private
										Equity and
				Covered		Residential		Net		Similar
Nine Months Ended September 30, 2013				Securities		MSRs		Derivatives		Investments


Balance at January 1, 2013				$	994	$	627	$	54	$	323
	Total realized and unrealized gains (losses):
		Included in earnings:
			Interest income		30		―		―		―
			Mortgage banking income		―		177		(26)		―
			Other noninterest income		―		―		―		17
		Included in unrealized net holding gains (losses) in OCI			(7)		―		―		―
	Purchases				―		―		―		53
	Issuances				―		269		58		―
	Sales				―		―		―		(97)
	Settlements				(115)		(117)		(40)		(8)
Balance at September 30, 2013				$	902	$	956	$	46	$	288

Change in unrealized gains (losses) included in earnings for the period,
	attributable to assets and liabilities still held at September 30, 2013			$	30	$	177	$	46	$	13

Fair Value and Unpaid Principal Balance of Loans Held for Sale

	September 30, 2014						December 31, 2013
	Fair		Aggregate				Fair		Aggregate
	Value		UPB		Difference		Value		UPB		Difference

	(Dollars in millions)
LHFS reported at fair value	$	2,001	$	1,974	$	26	$	1,222	$	1,223	$	(1)

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

	As Of/For the Year-to-Date Period Ended
	September 30, 2014				December 31, 2013
	Carrying Value		Valuation Adjustments		Carrying Value		Valuation Adjustments

	(Dollars in millions)
Impaired loans	$	187	$	(47)	$	50	$	(41)
Foreclosed real estate		75		3		71		(6)

Carrying Amounts and Fair Values of Financial Assets and Liabilities Not Recorded at Fair Value

		Carrying		Total
September 30, 2014		Amount		Fair Value		Level 2		Level 3

		(Dollars in millions)
Financial assets:
	HTM securities	$	20,717	$	20,502	$	20,502	$	―
	Loans and leases, net of ALLL excluding covered loans		115,839		115,563		―		115,563
	Covered loans, net of ALLL		1,346		1,561		―		1,561
	FDIC loss share receivable		609		228		―		228

Financial liabilities:
	Deposits		130,895		131,107		131,107		―
	FDIC loss share payable		698		689		―		689
	Long-term debt		22,355		23,133		23,133		―

		Carrying		Total
December 31, 2013		Amount		Fair Value		Level 2		Level 3

		(Dollars in millions)
Financial assets:
	HTM securities	$	18,101	$	17,530	$	17,491	$	39
	Loans and leases, net of ALLL excluding covered loans		112,264		112,261		―		112,261
	Covered loans, net of ALLL		1,921		2,200		―		2,200
	FDIC loss share receivable		843		464		―		464

Financial liabilities:
	Deposits		127,475		127,810		127,810		―
	FDIC loss share payable		669		652		―		652
	Long-term debt		21,493		22,313		22,313		―

Notional or Contractual Amounts and Fair Values of Off Balance-Sheet Financial Instruments

	September 30, 2014				December 31, 2013
	Notional/				Notional/
	Contract				Contract
	Amount		Fair Value		Amount		Fair Value

	(Dollars in millions)
Commitments to extend, originate or purchase credit	$	49,181	$	96	$	45,333	$	86
Residential mortgage loans sold with recourse		684		10		783		13
Other loans sold with recourse		4,566		9		4,594		9
Letters of credit and financial guarantees		3,608		21		4,355		39

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

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