☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | No. | 41-0449260 | ||||||||||||
(State of incorporation) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Common Stock, par value $1-2/3 | WFC | NYSE | ||||||
7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L | WFC.PRL | NYSE | ||||||
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series N | WFC.PRN | NYSE | ||||||
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series O | WFC.PRO | NYSE | ||||||
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series P | WFC.PRP | NYSE | ||||||
Depositary Shares, each representing a 1/1000th interest in a share of 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q | WFC.PRQ | NYSE | ||||||
Depositary Shares, each representing a 1/1000th interest in a share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R | WFC.PRR | NYSE | ||||||
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series T | WFC.PRT | NYSE | ||||||
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series V | WFC.PRV | NYSE | ||||||
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series W | WFC.PRW | NYSE | ||||||
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series X | WFC.PRX | NYSE | ||||||
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y | WFC.PRY | NYSE | ||||||
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z | WFC.PRZ | NYSE | ||||||
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA | WFC.PRA | NYSE | ||||||
Guarantee of 5.80% Fixed-to-Floating Rate Normal Wachovia Income Trust Securities of Wachovia Capital Trust III | WFC/TP | NYSE | ||||||
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC | WFC/28A | NYSE |
Shares Outstanding | ||||||||
Common stock, $1-2/3 par value |
FORM 10-Q | ||||||||||||||
CROSS-REFERENCE INDEX | ||||||||||||||
PART I | Financial Information | |||||||||||||
Item 1. | Financial Statements | Page | ||||||||||||
Consolidated Statement of Income | ||||||||||||||
Consolidated Statement of Comprehensive Income | ||||||||||||||
Consolidated Balance Sheet | ||||||||||||||
Consolidated Statement of Changes in Equity | ||||||||||||||
Consolidated Statement of Cash Flows | ||||||||||||||
Notes to Financial Statements | ||||||||||||||
1 | — | Summary of Significant Accounting Policies | ||||||||||||
2 | — | Restructuring Charges | ||||||||||||
3 | — | Cash, Loan and Dividend Restrictions | ||||||||||||
4 | — | Trading Activities | ||||||||||||
5 | — | Available-for-Sale and Held-to-Maturity Debt Securities | ||||||||||||
6 | — | Loans and Related Allowance for Credit Losses | ||||||||||||
7 | — | Leasing Activity | ||||||||||||
8 | — | Equity Securities | ||||||||||||
9 | — | Other Assets | ||||||||||||
10 | — | Securitizations and Variable Interest Entities | ||||||||||||
11 | — | Mortgage Banking Activities | ||||||||||||
12 | — | Intangible Assets | ||||||||||||
13 | — | Guarantees, Pledged Assets and Collateral, and Other Commitments | ||||||||||||
14 | — | Legal Actions | ||||||||||||
15 | — | Derivatives | ||||||||||||
16 | — | Fair Values of Assets and Liabilities | ||||||||||||
17 | — | Preferred Stock | ||||||||||||
18 | — | Revenue from Contracts with Customers | ||||||||||||
19 | — | Employee Benefits and Other Expenses | ||||||||||||
20 | — | Earnings and Dividends Per Common Share | ||||||||||||
21 | — | Other Comprehensive Income | ||||||||||||
22 | — | Operating Segments | ||||||||||||
23 | — | Regulatory and Agency Capital Requirements | ||||||||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations (Financial Review) | |||||||||||||
Summary Financial Data | ||||||||||||||
Overview | ||||||||||||||
Earnings Performance | ||||||||||||||
Balance Sheet Analysis | ||||||||||||||
Off-Balance Sheet Arrangements | ||||||||||||||
Risk Management | ||||||||||||||
Capital Management | ||||||||||||||
Regulatory Matters | ||||||||||||||
Critical Accounting Policies | ||||||||||||||
Current Accounting Developments | ||||||||||||||
Forward-Looking Statements | ||||||||||||||
Risk Factors | ||||||||||||||
Glossary of Acronyms | ||||||||||||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | |||||||||||||
Item 4. | Controls and Procedures | |||||||||||||
PART II | Other Information | |||||||||||||
Item 1. | Legal Proceedings | |||||||||||||
Item 1A. | Risk Factors | |||||||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||||||||
Item 6. | Exhibits | |||||||||||||
Signature |
FORM 10-Q | |||||
CROSS-REFERENCE INDEX | |||||
PART I | Financial Information | ||||
Item 1. | Financial Statements | Page | |||
Consolidated Statement of Income | |||||
Consolidated Statement of Comprehensive Income | |||||
Consolidated Balance Sheet | |||||
Consolidated Statement of Changes in Equity | |||||
Consolidated Statement of Cash Flows | |||||
Notes to Financial Statements | |||||
1 | — | Summary of Significant Accounting Policies | |||
2 | — | Business Combinations | |||
3 | — | Cash, Loan and Dividend Restrictions | |||
4 | — | Trading Activities | |||
5 | — | Available-for-Sale and Held-to-Maturity Debt Securities | |||
6 | — | Loans and Related Allowance for Credit Losses | |||
7 | — | Leasing Activity | |||
8 | — | Equity Securities | |||
9 | — | Other Assets | |||
10 | — | Securitizations and Variable Interest Entities | |||
11 | — | Mortgage Banking Activities | |||
12 | — | Intangible Assets | |||
13 | — | Guarantees, Pledged Assets and Collateral, and Other Commitments | |||
14 | — | Legal Actions | |||
15 | — | Derivatives | |||
16 | — | Fair Values of Assets and Liabilities | |||
17 | — | Preferred Stock | |||
18 | — | Revenue from Contracts with Customers | |||
19 | — | Employee Benefits and Other Expenses | |||
20 | — | Earnings and Dividends Per Common Share | |||
21 | — | Other Comprehensive Income | |||
22 | — | Operating Segments | |||
23 | — | Regulatory and Agency Capital Requirements | |||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations (Financial Review) | ||||
Summary Financial Data | |||||
Overview | |||||
Earnings Performance | |||||
Balance Sheet Analysis | |||||
Off-Balance Sheet Arrangements | |||||
Risk Management | |||||
Capital Management | |||||
Regulatory Matters | |||||
Critical Accounting Policies | |||||
Current Accounting Developments | |||||
Forward-Looking Statements | |||||
Risk Factors | |||||
Glossary of Acronyms | |||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | ||||
Item 4. | Controls and Procedures | ||||
PART II | Other Information | ||||
Item 1. | Legal Proceedings | ||||
Item 1A. | Risk Factors | ||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | ||||
Item 6. | Exhibits | ||||
Signature |
Summary Financial Data | |||||||||||||||||||||||||||||||||||||||||||||||
% Change | |||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended | Sep 30, 2020 from | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||
($ in millions, except per share amounts) | Sep 30, 2020 | June 30, 2020 | Sep 30, 2019 | Jun 30, 2020 | Sep 30, 2019 | Sep 30, 2020 | Sep 30, 2019 | % Change | |||||||||||||||||||||||||||||||||||||||
For the Period | |||||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo net income (loss) | $ | 2,035 | (2,379) | 4,610 | NM | (56) | $ | 309 | 16,676 | (98) | % | ||||||||||||||||||||||||||||||||||||
Wells Fargo net income (loss) applicable to common stock | 1,720 | (2,694) | 4,037 | NM | (57) | (932) | 15,392 | NM | |||||||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per common share | 0.42 | (0.66) | 0.92 | NM | (54) | (0.23) | 3.43 | NM | |||||||||||||||||||||||||||||||||||||||
Profitability ratios (annualized): | |||||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo net income (loss) to average assets (ROA) | 0.42 | % | (0.49) | 0.95 | NM | (56) | 0.02 | % | 1.17 | (98) | |||||||||||||||||||||||||||||||||||||
Wells Fargo net income (loss) applicable to common stock to average Wells Fargo common stockholders’ equity (ROE) | 4.22 | (6.63) | 9.00 | NM | (53) | (0.76) | 11.64 | NM | |||||||||||||||||||||||||||||||||||||||
Return on average tangible common equity (ROTCE) (1) | 5.10 | (8.00) | 10.70 | NM | (52) | (0.91) | 13.85 | NM | |||||||||||||||||||||||||||||||||||||||
Efficiency ratio (2) | 80.7 | 81.6 | 69.1 | (1) | 17 | 78.7 | 65.3 | 21 | |||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 18,862 | 17,836 | 22,010 | 6 | (14) | $ | 54,415 | 65,203 | (17) | |||||||||||||||||||||||||||||||||||||
Pre-tax pre-provision profit (PTPP) (3) | 3,633 | 3,285 | 6,811 | 11 | (47) | 11,587 | 22,639 | (49) | |||||||||||||||||||||||||||||||||||||||
Dividends declared per common share | 0.10 | 0.51 | 0.51 | (80) | (80) | 1.12 | 1.41 | (21) | |||||||||||||||||||||||||||||||||||||||
Average common shares outstanding | 4,123.8 | 4,105.5 | 4,358.5 | — | (5) | 4,111.4 | 4,459.1 | (8) | |||||||||||||||||||||||||||||||||||||||
Diluted average common shares outstanding (4) | 4,132.2 | 4,105.5 | 4,389.6 | 1 | (6) | 4,111.4 | 4,489.5 | (8) | |||||||||||||||||||||||||||||||||||||||
Average loans | $ | 931,708 | 971,266 | 949,760 | (4) | (2) | $ | 955,918 | 949,076 | 1 | |||||||||||||||||||||||||||||||||||||
Average assets | 1,947,672 | 1,948,939 | 1,927,415 | — | 1 | 1,949,085 | 1,903,873 | 2 | |||||||||||||||||||||||||||||||||||||||
Average total deposits | 1,399,028 | 1,386,656 | 1,291,375 | 1 | 8 | 1,374,638 | 1,274,246 | 8 | |||||||||||||||||||||||||||||||||||||||
Average consumer and small business banking deposits (5) | 897,779 | 857,943 | 749,529 | 5 | 20 | 845,977 | 745,370 | 13 | |||||||||||||||||||||||||||||||||||||||
Net interest margin | 2.13 | % | 2.25 | 2.66 | (5) | (20) | 2.32 | % | 2.79 | (17) | |||||||||||||||||||||||||||||||||||||
At Period End | |||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | $ | 476,421 | 472,580 | 503,528 | 1 | (5) | $ | 476,421 | 503,528 | (5) | |||||||||||||||||||||||||||||||||||||
Loans | 920,082 | 935,155 | 954,915 | (2) | (4) | 920,082 | 954,915 | (4) | |||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | 19,463 | 18,926 | 9,715 | 3 | 100 | 19,463 | 9,715 | 100 | |||||||||||||||||||||||||||||||||||||||
Goodwill | 26,387 | 26,385 | 26,388 | — | — | 26,387 | 26,388 | — | |||||||||||||||||||||||||||||||||||||||
Equity securities | 51,169 | 52,494 | 63,884 | (3) | (20) | 51,169 | 63,884 | (20) | |||||||||||||||||||||||||||||||||||||||
Assets | 1,922,220 | 1,968,766 | 1,943,950 | (2) | (1) | 1,922,220 | 1,943,950 | (1) | |||||||||||||||||||||||||||||||||||||||
Deposits | 1,383,215 | 1,410,711 | 1,308,495 | (2) | 6 | 1,383,215 | 1,308,495 | 6 | |||||||||||||||||||||||||||||||||||||||
Common stockholders’ equity | 161,109 | 159,322 | 172,827 | 1 | (7) | 161,109 | 172,827 | (7) | |||||||||||||||||||||||||||||||||||||||
Wells Fargo stockholders’ equity | 181,173 | 179,386 | 193,304 | 1 | (6) | 181,173 | 193,304 | (6) | |||||||||||||||||||||||||||||||||||||||
Total equity | 182,032 | 180,122 | 194,416 | 1 | (6) | 182,032 | 194,416 | (6) | |||||||||||||||||||||||||||||||||||||||
Tangible common equity (1) | 133,179 | 131,329 | 144,481 | 1 | (8) | 133,179 | 144,481 | (8) | |||||||||||||||||||||||||||||||||||||||
Capital ratios (6): | |||||||||||||||||||||||||||||||||||||||||||||||
Total equity to assets | 9.47 | % | 9.15 | 10.00 | 3 | (5) | 9.47 | % | 10.00 | (5) | |||||||||||||||||||||||||||||||||||||
Risk-based capital: | |||||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 | 11.38 | 10.97 | 11.61 | 4 | (2) | 11.38 | 11.61 | (2) | |||||||||||||||||||||||||||||||||||||||
Tier 1 capital | 13.05 | 12.60 | 13.23 | 4 | (1) | 13.05 | 13.23 | (1) | |||||||||||||||||||||||||||||||||||||||
Total capital | 15.71 | 15.29 | 15.96 | 3 | (2) | 15.71 | 15.96 | (2) | |||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | 8.05 | 7.95 | 8.68 | 1 | (7) | 8.05 | 8.68 | (7) | |||||||||||||||||||||||||||||||||||||||
Common shares outstanding | 4,132.5 | 4,119.6 | 4,269.1 | — | (3) | 4,132.5 | 4,269.1 | (3) | |||||||||||||||||||||||||||||||||||||||
Book value per common share (7) | $ | 38.99 | 38.67 | 40.48 | 1 | (4) | $ | 38.99 | 40.48 | (4) | |||||||||||||||||||||||||||||||||||||
Tangible book value per common share (1)(7) | 32.23 | 31.88 | 33.84 | 1 | (5) | 32.23 | 33.84 | (5) | |||||||||||||||||||||||||||||||||||||||
Headcount (8) | 274,900 | 276,000 | 272,700 | — | 1 | 274,900 | 272,700 | 1 |
Summary Financial Data | |||||||||||||||
% Change | |||||||||||||||
Quarter ended | Mar 31, 2020 from | ||||||||||||||
($ in millions, except per share amounts) | Mar 31, 2020 | Dec 31, 2019 | Mar 31, 2019 | Dec 31, 2019 | Mar 31, 2019 | ||||||||||
For the Period | |||||||||||||||
Wells Fargo net income | $ | 653 | 2,873 | 5,860 | (77 | )% | (89 | ) | |||||||
Wells Fargo net income applicable to common stock | 42 | 2,546 | 5,507 | (98 | ) | (99 | ) | ||||||||
Diluted earnings per common share | 0.01 | 0.60 | 1.20 | (98 | ) | (99 | ) | ||||||||
Profitability ratios (annualized): | |||||||||||||||
Wells Fargo net income to average assets (ROA) | 0.13 | % | 0.59 | 1.26 | (78 | ) | (90 | ) | |||||||
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE) | 0.10 | 5.91 | 12.71 | (98 | ) | (99 | ) | ||||||||
Return on average tangible common equity (ROTCE) (1) | 0.12 | 7.08 | 15.16 | (98 | ) | (99 | ) | ||||||||
Efficiency ratio (2) | 73.6 | 78.6 | 64.4 | (6 | ) | 14 | |||||||||
Total revenue | $ | 17,717 | 19,860 | 21,609 | (11 | ) | (18 | ) | |||||||
Pre-tax pre-provision profit (PTPP) (3) | 4,669 | 4,246 | 7,693 | 10 | (39 | ) | |||||||||
Dividends declared per common share | 0.51 | 0.51 | 0.45 | — | 13 | ||||||||||
Average common shares outstanding | 4,104.8 | 4,197.1 | 4,551.5 | (2 | ) | (10 | ) | ||||||||
Diluted average common shares outstanding | 4,135.3 | 4,234.6 | 4,584.0 | (2 | ) | (10 | ) | ||||||||
Average loans | $ | 965,046 | 956,536 | 950,010 | 1 | 2 | |||||||||
Average assets | 1,950,659 | 1,941,843 | 1,883,091 | — | 4 | ||||||||||
Average total deposits | 1,337,963 | 1,321,913 | 1,262,062 | 1 | 6 | ||||||||||
Average consumer and small business banking deposits (4) | 779,521 | 763,169 | 739,654 | 2 | 5 | ||||||||||
Net interest margin | 2.58 | % | 2.53 | 2.91 | 2 | (11 | ) | ||||||||
At Period End | |||||||||||||||
Debt securities | $ | 501,563 | 497,125 | 483,467 | 1 | 4 | |||||||||
Loans | 1,009,843 | 962,265 | 948,249 | 5 | 6 | ||||||||||
Allowance for loan losses | 11,263 | 9,551 | 9,900 | 18 | 14 | ||||||||||
Goodwill | 26,381 | 26,390 | 26,420 | — | — | ||||||||||
Equity securities | 54,047 | 68,241 | 58,440 | (21 | ) | (8 | ) | ||||||||
Assets | 1,981,349 | 1,927,555 | 1,887,792 | 3 | 5 | ||||||||||
Deposits | 1,376,532 | 1,322,626 | 1,264,013 | 4 | 9 | ||||||||||
Common stockholders’ equity | 162,654 | 166,669 | 176,025 | (2 | ) | (8 | ) | ||||||||
Wells Fargo stockholders’ equity | 182,718 | 187,146 | 197,832 | (2 | ) | (8 | ) | ||||||||
Total equity | 183,330 | 187,984 | 198,733 | (2 | ) | (8 | ) | ||||||||
Tangible common equity (1) | 134,787 | 138,506 | 147,723 | (3 | ) | (9 | ) | ||||||||
Capital ratios (5): | |||||||||||||||
Total equity to assets | 9.25 | % | 9.75 | 10.53 | (5 | ) | (12 | ) | |||||||
Risk-based capital: | |||||||||||||||
Common Equity Tier 1 | 10.67 | 11.14 | 11.92 | (4 | ) | (10 | ) | ||||||||
Tier 1 capital | 12.22 | 12.76 | 13.64 | (4 | ) | (10 | ) | ||||||||
Total capital (6) | 15.21 | 15.75 | 16.74 | (3 | ) | (9 | ) | ||||||||
Tier 1 leverage | 8.03 | 8.31 | 9.15 | (3 | ) | (12 | ) | ||||||||
Common shares outstanding | 4,096.4 | 4,134.4 | 4,511.9 | (1 | ) | (9 | ) | ||||||||
Book value per common share (7) | $ | 39.71 | 40.31 | 39.01 | (1 | ) | 2 | ||||||||
Tangible book value per common share (1)(7) | 32.90 | 33.50 | 32.74 | (2 | ) | — | |||||||||
Team members (active, full-time equivalent) | 262,800 | 259,800 | 262,100 | 1 | — |
Consolidated Financial Highlights | |||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended Sep 30, | Nine months ended Sep 30, | ||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2020 | 2019 | $ Change | % Change | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Selected income statement data | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 9,368 | 11,625 | (2,257) | (19) | % | $ | 30,560 | 36,031 | (5,471) | (15) | % | |||||||||||||||||||||||||||||||||||
Noninterest income | 9,494 | 10,385 | (891) | (9) | 23,855 | 29,172 | (5,317) | (18) | |||||||||||||||||||||||||||||||||||||||
Total revenue | 18,862 | 22,010 | (3,148) | (14) | 54,415 | 65,203 | (10,788) | (17) | |||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 769 | 695 | 74 | 11 | 14,308 | 2,043 | 12,265 | 600 | |||||||||||||||||||||||||||||||||||||||
Noninterest expense | 15,229 | 15,199 | 30 | — | 42,828 | 42,564 | 264 | 1 | |||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 645 | 1,304 | (659) | (51) | (3,113) | 3,479 | (6,592) | NM | |||||||||||||||||||||||||||||||||||||||
Wells Fargo net income | 2,035 | 4,610 | (2,575) | (56) | 309 | 16,676 | (16,367) | (98) | |||||||||||||||||||||||||||||||||||||||
Wells Fargo net income (loss) applicable to common stock | 1,720 | 4,037 | (2,317) | (57) | (932) | 15,392 | (16,324) | NM | |||||||||||||||||||||||||||||||||||||||
Earnings Performance |
Quarter ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
(in millions) | Average balance | Yields/ rates | Interest income/ expense | Average balance | Yields/ rates | Interest income/ expense | |||||||||||||||||||||||||||||
Earning assets | |||||||||||||||||||||||||||||||||||
Interest-earning deposits with banks | $ | 216,958 | 0.11 | % | $ | 58 | 134,017 | 2.14 | % | $ | 723 | ||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | 80,431 | 0.02 | 3 | 105,919 | 2.24 | 599 | |||||||||||||||||||||||||||||
Debt securities (2): | |||||||||||||||||||||||||||||||||||
Trading debt securities | 88,021 | 2.49 | 548 | 94,737 | 3.35 | 794 | |||||||||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 8,126 | 0.87 | 18 | 16,040 | 2.14 | 87 | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 32,326 | 2.16 | 174 | 43,305 | 3.78 | 409 | |||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | 131,182 | 2.03 | 665 | 154,134 | 2.77 | 1,066 | |||||||||||||||||||||||||||||
Residential and commercial | 4,051 | 1.58 | 16 | 5,175 | 4.02 | 52 | |||||||||||||||||||||||||||||
Total mortgage-backed securities | 135,233 | 2.02 | 681 | 159,309 | 2.81 | 1,118 | |||||||||||||||||||||||||||||
Other debt securities | 41,871 | 1.84 | 194 | 42,435 | 4.12 | 440 | |||||||||||||||||||||||||||||
Total available-for-sale debt securities | 217,556 | 1.96 | 1,067 | 261,089 | 3.14 | 2,054 | |||||||||||||||||||||||||||||
Held-to-maturity debt securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 48,582 | 2.14 | 261 | 44,770 | 2.18 | 247 | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 14,145 | 3.84 | 136 | 8,688 | 4.01 | 87 | |||||||||||||||||||||||||||||
Federal agency and other mortgage-backed securities | 113,646 | 1.85 | 525 | 95,434 | 2.54 | 606 | |||||||||||||||||||||||||||||
Other debt securities | 11 | 1.66 | — | 50 | 3.58 | — | |||||||||||||||||||||||||||||
Total held-to-maturity debt securities | 176,384 | 2.09 | 922 | 148,942 | 2.52 | 940 | |||||||||||||||||||||||||||||
Total debt securities | 481,961 | 2.10 | 2,537 | 504,768 | 3.00 | 3,788 | |||||||||||||||||||||||||||||
Mortgage loans held for sale (3) | 29,426 | 3.15 | 232 | 22,743 | 4.08 | 232 | |||||||||||||||||||||||||||||
Loans held for sale (3) | 1,597 | 1.60 | 7 | 1,964 | 4.17 | 20 | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Commercial and industrial – U.S. | 270,998 | 2.53 | 1,721 | 284,278 | 4.21 | 3,015 | |||||||||||||||||||||||||||||
Commercial and industrial – Non-U.S. | 64,048 | 2.14 | 344 | 64,016 | 3.67 | 593 | |||||||||||||||||||||||||||||
Real estate mortgage | 123,391 | 2.81 | 870 | 121,819 | 4.36 | 1,338 | |||||||||||||||||||||||||||||
Real estate construction | 22,216 | 3.13 | 175 | 20,686 | 5.13 | 267 | |||||||||||||||||||||||||||||
Lease financing | 17,091 | 3.41 | 146 | 19,266 | 4.34 | 209 | |||||||||||||||||||||||||||||
Total commercial loans | 497,744 | 2.60 | 3,256 | 510,065 | 4.22 | 5,422 | |||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | 290,607 | 3.24 | 2,357 | 288,383 | 3.74 | 2,699 | |||||||||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 26,018 | 4.13 | 270 | 31,454 | 5.66 | 448 | |||||||||||||||||||||||||||||
Credit card | 35,965 | 11.70 | 1,057 | 39,204 | 12.55 | 1,240 | |||||||||||||||||||||||||||||
Automobile | 48,718 | 4.90 | 600 | 46,286 | 5.13 | 599 | |||||||||||||||||||||||||||||
Other revolving credit and installment | 32,656 | 5.25 | 431 | 34,368 | 6.95 | 601 | |||||||||||||||||||||||||||||
Total consumer loans | 433,964 | 4.33 | 4,715 | 439,695 | 5.06 | 5,587 | |||||||||||||||||||||||||||||
Total loans (3) | 931,708 | 3.41 | 7,971 | 949,760 | 4.61 | 11,009 | |||||||||||||||||||||||||||||
Equity securities | 25,185 | 1.61 | 100 | 37,075 | 2.68 | 249 | |||||||||||||||||||||||||||||
Other | 6,974 | (0.02) | — | 6,695 | 1.77 | 30 | |||||||||||||||||||||||||||||
Total earning assets | $ | 1,774,240 | 2.45 | % | $ | 10,908 | 1,762,941 | 3.76 | % | $ | 16,650 | ||||||||||||||||||||||||
Funding sources | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing checking | $ | 49,608 | 0.07 | % | $ | 8 | 59,310 | 1.39 | % | $ | 208 | ||||||||||||||||||||||||
Market rate and other savings | 803,942 | 0.08 | 157 | 711,334 | 0.66 | 1,182 | |||||||||||||||||||||||||||||
Savings certificates | 24,808 | 0.83 | 52 | 32,751 | 1.72 | 142 | |||||||||||||||||||||||||||||
Other time deposits | 46,920 | 0.64 | 75 | 91,820 | 2.42 | 561 | |||||||||||||||||||||||||||||
Deposits in non-U.S. offices | 33,992 | 0.25 | 22 | 51,709 | 1.77 | 231 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 959,270 | 0.13 | 314 | 946,924 | 0.97 | 2,324 | |||||||||||||||||||||||||||||
Short-term borrowings | 57,292 | (0.08) | (12) | 121,842 | 2.07 | 635 | |||||||||||||||||||||||||||||
Long-term debt | 222,862 | 1.86 | 1,038 | 229,689 | 3.09 | 1,780 | |||||||||||||||||||||||||||||
Other liabilities | 27,679 | 1.33 | 92 | 26,173 | 2.06 | 135 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,267,103 | 0.45 | 1,432 | 1,324,628 | 1.46 | 4,874 | |||||||||||||||||||||||||||||
Portion of noninterest-bearing funding sources | 507,137 | — | — | 438,313 | — | — | |||||||||||||||||||||||||||||
Total funding sources | $ | 1,774,240 | 0.32 | 1,432 | 1,762,941 | 1.10 | 4,874 | ||||||||||||||||||||||||||||
Net interest margin and net interest income on a taxable-equivalent basis (4) | 2.13 | % | $ | 9,476 | 2.66 | % | $ | 11,776 | |||||||||||||||||||||||||||
Noninterest-earning assets | |||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 21,991 | 19,199 | ||||||||||||||||||||||||||||||||
Goodwill | 26,388 | 26,413 | |||||||||||||||||||||||||||||||||
Other | 125,053 | 118,862 | |||||||||||||||||||||||||||||||||
Total noninterest-earning assets | $ | 173,432 | 164,474 | ||||||||||||||||||||||||||||||||
Noninterest-bearing funding sources | |||||||||||||||||||||||||||||||||||
Deposits | $ | 439,758 | 344,451 | ||||||||||||||||||||||||||||||||
Other liabilities | 57,961 | 58,241 | |||||||||||||||||||||||||||||||||
Total equity | 182,850 | 200,095 | |||||||||||||||||||||||||||||||||
Noninterest-bearing funding sources used to fund earning assets | (507,137) | (438,313) | |||||||||||||||||||||||||||||||||
Net noninterest-bearing funding sources | $ | 173,432 | 164,474 | ||||||||||||||||||||||||||||||||
Total assets | $ | 1,947,672 | 1,927,415 | ||||||||||||||||||||||||||||||||
Average prime rate | 3.25 | % | 5.31 | % | |||||||||||||||||||||||||||||||
Average three-month London Interbank Offered Rate (LIBOR) | 0.25 | 2.20 |
Quarter ended March 31, | ||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
(in millions) | Average balance | Yields/ rates | Interest income/ expense | Average balance | Yields/ rates | Interest income/ expense | ||||||||||||||
Earning assets | ||||||||||||||||||||
Interest-earning deposits with banks | $ | 129,522 | 1.18 | % | $ | 381 | 140,784 | 2.33 | % | $ | 810 | |||||||||
Federal funds sold and securities purchased under resale agreements | 107,555 | 1.42 | 380 | 83,539 | 2.40 | 495 | ||||||||||||||
Debt securities (2): | ||||||||||||||||||||
Trading debt securities | 101,062 | 3.05 | 770 | 89,378 | 3.58 | 798 | ||||||||||||||
Available-for-sale debt securities: | ||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 10,781 | 1.40 | 38 | 14,070 | 2.14 | 74 | ||||||||||||||
Securities of U.S. states and political subdivisions | 38,950 | 3.43 | 334 | 48,342 | 4.02 | 486 | ||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
Federal agencies | 158,639 | 2.68 | 1,062 | 151,494 | 3.10 | 1,173 | ||||||||||||||
Residential and commercial | 4,648 | 2.82 | 33 | 5,984 | 4.31 | 64 | ||||||||||||||
Total mortgage-backed securities | 163,287 | 2.68 | 1,095 | 157,478 | 3.14 | 1,237 | ||||||||||||||
Other debt securities | 39,541 | 3.48 | 343 | 46,788 | 4.46 | 517 | ||||||||||||||
Total available-for-sale debt securities | 252,559 | 2.87 | 1,810 | 266,678 | 3.48 | 2,314 | ||||||||||||||
Held-to-maturity debt securities: | ||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 45,937 | 2.19 | 251 | 44,754 | 2.20 | 243 | ||||||||||||||
Securities of U.S. states and political subdivisions | 13,536 | 3.84 | 130 | 6,158 | 4.03 | 62 | ||||||||||||||
Federal agency and other mortgage-backed securities | 98,394 | 2.55 | 628 | 96,004 | 2.74 | 656 | ||||||||||||||
Other debt securities | 24 | 3.10 | — | 61 | 3.96 | 1 | ||||||||||||||
Total held-to-maturity debt securities | 157,891 | 2.56 | 1,009 | 146,977 | 2.63 | 962 | ||||||||||||||
Total debt securities | 511,512 | 2.81 | 3,589 | 503,033 | 3.25 | 4,074 | ||||||||||||||
Mortgage loans held for sale (3) | 20,361 | 3.87 | 197 | 13,898 | 4.37 | 152 | ||||||||||||||
Loans held for sale (3) | 1,485 | 3.17 | 12 | 1,862 | 5.25 | 24 | ||||||||||||||
Loans: | ||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||
Commercial and industrial – U.S. | 288,502 | 3.55 | 2,546 | 286,577 | 4.48 | 3,169 | ||||||||||||||
Commercial and industrial – non U.S. | 70,659 | 3.16 | 556 | 62,821 | 3.90 | 604 | ||||||||||||||
Real estate mortgage | 121,788 | 3.92 | 1,187 | 121,417 | 4.58 | 1,373 | ||||||||||||||
Real estate construction | 20,277 | 4.54 | 229 | 22,435 | 5.43 | 301 | ||||||||||||||
Lease financing | 19,288 | 4.40 | 212 | 19,391 | 4.61 | 224 | ||||||||||||||
Total commercial loans | 520,514 | 3.65 | 4,730 | 512,641 | 4.48 | 5,671 | ||||||||||||||
Consumer loans: | ||||||||||||||||||||
Real estate 1-4 family first mortgage | 293,556 | 3.61 | 2,650 | 285,214 | 3.96 | 2,821 | ||||||||||||||
Real estate 1-4 family junior lien mortgage | 28,905 | 5.14 | 370 | 33,791 | 5.75 | 481 | ||||||||||||||
Credit card | 39,756 | 12.21 | 1,207 | 38,182 | 12.88 | 1,212 | ||||||||||||||
Automobile | 48,258 | 4.96 | 596 | 44,833 | 5.19 | 574 | ||||||||||||||
Other revolving credit and installment | 34,057 | 6.32 | 534 | 35,349 | 7.14 | 623 | ||||||||||||||
Total consumer loans | 444,532 | 4.83 | 5,357 | 437,369 | 5.26 | 5,711 | ||||||||||||||
Total loans (3) | 965,046 | 4.20 | 10,087 | 950,010 | 4.84 | 11,382 | ||||||||||||||
Equity securities | 37,532 | 2.22 | 208 | 33,080 | 2.56 | 211 | ||||||||||||||
Other | 7,431 | 0.77 | 14 | 4,416 | 1.63 | 18 | ||||||||||||||
Total earning assets | $ | 1,780,444 | 3.35 | % | $ | 14,868 | 1,730,622 | 4.00 | % | $ | 17,166 | |||||||||
Funding sources | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Interest-bearing checking | $ | 63,086 | 0.86 | % | $ | 135 | 56,253 | 1.42 | % | $ | 197 | |||||||||
Market rate and other savings | 762,138 | 0.52 | 978 | 688,568 | 0.50 | 847 | ||||||||||||||
Savings certificates | 30,099 | 1.47 | 110 | 25,231 | 1.26 | 78 | ||||||||||||||
Other time deposits | 81,978 | 1.74 | 356 | 97,830 | 2.67 | 645 | ||||||||||||||
Deposits in non-U.S. offices | 53,335 | 1.23 | 163 | 55,443 | 1.89 | 259 | ||||||||||||||
Total interest-bearing deposits | 990,636 | 0.71 | 1,742 | 923,325 | 0.89 | 2,026 | ||||||||||||||
Short-term borrowings | 102,977 | 1.14 | 292 | 108,651 | 2.23 | 597 | ||||||||||||||
Long-term debt | 229,002 | 2.17 | 1,240 | 233,172 | 3.32 | 1,927 | ||||||||||||||
Other liabilities | 30,199 | 1.90 | 142 | 25,292 | 2.28 | 143 | ||||||||||||||
Total interest-bearing liabilities | 1,352,814 | 1.01 | 3,416 | 1,290,440 | 1.47 | 4,693 | ||||||||||||||
Portion of noninterest-bearing funding sources | 427,630 | — | — | 440,182 | — | — | ||||||||||||||
Total funding sources | $ | 1,780,444 | 0.77 | 3,416 | 1,730,622 | 1.09 | 4,693 | |||||||||||||
Net interest margin and net interest income on a taxable-equivalent basis (4) | 2.58 | % | $ | 11,452 | 2.91 | % | $ | 12,473 | ||||||||||||
Noninterest-earning assets | ||||||||||||||||||||
Cash and due from banks | $ | 20,571 | 19,614 | |||||||||||||||||
Goodwill | 26,387 | 26,420 | ||||||||||||||||||
Other | 123,257 | 106,435 | ||||||||||||||||||
Total noninterest-earning assets | $ | 170,215 | 152,469 | |||||||||||||||||
Noninterest-bearing funding sources | ||||||||||||||||||||
Deposits | $ | 347,327 | 338,737 | |||||||||||||||||
Other liabilities | 62,348 | 55,565 | ||||||||||||||||||
Total equity | 188,170 | 198,349 | ||||||||||||||||||
Noninterest-bearing funding sources used to fund earning assets | (427,630 | ) | (440,182 | ) | ||||||||||||||||
Net noninterest-bearing funding sources | $ | 170,215 | 152,469 | |||||||||||||||||
Total assets | $ | 1,950,659 | 1,883,091 | |||||||||||||||||
Average prime rate | 4.41 | % | 5.50 | % | ||||||||||||||||
Average three-month London Interbank Offered Rate (LIBOR) | 1.53 | 2.69 |
Nine months ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
(in millions) | Average balance | Yields/ rates | Interest income/ expense | Average balance | Yields/ rates | Interest income/ expense | |||||||||||||||||||||||||||||
Earning assets | |||||||||||||||||||||||||||||||||||
Interest-earning deposits with banks | $ | 174,425 | 0.37 | % | $ | 490 | 138,591 | 2.27 | % | $ | 2,352 | ||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | 88,095 | 0.58 | 385 | 95,945 | 2.36 | 1,692 | |||||||||||||||||||||||||||||
Debt securities (2): | |||||||||||||||||||||||||||||||||||
Trading debt securities | 95,018 | 2.78 | 1,981 | 90,229 | 3.46 | 2,338 | |||||||||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 9,448 | 1.06 | 75 | 15,178 | 2.17 | 246 | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 35,656 | 2.90 | 775 | 45,787 | 3.95 | 1,355 | |||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | 144,425 | 2.37 | 2,564 | 151,806 | 2.95 | 3,359 | |||||||||||||||||||||||||||||
Residential and commercial | 4,376 | 2.25 | 74 | 5,571 | 4.12 | 172 | |||||||||||||||||||||||||||||
Total mortgage-backed securities | 148,801 | 2.36 | 2,638 | 157,377 | 2.99 | 3,531 | |||||||||||||||||||||||||||||
Other debt securities | 40,220 | 2.67 | 805 | 44,746 | 4.33 | 1,451 | |||||||||||||||||||||||||||||
Total available-for-sale debt securities | 234,125 | 2.45 | 4,293 | 263,088 | 3.34 | 6,583 | |||||||||||||||||||||||||||||
Held-to-maturity debt securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 47,701 | 2.16 | 770 | 44,762 | 2.19 | 734 | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 13,950 | 3.83 | 401 | 7,277 | 4.03 | 220 | |||||||||||||||||||||||||||||
Federal agency and other mortgage-backed securities | 105,393 | 2.19 | 1,728 | 95,646 | 2.64 | 1,894 | |||||||||||||||||||||||||||||
Other debt securities | 17 | 2.64 | — | 56 | 3.81 | 1 | |||||||||||||||||||||||||||||
Total held-to-maturity debt securities | 167,061 | 2.31 | 2,899 | 147,741 | 2.57 | 2,849 | |||||||||||||||||||||||||||||
Total debt securities | 496,204 | 2.47 | 9,173 | 501,058 | 3.13 | 11,770 | |||||||||||||||||||||||||||||
Mortgage loans held for sale (3) | 25,264 | 3.48 | 659 | 18,401 | 4.20 | 579 | |||||||||||||||||||||||||||||
Loans held for sale (3) | 1,577 | 2.19 | 26 | 1,823 | 4.72 | 64 | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Commercial and industrial – U.S. | 289,799 | 2.88 | 6,257 | 285,305 | 4.39 | 9,360 | |||||||||||||||||||||||||||||
Commercial and industrial – Non U.S. | 68,965 | 2.61 | 1,345 | 63,252 | 3.82 | 1,808 | |||||||||||||||||||||||||||||
Real estate mortgage | 122,903 | 3.25 | 2,987 | 121,703 | 4.51 | 4,101 | |||||||||||||||||||||||||||||
Real estate construction | 21,288 | 3.66 | 583 | 21,557 | 5.31 | 856 | |||||||||||||||||||||||||||||
Lease financing | 18,152 | 4.07 | 554 | 19,262 | 4.56 | 659 | |||||||||||||||||||||||||||||
Total commercial loans | 521,107 | 3.01 | 11,726 | 511,079 | 4.39 | 16,784 | |||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | 288,355 | 3.43 | 7,421 | 286,600 | 3.86 | 8,296 | |||||||||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 27,535 | 4.52 | 932 | 32,610 | 5.72 | 1,397 | |||||||||||||||||||||||||||||
Credit card | 37,415 | 11.58 | 3,243 | 38,517 | 12.69 | 3,656 | |||||||||||||||||||||||||||||
Automobile | 48,473 | 4.95 | 1,797 | 45,438 | 5.18 | 1,762 | |||||||||||||||||||||||||||||
Other revolving credit and installment | 33,033 | 5.68 | 1,405 | 34,832 | 7.07 | 1,841 | |||||||||||||||||||||||||||||
Total consumer loans | 434,811 | 4.54 | 14,798 | 437,997 | 5.17 | 16,952 | |||||||||||||||||||||||||||||
Total loans (3) | 955,918 | 3.70 | 26,524 | 949,076 | 4.75 | 33,736 | |||||||||||||||||||||||||||||
Equity securities | 30,027 | 1.89 | 425 | 35,139 | 2.65 | 697 | |||||||||||||||||||||||||||||
Other | 7,373 | 0.24 | 14 | 5,275 | 1.73 | 68 | |||||||||||||||||||||||||||||
Total earning assets | $ | 1,778,883 | 2.83 | % | $ | 37,696 | 1,745,308 | 3.90 | % | $ | 50,958 | ||||||||||||||||||||||||
Funding sources | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing checking | $ | 55,407 | 0.37 | % | $ | 152 | 57,715 | 1.42 | % | $ | 615 | ||||||||||||||||||||||||
Market rate and other savings | 788,732 | 0.24 | 1,446 | 696,943 | 0.58 | 3,038 | |||||||||||||||||||||||||||||
Savings certificates | 27,310 | 1.16 | 237 | 29,562 | 1.56 | 344 | |||||||||||||||||||||||||||||
Other time deposits | 62,881 | 1.23 | 580 | 95,490 | 2.57 | 1,836 | |||||||||||||||||||||||||||||
Deposits in non-U.S. offices | 41,642 | 0.73 | 226 | 52,995 | 1.84 | 730 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 975,972 | 0.36 | 2,641 | 932,705 | 0.94 | 6,563 | |||||||||||||||||||||||||||||
Short-term borrowings | 74,538 | 0.47 | 263 | 115,131 | 2.18 | 1,878 | |||||||||||||||||||||||||||||
Long-term debt | 228,067 | 2.06 | 3,515 | 233,186 | 3.21 | 5,607 | |||||||||||||||||||||||||||||
Other liabilities | 29,270 | 1.59 | 350 | 25,263 | 2.17 | 410 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,307,847 | 0.69 | 6,769 | 1,306,285 | 1.48 | 14,458 | |||||||||||||||||||||||||||||
Portion of noninterest-bearing funding sources | 471,036 | — | — | 439,023 | — | — | |||||||||||||||||||||||||||||
Total funding sources | $ | 1,778,883 | 0.51 | 6,769 | 1,745,308 | 1.11 | 14,458 | ||||||||||||||||||||||||||||
Net interest margin and net interest income on a taxable-equivalent basis (4) | 2.32 | % | $ | 30,927 | 2.79 | % | $ | 36,500 | |||||||||||||||||||||||||||
Noninterest-earning assets | |||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 21,266 | 19,428 | ||||||||||||||||||||||||||||||||
Goodwill | 26,386 | 26,416 | |||||||||||||||||||||||||||||||||
Other | 122,550 | 112,721 | |||||||||||||||||||||||||||||||||
Total noninterest-earning assets | $ | 170,202 | 158,565 | ||||||||||||||||||||||||||||||||
Noninterest-bearing funding sources | |||||||||||||||||||||||||||||||||||
Deposits | $ | 398,666 | 341,541 | ||||||||||||||||||||||||||||||||
Other liabilities | 57,537 | 56,664 | |||||||||||||||||||||||||||||||||
Total equity | 185,035 | 199,383 | |||||||||||||||||||||||||||||||||
Noninterest-bearing funding sources used to fund earning assets | (471,036) | (439,023) | |||||||||||||||||||||||||||||||||
Net noninterest-bearing funding sources | $ | 170,202 | 158,565 | ||||||||||||||||||||||||||||||||
Total assets | $ | 1,949,085 | 1,903,873 | ||||||||||||||||||||||||||||||||
Average prime rate | 3.63 | % | 5.43 | % | |||||||||||||||||||||||||||||||
Average three-month London Interbank Offered Rate (LIBOR) | 0.79 | 2.46 |
Quarter ended Sep 30, | Nine months ended Sep 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | % Change | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Deposit-related fees (1) | $ | 1,299 | 1,480 | (181) | (12) | % | $ | 3,888 | 4,289 | (401) | (9) | % | |||||||||||||||||||||||||||||||||||
Trust and investment fees: | |||||||||||||||||||||||||||||||||||||||||||||||
Brokerage advisory, commissions and other fees | 2,336 | 2,346 | (10) | — | 6,935 | 6,857 | 78 | 1 | |||||||||||||||||||||||||||||||||||||||
Trust and investment management | 737 | 729 | 8 | 1 | 2,125 | 2,310 | (185) | (8) | |||||||||||||||||||||||||||||||||||||||
Investment banking | 441 | 484 | (43) | (9) | 1,379 | 1,333 | 46 | 3 | |||||||||||||||||||||||||||||||||||||||
Total trust and investment fees | 3,514 | 3,559 | (45) | (1) | 10,439 | 10,500 | (61) | (1) | |||||||||||||||||||||||||||||||||||||||
Card fees | 912 | 1,027 | (115) | (11) | 2,601 | 2,996 | (395) | (13) | |||||||||||||||||||||||||||||||||||||||
Lending-related fees (1) | 352 | 374 | (22) | (6) | 1,025 | 1,116 | (91) | (8) | |||||||||||||||||||||||||||||||||||||||
Mortgage banking: | |||||||||||||||||||||||||||||||||||||||||||||||
Servicing income, net | 341 | (142) | 483 | NM | (77) | 499 | (576) | NM | |||||||||||||||||||||||||||||||||||||||
Net gains on mortgage loan origination/sales activities | 1,249 | 608 | 641 | 105 | 2,363 | 1,433 | 930 | 65 | |||||||||||||||||||||||||||||||||||||||
Total mortgage banking | 1,590 | 466 | 1,124 | 241 | 2,286 | 1,932 | 354 | 18 | |||||||||||||||||||||||||||||||||||||||
Net gains from trading activities | 361 | 276 | 85 | 31 | 1,232 | 862 | 370 | 43 | |||||||||||||||||||||||||||||||||||||||
Net gains on debt securities | 264 | 3 | 261 | NM | 713 | 148 | 565 | 382 | |||||||||||||||||||||||||||||||||||||||
Net gains (losses) from equity securities | 649 | 956 | (307) | (32) | (219) | 2,392 | (2,611) | NM | |||||||||||||||||||||||||||||||||||||||
Lease income | 333 | 402 | (69) | (17) | 1,021 | 1,270 | (249) | (20) | |||||||||||||||||||||||||||||||||||||||
Life insurance investment income | 156 | 173 | (17) | (10) | 480 | 499 | (19) | (4) | |||||||||||||||||||||||||||||||||||||||
Other (1) | 64 | 1,669 | (1,605) | (96) | 389 | 3,168 | (2,779) | (88) | |||||||||||||||||||||||||||||||||||||||
Total | $ | 9,494 | 10,385 | (891) | (9) | $ | 23,855 | 29,172 | (5,317) | (18) |
Quarter ended Mar 31, | % | ||||||||
(in millions) | 2020 | 2019 | Change | ||||||
Service charges on deposit accounts | $ | 1,209 | 1,094 | 11 | % | ||||
Trust and investment fees: | |||||||||
Brokerage advisory, commissions and other fees | 2,482 | 2,193 | 13 | ||||||
Trust and investment management | 701 | 786 | (11 | ) | |||||
Investment banking | 391 | 394 | (1 | ) | |||||
Total trust and investment fees | 3,574 | 3,373 | 6 | ||||||
Card fees | 892 | 944 | (6 | ) | |||||
Other fees: | |||||||||
Lending related charges and fees | 328 | 347 | (5 | ) | |||||
Cash network fees | 106 | 109 | (3 | ) | |||||
Commercial real estate brokerage commissions | 1 | 81 | (99 | ) | |||||
Wire transfer and other remittance fees | 110 | 113 | (3 | ) | |||||
All other fees | 87 | 120 | (28 | ) | |||||
Total other fees | 632 | 770 | (18 | ) | |||||
Mortgage banking: | |||||||||
Servicing income, net | 271 | 364 | (26 | ) | |||||
Net gains on mortgage loan origination/sales activities | 108 | 344 | (69 | ) | |||||
Total mortgage banking | 379 | 708 | (46 | ) | |||||
Insurance | 95 | 96 | (1 | ) | |||||
Net gains from trading activities | 64 | 357 | (82 | ) | |||||
Net gains on debt securities | 237 | 125 | 90 | ||||||
Net gains (losses) from equity securities | (1,401 | ) | 814 | NM | |||||
Lease income | 352 | 443 | (21 | ) | |||||
Life insurance investment income | 161 | 159 | 1 | ||||||
All other | 211 | 415 | (49 | ) | |||||
Total | $ | 6,405 | 9,298 | (31 | ) |
Quarter ended Sep 30, | Nine months ended Sep 30, | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Net gains on mortgage loan origination/sales activities (in millions): | ||||||||||||||||||||
Residential | (A) | $ | 1,039 | 461 | $ | 2,265 | 1,015 | |||||||||||||
Commercial | 45 | 106 | 151 | 236 | ||||||||||||||||
Residential pipeline and unsold/repurchased loan management (1) | 165 | 41 | (53) | 182 | ||||||||||||||||
Total | $ | 1,249 | 608 | $ | 2,363 | 1,433 | ||||||||||||||
Residential real estate originations (in billions): | ||||||||||||||||||||
Held for sale | (B) | $ | 48 | 38 | $ | 124 | 93 | |||||||||||||
Held for investment | 14 | 20 | 45 | 51 | ||||||||||||||||
Total | $ | 62 | 58 | $ | 169 | 144 | ||||||||||||||
Production margin on residential held for sale mortgage loan originations | (A)/(B) | 2.16 | % | 1.21 | 1.83 | % | 1.09 |
Quarter ended Mar 31, | ||||||
(in millions) | 2020 | 2019 | ||||
MSR valuation losses | $ | (3,257 | ) | (891 | ) | |
Net derivative gains from economic hedges of residential MSRs | 3,400 | 962 | ||||
Net MSR valuation gain | $ | 143 | 71 |
Quarter ended March 31, | ||||||
2020 | 2019 | |||||
Net gains on mortgage loan origination/sales activities (in millions): | ||||||
Residential | (A) | $ | 360 | 232 | ||
Commercial | 23 | 47 | ||||
Residential pipeline and unsold/repurchased loan management (1) | (275 | ) | 65 | |||
Total | $ | 108 | 344 | |||
Residential real estate originations (in billions): | ||||||
Held-for-sale | (B) | $ | 33 | 22 | ||
Held-for-investment | 15 | 11 | ||||
Total | $ | 48 | 33 | |||
Production margin on residential held-for-sale mortgage loan originations | (A)/(B) | 1.08 | % | 1.05 | % |
Quarter ended Sep 30, | Nine months ended Sep 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | % Change | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Personnel | $ | 8,624 | 8,604 | 20 | — | % | $ | 25,863 | 26,309 | (446) | (2) | % | |||||||||||||||||||||||||||||||||||
Technology, telecommunications and equipment (1) | 791 | 821 | (30) | (4) | 2,261 | 2,340 | (79) | (3) | |||||||||||||||||||||||||||||||||||||||
Occupancy (2) | 851 | 760 | 91 | 12 | 2,437 | 2,196 | 241 | 11 | |||||||||||||||||||||||||||||||||||||||
Operating losses | 1,219 | 1,920 | (701) | (37) | 2,902 | 2,405 | 497 | 21 | |||||||||||||||||||||||||||||||||||||||
Professional and outside services (1) | 1,760 | 1,737 | 23 | 1 | 5,042 | 4,956 | 86 | 2 | |||||||||||||||||||||||||||||||||||||||
Leases (3) | 291 | 272 | 19 | 7 | 795 | 869 | (74) | (9) | |||||||||||||||||||||||||||||||||||||||
Advertising and promotion | 144 | 266 | (122) | (46) | 462 | 832 | (370) | (44) | |||||||||||||||||||||||||||||||||||||||
Restructuring charges | 718 | — | 718 | NM | 718 | — | 718 | NM | |||||||||||||||||||||||||||||||||||||||
Other (1) | 831 | 819 | 12 | 1 | 2,348 | 2,657 | (309) | (12) | |||||||||||||||||||||||||||||||||||||||
Total | $ | 15,229 | 15,199 | 30 | — | $ | 42,828 | 42,564 | 264 | 1 |
Quarter ended Mar 31, | % | ||||||||
(in millions) | 2020 | 2019 | Change | ||||||
Salaries | $ | 4,721 | 4,425 | 7 | % | ||||
Commission and incentive compensation | 2,463 | 2,845 | (13 | ) | |||||
Employee benefits | 1,130 | 1,938 | (42 | ) | |||||
Technology and equipment | 661 | 661 | — | ||||||
Net occupancy (1) | 715 | 717 | — | ||||||
Core deposit and other intangibles | 23 | 28 | (18 | ) | |||||
FDIC and other deposit assessments | 118 | 159 | (26 | ) | |||||
Operating losses | 464 | 238 | 95 | ||||||
Outside professional services | 727 | 678 | 7 | ||||||
Contract services | 630 | 563 | 12 | ||||||
Leases (2) | 260 | 286 | (9 | ) | |||||
Advertising and promotion | 181 | 237 | (24 | ) | |||||
Outside data processing | 165 | 167 | (1 | ) | |||||
Travel and entertainment | 93 | 147 | (37 | ) | |||||
Postage, stationery and supplies | 129 | 122 | 6 | ||||||
Telecommunications | 92 | 91 | 1 | ||||||
Foreclosed assets | 29 | 37 | (22 | ) | |||||
Insurance | 25 | 25 | — | ||||||
All other | 422 | 552 | (24 | ) | |||||
Total | $ | 13,048 | 13,916 | (6 | ) |
Quarter ended Sep 30, | Nine months ended Sep 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net interest income | $ | — | 13 | $ | 15 | 44 | |||||||||||||||||
Net gains (losses) from equity securities | 1 | (4) | (274) | 428 | |||||||||||||||||||
Total revenue (losses) from deferred compensation plan investments | 1 | 9 | (259) | 472 | |||||||||||||||||||
Change in deferred compensation plan liabilities | 220 | 5 | 112 | 476 | |||||||||||||||||||
Net derivative (gains) losses from economic hedges of deferred compensation | (215) | — | (356) | — | |||||||||||||||||||
Personnel expense | 5 | 5 | (244) | 476 | |||||||||||||||||||
Income (loss) before income tax expense | $ | (4) | 4 | $ | (15) | (4) |
Quarter ended Mar 31, | ||||||
(in millions) | 2020 | 2019 | ||||
Net interest income | $ | 12 | 13 | |||
Net gains (losses) from equity securities | (621 | ) | 345 | |||
Total revenue (losses) from deferred compensation plan investments | (609 | ) | 358 | |||
Employee benefits expense (1) | (598 | ) | 357 | |||
Income (loss) before income tax expense | $ | (11 | ) | 1 |
(income/expense in millions, | Community Banking | Wholesale Banking | Wealth and Investment Management | Other (1) | Consolidated Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
balance sheet data in billions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 10,722 | 11,239 | 5,594 | 6,942 | 3,794 | 5,141 | (1,248) | (1,312) | 18,862 | 22,010 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (reversal of provision) for credit losses | 556 | 608 | 219 | 92 | (9) | 3 | 3 | (8) | 769 | 695 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 336 | 999 | 1,488 | 2,644 | 463 | 1,280 | (252) | (313) | 2,035 | 4,610 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Average loans | $ | 457.6 | 459.0 | 455.1 | 474.3 | 79.8 | 75.9 | (60.8) | (59.4) | 931.7 | 949.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average deposits | 881.7 | 789.7 | 418.8 | 422.0 | 175.3 | 142.4 | (76.8) | (62.7) | 1,399.0 | 1,291.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 16.7 | 16.7 | 8.4 | 8.4 | 1.3 | 1.3 | — | — | 26.4 | 26.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 28,984 | 34,794 | 17,974 | 21,118 | 11,169 | 13,270 | (3,712) | (3,979) | 54,415 | 65,203 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (reversal of provision) for credit losses | 5,652 | 1,797 | 8,535 | 254 | 256 | 6 | (135) | (14) | 14,308 | 2,043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 160 | 6,969 | (344) | 8,203 | 1,106 | 2,459 | (613) | (955) | 309 | 16,676 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Average loans | $ | 456.5 | 458.3 | 481.2 | 474.9 | 79.0 | 75.1 | (60.8) | (59.2) | 955.9 | 949.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average deposits | 843.0 | 777.7 | 438.8 | 414.1 | 166.2 | 146.3 | (73.4) | (63.9) | 1,374.6 | 1,274.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 16.7 | 16.7 | 8.4 | 8.4 | 1.3 | 1.3 | — | — | 26.4 | 26.4 |
(income/expense in millions, | Community Banking | Wholesale Banking | Wealth and Investment Management | Other (1) | Consolidated Company | ||||||||||||||||||||||||||
balance sheet data in billions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||
Quarter ended Mar 31, | |||||||||||||||||||||||||||||||
Revenue | $ | 9,496 | 11,750 | 5,817 | 7,111 | 3,715 | 4,079 | (1,311 | ) | (1,331 | ) | 17,717 | 21,609 | ||||||||||||||||||
Provision (reversal of provision) for credit losses | 1,718 | 710 | 2,288 | 134 | 8 | 4 | (9 | ) | (3 | ) | 4,005 | 845 | |||||||||||||||||||
Net income (loss) | 155 | 2,823 | 311 | 2,770 | 463 | 577 | (276 | ) | (310 | ) | 653 | 5,860 | |||||||||||||||||||
Average loans | $ | 462.6 | 458.2 | 484.5 | 476.4 | 78.5 | 74.4 | (60.6 | ) | (59.0 | ) | 965.0 | 950.0 | ||||||||||||||||||
Average deposits | 798.6 | 765.6 | 456.6 | 409.8 | 151.4 | 153.2 | (68.6 | ) | (66.5 | ) | 1,338.0 | 1,262.1 | |||||||||||||||||||
Goodwill | 16.7 | 16.7 | 8.4 | 8.4 | 1.3 | 1.3 | — | — | 26.4 | 26.4 |
Quarter ended Mar 31, | |||||||||
(in millions, except average balances which are in billions) | 2020 | 2019 | % Change | ||||||
Net interest income | $ | 6,787 | 7,248 | (6 | )% | ||||
Noninterest income: | |||||||||
Service charges on deposit accounts | 700 | 610 | 15 | ||||||
Trust and investment fees: | |||||||||
Brokerage advisory, commissions and other fees (1) | 518 | 449 | 15 | ||||||
Trust and investment management (1) | 194 | 210 | (8 | ) | |||||
Investment banking (2) | (99 | ) | (20 | ) | NM | ||||
Total trust and investment fees | 613 | 639 | (4 | ) | |||||
Card fees | 809 | 858 | (6 | ) | |||||
Other fees | 285 | 332 | (14 | ) | |||||
Mortgage banking | 340 | 641 | (47 | ) | |||||
Insurance | 11 | 11 | — | ||||||
Net gains from trading activities | 29 | 5 | 480 | ||||||
Net gains on debt securities | 194 | 37 | 424 | ||||||
Net gains (losses) from equity securities (3) | (1,028 | ) | 601 | NM | |||||
Other income of the segment | 756 | 768 | (2 | ) | |||||
Total noninterest income | 2,709 | 4,502 | (40 | ) | |||||
Total revenue | 9,496 | 11,750 | (19 | ) | |||||
Provision for credit losses | 1,718 | 710 | 142 | ||||||
Noninterest expense: | |||||||||
Personnel expense | 5,455 | 5,981 | (9 | ) | |||||
Technology and equipment | 645 | 641 | 1 | ||||||
Net occupancy | 529 | 542 | (2 | ) | |||||
Core deposit and other intangibles | 1 | 1 | — | ||||||
FDIC and other deposit assessments | 68 | 106 | (36 | ) | |||||
Outside professional services | 442 | 316 | 40 | ||||||
Operating losses | 454 | 219 | 107 | ||||||
Other expense of the segment | (478 | ) | (117 | ) | NM | ||||
Total noninterest expense | 7,116 | 7,689 | (7 | ) | |||||
Income before income tax expense and noncontrolling interests | 662 | 3,351 | (80 | ) | |||||
Income tax expense | 644 | 424 | 52 | ||||||
Less: Net income (loss) from noncontrolling interests (4) | (137 | ) | 104 | NM | |||||
Net income | $ | 155 | 2,823 | (95 | ) | ||||
Average loans | $ | 462.6 | 458.2 | 1 | |||||
Average deposits | 798.6 | 765.6 | 4 |
Quarter ended Sep 30, | Nine months ended Sep 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except average balances which are in billions) | 2020 | 2019 | $ Change | % Change | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 5,587 | 6,769 | (1,182) | (17) | % | $ | 18,073 | 21,083 | (3,010) | (14) | % | |||||||||||||||||||||||||||||||||||
Noninterest income (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Deposit-related fees | 723 | 952 | (229) | (24) | 2,207 | 2,675 | (468) | (17) | |||||||||||||||||||||||||||||||||||||||
Trust and investment fees: | |||||||||||||||||||||||||||||||||||||||||||||||
Brokerage advisory, commissions and other fees (2) | 489 | 504 | (15) | (3) | 1,440 | 1,433 | 7 | — | |||||||||||||||||||||||||||||||||||||||
Trust and investment management (2) | 188 | 203 | (15) | (7) | 556 | 612 | (56) | (9) | |||||||||||||||||||||||||||||||||||||||
Investment banking (3) | — | (26) | 26 | 100 | (166) | (64) | (102) | NM | |||||||||||||||||||||||||||||||||||||||
Total trust and investment fees | 677 | 681 | (4) | (1) | 1,830 | 1,981 | (151) | (8) | |||||||||||||||||||||||||||||||||||||||
Card fees | 856 | 936 | (80) | (9) | 2,397 | 2,723 | (326) | (12) | |||||||||||||||||||||||||||||||||||||||
Lending-related fees | 42 | 60 | (18) | (30) | 128 | 191 | (63) | (33) | |||||||||||||||||||||||||||||||||||||||
Mortgage banking | 1,542 | 339 | 1,203 | 355 | 2,135 | 1,635 | 500 | 31 | |||||||||||||||||||||||||||||||||||||||
Net gains (losses) from trading activities | (11) | 19 | (30) | NM | 24 | 13 | 11 | 85 | |||||||||||||||||||||||||||||||||||||||
Net gains (losses) on debt securities | 240 | (1) | 241 | NM | 557 | 51 | 506 | 992 | |||||||||||||||||||||||||||||||||||||||
Net gains (losses) from equity securities (4) | 587 | 822 | (235) | (29) | (53) | 1,894 | (1,947) | NM | |||||||||||||||||||||||||||||||||||||||
Other | 479 | 662 | (183) | (28) | 1,686 | 2,548 | (862) | (34) | |||||||||||||||||||||||||||||||||||||||
Total noninterest income | 5,135 | 4,470 | 665 | 15 | 10,911 | 13,711 | (2,800) | (20) | |||||||||||||||||||||||||||||||||||||||
Total revenue | 10,722 | 11,239 | (517) | (5) | 28,984 | 34,794 | (5,810) | (17) | |||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 556 | 608 | (52) | (9) | 5,652 | 1,797 | 3,855 | 215 | |||||||||||||||||||||||||||||||||||||||
Noninterest expense (5) | |||||||||||||||||||||||||||||||||||||||||||||||
Personnel | 5,688 | 5,533 | 155 | 3 | 17,146 | 16,941 | 205 | 1 | |||||||||||||||||||||||||||||||||||||||
Technology, telecommunications and equipment | 775 | 691 | 84 | 12 | 2,305 | 2,150 | 155 | 7 | |||||||||||||||||||||||||||||||||||||||
Occupancy | 649 | 584 | 65 | 11 | 1,863 | 1,668 | 195 | 12 | |||||||||||||||||||||||||||||||||||||||
Operating losses | 1,209 | 1,806 | (597) | (33) | 2,700 | 2,222 | 478 | 22 | |||||||||||||||||||||||||||||||||||||||
Professional and outside services | 1,284 | 1,212 | 72 | 6 | 3,590 | 3,445 | 145 | 4 | |||||||||||||||||||||||||||||||||||||||
Advertising and promotion | 139 | 252 | (113) | (45) | 442 | 791 | (349) | (44) | |||||||||||||||||||||||||||||||||||||||
Restructuring charges | 718 | — | 718 | NM | 718 | — | 718 | NM | |||||||||||||||||||||||||||||||||||||||
Other | (1,515) | (1,312) | (203) | (15) | (4,355) | (3,550) | (805) | (23) | |||||||||||||||||||||||||||||||||||||||
Total noninterest expense | 8,947 | 8,766 | 181 | 2 | 24,409 | 23,667 | 742 | 3 | |||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense (benefit) and noncontrolling interests | 1,219 | 1,865 | (646) | (35) | (1,077) | 9,330 | (10,407) | NM | |||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 703 | 667 | 36 | 5 | (1,319) | 1,929 | (3,248) | NM | |||||||||||||||||||||||||||||||||||||||
Less: Net income from noncontrolling interests (6) | 180 | 199 | (19) | (10) | 82 | 432 | (350) | (81) | |||||||||||||||||||||||||||||||||||||||
Net income | $ | 336 | 999 | (663) | (66) | $ | 160 | 6,969 | (6,809) | (98) | |||||||||||||||||||||||||||||||||||||
Average loans | $ | 457.6 | 459.0 | (1.4) | — | $ | 456.5 | 458.3 | (1.8) | — | |||||||||||||||||||||||||||||||||||||
Average deposits | 881.7 | 789.7 | 92.0 | 12 | 843.0 | 777.7 | 65.3 | 8 |
(1)In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation. (2)Represents income on products and services for WIM customers served through |
Quarter ended Mar 31, | Quarter ended Sep 30, | Nine months ended Sep 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except average balances which are in billions) | 2020 | 2019 | % Change | (in millions, except average balances which are in billions) | 2020 | 2019 | $ Change | % Change | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 4,136 | 4,534 | (9 | )% | Net interest income | $ | 3,481 | 4,382 | (901) | (21) | % | $ | 11,508 | 13,451 | (1,943) | (14) | % | ||||||||||||||||||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 508 | 483 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income (1) | Noninterest income (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit-related fees | Deposit-related fees | 574 | 527 | 47 | 9 | 1,676 | 1,610 | 66 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||
Trust and investment fees: | Trust and investment fees: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokerage advisory, commissions and other fees | 90 | 78 | 15 | Brokerage advisory, commissions and other fees | 70 | 62 | 8 | 13 | 239 | 214 | 25 | 12 | ||||||||||||||||||||||||||||||||||||||||||||
Trust and investment management | 131 | 114 | 15 | Trust and investment management | 140 | 121 | 19 | 16 | 401 | 352 | 49 | 14 | ||||||||||||||||||||||||||||||||||||||||||||
Investment banking | 490 | 412 | 19 | Investment banking | 440 | 510 | (70) | (14) | 1,544 | 1,397 | 147 | 11 | ||||||||||||||||||||||||||||||||||||||||||||
Total trust and investment fees | 711 | 604 | 18 | Total trust and investment fees | 650 | 693 | (43) | (6) | 2,184 | 1,963 | 221 | 11 | ||||||||||||||||||||||||||||||||||||||||||||
Card fees | 83 | 86 | (3 | ) | Card fees | 55 | 90 | (35) | (39) | 203 | 271 | (68) | (25) | |||||||||||||||||||||||||||||||||||||||||||
Other fees | 346 | 437 | (21 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Lending-related fees | Lending-related fees | 310 | 314 | (4) | (1) | 897 | 925 | (28) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking | 40 | 68 | (41 | ) | Mortgage banking | 49 | 128 | (79) | (62) | 154 | 300 | (146) | (49) | |||||||||||||||||||||||||||||||||||||||||||
Insurance | 75 | 78 | (4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains from trading activities | 41 | 333 | (88 | ) | Net gains from trading activities | 363 | 247 | 116 | 47 | 1,198 | 806 | 392 | 49 | |||||||||||||||||||||||||||||||||||||||||||
Net gains on debt securities | 43 | 88 | (51 | ) | Net gains on debt securities | 24 | 4 | 20 | 500 | 156 | 97 | 59 | 61 | |||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) from equity securities | (95 | ) | 77 | NM | Net gains (losses) from equity securities | 59 | 135 | (76) | (56) | (52) | 328 | (380) | NM | |||||||||||||||||||||||||||||||||||||||||||
Other income of the segment | (71 | ) | 323 | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 29 | 422 | (393) | (93) | 50 | 1,367 | (1,317) | (96) | |||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | 1,681 | 2,577 | (35 | ) | Total noninterest income | 2,113 | 2,560 | (447) | (17) | 6,466 | 7,667 | (1,201) | (16) | |||||||||||||||||||||||||||||||||||||||||||
Total revenue | 5,817 | 7,111 | (18 | ) | Total revenue | 5,594 | 6,942 | (1,348) | (19) | 17,974 | 21,118 | (3,144) | (15) | |||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 2,288 | 134 | NM | Provision for credit losses | 219 | 92 | 127 | 138 | 8,535 | 254 | 8,281 | NM | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personnel expense | 1,383 | 1,510 | (8 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology and equipment | 9 | 9 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net occupancy | 104 | 95 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Core deposit and other intangibles | 19 | 24 | (21 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC and other deposit assessments | 44 | 45 | (2 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Outside professional services | 101 | 184 | (45 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense (2) | Noninterest expense (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personnel | Personnel | 1,414 | 1,455 | (41) | (3) | 4,109 | 4,382 | (273) | (6) | |||||||||||||||||||||||||||||||||||||||||||||||
Technology, telecommunications and equipment | Technology, telecommunications and equipment | 10 | 16 | (6) | (38) | 34 | 48 | (14) | (29) | |||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 116 | 95 | 21 | 22 | 326 | 286 | 40 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating losses | 4 | 1 | 300 | Operating losses | 9 | 16 | (7) | (44) | 186 | 27 | 159 | 589 | ||||||||||||||||||||||||||||||||||||||||||||
Other expense of the segment | 2,099 | 1,970 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional and outside services | Professional and outside services | 222 | 263 | (41) | (16) | 651 | 760 | (109) | (14) | |||||||||||||||||||||||||||||||||||||||||||||||
Advertising and promotion | Advertising and promotion | 2 | 8 | (6) | (75) | 8 | 23 | (15) | (65) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 2,240 | 2,036 | 204 | 10 | 6,425 | 6,083 | 342 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | 3,763 | 3,838 | (2 | ) | Total noninterest expense | 4,013 | 3,889 | 124 | 3 | 11,739 | 11,609 | 130 | 1 | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense (benefit) and noncontrolling interests | (234 | ) | 3,139 | NM | Income (loss) before income tax expense (benefit) and noncontrolling interests | 1,362 | 2,961 | (1,599) | (54) | (2,300) | 9,255 | (11,555) | NM | |||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) (1) | (546 | ) | 369 | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) (3) | Income tax expense (benefit) (3) | (127) | 315 | (442) | NM | (1,959) | 1,049 | (3,008) | NM | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income from noncontrolling interests | 1 | — | NM | Less: Net income from noncontrolling interests | 1 | 2 | (1) | (50) | 3 | 3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 311 | 2,770 | (89 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 1,488 | 2,644 | (1,156) | (44) | $ | (344) | 8,203 | (8,547) | NM | |||||||||||||||||||||||||||||||||||||||||||||
Average loans | $ | 484.5 | 476.4 | 2 | Average loans | $ | 455.1 | 474.3 | (19.2) | (4) | $ | 481.2 | 474.9 | 6.3 | 1 | |||||||||||||||||||||||||||||||||||||||||
Average deposits | 456.6 | 409.8 | 11 | Average deposits | 418.8 | 422.0 | (3.2) | (1) | 438.8 | 414.1 | 24.7 | 6 |
(1)In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation. (2)In third quarter 2020, expenses for outside professional services, contract services, and outside data processing were combined into a single line item for professional and outside services expense; expenses for technology and equipment and telecommunications were combined into a single line item for technology, telecommunications and equipment expense; and certain other expenses were reclassified to other noninterest expense. Prior period balances have been revised to conform with the current period presentation. (3)Income tax expense for our |
Quarter ended Mar 31, | Quarter ended Sep 30, | Nine months ended Sep 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except average balances which are in billions) | 2020 | 2019 | % Change | (in millions, except average balances which are in billions) | 2020 | 2019 | $ Change | % Change | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 867 | 1,101 | (21 | )% | Net interest income | $ | 771 | 989 | (218) | (22) | % | $ | 2,374 | 3,127 | (753) | (24) | % | ||||||||||||||||||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 5 | 4 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income (1) | Noninterest income (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit-related fees | Deposit-related fees | 7 | 6 | 1 | 17 | 20 | 18 | 2 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||
Trust and investment fees: | Trust and investment fees: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokerage advisory, commissions and other fees | 2,397 | 2,124 | 13 | Brokerage advisory, commissions and other fees | 2,265 | 2,272 | (7) | — | 6,701 | 6,644 | 57 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Trust and investment management | 582 | 676 | (14 | ) | Trust and investment management | 610 | 615 | (5) | (1) | 1,760 | 1,978 | (218) | (11) | |||||||||||||||||||||||||||||||||||||||||||
Investment banking | 1 | 5 | (80 | ) | Investment banking | 4 | — | 4 | NM | 6 | 4 | 2 | 50 | |||||||||||||||||||||||||||||||||||||||||||
Total trust and investment fees | 2,980 | 2,805 | 6 | Total trust and investment fees | 2,879 | 2,887 | (8) | — | 8,467 | 8,626 | (159) | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Card fees | 1 | 1 | — | Card fees | 1 | 2 | (1) | (50) | 3 | 5 | (2) | (40) | ||||||||||||||||||||||||||||||||||||||||||||
Other fees | 4 | 4 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lending-related fees | Lending-related fees | 2 | 2 | — | — | 6 | 6 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking | (3 | ) | (3 | ) | — | Mortgage banking | (3) | (3) | — | — | (9) | (9) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Insurance | 19 | 17 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) from trading activities | (7 | ) | 19 | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains on debt securities | — | — | NM | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains from trading activities | Net gains from trading activities | 9 | 10 | (1) | (10) | 8 | 42 | (34) | (81) | |||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) from equity securities | (278 | ) | 136 | NM | Net gains (losses) from equity securities | 3 | (1) | 4 | 400 | (114) | 170 | (284) | NM | |||||||||||||||||||||||||||||||||||||||||||
Other income of the segment | 127 | (5 | ) | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 125 | 1,249 | (1,124) | (90) | 414 | 1,285 | (871) | (68) | |||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | 2,848 | 2,978 | (4 | ) | Total noninterest income | 3,023 | 4,152 | (1,129) | (27) | 8,795 | 10,143 | (1,348) | (13) | |||||||||||||||||||||||||||||||||||||||||||
Total revenue | 3,715 | 4,079 | (9 | ) | Total revenue | 3,794 | 5,141 | (1,347) | (26) | 11,169 | 13,270 | (2,101) | (16) | |||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 8 | 4 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personnel expense | 1,950 | 2,197 | (11 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology and equipment | 7 | 11 | (36 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net occupancy | 113 | 112 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Core deposit and other intangibles | 3 | 3 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC and other deposit assessments | 12 | 14 | (14 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Outside professional services | 191 | 184 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (reversal of provision) for credit losses | Provision (reversal of provision) for credit losses | (9) | 3 | (12) | NM | 256 | 6 | 250 | NM | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense (2) | Noninterest expense (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personnel | Personnel | 1,937 | 2,060 | (123) | (6) | 5,911 | 6,369 | (458) | (7) | |||||||||||||||||||||||||||||||||||||||||||||||
Technology, telecommunications and equipment | Technology, telecommunications and equipment | 6 | 115 | (109) | (95) | (77) | 145 | (222) | NM | |||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 123 | 113 | 10 | 9 | 347 | 337 | 10 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating losses | 9 | 21 | (57 | ) | Operating losses | 3 | 101 | (98) | (97) | 27 | 165 | (138) | (84) | |||||||||||||||||||||||||||||||||||||||||||
Other expense of the segment | 818 | 761 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional and outside services | Professional and outside services | 262 | 271 | (9) | (3) | 825 | 775 | 50 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||
Advertising and promotion | Advertising and promotion | 3 | 7 | (4) | (57) | 13 | 21 | (8) | (38) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 850 | 764 | 86 | 11 | 2,394 | 2,168 | 226 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | 3,103 | 3,303 | (6 | ) | Total noninterest expense | 3,184 | 3,431 | (247) | (7) | 9,440 | 9,980 | (540) | (5) | |||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense and noncontrolling interests | 604 | 772 | (22 | ) | Income before income tax expense and noncontrolling interests | 619 | 1,707 | (1,088) | (64) | 1,473 | 3,284 | (1,811) | (55) | |||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 153 | 192 | (20 | ) | Income tax expense | 153 | 426 | (273) | (64) | 369 | 819 | (450) | (55) | |||||||||||||||||||||||||||||||||||||||||||
Less: Net income (loss) from noncontrolling interests | (12 | ) | 3 | NM | Less: Net income (loss) from noncontrolling interests | 3 | 1 | 2 | 200 | (2) | 6 | (8) | NM | |||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 463 | 577 | (20 | ) | Net income | $ | 463 | 1,280 | (817) | (64) | $ | 1,106 | 2,459 | (1,353) | (55) | ||||||||||||||||||||||||||||||||||||||||
Average loans | $ | 78.5 | 74.4 | 6 | Average loans | $ | 79.8 | 75.9 | 3.9 | 5 | $ | 79.0 | 75.1 | 3.9 | 5 | |||||||||||||||||||||||||||||||||||||||||
Average deposits | 151.4 | 153.2 | (1 | ) | Average deposits | 175.3 | 142.4 | 32.9 | 23 | 166.2 | 146.3 | 19.9 | 14 |
September 30, | |||||||||||
($ in billions) | 2020 | 2019 | |||||||||
Retail brokerage client assets | $ | 1,625.8 | 1,629.4 | ||||||||
Advisory account client assets | 601.7 | 569.4 | |||||||||
Advisory account client assets as a percentage of total client assets | 37 | % | 35 |
March 31, | ||||||
($ in billions) | 2020 | 2019 | ||||
Retail brokerage client assets | $ | 1,397.9 | 1,600.6 | |||
Advisory account client assets | 498.8 | 546.7 | ||||
Advisory account client assets as a percentage of total client assets | 36 | % | 34 |
Quarter ended | Nine months ended | ||||||||||||||||||||||||||||||||||
(in billions) | Balance, beginning of period | Inflows (1) | Outflows (2) | Market impact (3) | Balance, end of period | Balance, beginning of period | Inflows (1) | Outflows (2) | Market impact (3) | Balance, end of period | |||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||
Client directed (4) | $ | 162.2 | 8.8 | (10.2) | 9.5 | 170.3 | $ | 169.4 | 26.2 | (27.6) | 2.3 | 170.3 | |||||||||||||||||||||||
Financial advisor directed (5) | 176.8 | 9.9 | (9.0) | 11.6 | 189.3 | 176.3 | 29.0 | (24.2) | 8.2 | 189.3 | |||||||||||||||||||||||||
Separate accounts (6) | 151.5 | 5.9 | (6.0) | 8.0 | 159.4 | 160.1 | 17.7 | (20.3) | 1.9 | 159.4 | |||||||||||||||||||||||||
Mutual fund advisory (7) | 78.9 | 2.9 | (3.3) | 4.2 | 82.7 | 83.7 | 8.3 | (10.5) | 1.2 | 82.7 | |||||||||||||||||||||||||
Total advisory client assets | $ | 569.4 | 27.5 | (28.5) | 33.3 | 601.7 | $ | 589.5 | 81.2 | (82.6) | 13.6 | 601.7 | |||||||||||||||||||||||
September 30, 2019 | |||||||||||||||||||||||||||||||||||
Client directed (4) | $ | 166.2 | 8.3 | (8.3) | 0.7 | 166.9 | $ | 151.5 | 24.8 | (27.3) | 17.9 | 166.9 | |||||||||||||||||||||||
Financial advisor directed (5) | 163.2 | 8.8 | (7.0) | 3.1 | 168.1 | 141.9 | 24.9 | (23.4) | 24.7 | 168.1 | |||||||||||||||||||||||||
Separate accounts (6) | 151.9 | 6.2 | (6.4) | 2.3 | 154.0 | 136.4 | 18.0 | (21.3) | 20.9 | 154.0 | |||||||||||||||||||||||||
Mutual fund advisory (7) | 80.0 | 2.9 | (3.0) | 0.5 | 80.4 | 71.3 | 8.6 | (9.7) | 10.2 | 80.4 | |||||||||||||||||||||||||
Total advisory client assets | $ | 561.3 | 26.2 | (24.7) | 6.6 | 569.4 | $ | 501.1 | 76.3 | (81.7) | 73.7 | 569.4 |
Quarter ended | |||||||||||
(in billions) | Balance, beginning of period | Inflows (1) | Outflows (2) | Market impact (3) | Balance, end of period | ||||||
March 31, 2020 | |||||||||||
Client directed (4) | $ | 169.4 | 10.1 | (9.6 | ) | (27.2 | ) | 142.7 | |||
Financial advisor directed (5) | 176.3 | 10.7 | (8.6 | ) | (26.0 | ) | 152.4 | ||||
Separate accounts (6) | 160.1 | 6.8 | (8.5 | ) | (24.2 | ) | 134.2 | ||||
Mutual fund advisory (7) | 83.7 | 3.2 | (4.5 | ) | (12.9 | ) | 69.5 | ||||
Total advisory client assets | $ | 589.5 | 30.8 | (31.2 | ) | (90.3 | ) | 498.8 | |||
March 31, 2019 | |||||||||||
Client directed (4) | $ | 151.5 | 7.9 | (9.3 | ) | 13.5 | 163.6 | ||||
Financial advisor directed (5) | 141.9 | 7.5 | (7.7 | ) | 15.2 | 156.9 | |||||
Separate accounts (6) | 136.4 | 5.6 | (6.9 | ) | 13.2 | 148.3 | |||||
Mutual fund advisory (7) | 71.3 | 2.8 | (3.2 | ) | 7.0 | 77.9 | |||||
Total advisory client assets | $ | 501.1 | 23.8 | (27.1 | ) | 48.9 | 546.7 |
(2)Outflows include closed advisory account assets, withdrawals, and client management fees. |
Quarter ended | Nine months ended | ||||||||||||||||||||||||||||||||||
(in billions) | Balance, beginning of period | Inflows (1) | Outflows (2) | Market impact (3) | Balance, end of period | Balance, beginning of period | Inflows (1) | Outflows (2) | Market impact (3) | Balance, end of period | |||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||
Assets managed by WFAM (4): | |||||||||||||||||||||||||||||||||||
Money market funds (5) | $ | 201.9 | 19.2 | — | — | 221.1 | $ | 130.6 | 90.5 | — | — | 221.1 | |||||||||||||||||||||||
Other assets managed | 376.4 | 23.2 | (24.1) | 10.3 | 385.8 | 378.2 | 76.3 | (79.2) | 10.5 | 385.8 | |||||||||||||||||||||||||
Assets managed by Wealth and IRT (6) | 176.5 | 7.2 | (10.6) | 7.6 | 180.7 | 187.4 | 23.5 | (31.8) | 1.6 | 180.7 | |||||||||||||||||||||||||
Total assets under management | $ | 754.8 | 49.6 | (34.7) | 17.9 | 787.6 | $ | 696.2 | 190.3 | (111.0) | 12.1 | 787.6 | |||||||||||||||||||||||
September 30, 2019 | |||||||||||||||||||||||||||||||||||
Assets managed by WFAM (4): | |||||||||||||||||||||||||||||||||||
Money market funds (5) | $ | 119.8 | 9.6 | — | — | 129.4 | $ | 112.4 | 17.0 | — | — | 129.4 | |||||||||||||||||||||||
Other assets managed | 375.3 | 16.4 | (20.7) | 3.0 | 374.0 | 353.5 | 57.9 | (65.6) | 28.2 | 374.0 | |||||||||||||||||||||||||
Assets managed by Wealth and IRT (6) | 181.9 | 7.9 | (9.1) | 1.1 | 181.8 | 170.7 | 25.3 | (30.7) | 16.5 | 181.8 | |||||||||||||||||||||||||
Total assets under management | $ | 677.0 | 33.9 | (29.8) | 4.1 | 685.2 | $ | 636.6 | 100.2 | (96.3) | 44.7 | 685.2 |
Quarter ended | |||||||||||
(in billions) | Balance, beginning of period | Inflows (1) | Outflows (2) | Market impact (3) | Balance, end of period | ||||||
March 31, 2020 | |||||||||||
Assets managed by WFAM (4): | |||||||||||
Money market funds (5) | $ | 130.6 | 35.6 | — | — | 166.2 | |||||
Other assets managed | 378.2 | 26.2 | (28.6 | ) | (24.2 | ) | 351.6 | ||||
Assets managed by Wealth and IRT (6) | 187.4 | 7.8 | (10.6 | ) | (21.8 | ) | 162.8 | ||||
Total assets under management | $ | 696.2 | 69.6 | (39.2 | ) | (46.0 | ) | 680.6 | |||
March 31, 2019 | |||||||||||
Assets managed by WFAM (4): | |||||||||||
Money market funds (5) | $ | 112.4 | — | (2.9 | ) | — | 109.5 | ||||
Other assets managed | 353.5 | 19.3 | (21.9 | ) | 16.1 | 367.0 | |||||
Assets managed by Wealth and IRT (6) | 170.7 | 9.2 | (10.4 | ) | 11.9 | 181.4 | |||||
Total assets under management | $ | 636.6 | 28.5 | (35.2 | ) | 28.0 | 657.9 |
Balance Sheet Analysis |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Amortized cost, net (1) | Net unrealized gain (loss) | Fair value | Weighted average expected maturity (yrs) | Amortized cost | Net unrealized gain (loss) | Fair value | Weighted average expected maturity (yrs) | |||||||||||||||||||||||||||||||||||||||
Available-for-sale (2) | 216,311 | 4,262 | 220,573 | 4.5 | 260,060 | 3,399 | 263,459 | 4.7 | |||||||||||||||||||||||||||||||||||||||
Held-to-maturity (3) | 182,595 | 6,839 | 189,434 | 4.5 | 153,933 | 2,927 | 156,860 | 4.9 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 398,906 | 11,101 | 410,007 | n/a | 413,993 | 6,326 | 420,319 | n/a | ||||||||||||||||||||||||||||||||||||||
March 31, 2020 | December 31, 2019 | |||||||||||||||||
(in millions) | Amortized cost, net (1) | Net unrealized gain (loss) | Fair value | Amortized cost | Net unrealized gain (loss) | Fair value | ||||||||||||
Available-for-sale (2) | 248,187 | 3,042 | 251,229 | 260,060 | 3,399 | 263,459 | ||||||||||||
Held-to-maturity (3) | 169,909 | 7,653 | 177,562 | 153,933 | 2,927 | 156,860 | ||||||||||||
Total | $ | 418,096 | 10,695 | 428,791 | 413,993 | 6,326 | 420,319 |
(in billions) | Fair value | Net unrealized gain (loss) | Expected remaining maturity (in years) | |||||
At March 31, 2020 | ||||||||
Actual | $ | 164.6 | 5.5 | 3.5 | ||||
Assuming a 200 basis point: | ||||||||
Increase in interest rates | 150.2 | (8.9 | ) | 5.6 | ||||
Decrease in interest rates | 168.2 | 9.1 | 3.2 |
(in millions) | September 30, 2020 | December 31, 2019 | |||||||||
Commercial | $ | 482,289 | 515,719 | ||||||||
Consumer | 437,793 | 446,546 | |||||||||
Total loans | $ | 920,082 | 962,265 | ||||||||
Change from prior year-end | $ | (42,183) | 9,155 |
(in millions) | March 31, 2020 | December 31, 2019 | ||||
Commercial | $ | 567,735 | 515,719 | |||
Consumer | 442,108 | 446,546 | ||||
Total loans | $ | 1,009,843 | 962,265 | |||
Change from prior year-end | $ | 47,578 | 9,155 |
($ in millions) | Sep 30, 2020 | % of total deposits | Dec 31, 2019 | % of total deposits | % Change | ||||||||||||||||||||||||
Noninterest-bearing | $ | 447,011 | 32 | % | $ | 344,496 | 26 | % | 30 | ||||||||||||||||||||
Interest-bearing checking | 48,660 | 4 | 62,814 | 5 | (23) | ||||||||||||||||||||||||
Market rate and other savings | 790,117 | 57 | 751,080 | 57 | 5 | ||||||||||||||||||||||||
Savings certificates | 23,187 | 2 | 31,715 | 2 | (27) | ||||||||||||||||||||||||
Other time deposits | 41,843 | 3 | 78,609 | 6 | (47) | ||||||||||||||||||||||||
Deposits in non-U.S. offices (1) | 32,397 | 2 | 53,912 | 4 | (40) | ||||||||||||||||||||||||
Total deposits | $ | 1,383,215 | 100 | % | $ | 1,322,626 | 100 | % | 5 |
($ in millions) | Mar 31, 2020 | % of total deposits | Dec 31, 2019 | % of total deposits | % Change | |||||||||||
Noninterest-bearing | $ | 379,678 | 28 | % | $ | 344,496 | 26 | % | 10 | |||||||
Interest-bearing checking | 71,668 | 5 | 62,814 | 5 | 14 | |||||||||||
Market rate and other savings | 781,051 | 57 | 751,080 | 57 | 4 | |||||||||||
Savings certificates | 28,431 | 2 | 31,715 | 2 | (10 | ) | ||||||||||
Other time deposits | 72,928 | 5 | 78,609 | 6 | (7 | ) | ||||||||||
Deposits in non-U.S. offices (1) | 42,776 | 3 | 53,912 | 4 | (21 | ) | ||||||||||
Total deposits | $ | 1,376,532 | 100 | % | $ | 1,322,626 | 100 | % | 4 |
March 31, 2020 | December 31, 2019 | |||||||||||
($ in billions) | Total balance | Level 3 (1) | Total balance | Level 3 (1) | ||||||||
Assets carried at fair value | $ | 411.5 | 23.3 | 428.6 | 24.3 | |||||||
As a percentage of total assets | 21 | % | 1 | 22 | 1 | |||||||
Liabilities carried at fair value | $ | 33.2 | 1.3 | 26.5 | 1.8 | |||||||
As a percentage of total liabilities | 2 | % | * | 2 | * |
Off-Balance Sheet Arrangements |
Risk Management |
(in millions) | Sep 30, 2020 | Dec 31, 2019 | |||||||||
Commercial: | |||||||||||
Commercial and industrial | $ | 320,913 | 354,125 | ||||||||
Real estate mortgage | 121,910 | 121,824 | |||||||||
Real estate construction | 22,519 | 19,939 | |||||||||
Lease financing | 16,947 | 19,831 | |||||||||
Total commercial | 482,289 | 515,719 | |||||||||
Consumer: | |||||||||||
Real estate 1-4 family first mortgage | 294,990 | 293,847 | |||||||||
Real estate 1-4 family junior lien mortgage | 25,162 | 29,509 | |||||||||
Credit card | 36,021 | 41,013 | |||||||||
Automobile | 48,450 | 47,873 | |||||||||
Other revolving credit and installment | 33,170 | 34,304 | |||||||||
Total consumer | 437,793 | 446,546 | |||||||||
Total loans | $ | 920,082 | 962,265 |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | ||||
Commercial: | ||||||
Commercial and industrial | $ | 405,020 | 354,125 | |||
Real estate mortgage | 122,767 | 121,824 | ||||
Real estate construction | 20,812 | 19,939 | ||||
Lease financing | 19,136 | 19,831 | ||||
Total commercial | 567,735 | 515,719 | ||||
Consumer: | ||||||
Real estate 1-4 family first mortgage | 292,920 | 293,847 | ||||
Real estate 1-4 family junior lien mortgage | 28,527 | 29,509 | ||||
Credit card | 38,582 | 41,013 | ||||
Automobile | 48,568 | 47,873 | ||||
Other revolving credit and installment | 33,511 | 34,304 | ||||
Total consumer | 442,108 | 446,546 | ||||
Total loans | $ | 1,009,843 | 962,265 |
($ in millions) | Unpaid principal balance of modified loans still in deferral period at Sep 30, 2020 (1) | % of loan class (2) | General program description | ||||||||||||||
Commercial: | |||||||||||||||||
Commercial and industrial | $ | 1,102 | * | Initial deferral of scheduled principal and/or interest up to 90 days, extensions available on a case-by-case basis, generally in increments of 90 days. | |||||||||||||
Real estate mortgage and construction | 2,504 | 2 | Initial deferral of scheduled principal and/or interest up to 90 days, extensions available on a case-by-case basis, generally in increments of 90 days. | ||||||||||||||
Lease financing | 111 | 1 | Initial deferral of lease payments up to 90 days, with available extensions up to 90 days. | ||||||||||||||
Total commercial | $ | 3,717 | 1 | % | |||||||||||||
($ in millions) | Unpaid principal balance of modified loans still in deferral period at Jun 30, 2020 | % of loan class (1) | Unpaid principal balance of modified loans still in deferral period at Sep 30, 2020 | % of loan class (2) | % current after exit from deferral period (3) | General program description | ||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | $ | 25,194 | 9 | % | $ | 16,994 | 6 | % | 96 | Initial deferral up to 90 days of scheduled principal and interest, with available extensions up to a total of 12 months. | ||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 2,812 | 10 | 1,848 | 7 | 94 | Initial deferral up to 90 days of scheduled principal and interest, with available extensions up to a total of 12 months. | ||||||||||||||||||||||||||
Credit card | 2,616 | 7 | 783 | 2 | 92 | Initial 90 day deferral of minimum payment and waiver of interest and fees until June 2020, then initial or subsequent 60 day deferral of minimum payment and waiver of certain fees. Deferrals limited to an initial period and one subsequent deferral. | ||||||||||||||||||||||||||
Automobile | 4,880 | 10 | 2,796 | 6 | 96 | Initial 90 day deferral of scheduled principal and interest, with available extensions of 90 days. | ||||||||||||||||||||||||||
Other revolving credit and installment | 1,673 | 5 | 1,057 | 3 | 95 | Revolving lines: Initial 90 day deferral of minimum payment and waiver of interest and fees, with available extensions of 60 days. Installment loans: Initial 90 day deferral of scheduled principal and interest, with available extensions of 90 days. | ||||||||||||||||||||||||||
Subtotal | $ | 37,175 | 9 | $ | 23,478 | 5 | ||||||||||||||||||||||||||
Real estate 1-4 family first mortgage (government insured/guaranteed) (4) | 7,059 | 3 | 19,111 | 6 | ||||||||||||||||||||||||||||
Total consumer | $ | 44,234 | 10 | % | $ | 42,589 | 10 | % | ||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | Nonaccrual loans | Loans outstanding | % of total loans | Total commitments (1) | Nonaccrual loans | Loans outstanding | % of total loans | Total commitments (1) | |||||||||||||||||||||||||||||||||||||||
Financials except banks | $ | 204 | 108,597 | 12 | % | $ | 193,838 | $ | 112 | 117,312 | 12 | % | $ | 200,848 | |||||||||||||||||||||||||||||||||
Equipment, machinery and parts manufacturing | 95 | 19,586 | 2 | 40,649 | 36 | 23,457 | 2 | 42,040 | |||||||||||||||||||||||||||||||||||||||
Technology, telecom and media | 100 | 24,517 | 3 | 56,417 | 28 | 22,447 | 2 | 53,343 | |||||||||||||||||||||||||||||||||||||||
Real estate and construction | 287 | 24,959 | 3 | 52,995 | 47 | 22,011 | 2 | 48,217 | |||||||||||||||||||||||||||||||||||||||
Banks | — | 12,975 | 1 | 13,982 | — | 20,070 | 2 | 20,728 | |||||||||||||||||||||||||||||||||||||||
Retail | 149 | 19,243 | 2 | 42,250 | 105 | 19,923 | 2 | 41,938 | |||||||||||||||||||||||||||||||||||||||
Materials and commodities | 48 | 13,188 | 1 | 35,885 | 33 | 16,375 | 2 | 39,369 | |||||||||||||||||||||||||||||||||||||||
Automobile related | 24 | 12,031 | 1 | 25,240 | 24 | 15,996 | 2 | 26,310 | |||||||||||||||||||||||||||||||||||||||
Food and beverage manufacturing | 30 | 12,051 | 1 | 28,597 | 9 | 14,991 | 2 | 29,172 | |||||||||||||||||||||||||||||||||||||||
Health care and pharmaceuticals | 163 | 16,074 | 2 | 32,304 | 28 | 14,920 | 2 | 30,168 | |||||||||||||||||||||||||||||||||||||||
Oil, gas and pipelines | 1,188 | 11,138 | 1 | 31,344 | 615 | 13,562 | 1 | 35,445 | |||||||||||||||||||||||||||||||||||||||
Entertainment and recreation | 85 | 9,643 | 1 | 16,849 | 44 | 13,462 | 1 | 19,854 | |||||||||||||||||||||||||||||||||||||||
Transportation services | 390 | 10,216 | 1 | 16,642 | 224 | 10,957 | 1 | 17,660 | |||||||||||||||||||||||||||||||||||||||
Commercial services | 145 | 10,618 | 1 | 24,467 | 50 | 10,455 | 1 | 22,713 | |||||||||||||||||||||||||||||||||||||||
Agribusiness | 40 | 6,829 | * | 12,419 | 35 | 7,539 | * | 12,901 | |||||||||||||||||||||||||||||||||||||||
Utilities | 9 | 5,922 | * | 19,315 | 224 | 5,995 | * | 19,390 | |||||||||||||||||||||||||||||||||||||||
Insurance and fiduciaries | 2 | 3,463 | * | 14,814 | 1 | 5,525 | * | 15,596 | |||||||||||||||||||||||||||||||||||||||
Government and education | 10 | 5,413 | * | 11,691 | 6 | 5,363 | * | 12,267 | |||||||||||||||||||||||||||||||||||||||
Other (2) | 52 | 11,397 | 2 | 27,989 | 19 | 13,596 | * | 32,988 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 3,021 | 337,860 | 37 | % | $ | 697,687 | $ | 1,640 | 373,956 | 39 | % | $ | 720,947 |
March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||
($ in millions) | Nonaccrual loans | Loans outstanding | % of total loans | Total commitments (1) | Nonaccrual loans | Loans outstanding | % of total loans | Total commitments (1) | |||||||||||||||||
Financials except banks | $ | 95 | 126,270 | 13 | % | 204,143 | $ | 112 | 117,312 | 12 | % | 200,848 | |||||||||||||
Equipment, machinery and parts manufacturing | 58 | 25,054 | 2 | 44,641 | 36 | 23,457 | 2 | 42,040 | |||||||||||||||||
Technology, telecom and media | 57 | 26,896 | 3 | 56,462 | 28 | 22,447 | 2 | 53,343 | |||||||||||||||||
Real estate and construction | 49 | 27,222 | 3 | 48,977 | 47 | 22,011 | 2 | 48,217 | |||||||||||||||||
Banks | — | 20,282 | 2 | 20,948 | — | 20,070 | 2 | 20,728 | |||||||||||||||||
Retail (2) | 204 | 27,844 | 3 | 43,801 | 105 | 19,923 | 2 | 41,938 | |||||||||||||||||
Materials and commodities | 57 | 19,118 | 2 | 39,385 | 33 | 16,375 | 2 | 39,369 | |||||||||||||||||
Automobile related | 24 | 17,436 | 2 | 26,032 | 24 | 15,996 | 2 | 26,310 | |||||||||||||||||
Food and beverage manufacturing | 12 | 16,908 | 2 | 31,004 | 9 | 14,991 | 2 | 29,172 | |||||||||||||||||
Health care and pharmaceuticals | 81 | 18,785 | 2 | 32,230 | 28 | 14,920 | 2 | 30,168 | |||||||||||||||||
Oil, gas and pipelines | 549 | 14,287 | 1 | 34,443 | 615 | 13,562 | 1 | 35,445 | |||||||||||||||||
Entertainment and recreation (3) | 65 | 16,163 | 2 | 20,532 | 44 | 13,462 | 1 | 19,854 | |||||||||||||||||
Transportation services (4) | 336 | 11,901 | 1 | 17,853 | 224 | 10,957 | 1 | 17,660 | |||||||||||||||||
Commercial services | 120 | 12,684 | 1 | 22,989 | 50 | 10,455 | 1 | 22,713 | |||||||||||||||||
Agribusiness | 37 | 6,994 | * | 12,137 | 35 | 7,539 | * | 12,901 | |||||||||||||||||
Utilities | 147 | 8,598 | * | 21,545 | 224 | 5,995 | * | 19,390 | |||||||||||||||||
Insurance and fiduciaries | 1 | 7,292 | * | 16,481 | 1 | 5,525 | * | 15,596 | |||||||||||||||||
Government and education | 7 | 5,548 | * | 11,918 | 6 | 5,363 | * | 12,267 | |||||||||||||||||
Other (5) | 11 | 14,874 | 1 | 32,769 | 19 | 13,596 | * | 32,988 | |||||||||||||||||
Total | $ | 1,910 | 424,156 | 42 | % | 738,290 | $ | 1,640 | 373,956 | 39 | % | 720,947 |
(1)Total commitments consist of loans outstanding plus unfunded credit commitments, excluding issued letters of credit. (2)No other single industry had total loans in excess of $5.0 billion and $4.7 billion at September 30, 2020, and |
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage | Real estate construction | Total | % of total loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | Nonaccrual loans | Total portfolio | Nonaccrual loans | Total portfolio | Nonaccrual loans | Total portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||
By state: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
California | $ | 172 | 31,615 | 2 | 4,515 | 174 | 36,130 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
New York | 97 | 12,973 | 2 | 2,022 | 99 | 14,995 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Florida | 24 | 8,104 | 1 | 1,542 | 25 | 9,646 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | 325 | 7,855 | — | 1,221 | 325 | 9,076 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Washington | 13 | 3,935 | — | 837 | 13 | 4,772 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||
North Carolina | 14 | 3,666 | — | 743 | 14 | 4,409 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Georgia | 12 | 3,919 | — | 446 | 12 | 4,365 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Arizona | 35 | 3,672 | — | 334 | 35 | 4,006 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||
New Jersey | 51 | 3,049 | — | 915 | 51 | 3,964 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Colorado | 82 | 3,275 | — | 615 | 82 | 3,890 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (1) | 518 | 39,847 | 29 | 9,329 | 547 | 49,176 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,343 | 121,910 | 34 | 22,519 | 1,377 | 144,429 | 16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
By property: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office buildings | $ | 279 | 34,133 | 1 | 3,214 | 280 | 37,347 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Apartments | 30 | 19,162 | — | 8,273 | 30 | 27,435 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial/warehouse | 76 | 15,949 | 1 | 1,781 | 77 | 17,730 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail (excluding shopping center) | 170 | 13,886 | 2 | 167 | 172 | 14,053 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel/motel | 159 | 10,594 | — | 1,694 | 159 | 12,288 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shopping center | 408 | 10,703 | — | 1,029 | 408 | 11,732 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed use properties | 91 | 5,516 | — | 701 | 91 | 6,217 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional | 75 | 3,871 | 20 | 2,344 | 95 | 6,215 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral pool | — | 2,659 | — | 191 | — | 2,850 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Storage facilities | 1 | 1,577 | — | 226 | 1 | 1,803 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 54 | 3,860 | 10 | 2,899 | 64 | 6,759 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,343 | 121,910 | 34 | 22,519 | 1,377 | 144,429 | 16 | % |
March 31, 2020 | |||||||||||||||||||||||||||
Real estate mortgage | Real estate construction | Total | % of total loans | ||||||||||||||||||||||||
($ in millions) | Nonaccrual loans | Total portfolio | Nonaccrual loans | Total portfolio | Nonaccrual loans | Total portfolio | |||||||||||||||||||||
By state: | |||||||||||||||||||||||||||
California | $ | 172 | 31,837 | 1 | 4,446 | 173 | 36,283 | 4 | % | ||||||||||||||||||
New York | 21 | 12,676 | 2 | 1,861 | 23 | 14,537 | 1 | ||||||||||||||||||||
Florida | 22 | 8,200 | 1 | 1,487 | 23 | 9,687 | * | ||||||||||||||||||||
Texas | 304 | 7,848 | 5 | 1,393 | 309 | 9,241 | * | ||||||||||||||||||||
Washington | 11 | 3,979 | — | 768 | 11 | 4,747 | * | ||||||||||||||||||||
North Carolina | 14 | 3,868 | — | 617 | 14 | 4,485 | * | ||||||||||||||||||||
Georgia | 15 | 3,901 | — | 465 | 15 | 4,366 | * | ||||||||||||||||||||
Arizona | 40 | 4,034 | — | 269 | 40 | 4,303 | * | ||||||||||||||||||||
Colorado | 16 | 3,298 | — | 546 | 16 | 3,844 | * | ||||||||||||||||||||
New Jersey | 18 | 2,962 | — | 682 | 18 | 3,644 | * | ||||||||||||||||||||
Other | 311 | 40,164 | 12 | 8,278 | 323 | 48,442 | (1) | 5 | |||||||||||||||||||
Total | $ | 944 | 122,767 | 21 | 20,812 | 965 | 143,579 | 14 | % | ||||||||||||||||||
By property: | |||||||||||||||||||||||||||
Office buildings | $ | 140 | 34,547 | 5 | 2,945 | 145 | 37,492 | 4 | % | ||||||||||||||||||
Apartments | 12 | 18,642 | — | 7,103 | 12 | 25,745 | 3 | ||||||||||||||||||||
Industrial/warehouse | 76 | 15,929 | 1 | 1,471 | 77 | 17,400 | 2 | ||||||||||||||||||||
Retail (excluding shopping center) | 125 | 14,089 | 2 | 223 | 127 | 14,312 | 1 | ||||||||||||||||||||
Hotel/motel | 79 | 10,637 | — | 1,543 | 79 | 12,180 | 1 | ||||||||||||||||||||
Shopping Center | 279 | 10,707 | — | 1,361 | 279 | 12,068 | 1 | ||||||||||||||||||||
Mixed use properties | 95 | 6,087 | — | 545 | 95 | 6,632 | * | ||||||||||||||||||||
Institutional | 60 | 3,934 | 1 | 2,041 | 61 | 5,975 | * | ||||||||||||||||||||
Collateral pool | — | 2,514 | — | 200 | — | 2,714 | * | ||||||||||||||||||||
Agriculture | 70 | 2,144 | — | 9 | 70 | 2,153 | * | ||||||||||||||||||||
Other | 8 | 3,537 | 12 | 3,371 | 20 | 6,908 | * | ||||||||||||||||||||
Total | $ | 944 | 122,767 | 21 | 20,812 | 965 | 143,579 | 14 | % |
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lending and deposits | Securities | Derivatives and other | Total exposure | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Sovereign | Non- sovereign | Sovereign | Non- sovereign | Sovereign | Non- sovereign | Sovereign | Non- sovereign (1) | Total | ||||||||||||||||||||||||||||||||||||||||||||
Top 20 country exposures: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | $ | 12,150 | 23,010 | — | 1,075 | 3 | 1,868 | 12,153 | 25,953 | 38,106 | |||||||||||||||||||||||||||||||||||||||||||
Canada | 3 | 14,712 | — | (60) | — | 410 | 3 | 15,062 | 15,065 | ||||||||||||||||||||||||||||||||||||||||||||
Japan | 20 | 913 | 8,848 | 229 | — | 20 | 8,868 | 1,162 | 10,030 | ||||||||||||||||||||||||||||||||||||||||||||
Cayman Islands | — | 6,380 | — | — | — | 186 | — | 6,566 | 6,566 | ||||||||||||||||||||||||||||||||||||||||||||
Ireland (EU) | 1,375 | 4,802 | — | 81 | — | 84 | 1,375 | 4,967 | 6,342 | ||||||||||||||||||||||||||||||||||||||||||||
Luxembourg (EU) | — | 3,772 | — | 99 | — | 90 | — | 3,961 | 3,961 | ||||||||||||||||||||||||||||||||||||||||||||
Guernsey | — | 3,537 | — | 2 | — | 7 | — | 3,546 | 3,546 | ||||||||||||||||||||||||||||||||||||||||||||
Germany (EU) | — | 2,834 | — | 197 | 6 | 120 | 6 | 3,151 | 3,157 | ||||||||||||||||||||||||||||||||||||||||||||
Bermuda | — | 2,885 | — | 6 | — | 92 | — | 2,983 | 2,983 | ||||||||||||||||||||||||||||||||||||||||||||
China | — | 2,540 | (12) | 294 | 39 | 47 | 27 | 2,881 | 2,908 | ||||||||||||||||||||||||||||||||||||||||||||
Netherlands (EU) | — | 2,340 | — | 304 | 1 | 226 | 1 | 2,870 | 2,871 | ||||||||||||||||||||||||||||||||||||||||||||
South Korea | — | 2,229 | 2 | 60 | 1 | 12 | 3 | 2,301 | 2,304 | ||||||||||||||||||||||||||||||||||||||||||||
Switzerland | — | 1,843 | — | (84) | — | 118 | — | 1,877 | 1,877 | ||||||||||||||||||||||||||||||||||||||||||||
France (EU) | — | 1,761 | — | 23 | 52 | 2 | 52 | 1,786 | 1,838 | ||||||||||||||||||||||||||||||||||||||||||||
Brazil | — | 1,501 | — | 3 | 5 | 15 | 5 | 1,519 | 1,524 | ||||||||||||||||||||||||||||||||||||||||||||
Australia | — | 1,366 | — | 33 | — | 22 | — | 1,421 | 1,421 | ||||||||||||||||||||||||||||||||||||||||||||
India | — | 1,008 | — | 67 | — | — | — | 1,075 | 1,075 | ||||||||||||||||||||||||||||||||||||||||||||
Chile | — | 966 | — | 49 | — | 1 | — | 1,016 | 1,016 | ||||||||||||||||||||||||||||||||||||||||||||
United Arab Emirates | — | 1,004 | — | 1 | — | 4 | — | 1,009 | 1,009 | ||||||||||||||||||||||||||||||||||||||||||||
Singapore | — | 821 | — | 145 | — | 37 | — | 1,003 | 1,003 | ||||||||||||||||||||||||||||||||||||||||||||
Total top 20 country exposures | $ | 13,548 | 80,224 | 8,838 | 2,524 | 107 | 3,361 | 22,493 | 86,109 | 108,602 |
March 31, 2020 | |||||||||||||||||||||||||||
Lending | Securities | Derivatives and other | Total exposure | ||||||||||||||||||||||||
(in millions) | Sovereign | Non- sovereign | Sovereign | Non- sovereign | Sovereign | Non- sovereign | Sovereign | Non- sovereign (1) | Total | ||||||||||||||||||
Top 20 country exposures: | |||||||||||||||||||||||||||
United Kingdom | $ | 11,182 | 22,815 | — | 1,672 | 1 | 1,968 | 11,183 | 26,455 | 37,638 | |||||||||||||||||
Canada | 4 | 16,778 | 2 | 120 | — | 593 | 6 | 17,491 | 17,497 | ||||||||||||||||||
Cayman Islands | — | 8,952 | — | — | — | 328 | — | 9,280 | 9,280 | ||||||||||||||||||
Ireland | 976 | 4,857 | — | 122 | — | 68 | 976 | 5,047 | 6,023 | ||||||||||||||||||
China | — | 4,188 | (13 | ) | 444 | 37 | 35 | 24 | 4,667 | 4,691 | |||||||||||||||||
Bermuda | — | 4,308 | — | 125 | — | 51 | — | 4,484 | 4,484 | ||||||||||||||||||
Luxembourg | — | 3,925 | — | 126 | — | 103 | — | 4,154 | 4,154 | ||||||||||||||||||
Japan | 20 | 1,304 | 1,996 | 143 | — | 256 | 2,016 | 1,703 | 3,719 | ||||||||||||||||||
Guernsey | — | 3,494 | — | 3 | — | 35 | — | 3,532 | 3,532 | ||||||||||||||||||
Germany | — | 2,787 | 10 | 45 | 6 | 59 | 16 | 2,891 | 2,907 | ||||||||||||||||||
South Korea | — | 2,546 | 3 | 84 | — | 15 | 3 | 2,645 | 2,648 | ||||||||||||||||||
Netherlands | — | 1,794 | — | 171 | 14 | 241 | 14 | 2,206 | 2,220 | ||||||||||||||||||
France | — | 1,847 | — | 94 | 142 | 13 | 142 | 1,954 | 2,096 | ||||||||||||||||||
Brazil | — | 2,062 | 1 | 3 | 6 | 8 | 7 | 2,073 | 2,080 | ||||||||||||||||||
Chile | — | 1,910 | — | 1 | — | — | — | 1,911 | 1,911 | ||||||||||||||||||
India | — | 1,683 | — | 114 | — | 1 | — | 1,798 | 1,798 | ||||||||||||||||||
Switzerland | — | 1,608 | — | 38 | — | 90 | — | 1,736 | 1,736 | ||||||||||||||||||
Australia | — | 1,505 | — | 68 | — | 17 | — | 1,590 | 1,590 | ||||||||||||||||||
Singapore | — | 1,304 | — | 24 | — | 88 | — | 1,416 | 1,416 | ||||||||||||||||||
United Arab Emirates | — | 1,286 | — | 82 | — | 4 | — | 1,372 | 1,372 | ||||||||||||||||||
Total top 20 country exposures | $ | 12,182 | 90,953 | 1,999 | 3,479 | 206 | 3,973 | 14,387 | 98,405 | 112,792 | |||||||||||||||||
Eurozone exposure: | |||||||||||||||||||||||||||
Eurozone countries included in Top 20 above (2) | $ | 976 | 15,210 | 10 | 558 | 162 | 484 | 1,148 | 16,252 | 17,400 | |||||||||||||||||
Spain | — | 385 | — | 121 | — | 9 | — | 515 | 515 | ||||||||||||||||||
Belgium | — | 536 | — | (54 | ) | — | 4 | — | 486 | 486 | |||||||||||||||||
Austria | — | 234 | — | 1 | — | — | — | 235 | 235 | ||||||||||||||||||
Italy | — | 108 | — | 19 | — | 1 | — | 128 | 128 | ||||||||||||||||||
Other Eurozone exposure | — | 93 | — | 27 | — | — | — | 120 | 120 | ||||||||||||||||||
Total Eurozone exposure | $ | 976 | 16,566 | 10 | 672 | 162 | 498 | 1,148 | 17,736 | 18,884 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
($ in millions) | Balance | % of portfolio | Balance | % of portfolio | |||||||||||||||||||
Real estate 1-4 family first mortgage | $ | 294,990 | 92 | % | $ | 293,847 | 91 | % | |||||||||||||||
Real estate 1-4 family junior lien mortgage | 25,162 | 8 | 29,509 | 9 | |||||||||||||||||||
Total real estate 1-4 family mortgage loans | $ | 320,152 | 100 | % | $ | 323,356 | 100 | % |
March 31, 2020 | December 31, 2019 | ||||||||||||
(in millions) | Balance | % of portfolio | Balance | % of portfolio | |||||||||
Real estate 1-4 family first mortgage | $ | 292,920 | 91 | % | $ | 293,847 | 91 | % | |||||
Real estate 1-4 family junior lien mortgage | 28,527 | 9 | 29,509 | 9 | |||||||||
Total real estate 1-4 family mortgage loans | $ | 321,447 | 100 | % | $ | 323,356 | 100 | % |
September 30, 2020 | |||||||||||||||||||||||
($ in millions) | Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Total real estate 1-4 family mortgage | % of total loans | |||||||||||||||||||
Real estate 1-4 family mortgage loans: | |||||||||||||||||||||||
California | $ | 110,292 | 6,795 | 117,087 | 13 | % | |||||||||||||||||
New York | 31,652 | 1,347 | 32,999 | 4 | |||||||||||||||||||
New Jersey | 13,020 | 2,406 | 15,426 | 2 | |||||||||||||||||||
Florida | 11,063 | 2,254 | 13,317 | 1 | |||||||||||||||||||
Washington | 9,935 | 558 | 10,493 | 1 | |||||||||||||||||||
Virginia | 7,622 | 1,459 | 9,081 | 1 | |||||||||||||||||||
Texas | 8,275 | 508 | 8,783 | 1 | |||||||||||||||||||
North Carolina | 5,307 | 1,185 | 6,492 | 1 | |||||||||||||||||||
Colorado | 5,771 | 542 | 6,313 | 1 | |||||||||||||||||||
Other (1) | 59,116 | 8,108 | 67,224 | 7 | |||||||||||||||||||
Government insured/ guaranteed loans (2) | 32,937 | — | 32,937 | 3 | |||||||||||||||||||
Total | $ | 294,990 | 25,162 | 320,152 | 35 | % |
March 31, 2020 | ||||||||||||
(in millions) | Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Total real estate 1-4 family mortgage | % of total loans | ||||||||
Real estate 1-4 family loans: | ||||||||||||
California | $ | 118,484 | 7,814 | 126,298 | 13 | % | ||||||
New York | 31,801 | 1,469 | 33,270 | 3 | ||||||||
New Jersey | 14,074 | 2,667 | 16,741 | 2 | ||||||||
Florida | 11,675 | 2,523 | 14,198 | 1 | ||||||||
Washington | 10,869 | 644 | 11,513 | 1 | ||||||||
Virginia | 8,740 | 1,645 | 10,385 | 1 | ||||||||
Texas | 8,954 | 576 | 9,530 | 1 | ||||||||
North Carolina | 5,758 | 1,338 | 7,096 | 1 | ||||||||
Colorado | 6,357 | 644 | 7,001 | 1 | ||||||||
Other (1) | 65,369 | 9,207 | 74,576 | 7 | ||||||||
Government insured/ guaranteed loans (2) | 10,839 | — | 10,839 | 1 | ||||||||
Total | $ | 292,920 | 28,527 | 321,447 | 32 | % |
(2)Represents loans whose repayments are predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). |
Outstanding balance | % of loans 30 days or more past due | Loss (recovery) rate (annualized) quarter ended | |||||||||||||||||||||||||||||||||
($ in millions) | Sep 30, 2020 | Dec 31, 2019 | Sep 30, 2020 | Dec 31, 2019 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | ||||||||||||||||||||||||||
California | $ | 110,292 | 118,256 | 0.69 | % | 0.48 | (0.01) | (0.01) | (0.01) | (0.02) | (0.01) | ||||||||||||||||||||||||
New York | 31,652 | 31,336 | 0.97 | 0.83 | 0.02 | 0.02 | (0.01) | 0.02 | 0.01 | ||||||||||||||||||||||||||
New Jersey | 13,020 | 14,113 | 1.41 | 1.40 | (0.01) | 0.03 | — | 0.02 | 0.02 | ||||||||||||||||||||||||||
Florida | 11,063 | 11,804 | 2.07 | 1.81 | 0.03 | (0.01) | (0.03) | (0.06) | (0.07) | ||||||||||||||||||||||||||
Washington | 9,935 | 10,863 | 0.55 | 0.29 | 0.01 | (0.01) | (0.02) | (0.02) | — | ||||||||||||||||||||||||||
Other | 86,091 | 95,750 | 1.28 | 1.20 | (0.01) | 0.01 | 0.01 | (0.02) | — | ||||||||||||||||||||||||||
Total | 262,053 | 282,122 | 1.00 | 0.86 | — | — | — | (0.02) | (0.01) | ||||||||||||||||||||||||||
Government insured/guaranteed loans | 32,937 | 11,170 | |||||||||||||||||||||||||||||||||
PCI (1) | N/A | 555 | |||||||||||||||||||||||||||||||||
Total first lien mortgages | $ | 294,990 | 293,847 |
Outstanding balance | % of loans 30 days or more past due | Loss (recovery) rate (annualized) quarter ended | ||||||||||||||||||
(in millions) | Mar 31, 2020 | Dec 31, 2019 | Mar 31, 2020 | Dec 31, 2019 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||||||
California | $ | 118,484 | 118,256 | 0.66 | % | 0.48 | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.04 | ) | (0.03 | ) | ||||
New York | 31,801 | 31,336 | 1.11 | 0.83 | (0.01 | ) | 0.02 | 0.01 | — | 0.02 | ||||||||||
New Jersey | 14,074 | 14,113 | 1.65 | 1.40 | — | 0.02 | 0.02 | (0.06 | ) | 0.08 | ||||||||||
Florida | 11,675 | 11,804 | 2.36 | 1.81 | (0.03 | ) | (0.06 | ) | (0.07 | ) | (0.11 | ) | (0.10 | ) | ||||||
Washington | 10,869 | 10,863 | 0.40 | 0.29 | (0.02 | ) | (0.02 | ) | — | (0.03 | ) | (0.04 | ) | |||||||
Other | 95,178 | 95,750 | 1.36 | 1.20 | 0.01 | (0.02 | ) | — | (0.06 | ) | (0.02 | ) | ||||||||
Total | 282,081 | 282,122 | 1.05 | 0.86 | — | (0.02 | ) | (0.01 | ) | (0.04 | ) | (0.02 | ) | |||||||
Government insured/guaranteed loans | 10,839 | 11,170 | ||||||||||||||||||
PCI (1) | N/A | 555 | ||||||||||||||||||
Total first lien mortgages | $ | 292,920 | 293,847 |
Outstanding balance | % of loans 30 days or more past due | Loss (recovery) rate (annualized) quarter ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | Sep 30, 2020 | Dec 31, 2019 | Sep 30, 2020 | Dec 31, 2019 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
California | $ | 6,795 | 8,054 | 1.78 | % | 1.62 | (0.34) | (0.26) | (0.36) | (0.44) | (0.51) | ||||||||||||||||||||||||||||||||||||||||||
New Jersey | 2,406 | 2,744 | 2.52 | 2.74 | (0.02) | (0.12) | 0.13 | 0.07 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
Florida | 2,254 | 2,600 | 2.74 | 2.93 | (0.22) | (0.01) | — | (0.09) | (0.11) | ||||||||||||||||||||||||||||||||||||||||||||
Virginia | 1,459 | 1,712 | 2.06 | 1.97 | (0.34) | (0.05) | 0.09 | (0.02) | (0.23) | ||||||||||||||||||||||||||||||||||||||||||||
Pennsylvania | 1,464 | 1,674 | 1.96 | 2.16 | (0.19) | 0.05 | 0.11 | (0.10) | (0.05) | ||||||||||||||||||||||||||||||||||||||||||||
Other | 10,784 | 12,712 | 2.01 | 2.05 | (0.17) | (0.21) | 0.01 | (0.18) | (0.29) | ||||||||||||||||||||||||||||||||||||||||||||
Total | 25,162 | 29,496 | 2.06 | 2.07 | (0.22) | (0.17) | (0.07) | (0.21) | (0.28) | ||||||||||||||||||||||||||||||||||||||||||||
PCI (1) | N/A | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total junior lien mortgages | $ | 25,162 | 29,509 |
Outstanding balance | % of loans 30 days or more past due | Loss (recovery) rate (annualized) quarter ended | ||||||||||||||||||||||||
(in millions) | Mar 31, 2020 | Dec 31, 2019 | Mar 31, 2020 | Dec 31, 2019 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||||||||||||
California | $ | 7,814 | 8,054 | 1.65 | % | 1.62 | (0.36 | ) | (0.44 | ) | (0.51 | ) | (0.40 | ) | (0.39 | ) | ||||||||||
New Jersey | 2,667 | 2,744 | 2.67 | 2.74 | 0.13 | 0.07 | 0.11 | (0.07 | ) | 0.12 | ||||||||||||||||
Florida | 2,523 | 2,600 | 2.76 | 2.93 | — | (0.09 | ) | (0.11 | ) | (0.11 | ) | (0.05 | ) | |||||||||||||
Virginia | 1,645 | 1,712 | 2.15 | 1.97 | 0.09 | (0.02 | ) | (0.23 | ) | (0.17 | ) | 0.14 | ||||||||||||||
Pennsylvania | 1,618 | 1,674 | 2.18 | 2.16 | 0.11 | (0.10 | ) | (0.05 | ) | (0.19 | ) | 0.04 | ||||||||||||||
Other | 12,260 | 12,712 | 2.06 | 2.05 | 0.01 | (0.18 | ) | (0.29 | ) | (0.22 | ) | (0.03 | ) | |||||||||||||
Total | 28,527 | 29,496 | 2.08 | 2.07 | (0.07 | ) | (0.21 | ) | (0.28 | ) | (0.24 | ) | (0.11 | ) | ||||||||||||
PCI (1) | N/A | 13 | ||||||||||||||||||||||||
Total junior lien mortgages | $ | 28,527 | 29,509 |
Scheduled end of draw / term | |||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | Outstanding balance September 30, 2020 | Remainder of 2020 | 2021 | 2022 | 2023 | 2024 | 2025 and thereafter (1) | Amortizing | |||||||||||||||||||||||||||||||||||||||
Junior lien lines and loans | $ | 25,162 | 61 | 682 | 2,822 | 1,930 | 1,545 | 10,441 | 7,681 | ||||||||||||||||||||||||||||||||||||||
First lien lines | 9,393 | 24 | 345 | 1,433 | 1,076 | 847 | 4,103 | 1,565 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 34,555 | 85 | 1,027 | 4,255 | 3,006 | 2,392 | 14,544 | 9,246 | ||||||||||||||||||||||||||||||||||||||
% of portfolios | 100 | % | — | 3 | 12 | 9 | 7 | 42 | 27 |
Scheduled end of draw / term | ||||||||||||||||||||||||
(in millions) | Outstanding balance March 31, 2020 | Remainder of 2020 | 2021 | 2022 | 2023 | 2024 | 2025 and thereafter (1) | Amortizing | ||||||||||||||||
Junior lien lines and loans | $ | 28,527 | 218 | 809 | 3,177 | 2,191 | 1,769 | 11,693 | 8,670 | |||||||||||||||
First lien lines | 10,210 | 103 | 395 | 1,566 | 1,186 | 922 | 4,368 | 1,670 | ||||||||||||||||
Total | $ | 38,737 | 321 | 1,204 | 4,743 | 3,377 | 2,691 | 16,061 | 10,340 | |||||||||||||||
% of portfolios | 100 | % | 1 | 3 | 12 | 9 | 7 | 41 | 27 |
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | Balance | % of total loans | Balance | % of total loans | Balance | % of total loans | Balance | % of total loans | ||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,834 | 0.88 | % | $ | 2,896 | 0.83 | % | $ | 1,779 | 0.44 | % | $ | 1,545 | 0.44 | % | ||||||||||||||||||||||||||||||||||
Real estate mortgage | 1,343 | 1.10 | 1,217 | 0.98 | 944 | 0.77 | 573 | 0.47 | ||||||||||||||||||||||||||||||||||||||||||
Real estate construction | 34 | 0.15 | 34 | 0.16 | 21 | 0.10 | 41 | 0.21 | ||||||||||||||||||||||||||||||||||||||||||
Lease financing | 187 | 1.10 | 138 | 0.79 | 131 | 0.68 | 95 | 0.48 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial | 4,398 | 0.91 | 4,285 | 0.83 | 2,875 | 0.51 | 2,254 | 0.44 | ||||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage (1) | 2,641 | 0.90 | 2,393 | 0.86 | 2,372 | 0.81 | 2,150 | 0.73 | ||||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage (1) | 767 | 3.05 | 753 | 2.81 | 769 | 2.70 | 796 | 2.70 | ||||||||||||||||||||||||||||||||||||||||||
Automobile | 176 | 0.36 | 129 | 0.26 | 99 | 0.20 | 106 | 0.22 | ||||||||||||||||||||||||||||||||||||||||||
Other revolving credit and installment | 40 | 0.12 | 45 | 0.14 | 41 | 0.12 | 40 | 0.12 | ||||||||||||||||||||||||||||||||||||||||||
Total consumer | 3,624 | 0.83 | 3,320 | 0.79 | 3,281 | 0.74 | 3,092 | 0.69 | ||||||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans | 8,022 | 0.87 | 7,605 | 0.81 | 6,156 | 0.61 | 5,346 | 0.56 | ||||||||||||||||||||||||||||||||||||||||||
Foreclosed assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Government insured/guaranteed (2) | 22 | 31 | 43 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-government insured/guaranteed | 134 | 164 | 209 | 253 | ||||||||||||||||||||||||||||||||||||||||||||||
Total foreclosed assets | 156 | 195 | 252 | 303 | ||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 8,178 | 0.89 | % | $ | 7,800 | 0.83 | % | $ | 6,408 | 0.63 | % | $ | 5,649 | 0.59 | % | ||||||||||||||||||||||||||||||||||
Change in NPAs from prior quarter | $ | 378 | 1,392 | 759 | (333) |
March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | |||||||||||||||||||||||||
($ in millions) | Balance | % of total loans | Balance | % of total loans | Balance | % of total loans | Balance | % of total loans | ||||||||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,779 | 0.44 | % | $ | 1,545 | 0.44 | % | $ | 1,539 | 0.44 | % | $ | 1,634 | 0.47 | % | ||||||||||||
Real estate mortgage | 944 | 0.77 | 573 | 0.47 | 669 | 0.55 | 737 | 0.60 | ||||||||||||||||||||
Real estate construction | 21 | 0.10 | 41 | 0.21 | 32 | 0.16 | 36 | 0.17 | ||||||||||||||||||||
Lease financing | 131 | 0.68 | 95 | 0.48 | 72 | 0.37 | 63 | 0.33 | ||||||||||||||||||||
Total commercial | 2,875 | 0.51 | 2,254 | 0.44 | 2,312 | 0.45 | 2,470 | 0.48 | ||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage (1) | 2,372 | 0.81 | 2,150 | 0.73 | 2,261 | 0.78 | 2,425 | 0.85 | ||||||||||||||||||||
Real estate 1-4 family junior lien mortgage (1) | 769 | 2.70 | 796 | 2.70 | 819 | 2.66 | 868 | 2.71 | ||||||||||||||||||||
Automobile | 99 | 0.20 | 106 | 0.22 | 110 | 0.24 | 115 | 0.25 | ||||||||||||||||||||
Other revolving credit and installment | 41 | 0.12 | 40 | 0.12 | 43 | 0.12 | 44 | 0.13 | ||||||||||||||||||||
Total consumer | 3,281 | 0.74 | 3,092 | 0.69 | 3,233 | 0.73 | 3,452 | 0.79 | ||||||||||||||||||||
Total nonaccrual loans | 6,156 | 0.61 | 5,346 | 0.56 | 5,545 | 0.58 | 5,922 | 0.62 | ||||||||||||||||||||
Foreclosed assets: | ||||||||||||||||||||||||||||
Government insured/guaranteed (2) | 43 | 50 | 59 | 68 | ||||||||||||||||||||||||
Non-government insured/guaranteed | 209 | 253 | 378 | 309 | ||||||||||||||||||||||||
Total foreclosed assets | 252 | 303 | 437 | 377 | ||||||||||||||||||||||||
Total nonperforming assets | $ | 6,408 | 0.63 | % | $ | 5,649 | 0.59 | % | $ | 5,982 | 0.63 | % | $ | 6,299 | 0.66 | % | ||||||||||||
Change in NPAs from prior quarter | $ | 759 | (333 | ) | (317 | ) | (1,042 | ) |
Risk Management – Credit Risk Management (continued) |
Quarter ended | |||||||||||||||||||||||||||||
(in millions) | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | ||||||||||||||||||||||||
Commercial nonaccrual loans | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 4,285 | 2,875 | 2,254 | 2,312 | 2,470 | |||||||||||||||||||||||
Inflows | 1,316 | 2,741 | 1,479 | 652 | 710 | ||||||||||||||||||||||||
Outflows: | |||||||||||||||||||||||||||||
Returned to accruing | (166) | (64) | (56) | (124) | (52) | ||||||||||||||||||||||||
Foreclosures | — | — | — | — | (78) | ||||||||||||||||||||||||
Charge-offs | (382) | (560) | (360) | (201) | (194) | ||||||||||||||||||||||||
Payments, sales and other | (655) | (707) | (442) | (385) | (544) | ||||||||||||||||||||||||
Total outflows | (1,203) | (1,331) | (858) | (710) | (868) | ||||||||||||||||||||||||
Balance, end of period | 4,398 | 4,285 | 2,875 | 2,254 | 2,312 | ||||||||||||||||||||||||
Consumer nonaccrual loans | |||||||||||||||||||||||||||||
Balance, beginning of period | 3,320 | 3,281 | 3,092 | 3,233 | 3,452 | ||||||||||||||||||||||||
Inflows (1) | 696 | 379 | 749 | 473 | 448 | ||||||||||||||||||||||||
Outflows: | |||||||||||||||||||||||||||||
Returned to accruing | (160) | (135) | (254) | (227) | (274) | ||||||||||||||||||||||||
Foreclosures | (4) | (6) | (21) | (29) | (32) | ||||||||||||||||||||||||
Charge-offs | (36) | (39) | (48) | (45) | (44) | ||||||||||||||||||||||||
Payments, sales and other | (192) | (160) | (237) | (313) | (317) | ||||||||||||||||||||||||
Total outflows | (392) | (340) | (560) | (614) | (667) | ||||||||||||||||||||||||
Balance, end of period | 3,624 | 3,320 | 3,281 | 3,092 | 3,233 | ||||||||||||||||||||||||
Total nonaccrual loans | $ | 8,022 | 7,605 | 6,156 | 5,346 | 5,545 |
Quarter ended | |||||||||||||||
(in millions) | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||||
Commercial nonaccrual loans | |||||||||||||||
Balance, beginning of period | $ | 2,254 | 2,312 | 2,470 | 2,797 | 2,188 | |||||||||
Inflows | 1,479 | 652 | 710 | 621 | 1,238 | ||||||||||
Outflows: | |||||||||||||||
Returned to accruing | (56 | ) | (124 | ) | (52 | ) | (46 | ) | (43 | ) | |||||
Foreclosures | — | — | (78 | ) | (2 | ) | (15 | ) | |||||||
Charge-offs | (360 | ) | (201 | ) | (194 | ) | (187 | ) | (158 | ) | |||||
Payments, sales and other | (442 | ) | (385 | ) | (544 | ) | (713 | ) | (413 | ) | |||||
Total outflows | (858 | ) | (710 | ) | (868 | ) | (948 | ) | (629 | ) | |||||
Balance, end of period | 2,875 | 2,254 | 2,312 | 2,470 | 2,797 | ||||||||||
Consumer nonaccrual loans | |||||||||||||||
Balance, beginning of period | 3,092 | 3,233 | 3,452 | 4,108 | 4,308 | ||||||||||
Inflows (1) | 749 | 473 | 448 | 437 | 552 | ||||||||||
Outflows: | |||||||||||||||
Returned to accruing | (254 | ) | (227 | ) | (274 | ) | (250 | ) | (248 | ) | |||||
Foreclosures | (21 | ) | (29 | ) | (32 | ) | (34 | ) | (42 | ) | |||||
Charge-offs | (48 | ) | (45 | ) | (44 | ) | (34 | ) | (49 | ) | |||||
Payments, sales and other | (237 | ) | (313 | ) | (317 | ) | (775 | ) | (413 | ) | |||||
Total outflows | (560 | ) | (614 | ) | (667 | ) | (1,093 | ) | (752 | ) | |||||
Balance, end of period | 3,281 | 3,092 | 3,233 | 3,452 | 4,108 | ||||||||||
Total nonaccrual loans | $ | 6,156 | 5,346 | 5,545 | 5,922 | 6,905 |
•92% of total commercial nonaccrual loans and 99% of total consumer nonaccrual loans are secured. Of the consumer nonaccrual loans, 94% are secured by real estate and 90% have a combined LTV (CLTV) ratio of 80% or less. •losses of $701 million and $1.0 billion have already been recognized on 18% of commercial nonaccrual loans and 32% of consumer nonaccrual loans, respectively, in accordance with our charge-off policies. Once we write down loans to the net realizable value (fair value of collateral less estimated costs to sell), we re-evaluate each loan regularly and record additional write-downs if needed. |
•74% of commercial nonaccrual loans were current on interest and 70% of commercial nonaccrual loans were current on both principal and interest, but were on nonaccrual status because the full or timely collection of interest or principal had become uncertain. •of the $1.3 billion of consumer loans in bankruptcy or discharged in bankruptcy, and classified as nonaccrual, $848 million were current. • |
(in millions) | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | ||||||||||||||||||||||||
Summary by loan segment | |||||||||||||||||||||||||||||
Government insured/guaranteed | $ | 22 | 31 | 43 | 50 | 59 | |||||||||||||||||||||||
Commercial | 39 | 45 | 49 | 62 | 180 | ||||||||||||||||||||||||
Consumer | 95 | 119 | 160 | 191 | 198 | ||||||||||||||||||||||||
Total foreclosed assets | $ | 156 | 195 | 252 | 303 | 437 | |||||||||||||||||||||||
Analysis of changes in foreclosed assets | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 195 | 252 | 303 | 437 | 377 | |||||||||||||||||||||||
Net change in government insured/guaranteed (1) | (9) | (12) | (7) | (9) | (9) | ||||||||||||||||||||||||
Additions to foreclosed assets (2) | 60 | 51 | 107 | 126 | 235 | ||||||||||||||||||||||||
Reductions: | |||||||||||||||||||||||||||||
Sales | (88) | (98) | (154) | (250) | (155) | ||||||||||||||||||||||||
Write-downs and gains (losses) on sales | (2) | 2 | 3 | (1) | (11) | ||||||||||||||||||||||||
Total reductions | (90) | (96) | (151) | (251) | (166) | ||||||||||||||||||||||||
Balance, end of period | $ | 156 | 195 | 252 | 303 | 437 |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||||
Summary by loan segment | |||||||||||||||
Government insured/guaranteed | $ | 43 | 50 | 59 | 68 | 75 | |||||||||
Commercial | 49 | 62 | 180 | 101 | 124 | ||||||||||
Consumer | 160 | 191 | 198 | 208 | 237 | ||||||||||
Total foreclosed assets | $ | 252 | 303 | 437 | 377 | 436 | |||||||||
Analysis of changes in foreclosed assets | |||||||||||||||
Balance, beginning of period | $ | 303 | 437 | 377 | 436 | 451 | |||||||||
Net change in government insured/guaranteed (1) | (7 | ) | (9 | ) | (9 | ) | (7 | ) | (13 | ) | |||||
Additions to foreclosed assets (2) | 107 | 126 | 235 | 144 | 193 | ||||||||||
Reductions: | |||||||||||||||
Sales | (154 | ) | (250 | ) | (155 | ) | (199 | ) | (205 | ) | |||||
Write-downs and gains (losses) on sales | 3 | (1 | ) | (11 | ) | 3 | 10 | ||||||||
Total reductions | (151 | ) | (251 | ) | (166 | ) | (196 | ) | (195 | ) | |||||
Balance, end of period | $ | 252 | 303 | 437 | 377 | 436 |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | (in millions) | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | |||||||||||||||||||||||||||||||||
Commercial: | Commercial: | |||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,302 | 1,183 | 1,162 | 1,294 | 1,740 | Commercial and industrial | $ | 2,082 | 1,882 | 1,302 | 1,183 | 1,162 | |||||||||||||||||||||||||||||||
Real estate mortgage | 697 | 669 | 598 | 620 | 681 | Real estate mortgage | 805 | 717 | 697 | 669 | 598 | |||||||||||||||||||||||||||||||||
Real estate construction | 33 | 36 | 40 | 43 | 45 | Real estate construction | 21 | 20 | 33 | 36 | 40 | |||||||||||||||||||||||||||||||||
Lease financing | 10 | 13 | 16 | 31 | 46 | Lease financing | 9 | 10 | 10 | 13 | 16 | |||||||||||||||||||||||||||||||||
Total commercial TDRs | 2,042 | 1,901 | 1,816 | 1,988 | 2,512 | Total commercial TDRs | 2,917 | 2,629 | 2,042 | 1,901 | 1,816 | |||||||||||||||||||||||||||||||||
Consumer: | Consumer: | |||||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | 7,284 | 7,589 | 7,905 | 8,218 | 10,343 | Real estate 1-4 family first mortgage | 9,420 | 7,176 | 7,284 | 7,589 | 7,905 | |||||||||||||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 1,356 | 1,407 | 1,457 | 1,550 | 1,604 | Real estate 1-4 family junior lien mortgage | 1,298 | 1,309 | 1,356 | 1,407 | 1,457 | |||||||||||||||||||||||||||||||||
Credit Card | 527 | 520 | 504 | 486 | 473 | Credit Card | 494 | 510 | 527 | 520 | 504 | |||||||||||||||||||||||||||||||||
Automobile | 76 | 81 | 82 | 85 | 85 | Automobile | 156 | 108 | 76 | 81 | 82 | |||||||||||||||||||||||||||||||||
Other revolving credit and installment | 172 | 170 | 167 | 159 | 156 | Other revolving credit and installment | 190 | 173 | 172 | 170 | 167 | |||||||||||||||||||||||||||||||||
Trial modifications | 108 | 115 | 123 | 127 | 136 | Trial modifications | 91 | 91 | 108 | 115 | 123 | |||||||||||||||||||||||||||||||||
Total consumer TDRs | 9,523 | 9,882 | 10,238 | 10,625 | 12,797 | Total consumer TDRs | 11,649 | 9,367 | 9,523 | 9,882 | 10,238 | |||||||||||||||||||||||||||||||||
Total TDRs | $ | 11,565 | 11,783 | 12,054 | 12,613 | 15,309 | Total TDRs | $ | 14,566 | 11,996 | 11,565 | 11,783 | 12,054 | |||||||||||||||||||||||||||||||
TDRs on nonaccrual status | $ | 2,846 | 2,833 | 2,775 | 3,058 | 4,037 | TDRs on nonaccrual status | $ | 4,163 | 3,475 | 2,846 | 2,833 | 2,775 | |||||||||||||||||||||||||||||||
TDRs on accrual status: | TDRs on accrual status: | |||||||||||||||||||||||||||||||||||||||||||
Government insured/guaranteed | 1,157 | 1,190 | 1,199 | 1,209 | 1,275 | Government insured/guaranteed | 3,467 | 1,277 | 1,157 | 1,190 | 1,199 | |||||||||||||||||||||||||||||||||
Non-government insured/guaranteed | 7,562 | 7,760 | 8,080 | 8,346 | 9,997 | Non-government insured/guaranteed | 6,936 | 7,244 | 7,562 | 7,760 | 8,080 | |||||||||||||||||||||||||||||||||
Total TDRs | $ | 11,565 | 11,783 | 12,054 | 12,613 | 15,309 | Total TDRs | $ | 14,566 | 11,996 | 11,565 | 11,783 | 12,054 |
Quarter ended | |||||||||||||||||||||||||||||
(in millions) | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | ||||||||||||||||||||||||
Commercial TDRs | |||||||||||||||||||||||||||||
Balance, beginning of quarter | $ | 2,629 | 2,042 | 1,901 | 1,816 | 1,988 | |||||||||||||||||||||||
Inflows (1) | 866 | 971 | 452 | 476 | 293 | ||||||||||||||||||||||||
Outflows | |||||||||||||||||||||||||||||
Charge-offs | (77) | (60) | (56) | (48) | (66) | ||||||||||||||||||||||||
Foreclosures | — | — | — | (1) | — | ||||||||||||||||||||||||
Payments, sales and other (2) | (501) | (324) | (255) | (342) | (399) | ||||||||||||||||||||||||
Balance, end of quarter | 2,917 | 2,629 | 2,042 | 1,901 | 1,816 | ||||||||||||||||||||||||
Consumer TDRs | |||||||||||||||||||||||||||||
Balance, beginning of quarter | 9,367 | 9,523 | 9,882 | 10,238 | 10,625 | ||||||||||||||||||||||||
Inflows (1) | 2,805 | 425 | 312 | 350 | 360 | ||||||||||||||||||||||||
Outflows | |||||||||||||||||||||||||||||
Charge-offs | (58) | (46) | (63) | (57) | (56) | ||||||||||||||||||||||||
Foreclosures | (7) | (8) | (57) | (61) | (70) | ||||||||||||||||||||||||
Payments, sales and other (2) | (458) | (510) | (544) | (580) | (617) | ||||||||||||||||||||||||
Net change in trial modifications (3) | — | (17) | (7) | (8) | (4) | ||||||||||||||||||||||||
Balance, end of quarter | 11,649 | 9,367 | 9,523 | 9,882 | 10,238 | ||||||||||||||||||||||||
Total TDRs | $ | 14,566 | 11,996 | 11,565 | 11,783 | 12,054 |
Quarter ended | |||||||||||||||
(in millions) | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||||
Commercial TDRs | |||||||||||||||
Balance, beginning of quarter | $ | 1,901 | 1,816 | 1,988 | 2,512 | 2,422 | |||||||||
Inflows (1) | 452 | 476 | 293 | 232 | 539 | ||||||||||
Outflows | |||||||||||||||
Charge-offs | (56 | ) | (48 | ) | (66 | ) | (37 | ) | (44 | ) | |||||
Foreclosures | — | (1 | ) | — | — | — | |||||||||
Payments, sales and other (2) | (255 | ) | (342 | ) | (399 | ) | (719 | ) | (405 | ) | |||||
Balance, end of quarter | 2,042 | 1,901 | 1,816 | 1,988 | 2,512 | ||||||||||
Consumer TDRs | |||||||||||||||
Balance, beginning of quarter | 9,882 | 10,238 | 10,625 | 12,797 | 13,109 | ||||||||||
Inflows (1) | 312 | 350 | 360 | 336 | 439 | ||||||||||
Outflows | |||||||||||||||
Charge-offs | (63 | ) | (57 | ) | (56 | ) | (61 | ) | (60 | ) | |||||
Foreclosures | (57 | ) | (61 | ) | (70 | ) | (74 | ) | (86 | ) | |||||
Payments, sales and other (2) | (544 | ) | (580 | ) | (617 | ) | (2,364 | ) | (593 | ) | |||||
Net change in trial modifications (3) | (7 | ) | (8 | ) | (4 | ) | (9 | ) | (12 | ) | |||||
Balance, end of quarter | 9,523 | 9,882 | 10,238 | 10,625 | 12,797 | ||||||||||
Total TDRs | $ | 11,565 | 11,783 | 12,054 | 12,613 | 15,309 |
(in millions) | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | ||||||||||||||||||||||||
Total: | $ | 11,698 | 9,739 | 7,023 | 7,285 | 7,130 | |||||||||||||||||||||||
Less: FHA insured/VA guaranteed (1) | 11,041 | 8,922 | 6,142 | 6,352 | 6,308 | ||||||||||||||||||||||||
Total, not government insured/guaranteed | $ | 657 | 817 | 881 | 933 | 822 | |||||||||||||||||||||||
By segment and class, not government insured/guaranteed: Commercial: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 61 | 101 | 24 | 47 | 6 | |||||||||||||||||||||||
Real estate mortgage | 47 | 44 | 28 | 31 | 28 | ||||||||||||||||||||||||
Real estate construction | — | — | 1 | — | — | ||||||||||||||||||||||||
Total commercial | 108 | 145 | 53 | 78 | 34 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | 97 | 93 | 128 | 112 | 100 | ||||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 28 | 19 | 25 | 32 | 35 | ||||||||||||||||||||||||
Credit card | 297 | 418 | 528 | 546 | 491 | ||||||||||||||||||||||||
Automobile | 50 | 54 | 69 | 78 | 75 | ||||||||||||||||||||||||
Other revolving credit and installment | 77 | 88 | 78 | 87 | 87 | ||||||||||||||||||||||||
Total consumer | 549 | 672 | 828 | 855 | 788 | ||||||||||||||||||||||||
Total, not government insured/guaranteed | $ | 657 | 817 | 881 | 933 | 822 |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||||
Total: | $ | 7,023 | 7,285 | 7,130 | 7,258 | 7,870 | |||||||||
Less: FHA insured/VA guaranteed (1) | 6,142 | 6,352 | 6,308 | 6,478 | 6,996 | ||||||||||
Total, not government insured/guaranteed | $ | 881 | 933 | 822 | 780 | 874 | |||||||||
By segment and class, not government insured/guaranteed: Commercial: | |||||||||||||||
Commercial and industrial | $ | 24 | 47 | 6 | 17 | 42 | |||||||||
Real estate mortgage | 28 | 31 | 28 | 24 | 20 | ||||||||||
Real estate construction | 1 | — | — | — | 5 | ||||||||||
Total commercial | 53 | 78 | 34 | 41 | 67 | ||||||||||
Consumer: | |||||||||||||||
Real estate 1-4 family first mortgage | 128 | 112 | 100 | 108 | 117 | ||||||||||
Real estate 1-4 family junior lien mortgage | 25 | 32 | 35 | 27 | 28 | ||||||||||
Credit card | 528 | 546 | 491 | 449 | 502 | ||||||||||
Automobile | 69 | 78 | 75 | 63 | 68 | ||||||||||
Other revolving credit and installment | 78 | 87 | 87 | 92 | 92 | ||||||||||
Total consumer | 828 | 855 | 788 | 739 | 807 | ||||||||||
Total, not government insured/guaranteed | $ | 881 | 933 | 822 | 780 | 874 |
Quarter ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | Net loan charge- offs | % of avg. loans (1) | Net loan charge- offs | % of avg. loans (1) | Net loan charge- offs | % of avg. loans (1) | Net loan charge-offs | % of avg. loans (1) | Net loan charge-offs | % of avg. loans (1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 274 | 0.33 | % | $ | 521 | 0.55 | % | $ | 333 | 0.37 | % | $ | 168 | 0.19 | % | $ | 147 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||
Real estate mortgage | 56 | 0.18 | 67 | 0.22 | (2) | (0.01) | 4 | 0.01 | (8) | (0.02) | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | (2) | (0.03) | (1) | (0.02) | (16) | (0.32) | — | — | (8) | (0.14) | |||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | 28 | 0.66 | 15 | 0.33 | 9 | 0.19 | 31 | 0.63 | 8 | 0.17 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 356 | 0.29 | 602 | 0.44 | 324 | 0.25 | 203 | 0.16 | 139 | 0.11 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | (1) | — | 2 | — | (3) | — | (3) | — | (5) | (0.01) | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | (14) | (0.22) | (12) | (0.17) | (5) | (0.07) | (16) | (0.20) | (22) | (0.28) | |||||||||||||||||||||||||||||||||||||||||||||||||
Credit card | 245 | 2.71 | 327 | 3.60 | 377 | 3.81 | 350 | 3.48 | 319 | 3.22 | |||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | 31 | 0.25 | 106 | 0.88 | 82 | 0.68 | 87 | 0.73 | 76 | 0.65 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other revolving credit and installment | 66 | 0.80 | 88 | 1.09 | 134 | 1.59 | 148 | 1.71 | 138 | 1.60 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 327 | 0.30 | 511 | 0.48 | 585 | 0.53 | 566 | 0.51 | 506 | 0.46 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 683 | 0.29 | % | $ | 1,113 | 0.46 | % | $ | 909 | 0.38 | % | $ | 769 | 0.32 | % | $ | 645 | 0.27 | % | |||||||||||||||||||||||||||||||||||||||
Quarter ended | ||||||||||||||||||||||||||||||||||
Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||||||||||||||||||||||||
($ in millions) | Net loan charge- offs | % of avg. loans(1) | Net loan charge- offs | % of avg. loans (1) | Net loan charge- offs | % of avg. loans (1) | Net loan charge-offs | % of avg. loans (1) | Net loan charge-offs | % of avg. loans (1) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 333 | 0.37 | % | $ | 168 | 0.19 | % | $ | 147 | 0.17 | % | $ | 159 | 0.18 | % | $ | 133 | 0.15 | % | ||||||||||||||
Real estate mortgage | (2 | ) | (0.01 | ) | 4 | 0.01 | (8 | ) | (0.02 | ) | 4 | 0.01 | 6 | 0.02 | ||||||||||||||||||||
Real estate construction | (16 | ) | (0.32 | ) | — | — | (8 | ) | (0.14 | ) | (2 | ) | (0.04 | ) | (2 | ) | (0.04 | ) | ||||||||||||||||
Lease financing | 9 | 0.19 | 31 | 0.63 | 8 | 0.17 | 4 | 0.09 | 8 | 0.17 | ||||||||||||||||||||||||
Total commercial | 324 | 0.25 | 203 | 0.16 | 139 | 0.11 | 165 | 0.13 | 145 | 0.11 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | (3 | ) | — | (3 | ) | — | (5 | ) | (0.01 | ) | (30 | ) | (0.04 | ) | (12 | ) | (0.02 | ) | ||||||||||||||||
Real estate 1-4 family junior lien mortgage | (5 | ) | (0.07 | ) | (16 | ) | (0.20 | ) | (22 | ) | (0.28 | ) | (19 | ) | (0.24 | ) | (9 | ) | (0.10 | ) | ||||||||||||||
Credit card | 377 | 3.81 | 350 | 3.48 | 319 | 3.22 | 349 | 3.68 | 352 | 3.73 | ||||||||||||||||||||||||
Automobile | 82 | 0.68 | 87 | 0.73 | 76 | 0.65 | 52 | 0.46 | 91 | 0.82 | ||||||||||||||||||||||||
Other revolving credit and installment | 134 | 1.59 | 148 | 1.71 | 138 | 1.60 | 136 | 1.56 | 128 | 1.47 | ||||||||||||||||||||||||
Total consumer | 585 | 0.53 | 566 | 0.51 | 506 | 0.46 | 488 | 0.45 | 550 | 0.51 | ||||||||||||||||||||||||
Total | $ | 909 | 0.38 | % | $ | 769 | 0.32 | % | $ | 645 | 0.27 | % | $ | 653 | 0.28 | % | $ | 695 | 0.30 | % | ||||||||||||||
Sep 30, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | ACL | Loans as % of total loans | ACL | Loans as % of total loans | ACL | Loans as % of total loans | ACL | Loans as % of total loans | ACL | Loans as % of total loans | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 7,845 | 35 | % | $ | 3,600 | 37 | % | $ | 3,628 | 37 | % | $ | 3,752 | 35 | % | $ | 4,560 | 34 | % | |||||||||||||||||||||||||||||||||||||||
Real estate mortgage | 2,517 | 13 | 1,236 | 13 | 1,282 | 13 | 1,374 | 13 | 1,320 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | 521 | 2 | 1,079 | 2 | 1,200 | 2 | 1,238 | 3 | 1,294 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | 659 | 2 | 330 | 2 | 307 | 2 | 268 | 2 | 220 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 11,542 | 52 | 6,245 | 54 | 6,417 | 54 | 6,632 | 53 | 7,394 | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | 1,519 | 32 | 692 | 30 | 750 | 30 | 1,085 | 30 | 1,270 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 710 | 3 | 247 | 3 | 431 | 3 | 608 | 4 | 815 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Credit card | 4,082 | 4 | 2,252 | 4 | 2,064 | 4 | 1,944 | 4 | 1,605 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | 1,225 | 5 | 459 | 5 | 475 | 5 | 1,039 | 5 | 817 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other revolving credit and installment | 1,393 | 4 | 561 | 4 | 570 | 4 | 652 | 4 | 639 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 8,929 | 48 | 4,211 | 46 | 4,290 | 46 | 5,328 | 47 | 5,146 | 48 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 20,471 | 100 | % | $ | 10,456 | 100 | % | $ | 10,707 | 100 | % | $ | 11,960 | 100 | % | $ | 12,540 | 100 | % | |||||||||||||||||||||||||||||||||||||||
Sep 30, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | $ | 19,463 | 9,551 | 9,775 | 11,004 | 11,419 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for unfunded credit commitments | 1,008 | 905 | 932 | 956 | 1,121 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses for loans | $ | 20,471 | 10,456 | 10,707 | 11,960 | 12,540 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses as a percentage of total loans | 2.12 | % | 0.99 | 1.03 | 1.15 | 1.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses as a percentage of total net loan charge-offs (2) | 716 | 346 | 356 | 376 | 324 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses for loans as a percentage of total loans | 2.22 | 1.09 | 1.12 | 1.25 | 1.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses for loans as a percentage of total nonaccrual loans | 255 | 196 | 165 | 156 | 126 |
Mar 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||||||||||||||||||||||||||||||
($ in millions) | ACL | Loans as % of total loans | ACL | Loans as % of total loans | ACL | Loans as % of total loans | ACL | Loans as % of total loans | ACL | Loans as % of total loans | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 4,231 | 40 | % | $ | 3,600 | 37 | % | $ | 3,628 | 37 | % | $ | 3,752 | 35 | % | $ | 4,560 | 34 | % | ||||||||||||||
Real estate mortgage | 848 | 12 | 1,236 | 13 | 1,282 | 13 | 1,374 | 13 | 1,320 | 14 | ||||||||||||||||||||||||
Real estate construction | 36 | 2 | 1,079 | 2 | 1,200 | 2 | 1,238 | 3 | 1,294 | 2 | ||||||||||||||||||||||||
Lease financing | 164 | 2 | 330 | 2 | 307 | 2 | 268 | 2 | 220 | 2 | ||||||||||||||||||||||||
Total commercial | 5,279 | 56 | 6,245 | 54 | 6,417 | 54 | 6,632 | 53 | 7,394 | 52 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | 836 | 29 | 692 | 30 | 750 | 30 | 1,085 | 30 | 1,270 | 29 | ||||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 125 | 3 | 247 | 3 | 431 | 3 | 608 | 4 | 815 | 5 | ||||||||||||||||||||||||
Credit card | 3,481 | 4 | 2,252 | 4 | 2,064 | 4 | 1,944 | 4 | 1,605 | 4 | ||||||||||||||||||||||||
Automobile | 1,016 | 5 | 459 | 5 | 475 | 5 | 1,039 | 5 | 817 | 6 | ||||||||||||||||||||||||
Other revolving credit and installment | 1,285 | 3 | 561 | 4 | 570 | 4 | 652 | 4 | 639 | 4 | ||||||||||||||||||||||||
Total consumer | 6,743 | 44 | 4,211 | 46 | 4,290 | 46 | 5,328 | 47 | 5,146 | 48 | ||||||||||||||||||||||||
Total | $ | 12,022 | 100 | % | $ | 10,456 | 100 | % | $ | 10,707 | 100 | % | $ | 11,960 | 100 | % | $ | 12,540 | 100 | % | ||||||||||||||
Mar 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||||||||||||||||||||||||||||||
Components: | ||||||||||||||||||||||||||||||||||
Allowance for loan losses | $ | 11,263 | 9,551 | 9,775 | 11,004 | 11,419 | ||||||||||||||||||||||||||||
Allowance for unfunded credit commitments | 759 | 905 | 932 | 956 | 1,121 | |||||||||||||||||||||||||||||
Allowance for credit losses for loans | $ | 12,022 | 10,456 | 10,707 | 11,960 | 12,540 | ||||||||||||||||||||||||||||
Allowance for loan losses as a percentage of total loans | 1.12 | % | 0.99 | 1.03 | 1.15 | 1.18 | ||||||||||||||||||||||||||||
Allowance for loan losses as a percentage of total net loan charge-offs (2) | 308 | 346 | 356 | 376 | 324 | |||||||||||||||||||||||||||||
Allowance for credit losses for loans as a percentage of total loans | 1.19 | 1.09 | 1.12 | 1.25 | 1.30 | |||||||||||||||||||||||||||||
Allowance for credit losses for loans as a percentage of total nonaccrual loans | 195 | 196 | 165 | 156 | 126 |
(2)Total net loan charge-offs are annualized for the quarter ended September 30, 2020. |
4Q 2020 | 2Q 2021 | 4Q 2021 | |||||||||||||||
Blend of economic scenarios (1): | |||||||||||||||||
U.S. unemployment rate (2) | |||||||||||||||||
Jun 30, 2020 | 11.0 | 9.2 | 7.5 | ||||||||||||||
Sep 30, 2020 | 8.8 | 7.3 | 6.0 | ||||||||||||||
U.S. real GDP (3) | |||||||||||||||||
Jun 30, 2020 | 4.3 | 6.3 | 3.5 | ||||||||||||||
Sep 30, 2020 | 1.7 | 3.9 | 2.8 | ||||||||||||||
Home price index (4) | |||||||||||||||||
Jun 30, 2020 | 0.7 | (3.0) | (0.9) | ||||||||||||||
Sep 30, 2020 | 2.0 | (2.0) | (1.8) | ||||||||||||||
Commercial real estate asset prices (4) | |||||||||||||||||
Jun 30, 2020 | (2.5) | (7.6) | (5.1) | ||||||||||||||
Sep 30, 2020 | (5.4) | (10.9) | (5.5) |
Lower Rates (1) | Higher Rates | Lower Rates (1) | Higher Rates | |||||||||||||||||||||||||||||||||||||||||||||
($ in billions) | Base | 100 bps Ramp Parallel Decrease | 100 bps Instantaneous Parallel Increase | 200 bps Ramp Parallel Increase | ($ in billions) | Base | 100 bps Ramp Parallel Decrease | 100 bps Instantaneous Parallel Increase | 200 bps Ramp Parallel Increase | |||||||||||||||||||||||||||||||||||||||
First Year of Forecasting Horizon | First Year of Forecasting Horizon | |||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income Sensitivity to Base Scenario | $ | (1.3) - (0.8) | 4.7 - 5.2 | 4.0 - 4.5 | Net Interest Income Sensitivity to Base Scenario | $ | (1.7) | - | (1.2) | 5.9 | - | 6.4 | 5.3 | - | 5.8 | |||||||||||||||||||||||||||||||||
Key Rates at Horizon End | Key Rates at Horizon End | |||||||||||||||||||||||||||||||||||||||||||||||
Fed Funds Target | 0.27 | % | 0.00 | 1.27 | 2.27 | Fed Funds Target | 0.25 | % | 0.00 | 1.25 | 2.25 | |||||||||||||||||||||||||||||||||||||
10-year CMT (2) | 0.81 | 0.00 | 1.81 | 2.81 | 10-year CMT (2) | 0.84 | 0.00 | 1.84 | 2.84 | |||||||||||||||||||||||||||||||||||||||
Second Year of Forecasting Horizon | Second Year of Forecasting Horizon | |||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income Sensitivity to Base Scenario | $ | (3.5) - (3.0) | 6.8 - 7.3 | 10.1 - 10.6 | Net Interest Income Sensitivity to Base Scenario | $ | (3.5) | - | (3.0) | 8.6 | - | 9.1 | 13.2 | - | 13.7 | |||||||||||||||||||||||||||||||||
Key Rates at Horizon End | Key Rates at Horizon End | |||||||||||||||||||||||||||||||||||||||||||||||
Fed Funds Target | 0.42 | % | 0.00 | 1.42 | 2.42 | Fed Funds Target | 0.25 | % | 0.00 | 1.25 | 2.25 | |||||||||||||||||||||||||||||||||||||
10-year CMT (2) | 0.89 | 0.00 | 1.89 | 2.89 | 10-year CMT (2) | 0.99 | 0.00 | 1.99 | 2.99 |
Quarter ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Period end | Average | Low | High | Period end | Average | Low | High | Period end | Average | Low | High | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Trading General VaR Risk Categories | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | $ | 98 | 85 | 59 | 104 | 86 | 82 | 61 | 99 | 27 | 20 | 12 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 145 | 155 | 114 | 201 | 155 | 106 | 42 | 161 | 15 | 18 | 13 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | 21 | 17 | 9 | 24 | 14 | 10 | 6 | 17 | 6 | 5 | 4 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity | 5 | 5 | 2 | 8 | 4 | 4 | 2 | 7 | 2 | 2 | 1 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 1 | 1 | 1 | 2 | 1 | 2 | 1 | 3 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diversification benefit (1) | (121) | (110) | (51) | (49) | (16) | (22) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Trading General VaR | $ | 149 | 153 | 209 | 155 | 35 | 24 |
Quarter ended | ||||||||||||||||||||||||||||||||||||
March 31, 2020 | December 31, 2019 | March 31, 2019 | ||||||||||||||||||||||||||||||||||
(in millions) | Period end | Average | Low | High | Period end | Average | Low | High | Period end | Average | Low | High | ||||||||||||||||||||||||
Company Trading General VaR Risk Categories | ||||||||||||||||||||||||||||||||||||
Credit | $ | 62 | 28 | 15 | 75 | 15 | 18 | 15 | 26 | 15 | 15 | 11 | 19 | |||||||||||||||||||||||
Interest rate | 84 | 32 | 5 | 198 | 14 | 21 | 9 | 45 | 42 | 34 | 22 | 44 | ||||||||||||||||||||||||
Equity | 6 | 7 | 4 | 10 | 5 | 5 | 4 | 8 | 5 | 5 | 4 | 7 | ||||||||||||||||||||||||
Commodity | 2 | 2 | 1 | 6 | 2 | 2 | 1 | 4 | 2 | 2 | 1 | 4 | ||||||||||||||||||||||||
Foreign exchange | 2 | 1 | 1 | 6 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||
Diversification benefit (1) | (63 | ) | (37 | ) | (13 | ) | (16 | ) | (46 | ) | (42 | ) | ||||||||||||||||||||||||
Company Trading General VaR | $ | 93 | 33 | 24 | 31 | 19 | 15 |
Average for Quarter ended | |||||||||||||||||
(in millions, except ratio) | Sep 30, 2020 | Jun 30, 2020 | Sep 30, 2019 | ||||||||||||||
HQLA (1)(2) | $ | 424,073 | 409,467 | 359,364 | |||||||||||||
Projected net cash outflows | 317,064 | 316,268 | 302,214 | ||||||||||||||
LCR | 134 | % | 129 | 119 | |||||||||||||
(in millions, except ratio) | Average for Quarter ended March 31, 2020 | ||
HQLA (1)(2) | $ | 381,950 | |
Projected net cash outflows | 315,980 | ||
LCR | 121 | % |
March 31, 2020 | December 31, 2019 | |||||||||||||||||
(in millions) | Total | Encumbered | Unencumbered | Total | Encumbered | Unencumbered | ||||||||||||
Interest-earning deposits with banks | $ | 128,071 | — | 128,071 | 119,493 | — | 119,493 | |||||||||||
Debt securities of U.S. Treasury and federal agencies | 61,727 | 3,785 | 57,942 | 61,099 | 3,107 | 57,992 | ||||||||||||
Mortgage-backed securities of federal agencies (1) | 271,644 | 40,769 | 230,875 | 258,589 | 41,135 | 217,454 | ||||||||||||
Total | $ | 461,442 | 44,554 | 416,888 | 439,181 | 44,242 | 394,939 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(in millions) | Total | Encumbered | Unencumbered | Total | Encumbered | Unencumbered | |||||||||||||||||||||||||||||
Interest-earning deposits with banks | $ | 221,235 | — | 221,235 | 119,493 | — | 119,493 | ||||||||||||||||||||||||||||
Debt securities of U.S. Treasury and federal agencies | 56,262 | 4,907 | 51,355 | 61,099 | 3,107 | 57,992 | |||||||||||||||||||||||||||||
Mortgage-backed securities of federal agencies | 258,554 | 36,935 | 221,619 | 258,589 | 41,135 | 217,454 | |||||||||||||||||||||||||||||
Total | $ | 536,051 | 41,842 | 494,209 | 439,181 | 44,242 | 394,939 |
Quarter ended | |||||||||||||||||||||||||||||
(in millions) | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | ||||||||||||||||||||||||
Balance, period end | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | $ | 44,055 | 49,659 | 79,036 | 92,403 | 110,399 | |||||||||||||||||||||||
Other short-term borrowings | 11,169 | 10,826 | 13,253 | 12,109 | 13,509 | ||||||||||||||||||||||||
Total | $ | 55,224 | 60,485 | 92,289 | 104,512 | 123,908 | |||||||||||||||||||||||
Average daily balance for period | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | $ | 46,504 | 52,868 | 90,722 | 103,614 | 109,499 | |||||||||||||||||||||||
Other short-term borrowings | 10,788 | 10,667 | 12,255 | 12,335 | 12,343 | ||||||||||||||||||||||||
Total | $ | 57,292 | 63,535 | 102,977 | 115,949 | 121,842 | |||||||||||||||||||||||
Maximum month-end balance for period | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase (1) | $ | 49,148 | 50,397 | 91,121 | 111,727 | 110,399 | |||||||||||||||||||||||
Other short-term borrowings (2) | 11,169 | 11,220 | 13,253 | 12,708 | 13,509 |
Quarter ended | |||||||||||||||
(in millions) | Mar 31 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||||
Balance, period end | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | $ | 79,036 | 92,403 | 110,399 | 102,560 | 93,896 | |||||||||
Other short-term borrowings | 13,253 | 12,109 | 13,509 | 12,784 | 12,701 | ||||||||||
Total | $ | 92,289 | 104,512 | 123,908 | 115,344 | 106,597 | |||||||||
Average daily balance for period | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | $ | 90,722 | 103,614 | 109,499 | 102,557 | 95,721 | |||||||||
Other short-term borrowings | 12,255 | 12,335 | 12,343 | 12,197 | 12,930 | ||||||||||
Total | $ | 102,977 | 115,949 | 121,842 | 114,754 | 108,651 | |||||||||
Maximum month-end balance for period | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase (1) | $ | 91,121 | 111,727 | 110,399 | 105,098 | 97,650 | |||||||||
Other short-term borrowings (2) | 13,253 | 12,708 | 13,509 | 12,784 | 14,129 |
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
(in millions) | Remaining 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
Wells Fargo & Company (Parent Only) | |||||||||||||||||||||||||||||||||||||||||
Senior notes | $ | 2,713 | 18,126 | 18,748 | 11,472 | 12,373 | 88,839 | 152,271 | |||||||||||||||||||||||||||||||||
Subordinated notes | — | — | — | 3,770 | 768 | 26,251 | 30,789 | ||||||||||||||||||||||||||||||||||
Junior subordinated notes | — | — | — | — | — | 1,820 | 1,820 | ||||||||||||||||||||||||||||||||||
Total long-term debt – Parent | $ | 2,713 | 18,126 | 18,748 | 15,242 | 13,141 | 116,910 | 184,880 | |||||||||||||||||||||||||||||||||
Wells Fargo Bank, N.A. and other bank entities (Bank) | |||||||||||||||||||||||||||||||||||||||||
Senior notes | $ | 257 | 6,872 | 4,887 | 2,924 | 6 | 420 | 15,366 | |||||||||||||||||||||||||||||||||
Subordinated notes | — | — | — | 1,048 | — | 4,834 | 5,882 | ||||||||||||||||||||||||||||||||||
Junior subordinated notes | — | — | — | — | — | 372 | 372 | ||||||||||||||||||||||||||||||||||
Securitizations and other bank debt | 1,254 | 1,353 | 1,057 | 339 | 156 | 1,383 | 5,542 | ||||||||||||||||||||||||||||||||||
Total long-term debt – Bank | $ | 1,511 | 8,225 | 5,944 | 4,311 | 162 | 7,009 | 27,162 | |||||||||||||||||||||||||||||||||
Other consolidated subsidiaries | |||||||||||||||||||||||||||||||||||||||||
Senior notes | $ | 91 | 1,861 | 205 | 517 | 124 | 839 | 3,637 | |||||||||||||||||||||||||||||||||
Securitizations and other bank debt | — | — | — | — | — | 32 | 32 | ||||||||||||||||||||||||||||||||||
Total long-term debt – Other consolidated subsidiaries | $ | 91 | 1,861 | 205 | 517 | 124 | 871 | 3,669 | |||||||||||||||||||||||||||||||||
Total long-term debt | $ | 4,315 | 28,212 | 24,897 | 20,070 | 13,427 | 124,790 | 215,711 |
March 31, 2020 | |||||||||||||||||||||
(in millions) | Remaining 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | ||||||||||||||
Wells Fargo & Company (Parent Only) | |||||||||||||||||||||
Senior notes | $ | 9,627 | 17,802 | 17,782 | 11,192 | 9,476 | 72,658 | 138,537 | |||||||||||||
Subordinated notes | — | — | — | 3,786 | 770 | 26,704 | 31,260 | ||||||||||||||
Junior subordinated notes | — | — | — | — | — | 1,940 | 1,940 | ||||||||||||||
Total long-term debt – Parent | $ | 9,627 | 17,802 | 17,782 | 14,978 | 10,246 | 101,302 | 171,737 | |||||||||||||
Wells Fargo Bank, N.A. and other bank entities (Bank) | |||||||||||||||||||||
Senior notes | $ | 12,373 | 28,398 | 5,636 | 2,989 | 6 | 311 | 49,713 | |||||||||||||
Subordinated notes | — | — | — | 1,010 | — | 4,923 | 5,933 | ||||||||||||||
Junior subordinated notes | — | — | — | — | — | 366 | 366 | ||||||||||||||
Securitizations and other bank debt | 2,019 | 1,207 | 787 | 264 | 153 | 1,890 | 6,320 | ||||||||||||||
Total long-term debt – Bank | $ | 14,392 | 29,605 | 6,423 | 4,263 | 159 | 7,490 | 62,332 | |||||||||||||
Other consolidated subsidiaries | |||||||||||||||||||||
Senior notes | $ | 135 | 1,833 | 187 | 475 | 127 | 484 | 3,241 | |||||||||||||
Securitizations and other bank debt | — | — | — | — | — | 32 | 32 | ||||||||||||||
Total long-term debt – Other consolidated subsidiaries | $ | 135 | 1,833 | 187 | 475 | 127 | 516 | 3,273 | |||||||||||||
Total long-term debt | $ | 24,154 | 49,240 | 24,392 | 19,716 | 10,532 | 109,308 | 237,342 |
Wells Fargo & Company | Wells Fargo Bank, N.A. | ||||||||||||||||||||||
Senior debt | Short-term borrowings | Long-term deposits | Short-term borrowings | ||||||||||||||||||||
Moody’s | A2 | P-1 | Aa1 | P-1 | |||||||||||||||||||
S&P Global Ratings | A-2 | A+ | A-1 | ||||||||||||||||||||
Fitch Ratings, Inc. | A+ | F1 | AA | F1+ | |||||||||||||||||||
DBRS Morningstar | AA (low) | R-1 (middle) | AA | R-1 (high) |
Capital Management |
March 31, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Required Minimum Capital Ratios | Advanced Approach | Standardized Approach | Advanced Approach | Standardized Approach | (in millions, except ratios) | Required Minimum Capital Ratios | Advanced Approach | Standardized Approach | Advanced Approach | Standardized Approach | |||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 | (A) | $ | 134,751 | 134,751 | 138,760 | 138,760 | Common Equity Tier 1 | (A) | $ | 134,901 | 134,901 | 138,760 | 138,760 | |||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital | (B) | 154,277 | 154,277 | 158,949 | 158,949 | Tier 1 Capital | (B) | 154,743 | 154,743 | 158,949 | 158,949 | |||||||||||||||||||||||||||||||||||||||||||||
Total Capital (2) | (C) | 183,932 | 191,985 | 187,813 | 195,703 | Total Capital (2) | (C) | 184,040 | 193,667 | 187,813 | 195,703 | |||||||||||||||||||||||||||||||||||||||||||||
Risk-Weighted Assets (3) | (D) | 1,181,271 | 1,262,808 | 1,165,079 | 1,245,853 | Risk-Weighted Assets (3) | (D) | 1,171,956 | 1,185,610 | 1,165,079 | 1,245,853 | |||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital Ratio (3) | (A)/(D) | 9.00 | % | 11.41 | % | 10.67 | * | 11.91 | 11.14 | * | Common Equity Tier 1 Capital Ratio (3) | (A)/(D) | 9.00 | % | 11.51 | % | 11.38 | * | 11.91 | 11.14 | * | |||||||||||||||||||||||||||||||||||
Tier 1 Capital Ratio (3) | (B)/(D) | 10.50 | 13.06 | 12.22 | * | 13.64 | 12.76 | * | Tier 1 Capital Ratio (3) | (B)/(D) | 10.50 | 13.20 | 13.05 | * | 13.64 | 12.76 | * | |||||||||||||||||||||||||||||||||||||||
Total Capital Ratio (2)(3) | (C)/(D) | 12.50 | 15.57 | 15.20 | * | 16.12 | 15.71 | * | Total Capital Ratio (2)(3) | (C)/(D) | 12.50 | 15.70 | * | 16.33 | 16.12 | 15.71 | * |
(1)See Table 35 for information regarding the calculation and components of CET1, tier 1 capital, total capital and RWAs. (2)Fully phased-in total capital amounts and ratios are considered non-GAAP financial measures that are used by management, bank regulatory agencies, investors and analysts to assess and monitor the Company’s capital position. See Table 35 for information regarding the calculation and components of our fully phased-in total capital amounts, including a corresponding reconciliation to GAAP financial measures. (3)RWAs and capital ratios for December 31, 2019, have been revised as a result of a decrease in RWAs under the Advanced Approach due to the correction of duplicated operational loss amounts. 51 Capital Management (continued) |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||
(in millions) | Advanced Approach | Standardized Approach | Advanced Approach | Standardized Approach | ||||||||||||||||||||||||||||
Total equity | $ | 182,032 | 182,032 | 187,984 | 187,984 | |||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Preferred stock | (21,098) | (21,098) | (21,549) | (21,549) | ||||||||||||||||||||||||||||
Additional paid-in capital on preferred stock | 159 | 159 | (71) | (71) | ||||||||||||||||||||||||||||
Unearned ESOP shares | 875 | 875 | 1,143 | 1,143 | ||||||||||||||||||||||||||||
Noncontrolling interests | (859) | (859) | (838) | (838) | ||||||||||||||||||||||||||||
Total common stockholders’ equity | 161,109 | 161,109 | 166,669 | 166,669 | ||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Goodwill | (26,387) | (26,387) | (26,390) | (26,390) | ||||||||||||||||||||||||||||
Certain identifiable intangible assets (other than MSRs) | (366) | (366) | (437) | (437) | ||||||||||||||||||||||||||||
Goodwill and other intangibles on nonmarketable equity securities (included in other assets) | (2,019) | (2,019) | (2,146) | (2,146) | ||||||||||||||||||||||||||||
Applicable deferred taxes related to goodwill and other intangible assets (1) | 842 | 842 | 810 | 810 | ||||||||||||||||||||||||||||
CECL transition provision (2) | 1,877 | 1,877 | — | — | ||||||||||||||||||||||||||||
Other | (155) | (155) | 254 | 254 | ||||||||||||||||||||||||||||
Common Equity Tier 1 | 134,901 | 134,901 | 138,760 | 138,760 | ||||||||||||||||||||||||||||
Common Equity Tier 1 | $ | 134,901 | 134,901 | 138,760 | 138,760 | |||||||||||||||||||||||||||
Preferred stock | 21,098 | 21,098 | 21,549 | 21,549 | ||||||||||||||||||||||||||||
Additional paid-in capital on preferred stock | (159) | (159) | 71 | 71 | ||||||||||||||||||||||||||||
Unearned ESOP shares | (875) | (875) | (1,143) | (1,143) | ||||||||||||||||||||||||||||
Other | (222) | (222) | (288) | (288) | ||||||||||||||||||||||||||||
Total Tier 1 capital | (A) | 154,743 | 154,743 | 158,949 | 158,949 | |||||||||||||||||||||||||||
Long-term debt and other instruments qualifying as Tier 2 | 24,953 | 24,953 | 26,515 | 26,515 | ||||||||||||||||||||||||||||
Qualifying allowance for credit losses (3) | 4,504 | 14,131 | 2,566 | 10,456 | ||||||||||||||||||||||||||||
Other | (160) | (160) | (217) | (217) | ||||||||||||||||||||||||||||
Total Tier 2 capital (Fully Phased-In) | (B) | 29,297 | 38,924 | 28,864 | 36,754 | |||||||||||||||||||||||||||
Effect of Basel III Transition Requirements | 132 | 132 | 520 | 520 | ||||||||||||||||||||||||||||
Total Tier 2 capital (Basel III Transition Requirements) | $ | 29,429 | 39,056 | 29,384 | 37,274 | |||||||||||||||||||||||||||
Total qualifying capital (Fully Phased-In) | (A)+(B) | $ | 184,040 | 193,667 | 187,813 | 195,703 | ||||||||||||||||||||||||||
Total Effect of Basel IIII Transition Requirements | 132 | 132 | 520 | 520 | ||||||||||||||||||||||||||||
Total qualifying capital (Basel III Transition Requirements) | $ | 184,172 | 193,799 | 188,333 | 196,223 | |||||||||||||||||||||||||||
Risk-Weighted Assets (RWAs) (4)(5): | ||||||||||||||||||||||||||||||||
Credit risk (6) | $ | 772,206 | 1,125,098 | 790,784 | 1,210,209 | |||||||||||||||||||||||||||
Market risk | 60,512 | 60,512 | 35,644 | 35,644 | ||||||||||||||||||||||||||||
Operational risk (7) | 339,238 | — | 338,651 | — | ||||||||||||||||||||||||||||
Total RWAs (7) | $ | 1,171,956 | 1,185,610 | 1,165,079 | 1,245,853 | |||||||||||||||||||||||||||
March 31, 2020 | December 31, 2019 | ||||||||||||
(in millions) | Advanced Approach | Standardized Approach | Advanced Approach | Standardized Approach | |||||||||
Total equity | $ | 183,330 | 183,330 | 187,984 | 187,984 | ||||||||
Adjustments: | |||||||||||||
Preferred stock | (21,347 | ) | (21,347 | ) | (21,549 | ) | (21,549 | ) | |||||
Additional paid-in capital on preferred stock | 140 | 140 | (71 | ) | (71 | ) | |||||||
Unearned ESOP shares | 1,143 | 1,143 | 1,143 | 1,143 | |||||||||
Noncontrolling interests | (612 | ) | (612 | ) | (838 | ) | (838 | ) | |||||
Total common stockholders’ equity | 162,654 | 162,654 | 166,669 | 166,669 | |||||||||
Adjustments: | |||||||||||||
Goodwill | (26,381 | ) | (26,381 | ) | (26,390 | ) | (26,390 | ) | |||||
Certain identifiable intangible assets (other than MSRs) | (413 | ) | (413 | ) | (437 | ) | (437 | ) | |||||
Goodwill and other intangibles on nonmarketable equity securities (included in other assets) | (1,894 | ) | (1,894 | ) | (2,146 | ) | (2,146 | ) | |||||
Applicable deferred taxes related to goodwill and other intangible assets (1) | 821 | 821 | 810 | 810 | |||||||||
Other | (37 | ) | (37 | ) | 254 | 254 | |||||||
Common Equity Tier 1 | 134,751 | 134,751 | 138,760 | 138,760 | |||||||||
Common Equity Tier 1 | $ | 134,751 | 134,751 | 138,760 | 138,760 | ||||||||
Preferred stock | 21,347 | 21,347 | 21,549 | 21,549 | |||||||||
Additional paid-in capital on preferred stock | (140 | ) | (140 | ) | 71 | 71 | |||||||
Unearned ESOP shares | (1,143 | ) | (1,143 | ) | (1,143 | ) | (1,143 | ) | |||||
Other | (538 | ) | (538 | ) | (288 | ) | (288 | ) | |||||
Total Tier 1 capital | (A) | 154,277 | 154,277 | 158,949 | 158,949 | ||||||||
Long-term debt and other instruments qualifying as Tier 2 | 25,836 | 25,836 | 26,515 | 26,515 | |||||||||
Qualifying allowance for credit losses (2) | 3,990 | 12,043 | 2,566 | 10,456 | |||||||||
Other | (171 | ) | (171 | ) | (217 | ) | (217 | ) | |||||
Total Tier 2 capital (Fully Phased-In) | (B) | 29,655 | 37,708 | 28,864 | 36,754 | ||||||||
Effect of Transition Requirements | 136 | 136 | 520 | 520 | |||||||||
Total Tier 2 capital (Transition Requirements) | $ | 29,791 | 37,844 | 29,384 | 37,274 | ||||||||
Total qualifying capital (Fully Phased-In) | (A)+(B) | $ | 183,932 | 191,985 | 187,813 | 195,703 | |||||||
Total Effect of Transition Requirements | 136 | 136 | 520 | 520 | |||||||||
Total qualifying capital (Transition Requirements) | $ | 184,068 | 192,121 | 188,333 | 196,223 | ||||||||
Risk-Weighted Assets (RWAs) (3)(4): | |||||||||||||
Credit risk | $ | 802,686 | 1,219,948 | 790,784 | 1,210,209 | ||||||||
Market risk | 42,860 | 42,860 | 35,644 | 35,644 | |||||||||
Operational risk (5) | 335,725 | — | 338,651 | — | |||||||||
Total RWAs (5) | $ | 1,181,271 | 1,262,808 | 1,165,079 | 1,245,853 |
(in millions) | ||||
Common Equity Tier 1 at December 31, 2019 | $ | 138,760 | ||
Net income applicable to common stock | 42 | |||
Common stock dividends | (2,096 | ) | ||
Common stock issued, repurchased, and stock compensation-related items | (2,882 | ) | ||
Changes in cumulative other comprehensive income | (253 | ) | ||
Cumulative effect from change in accounting policies (1) | 991 | |||
Goodwill | 9 | |||
Certain identifiable intangible assets (other than MSRs) | 24 | |||
Goodwill and other intangibles on nonmarketable equity securities (included in other assets) | 252 | |||
Applicable deferred taxes related to goodwill and other intangible assets (2) | 11 | |||
Other | (107 | ) | ||
Change in Common Equity Tier 1 | (4,009 | ) | ||
Common Equity Tier 1 at March 31, 2020 | $ | 134,751 |
$ | 138,760 | |||||||
Net income applicable to common stock | (932) | |||||||
Common stock dividends | (4,602) | |||||||
Common stock issued, repurchased, and | (1,759) | |||||||
Changes in cumulative other comprehensive income | 561 | |||||||
Cumulative effect from change in accounting policies (1) | 991 | |||||||
Goodwill | 3 | |||||||
Certain identifiable intangible assets (other than MSRs) | 71 | |||||||
Goodwill and other intangibles on nonmarketable equity securities (included in other assets) | 127 | |||||||
Applicable deferred taxes related to | 32 | |||||||
CECL transition provision (3) | 1,877 | |||||||
Other | (228) | |||||||
Change in Common Equity Tier 1 | (3,859) | |||||||
Common Equity Tier 1 at | $ | 134,901 | ||||||
(in millions) | Advanced Approach | Standardized Approach | ||||||
RWAs at December 31, 2019 (1) | $ | 1,165,079 | 1,245,853 | |||||
Net change in credit risk RWAs (2) | (18,578) | (85,111) | ||||||
Net change in market risk RWAs | 24,868 | 24,868 | ||||||
Net change in operational risk RWAs | 587 | — | ||||||
Total change in RWAs | 6,877 | (60,243) | ||||||
RWAs at September 30, 2020 | $ | 1,171,956 | 1,185,610 | |||||
(in millions) | Advanced Approach | Standardized Approach | |||
RWAs at December 31, 2019 (1) | $ | 1,165,079 | 1,245,853 | ||
Net change in credit risk RWAs | 11,902 | 9,739 | |||
Net change in market risk RWAs | 7,216 | 7,216 | |||
Net change in operational risk RWAs | (2,926 | ) | — | ||
Total change in RWAs | 16,192 | 16,955 | |||
RWAs at March 31, 2020 | $ | 1,181,271 | 1,262,808 |
Balance at period end | Average balance | ||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended | Quarter ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Sep 30, 2020 | June 30, 2020 | Sep 30, 2019 | Sep 30, 2020 | June 30, 2020 | Sep 30, 2019 | Sep 30, 2020 | Sep 30, 2019 | |||||||||||||||||||||||||||||||||||||||
Total equity | $ | 182,032 | 180,122 | 194,416 | 182,850 | 184,108 | 200,095 | 185,035 | 199,383 | ||||||||||||||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | (21,098) | (21,098) | (21,549) | (21,098) | (21,344) | (22,325) | (21,411) | (22,851) | |||||||||||||||||||||||||||||||||||||||
Additional paid-in capital on preferred stock | 159 | 159 | (71) | 158 | 140 | (78) | 145 | (84) | |||||||||||||||||||||||||||||||||||||||
Unearned ESOP shares | 875 | 875 | 1,143 | 875 | 1,140 | 1,290 | 1,052 | 1,361 | |||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | (859) | (736) | (1,112) | (761) | (643) | (1,065) | (730) | (968) | |||||||||||||||||||||||||||||||||||||||
Total common stockholders’ equity | (A) | 161,109 | 159,322 | 172,827 | 162,024 | 163,401 | 177,917 | 164,091 | 176,841 | ||||||||||||||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | (26,387) | (26,385) | (26,388) | (26,388) | (26,384) | (26,413) | (26,386) | (26,416) | |||||||||||||||||||||||||||||||||||||||
Certain identifiable intangible assets (other than MSRs) | (366) | (389) | (465) | (378) | (402) | (477) | (401) | (508) | |||||||||||||||||||||||||||||||||||||||
Goodwill and other intangibles on nonmarketable equity securities (included in other assets) | (2,019) | (2,050) | (2,295) | (2,045) | (1,922) | (2,159) | (2,040) | (2,158) | |||||||||||||||||||||||||||||||||||||||
Applicable deferred taxes related to goodwill and other intangible assets (1) | 842 | 831 | 802 | 838 | 828 | 797 | 828 | 787 | |||||||||||||||||||||||||||||||||||||||
Tangible common equity | (B) | $ | 133,179 | 131,329 | 144,481 | 134,051 | 135,521 | 149,665 | 136,092 | 148,546 | |||||||||||||||||||||||||||||||||||||
Common shares outstanding | (C) | 4,132.5 | 4,119.6 | 4,269.1 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
Net income applicable to common stock | (D) | N/A | N/A | N/A | 1,720 | $ | (2,694) | 4,037 | (932) | 15,392 | |||||||||||||||||||||||||||||||||||||
Book value per common share | (A)/(C) | $ | 38.99 | 38.67 | 40.48 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Tangible book value per common share | (B)/(C) | 32.23 | 31.88 | 33.84 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
Return on average common stockholders’ equity (ROE) (annualized) | (D)/(A) | N/A | N/A | N/A | 4.22 | % | (6.63) | 9.00 | (0.76) | 11.64 | |||||||||||||||||||||||||||||||||||||
Return on average tangible common equity (ROTCE) (annualized) | (D)/(B) | N/A | N/A | N/A | 5.10 | (8.00) | 10.70 | (0.91) | 13.85 |
Balance at period end | Average balance | ||||||||||||||||
Quarter ended | Quarter ended | ||||||||||||||||
(in millions, except ratios) | Mar 31, 2020 | Dec 31, 2019 | Mar 31, 2019 | Mar 31, 2020 | Dec 31, 2019 | Mar 31, 2019 | |||||||||||
Total equity | $ | 183,330 | 187,984 | 198,733 | 188,170 | 192,393 | 198,349 | ||||||||||
Adjustments: | |||||||||||||||||
Preferred stock | (21,347 | ) | (21,549 | ) | (23,214 | ) | (21,794 | ) | (21,549 | ) | (23,214 | ) | |||||
Additional paid-in capital on preferred stock | 140 | (71 | ) | (95 | ) | 135 | (71 | ) | (95 | ) | |||||||
Unearned ESOP shares | 1,143 | 1,143 | 1,502 | 1,143 | 1,143 | 1,502 | |||||||||||
Noncontrolling interests | (612 | ) | (838 | ) | (901 | ) | (785 | ) | (945 | ) | (899 | ) | |||||
Total common stockholders’ equity | (A) | 162,654 | 166,669 | 176,025 | 166,869 | 170,971 | 175,643 | ||||||||||
Adjustments: | |||||||||||||||||
Goodwill | (26,381 | ) | (26,390 | ) | (26,420 | ) | (26,387 | ) | (26,389 | ) | (26,420 | ) | |||||
Certain identifiable intangible assets (other than MSRs) | (413 | ) | (437 | ) | (522 | ) | (426 | ) | (449 | ) | (543 | ) | |||||
Goodwill and other intangibles on nonmarketable equity securities (included in other assets) | (1,894 | ) | (2,146 | ) | (2,131 | ) | (2,152 | ) | (2,223 | ) | (2,159 | ) | |||||
Applicable deferred taxes related to goodwill and other intangible assets (1) | 821 | 810 | 771 | 818 | 807 | 784 | |||||||||||
Tangible common equity | (B) | $ | 134,787 | 138,506 | 147,723 | 138,722 | 142,717 | 147,305 | |||||||||
Common shares outstanding | (C) | 4,096.4 | 4,134.4 | 4,511.9 | N/A | N/A | N/A | ||||||||||
Net income applicable to common stock | (D) | N/A | N/A | N/A | $ | 42 | 2,546 | 5,507 | |||||||||
Book value per common share | (A)/(C) | $ | 39.71 | 40.31 | 39.01 | N/A | N/A | N/A | |||||||||
Tangible book value per common share | (B)/(C) | 32.90 | 33.50 | 32.74 | N/A | N/A | N/A | ||||||||||
Return on average common stockholders’ equity (ROE) (annualized) | (D)/(A) | N/A | N/A | N/A | 0.10 | % | 5.91 | 12.71 | |||||||||
Return on average tangible common equity (ROTCE) (annualized) | (D)/(B) | N/A | N/A | N/A | 0.12 | 7.08 | 15.16 |
(in millions, except ratio) | Quarter ended March 31, 2020 | |||
Tier 1 capital | (A) | $ | 154,277 | |
Total average assets | 1,950,659 | |||
Less: Goodwill and other permitted Tier 1 capital deductions (net of deferred tax liabilities) | 28,530 | |||
Total adjusted average assets | 1,922,129 | |||
Plus adjustments for off-balance sheet exposures: | ||||
Derivatives (1) | 75,994 | |||
Repo-style transactions (2) | 4,613 | |||
Other (3) | 253,578 | |||
Total off-balance sheet exposures | 334,185 | |||
Total leverage exposure | (B) | $ | 2,256,314 | |
Supplementary leverage ratio | (A)/(B) | 6.84 | % |
Quarter ended September 30, 2020 | ||||||||
Tier 1 capital | (A) | $ | 154,743 | |||||
Total average assets | 1,949,549 | |||||||
Less: Goodwill and | 28,246 | |||||||
Less: Other SLR exclusions | 257,568 | |||||||
Total adjusted average assets | 1,663,735 | |||||||
Plus adjustments for |
69,902 | ||||||||
2,839 | ||||||||
Other (3) | 260,973 | |||||||
Total off-balance sheet exposures | 333,714 | |||||||
Total leverage exposure | (B) | $ | 1,997,449 | |||||
Supplementary leverage ratio | (A)/(B) | 7.75 | % |
Regulatory Matters |
Critical Accounting Policies |
•Economic assumptions and the length of the initial loss forecast period. Forecasted economic variables, such as gross domestic product (GDP), unemployment rate or collateral asset prices, are used |
•Reversion of losses beyond the initial forecast period. We use a reversion approach to connect the losses estimated for our initial loss forecast period to the period of our historical loss forecast based on economic conditions at the measurement date. Our reversion methodology considers the type of portfolio, point in the credit cycle, expected length of recessions and recoveries, as well as other relevant factors. The length of reversion period varies by asset type – one year for shorter contractual term loans such as commercial loans and two years for longer contractual term loans such as real estate 1-4 family mortgage loans. We assess the reversion approach on a quarterly basis and the length of the reversion period by asset type annually. •Historical loss expectations. At the end of the reversion period, we incorporate the changes in economic variables observed during representative historical time periods that include both recessions and expansions. This analysis is used to compute average losses for any given portfolio and its associated credit characteristics. Annually, we assess the historical time periods and ensure the average loss estimates are representative of our historical loss experience. •Credit risk ratings applied to individual commercial loans, unfunded credit commitments, and debt securities. Individually assessed credit risk ratings are considered key credit variables in our modeled approaches to help assess probability of default and loss given default. Borrower quality ratings are aligned to the borrower’s financial strength and contribute to forecasted probability of default curves. Collateral quality ratings combined with forecasted collateral prices (as applicable) contribute to the forecasted severity of loss in the event of default. These credit risk ratings are reviewed by experienced senior credit officers and subjected to reviews by an internal team of credit risk specialists. •Usage of credit loss estimation models. We use internally developed models that incorporate credit attributes and economic variables to generate estimates of credit losses. Management uses a combination of judgement and quantitative analytics in the determination of segmentation, modeling approach, and variables that are leveraged in the models. These models are validated in |
•Contractual term considerations. The remaining contractual term of a loan is adjusted for expected prepayments and certain expected extensions, renewals, or modifications. We extend the contractual term when we are not able to unconditionally cancel contractual renewals or extension options. We also incorporate into our allowance for credit losses any scenarios where we reasonably expect to provide an extension through a TDR. •Qualitative factors which may not be adequately captured in the loss models. These amounts represent management’s judgment of risks inherent in the processes and assumptions used in establishing the ACL. We also consider economic environmental factors, modeling assumptions and performance, process risk, and other subjective factors, including industry trends and emerging risk assessments. |
Current Accounting Developments |
Description | Effective date and financial statement impact | |||||||||||||
ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts and subsequent related updates | ||||||||||||||
The Update requires all features in long-duration insurance contracts that meet the definition of a market risk benefit to be measured at fair value through earnings with changes in fair value attributable to our own credit risk recognized in other comprehensive income. Currently, two measurement models exist for these features, fair value and insurance accrual. The Update requires the use of a standardized discount rate and routine updates for insurance assumptions used in valuing the liability for future policy benefits for traditional long-duration contracts. The Update also simplifies the amortization of deferred acquisition costs. | The guidance becomes effective on January 1, 2022. Certain of our variable annuity reinsurance products meet the definition of market risk benefits and will require the associated insurance related reserves for these products to be measured at fair value as of the earliest period presented, with the cumulative effect on fair value for changes attributable to our own credit risk recognized in the beginning balance of accumulated other comprehensive income. The cumulative effect of the difference between fair value and carrying value, excluding the effect of our own credit, will be recognized in the opening balance of retained earnings. As of | |||||||||||||
Forward-Looking Statements |
•the other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, |
Risk Factors |
Disclosure Controls and Procedures |
Internal Control Over Financial Reporting |
Wells Fargo & Company and Subsidiaries | ||||||
Consolidated Statement of Income (Unaudited) | ||||||
Quarter ended March 31, | ||||||
(in millions, except per share amounts) | 2020 | 2019 | ||||
Interest income | ||||||
Debt securities | $ | 3,472 | 3,941 | |||
Mortgage loans held for sale | 197 | 152 | ||||
Loans held for sale | 12 | 24 | ||||
Loans | 10,065 | 11,354 | ||||
Equity securities | 206 | 210 | ||||
Other interest income | 775 | 1,322 | ||||
Total interest income | 14,727 | 17,003 | ||||
Interest expense | ||||||
Deposits | 1,742 | 2,026 | ||||
Short-term borrowings | 291 | 596 | ||||
Long-term debt | 1,240 | 1,927 | ||||
Other interest expense | 142 | 143 | ||||
Total interest expense | 3,415 | 4,692 | ||||
Net interest income | 11,312 | 12,311 | ||||
Provision for credit losses: | ||||||
Debt securities (1) | 172 | — | ||||
Loans | 3,833 | 845 | ||||
Net interest income after provision for credit losses | 7,307 | 11,466 | ||||
Noninterest income | ||||||
Service charges on deposit accounts | 1,209 | 1,094 | ||||
Trust and investment fees | 3,574 | 3,373 | ||||
Card fees | 892 | 944 | ||||
Other fees | 632 | 770 | ||||
Mortgage banking | 379 | 708 | ||||
Insurance | 95 | 96 | ||||
Net gains from trading activities | 64 | 357 | ||||
Net gains on debt securities | 237 | 125 | ||||
Net gains (losses) from equity securities | (1,401 | ) | 814 | |||
Lease income | 352 | 443 | ||||
Other | 372 | 574 | ||||
Total noninterest income | 6,405 | 9,298 | ||||
Noninterest expense | ||||||
Salaries | 4,721 | 4,425 | ||||
Commission and incentive compensation | 2,463 | 2,845 | ||||
Employee benefits | 1,130 | 1,938 | ||||
Technology and equipment | 661 | 661 | ||||
Net occupancy | 715 | 717 | ||||
Core deposit and other intangibles | 23 | 28 | ||||
FDIC and other deposit assessments | 118 | 159 | ||||
Other | 3,217 | 3,143 | ||||
Total noninterest expense | 13,048 | 13,916 | ||||
Income before income tax expense | 664 | 6,848 | ||||
Income tax expense | 159 | 881 | ||||
Net income before noncontrolling interests | 505 | 5,967 | ||||
Less: Net income (loss) from noncontrolling interests | (148 | ) | 107 | |||
Wells Fargo net income | $ | 653 | 5,860 | |||
Less: Preferred stock dividends and other | 611 | 353 | ||||
Wells Fargo net income applicable to common stock | $ | 42 | 5,507 | |||
Per share information | ||||||
Earnings per common share | $ | 0.01 | 1.21 | |||
Diluted earnings per common share | 0.01 | 1.20 | ||||
Average common shares outstanding | 4,104.8 | 4,551.5 | ||||
Diluted average common shares outstanding | 4,135.3 | 4,584.0 |
(1)Prior to our adoption of Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (CECL), on January 1, 2020, provision for credit losses from debt securities was not applicable and is therefore presented as $0 for both the third quarter and first nine months of 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. (2)In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation. (3)In third quarter 2020, expenses for outside professional services, contract services, and outside data processing were combined into a single line item for professional and outside services expense; expenses for technology and equipment and telecommunications were combined into a single line item for technology, telecommunications and equipment expense; and certain other expenses were reclassified to other noninterest expense. Prior period balances have been revised to conform with the current period presentation. (4)For the nine months ended September 30, 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect. |
Wells Fargo & Company and Subsidiaries | |||||||
Consolidated Statement of Comprehensive Income (Unaudited) | |||||||
Quarter ended March 31, | |||||||
(in millions) | 2020 | 2019 | |||||
Wells Fargo net income | $ | 653 | 5,860 | ||||
Other comprehensive income (loss), before tax: | |||||||
Debt securities: | |||||||
Net unrealized gains (losses) arising during the period | (110 | ) | 2,831 | ||||
Reclassification of net gains to net income | (172 | ) | (81 | ) | |||
Derivative and hedging activities: | |||||||
Net unrealized gains (losses) arising during the period | 124 | (35 | ) | ||||
Reclassification of net losses to net income | 58 | 79 | |||||
Defined benefit plans adjustments: | |||||||
Net actuarial and prior service gains (losses) arising during the period | 3 | (4 | ) | ||||
Amortization of net actuarial loss, settlements and other to net income | 36 | 35 | |||||
Foreign currency translation adjustments: | |||||||
Net unrealized gains (losses) arising during the period | (194 | ) | 42 | ||||
Other comprehensive income (loss), before tax | (255 | ) | 2,867 | ||||
Income tax benefit (expense) related to other comprehensive income | 1 | (694 | ) | ||||
Other comprehensive income (loss), net of tax | (254 | ) | 2,173 | ||||
Less: Other comprehensive loss from noncontrolling interests | (1 | ) | — | ||||
Wells Fargo other comprehensive income (loss), net of tax | (253 | ) | 2,173 | ||||
Wells Fargo comprehensive income | 400 | 8,033 | |||||
Comprehensive income (loss) from noncontrolling interests | (149 | ) | 107 | ||||
Total comprehensive income | $ | 251 | 8,140 |
Wells Fargo & Company and Subsidiaries | ||||||||||||||||||||||||||
Consolidated Statement of Comprehensive Income (Unaudited) | ||||||||||||||||||||||||||
Quarter ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Wells Fargo net income | $ | 2,035 | 4,610 | 309 | 16,676 | |||||||||||||||||||||
Other comprehensive income (loss), before tax: | ||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||
Net unrealized gains arising during the period | 96 | 652 | 1,582 | 5,192 | ||||||||||||||||||||||
Reclassification of net (gains) losses to net income | (95) | 76 | (357) | 34 | ||||||||||||||||||||||
Derivative and hedging activities: | ||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | (70) | 10 | 2 | 32 | ||||||||||||||||||||||
Reclassification of net losses to net income | 52 | 75 | 165 | 233 | ||||||||||||||||||||||
Defined benefit plans adjustments: | ||||||||||||||||||||||||||
Net actuarial and prior service losses arising during the period | (89) | 0 | (760) | (4) | ||||||||||||||||||||||
Amortization of net actuarial loss, settlements and other to net income | 68 | 33 | 205 | 101 | ||||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | 74 | (53) | (70) | 3 | ||||||||||||||||||||||
Other comprehensive income, before tax | 36 | 793 | 767 | 5,591 | ||||||||||||||||||||||
Income tax benefit (expense) related to other comprehensive income | 13 | (208) | (206) | (1,375) | ||||||||||||||||||||||
Other comprehensive income, net of tax | 49 | 585 | 561 | 4,216 | ||||||||||||||||||||||
Less: Other comprehensive income from noncontrolling interests | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
Wells Fargo other comprehensive income, net of tax | 48 | 585 | 561 | 4,216 | ||||||||||||||||||||||
Wells Fargo comprehensive income | 2,083 | 5,195 | 870 | 20,892 | ||||||||||||||||||||||
Comprehensive income from noncontrolling interests | 185 | 202 | 83 | 441 | ||||||||||||||||||||||
Total comprehensive income | $ | 2,268 | 5,397 | 953 | 21,333 |
Wells Fargo & Company and Subsidiaries | ||||||
Consolidated Balance Sheet | ||||||
(in millions, except shares) | Mar 31, 2020 | Dec 31, 2019 | ||||
Assets | (Unaudited) | |||||
Cash and due from banks | $ | 22,738 | 21,757 | |||
Interest-earning deposits with banks | 128,071 | 119,493 | ||||
Total cash, cash equivalents, and restricted cash | 150,809 | 141,250 | ||||
Federal funds sold and securities purchased under resale agreements | 86,465 | 102,140 | ||||
Debt securities: | ||||||
Trading, at fair value | 80,425 | 79,733 | ||||
Available-for-sale, at fair value (includes amortized cost of $248,187 and $260,060, net of allowance for credit losses of $161 and $0) (1) | 251,229 | 263,459 | ||||
Held-to-maturity, at amortized cost, net of allowance for credit losses of $11 and $0 (fair value $177,562 and $156,860) (1) | 169,909 | 153,933 | ||||
Mortgage loans held for sale (includes $16,665 and $16,606 carried at fair value) (2) | 21,795 | 23,342 | ||||
Loans held for sale (includes $1,673 and $972 carried at fair value) (2) | 1,883 | 977 | ||||
Loans (includes $160 and $171 carried at fair value) (2) | 1,009,843 | 962,265 | ||||
Allowance for loan losses | (11,263 | ) | (9,551 | ) | ||
Net loans | 998,580 | 952,714 | ||||
Mortgage servicing rights: | ||||||
Measured at fair value | 8,126 | 11,517 | ||||
Amortized | 1,406 | 1,430 | ||||
Premises and equipment, net | 9,108 | 9,309 | ||||
Goodwill | 26,381 | 26,390 | ||||
Derivative assets | 25,023 | 14,203 | ||||
Equity securities (includes $28,176 and $41,936 carried at fair value) (2) | 54,047 | 68,241 | ||||
Other assets | 96,163 | 78,917 | ||||
Total assets (3) | $ | 1,981,349 | 1,927,555 | |||
Liabilities | ||||||
Noninterest-bearing deposits | $ | 379,678 | 344,496 | |||
Interest-bearing deposits | 996,854 | 978,130 | ||||
Total deposits | 1,376,532 | 1,322,626 | ||||
Short-term borrowings | 92,289 | 104,512 | ||||
Derivative liabilities | 15,618 | 9,079 | ||||
Accrued expenses and other liabilities | 76,238 | 75,163 | ||||
Long-term debt | 237,342 | 228,191 | ||||
Total liabilities (4) | 1,798,019 | 1,739,571 | ||||
Equity | ||||||
Wells Fargo stockholders’ equity: | ||||||
Preferred stock | 21,347 | 21,549 | ||||
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares | 9,136 | 9,136 | ||||
Additional paid-in capital | 59,849 | 61,049 | ||||
Retained earnings | 165,308 | 166,697 | ||||
Cumulative other comprehensive income (loss) | (1,564 | ) | (1,311 | ) | ||
Treasury stock – 1,385,401,170 shares and 1,347,385,537 shares | (70,215 | ) | (68,831 | ) | ||
Unearned ESOP shares | (1,143 | ) | (1,143 | ) | ||
Total Wells Fargo stockholders’ equity | 182,718 | 187,146 | ||||
Noncontrolling interests | 612 | 838 | ||||
Total equity | 183,330 | 187,984 | ||||
Total liabilities and equity | $ | 1,981,349 | 1,927,555 |
(1)Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses (ACL) related to available-for-sale (AFS) and held-to-maturity (HTM) debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For additional information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. (2)Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option. (3)Our consolidated assets at September 30, 2020, and December 31, 2019, included the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash and due from banks, $16 million and $16 million; Interest-earning deposits with banks, $0 million and $284 million; Debt securities, $662 million and $540 million; Net loans, $10.6 billion and $13.2 billion; Derivative assets, $1 million and $1 million; Equity securities, $72 million and $118 million; Other assets, $214 million and $239 million; and Total assets, $11.6 billion and $14.4 billion, respectively. (4)Our consolidated liabilities at September 30, 2020, and December 31, 2019, included the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $395 million and $401 million; Derivative liabilities, $1 million and $3 million; Accrued expenses and other liabilities, $229 million and $235 million; Long-term debt, $215 million and $587 million; and Total liabilities, $840 million and $1.2 billion, respectively. |
Wells Fargo & Company and Subsidiaries | |||||||||||||
Consolidated Statement of Changes in Equity (Unaudited) | |||||||||||||
Preferred stock | Common stock | ||||||||||||
(in millions, except shares) | Shares | Amount | Shares | Amount | |||||||||
Balance December 31, 2019 | 7,492,169 | $ | 21,549 | 4,134,425,937 | $ | 9,136 | |||||||
Cumulative effect from change in accounting policies (1) | |||||||||||||
Balance January 1, 2020 | 7,492,169 | $ | 21,549 | 4,134,425,937 | $ | 9,136 | |||||||
Net income | |||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||
Noncontrolling interests | |||||||||||||
Common stock issued | 37,351,887 | ||||||||||||
Common stock repurchased | (75,367,520 | ) | |||||||||||
Preferred stock redeemed | (1,828,720 | ) | (2,215 | ) | |||||||||
Preferred stock issued to ESOP | |||||||||||||
Preferred stock released by ESOP | |||||||||||||
Preferred stock converted to common shares | — | — | — | ||||||||||
Preferred stock issued | 80,500 | 2,013 | |||||||||||
Common stock dividends | |||||||||||||
Preferred stock dividends | |||||||||||||
Stock incentive compensation expense | |||||||||||||
Net change in deferred compensation and related plans | |||||||||||||
Net change | (1,748,220 | ) | (202 | ) | (38,015,633 | ) | — | ||||||
Balance March 31, 2020 | 5,743,949 | $ | 21,347 | 4,096,410,304 | $ | 9,136 | |||||||
Balance December 31, 2018 | 9,377,216 | $ | 23,214 | 4,581,253,608 | $ | 9,136 | |||||||
Cumulative effect from change in accounting policies (2) | |||||||||||||
Balance January 1, 2019 | 9,377,216 | $ | 23,214 | 4,581,253,608 | $ | 9,136 | |||||||
Net income | |||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||
Noncontrolling interests | |||||||||||||
Common stock issued | 28,057,901 | ||||||||||||
Common stock repurchased | (97,363,710 | ) | |||||||||||
Preferred stock redeemed | — | — | |||||||||||
Preferred stock issued to ESOP | |||||||||||||
Preferred stock released by ESOP | |||||||||||||
Preferred stock converted to common shares | (5 | ) | — | 31 | |||||||||
Preferred stock issued | |||||||||||||
Common stock dividends | |||||||||||||
Preferred stock dividends | |||||||||||||
Stock incentive compensation expense | |||||||||||||
Net change in deferred compensation and related plans | |||||||||||||
Net change | (5 | ) | — | (69,305,778 | ) | — | |||||||
Balance March 31, 2019 | 9,377,211 | $ | 23,214 | 4,511,947,830 | $ | 9,136 |
Wells Fargo & Company and Subsidiaries | |||||||||||||||||||||||
Consolidated Statement of Changes in Equity (Unaudited) | |||||||||||||||||||||||
Preferred stock | Common stock | ||||||||||||||||||||||
(in millions, except shares) | Shares | Amount | Shares | Amount | |||||||||||||||||||
Balance June 30, 2020 | 5,494,773 | $ | 21,098 | 4,119,558,592 | $ | 9,136 | |||||||||||||||||
Net income | |||||||||||||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||||||||
Noncontrolling interests | |||||||||||||||||||||||
Common stock issued | 13,087,759 | ||||||||||||||||||||||
Common stock repurchased | (129,469) | ||||||||||||||||||||||
Preferred stock redeemed | 0 | 0 | |||||||||||||||||||||
Preferred stock released by ESOP | |||||||||||||||||||||||
Preferred stock converted to common shares | 0 | 0 | 0 | ||||||||||||||||||||
Common stock dividends | |||||||||||||||||||||||
Preferred stock dividends | |||||||||||||||||||||||
Stock incentive compensation expense | |||||||||||||||||||||||
Net change in deferred compensation and related plans | |||||||||||||||||||||||
Net change | 0 | 0 | 12,958,290 | 0 | |||||||||||||||||||
Balance September 30, 2020 | 5,494,773 | $ | 21,098 | 4,132,516,882 | $ | 9,136 | |||||||||||||||||
Balance June 30, 2019 | 9,184,169 | $ | 23,021 | 4,419,591,197 | $ | 9,136 | |||||||||||||||||
Net income | |||||||||||||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||||||||
Noncontrolling interests | |||||||||||||||||||||||
Common stock issued | 5,834,645 | ||||||||||||||||||||||
Common stock repurchased | (159,099,263) | ||||||||||||||||||||||
Preferred stock redeemed | (1,550,000) | (1,330) | |||||||||||||||||||||
Preferred stock released by ESOP | |||||||||||||||||||||||
Preferred stock converted to common shares | (142,000) | (142) | 2,815,225 | ||||||||||||||||||||
Common stock dividends | |||||||||||||||||||||||
Preferred stock dividends | |||||||||||||||||||||||
Stock incentive compensation expense | |||||||||||||||||||||||
Net change in deferred compensation and related plans | |||||||||||||||||||||||
Net change | (1,692,000) | (1,472) | (150,449,393) | 0 | |||||||||||||||||||
Balance September 30, 2019 | 7,492,169 | $ | 21,549 | 4,269,141,804 | $ | 9,136 |
Three months ended March 31, | ||||||||||||||||||||||
Wells Fargo stockholders’ equity | ||||||||||||||||||||||
Additional paid-in capital | Retained earnings | Cumulative other comprehensive income | Treasury stock | Unearned ESOP shares | Total Wells Fargo stockholders’ equity | Noncontrolling interests | Total equity | |||||||||||||||
61,049 | 166,697 | (1,311 | ) | (68,831 | ) | (1,143 | ) | 187,146 | 838 | 187,984 | ||||||||||||
991 | 991 | 991 | ||||||||||||||||||||
61,049 | 167,688 | (1,311 | ) | (68,831 | ) | (1,143 | ) | 188,137 | 838 | 188,975 | ||||||||||||
653 | 653 | (148 | ) | 505 | ||||||||||||||||||
(253 | ) | (253 | ) | (1 | ) | (254 | ) | |||||||||||||||
— | — | (77 | ) | (77 | ) | |||||||||||||||||
(17 | ) | (308 | ) | 2,002 | 1,677 | 1,677 | ||||||||||||||||
— | (3,407 | ) | (3,407 | ) | (3,407 | ) | ||||||||||||||||
17 | (272 | ) | (2,470 | ) | (2,470 | ) | ||||||||||||||||
— | — | — | — | |||||||||||||||||||
— | — | — | — | |||||||||||||||||||
— | — | — | — | |||||||||||||||||||
(45 | ) | 1,968 | 1,968 | |||||||||||||||||||
18 | (2,114 | ) | (2,096 | ) | (2,096 | ) | ||||||||||||||||
(339 | ) | (339 | ) | (339 | ) | |||||||||||||||||
181 | 181 | 181 | ||||||||||||||||||||
(1,354 | ) | 21 | (1,333 | ) | (1,333 | ) | ||||||||||||||||
(1,200 | ) | (2,380 | ) | (253 | ) | (1,384 | ) | — | (5,419 | ) | (226 | ) | (5,645 | ) | ||||||||
59,849 | 165,308 | (1,564 | ) | (70,215 | ) | (1,143 | ) | 182,718 | 612 | 183,330 | ||||||||||||
60,685 | 158,163 | (6,336 | ) | (47,194 | ) | (1,502 | ) | 196,166 | 900 | 197,066 | ||||||||||||
(492 | ) | 481 | (11 | ) | (11 | ) | ||||||||||||||||
60,685 | 157,671 | (5,855 | ) | (47,194 | ) | (1,502 | ) | 196,155 | 900 | 197,055 | ||||||||||||
5,860 | 5,860 | 107 | 5,967 | |||||||||||||||||||
2,173 | 2,173 | — | 2,173 | |||||||||||||||||||
— | — | (106 | ) | (106 | ) | |||||||||||||||||
— | (329 | ) | 1,468 | 1,139 | 1,139 | |||||||||||||||||
— | (4,820 | ) | (4,820 | ) | (4,820 | ) | ||||||||||||||||
— | — | — | ||||||||||||||||||||
— | — | — | — | |||||||||||||||||||
— | — | — | — | |||||||||||||||||||
— | — | — | — | |||||||||||||||||||
— | — | — | ||||||||||||||||||||
19 | (2,073 | ) | (2,054 | ) | (2,054 | ) | ||||||||||||||||
(353 | ) | (353 | ) | (353 | ) | |||||||||||||||||
544 | 544 | 544 | ||||||||||||||||||||
(839 | ) | 27 | (812 | ) | (812 | ) | ||||||||||||||||
(276 | ) | 3,105 | 2,173 | (3,325 | ) | — | 1,677 | 1 | 1,678 | |||||||||||||
60,409 | 160,776 | (3,682 | ) | (50,519 | ) | (1,502 | ) | 197,832 | 901 | 198,733 |
Quarter ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | Retained earnings | Cumulative other comprehensive income | Treasury stock | Unearned ESOP shares | Total Wells Fargo stockholders’ equity | Noncontrolling interests | Total equity | |||||||||||||||||||||||||||||||||||||
59,923 | 159,952 | (798) | (69,050) | (875) | 179,386 | 736 | 180,122 | |||||||||||||||||||||||||||||||||||||
2,035 | 2,035 | 184 | 2,219 | |||||||||||||||||||||||||||||||||||||||||
48 | 48 | 1 | 49 | |||||||||||||||||||||||||||||||||||||||||
0 | (62) | (62) | ||||||||||||||||||||||||||||||||||||||||||
0 | (343) | 668 | 325 | 325 | ||||||||||||||||||||||||||||||||||||||||
(3) | (3) | (3) | ||||||||||||||||||||||||||||||||||||||||||
0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
3 | (416) | (413) | (413) | |||||||||||||||||||||||||||||||||||||||||
(315) | (315) | (315) | ||||||||||||||||||||||||||||||||||||||||||
136 | 136 | 136 | ||||||||||||||||||||||||||||||||||||||||||
(27) | 1 | (26) | (26) | |||||||||||||||||||||||||||||||||||||||||
112 | 961 | 48 | 666 | 0 | 1,787 | 123 | 1,910 | |||||||||||||||||||||||||||||||||||||
60,035 | 160,913 | (750) | (68,384) | (875) | 181,173 | 859 | 182,032 | |||||||||||||||||||||||||||||||||||||
60,625 | 164,551 | (2,224) | (54,775) | (1,292) | 199,042 | 995 | 200,037 | |||||||||||||||||||||||||||||||||||||
4,610 | 4,610 | 202 | 4,812 | |||||||||||||||||||||||||||||||||||||||||
585 | 585 | 0 | 585 | |||||||||||||||||||||||||||||||||||||||||
0 | (85) | (85) | ||||||||||||||||||||||||||||||||||||||||||
(6) | (15) | 299 | 278 | 278 | ||||||||||||||||||||||||||||||||||||||||
(7,448) | (7,448) | (7,448) | ||||||||||||||||||||||||||||||||||||||||||
(220) | (1,550) | (1,550) | ||||||||||||||||||||||||||||||||||||||||||
(7) | 149 | 142 | 142 | |||||||||||||||||||||||||||||||||||||||||
(1) | 143 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
23 | (2,253) | (2,230) | (2,230) | |||||||||||||||||||||||||||||||||||||||||
(353) | (353) | (353) | ||||||||||||||||||||||||||||||||||||||||||
262 | 262 | 262 | ||||||||||||||||||||||||||||||||||||||||||
(30) | (4) | (34) | (34) | |||||||||||||||||||||||||||||||||||||||||
241 | 1,769 | 585 | (7,010) | 149 | (5,738) | 117 | (5,621) | |||||||||||||||||||||||||||||||||||||
60,866 | 166,320 | (1,639) | (61,785) | (1,143) | 193,304 | 1,112 | 194,416 |
Wells Fargo & Company and Subsidiaries | |||||||||||||||||||||||
Consolidated Statement of Changes in Equity (Unaudited) | |||||||||||||||||||||||
Preferred stock | Common stock | ||||||||||||||||||||||
(in millions, except shares) | Shares | Amount | Shares | Amount | |||||||||||||||||||
Balance December 31, 2019 | 7,492,169 | $ | 21,549 | 4,134,425,937 | $ | 9,136 | |||||||||||||||||
Cumulative effect from change in accounting policies (1) | |||||||||||||||||||||||
Balance January 1, 2020 | 7,492,169 | $ | 21,549 | 4,134,425,937 | $ | 9,136 | |||||||||||||||||
Net income | |||||||||||||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||||||||
Noncontrolling interests | |||||||||||||||||||||||
Common stock issued | 63,900,366 | ||||||||||||||||||||||
Common stock repurchased | (75,542,855) | ||||||||||||||||||||||
Preferred stock redeemed | (1,828,720) | (2,215) | |||||||||||||||||||||
Preferred stock released by ESOP | |||||||||||||||||||||||
Preferred stock converted to common shares | (249,176) | (249) | 9,733,434 | ||||||||||||||||||||
Preferred stock issued | 80,500 | 2,013 | |||||||||||||||||||||
Common stock dividends | |||||||||||||||||||||||
Preferred stock dividends | |||||||||||||||||||||||
Stock incentive compensation expense | |||||||||||||||||||||||
Net change in deferred compensation and related plans | |||||||||||||||||||||||
Net change | (1,997,396) | (451) | (1,909,055) | 0 | |||||||||||||||||||
Balance September 30, 2020 | 5,494,773 | $ | 21,098 | 4,132,516,882 | $ | 9,136 | |||||||||||||||||
Balance December 31, 2018 | 9,377,216 | $ | 23,214 | 4,581,253,608 | $ | 9,136 | |||||||||||||||||
Cumulative effect from change in accounting policies (2) | |||||||||||||||||||||||
Balance January 1, 2019 | 9,377,216 | $ | 23,214 | 4,581,253,608 | $ | 9,136 | |||||||||||||||||
Net income | |||||||||||||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||||||||
Noncontrolling interests | |||||||||||||||||||||||
Common stock issued | 42,384,469 | ||||||||||||||||||||||
Common stock repurchased | (361,315,717) | ||||||||||||||||||||||
Preferred stock redeemed | (1,550,000) | (1,330) | |||||||||||||||||||||
Preferred stock released by ESOP | |||||||||||||||||||||||
Preferred stock converted to common shares | (335,047) | (335) | 6,819,444 | ||||||||||||||||||||
Preferred stock issued | 0 | 0 | |||||||||||||||||||||
Common stock dividends | |||||||||||||||||||||||
Preferred stock dividends | |||||||||||||||||||||||
Stock incentive compensation expense | |||||||||||||||||||||||
Net change in deferred compensation and related plans | |||||||||||||||||||||||
Net change | (1,885,047) | (1,665) | (312,111,804) | 0 | |||||||||||||||||||
Balance September 30, 2019 | 7,492,169 | $ | 21,549 | 4,269,141,804 | $ | 9,136 |
Wells Fargo & Company and Subsidiaries | ||||||
Consolidated Statement of Cash Flows (Unaudited) | ||||||
Quarter ended March 31, | ||||||
(in millions) | 2020 | 2019 | ||||
Cash flows from operating activities: | ||||||
Net income before noncontrolling interests | $ | 505 | 5,967 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision for credit losses | 4,005 | 845 | ||||
Changes in fair value of MSRs, MLHFS and LHFS carried at fair value | 3,486 | 1,144 | ||||
Depreciation, amortization and accretion | 1,868 | 1,449 | ||||
Other net (gains) losses | 7,638 | (1,418 | ) | |||
Stock-based compensation | 582 | 902 | ||||
Originations and purchases of mortgage loans held for sale | (37,216 | ) | (25,098 | ) | ||
Proceeds from sales of and paydowns on mortgage loans held for sale | 31,922 | 17,148 | ||||
Net change in: | ||||||
Debt and equity securities, held for trading | 20,413 | 6,969 | ||||
Loans held for sale | (731 | ) | 728 | |||
Deferred income taxes | (1,448 | ) | 312 | |||
Derivative assets and liabilities | (4,293 | ) | (1,586 | ) | ||
Other assets | (10,391 | ) | 1,130 | |||
Other accrued expenses and liabilities | 933 | (541 | ) | |||
Net cash provided by operating activities | 17,273 | 7,951 | ||||
Cash flows from investing activities: | ||||||
Net change in: | ||||||
Federal funds sold and securities purchased under resale agreements | 15,675 | (18,414 | ) | |||
Available-for-sale debt securities: | ||||||
Proceeds from sales | 11,843 | 1,680 | ||||
Prepayments and maturities | 14,135 | 6,001 | ||||
Purchases | (18,658 | ) | (4,937 | ) | ||
Held-to-maturity debt securities: | ||||||
Paydowns and maturities | 3,769 | 2,123 | ||||
Purchases | (19,141 | ) | — | |||
Equity securities, not held for trading: | ||||||
Proceeds from sales and capital returns | 1,115 | 1,180 | ||||
Purchases | (3,338 | ) | (1,352 | ) | ||
Loans: | ||||||
Loans originated by banking subsidiaries, net of principal collected | (53,400 | ) | 669 | |||
Proceeds from sales (including participations) of loans held for investment | 1,959 | 3,410 | ||||
Purchases (including participations) of loans | (342 | ) | (331 | ) | ||
Principal collected on nonbank entities’ loans | 3,837 | 899 | ||||
Loans originated by nonbank entities | (2,348 | ) | (1,318 | ) | ||
Proceeds from sales of foreclosed assets and short sales | 500 | 707 | ||||
Other, net | 91 | 657 | ||||
Net cash used by investing activities | (44,303 | ) | (9,026 | ) | ||
Cash flows from financing activities: | ||||||
Net change in: | ||||||
Deposits | 53,903 | (22,161 | ) | |||
Short-term borrowings | (12,223 | ) | 810 | |||
Long-term debt: | ||||||
Proceeds from issuance | 18,895 | 17,338 | ||||
Repayment | (17,563 | ) | (11,898 | ) | ||
Preferred stock: | ||||||
Proceeds from issuance | 1,968 | — | ||||
Redeemed | (2,470 | ) | — | |||
Cash dividends paid | (280 | ) | (294 | ) | ||
Common stock: | ||||||
Proceeds from issuance | 209 | 181 | ||||
Stock tendered for payment of withholding taxes | (306 | ) | (264 | ) | ||
Repurchased | (3,407 | ) | (4,820 | ) | ||
Cash dividends paid | (2,032 | ) | (1,997 | ) | ||
Net change in noncontrolling interests | (29 | ) | (83 | ) | ||
Other, net | (76 | ) | (56 | ) | ||
Net cash provided (used) by financing activities | 36,589 | (23,244 | ) | |||
Net change in cash, cash equivalents, and restricted cash | 9,559 | (24,319 | ) | |||
Cash, cash equivalents, and restricted cash at beginning of period | 141,250 | 173,287 | ||||
Cash, cash equivalents, and restricted cash at end of period | $ | 150,809 | 148,968 | |||
Supplemental cash flow disclosures: | ||||||
Cash paid for interest | $ | 3,479 | 4,401 | |||
Cash paid for income taxes | 207 | 126 |
Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | Retained earnings | Cumulative other comprehensive income | Treasury stock | Unearned ESOP shares | Total Wells Fargo stockholders’ equity | Noncontrolling interests | Total equity | |||||||||||||||||||||||||||||||||||||
61,049 | 166,697 | (1,311) | (68,831) | (1,143) | 187,146 | 838 | 187,984 | |||||||||||||||||||||||||||||||||||||
991 | 0 | 991 | 991 | |||||||||||||||||||||||||||||||||||||||||
61,049 | 167,688 | (1,311) | (68,831) | (1,143) | 188,137 | 838 | 188,975 | |||||||||||||||||||||||||||||||||||||
309 | 309 | 83 | 392 | |||||||||||||||||||||||||||||||||||||||||
561 | 561 | 0 | 561 | |||||||||||||||||||||||||||||||||||||||||
0 | (62) | (62) | ||||||||||||||||||||||||||||||||||||||||||
207 | (1,200) | 3,362 | 2,369 | 2,369 | ||||||||||||||||||||||||||||||||||||||||
(3,412) | (3,412) | (3,412) | ||||||||||||||||||||||||||||||||||||||||||
17 | (272) | (2,470) | (2,470) | |||||||||||||||||||||||||||||||||||||||||
(19) | 268 | 249 | 249 | |||||||||||||||||||||||||||||||||||||||||
(243) | 492 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
(45) | 1,968 | 1,968 | ||||||||||||||||||||||||||||||||||||||||||
41 | (4,643) | (4,602) | (4,602) | |||||||||||||||||||||||||||||||||||||||||
(969) | (969) | (969) | ||||||||||||||||||||||||||||||||||||||||||
437 | 437 | 437 | ||||||||||||||||||||||||||||||||||||||||||
(1,409) | 5 | (1,404) | (1,404) | |||||||||||||||||||||||||||||||||||||||||
(1,014) | (6,775) | 561 | 447 | 268 | (6,964) | 21 | (6,943) | |||||||||||||||||||||||||||||||||||||
60,035 | 160,913 | (750) | (68,384) | (875) | 181,173 | 859 | 182,032 | |||||||||||||||||||||||||||||||||||||
60,685 | 158,163 | (6,336) | (47,194) | (1,502) | 196,166 | 900 | 197,066 | |||||||||||||||||||||||||||||||||||||
(492) | 481 | (11) | (11) | |||||||||||||||||||||||||||||||||||||||||
60,685 | 157,671 | (5,855) | (47,194) | (1,502) | 196,155 | 900 | 197,055 | |||||||||||||||||||||||||||||||||||||
16,676 | 16,676 | 441 | 17,117 | |||||||||||||||||||||||||||||||||||||||||
4,216 | 4,216 | 0 | 4,216 | |||||||||||||||||||||||||||||||||||||||||
0 | (229) | (229) | ||||||||||||||||||||||||||||||||||||||||||
(8) | (382) | 2,206 | 1,816 | 1,816 | ||||||||||||||||||||||||||||||||||||||||
(17,166) | (17,166) | (17,166) | ||||||||||||||||||||||||||||||||||||||||||
0 | (220) | (1,550) | (1,550) | |||||||||||||||||||||||||||||||||||||||||
(24) | 359 | 335 | 335 | |||||||||||||||||||||||||||||||||||||||||
(16) | 351 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
62 | (6,361) | (6,299) | (6,299) | |||||||||||||||||||||||||||||||||||||||||
(1,064) | (1,064) | (1,064) | ||||||||||||||||||||||||||||||||||||||||||
1,053 | 1,053 | 1,053 | ||||||||||||||||||||||||||||||||||||||||||
(886) | 18 | (868) | (868) | |||||||||||||||||||||||||||||||||||||||||
181 | 8,649 | 4,216 | (14,591) | 359 | (2,851) | 212 | (2,639) | |||||||||||||||||||||||||||||||||||||
60,866 | 166,320 | (1,639) | (61,785) | (1,143) | 193,304 | 1,112 | 194,416 |
Wells Fargo & Company and Subsidiaries | |||||||||||
Consolidated Statement of Cash Flows (Unaudited) | |||||||||||
Nine months ended September 30, | |||||||||||
(in millions) | 2020 | 2019 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income before noncontrolling interests | $ | 392 | 17,117 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | 14,308 | 2,043 | |||||||||
Changes in fair value of MSRs, MLHFS and LHFS carried at fair value | 4,434 | 3,704 | |||||||||
Depreciation, amortization and accretion | 6,444 | 4,940 | |||||||||
Other net (gains) losses | 6,753 | (2,888) | |||||||||
Stock-based compensation | 1,337 | 1,885 | |||||||||
Originations and purchases of mortgage loans held for sale | (134,318) | (109,609) | |||||||||
Proceeds from sales of and paydowns on mortgage loans held for sale | 87,350 | 70,676 | |||||||||
Net change in: | |||||||||||
Debt and equity securities, held for trading | 58,969 | 17,104 | |||||||||
Loans held for sale | (669) | 241 | |||||||||
Deferred income taxes | (1,647) | (3,142) | |||||||||
Derivative assets and liabilities | (5,823) | (2,397) | |||||||||
Other assets | (9,482) | (6,320) | |||||||||
Other accrued expenses and liabilities | (3,232) | 953 | |||||||||
Net cash provided (used) by operating activities | 24,816 | (5,693) | |||||||||
Cash flows from investing activities: | |||||||||||
Net change in: | |||||||||||
Federal funds sold and securities purchased under resale agreements | 32,836 | (22,844) | |||||||||
Available-for-sale debt securities: | |||||||||||
Proceeds from sales | 40,709 | 7,709 | |||||||||
Prepayments and maturities | 59,393 | 30,362 | |||||||||
Purchases | (54,010) | (44,460) | |||||||||
Held-to-maturity debt securities: | |||||||||||
Paydowns and maturities | 22,767 | 9,154 | |||||||||
Purchases | (41,758) | (2,929) | |||||||||
Equity securities, not held for trading: | |||||||||||
Proceeds from sales and capital returns | 10,344 | 4,104 | |||||||||
Purchases | (6,518) | (4,595) | |||||||||
Loans: | |||||||||||
Loans originated by banking subsidiaries, net of principal collected | 33,296 | (15,133) | |||||||||
Proceeds from sales (including participations) of loans held for investment | 6,828 | 10,416 | |||||||||
Purchases (including participations) of loans | (1,036) | (1,574) | |||||||||
Principal collected on nonbank entities’ loans | 7,150 | 2,990 | |||||||||
Loans originated by nonbank entities | (8,703) | (3,816) | |||||||||
Proceeds from sales of foreclosed assets and short sales | 967 | 1,992 | |||||||||
Other, net | (223) | 1,519 | |||||||||
Net cash provided (used) by investing activities | 102,042 | (27,105) | |||||||||
Cash flows from financing activities: | |||||||||||
Net change in: | |||||||||||
Deposits | 60,589 | 22,005 | |||||||||
Short-term borrowings | (49,288) | 18,121 | |||||||||
Long-term debt: | |||||||||||
Proceeds from issuance | 37,901 | 40,220 | |||||||||
Repayment | (61,151) | (45,940) | |||||||||
Preferred stock: | |||||||||||
Proceeds from issuance | 1,968 | 0 | |||||||||
Redeemed | (2,470) | (1,550) | |||||||||
Cash dividends paid | (910) | (1,005) | |||||||||
Common stock: | |||||||||||
Proceeds from issuance | 513 | 356 | |||||||||
Stock tendered for payment of withholding taxes | (326) | (283) | |||||||||
Repurchased | (3,412) | (17,166) | |||||||||
Cash dividends paid | (4,454) | (6,118) | |||||||||
Net change in noncontrolling interests | (67) | (221) | |||||||||
Other, net | (231) | (177) | |||||||||
Net cash provided (used) by financing activities | (21,338) | 8,242 | |||||||||
Net change in cash, cash equivalents, and restricted cash | 105,520 | (24,556) | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 141,250 | 173,287 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 246,770 | 148,731 | ||||||||
Supplemental cash flow disclosures: | |||||||||||
Cash paid for interest | $ | 7,099 | 14,505 | ||||||||
Cash paid for income taxes | 2,360 | 5,248 |
Note 1: Summary of Significant Accounting Policies |
•Accounting Standards Update (ASU or Update) 2020-04 – Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
•ASU 2018-17 – Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities •ASU 2018-15 – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the Financial Accounting Standards Board (FASB) Emerging Issues Task Force) •ASU 2018-13 – Fair Value Measurement (Topic 820):Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. •ASU 2017-04 – Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment •ASU 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and related subsequent Updates ASU 2020-04 provides optional, temporary relief to ease the burden of accounting for reference rate reform activities that affect contractual modifications of floating rate financial instruments indexed to interbank offering rates (IBORs) and hedge accounting relationships. Modifications of qualifying contracts are accounted for as the continuation of an existing contract rather than as a new contract. Modifications of qualifying hedging relationships will not require discontinuation of the existing hedge accounting relationships. The application of the relief for qualifying existing hedging relationships may be made on a hedge-by-hedge basis and across multiple reporting periods. We adopted ASU 2020-04 on April 1, 2020, and the guidance will be followed until the Update terminates on December 31, 2022. This guidance is applied on a prospective basis. The Update did not have a material impact on our consolidated financial statements. |
Dec 31, 2019 | ASU 2016-13 Adoption Impact | Jan 1, 2020 | Dec 31, 2019 | ASU 2016-13 Adoption Impact | Jan 1, 2020 | ||||||||||||||||||||||||||||||||
(in billions) | Balance Outstanding | ACL Balance | Coverage | ACL Balance | Coverage | (in billions) | Balance Outstanding | ACL Balance | Coverage | ACL Balance | Coverage | ||||||||||||||||||||||||||
Total commercial (2) | $ | 515.7 | 6.2 | 1.2 | % | $ | (2.9 | ) | 3.4 | 0.7 | % | Total commercial (2) | $ | 515.7 | 6.2 | 1.2 | % | $ | (2.9) | 3.4 | 0.7 | % | |||||||||||||||
Real estate 1-4 family mortgage (3) | 323.4 | 0.9 | 0.3 | — | 0.9 | 0.3 | Real estate 1-4 family mortgage (3) | 323.4 | 0.9 | 0.3 | 0 | 0.9 | 0.3 | ||||||||||||||||||||||||
Credit card (4) | 41.0 | 2.3 | 5.5 | 0.7 | 2.9 | 7.1 | Credit card (4) | 41.0 | 2.3 | 5.5 | 0.7 | 2.9 | 7.1 | ||||||||||||||||||||||||
Automobile (4) | 47.9 | 0.5 | 1.0 | 0.3 | 0.7 | 1.5 | Automobile (4) | 47.9 | 0.5 | 1.0 | 0.3 | 0.7 | 1.5 | ||||||||||||||||||||||||
Other revolving credit and installment (4) | 34.3 | 0.6 | 1.6 | 0.6 | 1.2 | 3.5 | Other revolving credit and installment (4) | 34.3 | 0.6 | 1.6 | 0.6 | 1.2 | 3.5 | ||||||||||||||||||||||||
Total consumer | 446.5 | 4.2 | 0.9 | 1.5 | 5.7 | 1.3 | Total consumer | 446.5 | 4.2 | 0.9 | 1.5 | 5.7 | 1.3 | ||||||||||||||||||||||||
Total loans | 962.3 | 10.5 | 1.1 | (1.3 | ) | 9.1 | 0.9 | Total loans | 962.3 | 10.5 | 1.1 | (1.3) | 9.1 | 0.9 | |||||||||||||||||||||||
Available-for-sale and held-to-maturity debt securities and other assets (5) | 420.0 | 0.1 | NM | — | 0.1 | NM | Available-for-sale and held-to-maturity debt securities and other assets (5) | 420.0 | 0.1 | NM | 0 | 0.1 | NM | ||||||||||||||||||||||||
Total | $ | 1,382.3 | 10.6 | NM | $ | (1.3 | ) | 9.3 | NM | Total | $ | 1,382.3 | 10.6 | NM | $ | (1.3) | 9.3 | NM |
Loan Portfolio | Key economic variables | |||||||
Total commercial | • Gross domestic product • Commercial real estate asset prices, where applicable • Unemployment rate • Corporate investment-grade bond spreads | |||||||
Real estate 1-4 family mortgage | • Home price index • Unemployment rate | |||||||
Other consumer (including credit card, automobile, and other revolving credit and installment) | • Unemployment rate |
Nine months ended September 30, | |||||||||||
(in millions) | 2020 | 2019 | |||||||||
Trading debt securities retained from securitization of mortgage loans held for sale (MLHFS) | $ | 39,626 | 31,517 | ||||||||
Available-for-sale debt securities retained from securitization of MLHFS | 2,710 | 0 | |||||||||
Held-to-maturity debt securities retained from securitization of MLHFS | 9,016 | 115 | |||||||||
Transfers from (to) loans to (from) MLHFS | 4,033 | 5,409 | |||||||||
Transfers from available-for-sale debt securities to held-to-maturity debt securities | 1,236 | 13,833 | |||||||||
Operating lease ROU assets acquired with operating lease liabilities (1) | 482 | 5,644 |
Quarter ended March 31, | ||||||
(in millions) | 2020 | 2019 | ||||
Trading debt securities retained from securitization of mortgage loans held for sale (MLHFS) | $ | 7,538 | 8,875 | |||
Transfers from loans to MLHFS | 858 | 1,292 | ||||
Transfers from available-for-sale debt securities to held-to-maturity debt securities | — | 2,407 | ||||
Operating lease ROU assets acquired with operating lease liabilities (1) | 197 | 5,127 |
Note 2: |
(in millions) | Personnel costs | Facility closure costs | Total | ||||||||
Restructuring charges | $ | 694 | 24 | 718 | |||||||
Payments and utilization | 0 | (24) | (24) | ||||||||
Accrual balance at September 30, 2020 | $ | 694 | 0 | 694 |
Note 3: Cash, Loan and Dividend Restrictions |
(in millions) | Sep 30, 2020 | Dec 31, 2019 | |||||||||
Required reserve balance for the FRB (1) | $ | 0 | 11,374 | ||||||||
Reserve balance for non-U.S. central banks | 220 | 460 | |||||||||
Segregated for benefit of brokerage customers under federal and other brokerage regulations | 875 | 733 | |||||||||
Related to consolidated variable interest entities (VIEs) that can only be used to settle liabilities of VIEs | 16 | 300 |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | ||||
Average required reserve balance for FRB (1) | $ | 11,932 | 11,374 | |||
Reserve balance for non-U.S. central banks | 1,133 | 460 | ||||
Segregated for benefit of brokerage customers under federal and other brokerage regulations | 970 | 733 | ||||
Related to consolidated variable interest entities (VIEs) that can only be used to settle liabilities of VIEs | 19 | 300 |
Note 4: Trading Activities |
(in millions) | Sep 30, 2020 | Dec 31, 2019 | |||||||||
Trading assets: | |||||||||||
Debt securities | $ | 73,253 | 79,733 | ||||||||
Equity securities | 14,058 | 27,440 | |||||||||
Loans held for sale | 1,688 | 972 | |||||||||
Gross trading derivative assets | 57,990 | 34,825 | |||||||||
Netting (1) | (35,662) | (21,463) | |||||||||
Total trading derivative assets | 22,328 | 13,362 | |||||||||
Total trading assets | 111,327 | 121,507 | |||||||||
Trading liabilities: | |||||||||||
Short sale | 18,779 | 17,430 | |||||||||
Gross trading derivative liabilities | 51,241 | 33,861 | |||||||||
Netting (1) | (39,278) | (26,074) | |||||||||
Total trading derivative liabilities | 11,963 | 7,787 | |||||||||
Total trading liabilities | $ | 30,742 | 25,217 |
Mar 31, | Dec 31, | |||||
(in millions) | 2020 | 2019 | ||||
Trading assets: | ||||||
Debt securities | $ | 80,425 | 79,733 | |||
Equity securities | 13,573 | 27,440 | ||||
Loans held for sale | 1,673 | 972 | ||||
Gross trading derivative assets | 72,527 | 34,825 | ||||
Netting (1) | (49,821 | ) | (21,463 | ) | ||
Total trading derivative assets | 22,706 | 13,362 | ||||
Total trading assets | 118,377 | 121,507 | ||||
Trading liabilities: | ||||||
Short sale | 17,603 | 17,430 | ||||
Gross trading derivative liabilities | 67,891 | 33,861 | ||||
Netting (1) | (53,598 | ) | (26,074 | ) | ||
Total trading derivative liabilities | 14,293 | 7,787 | ||||
Total trading liabilities | $ | 31,896 | 25,217 |
Quarter ended Sep 30, | Nine months ended Sep 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Debt securities | $ | 546 | 790 | $ | 1,971 | 2,323 | |||||||||||||||||
Equity securities | 68 | 157 | 273 | 415 | |||||||||||||||||||
Loans held for sale | 6 | 20 | 24 | 63 | |||||||||||||||||||
Total interest income | 620 | 967 | 2,268 | 2,801 | |||||||||||||||||||
Less: Interest expense | 93 | 129 | 350 | 392 | |||||||||||||||||||
Net interest income | 527 | 838 | 1,918 | 2,409 | |||||||||||||||||||
Net gains (losses) from trading activities (1): | |||||||||||||||||||||||
Debt securities | 214 | 451 | 2,898 | 1,540 | |||||||||||||||||||
Equity securities | 1,381 | (242) | (691) | 3,061 | |||||||||||||||||||
Loans held for sale | 14 | 5 | 26 | 15 | |||||||||||||||||||
Derivatives (2) | (1,248) | 62 | (1,001) | (3,754) | |||||||||||||||||||
Total net gains from trading activities | 361 | 276 | 1,232 | 862 | |||||||||||||||||||
Total trading-related net interest and noninterest income | $ | 888 | 1,114 | $ | 3,150 | 3,271 |
Quarter ended March 31, | ||||||
(in millions) | 2020 | 2019 | ||||
Interest income: | ||||||
Debt securities | $ | 766 | 793 | |||
Equity securities | 137 | 115 | ||||
Loans held for sale | 12 | 23 | ||||
Total interest income | 915 | 931 | ||||
Less: Interest expense | 141 | 136 | ||||
Net interest income | 774 | 795 | ||||
Net gains (losses) from trading activities (1): | ||||||
Debt securities | 2,355 | 688 | ||||
Equity securities | (4,401 | ) | 2,067 | |||
Loans held for sale | (12 | ) | 14 | |||
Derivatives (2) | 2,122 | (2,412 | ) | |||
Total net gains from trading activities | 64 | 357 | ||||
Total trading-related net interest and noninterest income | $ | 838 | 1,152 |
Note 5: Available-for-Sale and Held-to-Maturity Debt Securities |
(in millions) | Amortized cost, net (1) | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 5,826 | 149 | 0 | 5,975 | ||||||||||||||||||
Securities of U.S. states and political subdivisions (2) | 31,563 | 239 | (291) | 31,511 | |||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Federal agencies | 130,717 | 4,582 | (72) | 135,227 | |||||||||||||||||||
Residential | 539 | 3 | (1) | 541 | |||||||||||||||||||
Commercial | 3,393 | 17 | (67) | 3,343 | |||||||||||||||||||
Total mortgage-backed securities | 134,649 | 4,602 | (140) | 139,111 | |||||||||||||||||||
Corporate debt securities | 5,687 | 131 | (46) | 5,772 | |||||||||||||||||||
Collateralized loan obligations | 25,389 | 5 | (380) | 25,014 | |||||||||||||||||||
Other | 13,197 | 80 | (87) | 13,190 | |||||||||||||||||||
Total available-for-sale debt securities | 216,311 | 5,206 | (944) | 220,573 | |||||||||||||||||||
Held-to-maturity debt securities: | |||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 48,587 | 1,765 | (65) | 50,287 | |||||||||||||||||||
Securities of U.S. states and political subdivisions | 14,232 | 682 | (4) | 14,910 | |||||||||||||||||||
Federal agency and other mortgage-backed securities (3) | 119,766 | 4,518 | (57) | 124,227 | |||||||||||||||||||
Other debt securities | 10 | 0 | 0 | 10 | |||||||||||||||||||
Total held-to-maturity debt securities | 182,595 | 6,965 | (126) | 189,434 | |||||||||||||||||||
Total (4) | $ | 398,906 | 12,171 | (1,070) | 410,007 | ||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 14,948 | 13 | (1) | 14,960 | ||||||||||||||||||
Securities of U.S. states and political subdivisions (2) | 39,381 | 992 | (36) | 40,337 | |||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Federal agencies | 160,318 | 2,299 | (164) | 162,453 | |||||||||||||||||||
Residential | 814 | 14 | (1) | 827 | |||||||||||||||||||
Commercial | 3,899 | 41 | (6) | 3,934 | |||||||||||||||||||
Total mortgage-backed securities | 165,031 | 2,354 | (171) | 167,214 | |||||||||||||||||||
Corporate debt securities | 6,343 | 252 | (32) | 6,563 | |||||||||||||||||||
Collateralized loan obligations | 29,153 | 25 | (123) | 29,055 | |||||||||||||||||||
Other | 5,204 | 150 | (24) | 5,330 | |||||||||||||||||||
Total available-for-sale debt securities | 260,060 | 3,786 | (387) | 263,459 | |||||||||||||||||||
Held-to-maturity debt securities: | |||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 45,541 | 617 | (19) | 46,139 | |||||||||||||||||||
Securities of U.S. states and political subdivisions | 13,486 | 286 | (13) | 13,759 | |||||||||||||||||||
Federal agency and other mortgage-backed securities (3) | 94,869 | 2,093 | (37) | 96,925 | |||||||||||||||||||
Other debt securities | 37 | 0 | 0 | 37 | |||||||||||||||||||
Total held-to-maturity debt securities | 153,933 | 2,996 | (69) | 156,860 | |||||||||||||||||||
Total (4) | $ | 413,993 | 6,782 | (456) | 420,319 |
(in millions) | Amortized cost, net (1) | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||
March 31, 2020 | ||||||||||||
Available-for-sale debt securities: | ||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 10,952 | 88 | (4 | ) | 11,036 | ||||||
Securities of U.S. states and political subdivisions (2) | 38,686 | 206 | (748 | ) | 38,144 | |||||||
Mortgage-backed securities: | ||||||||||||
Federal agencies | 154,390 | 5,839 | (15 | ) | 160,214 | |||||||
Residential | 820 | — | (44 | ) | 776 | |||||||
Commercial | 3,897 | 10 | (253 | ) | 3,654 | |||||||
Total mortgage-backed securities | 159,107 | 5,849 | (312 | ) | 164,644 | |||||||
Corporate debt securities | 6,092 | 38 | (275 | ) | 5,855 | |||||||
Collateralized loan and other debt obligations | 26,873 | 63 | (1,768 | ) | 25,168 | |||||||
Other (3) | 6,477 | 19 | (114 | ) | 6,382 | |||||||
Total available-for-sale debt securities | 248,187 | 6,263 | (3,221 | ) | 251,229 | |||||||
Held-to-maturity debt securities: | ||||||||||||
Securities of U.S. Treasury and federal agencies | 48,569 | 2,146 | (24 | ) | 50,691 | |||||||
Securities of U.S. states and political subdivisions | 14,304 | 344 | (37 | ) | 14,611 | |||||||
Federal agency and other mortgage-backed securities (4) | 107,013 | 5,268 | (43 | ) | 112,238 | |||||||
Other debt securities | 23 | — | (1 | ) | 22 | |||||||
Total held-to-maturity debt securities | 169,909 | 7,758 | (105 | ) | 177,562 | |||||||
Total (5) | $ | 418,096 | 14,021 | (3,326 | ) | 428,791 | ||||||
December 31, 2019 | ||||||||||||
Available-for-sale debt securities: | ||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 14,948 | 13 | (1 | ) | 14,960 | ||||||
Securities of U.S. states and political subdivisions (2) | 39,381 | 992 | (36 | ) | 40,337 | |||||||
Mortgage-backed securities: | ||||||||||||
Federal agencies | 160,318 | 2,299 | (164 | ) | 162,453 | |||||||
Residential | 814 | 14 | (1 | ) | 827 | |||||||
Commercial | 3,899 | 41 | (6 | ) | 3,934 | |||||||
Total mortgage-backed securities | 165,031 | 2,354 | (171 | ) | 167,214 | |||||||
Corporate debt securities | 6,343 | 252 | (32 | ) | 6,563 | |||||||
Collateralized loan and other debt obligations | 29,693 | 125 | (123 | ) | 29,695 | |||||||
Other (3) | 4,664 | 50 | (24 | ) | 4,690 | |||||||
Total available-for-sale debt securities | 260,060 | 3,786 | (387 | ) | 263,459 | |||||||
Held-to-maturity debt securities: | ||||||||||||
Securities of U.S. Treasury and federal agencies | 45,541 | 617 | (19 | ) | 46,139 | |||||||
Securities of U.S. states and political subdivisions | 13,486 | 286 | (13 | ) | 13,759 | |||||||
Federal agency and other mortgage-backed securities (4) | 94,869 | 2,093 | (37 | ) | 96,925 | |||||||
Other debt securities | 37 | — | — | 37 | ||||||||
Total held-to-maturity debt securities | 153,933 | 2,996 | (69 | ) | 156,860 | |||||||
Total (5) | $ | 413,993 | 6,782 | (456 | ) | 420,319 |
Quarter ended March 31, | ||||||
(in millions) | 2020 | 2019 | ||||
Purchases of held-to-maturity debt securities: | ||||||
Securities of U.S. Treasury and federal agencies | $ | 3,016 | — | |||
Securities of U.S. states and political subdivisions | 866 | — | ||||
Federal agency and other mortgage-backed securities | 15,925 | 16 | ||||
Total purchases of held-to-maturity debt securities | 19,807 | 16 | ||||
Transfers from available-for-sale debt securities to held-to-maturity debt securities: | ||||||
Federal agency and other mortgage-backed securities | — | 2,407 | ||||
Total transfers from available-for-sale debt securities to held-to-maturity debt securities | $ | — | 2,407 |
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Purchases of held-to-maturity debt securities: | |||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 0 | 0 | $ | 3,016 | 0 | |||||||||||||||||
Securities of U.S. states and political subdivisions | 0 | 491 | 881 | 734 | |||||||||||||||||||
Federal agency and other mortgage-backed securities | 23,683 | 3,108 | 46,578 | 3,161 | |||||||||||||||||||
Total purchases of held-to-maturity debt securities | 23,683 | 3,599 | 50,475 | 3,895 | |||||||||||||||||||
Transfers from available-for-sale debt securities to held-to-maturity debt securities: | |||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 1,236 | 4,354 | 1,236 | 5,912 | |||||||||||||||||||
Federal agency and other mortgage-backed securities | 0 | 3,408 | 0 | 7,921 | |||||||||||||||||||
Total transfers from available-for-sale debt securities to held-to-maturity debt securities | $ | 1,236 | 7,762 | $ | 1,236 | 13,833 |
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Available-for-sale | $ | 1,009 | 1,957 | $ | 4,084 | 6,268 | |||||||||||||||||
Held-to-maturity | 891 | 919 | 2,809 | 2,797 | |||||||||||||||||||
Total interest income (1) | 1,900 | 2,876 | 6,893 | 9,065 | |||||||||||||||||||
Provision for credit losses (2): | |||||||||||||||||||||||
Available-for-sale | 12 | 0 | 140 | 0 | |||||||||||||||||||
Held-to-maturity | 6 | 0 | 19 | 0 | |||||||||||||||||||
Total provision for credit losses | 18 | 0 | 159 | 0 | |||||||||||||||||||
Realized gains and losses (3): | |||||||||||||||||||||||
Gross realized gains | 264 | 21 | 768 | 223 | |||||||||||||||||||
Gross realized losses | 0 | (12) | (40) | (17) | |||||||||||||||||||
Impairment write-downs included in earnings: | |||||||||||||||||||||||
Credit-related (4) | 0 | 0 | 0 | (23) | |||||||||||||||||||
Intent-to-sell | 0 | (6) | (15) | (35) | |||||||||||||||||||
Total impairment write-downs included in earnings | 0 | (6) | (15) | (58) | |||||||||||||||||||
Net realized gains | $ | 264 | 3 | $ | 713 | 148 |
Quarter ended March 31, | ||||||
(in millions) | 2020 | 2019 | ||||
Interest income: | ||||||
Available-for-sale | $ | 1,726 | 2,201 | |||
Held-to-maturity | 980 | 947 | ||||
Total interest income (1) | 2,706 | 3,148 | ||||
Provision for credit losses (2): | ||||||
Available-for-sale | 168 | — | ||||
Held-to-maturity | 4 | — | ||||
Total provision for credit losses | 172 | — | ||||
Realized gains and losses (3): | ||||||
Gross realized gains | 256 | 173 | ||||
Gross realized losses | (4 | ) | (3 | ) | ||
Impairment write-downs included in earnings: | ||||||
Credit-related (4) | — | (16 | ) | |||
Intent-to-sell | (15 | ) | (29 | ) | ||
Total impairment write-downs included in earnings | (15 | ) | (45 | ) | ||
Net realized gains | $ | 237 | 125 |
(4)For the third quarter and first nine months of 2020, credit-related impairment recognized in earnings is classified as provision for credit losses due to our adoption of CECLon January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies). |
Available-for-Sale | Held-to-Maturity | ||||||||||||||||
($ in millions) | Fair value | % investment grade | Amortized cost | % investment grade | |||||||||||||
September 30, 2020 | |||||||||||||||||
Total portfolio | $ | 220,573 | 99 | % | 182,621 | 99 | % | ||||||||||
Breakdown by category: | |||||||||||||||||
Securities of U.S. Treasury and federal agencies (1) | $ | 141,202 | 100 | % | 167,489 | 100 | % | ||||||||||
Securities of U.S. states and political subdivisions | 31,511 | 99 | 14,245 | 100 | |||||||||||||
Collateralized loan obligations | 25,014 | 100 | N/A | N/A | |||||||||||||
All other debt securities (2) | 22,846 | 90 | 887 | 7 | |||||||||||||
December 31, 2019 | |||||||||||||||||
Total portfolio | $ | 263,459 | 99 | % | 153,933 | 99 | % | ||||||||||
Breakdown by category: | |||||||||||||||||
Securities of U.S. Treasury and federal agencies (1) | $ | 177,413 | 100 | % | 139,619 | 100 | % | ||||||||||
Securities of U.S. states and political subdivisions | 40,337 | 99 | 13,486 | 100 | |||||||||||||
Collateralized loan obligations | 29,055 | 100 | N/A | N/A | |||||||||||||
All other debt securities (2) | 16,654 | 82 | 828 | 4 |
Available-for-Sale | Held-to-Maturity | |||||||||
($ in millions) | Fair value | % investment grade | Amortized cost | % investment grade | ||||||
March 31, 2020 | ||||||||||
Total portfolio | $ | 251,229 | 99 | % | 169,920 | 99 | % | |||
Breakdown by category: | ||||||||||
Securities of U.S. Treasury and federal agencies (1) | $ | 171,250 | 100 | % | 154,734 | 100 | % | |||
Securities of U.S. states and political subdivisions | 38,144 | 99 | 14,313 | 100 | ||||||
Collateralized loan obligations | 24,582 | 100 | N/A | N/A | ||||||
All other debt securities (2) | 17,253 | 82 | 873 | 7 | ||||||
December 31, 2019 | ||||||||||
Total portfolio | $ | 263,459 | 99 | % | 153,933 | 99 | % | |||
Breakdown by category: | ||||||||||
Securities of U.S. Treasury and federal agencies (1) | $ | 177,413 | 100 | % | 139,619 | 100 | % | |||
Securities of U.S. states and political subdivisions | 40,337 | 99 | 13,486 | 100 | ||||||
Collateralized loan obligations | 29,055 | 100 | N/A | N/A | ||||||
All other debt securities (2) | 16,654 | 82 | 828 | 4 |
(in millions) | Quarter ended March 31, 2020 | ||
Available-for-sale debt securities purchased with credit deterioration (PCD): | |||
Par value | $ | 164 | |
Allowance for credit losses at acquisition | (11 | ) | |
Discount (or premiums) attributable to other factors | 3 | ||
Purchase price of available-for-sale debt securities purchased with credit deterioration | $ | 156 |
(in millions) | Nine months ended September 30, 2020 | |||||||
Available-for-sale debt securities purchased with credit deterioration (PCD): | ||||||||
Par value | $ | 164 | ||||||
Allowance for credit losses at acquisition | (11) | |||||||
Discount (or premiums) attributable to other factors | 3 | |||||||
Purchase price of available-for-sale debt securities purchased with credit deterioration | $ | 156 |
Less than 12 months | 12 months or more | Total | ||||||||||||||||
(in millions) | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | ||||||||||||
March 31, 2020 | ||||||||||||||||||
Available-for-sale debt securities: | ||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | (4 | ) | 615 | — | — | (4 | ) | 615 | |||||||||
Securities of U.S. states and political subdivisions | (678 | ) | 22,740 | (70 | ) | 1,490 | (748 | ) | 24,230 | |||||||||
Mortgage-backed securities: | ||||||||||||||||||
Federal agencies | (3 | ) | 594 | (12 | ) | 737 | (15 | ) | 1,331 | |||||||||
Residential | (44 | ) | 591 | — | — | (44 | ) | 591 | ||||||||||
Commercial | (228 | ) | 3,275 | (25 | ) | 243 | (253 | ) | 3,518 | |||||||||
Total mortgage-backed securities | (275 | ) | 4,460 | (37 | ) | 980 | (312 | ) | 5,440 | |||||||||
Corporate debt securities | (263 | ) | 3,337 | (12 | ) | 129 | (275 | ) | 3,466 | |||||||||
Collateralized loan and other debt obligations | (1,226 | ) | 18,303 | (542 | ) | 6,442 | (1,768 | ) | 24,745 | |||||||||
Other | (91 | ) | 4,085 | (23 | ) | 618 | (114 | ) | 4,703 | |||||||||
Total available-for-sale debt securities | $ | (2,537 | ) | 53,540 | (684 | ) | 9,659 | (3,221 | ) | 63,199 | ||||||||
December 31, 2019 | ||||||||||||||||||
Available-for-sale debt securities: | ||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | — | — | (1 | ) | 2,423 | (1 | ) | 2,423 | |||||||||
Securities of U.S. states and political subdivisions | (10 | ) | 2,776 | (26 | ) | 2,418 | (36 | ) | 5,194 | |||||||||
Mortgage-backed securities: | ||||||||||||||||||
Federal agencies | (50 | ) | 16,807 | (114 | ) | 10,641 | (164 | ) | 27,448 | |||||||||
Residential | (1 | ) | 149 | — | — | (1 | ) | 149 | ||||||||||
Commercial | (3 | ) | 998 | (3 | ) | 244 | (6 | ) | 1,242 | |||||||||
Total mortgage-backed securities | (54 | ) | 17,954 | (117 | ) | 10,885 | (171 | ) | 28,839 | |||||||||
Corporate debt securities | (9 | ) | 303 | (23 | ) | 216 | (32 | ) | 519 | |||||||||
Collateralized loan and other debt obligations | (13 | ) | 5,070 | (110 | ) | 16,789 | (123 | ) | 21,859 | |||||||||
Other | (12 | ) | 1,587 | (12 | ) | 492 | (24 | ) | 2,079 | |||||||||
Total available-for-sale debt securities | $ | (98 | ) | 27,690 | (289 | ) | 33,223 | (387 | ) | 60,913 |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(in millions) | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | |||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | (234) | 12,366 | (57) | 1,817 | (291) | 14,183 | |||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | (71) | 15,985 | (1) | 365 | (72) | 16,350 | |||||||||||||||||||||||||||||
Residential | 0 | 0 | (1) | 58 | (1) | 58 | |||||||||||||||||||||||||||||
Commercial | (45) | 1,910 | (22) | 331 | (67) | 2,241 | |||||||||||||||||||||||||||||
Total mortgage-backed securities | (116) | 17,895 | (24) | 754 | (140) | 18,649 | |||||||||||||||||||||||||||||
Corporate debt securities | (35) | 788 | (11) | 95 | (46) | 883 | |||||||||||||||||||||||||||||
Collateralized loan obligations | (208) | 16,696 | (172) | 7,265 | (380) | 23,961 | |||||||||||||||||||||||||||||
Other | (34) | 6,545 | (53) | 1,382 | (87) | 7,927 | |||||||||||||||||||||||||||||
Total available-for-sale debt securities | $ | (627) | 54,290 | (317) | 11,313 | (944) | 65,603 | ||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 0 | 0 | (1) | 2,423 | (1) | 2,423 | ||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | (10) | 2,776 | (26) | 2,418 | (36) | 5,194 | |||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal agencies | (50) | 16,807 | (114) | 10,641 | (164) | 27,448 | |||||||||||||||||||||||||||||
Residential | (1) | 149 | 0 | 0 | (1) | 149 | |||||||||||||||||||||||||||||
Commercial | (3) | 998 | (3) | 244 | (6) | 1,242 | |||||||||||||||||||||||||||||
Total mortgage-backed securities | (54) | 17,954 | (117) | 10,885 | (171) | 28,839 | |||||||||||||||||||||||||||||
Corporate debt securities | (9) | 303 | (23) | 216 | (32) | 519 | |||||||||||||||||||||||||||||
Collateralized loan obligations | (13) | 5,001 | (110) | 16,789 | (123) | 21,790 | |||||||||||||||||||||||||||||
Other | (12) | 1,656 | (12) | 492 | (24) | 2,148 | |||||||||||||||||||||||||||||
Total available-for-sale debt securities | $ | (98) | 27,690 | (289) | 33,223 | (387) | 60,913 |
Quarter ended September 30, 2020 | Nine months ended September 30, 2020 | ||||||||||||||||
(in millions) | Available-for-Sale | Held-to-Maturity | Available-for-Sale | Held-to-Maturity | |||||||||||||
Balance, beginning of period (1) | $ | 114 | 20 | $ | 0 | 0 | |||||||||||
Cumulative effect from change in accounting policies (2) | 0 | 0 | 24 | 7 | |||||||||||||
Balance, beginning of period, adjusted | 114 | 20 | 24 | 7 | |||||||||||||
Provision for credit losses | 12 | 6 | 140 | 19 | |||||||||||||
Securities purchased with credit deterioration | 0 | 0 | 11 | 0 | |||||||||||||
Reduction due to sales | 0 | 0 | (8) | 0 | |||||||||||||
Reduction due to intent to sell | (2) | 0 | (13) | 0 | |||||||||||||
Charge-offs | (48) | 0 | (81) | 0 | |||||||||||||
Interest income (3) | 3 | 0 | 6 | 0 | |||||||||||||
Balance, end of period (4) | $ | 79 | 26 | $ | 79 | 26 |
Quarter ended March 31, 2020 | |||||
(in millions) | Available-for-Sale | Held-to-Maturity | |||
Balance, beginning of period (1) | $ | — | — | ||
Cumulative effect from change in accounting policies (2) | 24 | 7 | |||
Balance, beginning of period, adjusted | 24 | 7 | |||
Provision for credit losses | 168 | 4 | |||
Securities purchased with credit deterioration | 11 | — | |||
Reduction due to intent to sell | (11 | ) | — | ||
Charge-offs | (32 | ) | — | ||
Interest income (3) | 1 | — | |||
Balance, end of period (4) | $ | 161 | 11 |
Note 5: Available-for-Sale and Held-to-Maturity Debt Securities (continued) |
By remaining contractual maturity ($ in millions) | Total | Within one year | After one year through five years | After five years through ten years | After ten years | ||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
Available-for-sale debt securities (1): | |||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | |||||||||||||||||||||||||||||
Amortized cost, net | $ | 5,826 | 511 | 2,771 | 10 | 2,534 | |||||||||||||||||||||||
Fair value | 5,975 | 511 | 2,777 | 11 | 2,676 | ||||||||||||||||||||||||
Weighted average yield | 0.99 | % | 2.61 | 0.28 | 2.34 | 1.42 | |||||||||||||||||||||||
Securities of U.S. states and political subdivisions | |||||||||||||||||||||||||||||
Amortized cost, net | $ | 31,563 | 2,748 | 3,193 | 3,558 | 22,064 | |||||||||||||||||||||||
Fair value | 31,511 | 2,754 | 3,246 | 3,570 | 21,941 | ||||||||||||||||||||||||
Weighted average yield | 2.34 | % | 1.37 | 1.74 | 1.46 | 2.68 | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Federal agencies | |||||||||||||||||||||||||||||
Amortized cost, net | $ | 130,717 | 0 | 138 | 2,766 | 127,813 | |||||||||||||||||||||||
Fair value | 135,227 | 0 | 146 | 2,865 | 132,216 | ||||||||||||||||||||||||
Weighted average yield | 3.01 | % | 0 | 3.24 | 2.34 | 3.02 | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Amortized cost, net | $ | 539 | 0 | 0 | 0 | 539 | |||||||||||||||||||||||
Fair value | 541 | 0 | 0 | 0 | 541 | ||||||||||||||||||||||||
Weighted average yield | 2.24 | % | 0 | 0 | 0 | 2.24 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Amortized cost, net | $ | 3,393 | 0 | 0 | 161 | 3,232 | |||||||||||||||||||||||
Fair value | 3,343 | 0 | 0 | 159 | 3,184 | ||||||||||||||||||||||||
Weighted average yield | 2.16 | % | 0 | 0 | 1.63 | 2.18 | |||||||||||||||||||||||
Total mortgage-backed securities | |||||||||||||||||||||||||||||
Amortized cost, net | $ | 134,649 | 0 | 138 | 2,927 | 131,584 | |||||||||||||||||||||||
Fair value | 139,111 | 0 | 146 | 3,024 | 135,941 | ||||||||||||||||||||||||
Weighted average yield | 2.98 | % | 0 | 3.24 | 2.30 | 3.00 | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||
Amortized cost, net | $ | 5,687 | 207 | 2,390 | 2,301 | 789 | |||||||||||||||||||||||
Fair value | 5,772 | 208 | 2,459 | 2,326 | 779 | ||||||||||||||||||||||||
Weighted average yield | 4.75 | % | 6.41 | 4.88 | 4.61 | 4.36 | |||||||||||||||||||||||
Collateralized loan obligations | |||||||||||||||||||||||||||||
Amortized cost, net | $ | 25,389 | 0 | 249 | 12,901 | 12,239 | |||||||||||||||||||||||
Fair value | 25,014 | 0 | 248 | 12,731 | 12,035 | ||||||||||||||||||||||||
Weighted average yield | 1.67 | % | 0 | 2.40 | 1.75 | 1.57 | |||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Amortized cost, net | $ | 13,197 | 8,991 | 457 | 1,087 | 2,662 | |||||||||||||||||||||||
Fair value | 13,190 | 8,985 | 446 | 1,078 | 2,681 | ||||||||||||||||||||||||
Weighted average yield | 0.42 | % | (0.15) | 1.76 | 1.03 | 1.84 | |||||||||||||||||||||||
Total available-for-sale debt securities | |||||||||||||||||||||||||||||
Amortized cost, net | $ | 216,311 | 12,457 | 9,198 | 22,784 | 171,872 | |||||||||||||||||||||||
Fair value | 220,573 | 12,458 | 9,322 | 22,740 | 176,053 | ||||||||||||||||||||||||
Weighted average yield | 2.57 | % | 0.41 | 2.17 | 2.03 | 2.82 |
By remaining contractual maturity ($ in millions) | Total | Within one year | After one year through five years | After five years through ten years | After ten years | ||||||||||
March 31, 2020 | |||||||||||||||
Available-for-sale debt securities (1): | |||||||||||||||
Securities of U.S. Treasury and federal agencies | |||||||||||||||
Amortized cost, net | $ | 10,952 | 8,023 | 28 | 45 | 2,856 | |||||||||
Fair value | 11,036 | 8,029 | 29 | 49 | 2,929 | ||||||||||
Weighted average yield | 2.10 | % | 2.32 | 1.97 | 1.84 | 1.49 | |||||||||
Securities of U.S. states and political subdivisions | |||||||||||||||
Amortized cost, net | 38,686 | 3,940 | 4,196 | 4,034 | 26,516 | ||||||||||
Fair value | 38,144 | 3,963 | 4,244 | 4,039 | 25,898 | ||||||||||
Weighted average yield | 3.15 | 4.58 | 3.20 | 2.78 | 2.98 | ||||||||||
Mortgage-backed securities: | |||||||||||||||
Federal agencies | |||||||||||||||
Amortized cost, net | 154,390 | 2 | 123 | 1,944 | 152,321 | ||||||||||
Fair value | 160,214 | 2 | 128 | 2,005 | 158,079 | ||||||||||
Weighted average yield | 3.19 | 1.93 | 3.06 | 2.44 | 3.20 | ||||||||||
Residential | |||||||||||||||
Amortized cost, net | 820 | — | — | — | 820 | ||||||||||
Fair value | 776 | — | — | — | 776 | ||||||||||
Weighted average yield | 3.19 | — | — | — | 3.19 | ||||||||||
Commercial | |||||||||||||||
Amortized cost, net | 3,897 | — | 32 | 194 | 3,671 | ||||||||||
Fair value | 3,654 | — | 31 | 187 | 3,436 | ||||||||||
Weighted average yield | 2.62 | — | 2.49 | 2.71 | 2.62 | ||||||||||
Total mortgage-backed securities | |||||||||||||||
Amortized cost, net | 159,107 | 2 | 155 | 2,138 | 156,812 | ||||||||||
Fair value | 164,644 | 2 | 159 | 2,192 | 162,291 | ||||||||||
Weighted average yield | 3.18 | 1.93 | 2.94 | 2.46 | 3.19 | ||||||||||
Corporate debt securities | |||||||||||||||
Amortized cost, net | 6,092 | 373 | 2,048 | 2,847 | 824 | ||||||||||
Fair value | 5,855 | 355 | 1,973 | 2,755 | 772 | ||||||||||
Weighted average yield | 4.97 | 4.12 | 5.18 | 5.03 | 4.67 | ||||||||||
Collateralized loan and other debt obligations | |||||||||||||||
Amortized cost, net | 26,873 | — | — | 12,014 | 14,859 | ||||||||||
Fair value | 25,168 | — | — | 11,362 | 13,806 | ||||||||||
Weighted average yield | 3.21 | — | — | 3.29 | 3.15 | ||||||||||
Other | |||||||||||||||
Amortized cost, net | 6,477 | 2,021 | 704 | 1,296 | 2,456 | ||||||||||
Fair value | 6,382 | 2,021 | 685 | 1,287 | 2,389 | ||||||||||
Weighted average yield | 1.51 | (0.22 | ) | 2.95 | 1.41 | 2.57 | |||||||||
Total available-for-sale debt securities | |||||||||||||||
Amortized cost, net | $ | 248,187 | 14,359 | 7,131 | 22,374 | 204,323 | |||||||||
Fair value | 251,229 | 14,370 | 7,090 | 21,684 | 208,085 | ||||||||||
Weighted average yield | 3.13 | % | 2.63 | 3.75 | 3.24 | 3.14 |
By remaining contractual maturity ($ in millions) | Total | Within one year | After one year through five years | After five years through ten years | After ten years | ||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
Held-to-maturity debt securities (1): | |||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | |||||||||||||||||||||||||||||
Amortized cost, net | $ | 48,587 | 24,742 | 20,064 | 0 | 3,781 | |||||||||||||||||||||||
Fair value | 50,287 | 25,051 | 21,275 | 0 | 3,961 | ||||||||||||||||||||||||
Weighted average yield | 2.14 | % | 2.19 | 2.19 | 0 | 1.57 | |||||||||||||||||||||||
Securities of U.S. states and political subdivisions | |||||||||||||||||||||||||||||
Amortized cost, net | $ | 14,232 | 292 | 1,006 | 1,830 | 11,104 | |||||||||||||||||||||||
Fair value | 14,910 | 295 | 1,059 | 1,932 | 11,624 | ||||||||||||||||||||||||
Weighted average yield | 2.72 | % | 2.36 | 2.59 | 2.93 | 2.71 | |||||||||||||||||||||||
Federal agency and other mortgage-backed securities | |||||||||||||||||||||||||||||
Amortized cost, net | $ | 119,766 | 0 | 15 | 0 | 119,751 | |||||||||||||||||||||||
Fair value | 124,227 | 0 | 14 | 0 | 124,213 | ||||||||||||||||||||||||
Weighted average yield | 2.65 | % | 0 | 1.50 | 0 | 2.65 | |||||||||||||||||||||||
Other debt securities | |||||||||||||||||||||||||||||
Amortized cost, net | $ | 10 | 0 | 0 | 10 | 0 | |||||||||||||||||||||||
Fair value | 10 | 0 | 0 | 10 | 0 | ||||||||||||||||||||||||
Weighted average yield | 1.45 | % | 0 | 0 | 1.45 | 0 | |||||||||||||||||||||||
Total held-to-maturity debt securities | |||||||||||||||||||||||||||||
Amortized cost, net | $ | 182,595 | 25,034 | 21,085 | 1,840 | 134,636 | |||||||||||||||||||||||
Fair value | 189,434 | 25,346 | 22,348 | 1,942 | 139,798 | ||||||||||||||||||||||||
Weighted average yield | 2.52 | % | 2.19 | 2.21 | 2.92 | 2.62 |
By remaining contractual maturity ($ in millions) | Total | Within one year | After one year through five years | After five years through ten years | After ten years | ||||||||||
March 31, 2020 | |||||||||||||||
Held-to-maturity debt securities (1): | |||||||||||||||
Securities of U.S. Treasury and federal agencies | |||||||||||||||
Amortized cost, net | $ | 48,569 | 8,336 | 36,454 | — | 3,779 | |||||||||
Fair value | 50,691 | 8,494 | 38,170 | — | 4,027 | ||||||||||
Weighted average yield | 2.14 | % | 2.24 | 2.18 | — | 1.56 | |||||||||
Securities of U.S. states and political subdivisions | |||||||||||||||
Amortized cost, net | 14,304 | 11 | 713 | 1,724 | 11,856 | ||||||||||
Fair value | 14,611 | 11 | 731 | 1,794 | 12,075 | ||||||||||
Weighted average yield | 2.71 | 1.95 | 2.22 | 2.86 | 2.72 | ||||||||||
Federal agency and other mortgage-backed securities | |||||||||||||||
Amortized cost, net | 107,013 | — | 15 | 104 | 106,894 | ||||||||||
Fair value | 112,238 | — | 13 | 111 | 112,114 | ||||||||||
Weighted average yield | 2.96 | — | 2.99 | 1.37 | 2.96 | ||||||||||
Other debt securities | |||||||||||||||
Amortized cost, net | 23 | — | — | 23 | — | ||||||||||
Fair value | 22 | — | — | 22 | — | ||||||||||
Weighted average yield | 3.01 | — | — | 3.01 | — | ||||||||||
Total held-to-maturity debt securities | |||||||||||||||
Amortized cost, net | $ | 169,909 | 8,347 | 37,182 | 1,851 | 122,529 | |||||||||
Fair value | 177,562 | 8,505 | 38,914 | 1,927 | 128,216 | ||||||||||
Weighted average yield | 2.70 | % | 2.24 | 2.18 | 2.78 | 2.89 |
Note 6: Loans and Related Allowance for Credit Losses |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | (in millions) | Sep 30, 2020 | Dec 31, 2019 | ||||||||||||
Commercial: | Commercial: | ||||||||||||||||
Commercial and industrial | $ | 405,020 | 354,125 | Commercial and industrial | $ | 320,913 | 354,125 | ||||||||||
Real estate mortgage | 122,767 | 121,824 | Real estate mortgage | 121,910 | 121,824 | ||||||||||||
Real estate construction | 20,812 | 19,939 | Real estate construction | 22,519 | 19,939 | ||||||||||||
Lease financing | 19,136 | 19,831 | Lease financing | 16,947 | 19,831 | ||||||||||||
Total commercial | 567,735 | 515,719 | Total commercial | 482,289 | 515,719 | ||||||||||||
Consumer: | Consumer: | ||||||||||||||||
Real estate 1-4 family first mortgage | 292,920 | 293,847 | Real estate 1-4 family first mortgage | 294,990 | 293,847 | ||||||||||||
Real estate 1-4 family junior lien mortgage | 28,527 | 29,509 | Real estate 1-4 family junior lien mortgage | 25,162 | 29,509 | ||||||||||||
Credit card | 38,582 | 41,013 | Credit card | 36,021 | 41,013 | ||||||||||||
Automobile | 48,568 | 47,873 | Automobile | 48,450 | 47,873 | ||||||||||||
Other revolving credit and installment | 33,511 | 34,304 | Other revolving credit and installment | 33,170 | 34,304 | ||||||||||||
Total consumer | 442,108 | 446,546 | Total consumer | 437,793 | 446,546 | ||||||||||||
Total loans | $ | 1,009,843 | 962,265 | Total loans | $ | 920,082 | 962,265 |
(in millions) | Sep 30, 2020 | Dec 31, 2019 | |||||||||
Non-U.S. Commercial Loans | |||||||||||
Commercial and industrial | $ | 61,594 | 70,494 | ||||||||
Real estate mortgage | 6,228 | 7,004 | |||||||||
Real estate construction | 1,898 | 1,434 | |||||||||
Lease financing | 1,156 | 1,220 | |||||||||
Total non-U.S. commercial loans | $ | 70,876 | 80,152 |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | ||||
Non-U.S. Commercial Loans | ||||||
Commercial and industrial | $ | 78,753 | 70,494 | |||
Real estate mortgage | 6,309 | 7,004 | ||||
Real estate construction | 1,478 | 1,434 | ||||
Lease financing | 1,120 | 1,220 | ||||
Total non-U.S. commercial loans | $ | 87,660 | 80,152 |
2020 | 2019 | |||||||||||||||||
(in millions) | Commercial | Consumer | Total | Commercial | Consumer | Total | ||||||||||||
Quarter ended March 31, | ||||||||||||||||||
Purchases | $ | 341 | 1 | 342 | 329 | 3 | 332 | |||||||||||
Sales | (813 | ) | (26 | ) | (839 | ) | (421 | ) | (179 | ) | (600 | ) | ||||||
Transfers (to) from MLHFS/LHFS | 77 | 2 | 79 | (3 | ) | — | (3 | ) |
2020 | 2019 | ||||||||||||||||||||||||||||||||||
(in millions) | Commercial | Consumer | Total | Commercial | Consumer | Total | |||||||||||||||||||||||||||||
Quarter ended September 30, | |||||||||||||||||||||||||||||||||||
Purchases | $ | 260 | 2 | 262 | 571 | 910 | 1,481 | ||||||||||||||||||||||||||||
Sales | (564) | 0 | (564) | (433) | (85) | (518) | |||||||||||||||||||||||||||||
Transfers (to) from MLHFS/LHFS | (170) | 8,990 | 8,820 | (25) | (37) | (62) | |||||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||||||||
Purchases | $ | 1,034 | 5 | 1,039 | 1,570 | 918 | 2,488 | ||||||||||||||||||||||||||||
Sales | (3,334) | (27) | (3,361) | (1,389) | (417) | (1,806) | |||||||||||||||||||||||||||||
Transfers (to) from MLHFS/LHFS | (101) | (1,387) | (1,488) | (117) | (1,889) | (2,006) |
(in millions) | Sep 30, 2020 | Dec 31, 2019 | |||||||||
Commercial: | |||||||||||
Commercial and industrial | $ | 359,827 | 346,991 | ||||||||
Real estate mortgage | 8,420 | 8,206 | |||||||||
Real estate construction | 16,028 | 17,729 | |||||||||
Total commercial | 384,275 | 372,926 | |||||||||
Consumer: | |||||||||||
Real estate 1-4 family first mortgage | 30,853 | 34,391 | |||||||||
Real estate 1-4 family junior lien mortgage | 34,452 | 36,916 | |||||||||
Credit card | 121,312 | 114,933 | |||||||||
Other revolving credit and installment | 22,239 | 25,898 | |||||||||
Total consumer | 208,856 | 212,138 | |||||||||
Total unfunded credit commitments | $ | 593,131 | 585,064 |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | ||||
Commercial: | ||||||
Commercial and industrial | $ | 314,135 | 346,991 | |||
Real estate mortgage | 9,360 | 8,206 | ||||
Real estate construction | 17,236 | 17,729 | ||||
Total commercial | 340,731 | 372,926 | ||||
Consumer: | ||||||
Real estate 1-4 family first mortgage | 42,691 | 34,391 | ||||
Real estate 1-4 family junior lien mortgage | 36,301 | 36,916 | ||||
Credit card | 118,339 | 114,933 | ||||
Other revolving credit and installment | 25,187 | 25,898 | ||||
Total consumer | 222,518 | 212,138 | ||||
Total unfunded credit commitments | $ | 563,249 | 585,064 |
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Balance, beginning of period | $ | 20,436 | 10,603 | 10,456 | 10,707 | ||||||||||||||||||
Cumulative effect from change in accounting policies (1) | 0 | 0 | (1,337) | 0 | |||||||||||||||||||
Allowance for purchased credit-deteriorated (PCD) loans (2) | 0 | 0 | 8 | 0 | |||||||||||||||||||
Balance, beginning of period, adjusted | 20,436 | 10,603 | 9,127 | 10,707 | |||||||||||||||||||
Provision for credit losses | 751 | 695 | 14,149 | 2,043 | |||||||||||||||||||
Interest income on certain loans (3) | (41) | (34) | (117) | (112) | |||||||||||||||||||
Loan charge-offs: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | (327) | (209) | (1,260) | (590) | |||||||||||||||||||
Real estate mortgage | (59) | (2) | (134) | (28) | |||||||||||||||||||
Real estate construction | 0 | 0 | 0 | (1) | |||||||||||||||||||
Lease financing | (34) | (12) | (66) | (35) | |||||||||||||||||||
Total commercial | (420) | (223) | (1,460) | (654) | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | (20) | (31) | (63) | (101) | |||||||||||||||||||
Real estate 1-4 family junior lien mortgage | (22) | (27) | (70) | (90) | |||||||||||||||||||
Credit card | (339) | (404) | (1,225) | (1,278) | |||||||||||||||||||
Automobile | (99) | (156) | (413) | (485) | |||||||||||||||||||
Other revolving credit and installment | (94) | (168) | (372) | (497) | |||||||||||||||||||
Total consumer | (574) | (786) | (2,143) | (2,451) | |||||||||||||||||||
Total loan charge-offs | (994) | (1,009) | (3,603) | (3,105) | |||||||||||||||||||
Loan recoveries: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | 53 | 62 | 132 | 151 | |||||||||||||||||||
Real estate mortgage | 3 | 10 | 13 | 26 | |||||||||||||||||||
Real estate construction | 2 | 8 | 19 | 13 | |||||||||||||||||||
Lease financing | 6 | 4 | 14 | 15 | |||||||||||||||||||
Total commercial | 64 | 84 | 178 | 205 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 21 | 36 | 65 | 148 | |||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 36 | 49 | 101 | 140 | |||||||||||||||||||
Credit card | 94 | 85 | 276 | 258 | |||||||||||||||||||
Automobile | 68 | 80 | 194 | 266 | |||||||||||||||||||
Other revolving credit and installment | 28 | 30 | 84 | 95 | |||||||||||||||||||
Total consumer | 247 | 280 | 720 | 907 | |||||||||||||||||||
Total loan recoveries | 311 | 364 | 898 | 1,112 | |||||||||||||||||||
Net loan charge-offs | (683) | (645) | (2,705) | (1,993) | |||||||||||||||||||
Other | 8 | (6) | 17 | (32) | |||||||||||||||||||
Balance, end of period | $ | 20,471 | 10,613 | 20,471 | 10,613 | ||||||||||||||||||
Components: | |||||||||||||||||||||||
Allowance for loan losses | $ | 19,463 | 9,715 | 19,463 | 9,715 | ||||||||||||||||||
Allowance for unfunded credit commitments | 1,008 | 898 | 1,008 | 898 | |||||||||||||||||||
Allowance for credit losses for loans | $ | 20,471 | 10,613 | 20,471 | 10,613 | ||||||||||||||||||
Net loan charge-offs (annualized) as a percentage of average total loans | 0.29 | % | 0.27 | 0.38 | 0.28 | ||||||||||||||||||
Allowance for loan losses as a percentage of total loans | 2.12 | 1.02 | 2.12 | 1.02 | |||||||||||||||||||
Allowance for credit losses for loans as a percentage of total loans | 2.22 | 1.11 | 2.22 | 1.11 |
Quarter ended March 31, | |||||
(in millions) | 2020 | 2019 | |||
Balance, beginning of period | 10,456 | 10,707 | |||
Cumulative effect from change in accounting policies (1) | (1,337 | ) | — | ||
Allowance for purchased credit-deteriorated (PCD) loans (2) | 8 | — | |||
Balance, beginning of period, adjusted | 9,127 | 10,707 | |||
Provision for credit losses | 3,833 | 845 | |||
Interest income on certain loans (3) | (38 | ) | (39 | ) | |
Loan charge-offs: | |||||
Commercial: | |||||
Commercial and industrial | (377 | ) | (176 | ) | |
Real estate mortgage | (3 | ) | (12 | ) | |
Real estate construction | — | (1 | ) | ||
Lease financing | (13 | ) | (11 | ) | |
Total commercial | (393 | ) | (200 | ) | |
Consumer: | |||||
Real estate 1-4 family first mortgage | (23 | ) | (43 | ) | |
Real estate 1-4 family junior lien mortgage | (30 | ) | (34 | ) | |
Credit card | (471 | ) | (437 | ) | |
Automobile | (156 | ) | (187 | ) | |
Other revolving credit and installment | (165 | ) | (162 | ) | |
Total consumer | (845 | ) | (863 | ) | |
Total loan charge-offs | (1,238 | ) | (1,063 | ) | |
Loan recoveries: | |||||
Commercial: | |||||
Commercial and industrial | 44 | 43 | |||
Real estate mortgage | 5 | 6 | |||
Real estate construction | 16 | 3 | |||
Lease financing | 4 | 3 | |||
Total commercial | 69 | 55 | |||
Consumer: | |||||
Real estate 1-4 family first mortgage | 26 | 55 | |||
Real estate 1-4 family junior lien mortgage | 35 | 43 | |||
Credit card | 94 | 85 | |||
Automobile | 74 | 96 | |||
Other revolving credit and installment | 31 | 34 | |||
Total consumer | 260 | 313 | |||
Total loan recoveries | 329 | 368 | |||
Net loan charge-offs | (909 | ) | (695 | ) | |
Other | 9 | 3 | |||
Balance, end of period | 12,022 | 10,821 | |||
Components: | |||||
Allowance for loan losses | 11,263 | 9,900 | |||
Allowance for unfunded credit commitments | 759 | 921 | |||
Allowance for credit losses for loans | 12,022 | 10,821 | |||
Net loan charge-offs (annualized) as a percentage of average total loans | 0.38 | 0.30 | |||
Allowance for loan losses as a percentage of total loans | 1.12 | 1.04 | |||
Allowance for credit losses for loans as a percentage of total loans | 1.19 | 1.14 |
2020 | 2019 | ||||||||||||||||||||||||||||||||||
(in millions) | Commercial | Consumer | Total | Commercial | Consumer | Total | |||||||||||||||||||||||||||||
Quarter ended September 30, | |||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 11,669 | 8,767 | 20,436 | 6,298 | 4,305 | 10,603 | ||||||||||||||||||||||||||||
Provision for credit losses | 241 | 510 | 751 | 84 | 611 | 695 | |||||||||||||||||||||||||||||
Interest income on certain loans (1) | (18) | (23) | (41) | (10) | (24) | (34) | |||||||||||||||||||||||||||||
Loan charge-offs | (420) | (574) | (994) | (223) | (786) | (1,009) | |||||||||||||||||||||||||||||
Loan recoveries | 64 | 247 | 311 | 84 | 280 | 364 | |||||||||||||||||||||||||||||
Net loan charge-offs | (356) | (327) | (683) | (139) | (506) | (645) | |||||||||||||||||||||||||||||
Other | 6 | 2 | 8 | (3) | (3) | (6) | |||||||||||||||||||||||||||||
Balance, end of period | $ | 11,542 | 8,929 | 20,471 | 6,230 | 4,383 | 10,613 | ||||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 6,245 | 4,211 | 10,456 | 6,417 | 4,290 | 10,707 | ||||||||||||||||||||||||||||
Cumulative effect from change in accounting policies (1) | (2,861) | 1,524 | (1,337) | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Allowance for purchased credit-deteriorated (PCD) loans (2) | 0 | 8 | 8 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Balance, beginning of period, adjusted | 3,384 | 5,743 | 9,127 | 6,417 | 4,290 | 10,707 | |||||||||||||||||||||||||||||
Provision for credit losses | 9,480 | 4,669 | 14,149 | 294 | 1,749 | 2,043 | |||||||||||||||||||||||||||||
Interest income on certain loans (3) | (44) | (73) | (117) | (35) | (77) | (112) | |||||||||||||||||||||||||||||
Loan charge-offs | (1,460) | (2,143) | (3,603) | (654) | (2,451) | (3,105) | |||||||||||||||||||||||||||||
Loan recoveries | 178 | 720 | 898 | 205 | 907 | 1,112 | |||||||||||||||||||||||||||||
Net loan charge-offs | (1,282) | (1,423) | (2,705) | (449) | (1,544) | (1,993) | |||||||||||||||||||||||||||||
Other | 4 | 13 | 17 | 3 | (35) | (32) | |||||||||||||||||||||||||||||
Balance, end of period | $ | 11,542 | 8,929 | 20,471 | 6,230 | 4,383 | 10,613 |
2020 | 2019 | ||||||||||||||||||||||
(in millions) | Commercial | Consumer | Total | Commercial | Consumer | Total | |||||||||||||||||
Quarter ended March 31, | |||||||||||||||||||||||
Balance, beginning of period | $ | 6,245 | 4,211 | 10,456 | 6,417 | 4,290 | 10,707 | ||||||||||||||||
Cumulative effect from change in accounting policies (1) | (2,861 | ) | 1,524 | (1,337 | ) | — | — | — | |||||||||||||||
Allowance for purchased credit-deteriorated (PCD) loans (2) | — | 8 | 8 | — | — | — | |||||||||||||||||
Balance, beginning of period, adjusted | 3,384 | 5,743 | 9,127 | 6,417 | 4,290 | 10,707 | |||||||||||||||||
Provision for credit losses | 2,240 | 1,593 | 3,833 | 164 | 681 | 845 | |||||||||||||||||
Interest income on certain loans (3) | (14 | ) | (24 | ) | (38 | ) | (11 | ) | (28 | ) | (39 | ) | |||||||||||
Loan charge-offs | (393 | ) | (845 | ) | (1,238 | ) | (200 | ) | (863 | ) | (1,063 | ) | |||||||||||
Loan recoveries | 69 | 260 | 329 | 55 | 313 | 368 | |||||||||||||||||
Net loan charge-offs | (324 | ) | (585 | ) | (909 | ) | (145 | ) | (550 | ) | (695 | ) | |||||||||||
Other | (7 | ) | 16 | 9 | 3 | — | 3 | ||||||||||||||||
Balance, end of period | $ | 5,279 | $ | 6,743 | $ | 12,022 | $ | 6,428 | $ | 4,393 | $ | 10,821 |
Allowance for credit losses for loans | Recorded investment in loans | Allowance for credit losses for loans | Recorded investment in loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Commercial | Consumer | Total | Commercial | Consumer | Total | (in millions) | Commercial | Consumer | Total | Commercial | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated (1) | $ | 5,778 | 3,364 | 9,142 | 512,586 | 436,081 | 948,667 | Collectively evaluated (1) | $ | 5,778 | 3,364 | 9,142 | 512,586 | 436,081 | 948,667 | ||||||||||||||||||||||||||||||||||||||
Individually evaluated (2) | 467 | 847 | 1,314 | 3,133 | 9,897 | 13,030 | Individually evaluated (2) | 467 | 847 | 1,314 | 3,133 | 9,897 | 13,030 | ||||||||||||||||||||||||||||||||||||||||
PCI (3) | — | — | — | — | 568 | 568 | PCI (3) | 0 | 0 | 0 | 0 | 568 | 568 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,245 | 4,211 | 10,456 | 515,719 | 446,546 | 962,265 | Total | $ | 6,245 | 4,211 | 10,456 | 515,719 | 446,546 | 962,265 |
Term loans by origination year | Revolving loans | Revolving loans converted to term loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 46,064 | 39,124 | 18,498 | 8,711 | 4,905 | 5,748 | 172,440 | 2,546 | 298,036 | |||||||||||||||||||||||||||||||||||||||||||
Criticized | 1,591 | 2,010 | 1,893 | 1,207 | 915 | 428 | 14,645 | 188 | 22,877 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 47,655 | 41,134 | 20,391 | 9,918 | 5,820 | 6,176 | 187,085 | 2,734 | 320,913 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 15,269 | 27,768 | 20,335 | 12,452 | 13,232 | 16,833 | 4,831 | 6 | 110,726 | ||||||||||||||||||||||||||||||||||||||||||||
Criticized | 1,307 | 2,106 | 2,033 | 1,361 | 1,393 | 2,507 | 477 | 0 | 11,184 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate mortgage | 16,576 | 29,874 | 22,368 | 13,813 | 14,625 | 19,340 | 5,308 | 6 | 121,910 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 4,244 | 6,828 | 5,248 | 2,139 | 618 | 399 | 1,506 | 3 | 20,985 | ||||||||||||||||||||||||||||||||||||||||||||
Criticized | 123 | 416 | 518 | 96 | 371 | 10 | 0 | 0 | 1,534 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction | 4,367 | 7,244 | 5,766 | 2,235 | 989 | 409 | 1,506 | 3 | 22,519 | ||||||||||||||||||||||||||||||||||||||||||||
Lease financing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 2,958 | 4,276 | 2,496 | 1,759 | 1,381 | 2,324 | 0 | 0 | 15,194 | ||||||||||||||||||||||||||||||||||||||||||||
Criticized | 254 | 533 | 469 | 249 | 151 | 97 | 0 | 0 | 1,753 | ||||||||||||||||||||||||||||||||||||||||||||
Total lease financing | 3,212 | 4,809 | 2,965 | 2,008 | 1,532 | 2,421 | 0 | 0 | 16,947 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 71,810 | 83,061 | 51,490 | 27,974 | 22,966 | 28,346 | 193,899 | 2,743 | 482,289 | |||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Real estate mortgage | Real estate construction | Lease financing | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
By risk category: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 338,740 | 118,054 | 19,752 | 18,655 | 495,201 | |||||||||||||||||||||||||||||||||||||||||||||||
Criticized | 15,385 | 3,770 | 187 | 1,176 | 20,518 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 354,125 | 121,824 | 19,939 | 19,831 | 515,719 |
Term loans by origination year | Revolving loans | Revolving loans converted to term loans | Total | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | ||||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||
Pass | $ | 32,531 | 53,904 | 23,788 | 11,603 | 7,815 | 5,061 | 250,893 | 209 | 385,804 | ||||||||||||||||||
Criticized | 885 | 1,053 | 948 | 721 | 433 | 458 | 14,718 | — | 19,216 | |||||||||||||||||||
Total commercial and industrial | 33,416 | 54,957 | 24,736 | 12,324 | 8,248 | 5,519 | 265,611 | 209 | 405,020 | |||||||||||||||||||
Real estate mortgage | ||||||||||||||||||||||||||||
Pass | 7,336 | 31,320 | 23,268 | 14,577 | 15,376 | 21,087 | 5,563 | 128 | 118,655 | |||||||||||||||||||
Criticized | 60 | 452 | 515 | 741 | 546 | 1,525 | 273 | — | 4,112 | |||||||||||||||||||
Total real estate mortgage | 7,396 | 31,772 | 23,783 | 15,318 | 15,922 | 22,612 | 5,836 | 128 | 122,767 | |||||||||||||||||||
Real estate construction | ||||||||||||||||||||||||||||
Pass | 1,293 | 7,226 | 5,528 | 3,024 | 1,290 | 472 | 1,750 | 7 | 20,590 | |||||||||||||||||||
Criticized | 2 | 98 | 93 | 6 | 8 | 14 | 1 | — | 222 | |||||||||||||||||||
Total real estate construction | 1,295 | 7,324 | 5,621 | 3,030 | 1,298 | 486 | 1,751 | 7 | 20,812 | |||||||||||||||||||
Lease financing | ||||||||||||||||||||||||||||
Pass | 1,439 | 5,566 | 3,769 | 2,447 | 1,844 | 2,739 | — | — | 17,804 | |||||||||||||||||||
Criticized | 83 | 422 | 365 | 196 | 139 | 127 | — | — | 1,332 | |||||||||||||||||||
Total lease financing | 1,522 | 5,988 | 4,134 | 2,643 | 1,983 | 2,866 | — | — | 19,136 | |||||||||||||||||||
Total commercial loans | $ | 43,629 | 100,041 | 58,274 | 33,315 | 27,451 | 31,483 | 273,198 | 344 | 567,735 | ||||||||||||||||||
Commercial and industrial | Real estate mortgage | Real estate construction | Lease financing | Total | ||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||
By risk category: | ||||||||||||||||||||||||||||
Pass | $ | 338,740 | 118,054 | 19,752 | 18,655 | 495,201 | ||||||||||||||||||||||
Criticized | 15,385 | 3,770 | 187 | 1,176 | 20,518 | |||||||||||||||||||||||
Total commercial loans | $ | 354,125 | 121,824 | 19,939 | 19,831 | 515,719 |
(in millions) | Commercial and industrial | Real estate mortgage | Real estate construction | Lease financing | Total | ||||||||||
March 31, 2020 | |||||||||||||||
By delinquency status: | |||||||||||||||
Current-29 days past due (DPD) and still accruing | $ | 402,706 | 121,621 | 20,696 | 18,793 | 563,816 | |||||||||
30-89 DPD and still accruing | 511 | 174 | 94 | 212 | 991 | ||||||||||
90+ DPD and still accruing | 24 | 28 | 1 | — | 53 | ||||||||||
Nonaccrual loans | 1,779 | 944 | 21 | 131 | 2,875 | ||||||||||
Total commercial loans | $ | 405,020 | 122,767 | 20,812 | 19,136 | 567,735 | |||||||||
December 31, 2019 | |||||||||||||||
By delinquency status: | |||||||||||||||
Current-29 DPD and still accruing | $ | 352,110 | 120,967 | 19,845 | 19,484 | 512,406 | |||||||||
30-89 DPD and still accruing | 423 | 253 | 53 | 252 | 981 | ||||||||||
90+ DPD and still accruing | 47 | 31 | — | — | 78 | ||||||||||
Nonaccrual loans | 1,545 | 573 | 41 | 95 | 2,254 | ||||||||||
Total commercial loans | $ | 354,125 | 121,824 | 19,939 | 19,831 | 515,719 |
(in millions) | Commercial and industrial | Real estate mortgage | Real estate construction | Lease financing | Total | ||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||||||||
Current-29 days past due (DPD) and still accruing | $ | 317,563 | 120,055 | 22,252 | 16,518 | 476,388 | |||||||||||||||||||||||
30-89 DPD and still accruing | 455 | 465 | 233 | 242 | 1,395 | ||||||||||||||||||||||||
90+ DPD and still accruing | 61 | 47 | 0 | 0 | 108 | ||||||||||||||||||||||||
Nonaccrual loans | 2,834 | 1,343 | 34 | 187 | 4,398 | ||||||||||||||||||||||||
Total commercial loans | $ | 320,913 | 121,910 | 22,519 | 16,947 | 482,289 | |||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||||||||
Current-29 DPD and still accruing | $ | 352,110 | 120,967 | 19,845 | 19,484 | 512,406 | |||||||||||||||||||||||
30-89 DPD and still accruing | 423 | 253 | 53 | 252 | 981 | ||||||||||||||||||||||||
90+ DPD and still accruing | 47 | 31 | 0 | 0 | 78 | ||||||||||||||||||||||||
Nonaccrual loans | 1,545 | 573 | 41 | 95 | 2,254 | ||||||||||||||||||||||||
Total commercial loans | $ | 354,125 | 121,824 | 19,939 | 19,831 | 515,719 |
Term loans by origination year | Revolving loans | Revolving loans converted to term loans | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-29 DPD | $ | 42,388 | 49,009 | 17,902 | 28,860 | 34,728 | 77,341 | 7,300 | 1,906 | 259,434 | |||||||||||||||||||||||||||||||||||||||||||
30-59 DPD | 40 | 84 | 36 | 61 | 64 | 723 | 28 | 42 | 1,078 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 DPD | 1 | 6 | 2 | 7 | 17 | 236 | 13 | 23 | 305 | ||||||||||||||||||||||||||||||||||||||||||||
90-119 DPD | 2 | 6 | 2 | 7 | 2 | 194 | 9 | 19 | 241 | ||||||||||||||||||||||||||||||||||||||||||||
120-179 DPD | 3 | 4 | 6 | 3 | 9 | 222 | 8 | 22 | 277 | ||||||||||||||||||||||||||||||||||||||||||||
180+ DPD | 1 | 0 | 4 | 15 | 14 | 543 | 12 | 129 | 718 | ||||||||||||||||||||||||||||||||||||||||||||
Government insured/guaranteed loans (2) | 204 | 794 | 969 | 1,248 | 2,646 | 27,076 | 0 | 0 | 32,937 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate 1-4 family first mortgage | 42,639 | 49,903 | 18,921 | 30,201 | 37,480 | 106,335 | 7,370 | 2,141 | 294,990 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family junior mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-29 DPD | 16 | 41 | 47 | 43 | 35 | 1,255 | 16,896 | 6,302 | 24,635 | ||||||||||||||||||||||||||||||||||||||||||||
30-59 DPD | 1 | 0 | 0 | 0 | 0 | 23 | 57 | 86 | 167 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 DPD | 0 | 0 | 0 | 0 | 0 | 10 | 24 | 50 | 84 | ||||||||||||||||||||||||||||||||||||||||||||
90-119 DPD | 0 | 0 | 0 | 0 | 0 | 8 | 14 | 29 | 51 | ||||||||||||||||||||||||||||||||||||||||||||
120-179 DPD | 0 | 0 | 0 | 0 | 0 | 11 | 12 | 42 | 65 | ||||||||||||||||||||||||||||||||||||||||||||
180+ DPD | 0 | 0 | 0 | 0 | 1 | 14 | 17 | 128 | 160 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate 1-4 family junior mortgage | 17 | 41 | 47 | 43 | 36 | 1,321 | 17,020 | 6,637 | 25,162 | ||||||||||||||||||||||||||||||||||||||||||||
Credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-29 DPD | 0 | 0 | 0 | 0 | 0 | 0 | 35,123 | 264 | 35,387 | ||||||||||||||||||||||||||||||||||||||||||||
30-59 DPD | 0 | 0 | 0 | 0 | 0 | 0 | 196 | 13 | 209 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 DPD | 0 | 0 | 0 | 0 | 0 | 0 | 118 | 10 | 128 | ||||||||||||||||||||||||||||||||||||||||||||
90-119 DPD | 0 | 0 | 0 | 0 | 0 | 0 | 93 | 10 | 103 | ||||||||||||||||||||||||||||||||||||||||||||
120-179 DPD | 0 | 0 | 0 | 0 | 0 | 0 | 185 | 6 | 191 | ||||||||||||||||||||||||||||||||||||||||||||
180+ DPD | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Total credit cards | 0 | 0 | 0 | 0 | 0 | 0 | 35,718 | 303 | 36,021 | ||||||||||||||||||||||||||||||||||||||||||||
Automobile | |||||||||||||||||||||||||||||||||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-29 DPD | 15,736 | 16,210 | 7,186 | 4,087 | 3,269 | 1,053 | 0 | 0 | 47,541 | ||||||||||||||||||||||||||||||||||||||||||||
30-59 DPD | 66 | 185 | 126 | 90 | 127 | 62 | 0 | 0 | 656 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 DPD | 15 | 54 | 37 | 27 | 39 | 20 | 0 | 0 | 192 | ||||||||||||||||||||||||||||||||||||||||||||
90-119 DPD | 6 | 20 | 11 | 7 | 11 | 5 | 0 | 0 | 60 | ||||||||||||||||||||||||||||||||||||||||||||
120-179 DPD | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
180+ DPD | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Total automobile | 15,823 | 16,470 | 7,360 | 4,211 | 3,446 | 1,140 | 0 | 0 | 48,450 | ||||||||||||||||||||||||||||||||||||||||||||
Other revolving credit and installment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-29 DPD | 1,820 | 2,972 | 1,809 | 1,239 | 1,116 | 5,148 | 18,688 | 165 | 32,957 | ||||||||||||||||||||||||||||||||||||||||||||
30-59 DPD | 2 | 7 | 7 | 6 | 6 | 41 | 12 | 6 | 87 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 DPD | 1 | 6 | 6 | 6 | 6 | 29 | 7 | 2 | 63 | ||||||||||||||||||||||||||||||||||||||||||||
90-119 DPD | 0 | 3 | 3 | 3 | 3 | 21 | 5 | 2 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
120-179 DPD | 0 | 0 | 0 | 0 | 0 | 1 | 9 | 3 | 13 | ||||||||||||||||||||||||||||||||||||||||||||
180+ DPD | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 6 | 10 | ||||||||||||||||||||||||||||||||||||||||||||
Total other revolving credit and installment | 1,823 | 2,988 | 1,825 | 1,254 | 1,131 | 5,241 | 18,724 | 184 | 33,170 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | $ | 60,302 | 69,402 | 28,153 | 35,709 | 42,093 | 114,037 | 78,832 | 9,265 | 437,793 | |||||||||||||||||||||||||||||||||||||||||||
Term loans by origination year | Revolving loans | Revolving loans converted to term loans | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | ||||||||||||||||||||
March 31, 2020 | |||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | |||||||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||||||
Current-29 DPD | $ | 14,238 | 59,044 | 25,047 | 36,185 | 41,121 | 93,490 | 7,981 | 2,020 | 279,126 | |||||||||||||||||
30-59 DPD | 14 | 65 | 30 | 39 | 64 | 1,184 | 38 | 57 | 1,491 | ||||||||||||||||||
60-89 DPD | 2 | 3 | 6 | 5 | 8 | 370 | 20 | 27 | 441 | ||||||||||||||||||
90-119 DPD | — | — | 3 | — | 6 | 190 | 8 | 17 | 224 | ||||||||||||||||||
120-179 DPD | — | — | 1 | 4 | 7 | 142 | 11 | 22 | 187 | ||||||||||||||||||
180+ DPD | — | — | 4 | 7 | 5 | 466 | 5 | 125 | 612 | ||||||||||||||||||
Government insured/guaranteed loans (2) | 2 | 32 | 150 | 271 | 498 | 9,726 | — | — | 10,679 | ||||||||||||||||||
Loans held at fair value | — | — | — | — | — | 160 | — | — | 160 | ||||||||||||||||||
Total real estate 1-4 family first mortgage | 14,256 | 59,144 | 25,241 | 36,511 | 41,709 | 105,728 | 8,063 | 2,268 | 292,920 | ||||||||||||||||||
Real estate 1-4 family junior mortgage | |||||||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||||||
Current-29 DPD | 8 | 44 | 51 | 48 | 39 | 1,491 | 19,178 | 7,058 | 27,917 | ||||||||||||||||||
30-59 DPD | — | — | — | — | — | 34 | 76 | 119 | 229 | ||||||||||||||||||
60-89 DPD | — | — | — | 1 | 1 | 15 | 28 | 58 | 103 | ||||||||||||||||||
90-119 DPD | — | — | — | — | — | 8 | 19 | 32 | 59 | ||||||||||||||||||
120-179 DPD | — | — | — | — | — | 6 | 17 | 44 | 67 | ||||||||||||||||||
180+ DPD | — | — | — | — | 1 | 16 | 10 | 125 | 152 | ||||||||||||||||||
Total real estate 1-4 family junior mortgage | 8 | 44 | 51 | 49 | 41 | 1,570 | 19,328 | 7,436 | 28,527 | ||||||||||||||||||
Credit cards | |||||||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||||||
Current-29 DPD | — | — | — | — | — | — | 37,320 | 259 | 37,579 | ||||||||||||||||||
30-59 DPD | — | — | — | — | — | — | 260 | 18 | 278 | ||||||||||||||||||
60-89 DPD | — | — | — | — | — | — | 184 | 13 | 197 | ||||||||||||||||||
90-119 DPD | — | — | — | — | — | — | 167 | 14 | 181 | ||||||||||||||||||
120-179 DPD | — | — | — | — | — | — | 335 | 10 | 345 | ||||||||||||||||||
180+ DPD | — | — | — | — | — | — | 2 | — | 2 | ||||||||||||||||||
Total credit cards | — | — | — | — | — | — | 38,268 | 314 | 38,582 | ||||||||||||||||||
Automobile | |||||||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||||||
Current-29 DPD | 6,334 | 19,682 | 9,085 | 5,509 | 4,857 | 2,145 | — | — | 47,612 | ||||||||||||||||||
30-59 DPD | 8 | 158 | 134 | 111 | 168 | 104 | — | — | 683 | ||||||||||||||||||
60-89 DPD | — | 49 | 40 | 32 | 53 | 34 | — | — | 208 | ||||||||||||||||||
90-119 DPD | — | 18 | 13 | 9 | 15 | 10 | — | — | 65 | ||||||||||||||||||
120-179 DPD | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
180+ DPD | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total automobile | 6,342 | 19,907 | 9,272 | 5,661 | 5,093 | 2,293 | — | — | 48,568 | ||||||||||||||||||
Other revolving credit and installment | |||||||||||||||||||||||||||
By delinquency status: | |||||||||||||||||||||||||||
Current-29 DPD | 948 | 3,580 | 2,207 | 1,468 | 1,298 | 5,751 | 17,766 | 202 | 33,220 | ||||||||||||||||||
30-59 DPD | 1 | 9 | 10 | 12 | 9 | 66 | 19 | 7 | 133 | ||||||||||||||||||
60-89 DPD | — | 5 | 6 | 5 | 5 | 32 | 9 | 4 | 66 | ||||||||||||||||||
90-119 DPD | — | 4 | 6 | 6 | 6 | 31 | 9 | 3 | 65 | ||||||||||||||||||
120-179 DPD | — | — | — | — | — | — | 15 | 2 | 17 | ||||||||||||||||||
180+ DPD | — | — | — | — | — | 1 | 2 | 7 | 10 | ||||||||||||||||||
Total other revolving credit and installment | 949 | 3,598 | 2,229 | 1,491 | 1,318 | 5,881 | 17,820 | 225 | 33,511 | ||||||||||||||||||
Total consumer loans | $ | 21,555 | 82,693 | 36,793 | 43,712 | 48,161 | 115,472 | 83,479 | 10,243 | 442,108 |
Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Credit card | Automobile | Other revolving credit and installment | Total | |||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
By delinquency status: | ||||||||||||||||||||||||
Current-29 DPD | $ | 279,722 | 28,870 | 39,935 | 46,650 | 33,981 | 429,158 | |||||||||||||||||
30-59 DPD | 1,136 | 216 | 311 | 882 | 140 | 2,685 | ||||||||||||||||||
60-89 DPD | 404 | 115 | 221 | 263 | 81 | 1,084 | ||||||||||||||||||
90-119 DPD | 197 | 69 | 202 | 77 | 74 | 619 | ||||||||||||||||||
120-179 DPD | 160 | 71 | 343 | 1 | 18 | 593 | ||||||||||||||||||
180+ DPD | 503 | 155 | 1 | — | 10 | 669 | ||||||||||||||||||
Government insured/guaranteed loans (2) | 10,999 | — | — | — | — | 10,999 | ||||||||||||||||||
Loans held at fair value | 171 | — | — | — | — | 171 | ||||||||||||||||||
Total consumer loans (excluding PCI) | 293,292 | 29,496 | 41,013 | 47,873 | 34,304 | 445,978 | ||||||||||||||||||
Total consumer PCI loans (carrying value) (3) | 555 | 13 | — | — | — | 568 | ||||||||||||||||||
Total consumer loans | $ | 293,847 | 29,509 | 41,013 | 47,873 | 34,304 | 446,546 |
(1)Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For additional information, see Note 1 (Summary of Significant Accounting Policies) |
(2)Represents loans whose repayments are predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). Loans insured/guaranteed by the FHA/VA and 90+ DPD totaled $11.0 billion at September 30, 2020, compared with $6.4 billion at December 31, 2019. (3)26% of the adjusted unpaid principal balance for consumer PCI loans was 30+ DPD at December 31, 2019. |
Term loans by origination year | Revolving loans | Revolving loans converted to term loans | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
By FICO: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | $ | 22,861 | 32,129 | 12,129 | 20,712 | 25,429 | 46,803 | 3,644 | 510 | 164,217 | |||||||||||||||||||||||||||||||||||||||||||
760-799 | 13,693 | 11,343 | 3,522 | 5,002 | 5,507 | 11,999 | 1,428 | 279 | 52,773 | ||||||||||||||||||||||||||||||||||||||||||||
720-759 | 4,224 | 3,822 | 1,376 | 1,994 | 2,397 | 7,526 | 910 | 273 | 22,522 | ||||||||||||||||||||||||||||||||||||||||||||
680-719 | 1,249 | 1,170 | 552 | 745 | 901 | 4,718 | 557 | 230 | 10,122 | ||||||||||||||||||||||||||||||||||||||||||||
640-679 | 253 | 292 | 184 | 237 | 267 | 2,588 | 263 | 163 | 4,247 | ||||||||||||||||||||||||||||||||||||||||||||
600-639 | 30 | 77 | 66 | 91 | 77 | 1,522 | 131 | 107 | 2,101 | ||||||||||||||||||||||||||||||||||||||||||||
< 600 | 16 | 24 | 37 | 44 | 85 | 1,994 | 174 | 189 | 2,563 | ||||||||||||||||||||||||||||||||||||||||||||
No FICO available | 109 | 252 | 86 | 128 | 171 | 2,109 | 263 | 390 | 3,508 | ||||||||||||||||||||||||||||||||||||||||||||
Government insured/guaranteed loans (2) | 204 | 794 | 969 | 1,248 | 2,646 | 27,076 | 0 | 0 | 32,937 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate 1-4 family first mortgage | 42,639 | 49,903 | 18,921 | 30,201 | 37,480 | 106,335 | 7,370 | 2,141 | 294,990 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 0 | 0 | 0 | 0 | 0 | 325 | 8,689 | 1,926 | 10,940 | ||||||||||||||||||||||||||||||||||||||||||||
760-799 | 0 | 0 | 0 | 0 | 0 | 193 | 3,213 | 1,100 | 4,506 | ||||||||||||||||||||||||||||||||||||||||||||
720-759 | 0 | 0 | 0 | 0 | 0 | 233 | 2,224 | 1,109 | 3,566 | ||||||||||||||||||||||||||||||||||||||||||||
680-719 | 0 | 0 | 0 | 0 | 0 | 204 | 1,337 | 930 | 2,471 | ||||||||||||||||||||||||||||||||||||||||||||
640-679 | 0 | 0 | 0 | 0 | 0 | 114 | 546 | 528 | 1,188 | ||||||||||||||||||||||||||||||||||||||||||||
600-639 | 0 | 0 | 0 | 0 | 0 | 70 | 264 | 323 | 657 | ||||||||||||||||||||||||||||||||||||||||||||
< 600 | 0 | 0 | 0 | 0 | 0 | 87 | 291 | 432 | 810 | ||||||||||||||||||||||||||||||||||||||||||||
No FICO available | 17 | 41 | 47 | 43 | 36 | 95 | 456 | 289 | 1,024 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate 1-4 family junior lien mortgage | 17 | 41 | 47 | 43 | 36 | 1,321 | 17,020 | 6,637 | 25,162 | ||||||||||||||||||||||||||||||||||||||||||||
Credit card | |||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 0 | 0 | 0 | 0 | 0 | 0 | 3,827 | 1 | 3,828 | ||||||||||||||||||||||||||||||||||||||||||||
760-799 | 0 | 0 | 0 | 0 | 0 | 0 | 5,312 | 7 | 5,319 | ||||||||||||||||||||||||||||||||||||||||||||
720-759 | 0 | 0 | 0 | 0 | 0 | 0 | 7,795 | 28 | 7,823 | ||||||||||||||||||||||||||||||||||||||||||||
680-719 | 0 | 0 | 0 | 0 | 0 | 0 | 8,731 | 60 | 8,791 | ||||||||||||||||||||||||||||||||||||||||||||
640-679 | 0 | 0 | 0 | 0 | 0 | 0 | 5,495 | 65 | 5,560 | ||||||||||||||||||||||||||||||||||||||||||||
600-639 | 0 | 0 | 0 | 0 | 0 | 0 | 2,223 | 49 | 2,272 | ||||||||||||||||||||||||||||||||||||||||||||
< 600 | 0 | 0 | 0 | 0 | 0 | 0 | 2,325 | 92 | 2,417 | ||||||||||||||||||||||||||||||||||||||||||||
No FICO available | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 1 | 11 | ||||||||||||||||||||||||||||||||||||||||||||
Total credit card | 0 | 0 | 0 | 0 | 0 | 0 | 35,718 | 303 | 36,021 | ||||||||||||||||||||||||||||||||||||||||||||
Automobile | |||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 2,102 | 2,856 | 1,378 | 861 | 577 | 168 | 0 | 0 | 7,942 | ||||||||||||||||||||||||||||||||||||||||||||
760-799 | 2,333 | 2,951 | 1,276 | 684 | 449 | 128 | 0 | 0 | 7,821 | ||||||||||||||||||||||||||||||||||||||||||||
720-759 | 2,565 | 2,806 | 1,251 | 687 | 498 | 153 | 0 | 0 | 7,960 | ||||||||||||||||||||||||||||||||||||||||||||
680-719 | 2,950 | 2,839 | 1,224 | 648 | 505 | 157 | 0 | 0 | 8,323 | ||||||||||||||||||||||||||||||||||||||||||||
640-679 | 2,839 | 2,190 | 871 | 464 | 409 | 137 | 0 | 0 | 6,910 | ||||||||||||||||||||||||||||||||||||||||||||
600-639 | 1,830 | 1,335 | 542 | 315 | 328 | 121 | 0 | 0 | 4,471 | ||||||||||||||||||||||||||||||||||||||||||||
< 600 | 1,198 | 1,460 | 814 | 541 | 660 | 263 | 0 | 0 | 4,936 | ||||||||||||||||||||||||||||||||||||||||||||
No FICO available | 6 | 33 | 4 | 11 | 20 | 13 | 0 | 0 | 87 | ||||||||||||||||||||||||||||||||||||||||||||
Total automobile | 15,823 | 16,470 | 7,360 | 4,211 | 3,446 | 1,140 | 0 | 0 | 48,450 | ||||||||||||||||||||||||||||||||||||||||||||
Other revolving credit and installment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 621 | 964 | 583 | 432 | 439 | 2,070 | 2,454 | 23 | 7,586 | ||||||||||||||||||||||||||||||||||||||||||||
760-799 | 485 | 676 | 365 | 240 | 225 | 1,058 | 1,198 | 18 | 4,265 | ||||||||||||||||||||||||||||||||||||||||||||
720-759 | 330 | 515 | 303 | 195 | 184 | 830 | 954 | 26 | 3,337 | ||||||||||||||||||||||||||||||||||||||||||||
680-719 | 180 | 363 | 229 | 147 | 134 | 590 | 838 | 28 | 2,509 | ||||||||||||||||||||||||||||||||||||||||||||
640-679 | 70 | 167 | 117 | 77 | 70 | 323 | 439 | 20 | 1,283 | ||||||||||||||||||||||||||||||||||||||||||||
600-639 | 18 | 51 | 41 | 31 | 31 | 154 | 165 | 14 | 505 | ||||||||||||||||||||||||||||||||||||||||||||
< 600 | 10 | 48 | 47 | 33 | 33 | 143 | 166 | 20 | 500 | ||||||||||||||||||||||||||||||||||||||||||||
No FICO available | 109 | 204 | 140 | 99 | 15 | 73 | 1,191 | 35 | 1,866 | ||||||||||||||||||||||||||||||||||||||||||||
FICO not required | 0 | 0 | 0 | 0 | 0 | 0 | 11,319 | 0 | 11,319 | ||||||||||||||||||||||||||||||||||||||||||||
Total other revolving credit and installment | 1,823 | 2,988 | 1,825 | 1,254 | 1,131 | 5,241 | 18,724 | 184 | 33,170 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | $ | 60,302 | 69,402 | 28,153 | 35,709 | 42,093 | 114,037 | 78,832 | 9,265 | 437,793 |
Term loans by origination year | Revolving loans | Revolving loans converted to term loans | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | ||||||||||||||||||||
March 31, 2020 | |||||||||||||||||||||||||||
By FICO: | |||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | |||||||||||||||||||||||||||
< 600 | $ | 2 | 27 | 43 | 60 | 92 | 2,643 | 209 | 229 | 3,305 | |||||||||||||||||
600-639 | 10 | 105 | 67 | 68 | 128 | 1,663 | 148 | 115 | 2,304 | ||||||||||||||||||
640-679 | 80 | 481 | 297 | 311 | 368 | 3,075 | 298 | 171 | 5,081 | ||||||||||||||||||
680-719 | 458 | 1,870 | 905 | 1,181 | 1,301 | 5,847 | 665 | 264 | 12,491 | ||||||||||||||||||
720-759 | 1,896 | 6,104 | 2,198 | 2,901 | 3,147 | 9,491 | 1,024 | 291 | 27,052 | ||||||||||||||||||
760-799 | 6,242 | 16,885 | 5,542 | 7,135 | 7,458 | 15,595 | 1,609 | 298 | 60,764 | ||||||||||||||||||
800+ | 5,522 | 33,344 | 15,917 | 24,461 | 28,544 | 55,278 | 3,824 | 512 | 167,402 | ||||||||||||||||||
No FICO available | 45 | 296 | 122 | 123 | 173 | 2,249 | 286 | 388 | 3,682 | ||||||||||||||||||
Government insured/guaranteed loans (2) | 1 | 32 | 150 | 271 | 498 | 9,887 | — | — | 10,839 | ||||||||||||||||||
Total real estate 1-4 family first mortgage | 14,256 | 59,144 | 25,241 | 36,511 | 41,709 | 105,728 | 8,063 | 2,268 | 292,920 | ||||||||||||||||||
Real estate 1-4 family junior lien mortgage | |||||||||||||||||||||||||||
< 600 | — | — | — | — | — | 133 | 370 | 611 | 1,114 | ||||||||||||||||||
600-639 | — | — | — | — | — | 82 | 310 | 361 | 753 | ||||||||||||||||||
640-679 | — | — | — | — | — | 134 | 686 | 610 | 1,430 | ||||||||||||||||||
680-719 | — | — | — | — | — | 250 | 1,697 | 1,102 | 3,049 | ||||||||||||||||||
720-759 | — | — | — | — | — | 274 | 2,751 | 1,243 | 4,268 | ||||||||||||||||||
760-799 | — | — | — | — | — | 228 | 3,785 | 1,198 | 5,211 | ||||||||||||||||||
800+ | — | — | — | — | — | 359 | 9,220 | 2,009 | 11,588 | ||||||||||||||||||
No FICO available | 8 | 44 | 51 | 49 | 41 | 110 | 509 | 302 | 1,114 | ||||||||||||||||||
Total real estate 1-4 family junior lien mortgage | 8 | 44 | 51 | 49 | 41 | 1,570 | 19,328 | 7,436 | 28,527 | ||||||||||||||||||
Credit Card | |||||||||||||||||||||||||||
< 600 | — | — | — | — | — | — | 3,117 | 119 | 3,236 | ||||||||||||||||||
600-639 | — | — | — | — | — | — | 2,657 | 49 | 2,706 | ||||||||||||||||||
640-679 | — | — | — | — | — | — | 6,291 | 61 | 6,352 | ||||||||||||||||||
680-719 | — | — | — | — | — | — | 9,324 | 53 | 9,377 | ||||||||||||||||||
720-759 | — | — | — | — | — | — | 7,866 | 24 | 7,890 | ||||||||||||||||||
760-799 | — | — | — | — | — | — | 5,176 | 6 | 5,182 | ||||||||||||||||||
800+ | — | — | — | — | — | — | 3,678 | 1 | 3,679 | ||||||||||||||||||
No FICO available | — | — | — | — | — | — | 159 | 1 | 160 | ||||||||||||||||||
Total credit card | — | — | — | — | — | — | 38,268 | 314 | 38,582 | ||||||||||||||||||
Automobile | |||||||||||||||||||||||||||
< 600 | 419 | 2,045 | 1,163 | 825 | 1,082 | 541 | — | — | 6,075 | ||||||||||||||||||
600-639 | 687 | 1,849 | 715 | 425 | 453 | 216 | — | — | 4,345 | ||||||||||||||||||
640-679 | 1,031 | 2,830 | 1,168 | 644 | 596 | 262 | — | — | 6,531 | ||||||||||||||||||
680-719 | 1,104 | 3,383 | 1,549 | 885 | 749 | 318 | — | — | 7,988 | ||||||||||||||||||
720-759 | 1,045 | 3,334 | 1,554 | 911 | 723 | 312 | — | — | 7,879 | ||||||||||||||||||
760-799 | 991 | 3,335 | 1,533 | 890 | 652 | 270 | — | — | 7,671 | ||||||||||||||||||
800+ | 1,065 | 3,112 | 1,580 | 1,064 | 808 | 349 | — | — | 7,978 | ||||||||||||||||||
No FICO available | — | 19 | 10 | 17 | 30 | 25 | — | — | 101 | ||||||||||||||||||
Total automobile | 6,342 | 19,907 | 9,272 | 5,661 | 5,093 | 2,293 | — | — | 48,568 | ||||||||||||||||||
Other revolving credit and installment | |||||||||||||||||||||||||||
< 600 | 3 | 49 | 65 | 50 | 47 | 204 | 219 | 27 | 664 | ||||||||||||||||||
600-639 | 12 | 66 | 59 | 40 | 41 | 198 | 188 | 15 | 619 | ||||||||||||||||||
640-679 | 51 | 226 | 169 | 105 | 96 | 410 | 525 | 23 | 1,605 | ||||||||||||||||||
680-719 | 124 | 472 | 310 | 195 | 172 | 719 | 1,005 | 29 | 3,026 | ||||||||||||||||||
720-759 | 191 | 683 | 399 | 248 | 226 | 969 | 1,169 | 28 | 3,913 | ||||||||||||||||||
760-799 | 249 | 857 | 445 | 288 | 265 | 1,179 | 1,524 | 18 | 4,825 | ||||||||||||||||||
800+ | 274 | 1,024 | 621 | 452 | 453 | 2,118 | 2,690 | 44 | 7,676 | ||||||||||||||||||
No FICO available | 45 | 221 | 161 | 113 | 18 | 84 | 1,564 | 41 | 2,247 | ||||||||||||||||||
FICO not required | — | — | — | — | — | — | 8,936 | — | 8,936 | ||||||||||||||||||
Total other revolving credit and installment | 949 | 3,598 | 2,229 | 1,491 | 1,318 | 5,881 | 17,820 | 225 | 33,511 | ||||||||||||||||||
Total consumer loans | $ | 21,555 | 82,693 | 36,793 | 43,712 | 48,161 | 115,472 | 83,479 | 10,243 | 442,108 |
Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Credit card | Automobile | Other revolving credit and installment | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
By FICO: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | $ | 165,460 | 11,851 | 4,037 | 7,900 | 7,585 | 196,833 | ||||||||||||||||||||||||||||||||||||||||||||||
760-799 | 61,559 | 5,483 | 5,648 | 7,624 | 4,915 | 85,229 | |||||||||||||||||||||||||||||||||||||||||||||||
720-759 | 27,879 | 4,407 | 8,376 | 7,839 | 4,097 | 52,598 | |||||||||||||||||||||||||||||||||||||||||||||||
680-719 | 12,844 | 3,192 | 9,732 | 7,871 | 3,212 | 36,851 | |||||||||||||||||||||||||||||||||||||||||||||||
640-679 | 5,068 | 1,499 | 6,626 | 6,324 | 1,730 | 21,247 | |||||||||||||||||||||||||||||||||||||||||||||||
600-639 | 2,392 | 782 | 2,853 | 4,230 | 670 | 10,927 | |||||||||||||||||||||||||||||||||||||||||||||||
< 600 | 3,264 | 1,164 | 3,373 | 6,041 | 704 | 14,546 | |||||||||||||||||||||||||||||||||||||||||||||||
No FICO available | 3,656 | 1,118 | 368 | 44 | 2,316 | 7,502 | |||||||||||||||||||||||||||||||||||||||||||||||
FICO not required | 0 | 0 | 0 | 0 | 9,075 | 9,075 | |||||||||||||||||||||||||||||||||||||||||||||||
Government insured/guaranteed loans (2) | 11,170 | 0 | 0 | 0 | 0 | 11,170 | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans (excluding PCI) | 293,292 | 29,496 | 41,013 | 47,873 | 34,304 | 445,978 | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer PCI loans (carrying value) (3) | 555 | 13 | 0 | 0 | 0 | 568 | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | $ | 293,847 | 29,509 | 41,013 | 47,873 | 34,304 | 446,546 |
Real estate 1-4 family first mortgage | Real estate 1-4 family junior lien mortgage | Credit card | Automobile | Other revolving credit and installment | Total | |||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
By FICO: | ||||||||||||||||||||||||
< 600 | $ | 3,264 | 1,164 | 3,373 | 6,041 | 704 | 14,546 | |||||||||||||||||
600-639 | 2,392 | 782 | 2,853 | 4,230 | 670 | 10,927 | ||||||||||||||||||
640-679 | 5,068 | 1,499 | 6,626 | 6,324 | 1,730 | 21,247 | ||||||||||||||||||
680-719 | 12,844 | 3,192 | 9,732 | 7,871 | 3,212 | 36,851 | ||||||||||||||||||
720-759 | 27,879 | 4,407 | 8,376 | 7,839 | 4,097 | 52,598 | ||||||||||||||||||
760-799 | 61,559 | 5,483 | 5,648 | 7,624 | 4,915 | 85,229 | ||||||||||||||||||
800+ | 165,460 | 11,851 | 4,037 | 7,900 | 7,585 | 196,833 | ||||||||||||||||||
No FICO available | 3,656 | 1,118 | 368 | 44 | 2,316 | 7,502 | ||||||||||||||||||
FICO not required | — | — | — | — | 9,075 | 9,075 | ||||||||||||||||||
Government insured/guaranteed loans (2) | 11,170 | — | — | — | — | 11,170 | ||||||||||||||||||
Total consumer loans (excluding PCI) | 293,292 | 29,496 | 41,013 | 47,873 | 34,304 | 445,978 | ||||||||||||||||||
Total consumer PCI loans (carrying value) (3) | 555 | 13 | — | — | — | 568 | ||||||||||||||||||
Total consumer loans | $ | 293,847 | 29,509 | 41,013 | 47,873 | 34,304 | 446,546 |
(2)Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. (3)41% of the adjusted unpaid principal balance for consumer PCI loans had FICO scores less than 680 and 19% where no FICO was available to us at December 31, 2019. |
Term loans by origination year | Revolving loans | Revolving loans converted to term loans | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
By LTV/CLTV: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
0-60% | $ | 12,777 | 15,718 | 6,606 | 13,753 | 21,870 | 65,355 | 5,138 | 1,605 | 142,822 | |||||||||||||||||||||||||||||||||||||||||||
60.01-80% | 27,558 | 28,843 | 9,775 | 14,099 | 12,226 | 12,003 | 1,485 | 359 | 106,348 | ||||||||||||||||||||||||||||||||||||||||||||
80.01-100% | 1,981 | 4,293 | 1,419 | 943 | 567 | 1,321 | 488 | 119 | 11,131 | ||||||||||||||||||||||||||||||||||||||||||||
100.01-120% (2) | 20 | 110 | 64 | 59 | 56 | 226 | 150 | 32 | 717 | ||||||||||||||||||||||||||||||||||||||||||||
> 120% (2) | 10 | 49 | 22 | 21 | 23 | 100 | 53 | 12 | 290 | ||||||||||||||||||||||||||||||||||||||||||||
No LTV/CLTV available | 89 | 96 | 66 | 78 | 92 | 254 | 56 | 14 | 745 | ||||||||||||||||||||||||||||||||||||||||||||
Government insured/guaranteed loans (3) | 204 | 794 | 969 | 1,248 | 2,646 | 27,076 | 0 | 0 | 32,937 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate 1-4 family first mortgage | 42,639 | 49,903 | 18,921 | 30,201 | 37,480 | 106,335 | 7,370 | 2,141 | 294,990 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
By LTV/CLTV: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
0-60% | 0 | 0 | 0 | 0 | 0 | 572 | 8,819 | 3,829 | 13,220 | ||||||||||||||||||||||||||||||||||||||||||||
60.01-80% | 0 | 0 | 0 | 0 | 0 | 373 | 5,784 | 1,740 | 7,897 | ||||||||||||||||||||||||||||||||||||||||||||
80.01-100% | 0 | 0 | 0 | 0 | 0 | 229 | 1,772 | 773 | 2,774 | ||||||||||||||||||||||||||||||||||||||||||||
100.01-120% (2) | 0 | 0 | 0 | 0 | 0 | 74 | 452 | 193 | 719 | ||||||||||||||||||||||||||||||||||||||||||||
> 120% (2) | 0 | 0 | 0 | 0 | 0 | 22 | 167 | 61 | 250 | ||||||||||||||||||||||||||||||||||||||||||||
No LTV/CLTV available | 17 | 41 | 47 | 43 | 36 | 51 | 26 | 41 | 302 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate 1-4 family junior lien mortgage | 17 | 41 | 47 | 43 | 36 | 1,321 | 17,020 | 6,637 | 25,162 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 42,656 | 49,944 | 18,968 | 30,244 | 37,516 | 107,656 | 24,390 | 8,778 | 320,152 | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | Real estate 1-4 family first mortgage by LTV | Real estate 1-4 family junior lien mortgage by CLTV | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
By LTV/CLTV: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
0-60% | $ | 151,478 | 14,603 | 166,081 | |||||||||||||||||||||||||||||||||||||||||||||||||
60.01-80% | 114,795 | 9,663 | 124,458 | ||||||||||||||||||||||||||||||||||||||||||||||||||
80.01-100% | 13,867 | 3,574 | 17,441 | ||||||||||||||||||||||||||||||||||||||||||||||||||
100.01-120% (2) | 860 | 978 | 1,838 | ||||||||||||||||||||||||||||||||||||||||||||||||||
> 120% (2) | 338 | 336 | 674 | ||||||||||||||||||||||||||||||||||||||||||||||||||
No LTV/CLTV available | 784 | 342 | 1,126 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Government insured/guaranteed loans (3) | 11,170 | 0 | 11,170 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans (excluding PCI) | 293,292 | 29,496 | 322,788 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer PCI loans (carrying value) (4) | 555 | 13 | 568 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | $ | 293,847 | 29,509 | 323,356 |
Term loans by origination year | Revolving loans | Revolving loans converted to term loans | ||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | |||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | ||||||||||||||||||||||||||||
By LTV/CLTV: | ||||||||||||||||||||||||||||
0-60% | $ | 4,143 | 16,842 | 8,032 | 14,961 | 22,878 | 76,122 | 5,503 | 1,644 | 150,125 | ||||||||||||||||||
60.01-80% | 9,526 | 34,239 | 14,133 | 19,674 | 17,326 | 17,228 | 1,672 | 401 | 114,199 | |||||||||||||||||||
80.01-100% | 544 | 7,791 | 2,714 | 1,412 | 814 | 1,757 | 585 | 155 | 15,772 | |||||||||||||||||||
100.01-120% (2) | — | 80 | 96 | 86 | 72 | 310 | 169 | 39 | 852 | |||||||||||||||||||
> 120% (2) | — | 47 | 29 | 27 | 29 | 124 | 71 | 14 | 341 | |||||||||||||||||||
No LTV/CLTV available | 42 | 113 | 87 | 80 | 92 | 300 | 63 | 15 | 792 | |||||||||||||||||||
Government insured/guaranteed loans (3) | 1 | 32 | 150 | 271 | 498 | 9,887 | — | — | 10,839 | |||||||||||||||||||
Total real estate 1-4 family first mortgage | 14,256 | 59,144 | 25,241 | 36,511 | 41,709 | 105,728 | 8,063 | 2,268 | 292,920 | |||||||||||||||||||
Real estate 1-4 family junior lien mortgage | ||||||||||||||||||||||||||||
By LTV/CLTV: | ||||||||||||||||||||||||||||
0-60% | — | — | — | — | — | 634 | 9,526 | 4,023 | 14,183 | |||||||||||||||||||
60.01-80% | — | — | — | — | — | 450 | 6,827 | 2,055 | 9,332 | |||||||||||||||||||
80.01-100% | — | — | — | — | — | 290 | 2,165 | 971 | 3,426 | |||||||||||||||||||
100.01-120% (2) | — | — | — | — | — | 102 | 566 | 262 | 930 | |||||||||||||||||||
> 120% (2) | — | — | — | — | — | 33 | 216 | 80 | 329 | |||||||||||||||||||
No LTV/CLTV available | 8 | 44 | 51 | 49 | 41 | 61 | 28 | 45 | 327 | |||||||||||||||||||
Total real estate 1-4 family junior lien mortgage | 8 | 44 | 51 | 49 | 41 | 1,570 | 19,328 | 7,436 | 28,527 | |||||||||||||||||||
Total | $ | 14,264 | 59,188 | 25,292 | 36,560 | 41,750 | 107,298 | 27,391 | 9,704 | 321,447 | ||||||||||||||||||
December 31, 2019 | Real estate 1-4 family first mortgage by LTV | Real estate 1-4 family junior lien mortgage by CLTV | Total | |||||||||||||||||||||||||
By LTV/CLTV: | ||||||||||||||||||||||||||||
0-60% | $ | 151,478 | 14,603 | 166,081 | ||||||||||||||||||||||||
60.01-80% | 114,795 | 9,663 | 124,458 | |||||||||||||||||||||||||
80.01-100% | 13,867 | 3,574 | 17,441 | |||||||||||||||||||||||||
100.01-120% (2) | 860 | 978 | 1,838 | |||||||||||||||||||||||||
> 120% (2) | 338 | 336 | 674 | |||||||||||||||||||||||||
No LTV/CLTV available | 784 | 342 | 1,126 | |||||||||||||||||||||||||
Government insured/guaranteed loans (3) | 11,170 | — | 11,170 | |||||||||||||||||||||||||
Total consumer loans (excluding PCI) | 293,292 | 29,496 | 322,788 | |||||||||||||||||||||||||
Total consumer PCI loans (carrying value) (4) | 555 | 13 | 568 | |||||||||||||||||||||||||
Total consumer loans | $ | 293,847 | 29,509 | 323,356 |
(1) |
(2)Reflects total loan balances with LTV/CLTV amounts in excess of 100%. In the event of default, the loss content would generally be limited to only the amount in excess of 100% LTV/CLTV. (3)Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA. (4)9% of the adjusted unpaid principal balance for consumer PCI loans have LTV/CLTV amounts greater than 80% at December 31, 2019. |
Amortized cost | Nine months ended September 30, 2020 | ||||||||||||||||
(in millions) | Nonaccrual loans | Nonaccrual loans without related allowance for credit losses (2) | Recognized interest income | ||||||||||||||
September 30, 2020 | |||||||||||||||||
Commercial: | |||||||||||||||||
Commercial and industrial | $ | 2,834 | 293 | 48 | |||||||||||||
Real estate mortgage | 1,343 | 113 | 25 | ||||||||||||||
Real estate construction | 34 | 2 | 6 | ||||||||||||||
Lease financing | 187 | 18 | 0 | ||||||||||||||
Total commercial | 4,398 | 426 | 79 | ||||||||||||||
Consumer: | |||||||||||||||||
Real estate 1-4 family first mortgage | 2,641 | 1,549 | 116 | ||||||||||||||
Real estate 1-4 family junior lien mortgage | 767 | 465 | 39 | ||||||||||||||
Automobile | 176 | 0 | 12 | ||||||||||||||
Other revolving credit and installment | 40 | 0 | 2 | ||||||||||||||
Total consumer | 3,624 | 2,014 | 169 | ||||||||||||||
Total nonaccrual loans | $ | 8,022 | 2,440 | 248 | |||||||||||||
December 31, 2019 (1) | |||||||||||||||||
Commercial: | |||||||||||||||||
Commercial and industrial | $ | 1,545 | |||||||||||||||
Real estate mortgage | 573 | ||||||||||||||||
Real estate construction | 41 | ||||||||||||||||
Lease financing | 95 | ||||||||||||||||
Total commercial | 2,254 | ||||||||||||||||
Consumer: | |||||||||||||||||
Real estate 1-4 family first mortgage | 2,150 | ||||||||||||||||
Real estate 1-4 family junior lien mortgage | 796 | ||||||||||||||||
Automobile | 106 | ||||||||||||||||
Other revolving credit and installment | 40 | ||||||||||||||||
Total consumer | 3,092 | ||||||||||||||||
Total nonaccrual loans (excluding PCI) | $ | 5,346 |
Amortized cost | |||||||||
(in millions) | Nonaccrual loans | Nonaccrual loans without related allowance for credit losses (2) | Recognized interest income | ||||||
March 31, 2020 | |||||||||
Commercial: | |||||||||
Commercial and industrial | $ | 1,779 | 243 | 16 | |||||
Real estate mortgage | 944 | 194 | 8 | ||||||
Real estate construction | 21 | 5 | 4 | ||||||
Lease financing | 131 | 10 | — | ||||||
Total commercial | 2,875 | 452 | 28 | ||||||
Consumer: | |||||||||
Real estate 1-4 family first mortgage | 2,372 | 1,382 | 44 | ||||||
Real estate 1-4 family junior lien mortgage | 769 | 431 | 16 | ||||||
Automobile | 99 | — | 3 | ||||||
Other revolving credit and installment | 41 | — | 1 | ||||||
Total consumer | 3,281 | 1,813 | 64 | ||||||
Total nonaccrual loans | $ | 6,156 | 2,265 | 92 | |||||
December 31, 2019 | |||||||||
Commercial: | |||||||||
Commercial and industrial | $ | 1,545 | |||||||
Real estate mortgage | 573 | ||||||||
Real estate construction | 41 | ||||||||
Lease financing | 95 | ||||||||
Total commercial | 2,254 | ||||||||
Consumer: | |||||||||
Real estate 1-4 family first mortgage | 2,150 | ||||||||
Real estate 1-4 family junior lien mortgage | 796 | ||||||||
Automobile | 106 | ||||||||
Other revolving credit and installment | 40 | ||||||||
Total consumer | 3,092 | ||||||||
Total nonaccrual loans (excluding PCI) | $ | 5,346 |
(in millions) | Sep 30, 2020 | Dec 31, 2019 | |||||||||
Total: | $ | 11,698 | 7,285 | ||||||||
Less: FHA insured/VA guaranteed (1) | 11,041 | 6,352 | |||||||||
Total, not government insured/guaranteed | $ | 657 | 933 | ||||||||
By segment and class, not government insured/guaranteed: | |||||||||||
Commercial: | |||||||||||
Commercial and industrial | $ | 61 | 47 | ||||||||
Real estate mortgage | 47 | 31 | |||||||||
Total commercial | 108 | 78 | |||||||||
Consumer: | |||||||||||
Real estate 1-4 family first mortgage | 97 | 112 | |||||||||
Real estate 1-4 family junior lien mortgage | 28 | 32 | |||||||||
Credit card | 297 | 546 | |||||||||
Automobile | 50 | 78 | |||||||||
Other revolving credit and installment | 77 | 87 | |||||||||
Total consumer | 549 | 855 | |||||||||
Total, not government insured/guaranteed | $ | 657 | 933 |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | ||||
Total: | $ | 7,023 | 7,285 | |||
Less: FHA insured/VA guaranteed (1) | 6,142 | 6,352 | ||||
Total, not government insured/guaranteed | $ | 881 | 933 | |||
By segment and class, not government insured/guaranteed: | ||||||
Commercial: | ||||||
Commercial and industrial | $ | 24 | 47 | |||
Real estate mortgage | 28 | 31 | ||||
Real estate construction | 1 | — | ||||
Total commercial | 53 | 78 | ||||
Consumer: | ||||||
Real estate 1-4 family first mortgage | 128 | 112 | ||||
Real estate 1-4 family junior lien mortgage | 25 | 32 | ||||
Credit card | 528 | 546 | ||||
Automobile | 69 | 78 | ||||
Other revolving credit and installment | 78 | 87 | ||||
Total consumer | 828 | 855 | ||||
Total, not government insured/guaranteed | $ | 881 | 933 |
Recorded investment | |||||||||||||||||||||||
(in millions) | Unpaid principal balance | Impaired loans | Impaired loans with related allowance for credit losses | Related allowance for credit losses | |||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 2,792 | 2,003 | 1,903 | 311 | ||||||||||||||||||
Real estate mortgage | 1,137 | 974 | 803 | 110 | |||||||||||||||||||
Real estate construction | 81 | 51 | 41 | 11 | |||||||||||||||||||
Lease financing | 131 | 105 | 105 | 35 | |||||||||||||||||||
Total commercial | 4,141 | 3,133 | 2,852 | 467 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 8,107 | 7,674 | 4,433 | 437 | |||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 1,586 | 1,451 | 925 | 144 | |||||||||||||||||||
Credit card | 520 | 520 | 520 | 209 | |||||||||||||||||||
Automobile | 138 | 81 | 42 | 8 | |||||||||||||||||||
Other revolving credit and installment | 178 | 171 | 155 | 49 | |||||||||||||||||||
Total consumer (1) | 10,529 | 9,897 | 6,075 | 847 | |||||||||||||||||||
Total impaired loans (excluding PCI) | $ | 14,670 | 13,030 | 8,927 | 1,314 |
Recorded investment | ||||||||||||
(in millions) | Unpaid principal balance | Impaired loans | Impaired loans with related allowance for credit losses | Related allowance for credit losses | ||||||||
December 31, 2019 | ||||||||||||
Commercial: | ||||||||||||
Commercial and industrial | $ | 2,792 | 2,003 | 1,903 | 311 | |||||||
Real estate mortgage | 1,137 | 974 | 803 | 110 | ||||||||
Real estate construction | 81 | 51 | 41 | 11 | ||||||||
Lease financing | 131 | 105 | 105 | 35 | ||||||||
Total commercial | 4,141 | 3,133 | 2,852 | 467 | ||||||||
Consumer: | ||||||||||||
Real estate 1-4 family first mortgage | 8,107 | 7,674 | 4,433 | 437 | ||||||||
Real estate 1-4 family junior lien mortgage | 1,586 | 1,451 | 925 | 144 | ||||||||
Credit card | 520 | 520 | 520 | 209 | ||||||||
Automobile | 138 | 81 | 42 | 8 | ||||||||
Other revolving credit and installment | 178 | 171 | 155 | 49 | ||||||||
Total consumer (1) | 10,529 | 9,897 | 6,075 | 847 | ||||||||
Total impaired loans (excluding PCI) | $ | 14,670 | 13,030 | 8,927 | 1,314 |
Note 6: Loans and Related Allowance for Credit Losses (continued) |
Year ended December 31, | ||||||
2019 | ||||||
(in millions) | Average recorded investment | Recognized interest income | ||||
Commercial: | ||||||
Commercial and industrial | $ | 2,150 | 129 | |||
Real estate mortgage | 1,067 | 59 | ||||
Real estate construction | 52 | 6 | ||||
Lease financing | 93 | 1 | ||||
Total commercial | 3,362 | 195 | ||||
Consumer: | ||||||
Real estate 1-4 family first mortgage | 9,031 | 506 | ||||
Real estate 1-4 family junior lien mortgage | 1,586 | 99 | ||||
Credit card | 488 | 64 | ||||
Automobile | 84 | 12 | ||||
Other revolving credit and installment | 162 | 13 | ||||
Total consumer | 11,351 | 694 | ||||
Total impaired loans (excluding PCI) | $ | 14,713 | 889 |
Interest income: | |||
Cash basis of accounting | $ | 241 | |
Other (1) | 648 | ||
Total interest income | $ | 889 |
Year ended December 31, 2019 | |||||||||||
(in millions) | Average recorded investment | Recognized interest income | |||||||||
Commercial: | |||||||||||
Commercial and industrial | $ | 2,150 | 129 | ||||||||
Real estate mortgage | 1,067 | 59 | |||||||||
Real estate construction | 52 | 6 | |||||||||
Lease financing | 93 | 1 | |||||||||
Total commercial | 3,362 | 195 | |||||||||
Consumer: | |||||||||||
Real estate 1-4 family first mortgage | 9,031 | 506 | |||||||||
Real estate 1-4 family junior lien mortgage | 1,586 | 99 | |||||||||
Credit card | 488 | 64 | |||||||||
Automobile | 84 | 12 | |||||||||
Other revolving credit and installment | 162 | 13 | |||||||||
Total consumer | 11,351 | 694 | |||||||||
Total impaired loans (excluding PCI) | $ | 14,713 | 889 |
Cash basis of accounting | $ | 241 | |||
Other (1) | 648 | ||||
Total interest | $ | 889 |
Primary modification type (1) | Financial effects of modifications | ||||||||||||||||||||||||||||||||||||||||
($ in millions) | Principal forgiveness | Interest rate reduction | Other concessions (2) | Total | Charge- offs (3) | Weighted average interest rate reduction | Recorded investment related to interest rate reduction (4) | ||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 0 | 7 | 882 | 889 | 44 | 0.79 | % | $ | 7 | |||||||||||||||||||||||||||||||
Real estate mortgage | 0 | 5 | 238 | 243 | 5 | 1.38 | 5 | ||||||||||||||||||||||||||||||||||
Real estate construction | 9 | 1 | 1 | 11 | 0 | 5.25 | 1 | ||||||||||||||||||||||||||||||||||
Lease financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total commercial | 9 | 13 | 1,121 | 1,143 | 49 | 1.29 | 13 | ||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | 1 | 4 | 2,576 | 2,581 | 1 | 2.06 | 4 | ||||||||||||||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 0 | 2 | 59 | 61 | 2 | 2.63 | 2 | ||||||||||||||||||||||||||||||||||
Credit card | 0 | 72 | 0 | 72 | 0 | 15.06 | 72 | ||||||||||||||||||||||||||||||||||
Automobile | 0 | 1 | 65 | 66 | 35 | 3.99 | 1 | ||||||||||||||||||||||||||||||||||
Other revolving credit and installment | 0 | 3 | 24 | 27 | 1 | 7.36 | 3 | ||||||||||||||||||||||||||||||||||
Trial modifications (5) | 0 | 0 | 10 | 10 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total consumer | 1 | 82 | 2,734 | 2,817 | 39 | 13.64 | 82 | ||||||||||||||||||||||||||||||||||
Total | $ | 10 | 95 | 3,855 | 3,960 | 88 | 12.07 | % | $ | 95 | |||||||||||||||||||||||||||||||
Quarter ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 13 | 9 | 209 | 231 | 39 | 0.67 | % | $ | 9 | |||||||||||||||||||||||||||||||
Real estate mortgage | 0 | 4 | 72 | 76 | 0 | 0.91 | 4 | ||||||||||||||||||||||||||||||||||
Real estate construction | 0 | 1 | 15 | 16 | 0 | 1.00 | 1 | ||||||||||||||||||||||||||||||||||
Lease financing | 0 | 0 | 2 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total commercial | 13 | 14 | 298 | 325 | 39 | 0.75 | 14 | ||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | 24 | 4 | 199 | 227 | 0 | 2.11 | 16 | ||||||||||||||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 1 | 8 | 19 | 28 | 0 | 2.49 | 9 | ||||||||||||||||||||||||||||||||||
Credit card | 0 | 94 | 0 | 94 | 0 | 12.78 | 94 | ||||||||||||||||||||||||||||||||||
Automobile | 2 | 3 | 12 | 17 | 7 | 5.30 | 3 | ||||||||||||||||||||||||||||||||||
Other revolving credit and installment | 0 | 14 | 2 | 16 | 0 | 8.38 | 14 | ||||||||||||||||||||||||||||||||||
Trial modifications (5) | 0 | 0 | 6 | 6 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total consumer | 27 | 123 | 238 | 388 | 7 | 10.23 | 136 | ||||||||||||||||||||||||||||||||||
Total | $ | 40 | 137 | 536 | 713 | 46 | 9.32 | % | $ | 150 |
Primary modification type (1) | Financial effects of modifications | ||||||||||||||||||||||||||||||||||||||||
($ in millions) | Principal forgiveness | Interest rate reduction | Other concessions (2) | Total | Charge- offs (3) | Weighted average interest rate reduction | Recorded investment related to interest rate reduction (4) | ||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 18 | 39 | 2,144 | 2,201 | 126 | 0.74 | % | $ | 39 | |||||||||||||||||||||||||||||||
Real estate mortgage | 0 | 23 | 488 | 511 | 5 | 1.21 | 23 | ||||||||||||||||||||||||||||||||||
Real estate construction | 9 | 1 | 7 | 17 | 0 | 4.29 | 1 | ||||||||||||||||||||||||||||||||||
Lease financing | 0 | 0 | 1 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total commercial | 27 | 63 | 2,640 | 2,730 | 131 | 0.98 | 63 | ||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | 42 | 10 | 3,021 | 3,073 | 2 | 1.76 | 35 | ||||||||||||||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 4 | 10 | 95 | 109 | 2 | 2.43 | 11 | ||||||||||||||||||||||||||||||||||
Credit card | 0 | 229 | 0 | 229 | 0 | 13.31 | 229 | ||||||||||||||||||||||||||||||||||
Automobile | 3 | 5 | 119 | 127 | 69 | 4.45 | 5 | ||||||||||||||||||||||||||||||||||
Other revolving credit and installment | 0 | 18 | 32 | 50 | 1 | 7.65 | 18 | ||||||||||||||||||||||||||||||||||
Trial modifications (5) | 0 | 0 | (1) | (1) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total consumer | 49 | 272 | 3,266 | 3,587 | 74 | 11.03 | 298 | ||||||||||||||||||||||||||||||||||
Total | $ | 76 | 335 | 5,906 | 6,317 | 205 | 9.29 | % | $ | 361 | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 13 | 54 | 943 | 1,010 | 78 | 0.47 | % | $ | 54 | |||||||||||||||||||||||||||||||
Real estate mortgage | 0 | 30 | 240 | 270 | 0 | 0.59 | 30 | ||||||||||||||||||||||||||||||||||
Real estate construction | 13 | 1 | 31 | 45 | 0 | 1.00 | 1 | ||||||||||||||||||||||||||||||||||
Lease financing | 0 | 0 | 2 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total commercial | 26 | 85 | 1,216 | 1,327 | 78 | 0.51 | 85 | ||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | 87 | 9 | 674 | 770 | 1 | 1.96 | 54 | ||||||||||||||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 4 | 30 | 65 | 99 | 2 | 2.38 | 32 | ||||||||||||||||||||||||||||||||||
Credit card | 0 | 280 | 0 | 280 | 0 | 13.11 | 280 | ||||||||||||||||||||||||||||||||||
Automobile | 6 | 7 | 38 | 51 | 21 | 4.84 | 7 | ||||||||||||||||||||||||||||||||||
Other revolving credit and installment | 0 | 37 | 6 | 43 | 0 | 7.92 | 37 | ||||||||||||||||||||||||||||||||||
Trial modifications (5) | 0 | 0 | 11 | 11 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total consumer | 97 | 363 | 794 | 1,254 | 24 | 10.19 | 410 | ||||||||||||||||||||||||||||||||||
Total | $ | 123 | 448 | 2,010 | 2,581 | 102 | 8.52 | % | $ | 495 |
Primary modification type (1) | Financial effects of modifications | |||||||||||||||||||||
($ in millions) | Principal (2) | Interest rate reduction | Other concessions (3) | Total | Charge- offs (4) | Weighted average interest rate reduction | Recorded investment related to interest rate reduction (5) | |||||||||||||||
Quarter ended March 31, 2020 | ||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||
Commercial and industrial | $ | 18 | 15 | 314 | 347 | 44 | 0.65 | % | $ | 15 | ||||||||||||
Real estate mortgage | — | 13 | 152 | 165 | — | 0.97 | 13 | |||||||||||||||
Real estate construction | — | — | 6 | 6 | — | 2.49 | — | |||||||||||||||
Lease financing | — | — | — | — | — | — | — | |||||||||||||||
Total commercial | 18 | 28 | 472 | 518 | 44 | 0.82 | 28 | |||||||||||||||
Consumer: | ||||||||||||||||||||||
Real estate 1-4 family first mortgage | 21 | 3 | 166 | 190 | — | 1.63 | 17 | |||||||||||||||
Real estate 1-4 family junior lien mortgage | 1 | 6 | 14 | 21 | — | 2.38 | 6 | |||||||||||||||
Credit card | — | 95 | — | 95 | — | 12.33 | 95 | |||||||||||||||
Automobile | 2 | 2 | 10 | 14 | 6 | 4.69 | 2 | |||||||||||||||
Other revolving credit and installment | — | 12 | 2 | 14 | — | 8.22 | 12 | |||||||||||||||
Trial modifications (6) | — | — | 2 | 2 | — | — | — | |||||||||||||||
Total consumer | 24 | 118 | 194 | 336 | 6 | 10.00 | 132 | |||||||||||||||
Total | $ | 42 | 146 | 666 | 854 | 50 | 8.38 | % | $ | 160 | ||||||||||||
Quarter ended March 31, 2019 | ||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||
Commercial and industrial | $ | — | 11 | 554 | 565 | 13 | 0.68 | % | $ | 11 | ||||||||||||
Real estate mortgage | — | 2 | 73 | 75 | — | 0.95 | 2 | |||||||||||||||
Real estate construction | — | — | 3 | 3 | — | — | — | |||||||||||||||
Lease financing | — | — | — | — | — | — | — | |||||||||||||||
Total commercial | — | 13 | 630 | 643 | 13 | 0.73 | 13 | |||||||||||||||
Consumer: | ||||||||||||||||||||||
Real estate 1-4 family first mortgage | 35 | 3 | 294 | 332 | 1 | 1.95 | 19 | |||||||||||||||
Real estate 1-4 family junior lien mortgage | 2 | 11 | 25 | 38 | 1 | 2.29 | 12 | |||||||||||||||
Credit card | — | 97 | — | 97 | — | 13.20 | 97 | |||||||||||||||
Automobile | 2 | 1 | 12 | 15 | 6 | 5.38 | 1 | |||||||||||||||
Other revolving credit and installment | — | 11 | 3 | 14 | — | 7.58 | 11 | |||||||||||||||
Trial modifications (6) | — | — | — | — | — | — | — | |||||||||||||||
Total consumer | 39 | 123 | 334 | 496 | 8 | 10.27 | 140 | |||||||||||||||
Total | $ | 39 | 136 | 964 | 1,139 | 21 | 9.44 | % | $ | 153 |
104 |
Recorded investment of defaults | |||||||||||||||||||||||
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 138 | 24 | 360 | 72 | ||||||||||||||||||
Real estate mortgage | 3 | 5 | 105 | 38 | |||||||||||||||||||
Real estate construction | 0 | 12 | 0 | 15 | |||||||||||||||||||
Total commercial | 141 | 41 | 465 | 125 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Real estate 1-4 family first mortgage | 8 | 8 | 26 | 32 | |||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 1 | 2 | 9 | 11 | |||||||||||||||||||
Credit card | 11 | 23 | 56 | 65 | |||||||||||||||||||
Automobile | 11 | 2 | 14 | 9 | |||||||||||||||||||
Other revolving credit and installment | 1 | 2 | 4 | 5 | |||||||||||||||||||
Total consumer | 32 | 37 | 109 | 122 | |||||||||||||||||||
Total | $ | 173 | 78 | 574 | 247 |
Recorded investment of defaults | ||||||
Quarter ended March 31, | ||||||
(in millions) | 2020 | 2019 | ||||
Commercial: | ||||||
Commercial and industrial | $ | 185 | 23 | |||
Real estate mortgage | 21 | 28 | ||||
Real estate construction | — | 3 | ||||
Total commercial | 206 | 54 | ||||
Consumer: | ||||||
Real estate 1-4 family first mortgage | 10 | 11 | ||||
Real estate 1-4 family junior lien mortgage | 2 | 5 | ||||
Credit card | 26 | 21 | ||||
Automobile | 2 | 3 | ||||
Other revolving credit and installment | 1 | 2 | ||||
Total consumer | 41 | 42 | ||||
Total | $ | 247 | 96 |
Note 7: Leasing Activity |
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Interest income on lease financing | $ | 144 | 208 | $ | 551 | 655 | |||||||||||||||||
Other lease revenues: | |||||||||||||||||||||||
Variable revenues on lease financing | 26 | 23 | 80 | 74 | |||||||||||||||||||
Fixed revenues on operating leases | 287 | 339 | 895 | 1,069 | |||||||||||||||||||
Variable revenues on operating leases | 9 | 16 | 34 | 48 | |||||||||||||||||||
Other lease-related revenues (1) | 11 | 24 | 12 | 79 | |||||||||||||||||||
Lease income | 333 | 402 | 1,021 | 1,270 | |||||||||||||||||||
Total leasing revenue | $ | 477 | 610 | $ | 1,572 | 1,925 |
Quarter ended March 31, | ||||||
(in millions) | 2020 | 2019 | ||||
Interest income on lease financing | $ | 211 | 223 | |||
Other lease revenues: | ||||||
Variable revenues on lease financing | 27 | 24 | ||||
Fixed revenues on operating leases | 314 | 373 | ||||
Variable revenues on operating leases | 13 | 18 | ||||
Other lease-related revenues (1) | (2 | ) | 28 | |||
Lease income | 352 | 443 | ||||
Total leasing revenue | $ | 563 | 666 |
(in millions) | Sep 30, 2020 | Dec 31, 2019 | ||||||
ROU assets | $ | 4,421 | 4,724 | |||||
Lease liabilities | 5,022 | 5,297 |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | |||
ROU assets | $ | 4,650 | 4,724 | ||
Lease liabilities | 5,224 | 5,297 |
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Fixed lease expense – operating leases | $ | 286 | 302 | $ | 869 | 890 | |||||||||||||||||
Variable lease expense | 81 | 81 | 227 | 234 | |||||||||||||||||||
Other (1) | (7) | (40) | (63) | (57) | |||||||||||||||||||
Total lease costs | $ | 360 | 343 | $ | 1,033 | 1,067 |
Quarter ended March 31, | ||||||
(in millions) | 2020 | 2019 | ||||
Fixed lease expense – operating leases | $ | 291 | 297 | |||
Variable lease expense | 66 | 73 | ||||
Other (1) | (14 | ) | (8 | ) | ||
Total lease costs | $ | 343 | 362 |
Note 8: Equity Securities |
(in millions) | Sep 30, 2020 | Dec 31, 2019 | |||||||||
Held for trading at fair value: | |||||||||||
Marketable equity securities | $ | 14,058 | 27,440 | ||||||||
Not held for trading: | |||||||||||
Fair value: | |||||||||||
Marketable equity securities (1) | 2,412 | 6,481 | |||||||||
Nonmarketable equity securities | 8,583 | 8,015 | |||||||||
Total equity securities at fair value | 10,995 | 14,496 | |||||||||
Equity method: | |||||||||||
Low income housing tax credit investments | 11,295 | 11,343 | |||||||||
Private equity | 2,841 | 3,459 | |||||||||
Tax-advantaged renewable energy | 4,142 | 3,811 | |||||||||
New market tax credit and other | 356 | 387 | |||||||||
Total equity method | 18,634 | 19,000 | |||||||||
Other: | |||||||||||
Federal Reserve Bank stock and other at cost (2) | 3,585 | 4,790 | |||||||||
Private equity (3) | 3,897 | 2,515 | |||||||||
Total equity securities not held for trading | 37,111 | 40,801 | |||||||||
Total equity securities | $ | 51,169 | 68,241 |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | ||||
Held for trading at fair value: | ||||||
Marketable equity securities | $ | 13,573 | 27,440 | |||
Not held for trading: | ||||||
Fair value: | ||||||
Marketable equity securities (1) | 7,708 | 6,481 | ||||
Nonmarketable equity securities | 6,895 | 8,015 | ||||
Total equity securities at fair value | 14,603 | 14,496 | ||||
Equity method: | ||||||
Low-income housing tax credit investments | 11,290 | 11,343 | ||||
Private equity | 3,351 | 3,459 | ||||
Tax-advantaged renewable energy | 3,991 | 3,811 | ||||
New market tax credit and other | 387 | 387 | ||||
Total equity method | 19,019 | 19,000 | ||||
Other: | ||||||
Federal Reserve Bank stock and other at cost (2) | 4,512 | 4,790 | ||||
Private equity (3) | 2,340 | 2,515 | ||||
Total equity securities not held for trading | 40,474 | 40,801 | ||||
Total equity securities | $ | 54,047 | 68,241 |
Quarter ended Sep 30, | Nine months ended Sep 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net gains (losses) from equity securities carried at fair value: | |||||||||||||||||||||||
Marketable equity securities | $ | 38 | 116 | $ | (371) | 757 | |||||||||||||||||
Nonmarketable equity securities | 265 | 1,477 | 585 | 3,145 | |||||||||||||||||||
Total equity securities carried at fair value | 303 | 1,593 | 214 | 3,902 | |||||||||||||||||||
Net gains (losses) from nonmarketable equity securities not carried at fair value: | |||||||||||||||||||||||
Impairment write-downs (1) | (535) | (43) | (1,576) | (110) | |||||||||||||||||||
Net unrealized gains related to measurement alternative observable transactions (1) | 1,030 | 158 | 1,276 | 489 | |||||||||||||||||||
Net realized gains on sale | 60 | 623 | 259 | 1,029 | |||||||||||||||||||
Total nonmarketable equity securities not carried at fair value | 555 | 738 | (41) | 1,408 | |||||||||||||||||||
Net gains (losses) from economic hedge derivatives (2) | (209) | (1,375) | (392) | (2,918) | |||||||||||||||||||
Total net gains (losses) from equity securities not held for trading | $ | 649 | 956 | $ | (219) | 2,392 | |||||||||||||||||
Quarter ended March 31, | ||||||
(in millions) | 2020 | 2019 | ||||
Net gains (losses) from equity securities carried at fair value: | ||||||
Marketable equity securities | $ | (803 | ) | 377 | ||
Nonmarketable equity securities | (1,104 | ) | 936 | |||
Total equity securities carried at fair value | (1,907 | ) | 1,313 | |||
Net gains (losses) from nonmarketable equity securities not carried at fair value: | ||||||
Impairment write-downs | (935 | ) | (36 | ) | ||
Net unrealized gains related to measurement alternative observable transactions | 222 | 185 | ||||
Net realized gains on sale | — | 237 | ||||
All other | — | — | ||||
Total nonmarketable equity securities not carried at fair value | (713 | ) | 386 | |||
Net gains (losses) from economic hedge derivatives (1) | 1,219 | (885 | ) | |||
Total net gains (losses) from equity securities not held for trading | $ | (1,401 | ) | 814 |
Quarter ended Sep 30, | Nine months ended Sep 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net gains (losses) recognized in earnings during the period: | |||||||||||||||||||||||
Gross unrealized gains due to observable price changes | $ | 1,030 | 158 | $ | 1,276 | 500 | |||||||||||||||||
Gross unrealized losses due to observable price changes | 0 | 0 | 0 | (11) | |||||||||||||||||||
Impairment write-downs | (506) | (20) | (918) | (53) | |||||||||||||||||||
Realized net gains from sale | 8 | 36 | 21 | 161 | |||||||||||||||||||
Total net gains (losses) recognized during the period | $ | 532 | 174 | $ | 379 | 597 |
Quarter ended March 31, | ||||||
(in millions) | 2020 | 2019 | ||||
Net gains (losses) recognized in earnings during the period: | ||||||
Gross unrealized gains due to observable price changes | $ | 222 | 185 | |||
Gross unrealized losses due to observable price changes | — | — | ||||
Impairment write-downs | (354 | ) | (22 | ) | ||
Realized net gains from sale | 2 | 23 | ||||
Total net gains (losses) recognized during the period | $ | (130 | ) | 186 |
(in millions) | Sep 30, 2020 | Dec 31, 2019 | |||||||||
Cumulative gains (losses): | |||||||||||
Gross unrealized gains due to observable price changes | $ | 2,138 | 973 | ||||||||
Gross unrealized losses due to observable price changes | (43) | (42) | |||||||||
Impairment write-downs | (1,024) | (134) |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | ||||
Cumulative gains (losses): | ||||||
Gross unrealized gains due to observable price changes | $ | 1,084 | 973 | |||
Gross unrealized losses due to observable price changes | (42 | ) | (42 | ) | ||
Impairment write-downs | (473 | ) | (134 | ) |
Note 9: Other Assets |
(in millions) | Sep 30, 2020 | Dec 31, 2019 | |||||||||
Corporate/bank-owned life insurance | $ | 20,303 | 20,070 | ||||||||
Accounts receivable (1) | 34,524 | 29,137 | |||||||||
Interest receivable: | |||||||||||
AFS and HTM debt securities | 1,399 | 1,729 | |||||||||
Loans | 3,074 | 3,099 | |||||||||
Trading and other | 409 | 758 | |||||||||
Customer relationship and other amortized intangibles | 352 | 423 | |||||||||
Foreclosed assets: | |||||||||||
Residential real estate: | |||||||||||
Government insured/guaranteed (1) | 22 | 50 | |||||||||
Non-government insured/guaranteed | 82 | 172 | |||||||||
Other | 52 | 81 | |||||||||
Operating lease assets (lessor) | 7,573 | 8,221 | |||||||||
Operating lease ROU assets (lessee) | 4,421 | 4,724 | |||||||||
Due from customers on acceptances | 207 | 253 | |||||||||
Other | 13,756 | 10,200 | |||||||||
Total other assets | $ | 86,174 | 78,917 |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | ||||
Corporate/bank-owned life insurance | $ | 20,128 | 20,070 | |||
Accounts receivable (1) | 46,762 | 29,137 | ||||
Interest receivable: | ||||||
AFS and HTM debt securities | 1,705 | 1,729 | ||||
Loans | 3,038 | 3,099 | ||||
Trading and other | 708 | 758 | ||||
Customer relationship and other amortized intangibles | 399 | 423 | ||||
Foreclosed assets: | ||||||
Residential real estate: | ||||||
Government insured/guaranteed (1) | 43 | 50 | ||||
Non-government insured/guaranteed | 137 | 172 | ||||
Other | 72 | 81 | ||||
Operating lease assets (lessor) | 8,124 | 8,221 | ||||
Operating lease ROU assets (lessee) | 4,650 | 4,724 | ||||
Due from customers on acceptances | 128 | 253 | ||||
Other | 10,269 | 10,200 | ||||
Total other assets | $ | 96,163 | 78,917 |
Note 10: Securitizations and Variable Interest Entities |
(in millions) | VIEs that we do not consolidate | VIEs that we consolidate | Transfers that we account for as secured borrowings | Total | |||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
Cash and due from banks | $ | 0 | 16 | 0 | 16 | ||||||||||||||||||
Interest-earning deposits with banks | 0 | 0 | 0 | 0 | |||||||||||||||||||
Debt securities (1): | |||||||||||||||||||||||
Trading debt securities | 1,869 | 267 | 0 | 2,136 | |||||||||||||||||||
Available-for-sale debt securities | 1,484 | 395 | 0 | 1,879 | |||||||||||||||||||
Held-to-maturity debt securities | 1,170 | 0 | 0 | 1,170 | |||||||||||||||||||
Loans | 1,960 | 10,634 | 69 | 12,663 | |||||||||||||||||||
Mortgage servicing rights | 7,009 | 0 | 0 | 7,009 | |||||||||||||||||||
Derivative assets | 247 | 1 | 0 | 248 | |||||||||||||||||||
Equity securities | 11,356 | 72 | 0 | 11,428 | |||||||||||||||||||
Other assets | 1,002 | 214 | 0 | 1,216 | |||||||||||||||||||
Total assets | 26,097 | 11,599 | 69 | 37,765 | |||||||||||||||||||
Short-term borrowings | 0 | 595 | 0 | 595 | |||||||||||||||||||
Derivative liabilities | 2 | 1 | 0 | 3 | |||||||||||||||||||
Accrued expenses and other liabilities | 223 | 229 | 0 | 452 | |||||||||||||||||||
Long-term debt | 4,080 | 215 | 68 | 4,363 | |||||||||||||||||||
Total liabilities | 4,305 | 1,040 | 68 | 5,413 | |||||||||||||||||||
Noncontrolling interests | 0 | 35 | 0 | 35 | |||||||||||||||||||
Net assets | $ | 21,792 | 10,524 | 1 | 32,317 | ||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Cash and due from banks | $ | 0 | 16 | 0 | 16 | ||||||||||||||||||
Interest-earning deposits with banks | 0 | 284 | 0 | 284 | |||||||||||||||||||
Debt securities (1): | |||||||||||||||||||||||
Trading debt securities | 792 | 339 | 0 | 1,131 | |||||||||||||||||||
Available-for-sale debt securities | 1,696 | 201 | 0 | 1,897 | |||||||||||||||||||
Held-to-maturity debt securities | 791 | 0 | 0 | 791 | |||||||||||||||||||
Loans | 2,127 | 13,170 | 80 | 15,377 | |||||||||||||||||||
Mortgage servicing rights | 11,884 | 0 | 0 | 11,884 | |||||||||||||||||||
Derivative assets | 142 | 1 | 0 | 143 | |||||||||||||||||||
Equity securities | 11,401 | 118 | 0 | 11,519 | |||||||||||||||||||
Other assets | 1,268 | 239 | 0 | 1,507 | |||||||||||||||||||
Total assets | 30,101 | 14,368 | 80 | 44,549 | |||||||||||||||||||
Short-term borrowings | 0 | 401 | 0 | 401 | |||||||||||||||||||
Derivative liabilities | 1 | 3 | 0 | 4 | |||||||||||||||||||
Accrued expenses and other liabilities | 189 | 235 | 0 | 424 | |||||||||||||||||||
Long-term debt | 4,817 | 587 | 79 | 5,483 | |||||||||||||||||||
Total liabilities | 5,007 | 1,226 | 79 | 6,312 | |||||||||||||||||||
Noncontrolling interests | 0 | 43 | 0 | 43 | |||||||||||||||||||
Net assets | $ | 25,094 | 13,099 | 1 | 38,194 |
(in millions) | VIEs that we do not consolidate | VIEs that we consolidate | Transfers that we account for as secured borrowings | Total | ||||||||
March 31, 2020 | ||||||||||||
Cash and due from banks | $ | — | 19 | — | 19 | |||||||
Interest-earning deposits with banks | — | — | — | — | ||||||||
Debt securities (1): | ||||||||||||
Trading debt securities | 1,326 | 316 | — | 1,642 | ||||||||
Available-for-sale debt securities | 1,718 | 300 | — | 2,018 | ||||||||
Held-to-maturity debt securities | 1,158 | — | — | 1,158 | ||||||||
Loans | 2,196 | 13,102 | 77 | 15,375 | ||||||||
Mortgage servicing rights | 8,709 | — | — | 8,709 | ||||||||
Derivative assets | 269 | 6 | — | 275 | ||||||||
Equity securities | 11,337 | 95 | — | 11,432 | ||||||||
Other assets | 1,030 | 258 | — | 1,288 | ||||||||
Total assets | 27,743 | 14,096 | 77 | 41,916 | ||||||||
Short-term borrowings | — | 500 | — | 500 | ||||||||
Derivative liabilities | 2 | 8 | — | 10 | ||||||||
Accrued expenses and other liabilities | 154 | 231 | — | 385 | ||||||||
Long-term debt | 4,722 | 235 | 76 | 5,033 | ||||||||
Total liabilities | 4,878 | 974 | 76 | 5,928 | ||||||||
Noncontrolling interests | — | 33 | — | 33 | ||||||||
Net assets | $ | 22,865 | 13,089 | 1 | 35,955 | |||||||
December 31, 2019 | ||||||||||||
Cash and due from banks | $ | — | 16 | — | 16 | |||||||
Interest-earning deposits with banks | — | 284 | — | 284 | ||||||||
Debt securities (1): | ||||||||||||
Trading debt securities | 792 | 339 | — | 1,131 | ||||||||
Available-for-sale debt securities | 1,696 | 201 | — | 1,897 | ||||||||
Held-to-maturity debt securities | 791 | — | — | 791 | ||||||||
Loans | 2,127 | 13,170 | 80 | 15,377 | ||||||||
Mortgage servicing rights | 11,884 | — | — | 11,884 | ||||||||
Derivative assets | 142 | 1 | — | 143 | ||||||||
Equity securities | 11,401 | 118 | — | 11,519 | ||||||||
Other assets | 1,268 | 239 | — | 1,507 | ||||||||
Total assets | 30,101 | 14,368 | 80 | 44,549 | ||||||||
Short-term borrowings | — | 401 | — | 401 | ||||||||
Derivative liabilities | 1 | 3 | — | 4 | ||||||||
Accrued expenses and other liabilities | 189 | 235 | — | 424 | ||||||||
Long-term debt | 4,817 | 587 | 79 | 5,483 | ||||||||
Total liabilities | 5,007 | 1,226 | 79 | 6,312 | ||||||||
Noncontrolling interests | — | 43 | — | 43 | ||||||||
Net assets | $ | 25,094 | 13,099 | 1 | 38,194 |
Carrying value – asset (liability) | |||||||||||||||||||||||||||||||||||
(in millions) | Total VIE assets | Debt and equity interests (1) | Servicing assets and advances | Derivatives | Debt, guarantees, and other commitments | Net assets | |||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||
Residential mortgage loan securitizations: | |||||||||||||||||||||||||||||||||||
Conforming (2) | $ | 979,592 | 2,067 | 6,787 | 0 | (217) | 8,637 | ||||||||||||||||||||||||||||
Other/nonconforming | 5,762 | 15 | 38 | 0 | 0 | 53 | |||||||||||||||||||||||||||||
Commercial mortgage loan securitizations (2) | 177,421 | 2,512 | 1,186 | 179 | (76) | 3,801 | |||||||||||||||||||||||||||||
Tax credit structures | 39,532 | 13,094 | 0 | 0 | (4,010) | 9,084 | |||||||||||||||||||||||||||||
Other asset-based finance structures | 865 | 100 | 0 | 66 | 0 | 166 | |||||||||||||||||||||||||||||
Other | 1,153 | 51 | 0 | 0 | 0 | 51 | |||||||||||||||||||||||||||||
Total | $ | 1,204,325 | 17,839 | 8,011 | 245 | (4,303) | 21,792 | ||||||||||||||||||||||||||||
Maximum exposure to loss | |||||||||||||||||||||||||||||||||||
Debt and equity interests (1) | Servicing assets and advances | Derivatives | Debt, guarantees, and other commitments | Total exposure | |||||||||||||||||||||||||||||||
Residential mortgage loan securitizations: | |||||||||||||||||||||||||||||||||||
Conforming (2) | $ | 2,047 | 6,787 | 0 | 1,355 | 10,189 | |||||||||||||||||||||||||||||
Other/nonconforming | 15 | 38 | 0 | 0 | 53 | ||||||||||||||||||||||||||||||
Commercial mortgage loan securitizations (2) | 2,461 | 1,186 | 179 | 12,200 | 16,026 | ||||||||||||||||||||||||||||||
Tax credit structures | 13,094 | 0 | 0 | 1,331 | 14,425 | ||||||||||||||||||||||||||||||
Other asset-based finance structures | 100 | 0 | 70 | 71 | 241 | ||||||||||||||||||||||||||||||
Other | 51 | 0 | 0 | 157 | 208 | ||||||||||||||||||||||||||||||
Total | $ | 17,768 | 8,011 | 249 | 15,114 | 41,142 | |||||||||||||||||||||||||||||
Carrying value – asset (liability) | |||||||||||||||||||||||||||||||||||
(in millions) | Total VIE assets | Debt and equity interests (1) | Servicing assets and advances | Derivatives | Debt, guarantees, and other commitments | Net assets | |||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Residential mortgage loan securitizations: | |||||||||||||||||||||||||||||||||||
Conforming (2) | $ | 1,098,103 | 1,528 | 11,931 | 0 | (683) | 12,776 | ||||||||||||||||||||||||||||
Other/nonconforming | 5,178 | 6 | 152 | 0 | 0 | 158 | |||||||||||||||||||||||||||||
Commercial mortgage loan securitizations (2) | 169,736 | 2,239 | 1,069 | 80 | (43) | 3,345 | |||||||||||||||||||||||||||||
Tax credit structures | 39,091 | 12,826 | 0 | 0 | (4,260) | 8,566 | |||||||||||||||||||||||||||||
Other asset-based finance structures | 1,355 | 157 | 0 | 61 | (20) | 198 | |||||||||||||||||||||||||||||
Other | 1,167 | 51 | 0 | 0 | 0 | 51 | |||||||||||||||||||||||||||||
Total | $ | 1,314,630 | 16,807 | 13,152 | 141 | (5,006) | 25,094 | ||||||||||||||||||||||||||||
Maximum exposure to loss | |||||||||||||||||||||||||||||||||||
Debt and equity interests (1) | Servicing assets and advances | Derivatives | Debt, guarantees, and other commitments | Total exposure | |||||||||||||||||||||||||||||||
Residential mortgage loan securitizations: | |||||||||||||||||||||||||||||||||||
Conforming (2) | $ | 972 | 11,931 | 0 | 937 | 13,840 | |||||||||||||||||||||||||||||
Other/nonconforming | 6 | 152 | 0 | 0 | 158 | ||||||||||||||||||||||||||||||
Commercial mortgage loan securitizations (2) | 2,239 | 1,069 | 80 | 11,667 | 15,055 | ||||||||||||||||||||||||||||||
Tax credit structures | 12,826 | 0 | 0 | 1,701 | 14,527 | ||||||||||||||||||||||||||||||
Other asset-based finance structures | 157 | 0 | 63 | 91 | 311 | ||||||||||||||||||||||||||||||
Other | 51 | 0 | 0 | 157 | 208 | ||||||||||||||||||||||||||||||
Total | $ | 16,251 | 13,152 | 143 | 14,553 | 44,099 |
Carrying value – asset (liability) | |||||||||||||||||||
(in millions) | Total VIE assets | Debt and equity interests (1) | Servicing assets and advances | Derivatives | Debt, guarantees, and other commitments | Net assets | |||||||||||||
March 31, 2020 | |||||||||||||||||||
Residential mortgage loan securitizations: | |||||||||||||||||||
Conforming (2) | $ | 1,082,170 | 2,103 | 8,607 | — | (649 | ) | 10,061 | |||||||||||
Other/nonconforming | 5,226 | 120 | 89 | — | — | 209 | |||||||||||||
Commercial mortgage loan securitizations | 174,761 | 2,440 | 1,043 | 196 | (18 | ) | 3,661 | ||||||||||||
Tax credit structures | 39,499 | 12,841 | — | — | (4,201 | ) | 8,640 | ||||||||||||
Other asset-based finance structures | 1,314 | 190 | — | 71 | (8 | ) | 253 | ||||||||||||
Other | 1,118 | 41 | — | — | — | 41 | |||||||||||||
Total | $ | 1,304,088 | 17,735 | 9,739 | 267 | (4,876 | ) | 22,865 | |||||||||||
Maximum exposure to loss | |||||||||||||||||||
Debt and equity interests (1) | Servicing assets and advances | Derivatives | Debt, guarantees, and other commitments | Total exposure | |||||||||||||||
Residential mortgage loan securitizations: | |||||||||||||||||||
Conforming (2) | $ | 1,582 | 8,607 | — | 973 | 11,162 | |||||||||||||
Other/nonconforming | 120 | 89 | — | — | 209 | ||||||||||||||
Commercial mortgage loan securitizations | 2,440 | 1,043 | 196 | 11,776 | 15,455 | ||||||||||||||
Tax credit structures | 12,841 | — | — | 1,684 | 14,525 | ||||||||||||||
Other asset-based finance structures | 190 | — | 76 | 79 | 345 | ||||||||||||||
Other | 41 | — | — | 157 | 198 | ||||||||||||||
Total | $ | 17,214 | 9,739 | 272 | 14,669 | 41,894 | |||||||||||||
Carrying value – asset (liability) | |||||||||||||||||||
(in millions) | Total VIE assets | Debt and equity interests (1) | Servicing assets and advances | Derivatives | Debt, guarantees, and other commitments | Net assets | |||||||||||||
December 31, 2019 | |||||||||||||||||||
Residential mortgage loan securitizations: | |||||||||||||||||||
Conforming (2) | $ | 1,098,103 | 1,528 | 11,931 | — | (683 | ) | 12,776 | |||||||||||
Other/nonconforming | 5,178 | 6 | 152 | — | — | 158 | |||||||||||||
Commercial mortgage loan securitizations | 169,736 | 2,239 | 1,069 | 80 | (43 | ) | 3,345 | ||||||||||||
Tax credit structures | 39,091 | 12,826 | — | — | (4,260 | ) | 8,566 | ||||||||||||
Other asset-based finance structures | 1,355 | 157 | — | 61 | (20 | ) | 198 | ||||||||||||
Other | 1,167 | 51 | — | — | — | 51 | |||||||||||||
Total | $ | 1,314,630 | 16,807 | 13,152 | 141 | (5,006 | ) | 25,094 | |||||||||||
Maximum exposure to loss | |||||||||||||||||||
Debt and equity interests (1) | Servicing assets and advances | Derivatives | Debt, guarantees, and other commitments | Total exposure | |||||||||||||||
Residential mortgage loan securitizations: | |||||||||||||||||||
Conforming (2) | $ | 972 | 11,931 | — | 937 | 13,840 | |||||||||||||
Other/nonconforming | 6 | 152 | — | — | 158 | ||||||||||||||
Commercial mortgage loan securitizations | 2,239 | 1,069 | 80 | 11,667 | 15,055 | ||||||||||||||
Tax credit structures | 12,826 | — | — | 1,701 | 14,527 | ||||||||||||||
Other asset-based finance structures | 157 | — | 63 | 91 | 311 | ||||||||||||||
Other | 51 | — | — | 157 | 208 | ||||||||||||||
Total | $ | 16,251 | 13,152 | 143 | 14,553 | 44,099 |
(1) | (2)Carrying values include assets and related liabilities of $71 million and $556 million at September 30, 2020, and |
(in millions) | 2020 | 2019 | |||||||||||||||||||||
Quarter ended September 30, | Residential mortgages | Commercial mortgages | Residential mortgages | Commercial mortgages | |||||||||||||||||||
Net gains (losses) on sale | $ | 1 | 54 | 25 | 72 | ||||||||||||||||||
Asset balances sold | 71,032 | 2,430 | 48,378 | 4,419 | |||||||||||||||||||
Servicing rights recognized | 477 | 32 | 532 | 33 | |||||||||||||||||||
Securities recognized (1) | 12,024 | 5 | 4,271 | 0 | |||||||||||||||||||
Liability for repurchase losses recognized | 8 | 0 | 5 | 0 | |||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||
Net gains (losses) on sale | $ | 53 | 187 | 85 | 193 | ||||||||||||||||||
Asset balances sold | 182,473 | 7,663 | 119,153 | 10,479 | |||||||||||||||||||
Servicing rights recognized | 1,366 | 114 | 1,239 | 92 | |||||||||||||||||||
Securities recognized (1) | 14,074 | 79 | 7,665 | 0 | |||||||||||||||||||
Liability for repurchase losses recognized | 15 | 0 | 13 | 0 |
Quarter ended March 31, | ||||||||||||
(in millions) | 2020 | 2019 | ||||||||||
Residential mortgages | Commercial mortgages | Residential mortgages | Commercial mortgages | |||||||||
Net gains (losses) on sale | $ | 52 | 69 | 14 | 47 | |||||||
Asset balances sold | 47,857 | 2,728 | 34,103 | 2,702 | ||||||||
Servicing rights recognized | 446 | 34 | 320 | 26 | ||||||||
Securities recognized | 2,313 | 62 | 912 | — | ||||||||
Liability for repurchase losses recognized | 3 | — | 3 | — |
Residential mortgage servicing rights | |||||||||||
2020 | 2019 | ||||||||||
Quarter ended September 30, | |||||||||||
Prepayment speed (1) | 16.7 | % | 13.2 | ||||||||
Discount rate | 6.7 | 7.4 | |||||||||
Cost to service ($ per loan) (2) | $ | 107 | 101 | ||||||||
Nine months ended September 30, | |||||||||||
Prepayment speed (1) | 15.0 | % | 13.3 | ||||||||
Discount rate | 6.8 | 7.6 | |||||||||
Cost to service ($ per loan) (2) | $ | 99 | 106 |
Residential mortgage servicing rights | ||||||
2020 | 2019 | |||||
Quarter ended March 31, | ||||||
Prepayment speed (1) | 12.7 | % | 13.5 | |||
Discount rate | 6.5 | 8.1 | ||||
Cost to service ($ per loan) (2) | $ | 91 | 94 |
Mortgage loans | ||||||
(in millions) | 2020 | 2019 | ||||
Quarter ended March 31, | ||||||
Proceeds from securitizations and whole loan sales | $ | 50,229 | 36,507 | |||
Fees from servicing rights retained | 756 | 780 | ||||
Cash flows from other interests held | 167 | 111 | ||||
Repurchases of assets/loss reimbursements: | ||||||
Non-agency securitizations and whole loan transactions | — | — | ||||
Government insured loans | (1,440 | ) | (1,942 | ) | ||
Agency securitizations | (26 | ) | (17 | ) | ||
Servicing advances, net of recoveries (1) | 33 | 39 |
Mortgage loans | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | |||||||||||||||||||||
Quarter ended September 30, | |||||||||||||||||||||||
Proceeds from securitizations and whole loan sales | $ | 73,673 | 52,274 | ||||||||||||||||||||
Fees from servicing rights retained | 676 | 793 | |||||||||||||||||||||
Cash flows from other interests held | 174 | 131 | |||||||||||||||||||||
Repurchases of assets/loss reimbursements: | |||||||||||||||||||||||
Non-agency securitizations and whole loan transactions | 1 | (1,369) | |||||||||||||||||||||
Government insured loans | (21,905) | (1,402) | |||||||||||||||||||||
Agency securitizations | (152) | (26) | |||||||||||||||||||||
Servicing advances, net of recoveries | (66) | 73 | |||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||
Proceeds from securitizations and whole loan sales | $ | 188,911 | 128,478 | ||||||||||||||||||||
Fees from servicing rights retained | 2,095 | 2,359 | |||||||||||||||||||||
Cash flows from other interests held | 533 | 375 | |||||||||||||||||||||
Repurchases of assets/loss reimbursements: | |||||||||||||||||||||||
Non-agency securitizations and whole loan transactions | 0 | (1,370) | |||||||||||||||||||||
Government insured loans | (26,939) | (4,590) | |||||||||||||||||||||
Agency securitizations | (213) | (70) | |||||||||||||||||||||
Servicing advances, net of recoveries | (126) | 166 |
Other interests held | ||||||||||
Residential mortgage servicing rights | Commercial | |||||||||
($ in millions, except cost to service amounts) | Subordinated bonds | Senior bonds | ||||||||
Fair value of interests held at March 31, 2020 | $ | 8,126 | 924 | 326 | ||||||
Expected weighted-average life (in years) | 4.3 | 7.1 | 5.6 | |||||||
Key economic assumptions: | ||||||||||
Prepayment speed assumption | 15.7 | % | ||||||||
Decrease in fair value from: | ||||||||||
10% adverse change | $ | 475 | ||||||||
25% adverse change | 1,105 | |||||||||
Discount rate assumption | 7.1 | % | 5.4 | 3.5 | ||||||
Decrease in fair value from: | ||||||||||
100 basis point increase | $ | 293 | 54 | 16 | ||||||
200 basis point increase | 563 | 103 | 30 | |||||||
Cost to service assumption ($ per loan) | 112 | |||||||||
Decrease in fair value from: | ||||||||||
10% adverse change | 234 | |||||||||
25% adverse change | 585 | |||||||||
Credit loss assumption | 3.7 | % | — | |||||||
Decrease in fair value from: | ||||||||||
10% higher losses | $ | 28 | — | |||||||
25% higher losses | 31 | — | ||||||||
Fair value of interests held at December 31, 2019 | $ | 11,517 | 909 | 352 | ||||||
Expected weighted-average life (in years) | 5.3 | 7.3 | 5.5 | |||||||
Key economic assumptions: | ||||||||||
Prepayment speed assumption | 11.9 | % | ||||||||
Decrease in fair value from: | ||||||||||
10% adverse change | $ | 537 | ||||||||
25% adverse change | 1,261 | |||||||||
Discount rate assumption | 7.2 | % | 4.0 | 2.9 | ||||||
Decrease in fair value from: | ||||||||||
100 basis point increase | $ | 464 | 53 | 16 | ||||||
200 basis point increase | 889 | 103 | 32 | |||||||
Cost to service assumption ($ per loan) | 102 | |||||||||
Decrease in fair value from: | ||||||||||
10% adverse change | 253 | |||||||||
25% adverse change | 632 | |||||||||
Credit loss assumption | 3.1 | % | — | |||||||
Decrease in fair value from: | ||||||||||
10% higher losses | $ | 1 | — | |||||||
25% higher losses | 4 | — |
Residential mortgage servicing rights | Other interests held | ||||||||||||||||||||||||||||
($ in millions, except cost to service amounts) | Subordinated bonds | Senior bonds | |||||||||||||||||||||||||||
Fair value of interests held at September 30, 2020 | $ | 6,355 | 1,009 | 276 | |||||||||||||||||||||||||
Expected weighted average life (in years) | 3.7 | 6.8 | 6.3 | ||||||||||||||||||||||||||
Key economic assumptions: | |||||||||||||||||||||||||||||
Prepayment speed assumption | 19.7 | % | |||||||||||||||||||||||||||
Decrease in fair value from: | |||||||||||||||||||||||||||||
10% adverse change | $ | 452 | |||||||||||||||||||||||||||
25% adverse change | 1,044 | ||||||||||||||||||||||||||||
Discount rate assumption | 5.8 | % | 5.3 | 1.5 | |||||||||||||||||||||||||
Decrease in fair value from: | |||||||||||||||||||||||||||||
100 basis point increase | $ | 236 | 56 | 15 | |||||||||||||||||||||||||
200 basis point increase | 454 | 109 | 29 | ||||||||||||||||||||||||||
Cost to service assumption ($ per loan) | 138 | ||||||||||||||||||||||||||||
Decrease in fair value from: | |||||||||||||||||||||||||||||
10% adverse change | 204 | ||||||||||||||||||||||||||||
25% adverse change | 508 | ||||||||||||||||||||||||||||
Credit loss assumption | 4.5 | % | 0 | ||||||||||||||||||||||||||
Decrease in fair value from: | |||||||||||||||||||||||||||||
10% higher losses | $ | 32 | 0 | ||||||||||||||||||||||||||
25% higher losses | 35 | 0 | |||||||||||||||||||||||||||
Fair value of interests held at December 31, 2019 | $ | 11,517 | 909 | 352 | |||||||||||||||||||||||||
Expected weighted average life (in years) | 5.3 | 7.3 | 5.5 | ||||||||||||||||||||||||||
Key economic assumptions: | |||||||||||||||||||||||||||||
Prepayment speed assumption | 11.9 | % | |||||||||||||||||||||||||||
Decrease in fair value from: | |||||||||||||||||||||||||||||
10% adverse change | $ | 537 | |||||||||||||||||||||||||||
25% adverse change | 1,261 | ||||||||||||||||||||||||||||
Discount rate assumption | 7.2 | % | 4.0 | 2.9 | |||||||||||||||||||||||||
Decrease in fair value from: | |||||||||||||||||||||||||||||
100 basis point increase | $ | 464 | 53 | 16 | |||||||||||||||||||||||||
200 basis point increase | 889 | 103 | 32 | ||||||||||||||||||||||||||
Cost to service assumption ($ per loan) | 102 | ||||||||||||||||||||||||||||
Decrease in fair value from: | |||||||||||||||||||||||||||||
10% adverse change | 253 | ||||||||||||||||||||||||||||
25% adverse change | 632 | ||||||||||||||||||||||||||||
Credit loss assumption | 3.1 | % | 0 | ||||||||||||||||||||||||||
Decrease in fair value from: | |||||||||||||||||||||||||||||
10% higher losses | $ | 1 | 0 | ||||||||||||||||||||||||||
25% higher losses | 4 | 0 |
Net charge-offs (2) | |||||||||||||||||||||||||||||||||||
Total loans | Delinquent loans and foreclosed assets (1) | Nine months ended Sep 30, | |||||||||||||||||||||||||||||||||
(in millions) | Sep 30, 2020 | Dec 31, 2019 | Sep 30, 2020 | Dec 31, 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Real estate mortgage | $ | 114,479 | 112,507 | 2,363 | 776 | 129 | 109 | ||||||||||||||||||||||||||||
Total commercial | 114,479 | 112,507 | 2,363 | 776 | 129 | 109 | |||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
Real estate 1-4 family first mortgage | 875,298 | 1,008,446 | 36,605 | 6,664 | 71 | 180 | |||||||||||||||||||||||||||||
Real estate 1-4 family junior lien mortgage | 10 | 13 | 2 | 2 | 0 | 0 | |||||||||||||||||||||||||||||
Total consumer | 875,308 | 1,008,459 | 36,607 | 6,666 | 71 | 180 | |||||||||||||||||||||||||||||
Total off-balance sheet sold or securitized loans (3) | $ | 989,787 | 1,120,966 | 38,970 | 7,442 | 200 | 289 |
Net charge-offs (2) | ||||||||||||||||||
Total loans | Delinquent loans and foreclosed assets (1) | Quarter ended Mar 31, | ||||||||||||||||
(in millions) | Mar 31, 2020 | Dec 31, 2019 | Mar 31, 2020 | Dec 31, 2019 | 2020 | 2019 | ||||||||||||
Commercial: | ||||||||||||||||||
Real estate mortgage | $ | 113,196 | 112,507 | 679 | 776 | 71 | 79 | |||||||||||
Total commercial | 113,196 | 112,507 | 679 | 776 | 71 | 79 | ||||||||||||
Consumer: | ||||||||||||||||||
Real estate 1-4 family first mortgage | 986,570 | 1,008,446 | 6,326 | 6,664 | 31 | 67 | ||||||||||||
Real estate 1-4 family junior lien mortgage | 12 | 13 | 2 | 2 | — | — | ||||||||||||
Total consumer | 986,582 | 1,008,459 | 6,328 | 6,666 | 31 | 67 | ||||||||||||
Total off-balance sheet sold or securitized loans (3) | $ | 1,099,778 | 1,120,966 | 7,007 | 7,442 | 102 | 146 |
Note 10: Securitizations and Variable Interest Entities (continued) |
Carrying value | |||||||||||||||
(in millions) | Total VIE assets | Assets | Liabilities | Noncontrolling interests | Net assets | ||||||||||
March 31, 2020 | |||||||||||||||
Secured borrowings: | |||||||||||||||
Residential mortgage securitizations | $ | 77 | 77 | (76 | ) | — | 1 | ||||||||
Total secured borrowings | 77 | 77 | (76 | ) | — | 1 | |||||||||
Consolidated VIEs: | |||||||||||||||
Commercial and industrial loans and leases | 7,760 | 7,755 | (226 | ) | (11 | ) | 7,518 | ||||||||
Nonconforming residential mortgage loan securitizations | 679 | 567 | (236 | ) | — | 331 | |||||||||
Commercial real estate loans | 5,022 | 5,022 | — | — | 5,022 | ||||||||||
Municipal tender option bond securitizations | 500 | 505 | (502 | ) | — | 3 | |||||||||
Other | 247 | 247 | (10 | ) | (22 | ) | 215 | ||||||||
Total consolidated VIEs | 14,208 | 14,096 | (974 | ) | (33 | ) | 13,089 | ||||||||
Total secured borrowings and consolidated VIEs | $ | 14,285 | 14,173 | (1,050 | ) | (33 | ) | 13,090 | |||||||
December 31, 2019 | |||||||||||||||
Secured borrowings: | |||||||||||||||
Residential mortgage securitizations | $ | 81 | 80 | (79 | ) | — | 1 | ||||||||
Total secured borrowings | 81 | 80 | (79 | ) | — | 1 | |||||||||
Consolidated VIEs: | |||||||||||||||
Commercial and industrial loans and leases | 8,054 | 8,042 | (529 | ) | (16 | ) | 7,497 | ||||||||
Nonconforming residential mortgage loan securitizations | 935 | 809 | (290 | ) | — | 519 | |||||||||
Commercial real estate loans | 4,836 | 4,836 | — | — | 4,836 | ||||||||||
Municipal tender option bond securitizations | 401 | 402 | (401 | ) | — | 1 | |||||||||
Other | 279 | 279 | (6 | ) | (27 | ) | 246 | ||||||||
Total consolidated VIEs | 14,505 | 14,368 | (1,226 | ) | (43 | ) | 13,099 | ||||||||
Total secured borrowings and consolidated VIEs | $ | 14,586 | 14,448 | (1,305 | ) | (43 | ) | 13,100 |
Carrying value | |||||||||||||||||||||||||||||
(in millions) | Total VIE assets | Assets | Liabilities | Noncontrolling interests | Net assets | ||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
Secured borrowings: | |||||||||||||||||||||||||||||
Residential mortgage securitizations | $ | 69 | 69 | (68) | 0 | 1 | |||||||||||||||||||||||
Total secured borrowings | 69 | 69 | (68) | 0 | 1 | ||||||||||||||||||||||||
Consolidated VIEs: | |||||||||||||||||||||||||||||
Commercial and industrial loans and leases | 6,978 | 4,924 | (227) | (13) | 4,684 | ||||||||||||||||||||||||
Nonconforming residential mortgage loan securitizations | 622 | 538 | (214) | 0 | 324 | ||||||||||||||||||||||||
Commercial real estate loans | 5,379 | 5,379 | 0 | 0 | 5,379 | ||||||||||||||||||||||||
Municipal tender option bond securitizations | 596 | 599 | (596) | 0 | 3 | ||||||||||||||||||||||||
Other | 159 | 159 | (3) | (22) | 134 | ||||||||||||||||||||||||
Total consolidated VIEs | 13,734 | 11,599 | (1,040) | (35) | 10,524 | ||||||||||||||||||||||||
Total secured borrowings and consolidated VIEs | $ | 13,803 | 11,668 | (1,108) | (35) | 10,525 | |||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
Secured borrowings: | |||||||||||||||||||||||||||||
Residential mortgage securitizations | $ | 81 | 80 | (79) | 0 | 1 | |||||||||||||||||||||||
Total secured borrowings | 81 | 80 | (79) | 0 | 1 | ||||||||||||||||||||||||
Consolidated VIEs: | |||||||||||||||||||||||||||||
Commercial and industrial loans and leases | 8,054 | 8,042 | (529) | (16) | 7,497 | ||||||||||||||||||||||||
Nonconforming residential mortgage loan securitizations | 935 | 809 | (290) | 0 | 519 | ||||||||||||||||||||||||
Commercial real estate loans | 4,836 | 4,836 | 0 | 0 | 4,836 | ||||||||||||||||||||||||
Municipal tender option bond securitizations | 401 | 402 | (401) | 0 | 1 | ||||||||||||||||||||||||
Other | 279 | 279 | (6) | (27) | 246 | ||||||||||||||||||||||||
Total consolidated VIEs | 14,505 | 14,368 | (1,226) | (43) | 13,099 | ||||||||||||||||||||||||
Total secured borrowings and consolidated VIEs | $ | 14,586 | 14,448 | (1,305) | (43) | 13,100 |
Note 11: Mortgage Banking Activities |
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Fair value, beginning of period | $ | 6,819 | 12,096 | $ | 11,517 | 14,649 | |||||||||||||||||
Servicing from securitizations or asset transfers (1) | 351 | 538 | 1,274 | 1,279 | |||||||||||||||||||
Sales and other (2) | 0 | (4) | (32) | (286) | |||||||||||||||||||
Net additions | 351 | 534 | 1,242 | 993 | |||||||||||||||||||
Changes in fair value: | |||||||||||||||||||||||
Due to valuation inputs or assumptions: | |||||||||||||||||||||||
Mortgage interest rates (3) | (294) | (718) | (3,916) | (2,811) | |||||||||||||||||||
Servicing and foreclosure costs (4) | 157 | 13 | (265) | 3 | |||||||||||||||||||
Discount rates | 0 | 188 | 27 | 179 | |||||||||||||||||||
Prepayment estimates and other (5) | (80) | (445) | (451) | (302) | |||||||||||||||||||
Net changes in valuation inputs or assumptions | (217) | (962) | (4,605) | (2,931) | |||||||||||||||||||
Changes due to collection/realization of expected cash flows (6) | (598) | (596) | (1,799) | (1,639) | |||||||||||||||||||
Total changes in fair value | (815) | (1,558) | (6,404) | (4,570) | |||||||||||||||||||
Fair value, end of period | $ | 6,355 | 11,072 | $ | 6,355 | 11,072 |
Quarter ended March 31, | ||||||
(in millions) | 2020 | 2019 | ||||
Fair value, beginning of period | $ | 11,517 | 14,649 | |||
Servicing from securitizations or asset transfers (1) | 461 | 341 | ||||
Sales and other (2) | (31 | ) | (281 | ) | ||
Net additions | 430 | 60 | ||||
Changes in fair value: | ||||||
Due to changes in valuation model inputs or assumptions: | ||||||
Mortgage interest rates (3) | (3,022 | ) | (940 | ) | ||
Servicing and foreclosure costs (4) | (73 | ) | 12 | |||
Discount rates (5) | 27 | 100 | ||||
Prepayment estimates and other (6) | (189 | ) | (63 | ) | ||
Net changes in valuation model inputs or assumptions | (3,257 | ) | (891 | ) | ||
Changes due to collection/realization of expected cash flows over time (7) | (564 | ) | (482 | ) | ||
Total changes in fair value | (3,821 | ) | (1,373 | ) | ||
Fair value, end of period | $ | 8,126 | 13,336 |
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Balance, beginning of period | $ | 1,361 | 1,407 | $ | 1,430 | 1,443 | |||||||||||||||||
Purchases | 6 | 25 | 21 | 65 | |||||||||||||||||||
Servicing from securitizations or asset transfers | 32 | 33 | 114 | 92 | |||||||||||||||||||
Amortization (1) | (74) | (68) | (240) | (203) | |||||||||||||||||||
Balance, end of period | $ | 1,325 | 1,397 | $ | 1,325 | 1,397 | |||||||||||||||||
Fair value of amortized MSRs: | |||||||||||||||||||||||
Beginning of period | $ | 1,401 | 1,897 | $ | 1,872 | 2,288 | |||||||||||||||||
End of period | 1,400 | 1,813 | 1,400 | 1,813 |
Quarter ended March 31, | ||||||
(in millions) | 2020 | 2019 | ||||
Balance, beginning of period | $ | 1,430 | 1,443 | |||
Purchases | 8 | 24 | ||||
Servicing from securitizations or asset transfers | 34 | 26 | ||||
Amortization | (66 | ) | (66 | ) | ||
Balance, end of period (1) | $ | 1,406 | 1,427 | |||
Fair value of amortized MSRs: | ||||||
Beginning of period | $ | 1,872 | 2,288 | |||
End of period | 1,490 | 2,149 |
(in billions) | Sep 30, 2020 | Dec 31, 2019 | |||||||||
Residential mortgage servicing: | |||||||||||
Serviced and subserviced for others | $ | 920 | 1,065 | ||||||||
Owned loans serviced | 342 | 343 | |||||||||
Total residential servicing | 1,262 | 1,408 | |||||||||
Commercial mortgage servicing: | |||||||||||
Serviced and subserviced for others | 579 | 575 | |||||||||
Owned loans serviced | 123 | 124 | |||||||||
Total commercial servicing | 702 | 699 | |||||||||
Total managed servicing portfolio | $ | 1,964 | 2,107 | ||||||||
Total serviced for others, excluding subserviced for others | $ | 1,488 | 1,629 | ||||||||
Ratio of MSRs to related loans serviced for others | 0.52 | % | 0.79 | ||||||||
Weighted average note rate (mortgage loans serviced for others) | 4.13 | 4.25 |
(in billions) | Mar 31, 2020 | Dec 31, 2019 | ||||
Residential mortgage servicing: | ||||||
Serviced and subserviced for others | $ | 1,041 | 1,065 | |||
Owned loans serviced | 341 | 343 | ||||
Total residential servicing | 1,382 | 1,408 | ||||
Commercial mortgage servicing: | ||||||
Serviced and subserviced for others | 573 | 575 | ||||
Owned loans serviced | 124 | 124 | ||||
Total commercial servicing | 697 | 699 | ||||
Total managed servicing portfolio | $ | 2,079 | 2,107 | |||
Total serviced for others, excluding subserviced for others | $ | 1,602 | 1,629 | |||
Ratio of MSRs to related loans serviced for others | 0.60 | % | 0.79 |
Quarter ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Servicing fees: | ||||||||||||||||||||||||||
Contractually specified servicing fees, late charges and ancillary fees | $ | 838 | 924 | $ | 2,452 | 2,749 | ||||||||||||||||||||
Unreimbursed direct servicing costs (1) | (121) | (118) | (333) | (272) | ||||||||||||||||||||||
Servicing fees | 717 | 806 | 2,119 | 2,477 | ||||||||||||||||||||||
Amortization (2) | (74) | (68) | (240) | (203) | ||||||||||||||||||||||
Changes due to collection/realization of expected cash flows (3) | (A) | (598) | (596) | (1,799) | (1,639) | |||||||||||||||||||||
Net servicing fees | 45 | 142 | 80 | 635 | ||||||||||||||||||||||
Changes in fair value of MSRs due to valuation inputs or assumptions (4) | (B) | (217) | (962) | (4,605) | (2,931) | |||||||||||||||||||||
Net derivative gains from economic hedges (5) | 513 | 678 | 4,448 | 2,795 | ||||||||||||||||||||||
Market-related valuation changes to MSRs, net of hedge results | 296 | (284) | (157) | (136) | ||||||||||||||||||||||
Total servicing income (loss), net | 341 | (142) | (77) | 499 | ||||||||||||||||||||||
Net gains on mortgage loan origination/sales activities (6) | 1,249 | 608 | 2,363 | 1,433 | ||||||||||||||||||||||
Total mortgage banking noninterest income | $ | 1,590 | 466 | $ | 2,286 | 1,932 | ||||||||||||||||||||
Total changes in fair value of MSRs carried at fair value | (A)+(B) | $ | (815) | (1,558) | $ | (6,404) | (4,570) |
Quarter ended March 31, | |||||||
(in millions) | 2020 | 2019 | |||||
Servicing income, net: | |||||||
Servicing fees: | |||||||
Contractually specified servicing fees | $ | 808 | 840 | ||||
Late charges | 27 | 33 | |||||
Ancillary fees | 30 | 38 | |||||
Unreimbursed direct servicing costs (1) | (107 | ) | (70 | ) | |||
Net servicing fees | 758 | 841 | |||||
Changes in fair value of MSRs carried at fair value: | |||||||
Due to changes in valuation model inputs or assumptions (2) | (A) | (3,257 | ) | (891 | ) | ||
Changes due to collection/realization of expected cash flows over time (3) | (564 | ) | (482 | ) | |||
Total changes in fair value of MSRs carried at fair value | (3,821 | ) | (1,373 | ) | |||
Amortization | (66 | ) | (66 | ) | |||
Net derivative gains from economic hedges (4) | (B) | 3,400 | 962 | ||||
Total servicing income, net | 271 | 364 | |||||
Net gains on mortgage loan origination/sales activities (5) | 108 | 344 | |||||
Total mortgage banking noninterest income | $ | 379 | 708 | ||||
Market-related valuation changes to MSRs, net of hedge results (2)(4) | (A)+(B) | $ | 143 | 71 |
Note 12: Intangible Assets |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(in millions) | Gross carrying value | Accumulated amortization | Net carrying value | Gross carrying value | Accumulated amortization | Net carrying value | |||||||||||||||||||||||||||||
Amortized intangible assets (1): | |||||||||||||||||||||||||||||||||||
MSRs (2) | $ | 4,557 | (3,232) | 1,325 | 4,422 | (2,992) | 1,430 | ||||||||||||||||||||||||||||
Customer relationship and other intangibles | 879 | (527) | 352 | 947 | (524) | 423 | |||||||||||||||||||||||||||||
Total amortized intangible assets | $ | 5,436 | (3,759) | 1,677 | 5,369 | (3,516) | 1,853 | ||||||||||||||||||||||||||||
Unamortized intangible assets: | |||||||||||||||||||||||||||||||||||
MSRs (carried at fair value) (2) | $ | 6,355 | 11,517 | ||||||||||||||||||||||||||||||||
Goodwill | 26,387 | 26,390 | |||||||||||||||||||||||||||||||||
Trademark | 14 | 14 |
March 31, 2020 | December 31, 2019 | |||||||||||||||||
(in millions) | Gross carrying value | Accumulated amortization | Net carrying value | Gross carrying value | Accumulated amortization | Net carrying value | ||||||||||||
Amortized intangible assets (1): | ||||||||||||||||||
MSRs (2) | $ | 4,465 | (3,059 | ) | 1,406 | 4,422 | (2,992 | ) | 1,430 | |||||||||
Customer relationship and other intangibles | 879 | (480 | ) | 399 | 947 | (524 | ) | 423 | ||||||||||
Total amortized intangible assets | $ | 5,344 | (3,539 | ) | 1,805 | 5,369 | (3,516 | ) | 1,853 | |||||||||
Unamortized intangible assets: | ||||||||||||||||||
MSRs (carried at fair value) (2) | $ | 8,126 | 11,517 | |||||||||||||||
Goodwill | 26,381 | 26,390 | ||||||||||||||||
Trademark | 14 | 14 |
(in millions) | Amortized MSRs | Customer relationship and other intangibles | Total | |||||||
Three months ended March 31, 2020 (actual) | $ | 67 | 24 | 91 | ||||||
Estimate for the remainder of 2020 | $ | 202 | 71 | 273 | ||||||
Estimate for year ended December 31, | ||||||||||
2021 | 235 | 81 | 316 | |||||||
2022 | 210 | 68 | 278 | |||||||
2023 | 181 | 59 | 240 | |||||||
2024 | 156 | 48 | 204 | |||||||
2025 | 130 | 39 | 169 |
(in millions) | Amortized MSRs | Customer relationship and other intangibles | Total | |||||||||||||||||||||||
Nine months ended September 30, 2020 (actual) | $ | 240 | 71 | 311 | ||||||||||||||||||||||
Estimate for the remainder of 2020 | $ | 66 | 24 | 90 | ||||||||||||||||||||||
Estimate for year ended December 31, | ||||||||||||||||||||||||||
2021 | 239 | 81 | 320 | |||||||||||||||||||||||
2022 | 212 | 68 | 280 | |||||||||||||||||||||||
2023 | 184 | 59 | 243 | |||||||||||||||||||||||
2024 | 159 | 48 | 207 | |||||||||||||||||||||||
2025 | 134 | 39 | 173 |
(in millions) | Community Banking | Wholesale Banking | Wealth and Investment Management | Consolidated Company | ||||||||
December 31, 2018 | $ | 16,685 | 8,450 | 1,283 | 26,418 | |||||||
Foreign currency translation | — | 2 | — | 2 | ||||||||
March 31, 2019 | $ | 16,685 | 8,452 | 1,283 | 26,420 | |||||||
December 31, 2019 | $ | 16,685 | 8,429 | 1,276 | 26,390 | |||||||
Foreign currency translation | — | (9 | ) | — | (9 | ) | ||||||
March 31, 2020 | $ | 16,685 | 8,420 | 1,276 | 26,381 |
(in millions) | Community Banking | Wholesale Banking | Wealth and Investment Management | Consolidated Company | |||||||||||||||||||
December 31, 2018 | $ | 16,685 | 8,450 | 1,283 | 26,418 | ||||||||||||||||||
Reclassification of goodwill held for sale to other assets | 0 | (25) | 0 | (25) | |||||||||||||||||||
Reduction in goodwill related to divested business and other | 0 | 0 | (7) | (7) | |||||||||||||||||||
Foreign currency translation | 0 | 2 | 0 | 2 | |||||||||||||||||||
September 30, 2019 | $ | 16,685 | 8,427 | 1,276 | 26,388 | ||||||||||||||||||
December 31, 2019 | $ | 16,685 | 8,429 | 1,276 | 26,390 | ||||||||||||||||||
Foreign currency translation | 0 | (3) | 0 | (3) | |||||||||||||||||||
September 30, 2020 | $ | 16,685 | 8,426 | 1,276 | 26,387 |
Note 13: Guarantees, Pledged Assets and Collateral, and Other Commitments |
Maximum exposure to loss | |||||||||||||||||||||||||||||||||||||||||
(in millions) | Carrying value of obligation (asset) | Expires in one year or less | Expires after one year through three years | Expires after three years through five years | Expires after five years | Total | Non- investment grade | ||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Standby letters of credit | $ | 195 | 12,381 | 4,287 | 1,844 | 446 | 18,958 | 7,484 | |||||||||||||||||||||||||||||||||
Direct pay letters of credit | 42 | 2,227 | 2,853 | 704 | 48 | 5,832 | 1,175 | ||||||||||||||||||||||||||||||||||
Written options (1) | (245) | 13,356 | 10,851 | 2,379 | 152 | 26,738 | 16,205 | ||||||||||||||||||||||||||||||||||
Loans and MLHFS sold with recourse (2) | 34 | 231 | 752 | 1,596 | 10,016 | 12,595 | 10,254 | ||||||||||||||||||||||||||||||||||
Exchange and clearing house guarantees | 0 | 0 | 0 | 0 | 5,516 | 5,516 | 0 | ||||||||||||||||||||||||||||||||||
Other guarantees and indemnifications (3) | 1 | 567 | 1 | 1 | 1,667 | 2,236 | 528 | ||||||||||||||||||||||||||||||||||
Total guarantees | $ | 27 | 28,762 | 18,744 | 6,524 | 17,845 | 71,875 | 35,646 | |||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Standby letters of credit | $ | 36 | 11,569 | 4,460 | 2,812 | 467 | 19,308 | 7,104 | |||||||||||||||||||||||||||||||||
Direct pay letters of credit | 0 | 1,861 | 3,815 | 824 | 105 | 6,605 | 1,184 | ||||||||||||||||||||||||||||||||||
Written options (1) | (345) | 17,088 | 10,869 | 2,341 | 273 | 30,571 | 18,113 | ||||||||||||||||||||||||||||||||||
Loans and MLHFS sold with recourse (2) | 52 | 114 | 576 | 1,356 | 10,050 | 12,096 | 9,835 | ||||||||||||||||||||||||||||||||||
Exchange and clearing house guarantees | 0 | 0 | 0 | 0 | 4,817 | 4,817 | 0 | ||||||||||||||||||||||||||||||||||
Other guarantees and indemnifications (3) | 1 | 785 | 1 | 3 | 809 | 1,598 | 698 | ||||||||||||||||||||||||||||||||||
Total guarantees | $ | (256) | 31,417 | 19,721 | 7,336 | 16,521 | 74,995 | 36,934 |
Maximum exposure to loss | |||||||||||||||||||||
(in millions) | Carrying value of obligation (asset) | Expires in one year or less | Expires after one year through three years | Expires after three years through five years | Expires after five years | Total | Non- investment grade | ||||||||||||||
March 31, 2020 | |||||||||||||||||||||
Standby letters of credit | $ | 83 | 12,016 | 3,839 | 2,756 | 429 | 19,040 | 7,183 | |||||||||||||
Direct pay letters of credit | — | 1,674 | 3,955 | 836 | 40 | 6,505 | 1,321 | ||||||||||||||
Written options (1) | 690 | 18,799 | 10,315 | 2,387 | 327 | 31,828 | 24,176 | ||||||||||||||
Loans and MLHFS sold with recourse (2) | 28 | 111 | 712 | 1,333 | 10,039 | 12,195 | 10,000 | ||||||||||||||
Exchange and clearing house guarantees | — | — | — | — | 5,054 | 5,054 | — | ||||||||||||||
Other guarantees and indemnifications (3) | 1 | 610 | 3 | 1 | 450 | 1,064 | 559 | ||||||||||||||
Total guarantees | $ | 802 | 33,210 | 18,824 | 7,313 | 16,339 | 75,686 | 43,239 | |||||||||||||
December 31, 2019 | |||||||||||||||||||||
Standby letters of credit | $ | 36 | 11,569 | 4,460 | 2,812 | 467 | 19,308 | 7,104 | |||||||||||||
Direct pay letters of credit | — | 1,861 | 3,815 | 824 | 105 | 6,605 | 1,184 | ||||||||||||||
Written options (1) | (345 | ) | 17,088 | 10,869 | 2,341 | 273 | 30,571 | 18,113 | |||||||||||||
Loans and MLHFS sold with recourse (2) | 52 | 114 | 576 | 1,356 | 10,050 | 12,096 | 9,835 | ||||||||||||||
Exchange and clearing house guarantees | — | — | — | — | 4,817 | 4,817 | — | ||||||||||||||
Other guarantees and indemnifications (3) | 1 | 785 | 1 | 3 | 809 | 1,598 | 698 | ||||||||||||||
Total guarantees | $ | (256 | ) | 31,417 | 19,721 | 7,336 | 16,521 | 74,995 | 36,934 |
(1)Written options, which are in the form of derivatives, are also included in the derivative disclosures in Note 15 (Derivatives). Carrying value net asset position is a result of certain deferred premium option trades. |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | (in millions) | Sep 30, 2020 | Dec 31, 2019 | ||||||||||||
Related to trading activities: | Related to trading activities: | ||||||||||||||||
Repledged third-party owned debt and equity securities | $ | 61,479 | 60,083 | Repledged third-party owned debt and equity securities | $ | 37,121 | 60,083 | ||||||||||
Trading debt securities and other | 39,828 | 51,083 | Trading debt securities and other | 20,483 | 51,083 | ||||||||||||
Equity securities | 1,122 | 1,379 | Equity securities | 835 | 1,379 | ||||||||||||
Total pledged assets related to trading activities | 102,429 | 112,545 | Total pledged assets related to trading activities | 58,439 | 112,545 | ||||||||||||
Related to non-trading activities: | Related to non-trading activities: | ||||||||||||||||
Loans | 400,111 | 406,106 | Loans | 364,865 | 406,106 | ||||||||||||
Debt securities: | Debt securities: | ||||||||||||||||
Available-for-sale | 59,116 | 61,126 | Available-for-sale | 55,479 | 61,126 | ||||||||||||
Held-to-maturity | 3,884 | 3,685 | Held-to-maturity | 2,786 | 3,685 | ||||||||||||
Mortgage loans held for sale | 1,877 | 2,266 | Mortgage loans held for sale | 0 | 2,266 | ||||||||||||
Total pledged assets related to non-trading activities | 464,988 | 473,183 | Total pledged assets related to non-trading activities | 423,130 | 473,183 | ||||||||||||
Related to VIEs: | Related to VIEs: | ||||||||||||||||
Consolidated VIE assets | 14,096 | 14,368 | Consolidated VIE assets | 11,599 | 14,368 | ||||||||||||
VIEs accounted for as secured borrowings | 77 | 80 | VIEs accounted for as secured borrowings | 69 | 80 | ||||||||||||
Loans eligible for repurchase from GNMA securitizations | 533 | 568 | Loans eligible for repurchase from GNMA securitizations | 76 | 568 | ||||||||||||
Total pledged assets related to VIEs | 14,706 | 15,016 | Total pledged assets related to VIEs | 11,744 | 15,016 | ||||||||||||
Total pledged assets | $ | 582,123 | 600,744 | Total pledged assets | $ | 493,313 | 600,744 |
(in millions) | Sep 30, 2020 | Dec 31, 2019 | |||||||||
Assets: | |||||||||||
Resale and securities borrowing agreements | |||||||||||
Gross amounts recognized | $ | 94,579 | 140,773 | ||||||||
Gross amounts offset in consolidated balance sheet (1) | (11,066) | (19,180) | |||||||||
Net amounts in consolidated balance sheet (2) | 83,513 | 121,593 | |||||||||
Collateral not recognized in consolidated balance sheet (3) | (82,736) | (120,786) | |||||||||
Net amount (4) | $ | 777 | 807 | ||||||||
Liabilities: | |||||||||||
Repurchase and securities lending agreements | |||||||||||
Gross amounts recognized | $ | 54,888 | 111,038 | ||||||||
Gross amounts offset in consolidated balance sheet (1) | (11,066) | (19,180) | |||||||||
Net amounts in consolidated balance sheet (5) | 43,822 | 91,858 | |||||||||
Collateral pledged but not netted in consolidated balance sheet (6) | (43,602) | (91,709) | |||||||||
Net amount (4) | $ | 220 | 149 |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | ||||
Assets: | ||||||
Resale and securities borrowing agreements | ||||||
Gross amounts recognized | $ | 128,844 | 140,773 | |||
Gross amounts offset in consolidated balance sheet (1) | (22,762 | ) | (19,180 | ) | ||
Net amounts in consolidated balance sheet (2) | 106,082 | 121,593 | ||||
Collateral not recognized in consolidated balance sheet (3) | (105,136 | ) | (120,786 | ) | ||
Net amount (4) | $ | 946 | 807 | |||
Liabilities: | ||||||
Repurchase and securities lending agreements | ||||||
Gross amounts recognized (5) | $ | 101,516 | 111,038 | |||
Gross amounts offset in consolidated balance sheet (1) | (22,762 | ) | (19,180 | ) | ||
Net amounts in consolidated balance sheet (6) | 78,754 | 91,858 | ||||
Collateral pledged but not netted in consolidated balance sheet (7) | (78,412 | ) | (91,709 | ) | ||
Net amount (8) | $ | 342 | 149 |
(in millions) | Sep 30, 2020 | Dec 31, 2019 | ||||||||||||
Repurchase agreements: | ||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 22,342 | 48,161 | |||||||||||
Securities of U.S. States and political subdivisions | 46 | 104 | ||||||||||||
Federal agency mortgage-backed securities | 13,184 | 44,737 | ||||||||||||
Non-agency mortgage-backed securities | 1,176 | 1,818 | ||||||||||||
Corporate debt securities | 8,780 | 7,126 | ||||||||||||
Asset-backed securities | 1,050 | 1,844 | ||||||||||||
Equity securities | 1,463 | 1,674 | ||||||||||||
Other | 830 | 705 | ||||||||||||
Total repurchases | 48,871 | 106,169 | ||||||||||||
Securities lending arrangements: | ||||||||||||||
Securities of U.S. Treasury and federal agencies | 57 | 163 | ||||||||||||
Federal agency mortgage-backed securities | 42 | 0 | ||||||||||||
Corporate debt securities | 98 | 223 | ||||||||||||
Equity securities (1) | 5,788 | 4,481 | ||||||||||||
Other | 32 | 2 | ||||||||||||
Total securities lending | 6,017 | 4,869 | ||||||||||||
Total repurchases and securities lending | $ | 54,888 | 111,038 |
(in millions) | Mar 31, 2020 | Dec 31, 2019 | |||||
Repurchase agreements: | |||||||
Securities of U.S. Treasury and federal agencies | $ | 50,787 | 48,161 | ||||
Securities of U.S. States and political subdivisions | 89 | 104 | |||||
Federal agency mortgage-backed securities | 32,027 | 44,737 | |||||
Non-agency mortgage-backed securities | 1,263 | 1,818 | |||||
Corporate debt securities | 10,048 | 7,126 | |||||
Asset-backed securities | 1,460 | 1,844 | |||||
Equity securities | 721 | 1,674 | |||||
Other | 514 | 705 | |||||
Total repurchases | 96,909 | 106,169 | |||||
Securities lending arrangements: | |||||||
Securities of U.S. Treasury and federal agencies | 134 | 163 | |||||
Corporate debt securities | 364 | 223 | |||||
Equity securities (1) | 4,100 | 4,481 | |||||
Other | 9 | 2 | |||||
Total securities lending | 4,607 | 4,869 | |||||
Total repurchases and securities lending | $ | 101,516 | 111,038 |
(in millions) | Overnight/continuous | Up to 30 days | 30-90 days | >90 days | Total gross obligation | ||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
Repurchase agreements | $ | 37,173 | 1,963 | 6,150 | 3,585 | 48,871 | |||||||||||||||||||||||
Securities lending arrangements | 5,467 | 0 | 550 | 0 | 6,017 | ||||||||||||||||||||||||
Total repurchases and securities lending (1) | $ | 42,640 | 1,963 | 6,700 | 3,585 | 54,888 | |||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
Repurchase agreements | $ | 79,793 | 17,681 | 4,825 | 3,870 | 106,169 | |||||||||||||||||||||||
Securities lending arrangements | 4,724 | 0 | 145 | 0 | 4,869 | ||||||||||||||||||||||||
Total repurchases and securities lending (1) | $ | 84,517 | 17,681 | 4,970 | 3,870 | 111,038 |
(in millions) | Overnight/continuous | Up to 30 days | 30-90 days | >90 days | Total gross obligation | ||||||||||
March 31, 2020 | |||||||||||||||
Repurchase agreements | $ | 75,413 | 7,681 | 10,680 | 3,135 | 96,909 | |||||||||
Securities lending arrangements | 4,392 | 65 | 150 | — | 4,607 | ||||||||||
Total repurchases and securities lending (1) | $ | 79,805 | 7,746 | 10,830 | 3,135 | 101,516 | |||||||||
December 31, 2019 | |||||||||||||||
Repurchase agreements | $ | 79,793 | 17,681 | 4,825 | 3,870 | 106,169 | |||||||||
Securities lending arrangements | 4,724 | — | 145 | — | 4,869 | ||||||||||
Total repurchases and securities lending (1) | $ | 84,517 | 17,681 | 4,970 | 3,870 | 111,038 |
Note 14: Legal Actions |
Note 15: Derivatives |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Notional or contractual amount | Fair value | Notional or contractual amount | Fair value | ||||||||||||||||||||||||||||||||
(in millions) | Derivative assets | Derivative liabilities | Derivative assets | Derivative liabilities | |||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 185,124 | 3,483 | 1,820 | 182,789 | 2,595 | 1,237 | ||||||||||||||||||||||||||||
Foreign exchange contracts | 38,477 | 587 | 616 | 32,386 | 341 | 1,170 | |||||||||||||||||||||||||||||
Total derivatives designated as qualifying hedging instruments | 4,070 | 2,436 | 2,936 | 2,407 | |||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||
Economic hedges: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | 344,263 | 470 | 266 | 235,810 | 207 | 160 | |||||||||||||||||||||||||||||
Equity contracts | 23,624 | 1,724 | 209 | 19,263 | 1,126 | 224 | |||||||||||||||||||||||||||||
Foreign exchange contracts | 44,282 | 422 | 555 | 26,595 | 118 | 286 | |||||||||||||||||||||||||||||
Credit contracts – protection purchased | 81 | 32 | 0 | 1,400 | 27 | 0 | |||||||||||||||||||||||||||||
Subtotal | 2,648 | 1,030 | 1,478 | 670 | |||||||||||||||||||||||||||||||
Customer accommodation trading and other derivatives: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | 10,657,433 | 37,949 | 28,936 | 11,117,542 | 21,245 | 17,969 | |||||||||||||||||||||||||||||
Commodity contracts | 73,086 | 2,344 | 2,446 | 79,737 | 1,421 | 1,770 | |||||||||||||||||||||||||||||
Equity contracts | 305,900 | 13,009 | 16,066 | 272,145 | 7,410 | 10,240 | |||||||||||||||||||||||||||||
Foreign exchange contracts | 347,499 | 4,880 | 4,717 | 364,469 | 4,755 | 4,791 | |||||||||||||||||||||||||||||
Credit contracts – protection sold | 16,067 | 11 | 48 | 12,215 | 12 | 65 | |||||||||||||||||||||||||||||
Credit contracts – protection purchased | 25,657 | 75 | 17 | 24,030 | 69 | 18 | |||||||||||||||||||||||||||||
Subtotal | 58,268 | 52,230 | 34,912 | 34,853 | |||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 60,916 | 53,260 | 36,390 | 35,523 | |||||||||||||||||||||||||||||||
Total derivatives before netting | 64,986 | 55,696 | 39,326 | 37,930 | |||||||||||||||||||||||||||||||
Netting | (41,271) | (41,929) | (25,123) | (28,851) | |||||||||||||||||||||||||||||||
Total | $ | 23,715 | 13,767 | 14,203 | 9,079 |
March 31, 2020 | December 31, 2019 | ||||||||||||||||||
Notional or contractual amount | Fair value | Notional or contractual amount | Fair value | ||||||||||||||||
(in millions) | Derivative assets | Derivative liabilities | Derivative assets | Derivative liabilities | |||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||
Interest rate contracts | $ | 187,167 | 3,715 | 2,199 | 182,789 | 2,595 | 1,237 | ||||||||||||
Foreign exchange contracts | 31,800 | 231 | 1,812 | 32,386 | 341 | 1,170 | |||||||||||||
Total derivatives designated as qualifying hedging instruments | 3,946 | 4,011 | 2,936 | 2,407 | |||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||
Economic hedges: | |||||||||||||||||||
Interest rate contracts | 358,717 | 2,732 | 1,766 | 235,810 | 207 | 160 | |||||||||||||
Equity contracts | 16,614 | 1,969 | 106 | 19,263 | 1,126 | 224 | |||||||||||||
Foreign exchange contracts | 46,486 | 1,332 | 233 | 26,595 | 118 | 286 | |||||||||||||
Credit contracts – protection purchased | 499 | 34 | — | 1,400 | 27 | — | |||||||||||||
Subtotal | 6,067 | 2,105 | 1,478 | 670 | |||||||||||||||
Customer accommodation trading and other derivatives: | |||||||||||||||||||
Interest rate contracts | 12,578,353 | 52,162 | 43,587 | 11,117,542 | 21,245 | 17,969 | |||||||||||||
Commodity contracts | 85,629 | 2,316 | 6,838 | 79,737 | 1,421 | 1,770 | |||||||||||||
Equity contracts | 316,754 | 11,181 | 10,248 | 272,145 | 7,410 | 10,240 | |||||||||||||
Foreign exchange contracts | 343,627 | 7,128 | 7,979 | 364,469 | 4,755 | 4,791 | |||||||||||||
Credit contracts – protection sold | 15,035 | 13 | 78 | 12,215 | 12 | 65 | |||||||||||||
Credit contracts – protection purchased | 25,144 | 106 | 15 | 24,030 | 69 | 18 | |||||||||||||
Subtotal | 72,906 | 68,745 | 34,912 | 34,853 | |||||||||||||||
Total derivatives not designated as hedging instruments | 78,973 | 70,850 | 36,390 | 35,523 | |||||||||||||||
Total derivatives before netting | 82,919 | 74,861 | 39,326 | 37,930 | |||||||||||||||
Netting | (57,896 | ) | (59,243 | ) | (25,123 | ) | (28,851 | ) | |||||||||||
Total | $ | 25,023 | 15,618 | 14,203 | 9,079 |
(in millions) | Gross amounts recognized | Gross amounts offset in consolidated balance sheet (1) | Net amounts in consolidated balance sheet | Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | Net amounts | Percent exchanged in over-the-counter market | |||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 41,902 | (26,163) | 15,739 | (1,380) | 14,359 | 97 | % | |||||||||||||||||||||||||||
Commodity contracts | 2,344 | (1,345) | 999 | (6) | 993 | 80 | |||||||||||||||||||||||||||||
Equity contracts | 14,733 | (9,390) | 5,343 | (794) | 4,549 | 71 | |||||||||||||||||||||||||||||
Foreign exchange contracts | 5,889 | (4,306) | 1,583 | (8) | 1,575 | 100 | |||||||||||||||||||||||||||||
Credit contracts – protection sold | 11 | (8) | 3 | 0 | 3 | 73 | |||||||||||||||||||||||||||||
Credit contracts – protection purchased | 107 | (59) | 48 | (2) | 46 | 88 | |||||||||||||||||||||||||||||
Total derivative assets | $ | 64,986 | (41,271) | 23,715 | (2,190) | 21,525 | |||||||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 31,022 | (27,112) | 3,910 | (2,039) | 1,871 | 97 | % | |||||||||||||||||||||||||||
Commodity contracts | 2,446 | (1,225) | 1,221 | (6) | 1,215 | 79 | |||||||||||||||||||||||||||||
Equity contracts | 16,275 | (9,341) | 6,934 | (372) | 6,562 | 73 | |||||||||||||||||||||||||||||
Foreign exchange contracts | 5,888 | (4,206) | 1,682 | (624) | 1,058 | 100 | |||||||||||||||||||||||||||||
Credit contracts – protection sold | 48 | (40) | 8 | (5) | 3 | 95 | |||||||||||||||||||||||||||||
Credit contracts – protection purchased | 17 | (5) | 12 | 0 | 12 | 85 | |||||||||||||||||||||||||||||
Total derivative liabilities | $ | 55,696 | (41,929) | 13,767 | (3,046) | 10,721 | |||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 24,047 | (14,878) | 9,169 | (445) | 8,724 | 95 | % | |||||||||||||||||||||||||||
Commodity contracts | 1,421 | (888) | 533 | (2) | 531 | 80 | |||||||||||||||||||||||||||||
Equity contracts | 8,536 | (5,570) | 2,966 | (69) | 2,897 | 65 | |||||||||||||||||||||||||||||
Foreign exchange contracts | 5,214 | (3,722) | 1,492 | (22) | 1,470 | 100 | |||||||||||||||||||||||||||||
Credit contracts – protection sold | 12 | (9) | 3 | 0 | 3 | 84 | |||||||||||||||||||||||||||||
Credit contracts – protection purchased | 96 | (56) | 40 | (1) | 39 | 97 | |||||||||||||||||||||||||||||
Total derivative assets | $ | 39,326 | (25,123) | 14,203 | (539) | 13,664 | |||||||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 19,366 | (16,595) | 2,771 | (545) | 2,226 | 94 | % | |||||||||||||||||||||||||||
Commodity contracts | 1,770 | (677) | 1,093 | (2) | 1,091 | 82 | |||||||||||||||||||||||||||||
Equity contracts | 10,464 | (6,647) | 3,817 | (319) | 3,498 | 81 | |||||||||||||||||||||||||||||
Foreign exchange contracts | 6,247 | (4,866) | 1,381 | (169) | 1,212 | 100 | |||||||||||||||||||||||||||||
Credit contracts – protection sold | 65 | (60) | 5 | (3) | 2 | 98 | |||||||||||||||||||||||||||||
Credit contracts – protection purchased | 18 | (6) | 12 | 0 | 12 | 93 | |||||||||||||||||||||||||||||
Total derivative liabilities | $ | 37,930 | (28,851) | 9,079 | (1,038) | 8,041 |
(in millions) | Gross amounts recognized | Gross amounts offset in consolidated balance sheet (1) | Net amounts in consolidated balance sheet | Gross amounts not offset in consolidated balance sheet (Disclosure-only netting) | Net amounts | Percent exchanged in over-the-counter market | ||||||||||||
March 31, 2020 | ||||||||||||||||||
Derivative assets | ||||||||||||||||||
Interest rate contracts | $ | 58,609 | (39,677 | ) | 18,932 | (1,302 | ) | 17,630 | 87 | % | ||||||||
Commodity contracts | 2,316 | (1,534 | ) | 782 | (3 | ) | 779 | 62 | ||||||||||
Equity contracts | 13,150 | (9,929 | ) | 3,221 | (802 | ) | 2,419 | 66 | ||||||||||
Foreign exchange contracts | 8,691 | (6,660 | ) | 2,031 | (107 | ) | 1,924 | 100 | ||||||||||
Credit contracts – protection sold | 13 | (13 | ) | — | — | — | 44 | |||||||||||
Credit contracts – protection purchased | 140 | (83 | ) | 57 | (3 | ) | 54 | 85 | ||||||||||
Total derivative assets | $ | 82,919 | (57,896 | ) | 25,023 | (2,217 | ) | 22,806 | ||||||||||
Derivative liabilities | ||||||||||||||||||
Interest rate contracts | $ | 47,552 | (42,276 | ) | 5,276 | (995 | ) | 4,281 | 87 | % | ||||||||
Commodity contracts | 6,838 | (1,689 | ) | 5,149 | (2 | ) | 5,147 | 90 | ||||||||||
Equity contracts | 10,354 | (7,546 | ) | 2,808 | (164 | ) | 2,644 | 56 | ||||||||||
Foreign exchange contracts | 10,024 | (7,661 | ) | 2,363 | (99 | ) | 2,264 | 100 | ||||||||||
Credit contracts – protection sold | 78 | (68 | ) | 10 | — | 10 | 87 | |||||||||||
Credit contracts – protection purchased | 15 | (3 | ) | 12 | — | 12 | 69 | |||||||||||
Total derivative liabilities | $ | 74,861 | (59,243 | ) | 15,618 | (1,260 | ) | 14,358 | ||||||||||
December 31, 2019 | ||||||||||||||||||
Derivative assets | ||||||||||||||||||
Interest rate contracts | $ | 24,047 | (14,878 | ) | 9,169 | (445 | ) | 8,724 | 95 | % | ||||||||
Commodity contracts | 1,421 | (888 | ) | 533 | (2 | ) | 531 | 80 | ||||||||||
Equity contracts | 8,536 | (5,570 | ) | 2,966 | (69 | ) | 2,897 | 65 | ||||||||||
Foreign exchange contracts | 5,214 | (3,722 | ) | 1,492 | (22 | ) | 1,470 | 100 | ||||||||||
Credit contracts – protection sold | 12 | (9 | ) | 3 | — | 3 | 84 | |||||||||||
Credit contracts – protection purchased | 96 | (56 | ) | 40 | (1 | ) | 39 | 97 | ||||||||||
Total derivative assets | $ | 39,326 | (25,123 | ) | 14,203 | (539 | ) | 13,664 | ||||||||||
Derivative liabilities | ||||||||||||||||||
Interest rate contracts | $ | 19,366 | (16,595 | ) | 2,771 | (545 | ) | 2,226 | 94 | % | ||||||||
Commodity contracts | 1,770 | (677 | ) | 1,093 | (2 | ) | 1,091 | 82 | ||||||||||
Equity contracts | 10,464 | (6,647 | ) | 3,817 | (319 | ) | 3,498 | 81 | ||||||||||
Foreign exchange contracts | 6,247 | (4,866 | ) | 1,381 | (169 | ) | 1,212 | 100 | ||||||||||
Credit contracts – protection sold | 65 | (60 | ) | 5 | (3 | ) | 2 | 98 | ||||||||||
Credit contracts – protection purchased | 18 | (6 | ) | 12 | — | 12 | 93 | |||||||||||
Total derivative liabilities | $ | 37,930 | (28,851 | ) | 9,079 | (1,038 | ) | 8,041 |
Net interest income | Noninterest income | Total recorded in net income | Total recorded in OCI | Net interest income | Noninterest income | Total recorded in net income | Total recorded in OCI | ||||||||||||||||||||||||||||||||||||||
(in millions) | Debt securities | Mortgage loans held for sale | Deposits | Long-term debt | Other | Derivative gains (losses) | Derivative gains (losses) | (in millions) | Debt securities | Mortgage loans held for sale | Deposits | Long-term debt | Other | Derivative gains (losses) | |||||||||||||||||||||||||||||||
Quarter ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2020 | Quarter ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Total amounts presented in the consolidated statement of income and other comprehensive income | $ | 3,472 | 197 | (1,742 | ) | (1,240 | ) | 372 | N/A | 182 | Total amounts presented in the consolidated statement of income and other comprehensive income | $ | 2,446 | 232 | (314) | (1,038) | 220 | N/A | (18) | ||||||||||||||||||||||||||
Interest contracts: | Interest contracts: | ||||||||||||||||||||||||||||||||||||||||||||
Amounts related to interest settlements on derivatives | (46 | ) | — | 70 | 174 | — | 198 | Amounts related to interest settlements on derivatives | (114) | 0 | 157 | 542 | 0 | 585 | |||||||||||||||||||||||||||||||
Recognized on derivatives | (1,871 | ) | (50 | ) | 530 | 9,775 | — | 8,384 | — | Recognized on derivatives | 280 | 1 | (156) | (1,357) | 0 | (1,232) | 0 | ||||||||||||||||||||||||||||
Recognized on hedged items | 1,856 | 50 | (511 | ) | (9,426 | ) | — | (8,031 | ) | Recognized on hedged items | (265) | (1) | 156 | 1,269 | 0 | 1,159 | |||||||||||||||||||||||||||||
Total gains (losses) (pre-tax) on interest rate contracts | (61 | ) | — | 89 | 523 | — | 551 | — | Total gains (losses) (pre-tax) on interest rate contracts | (99) | 0 | 157 | 454 | 0 | 512 | 0 | |||||||||||||||||||||||||||||
Foreign exchange contracts: | Foreign exchange contracts: | ||||||||||||||||||||||||||||||||||||||||||||
Amounts related to interest settlements on derivatives | 6 | — | — | (85 | ) | — | (79 | ) | Amounts related to interest settlements on derivatives | 16 | 0 | 0 | (5) | 0 | 11 | ||||||||||||||||||||||||||||||
Recognized on derivatives | (1 | ) | — | — | 107 | (785 | ) | (679 | ) | 144 | Recognized on derivatives | 1 | 0 | 0 | 52 | 856 | 909 | (82) | |||||||||||||||||||||||||||
Recognized on hedged items | 2 | — | — | (174 | ) | 764 | 592 | Recognized on hedged items | (1) | 0 | 0 | (5) | (849) | (855) | |||||||||||||||||||||||||||||||
Total gains (losses) (pre-tax) on foreign exchange contracts | 7 | — | — | (152 | ) | (21 | ) | (166 | ) | 144 | Total gains (losses) (pre-tax) on foreign exchange contracts | 16 | 0 | 0 | 42 | 7 | 65 | (82) | |||||||||||||||||||||||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | $ | (54 | ) | — | 89 | 371 | (21 | ) | 385 | 144 | Total gains (losses) (pre-tax) recognized on fair value hedges | $ | (83) | 0 | 157 | 496 | 7 | 577 | (82) | ||||||||||||||||||||||||||
Nine months ended September 30, 2020 | Nine months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Total amounts presented in the consolidated statement of income and other comprehensive income | Total amounts presented in the consolidated statement of income and other comprehensive income | $ | 8,864 | 659 | (2,641) | (3,515) | 869 | N/A | 167 | ||||||||||||||||||||||||||||||||||||
Interest contracts: | Interest contracts: | ||||||||||||||||||||||||||||||||||||||||||||
Amounts related to interest settlements on derivatives | Amounts related to interest settlements on derivatives | (253) | 0 | 379 | 1,144 | 0 | 1,270 | ||||||||||||||||||||||||||||||||||||||
Recognized on derivatives | Recognized on derivatives | (1,612) | (52) | 288 | 8,967 | 0 | 7,591 | 0 | |||||||||||||||||||||||||||||||||||||
Recognized on hedged items | Recognized on hedged items | 1,654 | 53 | (278) | (8,775) | 0 | (7,346) | ||||||||||||||||||||||||||||||||||||||
Total gains (losses) (pre-tax) on interest rate contracts | Total gains (losses) (pre-tax) on interest rate contracts | (211) | 1 | 389 | 1,336 | 0 | 1,515 | 0 | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts: | Foreign exchange contracts: | ||||||||||||||||||||||||||||||||||||||||||||
Amounts related to interest settlements on derivatives | Amounts related to interest settlements on derivatives | 33 | 0 | 0 | (136) | 0 | (103) | ||||||||||||||||||||||||||||||||||||||
Recognized on derivatives | Recognized on derivatives | (1) | 0 | 0 | 276 | 780 | 1,055 | 5 | |||||||||||||||||||||||||||||||||||||
Recognized on hedged items | Recognized on hedged items | 2 | 0 | 0 | (249) | (769) | (1,016) | ||||||||||||||||||||||||||||||||||||||
Total gains (losses) (pre-tax) on foreign exchange contracts | Total gains (losses) (pre-tax) on foreign exchange contracts | 34 | 0 | 0 | (109) | 11 | (64) | 5 | |||||||||||||||||||||||||||||||||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | Total gains (losses) (pre-tax) recognized on fair value hedges | $ | (177) | 1 | 389 | 1,227 | 11 | 1,451 | 5 |
Quarter ended March 31, 2019 | ||||||||||||||||
Total amounts presented in the consolidated statement of income and other comprehensive income | $ | 3,941 | 152 | (2,026 | ) | (1,927 | ) | 574 | N/A | 44 | ||||||
Interest contracts: | ||||||||||||||||
Amounts related to interest settlements on derivatives | 16 | — | (23 | ) | (7 | ) | — | (14 | ) | |||||||
Recognized on derivatives | (814 | ) | (8 | ) | 207 | 1,986 | — | 1,371 | — | |||||||
Recognized on hedged items | 817 | 7 | (190 | ) | (1,947 | ) | — | (1,313 | ) | |||||||
Total gains (losses) (pre-tax) on interest rate contracts | 19 | (1 | ) | (6 | ) | 32 | — | 44 | — | |||||||
Foreign exchange contracts: | ||||||||||||||||
Amounts related to interest settlements on derivatives | 10 | — | — | (142 | ) | — | (132 | ) | ||||||||
Recognized on derivatives | (4 | ) | — | — | 292 | (402 | ) | (114 | ) | (26 | ) | |||||
Recognized on hedged items | 5 | — | — | (266 | ) | 391 | 130 | |||||||||
Total gains (losses) (pre-tax) on foreign exchange contracts | 11 | — | — | (116 | ) | (11 | ) | (116 | ) | (26 | ) | |||||
Total gains (losses) (pre-tax) recognized on fair value hedges | $ | 30 | (1 | ) | (6 | ) | (84 | ) | (11 | ) | (72 | ) | (26 | ) |
Net interest income | Noninterest income | Total recorded in net income | Total recorded in OCI | ||||||||||||||||||||||||||
(in millions) | Debt securities | Mortgage loans held for sale | Deposits | Long-term debt | Other | Derivative gains (losses) | Derivative gains (losses) | ||||||||||||||||||||||
Quarter ended September 30, 2019 | |||||||||||||||||||||||||||||
Total amounts presented in the consolidated statement of income and other comprehensive income | $ | 3,666 | 232 | (2,324) | (1,780) | 1,842 | N/A | 85 | |||||||||||||||||||||
Interest contracts: | |||||||||||||||||||||||||||||
Amounts related to interest settlements on derivatives | (1) | 1 | 26 | 53 | 0 | 79 | |||||||||||||||||||||||
Recognized on derivatives | (628) | (3) | 30 | 2,880 | 0 | 2,279 | 0 | ||||||||||||||||||||||
Recognized on hedged items | 631 | 1 | (30) | (2,809) | 0 | (2,207) | |||||||||||||||||||||||
Total gains (losses) (pre-tax) on interest rate contracts | 2 | (1) | 26 | 124 | 0 | 151 | 0 | ||||||||||||||||||||||
Foreign exchange contracts: | |||||||||||||||||||||||||||||
Amounts related to interest settlements on derivatives | 9 | 0 | 0 | (115) | 0 | (106) | |||||||||||||||||||||||
Recognized on derivatives | (2) | 0 | 0 | 86 | (918) | (834) | 28 | ||||||||||||||||||||||
Recognized on hedged items | 3 | 0 | 0 | (124) | 899 | 778 | |||||||||||||||||||||||
Total gains (losses) (pre-tax) on foreign exchange contracts | 10 | 0 | 0 | (153) | (19) | (162) | 28 | ||||||||||||||||||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | $ | 12 | (1) | 26 | (29) | (19) | (11) | 28 | |||||||||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||||||||
Total amounts presented in the consolidated statement of income and other comprehensive income | $ | 11,388 | 579 | (6,563) | (5,607) | 3,667 | N/A | 265 | |||||||||||||||||||||
Interest contracts: | |||||||||||||||||||||||||||||
Amounts related to interest settlements on derivatives | 29 | 1 | (4) | 53 | 0 | 79 | |||||||||||||||||||||||
Recognized on derivatives | (2,531) | (36) | 588 | 7,813 | 0 | 5,834 | 0 | ||||||||||||||||||||||
Recognized on hedged items | 2,544 | 32 | (563) | (7,646) | 0 | (5,633) | |||||||||||||||||||||||
Total gains (losses) (pre-tax) on interest rate contracts | 42 | (3) | 21 | 220 | 0 | 280 | 0 | ||||||||||||||||||||||
Foreign exchange contracts: | |||||||||||||||||||||||||||||
Amounts related to interest settlements on derivatives | 29 | 0 | 0 | (385) | 0 | (356) | |||||||||||||||||||||||
Recognized on derivatives | (11) | 0 | 0 | 583 | (994) | (422) | 58 | ||||||||||||||||||||||
Recognized on hedged items | 12 | 0 | 0 | (576) | 975 | 411 | |||||||||||||||||||||||
Total gains (losses) (pre-tax) on foreign exchange contracts | 30 | 0 | 0 | (378) | (19) | (367) | 58 | ||||||||||||||||||||||
Total gains (losses) (pre-tax) recognized on fair value hedges | $ | 72 | (3) | 21 | (158) | (19) | (87) | 58 |
Net interest Income | Total recorded in net income | Total recorded in OCI | |||||||||||||||
(in millions) | Loans | Long-term debt | Derivative gains (losses) | Derivative gains (losses) | |||||||||||||
Quarter ended September 30, 2020 | |||||||||||||||||
Total amounts presented in the consolidated statement of income and other comprehensive income | $ | 7,954 | (1,038) | N/A | (18) | ||||||||||||
Interest rate contracts: | |||||||||||||||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | (53) | 2 | (51) | 51 | |||||||||||||
Net unrealized gains (losses) (pre-tax) recognized in OCI | N/A | N/A | N/A | 0 | |||||||||||||
Total gains (losses) (pre-tax) on interest rate contracts | (53) | 2 | (51) | 51 | |||||||||||||
Foreign exchange contracts: | |||||||||||||||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | 0 | (1) | (1) | 1 | |||||||||||||
Net unrealized gains (losses) (pre-tax) recognized in OCI | N/A | N/A | N/A | 12 | |||||||||||||
Total gains (losses) (pre-tax) on foreign exchange contracts | 0 | (1) | (1) | 13 | |||||||||||||
Total gains (losses) (pre-tax) recognized on cash flow hedges | $ | (53) | 1 | (52) | 64 | ||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||
Total amounts presented in the consolidated statement of income and other comprehensive income | $ | 26,467 | (3,515) | N/A | 167 | ||||||||||||
Interest rate contracts: | |||||||||||||||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | (162) | 3 | (159) | 159 | |||||||||||||
Net unrealized gains (losses) (pre-tax) recognized in OCI | N/A | N/A | N/A | 0 | |||||||||||||
Total gains (losses) (pre-tax) on interest rate contracts | (162) | 3 | (159) | 159 | |||||||||||||
Foreign exchange contracts: | |||||||||||||||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | 0 | (6) | (6) | 6 | |||||||||||||
Net unrealized gains (losses) (pre-tax) recognized in OCI | N/A | N/A | N/A | (3) | |||||||||||||
Total gains (losses) (pre-tax) on foreign exchange contracts | 0 | (6) | (6) | 3 | |||||||||||||
Total gains (losses) (pre-tax) recognized on cash flow hedges | $ | (162) | (3) | (165) | 162 | ||||||||||||
Quarter ended September 30, 2019 | |||||||||||||||||
Total amounts presented in the consolidated statement of income and other comprehensive income | $ | 10,982 | (1,780) | N/A | 85 | ||||||||||||
Interest rate contracts: | |||||||||||||||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | (73) | 0 | (73) | 73 | |||||||||||||
Net unrealized gains (losses) (pre-tax) recognized in OCI | N/A | N/A | N/A | 0 | |||||||||||||
Total gains (losses) (pre-tax) on interest rate contracts | (73) | 0 | (73) | 73 | |||||||||||||
Foreign exchange contracts: | |||||||||||||||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | 0 | (2) | (2) | 2 | |||||||||||||
Net unrealized gains (losses) (pre-tax) recognized in OCI | N/A | N/A | N/A | (18) | |||||||||||||
Total gains (losses) (pre-tax) on foreign exchange contracts | 0 | (2) | (2) | (16) | |||||||||||||
Total gains (losses) (pre-tax) recognized on cash flow hedges | $ | (73) | (2) | (75) | 57 | ||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||
Total amounts presented in the consolidated statement of income and other comprehensive income | $ | 33,652 | (5,607) | N/A | 265 | ||||||||||||
Interest rate contracts: | |||||||||||||||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | (228) | 1 | (227) | 227 | |||||||||||||
Net unrealized gains (losses) (pre-tax) recognized in OCI | N/A | N/A | N/A | 0 | |||||||||||||
Total gains (losses) (pre-tax) on interest rate contracts | (228) | 1 | (227) | 227 | |||||||||||||
Foreign exchange contracts: | |||||||||||||||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | 0 | (6) | (6) | 6 | |||||||||||||
Net unrealized gains (losses) (pre-tax) recognized in OCI | N/A | N/A | N/A | (26) | |||||||||||||
Total gains (losses) (pre-tax) on foreign exchange contracts | 0 | (6) | (6) | (20) | |||||||||||||
Total gains (losses) (pre-tax) recognized on cash flow hedges | $ | (228) | (5) | (233) | 207 |
Net interest Income | Total recorded in net income | Total recorded in OCI | ||||||||
(in millions) | Loans | Long-term debt | Derivative gains (losses) | Derivative gains (losses) | ||||||
Quarter ended March 31, 2020 | ||||||||||
Total amounts presented in the consolidated statement of income and other comprehensive income | $ | 10,065 | (1,240 | ) | N/A | 182 | ||||
Interest rate contracts: | ||||||||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | (56 | ) | — | (56 | ) | 56 | ||||
Net unrealized gains (losses) (pre-tax) recognized in OCI | N/A | N/A | N/A | — | ||||||
Total gains (losses) (pre-tax) on interest rate contracts | (56 | ) | — | (56 | ) | 56 | ||||
Foreign exchange contracts: | ||||||||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | — | (2 | ) | (2 | ) | 2 | ||||
Net unrealized gains (losses) (pre-tax) recognized in OCI | N/A | N/A | N/A | (20 | ) | |||||
Total gains (losses) (pre-tax) on foreign exchange contracts | — | (2 | ) | (2 | ) | (18 | ) | |||
Total gains (losses) (pre-tax) recognized on cash flow hedges | $ | (56 | ) | (2 | ) | (58 | ) | 38 | ||
Quarter ended March 31, 2019 | ||||||||||
Total amounts presented in the consolidated statement of income and other comprehensive income | $ | 11,354 | (1,927 | ) | N/A | 44 | ||||
Interest rate contracts: | ||||||||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | (78 | ) | — | (78 | ) | 78 | ||||
Net unrealized gains (losses) (pre-tax) recognized in OCI | N/A | N/A | N/A | — | ||||||
Total gains (losses) (pre-tax) on interest rate contracts | (78 | ) | — | (78 | ) | 78 | ||||
Foreign exchange contracts: | ||||||||||
Realized gains (losses) (pre-tax) reclassified from OCI into net income | — | (1 | ) | (1 | ) | 1 | ||||
Net unrealized gains (losses) (pre-tax) recognized in OCI | N/A | N/A | N/A | (9 | ) | |||||
Total gains (losses) (pre-tax) on foreign exchange contracts | — | (1 | ) | (1 | ) | (8 | ) | |||
Total gains (losses) (pre-tax) recognized on cash flow hedges | $ | (78 | ) | (1 | ) | (79 | ) | 70 |
Hedged Items Currently Designated | Hedged Items No Longer Designated (1) | ||||||||||||||||
(in millions) | Carrying Amount of Assets/(Liabilities) (2)(4) | Hedge Accounting Basis Adjustment Assets/(Liabilities) (3) | Carrying Amount of Assets/(Liabilities) (4) | Hedge Accounting Basis Adjustment Assets/(Liabilities) | |||||||||||||
September 30, 2020 | |||||||||||||||||
Available-for-sale debt securities (5) | $ | 25,969 | 2,109 | 9,435 | 301 | ||||||||||||
Mortgage loans held for sale | 173 | 5 | 0 | 0 | |||||||||||||
Deposits | (29,852) | (604) | 0 | 0 | |||||||||||||
Long-term debt | (164,848) | (14,736) | (16,538) | 60 | |||||||||||||
December 31, 2019 | |||||||||||||||||
Available-for-sale debt securities (5) | $ | 36,896 | 1,110 | 9,486 | 278 | ||||||||||||
Mortgage loans held for sale | 961 | (12) | 0 | 0 | |||||||||||||
Deposits | (43,716) | (324) | 0 | 0 | |||||||||||||
Long-term debt | (127,423) | (5,827) | (25,750) | 173 |
Hedged Items Currently Designated | Hedged Items No Longer Designated (1) | |||||||||
(in millions) | Carrying Amount of Assets/(Liabilities) (2)(4) | Hedge Accounting Basis Adjustment Assets/(Liabilities) (3) | Carrying Amount of Assets/(Liabilities) (4) | Hedge Accounting Basis Adjustment Assets/(Liabilities) | ||||||
March 31, 2020 | ||||||||||
Available-for-sale debt securities (5) | $ | 34,959 | 2,750 | 9,567 | 261 | |||||
Mortgage loans held for sale | 514 | 24 | — | — | ||||||
Deposits | (41,081 | ) | (837 | ) | (35 | ) | 2 | |||
Long-term debt | (147,069 | ) | (15,325 | ) | (21,214 | ) | 131 | |||
December 31, 2019 | ||||||||||
Available-for-sale debt securities (5) | $ | 36,896 | 1,110 | 9,486 | 278 | |||||
Mortgage loans held for sale | 961 | (12 | ) | — | — | |||||
Deposits | (43,716 | ) | (324 | ) | — | — | ||||
Long-term debt | (127,423 | ) | (5,827 | ) | (25,750 | ) | 173 |
135 Note 15: Derivatives (continued) |
Noninterest income | Noninterest Expense | ||||||||||||||||||||||
(in millions) | Mortgage banking | Net gains (losses) from equity securities | Net gains (losses) from trading activities | Other | Total | Personnel expense | |||||||||||||||||
Quarter ended September 30, 2020 | |||||||||||||||||||||||
Net gains (losses) recognized on economic hedges derivatives: | |||||||||||||||||||||||
Interest contracts (1) | $ | 216 | 0 | 0 | (27) | 189 | 0 | ||||||||||||||||
Equity contracts | 0 | (209) | 0 | (1) | (210) | (215) | |||||||||||||||||
Foreign exchange contracts | 0 | 0 | 0 | (523) | (523) | 0 | |||||||||||||||||
Credit contracts | 0 | 0 | 0 | (3) | (3) | 0 | |||||||||||||||||
Subtotal | 216 | (209) | 0 | (554) | (547) | (215) | |||||||||||||||||
Net gains (losses) recognized on customer accommodation trading and other derivatives: | |||||||||||||||||||||||
Interest contracts | 485 | 0 | 271 | 0 | 756 | 0 | |||||||||||||||||
Commodity contracts | 0 | 0 | (356) | 0 | (356) | 0 | |||||||||||||||||
Equity contracts | 0 | 0 | (1,291) | (142) | (1,433) | 0 | |||||||||||||||||
Foreign exchange contracts | 0 | 0 | 160 | 0 | 160 | 0 | |||||||||||||||||
Credit contracts | 0 | 0 | (32) | 0 | (32) | 0 | |||||||||||||||||
Subtotal | 485 | 0 | (1,248) | (142) | (905) | 0 | |||||||||||||||||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | $ | 701 | (209) | (1,248) | (696) | (1,452) | (215) | ||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||
Net gains (losses) recognized on economic hedges derivatives: | |||||||||||||||||||||||
Interest contracts (1) | $ | 2,829 | 0 | 0 | (72) | 2,757 | 0 | ||||||||||||||||
Equity contracts | 0 | (392) | 0 | (35) | (427) | (356) | |||||||||||||||||
Foreign exchange contracts | 0 | 0 | 0 | 49 | 49 | 0 | |||||||||||||||||
Credit contracts | 0 | 0 | 0 | 14 | 14 | 0 | |||||||||||||||||
Subtotal | 2,829 | (392) | 0 | (44) | 2,393 | (356) | |||||||||||||||||
Net gains (losses) recognized on customer accommodation trading and other derivatives: | |||||||||||||||||||||||
Interest contracts | 1,584 | 0 | (1,516) | 0 | 68 | 0 | |||||||||||||||||
Commodity contracts | 0 | 0 | (468) | 0 | (468) | 0 | |||||||||||||||||
Equity contracts | 0 | 0 | 1,110 | (214) | 896 | 0 | |||||||||||||||||
Foreign exchange contracts | 0 | 0 | (242) | 0 | (242) | 0 | |||||||||||||||||
Credit contracts | 0 | 0 | 115 | 0 | 115 | 0 | |||||||||||||||||
Subtotal | 1,584 | 0 | (1,001) | (214) | 369 | 0 | |||||||||||||||||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | $ | 4,413 | (392) | (1,001) | (258) | 2,762 | (356) |
Noninterest income | |||||||||||||||||
(in millions) | Mortgage banking | Net gains (losses) from equity securities | Net gains (losses) from trading activities | Other | Total | ||||||||||||
Quarter ended September 30, 2019 | |||||||||||||||||
Net gains (losses) recognized on economic hedges derivatives: | |||||||||||||||||
Interest contracts (1) | $ | 736 | 0 | 0 | 0 | 736 | |||||||||||
Equity contracts | 0 | (1,375) | 0 | (6) | (1,381) | ||||||||||||
Foreign exchange contracts | 0 | 0 | 0 | 263 | 263 | ||||||||||||
Credit contracts | 0 | 0 | 0 | (11) | (11) | ||||||||||||
Subtotal | 736 | (1,375) | 0 | 246 | (393) | ||||||||||||
Net gains (losses) recognized on customer accommodation trading and other derivatives: | |||||||||||||||||
Interest contracts | 95 | 0 | (355) | 0 | (260) | ||||||||||||
Commodity contracts | 0 | 0 | 65 | 0 | 65 | ||||||||||||
Equity contracts | 0 | 0 | 284 | 10 | 294 | ||||||||||||
Foreign exchange contracts | 0 | 0 | 78 | 0 | 78 | ||||||||||||
Credit contracts | 0 | 0 | (10) | 0 | (10) | ||||||||||||
Subtotal | 95 | 0 | 62 | 10 | 167 | ||||||||||||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | $ | 831 | (1,375) | 62 | 256 | (226) | |||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||
Net gains (losses) recognized on economic hedges derivatives: | |||||||||||||||||
Interest contracts (1) | $ | 2,419 | 0 | 0 | 7 | 2,426 | |||||||||||
Equity contracts | 0 | (2,918) | 0 | (6) | (2,924) | ||||||||||||
Foreign exchange contracts | 0 | 0 | 0 | 403 | 403 | ||||||||||||
Credit contracts | 0 | 0 | 0 | (1) | (1) | ||||||||||||
Subtotal | 2,419 | (2,918) | 0 | 403 | (96) | ||||||||||||
Net gains (losses) recognized on customer accommodation trading and other derivatives: | |||||||||||||||||
Interest contracts | 392 | 0 | (861) | 0 | (469) | ||||||||||||
Commodity contracts | 0 | 0 | 143 | 0 | 143 | ||||||||||||
Equity contracts | 0 | 0 | (2,975) | (396) | (3,371) | ||||||||||||
Foreign exchange contracts | 0 | 0 | 9 | 0 | 9 | ||||||||||||
Credit contracts | 0 | 0 | (70) | 0 | (70) | ||||||||||||
Subtotal | 392 | 0 | (3,754) | (396) | (3,758) | ||||||||||||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | $ | 2,811 | (2,918) | (3,754) | 7 | (3,854) |
Noninterest income | |||||||||||
(in millions) | Mortgage banking | Net gains (losses) from equity securities | Net gains (losses) from trading activities | Other | Total | ||||||
Quarter ended March 31, 2020 | |||||||||||
Net gains (losses) recognized on economic hedges derivatives: | |||||||||||
Interest contracts (1) | $ | 2,471 | — | — | 29 | 2,500 | |||||
Equity contracts | — | 1,219 | — | (28 | ) | 1,191 | |||||
Foreign exchange contracts | — | — | — | 627 | 627 | ||||||
Credit contracts | — | — | — | 16 | 16 | ||||||
Subtotal (2) | 2,471 | 1,219 | — | 644 | 4,334 | ||||||
Net gains (losses) recognized on customer accommodation trading and other derivatives: | |||||||||||
Interest contracts (3) | 553 | — | (2,463 | ) | — | (1,910 | ) | ||||
Commodity contracts | — | — | 112 | — | 112 | ||||||
Equity contracts | — | — | 4,749 | 73 | 4,822 | ||||||
Foreign exchange contracts | — | — | (557 | ) | — | (557 | ) | ||||
Credit contracts | — | — | 281 | — | 281 | ||||||
Subtotal | 553 | — | 2,122 | 73 | 2,748 | ||||||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | $ | 3,024 | 1,219 | 2,122 | 717 | 7,082 |
Noninterest income | |||||||||||
(in millions) | Mortgage banking | Net gains (losses) from equity securities | Net gains (losses) from trading activities | Other | Total | ||||||
Quarter ended March 31, 2019 | |||||||||||
Net gains (losses) recognized on economic hedges derivatives: | |||||||||||
Interest contracts (1) | $ | 811 | — | — | 5 | 816 | |||||
Equity contracts | — | (885 | ) | — | 7 | (878 | ) | ||||
Foreign exchange contracts | — | — | — | (24 | ) | (24 | ) | ||||
Credit contracts | — | — | — | 15 | 15 | ||||||
Subtotal | 811 | (885 | ) | — | 3 | (71 | ) | ||||
Net gains (losses) recognized on customer accommodation trading and other derivatives: | |||||||||||
Interest contracts | 118 | — | (284 | ) | — | (166 | ) | ||||
Commodity contracts | — | — | 51 | — | 51 | ||||||
Equity contracts | — | — | (2,149 | ) | (273 | ) | (2,422 | ) | |||
Foreign exchange contracts | — | — | 14 | — | 14 | ||||||
Credit contracts | — | — | (44 | ) | — | (44 | ) | ||||
Subtotal | 118 | — | (2,412 | ) | (273 | ) | (2,567 | ) | |||
Net gains (losses) recognized related to derivatives not designated as hedging instruments | $ | 929 | (885 | ) | (2,412 | ) | (270 | ) | (2,638 | ) |
Notional amount | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Fair value asset | Fair value liability | Protection sold (A) | Protection sold – non- investment grade | Protection purchased with identical underlyings (B) | Net protection sold (A) - (B) | Other protection purchased | Range of maturities | ||||||||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps on: | ||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 8 | 3 | 3,850 | 1,010 | 2,677 | 1,173 | 3,348 | 2020 - 2029 | |||||||||||||||||||||||||||||||||||
Structured products | 0 | 6 | 22 | 22 | 20 | 2 | 92 | 2034 - 2047 | ||||||||||||||||||||||||||||||||||||
Credit protection on: | ||||||||||||||||||||||||||||||||||||||||||||
Default swap index | 1 | 0 | 5,250 | 1,239 | 2,125 | 3,125 | 4,762 | 2020 - 2029 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities index | 2 | 26 | 311 | 54 | 286 | 25 | 75 | 2047 - 2072 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities index | 0 | 7 | 40 | 40 | 40 | 0 | 1 | 2045 - 2046 | ||||||||||||||||||||||||||||||||||||
Other | 0 | 6 | 6,594 | 6,426 | 0 | 6,594 | 12,312 | 2020 - 2040 | ||||||||||||||||||||||||||||||||||||
Total credit derivatives | $ | 11 | 48 | 16,067 | 8,791 | 5,148 | 10,919 | 20,590 | ||||||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps on: | ||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 8 | 1 | 2,855 | 707 | 1,885 | 970 | 2,447 | 2020 - 2029 | |||||||||||||||||||||||||||||||||||
Structured products | 0 | 25 | 74 | 69 | 63 | 11 | 111 | 2022 - 2047 | ||||||||||||||||||||||||||||||||||||
Credit protection on: | ||||||||||||||||||||||||||||||||||||||||||||
Default swap index | 1 | 0 | 2,542 | 120 | 550 | 1,992 | 8,105 | 2020 - 2029 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities index | 3 | 26 | 322 | 67 | 296 | 26 | 50 | 2047 - 2058 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities index | 0 | 8 | 41 | 41 | 41 | 0 | 1 | 2045 - 2046 | ||||||||||||||||||||||||||||||||||||
Other | 0 | 5 | 6,381 | 5,738 | 0 | 6,381 | 11,881 | 2020 - 2049 | ||||||||||||||||||||||||||||||||||||
Total credit derivatives | $ | 12 | 65 | 12,215 | 6,742 | 2,835 | 9,380 | 22,595 |
Notional amount | ||||||||||||||||||||||
(in millions) | Fair value asset | Fair value liability | Protection sold (A) | Protection sold – non- investment grade | Protection purchased with identical underlyings (B) | Net protection sold (A) - (B) | Other protection purchased | Range of maturities | ||||||||||||||
March 31, 2020 | ||||||||||||||||||||||
Credit default swaps on: | ||||||||||||||||||||||
Corporate bonds | $ | 11 | 11 | 3,602 | 825 | 2,492 | 1,110 | 2,753 | 2020 - 2029 | |||||||||||||
Structured products | — | 13 | 37 | 37 | 36 | 1 | 110 | 2034 - 2047 | ||||||||||||||
Credit protection on: | ||||||||||||||||||||||
Default swap index | 2 | 1 | 4,339 | 1,118 | 1,577 | 2,762 | 5,497 | 2020 - 2029 | ||||||||||||||
Commercial mortgage-backed securities index | — | 28 | 318 | 60 | 293 | 25 | 50 | 2047 - 2058 | ||||||||||||||
Asset-backed securities index | — | 8 | 41 | 41 | 41 | — | 1 | 2045 - 2046 | ||||||||||||||
Other | — | 17 | 6,698 | 6,230 | — | 6,698 | 12,793 | 2020 - 2049 | ||||||||||||||
Total credit derivatives | $ | 13 | 78 | 15,035 | 8,311 | 4,439 | 10,596 | 21,204 | ||||||||||||||
December 31, 2019 | ||||||||||||||||||||||
Credit default swaps on: | ||||||||||||||||||||||
Corporate bonds | $ | 8 | 1 | 2,855 | 707 | 1,885 | 970 | 2,447 | 2020 - 2029 | |||||||||||||
Structured products | — | 25 | 74 | 69 | 63 | 11 | 111 | 2022 - 2047 | ||||||||||||||
Credit protection on: | ||||||||||||||||||||||
Default swap index | 1 | — | 2,542 | 120 | 550 | 1,992 | 8,105 | 2020 - 2029 | ||||||||||||||
Commercial mortgage-backed securities index | 3 | 26 | 322 | 67 | 296 | 26 | 50 | 2047 - 2058 | ||||||||||||||
Asset-backed securities index | — | 8 | 41 | 41 | 41 | — | 1 | 2045 - 2046 | ||||||||||||||
Other | — | 5 | 6,381 | 5,738 | — | 6,381 | 11,881 | 2020 - 2049 | ||||||||||||||
Total credit derivatives | $ | 12 | 65 | 12,215 | 6,742 | 2,835 | 9,380 | 22,595 |
(in billions) | Sep 30, 2020 | Dec 31, 2019 | ||||||
Net derivative liabilities with credit-risk contingent features | $ | 14.9 | 10.4 | |||||
Collateral posted | 13.2 | 9.1 | ||||||
Additional collateral to be posted upon a below investment grade credit rating (1) | 1.6 | 1.3 |
(in billions) | Mar 31, 2020 | Dec 31, 2019 | |||
Net derivative liabilities with credit-risk contingent features | $ | 16.1 | 10.4 | ||
Collateral posted | 13.9 | 9.1 | |||
Additional collateral to be posted upon a below investment grade credit rating (1) | 2.2 | 1.3 |
Note 16: Fair Values of Assets and Liabilities |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Trading debt securities | 822 | 286 | 0 | 634 | 329 | 0 | |||||||||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 5,975 | 0 | 0 | 13,460 | 1,500 | 0 | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 0 | 31,187 | 38 | 0 | 39,868 | 34 | |||||||||||||||||||||||||||||
Mortgage-backed securities | 0 | 139,043 | 43 | 0 | 167,172 | 42 | |||||||||||||||||||||||||||||
Other debt securities (1) | 0 | 40,614 | 569 | 0 | 38,067 | 650 | |||||||||||||||||||||||||||||
Total available-for-sale debt securities | 5,975 | 210,844 | 650 | 13,460 | 246,607 | 726 | |||||||||||||||||||||||||||||
Marketable equity securities | 0 | 105 | 0 | 0 | 110 | 0 | |||||||||||||||||||||||||||||
Derivative assets | 18 | 1 | 0 | 12 | 1 | 0 | |||||||||||||||||||||||||||||
Derivative liabilities | (13) | (1) | 0 | (11) | (3) | 0 | |||||||||||||||||||||||||||||
March 31, 2020 | December 31, 2019 | ||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||
Trading debt securities | 2,027 | 357 | — | 634 | 329 | — | |||||||||||
Available-for-sale debt securities: | |||||||||||||||||
Securities of U.S. Treasury and federal agencies | 11,036 | — | — | 13,460 | 1,500 | — | |||||||||||
Securities of U.S. states and political subdivisions | — | 37,793 | 66 | — | 39,868 | 34 | |||||||||||
Mortgage-backed securities | — | 163,329 | 185 | — | 167,172 | 42 | |||||||||||
Other debt securities (1) | — | 34,603 | 743 | — | 38,067 | 650 | |||||||||||
Total available-for-sale debt securities | 11,036 | 235,725 | 994 | 13,460 | 246,607 | 726 | |||||||||||
Marketable equity securities | — | 98 | — | — | 110 | — | |||||||||||
Derivative assets | 41 | 6 | — | 12 | 1 | — | |||||||||||
Derivative liabilities | (25 | ) | (8 | ) | — | (11 | ) | (3 | ) | — |
(in millions) | Level 1 | Level 2 | Level 3 | Netting (1) | Total | (in millions) | Level 1 | Level 2 | Level 3 | Netting (1) | Total | |||||||||||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||
Trading debt securities: | Trading debt securities: | |||||||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 35,069 | 4,638 | — | — | 39,707 | Securities of U.S. Treasury and federal agencies | $ | 29,024 | 3,070 | 0 | — | 32,094 | |||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | 2,972 | — | — | 2,972 | Securities of U.S. states and political subdivisions | 0 | 2,509 | 0 | — | 2,509 | |||||||||||||||||||||||||||||
Collateralized loan obligations | — | 472 | 154 | — | 626 | Collateralized loan obligations | 0 | 564 | 140 | — | 704 | |||||||||||||||||||||||||||||
Corporate debt securities | — | 12,392 | 34 | — | 12,426 | Corporate debt securities | 56 | 12,264 | 12 | — | 12,332 | |||||||||||||||||||||||||||||
Mortgage-backed securities | — | 23,738 | 177 | — | 23,915 | Mortgage-backed securities | 0 | 24,829 | 11 | — | 24,840 | |||||||||||||||||||||||||||||
Asset-backed securities | — | 742 | 24 | — | 766 | |||||||||||||||||||||||||||||||||||
Other trading debt securities | — | 13 | — | — | 13 | |||||||||||||||||||||||||||||||||||
Other | Other | 0 | 774 | 0 | — | 774 | ||||||||||||||||||||||||||||||||||
Total trading debt securities | 35,069 | 44,967 | 389 | — | 80,425 | Total trading debt securities | 29,080 | 44,010 | 163 | — | 73,253 | |||||||||||||||||||||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | |||||||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 11,036 | — | — | — | 11,036 | Securities of U.S. Treasury and federal agencies | 5,975 | 0 | 0 | — | 5,975 | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | — | 37,793 | 351 | — | 38,144 | Securities of U.S. states and political subdivisions | 0 | 31,225 | 286 | — | 31,511 | |||||||||||||||||||||||||||||
Mortgage-backed securities: | Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||
Federal agencies | — | 160,214 | — | — | 160,214 | Federal agencies | 0 | 135,227 | 0 | — | 135,227 | |||||||||||||||||||||||||||||
Residential | — | 745 | 31 | — | 776 | Residential | 0 | 541 | 0 | — | 541 | |||||||||||||||||||||||||||||
Commercial | — | 3,500 | 154 | — | 3,654 | Commercial | 0 | 3,300 | 43 | — | 3,343 | |||||||||||||||||||||||||||||
Total mortgage-backed securities | — | 164,459 | 185 | — | 164,644 | Total mortgage-backed securities | 0 | 139,068 | 43 | — | 139,111 | |||||||||||||||||||||||||||||
Corporate debt securities | 33 | 4,692 | 1,130 | — | 5,855 | Corporate debt securities | 36 | 4,694 | 1,042 | — | 5,772 | |||||||||||||||||||||||||||||
Collateralized loan and other debt obligations | — | 24,532 | 636 | — | 25,168 | |||||||||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||
Automobile loans and leases | — | 884 | — | — | 884 | |||||||||||||||||||||||||||||||||||
Home equity loans | — | 12 | — | — | 12 | |||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 3,380 | 110 | — | 3,490 | |||||||||||||||||||||||||||||||||||
Total asset-backed securities | — | 4,276 | 110 | — | 4,386 | |||||||||||||||||||||||||||||||||||
Other debt securities | — | 1,996 | — | — | 1,996 | |||||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 0 | 25,014 | 0 | — | 25,014 | ||||||||||||||||||||||||||||||||||
Other | Other | 0 | 12,574 | 616 | — | 13,190 | ||||||||||||||||||||||||||||||||||
Total available-for-sale debt securities | 11,069 | 237,748 | 2,412 | (2) | — | 251,229 | Total available-for-sale debt securities | 6,011 | 212,575 | 1,987 | (2) | — | 220,573 | |||||||||||||||||||||||||||
Mortgage loans held for sale | — | 13,508 | 3,157 | — | 16,665 | Mortgage loans held for sale | 0 | 19,037 | 847 | — | 19,884 | |||||||||||||||||||||||||||||
Loans held for sale | — | 1,654 | 19 | — | 1,673 | Loans held for sale | 0 | 1,680 | 8 | — | 1,688 | |||||||||||||||||||||||||||||
Loans | — | — | 160 | — | 160 | Loans | 0 | 0 | 148 | — | 148 | |||||||||||||||||||||||||||||
Mortgage servicing rights (residential) | — | — | 8,126 | — | 8,126 | Mortgage servicing rights (residential) | 0 | 0 | 6,355 | — | 6,355 | |||||||||||||||||||||||||||||
Derivative assets: | Derivative assets: | |||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 152 | 57,695 | 762 | — | 58,609 | Interest rate contracts | 20 | 41,402 | 480 | — | 41,902 | |||||||||||||||||||||||||||||
Commodity contracts | — | 2,301 | 15 | — | 2,316 | Commodity contracts | 0 | 2,305 | 39 | — | 2,344 | |||||||||||||||||||||||||||||
Equity contracts | 4,418 | 7,371 | 1,361 | — | 13,150 | Equity contracts | 4,341 | 8,967 | 1,425 | — | 14,733 | |||||||||||||||||||||||||||||
Foreign exchange contracts | 41 | 8,626 | 24 | — | 8,691 | Foreign exchange contracts | 18 | 5,864 | 7 | — | 5,889 | |||||||||||||||||||||||||||||
Credit contracts | — | 76 | 77 | — | 153 | Credit contracts | 0 | 60 | 58 | — | 118 | |||||||||||||||||||||||||||||
Netting | — | — | — | (57,896 | ) | (57,896 | ) | Netting | 0 | 0 | 0 | (41,271) | (41,271) | |||||||||||||||||||||||||||
Total derivative assets | 4,611 | 76,069 | 2,239 | (57,896 | ) | 25,023 | Total derivative assets | 4,379 | 58,598 | 2,009 | (41,271) | 23,715 | ||||||||||||||||||||||||||||
Equity securities – excluding securities at NAV: | Equity securities – excluding securities at NAV: | |||||||||||||||||||||||||||||||||||||||
Marketable | 20,983 | 295 | 3 | — | 21,281 | Marketable | 16,230 | 238 | 2 | — | 16,470 | |||||||||||||||||||||||||||||
Nonmarketable | — | 15 | 6,751 | — | 6,766 | Nonmarketable | 0 | 15 | 8,428 | — | 8,443 | |||||||||||||||||||||||||||||
Total equity securities | 20,983 | 310 | 6,754 | — | 28,047 | Total equity securities | 16,230 | 253 | 8,430 | — | 24,913 | |||||||||||||||||||||||||||||
Total assets included in the fair value hierarchy | $ | 71,732 | 374,256 | 23,256 | (57,896 | ) | 411,348 | Total assets included in the fair value hierarchy | $ | 55,700 | 336,153 | 19,947 | (41,271) | 370,529 | ||||||||||||||||||||||||||
Equity securities at NAV (3) | 129 | Equity securities at NAV (3) | 140 | |||||||||||||||||||||||||||||||||||||
Total assets recorded at fair value | 411,477 | Total assets recorded at fair value | 370,669 | |||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (158 | ) | (47,317 | ) | (77 | ) | — | (47,552 | ) | Interest rate contracts | $ | (32) | (30,956) | (34) | — | (31,022) | |||||||||||||||||||||||
Commodity contracts | — | (6,779 | ) | (59 | ) | — | (6,838 | ) | Commodity contracts | 0 | (2,407) | (39) | — | (2,446) | ||||||||||||||||||||||||||
Equity contracts | (4,600 | ) | (4,610 | ) | (1,144 | ) | — | (10,354 | ) | Equity contracts | (4,339) | (10,403) | (1,533) | — | (16,275) | |||||||||||||||||||||||||
Foreign exchange contracts | (25 | ) | (9,969 | ) | (30 | ) | — | (10,024 | ) | Foreign exchange contracts | (13) | (5,868) | (7) | — | (5,888) | |||||||||||||||||||||||||
Credit contracts | — | (63 | ) | (30 | ) | — | (93 | ) | Credit contracts | 0 | (53) | (12) | — | (65) | ||||||||||||||||||||||||||
Netting | — | — | — | 59,243 | 59,243 | Netting | 0 | 0 | 0 | 41,929 | 41,929 | |||||||||||||||||||||||||||||
Total derivative liabilities | (4,783 | ) | (68,738 | ) | (1,340 | ) | 59,243 | (15,618 | ) | Total derivative liabilities | (4,384) | (49,687) | (1,625) | 41,929 | (13,767) | |||||||||||||||||||||||||
Short sale liabilities: | Short sale liabilities: | |||||||||||||||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | (9,881 | ) | (103 | ) | — | — | (9,984 | ) | Securities of U.S. Treasury and federal agencies | (9,776) | (138) | 0 | — | (9,914) | ||||||||||||||||||||||||||
Mortgage-backed securities | — | (92 | ) | — | — | (92 | ) | Mortgage-backed securities | 0 | (924) | 0 | — | (924) | |||||||||||||||||||||||||||
Corporate debt securities | — | (5,520 | ) | — | — | (5,520 | ) | Corporate debt securities | (2) | (4,837) | 0 | — | (4,839) | |||||||||||||||||||||||||||
Equity securities | (1,984 | ) | — | — | — | (1,984 | ) | Equity securities | (3,053) | (45) | 0 | — | (3,098) | |||||||||||||||||||||||||||
Other securities | — | (23 | ) | — | — | (23 | ) | Other securities | 0 | (4) | 0 | — | (4) | |||||||||||||||||||||||||||
Total short sale liabilities | (11,865 | ) | (5,738 | ) | — | — | (17,603 | ) | Total short sale liabilities | (12,831) | (5,948) | 0 | — | (18,779) | ||||||||||||||||||||||||||
Other liabilities | — | — | (2 | ) | — | (2 | ) | Other liabilities | 0 | 0 | (2) | — | (2) | |||||||||||||||||||||||||||
Total liabilities recorded at fair value | $ | (16,648 | ) | (74,476 | ) | (1,342 | ) | 59,243 | (33,223 | ) | Total liabilities recorded at fair value | $ | (17,215) | (55,635) | (1,627) | 41,929 | (32,548) |
(1)Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See Note 15 (Derivatives) for additional information. (2)Largely consists of securities that are investment grade based on ratings received from the ratings agencies or internal credit grades categorized as investment grade if external ratings are not available. The securities are classified as Level 3 due to limited market activity. (3)Consists of certain nonmarketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy. |
(in millions) | Level 1 | Level 2 | Level 3 | Netting (1) | Total | |||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||
Trading debt securities: | ||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 32,335 | 4,382 | 0 | — | 36,717 | ||||||||||||||||||||
Securities of U.S. states and political subdivisions | 0 | 2,434 | 0 | — | 2,434 | |||||||||||||||||||||
Collateralized loan obligations | 0 | 555 | 183 | — | 738 | |||||||||||||||||||||
Corporate debt securities | 0 | 11,006 | 38 | — | 11,044 | |||||||||||||||||||||
Mortgage-backed securities | 0 | 27,712 | 0 | — | 27,712 | |||||||||||||||||||||
Other | 0 | 1,086 | 2 | — | 1,088 | |||||||||||||||||||||
Total trading debt securities | 32,335 | 47,175 | 223 | — | 79,733 | |||||||||||||||||||||
Available-for-sale debt securities: | ||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | 13,460 | 1,500 | 0 | — | 14,960 | |||||||||||||||||||||
Securities of U.S. states and political subdivisions | 0 | 39,924 | 413 | — | 40,337 | |||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Federal agencies | 0 | 162,453 | 0 | — | 162,453 | |||||||||||||||||||||
Residential | 0 | 827 | 0 | — | 827 | |||||||||||||||||||||
Commercial | 0 | 3,892 | 42 | — | 3,934 | |||||||||||||||||||||
Total mortgage-backed securities | 0 | 167,172 | 42 | — | 167,214 | |||||||||||||||||||||
Corporate debt securities | 37 | 6,159 | 367 | — | 6,563 | |||||||||||||||||||||
Collateralized loan obligations | 0 | 29,055 | 0 | — | 29,055 | |||||||||||||||||||||
Other | 0 | 4,587 | 743 | — | 5,330 | |||||||||||||||||||||
Total available-for-sale debt securities | 13,497 | 248,397 | 1,565 | (2) | — | 263,459 | ||||||||||||||||||||
Mortgage loans held for sale | 0 | 15,408 | 1,198 | — | 16,606 | |||||||||||||||||||||
Loans held for sale | 0 | 956 | 16 | — | 972 | |||||||||||||||||||||
Loans | 0 | 0 | 171 | — | 171 | |||||||||||||||||||||
Mortgage servicing rights (residential) | 0 | 0 | 11,517 | — | 11,517 | |||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||
Interest rate contracts | 26 | 23,792 | 229 | — | 24,047 | |||||||||||||||||||||
Commodity contracts | 0 | 1,413 | 8 | — | 1,421 | |||||||||||||||||||||
Equity contracts | 2,946 | 4,135 | 1,455 | — | 8,536 | |||||||||||||||||||||
Foreign exchange contracts | 12 | 5,197 | 5 | — | 5,214 | |||||||||||||||||||||
Credit contracts | 0 | 49 | 59 | — | 108 | |||||||||||||||||||||
Netting | 0 | 0 | 0 | (25,123) | (25,123) | |||||||||||||||||||||
Total derivative assets | 2,984 | 34,586 | 1,756 | (25,123) | 14,203 | |||||||||||||||||||||
Equity securities – excluding securities at NAV: | ||||||||||||||||||||||||||
Marketable | 33,702 | 216 | 3 | — | 33,921 | |||||||||||||||||||||
Nonmarketable | 0 | 22 | 7,847 | — | 7,869 | |||||||||||||||||||||
Total equity securities | 33,702 | 238 | 7,850 | — | 41,790 | |||||||||||||||||||||
Total assets included in the fair value hierarchy | $ | 82,518 | 346,760 | 24,296 | (25,123) | 428,451 | ||||||||||||||||||||
Equity securities at NAV (3) | 146 | |||||||||||||||||||||||||
Total assets recorded at fair value | 428,597 | |||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||
Interest rate contracts | $ | (23) | (19,328) | (15) | — | (19,366) | ||||||||||||||||||||
Commodity contracts | 0 | (1,746) | (24) | — | (1,770) | |||||||||||||||||||||
Equity contracts | (2,011) | (6,729) | (1,724) | — | (10,464) | |||||||||||||||||||||
Foreign exchange contracts | (11) | (6,213) | (23) | — | (6,247) | |||||||||||||||||||||
Credit contracts | 0 | (53) | (30) | — | (83) | |||||||||||||||||||||
Netting | 0 | 0 | 0 | 28,851 | 28,851 | |||||||||||||||||||||
Total derivative liabilities | (2,045) | (34,069) | (1,816) | 28,851 | (9,079) | |||||||||||||||||||||
Short sale liabilities: | ||||||||||||||||||||||||||
Securities of U.S. Treasury and federal agencies | (9,035) | (31) | 0 | — | (9,066) | |||||||||||||||||||||
Mortgage-backed securities | 0 | (2) | 0 | — | (2) | |||||||||||||||||||||
Corporate debt securities | 0 | (5,915) | 0 | — | (5,915) | |||||||||||||||||||||
Equity securities | (2,447) | 0 | 0 | — | (2,447) | |||||||||||||||||||||
Other securities | 0 | 0 | 0 | — | 0 | |||||||||||||||||||||
Total short sale liabilities | (11,482) | (5,948) | 0 | — | (17,430) | |||||||||||||||||||||
Other liabilities | 0 | 0 | (2) | — | (2) | |||||||||||||||||||||
Total liabilities recorded at fair value | $ | (13,527) | (40,017) | (1,818) | 28,851 | (26,511) |
(in millions) | Level 1 | Level 2 | Level 3 | Netting (1) | Total | |||||||||
December 31, 2019 | ||||||||||||||
Trading debt securities: | ||||||||||||||
Securities of U.S. Treasury and federal agencies | $ | 32,335 | 4,382 | — | — | 36,717 | ||||||||
Securities of U.S. states and political subdivisions | — | 2,434 | — | — | 2,434 | |||||||||
Collateralized loan obligations | — | 555 | 183 | — | 738 | |||||||||
Corporate debt securities | — | 11,006 | 38 | — | 11,044 | |||||||||
Mortgage-backed securities | — | 27,712 | — | — | 27,712 | |||||||||
Asset-backed securities | — | 1,081 | — | — | 1,081 | |||||||||
Other trading debt securities | — | 5 | 2 | — | 7 | |||||||||
Total trading debt securities | 32,335 | 47,175 | 223 | — | 79,733 | |||||||||
Available-for-sale debt securities: | ||||||||||||||
Securities of U.S. Treasury and federal agencies | 13,460 | 1,500 | — | — | 14,960 | |||||||||
Securities of U.S. states and political subdivisions | — | 39,924 | 413 | — | 40,337 | |||||||||
Mortgage-backed securities: | ||||||||||||||
Federal agencies | — | 162,453 | — | — | 162,453 | |||||||||
Residential | — | 827 | — | — | 827 | |||||||||
Commercial | — | 3,892 | 42 | — | 3,934 | |||||||||
Total mortgage-backed securities | — | 167,172 | 42 | — | 167,214 | |||||||||
Corporate debt securities | 37 | 6,159 | 367 | — | 6,563 | |||||||||
Collateralized loan and other debt obligations | — | 29,055 | 640 | — | 29,695 | |||||||||
Asset-backed securities: | ||||||||||||||
Automobile loans and leases | — | 951 | — | — | 951 | |||||||||
Home equity loans | — | — | — | — | — | |||||||||
Other asset-backed securities | — | 3,635 | 103 | — | 3,738 | |||||||||
Total asset-backed securities | — | 4,586 | 103 | — | 4,689 | |||||||||
Other debt securities | — | 1 | — | — | 1 | |||||||||
Total available-for-sale debt securities | 13,497 | 248,397 | 1,565 | (2) | — | 263,459 | ||||||||
Mortgage loans held for sale | — | 15,408 | 1,198 | — | 16,606 | |||||||||
Loans held for sale | — | 956 | 16 | — | 972 | |||||||||
Loans | — | — | 171 | — | 171 | |||||||||
Mortgage servicing rights (residential) | — | — | 11,517 | — | 11,517 | |||||||||
Derivative assets: | ||||||||||||||
Interest rate contracts | 26 | 23,792 | 229 | — | 24,047 | |||||||||
Commodity contracts | — | 1,413 | 8 | — | 1,421 | |||||||||
Equity contracts | 2,946 | 4,135 | 1,455 | — | 8,536 | |||||||||
Foreign exchange contracts | 12 | 5,197 | 5 | — | 5,214 | |||||||||
Credit contracts | — | 49 | 59 | — | 108 | |||||||||
Netting | — | — | — | (25,123 | ) | (25,123 | ) | |||||||
Total derivative assets | 2,984 | 34,586 | 1,756 | (25,123 | ) | 14,203 | ||||||||
Equity securities – excluding securities at NAV: | ||||||||||||||
Marketable | 33,702 | 216 | 3 | — | 33,921 | |||||||||
Nonmarketable | — | 22 | 7,847 | — | 7,869 | |||||||||
Total equity securities | 33,702 | 238 | 7,850 | — | 41,790 | |||||||||
Total assets included in the fair value hierarchy | $ | 82,518 | 346,760 | 24,296 | (25,123 | ) | 428,451 | |||||||
Equity securities at NAV (3) | 146 | |||||||||||||
Total assets recorded at fair value | 428,597 | |||||||||||||
Derivative liabilities: | ||||||||||||||
Interest rate contracts | $ | (23 | ) | (19,328 | ) | (15 | ) | — | (19,366 | ) | ||||
Commodity contracts | — | (1,746 | ) | (24 | ) | — | (1,770 | ) | ||||||
Equity contracts | (2,011 | ) | (6,729 | ) | (1,724 | ) | — | (10,464 | ) | |||||
Foreign exchange contracts | (11 | ) | (6,213 | ) | (23 | ) | — | (6,247 | ) | |||||
Credit contracts | — | (53 | ) | (30 | ) | — | (83 | ) | ||||||
Netting | — | — | — | 28,851 | 28,851 | |||||||||
Total derivative liabilities | (2,045 | ) | (34,069 | ) | (1,816 | ) | 28,851 | (9,079 | ) | |||||
Short sale liabilities: | ||||||||||||||
Securities of U.S. Treasury and federal agencies | (9,035 | ) | (31 | ) | — | — | (9,066 | ) | ||||||
Mortgage-backed securities | — | (2 | ) | — | — | (2 | ) | |||||||
Corporate debt securities | — | (5,915 | ) | — | — | (5,915 | ) | |||||||
Equity securities | (2,447 | ) | — | — | — | (2,447 | ) | |||||||
Other securities | — | — | — | — | — | |||||||||
Total short sale liabilities | (11,482 | ) | (5,948 | ) | — | — | (17,430 | ) | ||||||
Other liabilities | — | — | (2 | ) | — | (2 | ) | |||||||
Total liabilities recorded at fair value | $ | (13,527 | ) | (40,017 | ) | (1,818 | ) | 28,851 | (26,511 | ) |
Total net gains (losses) included in | Purchases, sales, issuances and settlements, net (1) | Net unrealized gains (losses) related to assets and liabilities held at period end included in | Total net gains (losses) included in | Purchases, sales, issuances and settlements, net (1) | Net unrealized gains (losses) related to assets and liabilities held at period end included in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Balance, beginning of period | Net income | Other compre- hensive income | Transfers into Level 3 (2) | Transfers out of Level 3 (3) | Balance, end of period | Net income | (4) | Other compre- hensive income | (in millions) | Balance, beginning of period | Net income | Other compre- hensive income | Transfers into Level 3 (2) | Transfers out of Level 3 (3) | Balance, end of period | Net income | (4) | Other compre-hensive income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2020 | Quarter ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading debt securities: | Trading debt securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | — | — | — | — | — | — | — | — | — | Securities of U.S. states and political subdivisions | $ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 183 | (69 | ) | — | 19 | 21 | — | 154 | (69 | ) | — | Collateralized loan obligations | 128 | 17 | 0 | (5) | 0 | 0 | 140 | 10 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 38 | (4 | ) | — | 3 | — | (3 | ) | 34 | (3 | ) | — | Corporate debt securities | 23 | (1) | 0 | (10) | 0 | 0 | 12 | (3) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | (42 | ) | — | 171 | 48 | — | 177 | (42 | ) | — | Mortgage-backed securities | 49 | 1 | 0 | (3) | 0 | (36) | 11 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | (2 | ) | — | (5 | ) | 31 | — | 24 | (2 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other trading debt securities | 2 | (1 | ) | — | (1 | ) | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 23 | 0 | 0 | 0 | 0 | (23) | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total trading debt securities | 223 | (118 | ) | — | 187 | 100 | (3 | ) | 389 | (117 | ) | (5) | — | Total trading debt securities | 223 | 17 | 0 | (18) | 0 | (59) | 163 | 7 | (5) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 413 | — | (2 | ) | (21 | ) | 32 | (71 | ) | 351 | — | — | Securities of U.S. states and political subdivisions | 351 | 5 | (5) | (65) | 0 | 0 | 286 | 0 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | — | (5 | ) | (3 | ) | 26 | 13 | — | 31 | (5 | ) | (3 | ) | Residential | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 42 | 3 | (13 | ) | (2 | ) | 124 | — | 154 | — | (12 | ) | Commercial | 61 | (1) | (3) | 0 | 5 | (19) | 43 | (1) | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | 42 | (2 | ) | (16 | ) | 24 | 137 | — | 185 | (5 | ) | (15 | ) | Total mortgage-backed securities | 61 | (1) | (3) | 0 | 5 | (19) | 43 | (1) | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 367 | (52 | ) | (16 | ) | — | 831 | — | 1,130 | (54 | ) | (16 | ) | Corporate debt securities | 1,051 | (22) | 6 | 1 | 6 | 0 | 1,042 | (22) | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan and other debt obligations | 640 | 3 | (53 | ) | (12 | ) | 58 | — | 636 | — | (53 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 103 | — | (4 | ) | (18 | ) | 29 | — | 110 | — | (4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total asset-backed securities | 103 | — | (4 | ) | (18 | ) | 29 | — | 110 | — | (4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 9 | 0 | 0 | 0 | 0 | (9) | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 626 | 4 | 9 | (20) | 5 | (8) | 616 | 0 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale debt securities | 1,565 | (51 | ) | (91 | ) | (27 | ) | 1,087 | (71 | ) | 2,412 | (59 | ) | (6 | ) | (88 | ) | Total available-for-sale debt securities | 2,098 | (14) | 7 | (84) | 16 | (36) | 1,987 | (23) | (6) | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 1,198 | (61 | ) | — | 700 | 1,322 | (2 | ) | 3,157 | (64 | ) | (7 | ) | — | Mortgage loans held for sale | 751 | (7) | 0 | 44 | 63 | (4) | 847 | (6) | (7) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 16 | (2 | ) | — | (2 | ) | 7 | — | 19 | 1 | — | Loans held for sale | 7 | 0 | 0 | (2) | 3 | 0 | 8 | 0 | (5) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | 171 | — | — | (11 | ) | — | — | 160 | (2 | ) | (7 | ) | — | Loans | 152 | 0 | 0 | (4) | 0 | 0 | 148 | (2) | (7) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights (residential) (8) | 11,517 | (3,821 | ) | — | 430 | — | — | 8,126 | (3,257 | ) | (7 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights (residential)(8) | Mortgage servicing rights (residential)(8) | 6,819 | (815) | 0 | 351 | 0 | 0 | 6,355 | (217) | (7) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net derivative assets and liabilities: | Net derivative assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 214 | 744 | — | (273 | ) | — | — | 685 | 531 | — | Interest rate contracts | 523 | 469 | 0 | (546) | 0 | 0 | 446 | 226 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | (16 | ) | (80 | ) | — | 58 | (6 | ) | — | (44 | ) | (27 | ) | — | Commodity contracts | 1 | (15) | 0 | 4 | 10 | 0 | 0 | (6) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | (269 | ) | 430 | — | 73 | (10 | ) | (7 | ) | 217 | 451 | — | Equity contracts | 20 | (191) | 0 | 78 | 0 | (15) | (108) | (114) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | (18 | ) | 10 | — | 2 | — | — | (6 | ) | (2 | ) | — | Foreign exchange contracts | (16) | 4 | 0 | 12 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | 29 | 15 | — | 3 | — | — | 47 | 17 | — | Credit contracts | 50 | (5) | 0 | 1 | 0 | 0 | 46 | (7) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative contracts | (60 | ) | 1,119 | — | (137 | ) | (16 | ) | (7 | ) | 899 | 970 | (9 | ) | — | Total derivative contracts | 578 | 262 | 0 | (451) | 10 | (15) | 384 | 99 | (9) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable | 3 | — | — | — | — | — | 3 | — | — | Marketable | 0 | 0 | 0 | 0 | 2 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonmarketable | 7,847 | (1,101 | ) | — | — | 7 | (2 | ) | 6,751 | (1,103 | ) | — | Nonmarketable | 8,165 | 253 | 0 | 0 | 10 | 0 | 8,428 | 253 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 7,850 | (1,101 | ) | — | — | 7 | (2 | ) | 6,754 | (1,103 | ) | (10 | ) | — | Total equity securities | 8,165 | 253 | 0 | 0 | 12 | 0 | 8,430 | 253 | (10) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short sale liabilities | Short sale liabilities | (3) | 0 | 0 | 3 | 0 | 0 | 0 | 0 | (5) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | (2 | ) | — | — | — | — | — | (2 | ) | — | (7 | ) | — | Other liabilities | (2) | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (7) | 0 |
(in millions) | Purchases | Sales | Issuances | Settlements | Net | ||||||||||||||||||||||||
Quarter ended September 30, 2020 | |||||||||||||||||||||||||||||
Trading debt securities: | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Collateralized loan obligations | 46 | (51) | 0 | 0 | (5) | ||||||||||||||||||||||||
Corporate debt securities | 4 | (14) | 0 | 0 | (10) | ||||||||||||||||||||||||
Mortgage-backed securities | 14 | (17) | 0 | 0 | (3) | ||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total trading debt securities | 64 | (82) | 0 | 0 | (18) | ||||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 0 | (35) | 0 | (30) | (65) | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Residential | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Commercial | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total mortgage-backed securities | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Corporate debt securities | 1 | 0 | 0 | 0 | 1 | ||||||||||||||||||||||||
Collateralized loan obligations | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Other | 0 | 0 | 0 | (20) | (20) | ||||||||||||||||||||||||
Total available-for-sale debt securities | 1 | (35) | 0 | (50) | (84) | ||||||||||||||||||||||||
Mortgage loans held for sale | 46 | (34) | 98 | (66) | 44 | ||||||||||||||||||||||||
Loans held for sale | 0 | (2) | 0 | 0 | (2) | ||||||||||||||||||||||||
Loans | 1 | 0 | 1 | (6) | (4) | ||||||||||||||||||||||||
Mortgage servicing rights (residential) (1) | 0 | 0 | 351 | 0 | 351 | ||||||||||||||||||||||||
Net derivative assets and liabilities: | |||||||||||||||||||||||||||||
Interest rate contracts | 0 | 0 | 0 | (546) | (546) | ||||||||||||||||||||||||
Commodity contracts | 0 | 0 | 0 | 4 | 4 | ||||||||||||||||||||||||
Equity contracts | 0 | 0 | 0 | 78 | 78 | ||||||||||||||||||||||||
Foreign exchange contracts | 0 | 0 | 0 | 12 | 12 | ||||||||||||||||||||||||
Credit contracts | 0 | 7 | 0 | (6) | 1 | ||||||||||||||||||||||||
Total derivative contracts | 0 | 7 | 0 | (458) | (451) | ||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
Marketable | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Nonmarketable | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total equity securities | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Short sale liabilities | 3 | 0 | 0 | 0 | 3 | ||||||||||||||||||||||||
Other liabilities | 0 | 0 | 0 | 0 | 0 |
(in millions) | Purchases | Sales | Issuances | Settlements | Net | ||||||||||
Quarter ended March 31, 2020 | |||||||||||||||
Trading debt securities: | |||||||||||||||
Securities of U.S. states and political subdivisions | $ | — | — | — | — | — | |||||||||
Collateralized loan obligations | 85 | (56 | ) | — | (10 | ) | 19 | ||||||||
Corporate debt securities | 10 | (7 | ) | — | — | 3 | |||||||||
Mortgage-backed securities | 195 | (24 | ) | — | — | 171 | |||||||||
Asset-backed securities | — | (5 | ) | — | — | (5 | ) | ||||||||
Other trading debt securities | — | (1 | ) | — | — | (1 | ) | ||||||||
Total trading debt securities | 290 | (93 | ) | — | (10 | ) | 187 | ||||||||
Available-for-sale debt securities: | |||||||||||||||
Securities of U.S. states and political subdivisions | — | — | — | (21 | ) | (21 | ) | ||||||||
Mortgage-backed securities: | |||||||||||||||
Residential | 26 | — | — | — | 26 | ||||||||||
Commercial | — | — | — | (2 | ) | (2 | ) | ||||||||
Total mortgage-backed securities | 26 | — | — | (2 | ) | 24 | |||||||||
Corporate debt securities | — | — | — | — | — | ||||||||||
Collateralized loan and other debt obligations | — | — | — | (12 | ) | (12 | ) | ||||||||
Asset-backed securities: | |||||||||||||||
Other asset-backed securities | — | (5 | ) | — | (13 | ) | (18 | ) | |||||||
Total asset-backed securities | — | (5 | ) | — | (13 | ) | (18 | ) | |||||||
Total available-for-sale debt securities | 26 | (5 | ) | — | (48 | ) | (27 | ) | |||||||
Mortgage loans held for sale | 23 | (69 | ) | 843 | (97 | ) | 700 | ||||||||
Loans held for sale | — | (1 | ) | — | (1 | ) | (2 | ) | |||||||
Loans | 1 | — | 2 | (14 | ) | (11 | ) | ||||||||
Mortgage servicing rights (residential) (1) | — | (32 | ) | 461 | 1 | 430 | |||||||||
Net derivative assets and liabilities: | |||||||||||||||
Interest rate contracts | — | — | — | (273 | ) | (273 | ) | ||||||||
Commodity contracts | — | — | — | 58 | 58 | ||||||||||
Equity contracts | — | — | — | 73 | 73 | ||||||||||
Foreign exchange contracts | — | — | — | 2 | 2 | ||||||||||
Credit contracts | 6 | (3 | ) | — | — | 3 | |||||||||
Total derivative contracts | 6 | (3 | ) | — | (140 | ) | (137 | ) | |||||||
Equity securities: | |||||||||||||||
Marketable | — | — | — | — | — | ||||||||||
Nonmarketable | — | — | — | — | — | ||||||||||
Total equity securities | — | — | — | — | — | ||||||||||
Other liabilities | — | — | — | — | — |
Balance, beginning of period | Total net gains (losses) included in | Purchases, sales, issuances and settlements, net (1) | Net unrealized gains (losses) included in income related to assets and liabilities held at period end | Balance, beginning of period | Total net gains (losses) included in | Purchases, sales, issuances and settlements, net (1) | Net unrealized gains (losses)included in income related to assets and liabilities held at period end | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Net income | Other compre- hensive income | Transfers into Level 3 (2) | Transfers out of Level 3 (3) | Balance, end of period | (4) | (in millions) | Net income | Other compre- hensive income | Transfers into Level 3 (2) | Transfers out of Level 3 (3) | Balance, end of period | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2019 | Quarter ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading debt securities: | Trading debt securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 3 | — | — | (2 | ) | — | (1 | ) | — | — | Securities of U.S. states and political subdivisions | $ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 237 | (3 | ) | — | 41 | — | — | 275 | 1 | Collateralized loan obligations | 249 | (11) | 0 | (4) | 0 | (2) | 232 | (13) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 34 | 2 | — | 4 | 1 | — | 41 | 2 | Corporate debt securities | 44 | (2) | 0 | (4) | 0 | (5) | 33 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other trading debt securities | 16 | (1 | ) | — | — | — | — | 15 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 14 | (1) | 0 | (6) | 0 | 0 | 7 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total trading debt securities | 290 | (2 | ) | — | 43 | 1 | (1 | ) | 331 | 3 | (5) | Total trading debt securities | 307 | (14) | 0 | (14) | 0 | (7) | 272 | (12) | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 444 | — | 3 | 23 | — | — | 470 | — | Securities of U.S. states and political subdivisions | 391 | 0 | 0 | (38) | 0 | 0 | 353 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | — | — | Residential | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 41 | — | — | — | — | — | 41 | — | Commercial | 41 | 0 | (1) | (3) | 0 | 0 | 37 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | 41 | — | — | — | — | — | 41 | — | Total mortgage-backed securities | 41 | 0 | (1) | (3) | 0 | 0 | 37 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 370 | 1 | 4 | 2 | — | — | 377 | — | Corporate debt securities | 383 | 6 | (8) | (14) | 0 | 0 | 367 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan and other debt obligations | 800 | 6 | (4 | ) | (47 | ) | — | — | 755 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 389 | — | (1 | ) | (26 | ) | — | — | 362 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total asset-backed securities | 389 | — | (1 | ) | (26 | ) | — | — | 362 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 990 | 6 | (11) | (105) | 0 | (153) | 727 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale debt securities | 2,044 | 7 | 2 | (48 | ) | — | — | 2,005 | — | (6) | Total available-for-sale debt securities | 1,805 | 12 | (20) | (160) | 0 | (153) | 1,484 | 0 | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 997 | 15 | — | (66 | ) | 56 | (4 | ) | 998 | 15 | (7) | Mortgage loans held for sale | 1,115 | 22 | 0 | (6) | 121 | (3) | 1,249 | 22 | (7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 60 | — | — | 11 | 37 | (37 | ) | 71 | — | Loans held for sale | 12 | 0 | 0 | (12) | 1 | 0 | 1 | 0 | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | 244 | — | — | (19 | ) | — | — | 225 | (2 | ) | (7) | Loans | 202 | 0 | 0 | (17) | 0 | 0 | 185 | (2) | (7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights (residential) (8) | 14,649 | (1,373 | ) | — | 60 | — | — | 13,336 | (891 | ) | (7) | Mortgage servicing rights (residential) (8) | 12,096 | (1,558) | 0 | 534 | 0 | 0 | 11,072 | (962) | (7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net derivative assets and liabilities: | Net derivative assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 25 | 187 | — | (111 | ) | — | — | 101 | 132 | Interest rate contracts | 205 | 71 | 0 | (133) | 0 | 0 | 143 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | 4 | (51 | ) | — | 27 | 2 | — | (18 | ) | (15 | ) | Commodity contracts | (29) | (85) | 0 | 61 | 0 | 23 | (30) | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | (17 | ) | (119 | ) | — | (3 | ) | 9 | (32 | ) | (162 | ) | (114 | ) | Equity contracts | (228) | (298) | 0 | 263 | 0 | 60 | (203) | (80) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | (26 | ) | 7 | — | 3 | — | — | (16 | ) | 11 | Foreign exchange contracts | (10) | 17 | 0 | (33) | 0 | 0 | (26) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | 35 | 8 | — | 6 | — | — | 49 | 13 | Credit contracts | 45 | (8) | 0 | 1 | 0 | 0 | 38 | (8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative contracts | 21 | 32 | — | (78 | ) | 11 | (32 | ) | (46 | ) | 27 | (9) | Total derivative contracts | (17) | (303) | 0 | 159 | 0 | 83 | (78) | (64) | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable | Marketable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonmarketable | 5,468 | 926 | — | (1 | ) | — | (12 | ) | 6,381 | 926 | Nonmarketable | 7,110 | 13 | 0 | 0 | 7 | 0 | 7,130 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 5,468 | 926 | — | (1 | ) | — | (12 | ) | 6,381 | 926 | (10) | Total equity securities | 7,110 | 13 | 0 | 0 | 7 | 0 | 7,130 | 13 | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | (2 | ) | — | — | — | — | — | (2 | ) | — | (7) | Other liabilities | (2) | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (7) |
(in millions) | Purchases | Sales | Issuances | Settlements | Net | ||||||||||
Quarter ended March 31, 2019 | |||||||||||||||
Trading debt securities: | |||||||||||||||
Securities of U.S. states and political subdivisions | $ | — | — | — | (2 | ) | (2 | ) | |||||||
Collateralized loan obligations | 130 | (87 | ) | — | (2 | ) | 41 | ||||||||
Corporate debt securities | 5 | (1 | ) | — | — | 4 | |||||||||
Other trading debt securities | — | — | — | — | — | ||||||||||
Total trading debt securities | 135 | (88 | ) | — | (4 | ) | 43 | ||||||||
Available-for-sale debt securities: | |||||||||||||||
Securities of U.S. states and political subdivisions | — | — | 49 | (26 | ) | 23 | |||||||||
Mortgage-backed securities: | |||||||||||||||
Residential | — | — | — | — | — | ||||||||||
Commercial | — | — | — | — | — | ||||||||||
Total mortgage-backed securities | — | — | — | — | — | ||||||||||
Corporate debt securities | 3 | — | — | (1 | ) | 2 | |||||||||
Collateralized loan and other debt obligations | — | — | — | (47 | ) | (47 | ) | ||||||||
Asset-backed securities: | |||||||||||||||
Other asset-backed securities | — | (3 | ) | 66 | (89 | ) | (26 | ) | |||||||
Total asset-backed securities | — | (3 | ) | 66 | (89 | ) | (26 | ) | |||||||
Total available-for-sale debt securities | 3 | (3 | ) | 115 | (163 | ) | (48 | ) | |||||||
Mortgage loans held for sale | 16 | (93 | ) | 46 | (35 | ) | (66 | ) | |||||||
Loans held for sale | 12 | (1 | ) | — | — | 11 | |||||||||
Loans | 2 | — | 3 | (24 | ) | (19 | ) | ||||||||
Mortgage servicing rights (residential) (1) | — | (281 | ) | 341 | — | 60 | |||||||||
Net derivative assets and liabilities: | |||||||||||||||
Interest rate contracts | — | — | — | (111 | ) | (111 | ) | ||||||||
Commodity contracts | — | — | — | 27 | 27 | ||||||||||
Equity contracts | — | — | — | (3 | ) | (3 | ) | ||||||||
Foreign exchange contracts | — | — | — | 3 | 3 | ||||||||||
Credit contracts | 6 | — | — | — | 6 | ||||||||||
Total derivative contracts | 6 | — | — | (84 | ) | (78 | ) | ||||||||
Equity securities: | |||||||||||||||
Nonmarketable | — | (1 | ) | — | — | (1 | ) | ||||||||
Total equity securities | — | (1 | ) | — | — | (1 | ) | ||||||||
Other liabilities | — | — | — | — | — |
(in millions) | Purchases | Sales | Issuances | Settlements | Net | ||||||||||||||||||||||||
Quarter ended September 30, 2019 | |||||||||||||||||||||||||||||
Trading debt securities: | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Collateralized loan obligations | 107 | (100) | 0 | (11) | (4) | ||||||||||||||||||||||||
Corporate debt securities | 3 | (7) | 0 | 0 | (4) | ||||||||||||||||||||||||
Mortgage-backed securities | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Other | 0 | 0 | 0 | (6) | (6) | ||||||||||||||||||||||||
Total trading debt securities | 110 | (107) | 0 | (17) | (14) | ||||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 0 | 0 | 12 | (50) | (38) | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Residential | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Commercial | 0 | 0 | 0 | (3) | (3) | ||||||||||||||||||||||||
Total mortgage-backed securities | 0 | 0 | 0 | (3) | (3) | ||||||||||||||||||||||||
Corporate debt securities | 1 | 0 | 0 | (15) | (14) | ||||||||||||||||||||||||
Other | 0 | (4) | 10 | (111) | (105) | ||||||||||||||||||||||||
Total available-for-sale debt securities | 1 | (4) | 22 | (179) | (160) | ||||||||||||||||||||||||
Mortgage loans held for sale | 23 | (45) | 87 | (71) | (6) | ||||||||||||||||||||||||
Loans held for sale | 0 | 0 | 0 | (12) | (12) | ||||||||||||||||||||||||
Loans | 1 | 0 | 2 | (20) | (17) | ||||||||||||||||||||||||
Mortgage servicing rights (residential) (1) | 0 | (4) | 538 | 0 | 534 | ||||||||||||||||||||||||
Net derivative assets and liabilities: | |||||||||||||||||||||||||||||
Interest rate contracts | 0 | 0 | (1) | (132) | (133) | ||||||||||||||||||||||||
Commodity contracts | 0 | 0 | 0 | 61 | 61 | ||||||||||||||||||||||||
Equity contracts | 0 | 0 | 0 | 263 | 263 | ||||||||||||||||||||||||
Foreign exchange contracts | 0 | 0 | 0 | (33) | (33) | ||||||||||||||||||||||||
Credit contracts | 4 | (3) | 0 | 0 | 1 | ||||||||||||||||||||||||
Total derivative contracts | 4 | (3) | (1) | 159 | 159 | ||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
Marketable | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Nonmarketable | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total equity securities | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Other liabilities | 0 | 0 | 0 | 0 | 0 |
Total net gains (losses) included in | Purchases, sales, issuances and settlements, net (1) | Net unrealized gains (losses) related to assets and liabilities held at period end included in | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Balance, beginning of period | Net income | Other compre- hensive income | Transfers into Level 3 (2) | Transfers out of Level 3 (3) | Balance, end of period | Net income | (4) | Other compre- hensive income | ||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading debt securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 183 | (52) | 0 | 18 | 16 | (25) | 140 | (50) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 38 | (12) | 0 | (6) | 0 | (8) | 12 | (6) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 0 | (6) | 0 | 20 | 52 | (55) | 11 | (1) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Other | 2 | 2 | 0 | (28) | 47 | (23) | 0 | (1) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Total trading debt securities | 223 | (68) | 0 | 4 | 115 | (111) | 163 | (58) | (5) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 413 | 6 | (5) | (109) | 67 | (86) | 286 | 0 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 0 | 0 | (3) | 1 | 13 | (11) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 42 | 0 | (17) | (3) | 160 | (139) | 43 | (3) | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | 42 | 0 | (20) | (2) | 173 | (150) | 43 | (3) | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 367 | (76) | 33 | (45) | 837 | (74) | 1,042 | (78) | 43 | ||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 0 | 0 | (9) | 0 | 68 | (59) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Other | 743 | 10 | (67) | (78) | 43 | (35) | 616 | (1) | (64) | ||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale debt securities | 1,565 | (60) | (68) | (234) | 1,188 | (404) | 1,987 | (82) | (6) | (26) | |||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 1,198 | (105) | 0 | 493 | 1,465 | (2,204) | 847 | (32) | (7) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 16 | (6) | 0 | (11) | 10 | (1) | 8 | (4) | (5) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Loans | 171 | (2) | 0 | (21) | 0 | 0 | 148 | (7) | (7) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights (residential) (8) | 11,517 | (6,404) | 0 | 1,242 | 0 | 0 | 6,355 | (4,605) | (7) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Net derivative assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 214 | 1,673 | 0 | (1,441) | 0 | 0 | 446 | 335 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | (16) | (80) | 0 | 74 | 22 | 0 | 0 | 3 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | (269) | (38) | 0 | 230 | (10) | (21) | (108) | 194 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | (18) | 2 | 0 | 16 | 0 | 0 | 0 | 2 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | 29 | 14 | 0 | 3 | 0 | 0 | 46 | 13 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Total derivative contracts | (60) | 1,571 | 0 | (1,118) | 12 | (21) | 384 | 547 | (9) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable | 3 | 0 | 0 | 0 | 2 | (3) | 2 | (1) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Nonmarketable | 7,847 | 566 | 0 | 0 | 17 | (2) | 8,428 | 562 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 7,850 | 566 | 0 | 0 | 19 | (5) | 8,430 | 561 | (10) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Short sale liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Other liabilities | (2) | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (7) | 0 |
(in millions) | Purchases | Sales | Issuances | Settlements | Net | ||||||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||
Trading debt securities: | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Collateralized loan obligations | 217 | (189) | 0 | (10) | 18 | ||||||||||||||||||||||||
Corporate debt securities | 36 | (42) | 0 | 0 | (6) | ||||||||||||||||||||||||
Mortgage-backed securities | 281 | (257) | 0 | (4) | 20 | ||||||||||||||||||||||||
Other | 6 | (33) | 0 | (1) | (28) | ||||||||||||||||||||||||
Total trading debt securities | 540 | (521) | 0 | (15) | 4 | ||||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 0 | (35) | 0 | (74) | (109) | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Residential | 25 | (23) | 0 | (1) | 1 | ||||||||||||||||||||||||
Commercial | 0 | 0 | 0 | (3) | (3) | ||||||||||||||||||||||||
Total mortgage-backed securities | 25 | (23) | 0 | (4) | (2) | ||||||||||||||||||||||||
Corporate debt securities | 7 | 0 | 0 | (52) | (45) | ||||||||||||||||||||||||
Collateralized loan obligations | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Other | 0 | (10) | 0 | (68) | (78) | ||||||||||||||||||||||||
Total available-for-sale debt securities | 32 | (68) | 0 | (198) | (234) | ||||||||||||||||||||||||
Mortgage loans held for sale | 101 | (384) | 1,003 | (227) | 493 | ||||||||||||||||||||||||
Loans held for sale | 0 | (10) | 0 | (1) | (11) | ||||||||||||||||||||||||
Loans | 2 | 0 | 5 | (28) | (21) | ||||||||||||||||||||||||
Mortgage servicing rights (residential) (1) | 0 | (33) | 1,274 | 1 | 1,242 | ||||||||||||||||||||||||
Net derivative assets and liabilities: | |||||||||||||||||||||||||||||
Interest rate contracts | 0 | 0 | 0 | (1,441) | (1,441) | ||||||||||||||||||||||||
Commodity contracts | 0 | 0 | 0 | 74 | 74 | ||||||||||||||||||||||||
Equity contracts | 0 | 0 | 0 | 230 | 230 | ||||||||||||||||||||||||
Foreign exchange contracts | 0 | 0 | 0 | 16 | 16 | ||||||||||||||||||||||||
Credit contracts | 8 | 3 | 0 | (8) | 3 | ||||||||||||||||||||||||
Total derivative contracts | 8 | 3 | 0 | (1,129) | (1,118) | ||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
Marketable | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Nonmarketable | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total equity securities | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Short sale liabilities | 3 | (3) | 0 | 0 | 0 | ||||||||||||||||||||||||
Other liabilities | 0 | 0 | 0 | 0 | 0 |
Balance, beginning of period | Total net gains (losses) included in | Purchases, sales, issuances and settlements, net (1) | Net unrealized gains (losses) included in income related to assets and liabilities held at period end | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Net income | Other compre- hensive income | Transfers into Level 3 (2) | Transfers out of Level 3 (3) | Balance, end of period | (4) | ||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trading debt securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 3 | 0 | 0 | (2) | 0 | (1) | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 237 | (16) | 0 | 13 | 0 | (2) | 232 | (23) | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 34 | 1 | 0 | 3 | 1 | (6) | 33 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Other | 16 | (3) | 0 | (6) | 0 | 0 | 7 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Total trading debt securities | 290 | (18) | 0 | 8 | 1 | (9) | 272 | (20) | (5) | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 444 | 1 | 5 | (48) | 0 | (49) | 353 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Commercial | 41 | 0 | (1) | (3) | 0 | 0 | 37 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | 41 | 0 | (1) | (3) | 0 | 0 | 37 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 370 | 7 | (5) | (5) | 0 | 0 | 367 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Other | 1,189 | 19 | (22) | (306) | 0 | (153) | 727 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale debt securities | 2,044 | 27 | (23) | (362) | 0 | (202) | 1,484 | 0 | (6) | |||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 997 | 74 | 0 | (94) | 281 | (9) | 1,249 | 75 | (7) | |||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 60 | 0 | 0 | (4) | 38 | (93) | 1 | 0 | (5) | |||||||||||||||||||||||||||||||||||||||||
Loans | 244 | 1 | 0 | (60) | 0 | 0 | 185 | (6) | (7) | |||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights (residential) (8) | 14,649 | (4,570) | 0 | 993 | 0 | 0 | 11,072 | (2,931) | (7) | |||||||||||||||||||||||||||||||||||||||||
Net derivative assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 25 | 495 | 0 | (377) | 0 | 0 | 143 | 179 | ||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | 4 | (211) | 0 | 152 | 2 | 23 | (30) | (6) | ||||||||||||||||||||||||||||||||||||||||||
Equity contracts | (17) | (402) | 0 | 194 | 7 | 15 | (203) | (205) | ||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | (26) | 27 | 0 | (27) | 0 | 0 | (26) | 2 | ||||||||||||||||||||||||||||||||||||||||||
Credit contracts | 35 | (3) | 0 | 6 | 0 | 0 | 38 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Total derivative contracts | 21 | (94) | 0 | (52) | 9 | 38 | (78) | (28) | (9) | |||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Nonmarketable | 5,468 | 1,663 | 0 | (1) | 12 | (12) | 7,130 | 1,664 | ||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 5,468 | 1,663 | 0 | (1) | 12 | (12) | 7,130 | 1,664 | (10) | |||||||||||||||||||||||||||||||||||||||||
Other liabilities | (2) | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (7) |
(in millions) | Purchases | Sales | Issuances | Settlements | Net | ||||||||||||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||||||||
Trading debt securities: | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 0 | 0 | 0 | (2) | (2) | |||||||||||||||||||||||
Collateralized loan obligations | 281 | (252) | 0 | (16) | 13 | ||||||||||||||||||||||||
Corporate debt securities | 14 | (11) | 0 | 0 | 3 | ||||||||||||||||||||||||
Mortgage-backed securities | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Other | 0 | 0 | 0 | (6) | (6) | ||||||||||||||||||||||||
Total trading debt securities | 295 | (263) | 0 | (24) | 8 | ||||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | 0 | 0 | 67 | (115) | (48) | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Residential | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Commercial | 0 | 0 | 0 | (3) | (3) | ||||||||||||||||||||||||
Total mortgage-backed securities | 0 | 0 | 0 | (3) | (3) | ||||||||||||||||||||||||
Corporate debt securities | 12 | 0 | 0 | (17) | (5) | ||||||||||||||||||||||||
Other | 0 | (9) | 133 | (430) | (306) | ||||||||||||||||||||||||
Total available-for-sale debt securities | 12 | (9) | 200 | (565) | (362) | ||||||||||||||||||||||||
Mortgage loans held for sale | 69 | (185) | 187 | (165) | (94) | ||||||||||||||||||||||||
Loans held for sale | 12 | (2) | 0 | (14) | (4) | ||||||||||||||||||||||||
Loans | 3 | 0 | 7 | (70) | (60) | ||||||||||||||||||||||||
Mortgage servicing rights (residential) (1) | 0 | (286) | 1,279 | 0 | 993 | ||||||||||||||||||||||||
Net derivative assets and liabilities: | |||||||||||||||||||||||||||||
Interest rate contracts | 0 | 0 | (1) | (376) | (377) | ||||||||||||||||||||||||
Commodity contracts | 0 | 0 | 0 | 152 | 152 | ||||||||||||||||||||||||
Equity contracts | 0 | 0 | 0 | 194 | 194 | ||||||||||||||||||||||||
Foreign exchange contracts | 0 | 0 | 0 | (27) | (27) | ||||||||||||||||||||||||
Credit contracts | 12 | (6) | 0 | 0 | 6 | ||||||||||||||||||||||||
Total derivative contracts | 12 | (6) | (1) | (57) | (52) | ||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
Marketable | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Nonmarketable | 0 | (1) | 0 | 0 | (1) | ||||||||||||||||||||||||
Total equity securities | 0 | (1) | 0 | 0 | (1) | ||||||||||||||||||||||||
Other liabilities | 0 | 0 | 0 | 0 | 0 |
($ in millions, except cost to service amounts) | Fair Value Level 3 | Valuation Technique(s) | Significant Unobservable Inputs | Range of Inputs Positive (Negative) | Weighted Average | |||||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Trading and available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 248 | Discounted cash flow | Discount rate | 0.4 | - | 4.5 | % | 1.2 | |||||||||||||||||||||||||||||
38 | Vendor priced | |||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 140 | Market comparable pricing | Comparability adjustment | (37.7) | - | 2.0 | (7.6) | |||||||||||||||||||||||||||||||
Corporate debt securities | 859 | Discounted cash flow | Discount rate | 3.4 | - | 14.8 | 4.0 | |||||||||||||||||||||||||||||||
66 | Market comparable pricing | Comparability adjustment | (34.5) | - | 8.3 | (23.4) | ||||||||||||||||||||||||||||||||
129 | Vendor priced | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 11 | Market comparable pricing | Comparability adjustment | (17.1) | - | (13.5) | (15.2) | |||||||||||||||||||||||||||||||
43 | Vendor priced | |||||||||||||||||||||||||||||||||||||
Other debt securities | 52 | Discounted cash flow | Discount rate | 1.0 | - | 2.7 | 2.4 | |||||||||||||||||||||||||||||||
564 | Vendor priced | |||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale (residential) | 832 | Discounted cash flow | Default rate | 0.0 | - | 31.7 | 1.3 | |||||||||||||||||||||||||||||||
Discount rate | 1.6 | - | 6.1 | 5.1 | ||||||||||||||||||||||||||||||||||
Loss severity | 0.0 | - | 30.1 | 20.6 | ||||||||||||||||||||||||||||||||||
Prepayment rate | 8.5 | - | 23.5 | 15.7 | ||||||||||||||||||||||||||||||||||
15 | Market comparable pricing | Comparability adjustment | (50.0) | - | (14.3) | (37.3) | ||||||||||||||||||||||||||||||||
Loans (1) | 148 | Discounted cash flow | Discount rate | 3.9 | - | 5.7 | 4.3 | |||||||||||||||||||||||||||||||
Default rate | 0.0 | 31.6 | 0.6 | |||||||||||||||||||||||||||||||||||
Prepayment rate | 8.4 | - | 100.0 | 84.7 | ||||||||||||||||||||||||||||||||||
Loss severity | 0.0 | - | 44.9 | 15.8 | ||||||||||||||||||||||||||||||||||
Mortgage servicing rights (residential) | 6,355 | Discounted cash flow | Cost to service per loan (2) | $ | 64 | - | 907 | 138 | ||||||||||||||||||||||||||||||
Discount rate | 4.8 | - | 8.6 | % | 5.8 | |||||||||||||||||||||||||||||||||
Prepayment rate (3) | 12.7 | - | 24.1 | 19.7 | ||||||||||||||||||||||||||||||||||
Net derivative assets and (liabilities): | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 195 | Discounted cash flow | Default rate | 0.0 | - | 6.0 | 1.6 | |||||||||||||||||||||||||||||||
Loss severity | 50.0 | - | 50.0 | 50.0 | ||||||||||||||||||||||||||||||||||
Prepayment rate | 2.8 | - | 22.0 | 18.1 | ||||||||||||||||||||||||||||||||||
(3) | Market comparable pricing | Comparability adjustment | (33.3) | (31.3) | (32.2) | |||||||||||||||||||||||||||||||||
Interest rate contracts: derivative loan commitments | 254 | Discounted cash flow | Fall-out factor | 1.0 | - | 99.0 | 25.3 | |||||||||||||||||||||||||||||||
Initial-value servicing | (52.8) | - | 156.0 | bps | 58.5 | |||||||||||||||||||||||||||||||||
Equity contracts | 177 | Discounted cash flow | Conversion factor | (8.8) | - | 0.0 | % | (7.8) | ||||||||||||||||||||||||||||||
Weighted average life | 0.3 | - | 2.3 | yrs | 1.2 | |||||||||||||||||||||||||||||||||
(285) | Option model | Correlation factor | (77.0) | - | 99.0 | % | 38.8 | |||||||||||||||||||||||||||||||
Volatility factor | 6.5 | - | 101.3 | 17.9 | ||||||||||||||||||||||||||||||||||
Credit contracts | 35 | Market comparable pricing | Comparability adjustment | (99.0) | - | 132.0 | (7.2) | |||||||||||||||||||||||||||||||
11 | Option model | Credit spread | 0.0 | - | 9.3 | 1.3 | ||||||||||||||||||||||||||||||||
Loss severity | 12.0 | - | 60.0 | 45.5 | ||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | 8,428 | Market comparable pricing | Comparability adjustment | 3.6 | - | 21.1 | 13.9 | |||||||||||||||||||||||||||||||
Insignificant Level 3 assets, net of liabilities | 8 | |||||||||||||||||||||||||||||||||||||
Total level 3 assets, net of liabilities | $ | 18,320 | (4) |
($ in millions, except cost to service amounts) | Fair Value Level 3 | Valuation Technique(s) | Significant Unobservable Inputs | Range of Inputs Positive (Negative) | Weighted Average | |||||||||||||
March 31, 2020 | ||||||||||||||||||
Trading and available-for-sale debt securities: | ||||||||||||||||||
Securities of U.S. states and political subdivisions: | ||||||||||||||||||
Government, healthcare and other revenue bonds | $ | 285 | Discounted cash flow | Discount rate | 1.6 | - | 5.4 | % | 2.3 | |||||||||
66 | Vendor priced | |||||||||||||||||
Collateralized loan and other debt obligations | 154 | Market comparable pricing | Comparability adjustment | (27.8 | ) | - | 137.9 | 6.8 | ||||||||||
636 | Vendor priced | |||||||||||||||||
Corporate debt securities | 865 | Discounted cash flow | Discount rate | 4.0 | - | 14.9 | 5.5 | |||||||||||
103 | Market comparable pricing | Comparability adjustment | (32.7 | ) | - | 14.2 | (8.3 | ) | ||||||||||
196 | Vendor priced | |||||||||||||||||
Mortgage-backed securities | 177 | Market comparable pricing | Comparability adjustment | (60.6 | ) | - | 26.2 | (4.6 | ) | |||||||||
185 | Vendor priced | |||||||||||||||||
Asset-backed securities: | ||||||||||||||||||
Diversified payment rights (1) | 76 | Discounted cash flow | Discount rate | 2.5 | - | 4.7 | 3.7 | |||||||||||
Other commercial and consumer | 24 | Market comparable pricing | Comparability adjustment | (7.0 | ) | - | (5.6 | ) | (5.8 | ) | ||||||||
34 | Vendor priced | |||||||||||||||||
Mortgage loans held for sale (residential) | 952 | Discounted cash flow | Default rate | 0.0 | - | 18.2 | 1.2 | |||||||||||
Discount rate | 2.7 | - | 5.5 | 4.7 | ||||||||||||||
Loss severity | 0.0 | - | 32.0 | 22.8 | ||||||||||||||
Prepayment rate | 7.3 | - | 18.2 | 12.8 | ||||||||||||||
2,205 | Market comparable pricing | Comparability adjustment | (53.3 | ) | - | 0.0 | (6.3 | ) | ||||||||||
Loans (2) | 160 | Discounted cash flow | Discount rate | 3.9 | - | 4.4 | 4.2 | |||||||||||
Default rate | 0.0 | 23.1 | 0.8 | |||||||||||||||
Prepayment rate | 7.8 | - | 100.0 | 85.0 | ||||||||||||||
Loss severity | 0.0 | - | 39.7 | 14.2 | ||||||||||||||
Mortgage servicing rights (residential) | 8,126 | Discounted cash flow | Cost to service per loan (3) | $ | 59 | - | 622 | 112 | ||||||||||
Discount rate | 6.3 | - | 9.4 | % | 7.1 | |||||||||||||
Prepayment rate (4) | 11.3 | - | 26.6 | 15.7 | ||||||||||||||
Net derivative assets and (liabilities): | ||||||||||||||||||
Interest rate contracts | 255 | Discounted cash flow | Default rate | 0.0 | - | 5.0 | 1.6 | |||||||||||
Loss severity | 50.0 | - | 50.0 | 50.0 | ||||||||||||||
Prepayment rate | 2.8 | - | 22.0 | 14.8 | ||||||||||||||
65 | Market comparable pricing | Comparability adjustment | (14.1 | ) | (8.9 | ) | (11.8 | ) | ||||||||||
Interest rate contracts: derivative loan commitments | 365 | Discounted cash flow | Fall-out factor | 1.0 | - | 99.0 | 28.0 | |||||||||||
Initial-value servicing | (37.1 | ) | - | 134.0 | bps | 35.0 | ||||||||||||
Equity contracts | 123 | Discounted cash flow | Conversion factor | (9.0 | ) | - | 0.0 | % | (7.7 | ) | ||||||||
Weighted average life | 0.3 | - | 2.8 | yrs | 1.4 | |||||||||||||
94 | Option model | Correlation factor | (77.0 | ) | - | 99.0 | % | 37.4 | ||||||||||
Volatility factor | 6.5 | - | 92.9 | 26.3 | ||||||||||||||
Credit contracts | 3 | Market comparable pricing | Comparability adjustment | (78.9 | ) | - | 135.2 | (13.6 | ) | |||||||||
44 | Option model | Credit spread | 0.1 | - | 49.2 | 2.7 | ||||||||||||
Loss severity | 12.0 | - | 60.0 | 45.6 | ||||||||||||||
Nonmarketable equity securities | 6,751 | Market comparable pricing | Comparability adjustment | 3.5 | - | 22.9 | 14.4 | |||||||||||
Insignificant Level 3 assets, net of liabilities | (30 | ) | ||||||||||||||||
Total level 3 assets, net of liabilities | $ | 21,914 | (5) |
($ in millions, except cost to service amounts) | Fair Value Level 3 | Valuation Technique(s) | Significant Unobservable Inputs | Range of Inputs Positive (Negative) | Weighted Average | |||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Trading and available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||
Securities of U.S. states and political subdivisions | $ | 379 | Discounted cash flow | Discount rate | 1.3 | - | 5.4 | % | 2.4 | |||||||||||||||||||||||||||||
34 | Vendor priced | |||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 183 | Market comparable pricing | Comparability adjustment | (15.0) | - | 19.2 | 1.3 | |||||||||||||||||||||||||||||||
Corporate debt securities | 220 | Discounted cash flow | Discount rate | 3.2 | 14.9 | 9.2 | ||||||||||||||||||||||||||||||||
60 | Market comparable pricing | Comparability adjustment | (19.7) | 14.0 | (4.4) | |||||||||||||||||||||||||||||||||
125 | Vendor priced | |||||||||||||||||||||||||||||||||||||
Other debt securities | 92 | Discounted cash flow | Discount rate | 2.3 | - | 3.1 | 2.8 | |||||||||||||||||||||||||||||||
651 | Vendor priced | |||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale (residential) | 1,183 | Discounted cash flow | Default rate | 0.0 | - | 15.5 | 0.7 | |||||||||||||||||||||||||||||||
Discount rate | 3.0 | - | 5.6 | 4.5 | ||||||||||||||||||||||||||||||||||
Loss severity | 0.0 | - | 43.5 | 21.7 | ||||||||||||||||||||||||||||||||||
Prepayment rate | 5.7 | - | 15.4 | 7.8 | ||||||||||||||||||||||||||||||||||
15 | Market comparable pricing | Comparability adjustment | (56.3) | - | (6.3) | (40.3) | ||||||||||||||||||||||||||||||||
Loans (1) | 171 | Discounted cash flow | Discount rate | 3.9 | - | 4.3 | 4.1 | |||||||||||||||||||||||||||||||
Prepayment rate | 6.0 | - | 100.0 | 85.6 | ||||||||||||||||||||||||||||||||||
Loss severity | 0.0 | - | 36.5 | 14.1 | ||||||||||||||||||||||||||||||||||
Mortgage servicing rights (residential) | 11,517 | Discounted cash flow | Cost to service per loan (2) | $ | 61 | - | 495 | 102 | ||||||||||||||||||||||||||||||
Discount rate | 6.0 | - | 13.6 | % | 7.2 | |||||||||||||||||||||||||||||||||
Prepayment rate (3) | 9.6 | - | 24.4 | 11.9 | ||||||||||||||||||||||||||||||||||
Net derivative assets and (liabilities): | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 146 | Discounted cash flow | Default rate | 0.0 | - | 5.0 | 1.7 | |||||||||||||||||||||||||||||||
Loss severity | 50.0 | - | 50.0 | 50.0 | ||||||||||||||||||||||||||||||||||
Prepayment rate | 2.8 | - | 25.0 | 15.0 | ||||||||||||||||||||||||||||||||||
Interest rate contracts: derivative loan commitments | 68 | Discounted cash flow | Fall-out factor | 1.0 | - | 99.0 | 16.7 | |||||||||||||||||||||||||||||||
Initial-value servicing | (32.2) | - | 149.0 | bps | 36.4 | |||||||||||||||||||||||||||||||||
Equity contracts | 147 | Discounted cash flow | Conversion factor | (8.8) | - | 0.0 | % | (7.7) | ||||||||||||||||||||||||||||||
Weighted average life | 0.5 | - | 3.0 | yrs | 1.5 | |||||||||||||||||||||||||||||||||
(416) | Option model | Correlation factor | (77.0) | - | 99.0 | % | 23.8 | |||||||||||||||||||||||||||||||
Volatility factor | 6.8 | - | 100.0 | 18.7 | ||||||||||||||||||||||||||||||||||
Credit contracts | 2 | Market comparable pricing | Comparability adjustment | (56.1) | - | 10.8 | (16.0) | |||||||||||||||||||||||||||||||
27 | Option model | Credit spread | 0.0 | - | 17.8 | 0.8 | ||||||||||||||||||||||||||||||||
Loss severity | 12.0 | - | 60.0 | 45.6 | ||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | 7,847 | Market comparable pricing | Comparability adjustment | (20.2) | - | (4.2) | (14.6) | |||||||||||||||||||||||||||||||
Insignificant Level 3 assets, net of liabilities | 27 | |||||||||||||||||||||||||||||||||||||
Total level 3 assets, net of liabilities | $ | 22,478 | (4) |
($ in millions, except cost to service amounts) | Fair Value Level 3 | Valuation Technique(s) | Significant Unobservable Inputs | Range of Inputs Positive (Negative) | Weighted Average | |||||||||||||
December 31, 2019 | ||||||||||||||||||
Trading and available-for-sale debt securities: | ||||||||||||||||||
Securities of U.S. states and political subdivisions: | ||||||||||||||||||
Government, healthcare and other revenue bonds | $ | 379 | Discounted cash flow | Discount rate | 1.3 | - | 5.4 | % | 2.4 | |||||||||
34 | Vendor priced | |||||||||||||||||
Collateralized loan and other debt obligations | 183 | Market comparable pricing | Comparability adjustment | (15.0 | ) | - | 19.2 | 1.3 | ||||||||||
640 | Vendor priced | |||||||||||||||||
Corporate debt securities | 220 | Discounted cash flow | Discount rate | 3.2 | 14.9 | 9.2 | ||||||||||||
60 | Market comparable pricing | Comparability adjustment | (19.7 | ) | 14.0 | (4.4 | ) | |||||||||||
125 | Vendor priced | |||||||||||||||||
Asset-backed securities: | ||||||||||||||||||
Diversified payment rights (1) | 92 | Discounted cash flow | Discount rate | 2.3 | - | 3.1 | 2.8 | |||||||||||
Other commercial and consumer | 11 | Vendor priced | ||||||||||||||||
Mortgage loans held for sale (residential) | 1,183 | Discounted cash flow | Default rate | 0.0 | - | 15.5 | 0.7 | |||||||||||
Discount rate | 3.0 | - | 5.6 | 4.5 | ||||||||||||||
Loss severity | 0.0 | - | 43.5 | 21.7 | ||||||||||||||
Prepayment rate | 5.7 | - | 15.4 | 7.8 | ||||||||||||||
15 | Market comparable pricing | Comparability adjustment | (56.3 | ) | - | (6.3 | ) | (40.3 | ) | |||||||||
Loans (2) | 171 | Discounted cash flow | Discount rate | 3.9 | - | 4.3 | 4.1 | |||||||||||
Prepayment rate | 6.0 | - | 100.0 | 85.6 | ||||||||||||||
Loss severity | 0.0 | - | 36.5 | 14.1 | ||||||||||||||
Mortgage servicing rights (residential) | 11,517 | Discounted cash flow | Cost to service per loan (3) | $ | 61 | - | 495 | 102 | ||||||||||
Discount rate | 6.0 | - | 13.6 | % | 7.2 | |||||||||||||
Prepayment rate (4) | 9.6 | - | 24.4 | 11.9 | ||||||||||||||
Net derivative assets and (liabilities): | ||||||||||||||||||
Interest rate contracts | 146 | Discounted cash flow | Default rate | 0.0 | - | 5.0 | 1.7 | |||||||||||
Loss severity | 50.0 | - | 50.0 | 50.0 | ||||||||||||||
Prepayment rate | 2.8 | - | 25.0 | 15.0 | ||||||||||||||
Interest rate contracts: derivative loan commitments | 68 | Discounted cash flow | Fall-out factor | 1.0 | - | 99.0 | 16.7 | |||||||||||
Initial-value servicing | (32.2 | ) | - | 149.0 | bps | 36.4 | ||||||||||||
Equity contracts | 147 | Discounted cash flow | Conversion factor | (8.8 | ) | - | 0.0 | % | (7.7 | ) | ||||||||
Weighted average life | 0.5 | - | 3.0 | yrs | 1.5 | |||||||||||||
(416 | ) | Option model | Correlation factor | (77.0 | ) | - | 99.0 | % | 23.8 | |||||||||
Volatility factor | 6.8 | - | 100.0 | 18.7 | ||||||||||||||
Credit contracts | 2 | Market comparable pricing | Comparability adjustment | (56.1 | ) | - | 10.8 | (16.0 | ) | |||||||||
27 | Option model | Credit spread | 0.0 | - | 17.8 | 0.8 | ||||||||||||
Loss severity | 12.0 | - | 60.0 | 45.6 | ||||||||||||||
Nonmarketable equity securities | 7,847 | Market comparable pricing | Comparability adjustment | (20.2 | ) | - | (4.2 | ) | (14.6 | ) | ||||||||
Insignificant Level 3 assets, net of liabilities | 27 | |||||||||||||||||
Total level 3 assets, net of liabilities | $ | 22,478 | (5) |
(3)Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior. (4)Consists of total Level 3 assets of $24.3 billion and total Level 3 liabilities of $1.8 billion, |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale (1) | $ | 0 | 864 | 1,825 | 2,689 | 0 | 2,034 | 3,803 | 5,837 | ||||||||||||||||||||||||||||||||||||||
Loans held for sale | 0 | 9 | 0 | 9 | 0 | 5 | 0 | 5 | |||||||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 1,065 | 0 | 1,065 | 0 | 280 | 0 | 280 | |||||||||||||||||||||||||||||||||||||||
Consumer | 0 | 289 | 0 | 289 | 0 | 213 | 1 | 214 | |||||||||||||||||||||||||||||||||||||||
Total loans | 0 | 1,354 | 0 | 1,354 | 0 | 493 | 1 | 494 | |||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights (commercial) | 0 | 0 | 534 | 534 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Nonmarketable equity securities | 0 | 1,805 | 998 | 2,803 | 0 | 1,308 | 173 | 1,481 | |||||||||||||||||||||||||||||||||||||||
Other assets | 0 | 1,098 | 417 | 1,515 | 0 | 359 | 27 | 386 | |||||||||||||||||||||||||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | 0 | 5,130 | 3,774 | 8,904 | 0 | 4,199 | 4,004 | 8,203 |
March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Mortgage loans held for sale (1) | $ | — | 1,450 | 2,868 | 4,318 | — | 2,034 | 3,803 | 5,837 | |||||||||||||||
Loans held for sale | — | 161 | — | 161 | — | 5 | — | 5 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||
Commercial | — | 207 | — | 207 | — | 280 | — | 280 | ||||||||||||||||
Consumer | — | 103 | — | 103 | — | 213 | 1 | 214 | ||||||||||||||||
Total loans | — | 310 | — | 310 | — | 493 | 1 | 494 | ||||||||||||||||
Nonmarketable equity securities | — | 639 | 844 | 1,483 | — | 1,308 | 173 | 1,481 | ||||||||||||||||
Other assets | — | 209 | 390 | 599 | — | 359 | 27 | 386 | ||||||||||||||||
Total assets at fair value on a nonrecurring basis | $ | — | 2,769 | 4,102 | 6,871 | — | 4,199 | 4,004 | 8,203 |
Nine months ended September 30, | |||||||||||
(in millions) | 2020 | 2019 | |||||||||
Mortgage loans held for sale | $ | (72) | 14 | ||||||||
Loans held for sale | (5) | (2) | |||||||||
Loans: | |||||||||||
Commercial | (594) | (181) | |||||||||
Consumer | (192) | (168) | |||||||||
Total loans | (786) | (349) | |||||||||
Mortgage servicing rights (commercial) | (37) | 0 | |||||||||
Nonmarketable equity securities | 102 | 379 | |||||||||
Other assets | (468) | (29) | |||||||||
Total | $ | (1,266) | 13 |
Quarter ended March 31, | ||||||
(in millions) | 2020 | 2019 | ||||
Mortgage loans held for sale | $ | (38 | ) | 20 | ||
Loans held for sale | (1 | ) | — | |||
Loans: | ||||||
Commercial | (95 | ) | (74 | ) | ||
Consumer | (71 | ) | (79 | ) | ||
Total loans | (166 | ) | (153 | ) | ||
Nonmarketable equity securities | (424 | ) | 149 | |||
Other assets | (334 | ) | (18 | ) | ||
Total | $ | (963 | ) | (2 | ) |
($ in millions) | Fair Value Level 3 | Valuation Technique(s) (1) | Significant Unobservable Inputs (1) | Range of Inputs Positive (Negative) | Weighted Average | ||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||
Residential mortgage loans held for sale | $ | 1,825 | (2) | Discounted cash flow | Default rate | (3) | 0.8 | — | 68.5 | % | 26.8 | ||||||||||||||||||||||||
Discount rate | 0.6 | — | 8.5 | 3.9 | |||||||||||||||||||||||||||||||
Loss severity | 0.8 | — | 65.1 | 8.1 | |||||||||||||||||||||||||||||||
Prepayment rate | (4) | 4.1 | — | 100.0 | 43.3 | ||||||||||||||||||||||||||||||
Mortgage servicing rights (commercial) | 534 | Discounted cash flow | Cost to service per loan | $ | 150 | — | 3,377 | 2,774 | |||||||||||||||||||||||||||
Discount rate | 2.1 | — | 2.1 | % | 2.1 | ||||||||||||||||||||||||||||||
Prepayment rate | 0.0 | — | 20.0 | 5.0 | |||||||||||||||||||||||||||||||
Nonmarketable equity securities (5) | 874 | Market comparable pricing | Multiples | 0.1x | — | 10.9x | 4.9x | ||||||||||||||||||||||||||||
357 | Market comparable pricing | Comparability adjustment | (100.0) | — | (47.0) | % | (51.4) | ||||||||||||||||||||||||||||
77 | Other | Company risk factor | (100.0) | — | (20.0) | (52.0) | |||||||||||||||||||||||||||||
104 | Discounted cash flow | Discount rate | 10.0 | — | 20.0 | 11.1 | |||||||||||||||||||||||||||||
Company risk factor | (72.0) | — | 0.0 | (33.6) | |||||||||||||||||||||||||||||||
Crude oil prices ($/barrel) | $ | 42 | — | 48 | 47 | ||||||||||||||||||||||||||||||
Natural gas prices ($/MMBtu) | 2 | — | 2 | 2 | |||||||||||||||||||||||||||||||
Insignificant level 3 assets | 3 | ||||||||||||||||||||||||||||||||||
Total | $ | 3,774 | |||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Residential mortgage loans held for sale | $ | 3,803 | (2) | Discounted cash flow | Default rate | (3) | 0.3 | — | 48.3 | % | 4.6 | ||||||||||||||||||||||||
Discount rate | 1.5 | — | 9.4 | 4.3 | |||||||||||||||||||||||||||||||
Loss severity | 0.4 | — | 100.0 | 23.4 | |||||||||||||||||||||||||||||||
Prepayment rate | (4) | 4.8 | — | 100.0 | 23.2 | ||||||||||||||||||||||||||||||
Insignificant level 3 assets | 201 | ||||||||||||||||||||||||||||||||||
Total | $ | 4,004 |
($ in millions) | Fair Value Level 3 | Valuation Technique(s) (1) | Significant Unobservable Inputs (1) | Range of Inputs Positive (Negative) | Weighted Average (2) | |||||||||||
March 31, 2020 | ||||||||||||||||
Residential mortgage loans held for sale | $ | 2,868 | (3) | Discounted cash flow | Default rate | (4) | 0.4 | — | 51.3 | % | 7.2 | % | ||||
Discount rate | 1.5 | — | 8.7 | 4.1 | ||||||||||||
Loss severity | 0.5 | — | 72.1 | 16.2 | ||||||||||||
Prepayment rate | (5) | 5.0 | — | 100.0 | 23.8 | |||||||||||
Nonmarketable equity securities (6) | 658 | Market comparable pricing | Multiples | 0.1x | — | 11.6x | 4.9x | |||||||||
348 | Market comparable pricing | Comparability adjustment | (100.0 | ) | — | (6.0 | )% | (45.5 | )% | |||||||
226 | Other | Company risk factor | (100.0 | ) | — | (20.0 | ) | (40.9 | ) | |||||||
Insignificant level 3 assets | 2 | |||||||||||||||
Total | $ | 4,102 | ||||||||||||||
December 31, 2019 | ||||||||||||||||
Residential mortgage loans held for sale | $ | 3,803 | (3) | Discounted cash flow | Default rate | (4) | 0.3 | — | 48.3 | % | 4.6 | % | ||||
Discount rate | 1.5 | — | 9.4 | 4.3 | ||||||||||||
Loss severity | 0.4 | — | 100.0 | 23.4 | ||||||||||||
Prepayment rate | (5) | 4.8 | — | 100.0 | 23.2 | |||||||||||
Insignificant level 3 assets | 201 | |||||||||||||||
Total | $ | 4,004 |
(3) |
(4)Includes the impact on prepayment rate of expected defaults for government insured/guaranteed loans, which impact the frequency and timing of early resolution of loans. (5)Includes $417 million of private equity and venture capital investments in consolidated portfolio companies classified in other assets on the balance sheet. |
March 31, 2020 | December 31, 2019 | |||||||||||||||||
(in millions) | Fair value carrying amount | Aggregate unpaid principal | Fair value carrying amount less aggregate unpaid principal | Fair value carrying amount | Aggregate unpaid principal | Fair value carrying amount less aggregate unpaid principal | ||||||||||||
Mortgage loans held for sale: | ||||||||||||||||||
Total loans | $ | 16,665 | 16,096 | 569 | 16,606 | 16,279 | 327 | |||||||||||
Nonaccrual loans | 131 | 155 | (24 | ) | 133 | 157 | (24 | ) | ||||||||||
Loans 90 days or more past due and still accruing | 10 | 13 | (3 | ) | 8 | 10 | (2 | ) | ||||||||||
Loans held for sale: | ||||||||||||||||||
Total loans | 1,673 | 1,804 | (131 | ) | 972 | 1,020 | (48 | ) | ||||||||||
Nonaccrual loans | 17 | 30 | (13 | ) | 21 | 29 | (8 | ) | ||||||||||
Loans: | ||||||||||||||||||
Total loans | 160 | 189 | (29 | ) | 171 | 201 | (30 | ) | ||||||||||
Nonaccrual loans | 123 | 151 | (28 | ) | 129 | 159 | (30 | ) |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(in millions) | Fair value carrying amount | Aggregate unpaid principal | Fair value carrying amount less aggregate unpaid principal | Fair value carrying amount | Aggregate unpaid principal | Fair value carrying amount less aggregate unpaid principal | |||||||||||||||||||||||||||||
Mortgage loans held for sale: | |||||||||||||||||||||||||||||||||||
Total loans | $ | 19,884 | 19,131 | 753 | 16,606 | 16,279 | 327 | ||||||||||||||||||||||||||||
Nonaccrual loans | 158 | 190 | (32) | 133 | 157 | (24) | |||||||||||||||||||||||||||||
Loans 90 days or more past due and still accruing | 21 | 24 | (3) | 8 | 10 | (2) | |||||||||||||||||||||||||||||
Loans held for sale: | |||||||||||||||||||||||||||||||||||
Total loans | 1,688 | 1,777 | (89) | 972 | 1,020 | (48) | |||||||||||||||||||||||||||||
Nonaccrual loans | 5 | 39 | (34) | 21 | 29 | (8) | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Total loans | 148 | 180 | (32) | 171 | 201 | (30) | |||||||||||||||||||||||||||||
Nonaccrual loans | 116 | 148 | (32) | 129 | 159 | (30) | |||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||
(in millions) | Mortgage banking noninterest income | Net gains (losses) from trading activities | Other noninterest income | Mortgage banking noninterest income | Net gains (losses) from trading activities | Other noninterest income | ||||||||||||
Quarter ended March 31, | ||||||||||||||||||
Mortgage loans held for sale | $ | 348 | — | — | 214 | — | — | |||||||||||
Loans held for sale | — | (13 | ) | — | — | 14 | 1 | |||||||||||
Loans | — | — | — | — | — | — |
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Mortgage banking noninterest income | Net gains (losses) from trading activities | Other noninterest income | Mortgage banking noninterest income | Net gains (losses) from trading activities | Other noninterest income | |||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | $ | 847 | 0 | 0 | 256 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 0 | 15 | 0 | 0 | 5 | 1 | |||||||||||||||||||||||||||||||||||||||||
Loans | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | $ | 1,944 | 0 | 0 | 849 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 0 | 26 | 0 | 0 | 15 | 2 | |||||||||||||||||||||||||||||||||||||||||
Loans | 0 | 0 | (2) | 0 | 0 | 1 |
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Gains (losses) attributable to instrument-specific credit risk: | |||||||||||||||||||||||
Mortgage loans held for sale | $ | 11 | (13) | $ | (206) | (1) | |||||||||||||||||
Loans held for sale | 13 | 5 | 27 | 16 | |||||||||||||||||||
Total | $ | 24 | (8) | $ | (179) | 15 |
Quarter ended March 31, | |||||
(in millions) | 2020 | 2019 | |||
Gains (losses) attributable to instrument-specific credit risk: | |||||
Mortgage loans held for sale | (182 | ) | (4 | ) | |
Loans held for sale | (12 | ) | 14 | ||
Total | (194 | ) | 10 |
Estimated fair value | |||||||||||||||||||||||||||||
(in millions) | Carrying amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Cash and due from banks (1) | $ | 25,535 | 25,535 | 0 | 0 | 25,535 | |||||||||||||||||||||||
Interest-earning deposits with banks (1) | 221,235 | 221,026 | 209 | 0 | 221,235 | ||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements (1) | 69,304 | 0 | 69,304 | 0 | 69,304 | ||||||||||||||||||||||||
Held-to-maturity debt securities, net | 182,595 | 50,287 | 138,210 | 937 | 189,434 | ||||||||||||||||||||||||
Mortgage loans held for sale | 3,423 | 0 | 1,256 | 2,344 | 3,600 | ||||||||||||||||||||||||
Loans held for sale | 9 | 0 | 9 | 0 | 9 | ||||||||||||||||||||||||
Loans, net (2) | 884,183 | 0 | 56,045 | 843,935 | 899,980 | ||||||||||||||||||||||||
Nonmarketable equity securities (cost method) | 3,585 | 0 | 0 | 3,629 | 3,629 | ||||||||||||||||||||||||
Total financial assets | $ | 1,389,869 | 296,848 | 265,033 | 850,845 | 1,412,726 | |||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Deposits (3) | $ | 67,625 | 0 | 45,069 | 23,297 | 68,366 | |||||||||||||||||||||||
Short-term borrowings | 55,224 | 0 | 55,224 | 0 | 55,224 | ||||||||||||||||||||||||
Long-term debt (4) | 215,682 | 0 | 216,885 | 1,422 | 218,307 | ||||||||||||||||||||||||
Total financial liabilities | $ | 338,531 | 0 | 317,178 | 24,719 | 341,897 | |||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Cash and due from banks (1) | $ | 21,757 | 21,757 | 0 | 0 | 21,757 | |||||||||||||||||||||||
Interest-earning deposits with banks (1) | 119,493 | 119,257 | 236 | 0 | 119,493 | ||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements (1) | 102,140 | 0 | 102,140 | 0 | 102,140 | ||||||||||||||||||||||||
Held-to-maturity debt securities | 153,933 | 46,138 | 109,933 | 789 | 156,860 | ||||||||||||||||||||||||
Mortgage loans held for sale | 6,736 | 0 | 2,939 | 4,721 | 7,660 | ||||||||||||||||||||||||
Loans held for sale | 5 | 0 | 5 | 0 | 5 | ||||||||||||||||||||||||
Loans, net (2) | 933,042 | 0 | 54,125 | 891,714 | 945,839 | ||||||||||||||||||||||||
Nonmarketable equity securities (cost method) | 4,790 | 0 | 0 | 4,823 | 4,823 | ||||||||||||||||||||||||
Total financial assets | $ | 1,341,896 | 187,152 | 269,378 | 902,047 | 1,358,577 | |||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Deposits (3) | $ | 118,849 | 0 | 87,279 | 31,858 | 119,137 | |||||||||||||||||||||||
Short-term borrowings | 104,512 | 0 | 104,513 | 0 | 104,513 | ||||||||||||||||||||||||
Long-term debt (4) | 228,159 | 0 | 231,332 | 1,720 | 233,052 | ||||||||||||||||||||||||
Total financial liabilities | $ | 451,520 | 0 | 423,124 | 33,578 | 456,702 |
Estimated fair value | |||||||||||||||
(in millions) | Carrying amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||
March 31, 2020 | |||||||||||||||
Financial assets | |||||||||||||||
Cash and due from banks (1) | $ | 22,738 | 22,738 | — | — | 22,738 | |||||||||
Interest-earning deposits with banks (1) | 128,071 | 127,831 | 240 | — | 128,071 | ||||||||||
Federal funds sold and securities purchased under resale agreements (1) | 86,465 | — | 86,465 | — | 86,465 | ||||||||||
Held-to-maturity debt securities, net | 169,909 | 50,691 | 126,030 | 841 | 177,562 | ||||||||||
Mortgage loans held for sale | 5,130 | — | 2,285 | 3,392 | 5,677 | ||||||||||
Loans held for sale | 210 | — | 210 | — | 210 | ||||||||||
Loans, net (2) | 979,449 | — | 53,806 | 922,616 | 976,422 | ||||||||||
Nonmarketable equity securities (cost method) | 4,512 | — | — | 4,548 | 4,548 | ||||||||||
Total financial assets | $ | 1,396,484 | 201,260 | 269,036 | 931,397 | 1,401,693 | |||||||||
Financial liabilities | |||||||||||||||
Deposits (3) | $ | 110,841 | — | 82,565 | 28,732 | 111,297 | |||||||||
Short-term borrowings | 92,289 | — | 92,289 | — | 92,289 | ||||||||||
Long-term debt (4) | 237,311 | — | 226,294 | 1,921 | 228,215 | ||||||||||
Total financial liabilities | $ | 440,441 | — | 401,148 | 30,653 | 431,801 | |||||||||
December 31, 2019 | |||||||||||||||
Financial assets | |||||||||||||||
Cash and due from banks (1) | $ | 21,757 | 21,757 | — | — | 21,757 | |||||||||
Interest-earning deposits with banks (1) | 119,493 | 119,257 | 236 | — | 119,493 | ||||||||||
Federal funds sold and securities purchased under resale agreements (1) | 102,140 | — | 102,140 | — | 102,140 | ||||||||||
Held-to-maturity debt securities | 153,933 | 46,138 | 109,933 | 789 | 156,860 | ||||||||||
Mortgage loans held for sale | 6,736 | — | 2,939 | 4,721 | 7,660 | ||||||||||
Loans held for sale | 5 | — | 5 | — | 5 | ||||||||||
Loans, net (2) | 933,042 | — | 54,125 | 891,714 | 945,839 | ||||||||||
Nonmarketable equity securities (cost method) | 4,790 | — | — | 4,823 | 4,823 | ||||||||||
Total financial assets | $ | 1,341,896 | 187,152 | 269,378 | 902,047 | 1,358,577 | |||||||||
Financial liabilities | |||||||||||||||
Deposits (3) | $ | 118,849 | — | 87,279 | 31,858 | 119,137 | |||||||||
Short-term borrowings | 104,512 | — | 104,513 | — | 104,513 | ||||||||||
Long-term debt (4) | 228,159 | — | 231,332 | 1,720 | 233,052 | ||||||||||
Total financial liabilities | $ | 451,520 | — | 423,124 | 33,578 | 456,702 |
Note 17: Preferred Stock |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Liquidation preference per share | Shares authorized and designated | Liquidation preference per share | Shares authorized and designated | ||||||||||||||||||||
DEP Shares | |||||||||||||||||||||||
Dividend Equalization Preferred Shares (DEP) | $ | 10 | 97,000 | $ | 10 | 97,000 | |||||||||||||||||
Series I | |||||||||||||||||||||||
Floating Class A Preferred Stock (1) | 100,000 | 25,010 | 100,000 | 25,010 | |||||||||||||||||||
Series K | |||||||||||||||||||||||
Floating Non-Cumulative Perpetual Class A Preferred Stock (2) | 0 | 0 | 1,000 | 3,500,000 | |||||||||||||||||||
Series L | |||||||||||||||||||||||
7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock (3) | 1,000 | 4,025,000 | 1,000 | 4,025,000 | |||||||||||||||||||
Series N | |||||||||||||||||||||||
5.20% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 30,000 | 25,000 | 30,000 | |||||||||||||||||||
Series O | |||||||||||||||||||||||
5.125% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 27,600 | 25,000 | 27,600 | |||||||||||||||||||
Series P | |||||||||||||||||||||||
5.25% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 26,400 | 25,000 | 26,400 | |||||||||||||||||||
Series Q | |||||||||||||||||||||||
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 69,000 | 25,000 | 69,000 | |||||||||||||||||||
Series R | |||||||||||||||||||||||
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 34,500 | 25,000 | 34,500 | |||||||||||||||||||
Series S | |||||||||||||||||||||||
5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 80,000 | 25,000 | 80,000 | |||||||||||||||||||
Series T | |||||||||||||||||||||||
6.00% Non-Cumulative Perpetual Class A Preferred Stock (4) | 25,000 | 32,200 | 25,000 | 32,200 | |||||||||||||||||||
Series U | |||||||||||||||||||||||
5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 80,000 | 25,000 | 80,000 | |||||||||||||||||||
Series V | |||||||||||||||||||||||
6.00% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 40,000 | 25,000 | 40,000 | |||||||||||||||||||
Series W | |||||||||||||||||||||||
5.70% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 40,000 | 25,000 | 40,000 | |||||||||||||||||||
Series X | |||||||||||||||||||||||
5.50% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 46,000 | 25,000 | 46,000 | |||||||||||||||||||
Series Y | |||||||||||||||||||||||
5.625% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 27,600 | 25,000 | 27,600 | |||||||||||||||||||
Series Z | |||||||||||||||||||||||
4.750% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 80,500 | 0 | 0 | |||||||||||||||||||
ESOP | |||||||||||||||||||||||
Cumulative Convertible Preferred Stock (5) | 0 | 822,242 | 0 | 1,071,418 | |||||||||||||||||||
Total | 5,583,052 | 9,251,728 |
March 31, 2020 | December 31, 2019 | ||||||||||||
Liquidation preference per share | Shares authorized and designated | Liquidation preference per share | Shares authorized and designated | ||||||||||
DEP Shares | |||||||||||||
Dividend Equalization Preferred Shares (DEP) | $ | 10 | 97,000 | $ | 10 | 97,000 | |||||||
Series I | |||||||||||||
Floating Class A Preferred Stock (1) | 100,000 | 25,010 | 100,000 | 25,010 | |||||||||
Series K | |||||||||||||
Floating Non-Cumulative Perpetual Class A Preferred Stock (2) | — | — | 1,000 | 3,500,000 | |||||||||
Series L | |||||||||||||
7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock (3) | 1,000 | 4,025,000 | 1,000 | 4,025,000 | |||||||||
Series N | |||||||||||||
5.20% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 30,000 | 25,000 | 30,000 | |||||||||
Series O | |||||||||||||
5.125% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 27,600 | 25,000 | 27,600 | |||||||||
Series P | |||||||||||||
5.25% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 26,400 | 25,000 | 26,400 | |||||||||
Series Q | |||||||||||||
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 69,000 | 25,000 | 69,000 | |||||||||
Series R | |||||||||||||
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 34,500 | 25,000 | 34,500 | |||||||||
Series S | |||||||||||||
5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 80,000 | 25,000 | 80,000 | |||||||||
Series T | |||||||||||||
6.00% Non-Cumulative Perpetual Class A Preferred Stock (4) | 25,000 | 32,200 | 25,000 | 32,200 | |||||||||
Series U | |||||||||||||
5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 80,000 | 25,000 | 80,000 | |||||||||
Series V | |||||||||||||
6.00% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 40,000 | 25,000 | 40,000 | |||||||||
Series W | |||||||||||||
5.70% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 40,000 | 25,000 | 40,000 | |||||||||
Series X | |||||||||||||
5.50% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 46,000 | 25,000 | 46,000 | |||||||||
Series Y | |||||||||||||
5.625% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 27,600 | 25,000 | 27,600 | |||||||||
Series Z | |||||||||||||
4.750% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 80,500 | — | — | |||||||||
ESOP | |||||||||||||
Cumulative Convertible Preferred Stock (5) | — | 1,071,418 | — | 1,071,418 | |||||||||
Total | 5,832,228 | 9,251,728 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except shares) | Shares issued and outstanding | Liquidation preference value | Carrying value | Discount | Shares issued and outstanding | Liquidation preference value | Carrying value | Discount | |||||||||||||||||||||||||||||||||||||||
DEP Shares | |||||||||||||||||||||||||||||||||||||||||||||||
Dividend Equalization Preferred Shares (DEP) | 96,546 | $ | 0 | 0 | 0 | 96,546 | $ | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Series I (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Floating Class A Preferred Stock | 25,010 | 2,501 | 2,501 | 0 | 25,010 | 2,501 | 2,501 | 0 | |||||||||||||||||||||||||||||||||||||||
Series K (2) | |||||||||||||||||||||||||||||||||||||||||||||||
Floating Non-Cumulative Perpetual Class A Preferred Stock | 0 | 0 | 0 | 0 | 1,802,000 | 1,802 | 1,546 | 256 | |||||||||||||||||||||||||||||||||||||||
Series L (3) | |||||||||||||||||||||||||||||||||||||||||||||||
7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock | 3,967,995 | 3,968 | 3,200 | 768 | 3,967,995 | 3,968 | 3,200 | 768 | |||||||||||||||||||||||||||||||||||||||
Series N | |||||||||||||||||||||||||||||||||||||||||||||||
5.20% Non-Cumulative Perpetual Class A Preferred Stock | 30,000 | 750 | 750 | 0 | 30,000 | 750 | 750 | 0 | |||||||||||||||||||||||||||||||||||||||
Series O | |||||||||||||||||||||||||||||||||||||||||||||||
5.125% Non-Cumulative Perpetual Class A Preferred Stock | 26,000 | 650 | 650 | 0 | 26,000 | 650 | 650 | 0 | |||||||||||||||||||||||||||||||||||||||
Series P | |||||||||||||||||||||||||||||||||||||||||||||||
5.25% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 625 | 625 | 0 | 25,000 | 625 | 625 | 0 | |||||||||||||||||||||||||||||||||||||||
Series Q | |||||||||||||||||||||||||||||||||||||||||||||||
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 69,000 | 1,725 | 1,725 | 0 | 69,000 | 1,725 | 1,725 | 0 | |||||||||||||||||||||||||||||||||||||||
Series R | |||||||||||||||||||||||||||||||||||||||||||||||
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 33,600 | 840 | 840 | 0 | 33,600 | 840 | 840 | 0 | |||||||||||||||||||||||||||||||||||||||
Series S | |||||||||||||||||||||||||||||||||||||||||||||||
5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 80,000 | 2,000 | 2,000 | 0 | 80,000 | 2,000 | 2,000 | 0 | |||||||||||||||||||||||||||||||||||||||
Series T (4) | |||||||||||||||||||||||||||||||||||||||||||||||
6.00% Non-Cumulative Perpetual Class A Preferred Stock | 5,280 | 131 | 131 | 0 | 32,000 | 800 | 800 | 0 | |||||||||||||||||||||||||||||||||||||||
Series U | |||||||||||||||||||||||||||||||||||||||||||||||
5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 80,000 | 2,000 | 2,000 | 0 | 80,000 | 2,000 | 2,000 | 0 | |||||||||||||||||||||||||||||||||||||||
Series V | |||||||||||||||||||||||||||||||||||||||||||||||
6.00% Non-Cumulative Perpetual Class A Preferred Stock | 40,000 | 1,000 | 1,000 | 0 | 40,000 | 1,000 | 1,000 | 0 | |||||||||||||||||||||||||||||||||||||||
Series W | |||||||||||||||||||||||||||||||||||||||||||||||
5.70% Non-Cumulative Perpetual Class A Preferred Stock | 40,000 | 1,000 | 1,000 | 0 | 40,000 | 1,000 | 1,000 | 0 | |||||||||||||||||||||||||||||||||||||||
Series X | |||||||||||||||||||||||||||||||||||||||||||||||
5.50% Non-Cumulative Perpetual Class A Preferred Stock | 46,000 | 1,150 | 1,150 | 0 | 46,000 | 1,150 | 1,150 | 0 | |||||||||||||||||||||||||||||||||||||||
Series Y | |||||||||||||||||||||||||||||||||||||||||||||||
5.625% Non-Cumulative Perpetual Class A Preferred Stock | 27,600 | 690 | 690 | 0 | 27,600 | 690 | 690 | 0 | |||||||||||||||||||||||||||||||||||||||
Series Z | |||||||||||||||||||||||||||||||||||||||||||||||
4.750% Non-Cumulative Perpetual Class A Preferred Stock | 80,500 | 2,013 | 2,013 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
ESOP | |||||||||||||||||||||||||||||||||||||||||||||||
Cumulative Convertible Preferred Stock | 822,242 | 823 | 823 | 0 | 1,071,418 | 1,072 | 1,072 | 0 | |||||||||||||||||||||||||||||||||||||||
Total | 5,494,773 | $ | 21,866 | 21,098 | 768 | 7,492,169 | $ | 22,573 | 21,549 | 1,024 |
March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||
(in millions, except shares) | Shares issued and outstanding | Liquidation preference value | Carrying value | Discount | Shares issued and outstanding | Liquidation preference value | Carrying value | Discount | |||||||||||||||||
DEP Shares | |||||||||||||||||||||||||
Dividend Equalization Preferred Shares (DEP) | 96,546 | $ | — | — | — | 96,546 | $ | — | — | — | |||||||||||||||
Series I (1) | |||||||||||||||||||||||||
Floating Class A Preferred Stock | 25,010 | 2,501 | 2,501 | — | 25,010 | 2,501 | 2,501 | — | |||||||||||||||||
Series K (2) | |||||||||||||||||||||||||
Floating Non-Cumulative Perpetual Class A Preferred Stock | — | — | — | — | 1,802,000 | 1,802 | 1,546 | 256 | |||||||||||||||||
Series L (3) | |||||||||||||||||||||||||
7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock | 3,967,995 | 3,968 | 3,200 | 768 | 3,967,995 | 3,968 | 3,200 | 768 | |||||||||||||||||
Series N | |||||||||||||||||||||||||
5.20% Non-Cumulative Perpetual Class A Preferred Stock | 30,000 | 750 | 750 | — | 30,000 | 750 | 750 | — | |||||||||||||||||
Series O | |||||||||||||||||||||||||
5.125% Non-Cumulative Perpetual Class A Preferred Stock | 26,000 | 650 | 650 | — | 26,000 | 650 | 650 | — | |||||||||||||||||
Series P | |||||||||||||||||||||||||
5.25% Non-Cumulative Perpetual Class A Preferred Stock | 25,000 | 625 | 625 | — | 25,000 | 625 | 625 | — | |||||||||||||||||
Series Q | |||||||||||||||||||||||||
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 69,000 | 1,725 | 1,725 | — | 69,000 | 1,725 | 1,725 | — | |||||||||||||||||
Series R | |||||||||||||||||||||||||
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 33,600 | 840 | 840 | — | 33,600 | 840 | 840 | — | |||||||||||||||||
Series S | |||||||||||||||||||||||||
5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 80,000 | 2,000 | 2,000 | — | 80,000 | 2,000 | 2,000 | — | |||||||||||||||||
Series T (4) | |||||||||||||||||||||||||
6.00% Non-Cumulative Perpetual Class A Preferred Stock | 5,280 | 131 | 131 | — | 32,000 | 800 | 800 | — | |||||||||||||||||
Series U | |||||||||||||||||||||||||
5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock | 80,000 | 2,000 | 2,000 | — | 80,000 | 2,000 | 2,000 | — | |||||||||||||||||
Series V | |||||||||||||||||||||||||
6.00% Non-Cumulative Perpetual Class A Preferred Stock | 40,000 | 1,000 | 1,000 | — | 40,000 | 1,000 | 1,000 | — | |||||||||||||||||
Series W | |||||||||||||||||||||||||
5.70% Non-Cumulative Perpetual Class A Preferred Stock | 40,000 | 1,000 | 1,000 | — | 40,000 | 1,000 | 1,000 | — | |||||||||||||||||
Series X | |||||||||||||||||||||||||
5.50% Non-Cumulative Perpetual Class A Preferred Stock | 46,000 | 1,150 | 1,150 | — | 46,000 | 1,150 | 1,150 | — | |||||||||||||||||
Series Y | |||||||||||||||||||||||||
5.625% Non-Cumulative Perpetual Class A Preferred Stock | 27,600 | 690 | 690 | — | 27,600 | 690 | 690 | — | |||||||||||||||||
Series Z | |||||||||||||||||||||||||
4.750% Non-Cumulative Perpetual Class A Preferred Stock | 80,500 | 2,013 | 2,013 | — | — | — | — | — | |||||||||||||||||
ESOP | |||||||||||||||||||||||||
Cumulative Convertible Preferred Stock | 1,071,418 | 1,072 | 1,072 | — | 1,071,418 | 1,072 | 1,072 | — | |||||||||||||||||
Total | 5,743,949 | $ | 22,115 | 21,347 | 768 | 7,492,169 | $ | 22,573 | 21,549 | 1,024 |
(2)Floating rate for Preferred Stock, Series K, is three-month LIBOR plus 3.77%. In first quarter 2020, the remaining $1.8 billion of Preferred Stock, Series K, was redeemed. (3)Preferred Stock, Series L, may be converted at any time, at the option of the holder, into 6.3814 shares of our common stock, plus cash in lieu of fractional shares, subject to anti-dilution adjustments. (4)In first quarter 2020, $669 million of Preferred Stock, Series T, was redeemed. 158 |
Shares issued and outstanding | Carrying value | Adjustable dividend rate | |||||||||||||||||||||||||||||||||
(in millions, except shares) | Sep 30, 2020 | Dec 31, 2019 | Sep 30, 2020 | Dec 31, 2019 | Minimum | Maximum | |||||||||||||||||||||||||||||
ESOP Preferred Stock | |||||||||||||||||||||||||||||||||||
$1,000 liquidation preference per share | |||||||||||||||||||||||||||||||||||
2018 | 221,945 | 254,945 | 222 | 255 | 7.00 | % | 8.00 | % | |||||||||||||||||||||||||||
2017 | 163,210 | 192,210 | 163 | 192 | 7.00 | 8.00 | |||||||||||||||||||||||||||||
2016 | 162,450 | 197,450 | 163 | 198 | 9.30 | 10.30 | |||||||||||||||||||||||||||||
2015 | 92,904 | 116,784 | 93 | 117 | 8.90 | 9.90 | |||||||||||||||||||||||||||||
2014 | 99,151 | 136,151 | 99 | 136 | 8.70 | 9.70 | |||||||||||||||||||||||||||||
2013 | 61,948 | 97,948 | 62 | 98 | 8.50 | 9.50 | |||||||||||||||||||||||||||||
2012 | 20,634 | 49,134 | 21 | 49 | 10.00 | 11.00 | |||||||||||||||||||||||||||||
2011 | 0 | 26,796 | 0 | 27 | 9.00 | 10.00 | |||||||||||||||||||||||||||||
Total ESOP Preferred Stock (1) | 822,242 | 1,071,418 | $ | 823 | 1,072 | ||||||||||||||||||||||||||||||
Unearned ESOP shares (2) | $ | (875) | (1,143) |
Shares issued and outstanding | Carrying value | Adjustable dividend rate | ||||||||||||||||
(in millions, except shares) | Mar 31, 2020 | Dec 31, 2019 | Mar 31, 2020 | Dec 31, 2019 | Minimum | Maximum | ||||||||||||
ESOP Preferred Stock | ||||||||||||||||||
$1,000 liquidation preference per share | ||||||||||||||||||
2018 | 254,945 | 254,945 | 255 | 255 | 7.00 | % | 8.00 | % | ||||||||||
2017 | 192,210 | 192,210 | 192 | 192 | 7.00 | 8.00 | ||||||||||||
2016 | 197,450 | 197,450 | 198 | 198 | 9.30 | 10.30 | ||||||||||||
2015 | 116,784 | 116,784 | 117 | 117 | 8.90 | 9.90 | ||||||||||||
2014 | 136,151 | 136,151 | 136 | 136 | 8.70 | 9.70 | ||||||||||||
2013 | 97,948 | 97,948 | 98 | 98 | 8.50 | 9.50 | ||||||||||||
2012 | 49,134 | 49,134 | 49 | 49 | 10.00 | 11.00 | ||||||||||||
2011 | 26,796 | 26,796 | 27 | 27 | 9.00 | 10.00 | ||||||||||||
Total ESOP Preferred Stock (1) | 1,071,418 | 1,071,418 | $ | 1,072 | 1,072 | |||||||||||||
Unearned ESOP shares (2) | $ | (1,143 | ) | (1,143 | ) |
Note 18: Revenue from Contracts with Customers |
Quarter ended September 30, | ||||||||||||||||||||||||||||||||
Community Banking | Wholesale Banking | Wealth and Investment Management | Other | Consolidated Company | ||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net interest income (1) | $ | 5,587 | 6,769 | 3,481 | 4,382 | 771 | 989 | (471) | (515) | 9,368 | 11,625 | |||||||||||||||||||||
Noninterest income (2) | ||||||||||||||||||||||||||||||||
Deposit-related fees | 723 | 952 | 574 | 527 | 7 | 6 | (5) | (5) | 1,299 | 1,480 | ||||||||||||||||||||||
Trust and investment fees: | ||||||||||||||||||||||||||||||||
Brokerage advisory, commissions and other fees: | ||||||||||||||||||||||||||||||||
Asset-based revenue (3) | 386 | 381 | 0 | 0 | 1,768 | 1,741 | (386) | (382) | 1,768 | 1,740 | ||||||||||||||||||||||
Transactional revenue | 86 | 105 | 4 | (8) | 357 | 376 | (86) | (92) | 361 | 381 | ||||||||||||||||||||||
Other revenue | 17 | 18 | 66 | 70 | 140 | 155 | (16) | (18) | 207 | 225 | ||||||||||||||||||||||
Total brokerage advisory, commissions and other fees | 489 | 504 | 70 | 62 | 2,265 | 2,272 | (488) | (492) | 2,336 | 2,346 | ||||||||||||||||||||||
Trust and investment management: | ||||||||||||||||||||||||||||||||
Investment management fees | 0 | 0 | 0 | 0 | 506 | 510 | 0 | 0 | 506 | 510 | ||||||||||||||||||||||
Trust fees | 188 | 203 | 85 | 85 | 99 | 106 | (201) | (210) | 171 | 184 | ||||||||||||||||||||||
Other revenue | 0 | 0 | 55 | 36 | 5 | (1) | 0 | 0 | 60 | 35 | ||||||||||||||||||||||
Total trust and investment management | 188 | 203 | 140 | 121 | 610 | 615 | (201) | (210) | 737 | 729 | ||||||||||||||||||||||
Investment banking | 0 | (26) | 440 | 510 | 4 | 0 | (3) | 0 | 441 | 484 | ||||||||||||||||||||||
Total trust and investment fees | 677 | 681 | 650 | 693 | 2,879 | 2,887 | (692) | (702) | 3,514 | 3,559 | ||||||||||||||||||||||
Card fees: | ||||||||||||||||||||||||||||||||
Card interchange and network revenues (4) | 733 | 750 | 55 | 90 | 1 | 2 | 0 | (1) | 789 | 841 | ||||||||||||||||||||||
Other card fees (1) | 123 | 186 | 0 | 0 | 0 | 0 | 0 | 0 | 123 | 186 | ||||||||||||||||||||||
Total card fees | 856 | 936 | 55 | 90 | 1 | 2 | 0 | (1) | 912 | 1,027 | ||||||||||||||||||||||
Lending-related fees (1) | 42 | 60 | 310 | 314 | 2 | 2 | (2) | (2) | 352 | 374 | ||||||||||||||||||||||
Mortgage banking (1) | 1,542 | 339 | 49 | 128 | (3) | (3) | 2 | 2 | 1,590 | 466 | ||||||||||||||||||||||
Net gains (losses) from trading activities (1) | (11) | 19 | 363 | 247 | 9 | 10 | 0 | 0 | 361 | 276 | ||||||||||||||||||||||
Net gains (losses) on debt securities (1) | 240 | (1) | 24 | 4 | 0 | 0 | 0 | 0 | 264 | 3 | ||||||||||||||||||||||
Net gains (losses) from equity securities (1) | 587 | 822 | 59 | 135 | 3 | (1) | 0 | 0 | 649 | 956 | ||||||||||||||||||||||
Lease income (1) | 0 | 0 | 333 | 402 | 0 | 0 | 0 | 0 | 333 | 402 | ||||||||||||||||||||||
Other (1) | 479 | 662 | (304) | 20 | 125 | 1,249 | (80) | (89) | 220 | 1,842 | ||||||||||||||||||||||
Total noninterest income | 5,135 | 4,470 | 2,113 | 2,560 | 3,023 | 4,152 | (777) | (797) | 9,494 | 10,385 | ||||||||||||||||||||||
Total revenue | $ | 10,722 | 11,239 | 5,594 | 6,942 | 3,794 | 5,141 | (1,248) | (1,312) | 18,862 | 22,010 |
Quarter ended Mar 31, | |||||||||||||||||||||
Community Banking | Wholesale Banking | Wealth and Investment Management | Other | Consolidated Company | |||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net interest income (1) | $ | 6,787 | 7,248 | 4,136 | 4,534 | 867 | 1,101 | (478 | ) | (572 | ) | 11,312 | 12,311 | ||||||||
Noninterest income: | |||||||||||||||||||||
Service charges on deposit accounts | 700 | 610 | 508 | 483 | 5 | 4 | (4 | ) | (3 | ) | 1,209 | 1,094 | |||||||||
Trust and investment fees: | |||||||||||||||||||||
Brokerage advisory, commissions and other fees | 518 | 449 | 90 | 78 | 2,397 | 2,124 | (523 | ) | (458 | ) | 2,482 | 2,193 | |||||||||
Trust and investment management | 194 | 210 | 131 | 114 | 582 | 676 | (206 | ) | (214 | ) | 701 | 786 | |||||||||
Investment banking | (99 | ) | (20 | ) | 490 | 412 | 1 | 5 | (1 | ) | (3 | ) | 391 | 394 | |||||||
Total trust and investment fees | 613 | 639 | 711 | 604 | 2,980 | 2,805 | (730 | ) | (675 | ) | 3,574 | 3,373 | |||||||||
Card fees | 809 | 858 | 83 | 86 | 1 | 1 | (1 | ) | (1 | ) | 892 | 944 | |||||||||
Other fees: | |||||||||||||||||||||
Lending related charges and fees (1) | 50 | 65 | 278 | 282 | 2 | 2 | (2 | ) | (2 | ) | 328 | 347 | |||||||||
Cash network fees | 106 | 109 | — | — | — | — | — | — | 106 | 109 | |||||||||||
Commercial real estate brokerage commissions | — | — | 1 | 81 | — | — | — | — | 1 | 81 | |||||||||||
Wire transfer and other remittance fees | 66 | 64 | 43 | 48 | 2 | 2 | (1 | ) | (1 | ) | 110 | 113 | |||||||||
All other fees (1) | 63 | 94 | 24 | 26 | — | — | — | — | 87 | 120 | |||||||||||
Total other fees | 285 | 332 | 346 | 437 | 4 | 4 | (3 | ) | (3 | ) | 632 | 770 | |||||||||
Mortgage banking (1) | 340 | 641 | 40 | 68 | (3 | ) | (3 | ) | 2 | 2 | 379 | 708 | |||||||||
Insurance (1) | 11 | 11 | 75 | 78 | 19 | 17 | (10 | ) | (10 | ) | 95 | 96 | |||||||||
Net gains (losses) from trading activities (1) | 29 | 5 | 41 | 333 | (7 | ) | 19 | 1 | — | 64 | 357 | ||||||||||
Net gains (losses) on debt securities (1) | 194 | 37 | 43 | 88 | — | — | — | — | 237 | 125 | |||||||||||
Net gains (losses) from equity securities (1) | (1,028 | ) | 601 | (95 | ) | 77 | (278 | ) | 136 | — | — | (1,401 | ) | 814 | |||||||
Lease income (1) | — | — | 352 | 443 | — | — | — | — | 352 | 443 | |||||||||||
Other income of the segment (1) | 756 | 768 | (423 | ) | (120 | ) | 127 | (5 | ) | (88 | ) | (69 | ) | 372 | 574 | ||||||
Total noninterest income | 2,709 | 4,502 | 1,681 | 2,577 | 2,848 | 2,978 | (833 | ) | (759 | ) | 6,405 | 9,298 | |||||||||
Revenue | $ | 9,496 | 11,750 | 5,817 | 7,111 | 3,715 | 4,079 | (1,311 | ) | (1,331 | ) | 17,717 | 21,609 |
Nine months ended September 30, | ||||||||||||||||||||||||||||||||
Community Banking | Wholesale Banking | Wealth and Investment Management | Other | Consolidated Company | ||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net interest income (1) | $ | 18,073 | 21,083 | 11,508 | 13,451 | 2,374 | 3,127 | (1,395) | (1,630) | 30,560 | 36,031 | |||||||||||||||||||||
Noninterest income (2) | ||||||||||||||||||||||||||||||||
Deposit-related fees | 2,207 | 2,675 | 1,676 | 1,610 | 20 | 18 | (15) | (14) | 3,888 | 4,289 | ||||||||||||||||||||||
Trust and investment fees: | ||||||||||||||||||||||||||||||||
Brokerage advisory, commissions and other fees: | ||||||||||||||||||||||||||||||||
Asset-based revenue (3) | 1,126 | 1,093 | 0 | 0 | 5,141 | 5,019 | (1,127) | (1,094) | 5,140 | 5,018 | ||||||||||||||||||||||
Transactional revenue | 266 | 288 | 9 | 18 | 1,132 | 1,153 | (272) | (288) | 1,135 | 1,171 | ||||||||||||||||||||||
Other revenue | 48 | 52 | 230 | 196 | 428 | 472 | (46) | (52) | 660 | 668 | ||||||||||||||||||||||
Total brokerage advisory, commissions and other fees | 1,440 | 1,433 | 239 | 214 | 6,701 | 6,644 | (1,445) | (1,434) | 6,935 | 6,857 | ||||||||||||||||||||||
Trust and investment management: | ||||||||||||||||||||||||||||||||
Investment management fees | 0 | 0 | 0 | 0 | 1,469 | 1,488 | 0 | 0 | 1,469 | 1,488 | ||||||||||||||||||||||
Trust fees | 557 | 612 | 255 | 250 | 302 | 449 | (592) | (632) | 522 | 679 | ||||||||||||||||||||||
Other revenue | (1) | 0 | 146 | 102 | (11) | 41 | 0 | 0 | 134 | 143 | ||||||||||||||||||||||
Total trust and investment management | 556 | 612 | 401 | 352 | 1,760 | 1,978 | (592) | (632) | 2,125 | 2,310 | ||||||||||||||||||||||
Investment banking | (166) | (64) | 1,544 | 1,397 | 6 | 4 | (5) | (4) | 1,379 | 1,333 | ||||||||||||||||||||||
Total trust and investment fees | 1,830 | 1,981 | 2,184 | 1,963 | 8,467 | 8,626 | (2,042) | (2,070) | 10,439 | 10,500 | ||||||||||||||||||||||
Card fees: | ||||||||||||||||||||||||||||||||
Card interchange and network revenues (4) | 2,013 | 2,201 | 203 | 271 | 3 | 5 | (2) | (3) | 2,217 | 2,474 | ||||||||||||||||||||||
Other card fees (1) | 384 | 522 | 0 | 0 | 0 | 0 | 0 | 0 | 384 | 522 | ||||||||||||||||||||||
Total card fees | 2,397 | 2,723 | 203 | 271 | 3 | 5 | (2) | (3) | 2,601 | 2,996 | ||||||||||||||||||||||
Lending-related fees (1) | 128 | 191 | 897 | 925 | 6 | 6 | (6) | (6) | 1,025 | 1,116 | ||||||||||||||||||||||
Mortgage banking (1) | 2,135 | 1,635 | 154 | 300 | (9) | (9) | 6 | 6 | 2,286 | 1,932 | ||||||||||||||||||||||
Net gains (losses) from trading activities (1) | 24 | 13 | 1,198 | 806 | 8 | 42 | 2 | 1 | 1,232 | 862 | ||||||||||||||||||||||
Net gains (losses) on debt securities (1) | 557 | 51 | 156 | 97 | 0 | 0 | 0 | 0 | 713 | 148 | ||||||||||||||||||||||
Net gains (losses) from equity securities (1) | (53) | 1,894 | (52) | 328 | (114) | 170 | 0 | 0 | (219) | 2,392 | ||||||||||||||||||||||
Lease income (1) | 0 | 0 | 1,021 | 1,270 | 0 | 0 | 0 | 0 | 1,021 | 1,270 | ||||||||||||||||||||||
Other (1) | 1,686 | 2,548 | (971) | 97 | 414 | 1,285 | (260) | (263) | 869 | 3,667 | ||||||||||||||||||||||
Total noninterest income | 10,911 | 13,711 | 6,466 | 7,667 | 8,795 | 10,143 | (2,317) | (2,349) | 23,855 | 29,172 | ||||||||||||||||||||||
Total revenue | $ | 28,984 | 34,794 | 17,974 | 21,118 | 11,169 | 13,270 | (3,712) | (3,979) | 54,415 | 65,203 |
Quarter ended Mar 31, | |||||||||||||||||||||
Community Banking | Wholesale Banking | Wealth and Investment Management | Other | Consolidated Company | |||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||
Overdraft fees | $ | 484 | 417 | 1 | 1 | — | — | — | — | 485 | 418 | ||||||||||
Account charges | 216 | 193 | 507 | 482 | 5 | 4 | (4 | ) | (3 | ) | 724 | 676 | |||||||||
Service charges on deposit accounts | $ | 700 | 610 | 508 | 483 | 5 | 4 | (4 | ) | (3 | ) | 1,209 | 1,094 |
Quarter ended Mar 31, | |||||||||||||||||||||
Community Banking | Wholesale Banking | Wealth and Investment Management | Other | Consolidated Company | |||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||
Asset-based revenue (1) | $ | 398 | 343 | — | — | 1,805 | 1,580 | (398 | ) | (343 | ) | 1,805 | 1,580 | ||||||||
Transactional revenue | 102 | 89 | 3 | 16 | 432 | 387 | (107 | ) | (98 | ) | 430 | 394 | |||||||||
Other revenue | 18 | 17 | 87 | 62 | 160 | 157 | (18 | ) | (17 | ) | 247 | 219 | |||||||||
Brokerage advisory, commissions and other fees | $ | 518 | 449 | 90 | 78 | 2,397 | 2,124 | (523 | ) | (458 | ) | 2,482 | 2,193 |
Quarter ended Mar 31, | |||||||||||||||||||||
Community Banking | Wholesale Banking | Wealth and Investment Management | Other | Consolidated Company | |||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||
Investment management fees | $ | — | 1 | — | — | 489 | 477 | — | — | 489 | 478 | ||||||||||
Trust fees | 194 | 209 | 89 | 82 | 102 | 168 | (206 | ) | (214 | ) | 179 | 245 | |||||||||
Other revenue | — | — | 42 | 32 | (9 | ) | 31 | — | — | 33 | 63 | ||||||||||
Trust and investment management fees | $ | 194 | 210 | 131 | 114 | 582 | 676 | (206 | ) | (214 | ) | 701 | 786 |
Quarter ended Mar 31, | |||||||||||||||||||||
Community Banking | Wholesale Banking | Wealth and Investment Management | Other | Consolidated Company | |||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||
Credit card interchange and network revenues (1) | $ | 134 | 189 | 83 | 86 | 1 | 1 | (1 | ) | (1 | ) | 217 | 275 | ||||||||
Debit card interchange and network revenues | 513 | 507 | — | — | — | — | — | — | 513 | 507 | |||||||||||
Late fees, cash advance fees, balance transfer fees, and annual fees | 162 | 162 | — | — | — | — | — | — | 162 | 162 | |||||||||||
Card fees | $ | 809 | 858 | 83 | 86 | 1 | 1 | (1 | ) | (1 | ) | 892 | 944 |
Note 19: Employee Benefits and Other Expenses |
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Pension benefits | Pension benefits | ||||||||||||||||||||||||||||||||||
(in millions) | Qualified | Non-qualified | Other benefits | Qualified | Non-qualified | Other benefits | |||||||||||||||||||||||||||||
Quarter ended September 30, | |||||||||||||||||||||||||||||||||||
Service cost | $ | 4 | 0 | 0 | 3 | 0 | 0 | ||||||||||||||||||||||||||||
Interest cost | 77 | 5 | 4 | 105 | 5 | 6 | |||||||||||||||||||||||||||||
Expected return on plan assets | (148) | 0 | (5) | (142) | 0 | (7) | |||||||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | 43 | 3 | (5) | 37 | 3 | (5) | |||||||||||||||||||||||||||||
Amortization of prior service credit | 0 | 0 | (2) | 0 | 0 | (2) | |||||||||||||||||||||||||||||
Settlement loss | 29 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 5 | 8 | (8) | 3 | 8 | (8) | ||||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||||||||
Service cost | $ | 11 | 0 | 0 | 9 | 0 | 0 | ||||||||||||||||||||||||||||
Interest cost | 249 | 13 | 12 | 314 | 16 | 17 | |||||||||||||||||||||||||||||
Expected return on plan assets | (445) | 0 | (16) | (426) | 0 | (21) | |||||||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | 114 | 10 | (14) | 111 | 8 | (13) | |||||||||||||||||||||||||||||
Amortization of prior service credit | 0 | 0 | (7) | 0 | 0 | (7) | |||||||||||||||||||||||||||||
Settlement loss | 99 | 3 | 0 | 0 | 2 | 0 | |||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 28 | 26 | (25) | 8 | 26 | (24) |
2020 | 2019 | |||||||||||||||||
Pension benefits | Pension benefits | |||||||||||||||||
(in millions) | Qualified | Non-qualified | Other benefits | Qualified | Non-qualified | Other benefits | ||||||||||||
Quarter ended March 31, | ||||||||||||||||||
Service cost | $ | 3 | — | — | 3 | — | — | |||||||||||
Interest cost | 86 | 4 | 4 | 105 | 6 | 5 | ||||||||||||
Expected return on plan assets | (148 | ) | — | (6 | ) | (142 | ) | — | (7 | ) | ||||||||
Amortization of net actuarial loss (gain) | 36 | 4 | (5 | ) | 37 | 2 | (4 | ) | ||||||||||
Amortization of prior service credit | — | — | (2 | ) | — | — | (2 | ) | ||||||||||
Settlement loss | — | 3 | — | — | 2 | — | ||||||||||||
Net periodic benefit cost | $ | (23 | ) | 11 | (9 | ) | 3 | 10 | (8 | ) |
Quarter ended March 31, | ||||||
(in millions) | 2020 | 2019 | ||||
Outside professional services | $ | 727 | 678 | |||
Contract services | 630 | 563 | ||||
Operating losses | 464 | 238 | ||||
Leases (1) | 260 | 286 | ||||
Advertising and promotion | 181 | 237 | ||||
Other | 955 | 1,141 | ||||
Total other noninterest expense | $ | 3,217 | 3,143 |
Note 20: Earnings and Dividends Per Common Share |
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions, except per share amounts) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Wells Fargo net income | $ | 2,035 | 4,610 | $ | 309 | 16,676 | |||||||||||||||||
Less: Preferred stock dividends and other (1) | 315 | 573 | 1,241 | 1,284 | |||||||||||||||||||
Wells Fargo net income (loss) applicable to common stock (numerator) | $ | 1,720 | 4,037 | $ | (932) | 15,392 | |||||||||||||||||
Earnings (loss) per common share | |||||||||||||||||||||||
Average common shares outstanding (denominator) | 4,123.8 | 4,358.5 | 4,111.4 | 4,459.1 | |||||||||||||||||||
Per share | $ | 0.42 | 0.93 | $ | (0.23) | 3.45 | |||||||||||||||||
Diluted earnings (loss) per common share | |||||||||||||||||||||||
Average common shares outstanding | 4,123.8 | 4,358.5 | 4,111.4 | 4,459.1 | |||||||||||||||||||
Add: Stock options (2)(3) | 0 | 0.1 | 0 | 1.0 | |||||||||||||||||||
Restricted share rights (2)(3) | 8.4 | 31.0 | 0 | 29.4 | |||||||||||||||||||
Diluted average common shares outstanding (denominator) (3) | 4,132.2 | 4,389.6 | 4,111.4 | 4,489.5 | |||||||||||||||||||
Per share | $ | 0.42 | 0.92 | $ | (0.23) | 3.43 |
Quarter ended March 31, | ||||||
(in millions, except per share amounts) | 2020 | 2019 | ||||
Wells Fargo net income | $ | 653 | 5,860 | |||
Less: Preferred stock dividends and other (1) | 611 | 353 | ||||
Wells Fargo net income applicable to common stock (numerator) | $ | 42 | 5,507 | |||
Earnings per common share | ||||||
Average common shares outstanding (denominator) | 4,104.8 | 4,551.5 | ||||
Per share | $ | 0.01 | 1.21 | |||
Diluted earnings per common share | ||||||
Average common shares outstanding | 4,104.8 | 4,551.5 | ||||
Add: Stock options (2) | — | 2.5 | ||||
Restricted share rights (2) | 30.5 | 30.0 | ||||
Diluted average common shares outstanding (denominator) | 4,135.3 | 4,584.0 | ||||
Per share | $ | 0.01 | 1.20 |
Weighted average shares | |||||||||||||||||||||||
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Convertible Preferred Stock, Series L (1) | 25.3 | 25.3 | 25.3 | 25.3 | |||||||||||||||||||
Restricted share rights (2) | 17.7 | 0 | 1.3 | 0 | |||||||||||||||||||
Weighted-average shares | |||||
Quarter ended March 31, | |||||
(in millions) | 2020 | 2019 | |||
Convertible Preferred Stock, Series L (1) | 25.3 | 25.3 |
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Per common share | $ | 0.10 | 0.51 | $ | 1.12 | 1.41 |
Quarter ended March 31, | ||||||
2020 | 2019 | |||||
Per common share | $ | 0.51 | 0.45 |
Note 21: Other Comprehensive Income |
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Before tax | Tax effect | Net of tax | Before tax | Tax effect | Net of tax | Before tax | Tax effect | Net of tax | Before tax | Tax effect | Net of tax | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains arising during the period | $ | 96 | (18) | 78 | 652 | (159) | 493 | 1,582 | (391) | 1,191 | 5,192 | (1,276) | 3,916 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of net (gains) losses to net income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income on debt securities (1) | 167 | (41) | 126 | 77 | (19) | 58 | 356 | (88) | 268 | 183 | (45) | 138 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains on debt securities | (264) | 63 | (201) | (3) | 0 | (3) | (713) | 174 | (539) | (148) | 36 | (112) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest income | 2 | 0 | 2 | 2 | (1) | 1 | 0 | 0 | 0 | (1) | 0 | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal reclassifications to net income | (95) | 22 | (73) | 76 | (20) | 56 | (357) | 86 | (271) | 34 | (9) | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | 1 | 4 | 5 | 728 | (179) | 549 | 1,225 | (305) | 920 | 5,226 | (1,285) | 3,941 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative and hedging activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of excluded components on fair value hedges (2) | (82) | 20 | (62) | 28 | (7) | 21 | 5 | (2) | 3 | 58 | (14) | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period on cash flow hedges | 12 | (3) | 9 | (18) | 4 | (14) | (3) | 1 | (2) | (26) | 6 | (20) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of net (gains) losses to net income on cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income on loans | 53 | (14) | 39 | 73 | (19) | 54 | 162 | (40) | 122 | 228 | (57) | 171 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense on long-term debt | (1) | 1 | 0 | 2 | 0 | 2 | 3 | 0 | 3 | 5 | (1) | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal reclassifications to net income | 52 | (13) | 39 | 75 | (19) | 56 | 165 | (40) | 125 | 233 | (58) | 175 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | (18) | 4 | (14) | 85 | (22) | 63 | 167 | (41) | 126 | 265 | (66) | 199 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined benefit plans adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial and prior service losses arising during the period | (89) | 22 | (67) | 0 | 0 | 0 | (760) | 188 | (572) | (4) | 1 | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of amounts to non interest expense (3): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 41 | (10) | 31 | 35 | (9) | 26 | 110 | (27) | 83 | 106 | (26) | 80 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements and other | 27 | (6) | 21 | (2) | 1 | (1) | 95 | (22) | 73 | (5) | 3 | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal reclassifications to non interest expense | 68 | (16) | 52 | 33 | (8) | 25 | 205 | (49) | 156 | 101 | (23) | 78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | (21) | 6 | (15) | 33 | (8) | 25 | (555) | 139 | (416) | 97 | (22) | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | 74 | (1) | 73 | (53) | 1 | (52) | (70) | 1 | (69) | 3 | (2) | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | 74 | (1) | 73 | (53) | 1 | (52) | (70) | 1 | (69) | 3 | (2) | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | $ | 36 | 13 | 49 | 793 | (208) | 585 | 767 | (206) | 561 | 5,591 | (1,375) | 4,216 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Other comprehensive income from noncontrolling interests, net of tax | 1 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo other comprehensive income, net of tax | $ | 48 | 585 | 561 | 4,216 |
Quarter ended March 31, | |||||||||||||||||||
2020 | 2019 | ||||||||||||||||||
(in millions) | Before tax | Tax effect | Net of tax | Before tax | Tax effect | Net of tax | |||||||||||||
Debt securities: | |||||||||||||||||||
Net unrealized gains (losses) arising during the period | $ | (110 | ) | 22 | (88 | ) | 2,831 | (695 | ) | 2,136 | |||||||||
Reclassification of net (gains) losses to net income: | |||||||||||||||||||
Interest income on debt securities (1) | 66 | (16 | ) | 50 | 45 | (11 | ) | 34 | |||||||||||
Net gains on debt securities | (237 | ) | 48 | (189 | ) | (125 | ) | 31 | (94 | ) | |||||||||
Other noninterest income | (1 | ) | — | (1 | ) | (1 | ) | — | (1 | ) | |||||||||
Subtotal reclassifications to net income | (172 | ) | 32 | (140 | ) | (81 | ) | 20 | (61 | ) | |||||||||
Net change | (282 | ) | 54 | (228 | ) | 2,750 | (675 | ) | 2,075 | ||||||||||
Derivative and hedging activities: | |||||||||||||||||||
Fair Value Hedges: | |||||||||||||||||||
Change in fair value of excluded components on fair value hedges (2) | 144 | (35 | ) | 109 | (26 | ) | 7 | (19 | ) | ||||||||||
Cash Flow Hedges: | |||||||||||||||||||
Net unrealized losses arising during the period on cash flow hedges | (20 | ) | 5 | (15 | ) | (9 | ) | 2 | (7 | ) | |||||||||
Reclassification of net losses to net income on cash flow hedges: | |||||||||||||||||||
Interest income on loans | 56 | (14 | ) | 42 | 78 | (19 | ) | 59 | |||||||||||
Interest expense on long-term debt | 2 | (1 | ) | 1 | 1 | — | 1 | ||||||||||||
Subtotal reclassifications to net income | 58 | (15 | ) | 43 | 79 | (19 | ) | 60 | |||||||||||
Net change | 182 | (45 | ) | 137 | 44 | (10 | ) | 34 | |||||||||||
Defined benefit plans adjustments: | |||||||||||||||||||
Net actuarial and prior service gains (losses) arising during the period | 3 | (1 | ) | 2 | (4 | ) | 1 | (3 | ) | ||||||||||
Reclassification of amounts to non interest expense (3): | |||||||||||||||||||
Amortization of net actuarial loss | 35 | (8 | ) | 27 | 35 | (8 | ) | 27 | |||||||||||
Settlements and other | 1 | — | 1 | — | — | — | |||||||||||||
Subtotal reclassifications to non interest expense | 36 | (8 | ) | 28 | 35 | (8 | ) | 27 | |||||||||||
Net change | 39 | (9 | ) | 30 | 31 | (7 | ) | 24 | |||||||||||
Foreign currency translation adjustments: | |||||||||||||||||||
Net unrealized gains (losses) arising during the period | (194 | ) | 1 | (193 | ) | 42 | (2 | ) | 40 | ||||||||||
Net change | (194 | ) | 1 | (193 | ) | 42 | (2 | ) | 40 | ||||||||||
Other comprehensive income (loss) | $ | (255 | ) | 1 | (254 | ) | 2,867 | (694 | ) | 2,173 | |||||||||
Less: Other comprehensive loss from noncontrolling interests, net of tax | (1 | ) | — | ||||||||||||||||
Wells Fargo other comprehensive income (loss), net of tax | $ | (253 | ) | 2,173 |
(in millions) | Debt securities | Fair value hedges (1) | Cash flow hedges (2) | Defined benefit plans adjustments | Foreign currency translation adjustments | Cumulative other comprehensive income | |||||||||||||||||||||||||||||
Quarter ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,467 | (115) | (223) | (2,624) | (303) | (798) | ||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | 78 | (62) | 9 | (67) | 73 | 31 | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (73) | 0 | 39 | 52 | 0 | 18 | |||||||||||||||||||||||||||||
Net change | 5 | (62) | 48 | (15) | 73 | 49 | |||||||||||||||||||||||||||||
Less: Other comprehensive income from noncontrolling interests | 0 | 0 | 0 | 0 | 1 | 1 | |||||||||||||||||||||||||||||
Balance, end of period | $ | 2,472 | (177) | (175) | (2,639) | (231) | (750) | ||||||||||||||||||||||||||||
Quarter ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Balance, beginning of period | 751 | (155) | (394) | (2,246) | (180) | (2,224) | |||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | 493 | 21 | (14) | 0 | (52) | 448 | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 56 | 0 | 56 | 25 | 0 | 137 | |||||||||||||||||||||||||||||
Net change | 549 | 21 | 42 | 25 | (52) | 585 | |||||||||||||||||||||||||||||
Balance, end of period | $ | 1,300 | (134) | (352) | (2,221) | (232) | (1,639) | ||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,552 | (180) | (298) | (2,223) | (162) | (1,311) | ||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | 1,191 | 3 | (2) | (572) | (69) | 551 | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (271) | 0 | 125 | 156 | 0 | 10 | |||||||||||||||||||||||||||||
Net change | 920 | 3 | 123 | (416) | (69) | 561 | |||||||||||||||||||||||||||||
Less: Other comprehensive loss from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Balance, end of period | $ | 2,472 | (177) | (175) | (2,639) | (231) | (750) | ||||||||||||||||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | (3,122) | (178) | (507) | (2,296) | (233) | (6,336) | ||||||||||||||||||||||||||||
Transition adjustment (3) | 481 | 0 | 0 | 0 | 0 | 481 | |||||||||||||||||||||||||||||
Balance, January 1, 2019 | (2,641) | (178) | (507) | (2,296) | (233) | (5,855) | |||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | 3,916 | 44 | (20) | (3) | 1 | 3,938 | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 25 | 0 | 175 | 78 | 0 | 278 | |||||||||||||||||||||||||||||
Net change | 3,941 | 44 | 155 | 75 | 1 | 4,216 | |||||||||||||||||||||||||||||
Balance, end of period | $ | 1,300 | (134) | (352) | (2,221) | (232) | (1,639) |
(in millions) | Debt securities | Fair value hedges (1) | Cash flow hedges (2) | Defined benefit plans adjustments | Foreign currency translation adjustments | Cumulative other comprehensive income | ||||||||||||
Quarter ended March 31, 2020 | ||||||||||||||||||
Balance, beginning of period | $ | 1,552 | (180 | ) | (298 | ) | (2,223 | ) | (162 | ) | (1,311 | ) | ||||||
Net unrealized gains (losses) arising during the period | (88 | ) | 109 | (15 | ) | 2 | (193 | ) | (185 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | (140 | ) | — | 43 | 28 | — | (69 | ) | ||||||||||
Net change | (228 | ) | 109 | 28 | 30 | (193 | ) | (254 | ) | |||||||||
Less: Other comprehensive loss from noncontrolling interests | — | — | — | — | (1 | ) | (1 | ) | ||||||||||
Balance, end of period | $ | 1,324 | (71 | ) | (270 | ) | (2,193 | ) | (354 | ) | (1,564 | ) | ||||||
Quarter ended March 31, 2019 | ||||||||||||||||||
Balance, beginning of period | $ | (3,122 | ) | (178 | ) | (507 | ) | (2,296 | ) | (233 | ) | (6,336 | ) | |||||
Transition adjustment (3) | 481 | — | — | — | — | 481 | ||||||||||||
Balance, January 1, 2019 | (2,641 | ) | (178 | ) | (507 | ) | (2,296 | ) | (233 | ) | (5,855 | ) | ||||||
Net unrealized gains (losses) arising during the period | 2,136 | (19 | ) | (7 | ) | (3 | ) | 40 | 2,147 | |||||||||
Amounts reclassified from accumulated other comprehensive income | (61 | ) | — | 60 | 27 | — | 26 | |||||||||||
Net change | 2,075 | (19 | ) | 53 | 24 | 40 | 2,173 | |||||||||||
Less: Other comprehensive income from noncontrolling interests | — | — | — | — | — | — | ||||||||||||
Balance, end of period | $ | (566 | ) | (197 | ) | (454 | ) | (2,272 | ) | (193 | ) | (3,682 | ) |
Note 22: Operating Segments |
(income/expense in millions, average balances in billions) | Community Banking | Wholesale Banking | Wealth and Investment Management | Other (1) | Consolidated Company | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (2) | $ | 5,587 | 6,769 | 3,481 | 4,382 | 771 | 989 | (471) | (515) | 9,368 | 11,625 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision (reversal of provision) for credit losses | 556 | 608 | 219 | 92 | (9) | 3 | 3 | (8) | 769 | 695 | |||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | 5,135 | 4,470 | 2,113 | 2,560 | 3,023 | 4,152 | (777) | (797) | 9,494 | 10,385 | |||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | 8,947 | 8,766 | 4,013 | 3,889 | 3,184 | 3,431 | (915) | (887) | 15,229 | 15,199 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | 1,219 | 1,865 | 1,362 | 2,961 | 619 | 1,707 | (336) | (417) | 2,864 | 6,116 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) (3) | 703 | 667 | (127) | 315 | 153 | 426 | (84) | (104) | 645 | 1,304 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) before noncontrolling interests | 516 | 1,198 | 1,489 | 2,646 | 466 | 1,281 | (252) | (313) | 2,219 | 4,812 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income (loss) from noncontrolling interests | 180 | 199 | 1 | 2 | 3 | 1 | 0 | 0 | 184 | 202 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 336 | 999 | 1,488 | 2,644 | 463 | 1,280 | (252) | (313) | 2,035 | 4,610 | ||||||||||||||||||||||||||||||||||||||||||||||||
Average loans | $ | 457.6 | 459.0 | 455.1 | 474.3 | 79.8 | 75.9 | (60.8) | (59.4) | 931.7 | 949.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Average assets | 1,119.8 | 1,033.9 | 801.4 | 869.2 | 88.2 | 84.7 | (61.7) | (60.4) | 1,947.7 | 1,927.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Average deposits | 881.7 | 789.7 | 418.8 | 422.0 | 175.3 | 142.4 | (76.8) | (62.7) | 1,399.0 | 1,291.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (2) | $ | 18,073 | 21,083 | 11,508 | 13,451 | 2,374 | 3,127 | (1,395) | (1,630) | 30,560 | 36,031 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision (reversal of provision) for credit losses | 5,652 | 1,797 | 8,535 | 254 | 256 | 6 | (135) | (14) | 14,308 | 2,043 | |||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | 10,911 | 13,711 | 6,466 | 7,667 | 8,795 | 10,143 | (2,317) | (2,349) | 23,855 | 29,172 | |||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | 24,409 | 23,667 | 11,739 | 11,609 | 9,440 | 9,980 | (2,760) | (2,692) | 42,828 | 42,564 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | (1,077) | 9,330 | (2,300) | 9,255 | 1,473 | 3,284 | (817) | (1,273) | (2,721) | 20,596 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) (3) | (1,319) | 1,929 | (1,959) | 1,049 | 369 | 819 | (204) | (318) | (3,113) | 3,479 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) before noncontrolling interests | 242 | 7,401 | (341) | 8,206 | 1,104 | 2,465 | (613) | (955) | 392 | 17,117 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income (loss) from noncontrolling interests | 82 | 432 | 3 | 3 | (2) | 6 | 0 | 0 | 83 | 441 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 160 | 6,969 | (344) | 8,203 | 1,106 | 2,459 | (613) | (955) | 309 | 16,676 | ||||||||||||||||||||||||||||||||||||||||||||||||
Average loans | $ | 456.5 | 458.3 | 481.2 | 474.9 | 79.0 | 75.1 | (60.8) | (59.2) | 955.9 | 949.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Average assets | 1,073.1 | 1,024.8 | 849.7 | 855.4 | 88.0 | 83.9 | (61.7) | (60.2) | 1,949.1 | 1,903.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Average deposits | 843.0 | 777.7 | 438.8 | 414.1 | 166.2 | 146.3 | (73.4) | (63.9) | 1,374.6 | 1,274.2 |
Community Banking | Wholesale Banking | Wealth and Investment Management | Other (1) | Consolidated Company | ||||||||||||||||||||||||||
(income/expense in millions, average balances in billions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Quarter ended Mar 31, | ||||||||||||||||||||||||||||||
Net interest income (2) | $ | 6,787 | 7,248 | 4,136 | 4,534 | 867 | 1,101 | (478 | ) | (572 | ) | 11,312 | 12,311 | |||||||||||||||||
Provision (reversal of provision) for credit losses | 1,718 | 710 | 2,288 | 134 | 8 | 4 | (9 | ) | (3 | ) | 4,005 | 845 | ||||||||||||||||||
Noninterest income | 2,709 | 4,502 | 1,681 | 2,577 | 2,848 | 2,978 | (833 | ) | (759 | ) | 6,405 | 9,298 | ||||||||||||||||||
Noninterest expense | 7,116 | 7,689 | 3,763 | 3,838 | 3,103 | 3,303 | (934 | ) | (914 | ) | 13,048 | 13,916 | ||||||||||||||||||
Income (loss) before income tax expense (benefit) | 662 | 3,351 | (234 | ) | 3,139 | 604 | 772 | (368 | ) | (414 | ) | 664 | 6,848 | |||||||||||||||||
Income tax expense (benefit) (3) | 644 | 424 | (546 | ) | 369 | 153 | 192 | (92 | ) | (104 | ) | 159 | 881 | |||||||||||||||||
Net income (loss) before noncontrolling interests | 18 | 2,927 | 312 | 2,770 | 451 | 580 | (276 | ) | (310 | ) | 505 | 5,967 | ||||||||||||||||||
Less: Net income (loss) from noncontrolling interests | (137 | ) | 104 | 1 | — | (12 | ) | 3 | — | — | (148 | ) | 107 | |||||||||||||||||
Net income (loss) | $ | 155 | 2,823 | 311 | 2,770 | 463 | 577 | (276 | ) | (310 | ) | 653 | 5,860 | |||||||||||||||||
Average loans | $ | 462.6 | 458.2 | 484.5 | 476.4 | 78.5 | 74.4 | (60.6 | ) | (59.0 | ) | 965.0 | 950.0 | |||||||||||||||||
Average assets | 1,039.2 | 1,015.4 | 885.0 | 844.5 | 88.1 | 83.2 | (61.6 | ) | (60.0 | ) | 1,950.7 | 1,883.1 | ||||||||||||||||||
Average deposits | 798.6 | 765.6 | 456.6 | 409.8 | 151.4 | 153.2 | (68.6 | ) | (66.5 | ) | 1,338.0 | 1,262.1 |
Note 23: Regulatory and Agency Capital Requirements |
Wells Fargo & Company | Wells Fargo Bank, N.A. | Wells Fargo & Company | Wells Fargo Bank, N.A. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | December 31, 2019 | March 31, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Advanced Approach | Standardized Approach | Advanced Approach | Standardized Approach | Advanced Approach | Standardized Approach | Advanced Approach | Standardized Approach | (in millions, except ratios) | Advanced Approach | Standardized Approach | Advanced Approach | Standardized Approach | Advanced Approach | Standardized Approach | Advanced Approach | Standardized Approach | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory capital: | Regulatory capital: | Regulatory capital: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 | $ | 134,751 | 134,751 | 138,760 | 138,760 | 147,537 | 147,537 | 145,149 | 145,149 | Common equity tier 1 | $ | 134,901 | 134,901 | 138,760 | 138,760 | 149,252 | 149,252 | 145,149 | 145,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 | 154,277 | 154,277 | 158,949 | 158,949 | 147,537 | 147,537 | 145,149 | 145,149 | Tier 1 | 154,743 | 154,743 | 158,949 | 158,949 | 149,252 | 149,252 | 145,149 | 145,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 184,068 | 192,121 | 188,333 | 196,223 | 162,300 | 169,846 | 158,615 | 166,056 | Total | 184,172 | 193,799 | 188,333 | 196,223 | 163,768 | 173,004 | 158,615 | 166,056 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-weighted assets (1) | $ | 1,181,271 | 1,262,808 | 1,165,079 | 1,245,853 | 1,061,736 | 1,171,371 | 1,047,054 | 1,152,791 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted average assets (2) | 1,922,129 | 1,922,129 | 1,913,297 | 1,913,297 | 1,711,367 | 1,711,367 | 1,695,807 | 1,695,807 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-weighted assets (2) | Risk-weighted assets (2) | $ | 1,171,956 | 1,185,610 | 1,165,079 | 1,245,853 | 1,038,062 | 1,090,132 | 1,047,054 | 1,152,791 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted average assets (3) | Adjusted average assets (3) | 1,921,303 | 1,921,303 | 1,913,297 | 1,913,297 | 1,762,607 | 1,762,607 | 1,695,807 | 1,695,807 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory capital ratios: | Regulatory capital ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (1) | 11.41 | % | 10.67 | * | 11.91 | 11.14 | * | 13.90 | 12.60 | * | 13.86 | 12.59 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (1) | 13.06 | 12.22 | * | 13.64 | 12.76 | * | 13.90 | 12.60 | * | 13.86 | 12.59 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (1) | 15.58 | 15.21 | * | 16.16 | 15.75 | * | 15.29 | 14.50 | * | 15.15 | 14.40 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage (2) | 8.03 | 8.03 | 8.31 | 8.31 | 8.62 | 8.62 | 8.56 | 8.56 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (2) | Common equity tier 1 capital (2) | 11.51 | % | 11.38 | * | 11.91 | 11.14 | * | 14.38 | 13.69 | * | 13.86 | 12.59 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (2) | Tier 1 capital (2) | 13.20 | 13.05 | * | 13.64 | 12.76 | * | 14.38 | 13.69 | * | 13.86 | 12.59 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (2) | Total capital (2) | 15.71 | * | 16.35 | 16.16 | 15.75 | * | 15.78 | * | 15.87 | 15.15 | 14.40 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage (3) | Tier 1 leverage (3) | 8.05 | 8.05 | 8.31 | 8.31 | 8.47 | 8.47 | 8.56 | 8.56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo & Company | Wells Fargo Bank, N.A. | Wells Fargo & Company | Wells Fargo Bank, N.A. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | December 31, 2019 | March 31, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary leverage (3): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary leverage (4): | Supplementary leverage (4): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total leverage exposure | $ | 2,256,314 | 2,247,729 | 2,017,471 | 2,006,180 | Total leverage exposure | $ | 1,997,449 | 2,247,729 | 2,074,472 | 2,006,180 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary leverage ratio | 6.84 | % | 7.07 | 7.31 | 7.24 | Supplementary leverage ratio | 7.75 | % | 7.07 | 7.19 | 7.24 |
Wells Fargo & Company | Wells Fargo Bank, N.A. | ||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||
Regulatory capital ratios: | |||||||||||||||||||||||
Common equity tier 1 capital | 9.00 | % | 9.00 | 7.00 | 7.00 | ||||||||||||||||||
Tier 1 capital | 10.50 | 10.50 | 8.50 | 8.50 | |||||||||||||||||||
Total capital | 12.50 | 12.50 | 10.50 | 10.50 | |||||||||||||||||||
Tier 1 leverage | 4.00 | 4.00 | 4.00 | 4.00 | |||||||||||||||||||
Supplementary leverage (2) | 5.00 | 5.00 | 6.00 | 6.00 |
Wells Fargo & Company | Wells Fargo Bank, N.A. | |||||||
March 31, 2020 | December 31, 2019 | March 31, 2020 | December 31, 2019 | |||||
Regulatory capital ratios: | ||||||||
Common equity tier 1 capital | 9.000 | % | 9.000 | 7.000 | 7.000 | |||
Tier 1 capital | 10.500 | 10.500 | 8.500 | 8.500 | ||||
Total capital | 12.500 | 12.500 | 10.500 | 10.500 | ||||
Tier 1 leverage | 4.000 | 4.000 | 4.000 | 4.000 | ||||
Supplementary leverage (2) | 5.000 | 5.000 | 6.000 | 6.000 |
ACL | |||||||||||
Allowance for credit losses | |||||||||||
Loans held for sale | |||||||||||
LIBOR | London Interbank Offered Rate | ||||||||||
LIHTC | Low income housing tax credit | ||||||||||
LOCOM | Lower of cost or fair value | ||||||||||
Accounting Standards Codification | LTV | Loan-to-value | |||||||||
ASU | Accounting Standards Update | ||||||||||
AUA | Assets under administration | ||||||||||
Mortgage loans held for sale | |||||||||||
Assets under management | MSR | Mortgage servicing right | |||||||||
AVM | Automated valuation model | ||||||||||
BCBS | Basel Committee on Bank Supervision | ||||||||||
BHC | Bank holding company | ||||||||||
CCAR | Comprehensive Capital Analysis and Review | ||||||||||
Office of the Comptroller of the Currency | |||||||||||
OCI | Other comprehensive income | ||||||||||
CECL | Current expected credit loss | OTC | Over-the-counter | ||||||||
CET1 | Common Equity Tier 1 | OTTI | Other-than-temporary impairment | ||||||||
CFPB | Consumer Financial Protection Bureau | PCD | |||||||||
CLO | Collateralized loan obligation | PCI | |||||||||
CLTV | Combined loan-to-value | PTPP | Pre-tax pre-provision profit | ||||||||
CPI | Collateral protection insurance | RBC | Risk-based capital | ||||||||
CRE | Commercial real estate | RMBS | Residential mortgage-backed securities | ||||||||
DPD | Days past due | ROA | Wells Fargo net income to average total assets | ||||||||
ESOP | Employee Stock Ownership Plan | ROE | Wells Fargo net income applicable to common stock | ||||||||
FASB | Financial Accounting Standards Board | to average Wells Fargo common stockholders’ equity | |||||||||
FDIC | Federal Deposit Insurance Corporation | ROTCE | Return on average tangible common equity | ||||||||
FHA | Federal Housing Administration | RWAs | Risk-weighted assets | ||||||||
FHLB | Federal Home Loan Bank | SEC | Securities and Exchange Commission | ||||||||
FHLMC | Federal Home Loan Mortgage Corporation | S&P | Standard & Poor’s Global Ratings | ||||||||
FICO | Fair Isaac Corporation (credit rating) | SLR | Supplementary leverage ratio | ||||||||
FNMA | Federal National Mortgage Association | SOFR | Secured Overnight Financing Rate | ||||||||
FRB | Board of Governors of the Federal Reserve System | SPE | Special purpose entity | ||||||||
GAAP | Generally accepted accounting principles | TDR | Troubled debt restructuring | ||||||||
GNMA | Government National Mortgage Association | TLAC | Total Loss Absorbing Capacity | ||||||||
GSE | Government-sponsored entity | VA | Department of Veterans Affairs | ||||||||
G-SIB | Global systemically important bank | VaR | Value-at-Risk | ||||||||
HQLA | High-quality liquid assets | VIE | Variable interest entity | ||||||||
HTM | Held-to-maturity | WIM | Wealth and Investment Management | ||||||||
LCR | Liquidity coverage ratio |
Calendar month | Total number of shares repurchased (1) | Weighted average price paid per share | Maximum number of shares that may yet be repurchased under the authorization | ||||||||||||||
July | 49,359 | $ | 25.39 | 167,453,491 | |||||||||||||
August | 38,074 | 24.52 | 167,415,417 | ||||||||||||||
September | 42,036 | 24.18 | 167,373,381 | ||||||||||||||
Total | 129,469 |
Calendar month | Total number of shares repurchased (1) | Weighted-average price paid per share | Maximum number of shares that may yet be repurchased under the authorization | ||||||
January | 26,675,407 | $ | 50.40 | 216,240,829 | |||||
February | 26,845,918 | 47.33 | 189,394,911 | ||||||
March | 21,846,195 | 36.26 | 167,548,716 | ||||||
Total | 75,367,520 | ||||||||
Exhibit Number | Description | Location | ||||||||||||||||||||||||||||||||||||
Filed herewith. | ||||||||||||||||||||||||||||||||||||||
Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed March 1, 2018. | ||||||||||||||||||||||||||||||||||||||
4(a) | See Exhibits 3(a) and 3(b). | |||||||||||||||||||||||||||||||||||||
4(b) | The Company agrees to furnish upon request to the Commission a copy of each instrument defining the rights of holders of senior and subordinated debt of the Company. | |||||||||||||||||||||||||||||||||||||
Filed herewith. | ||||||||||||||||||||||||||||||||||||||
Filed herewith. | ||||||||||||||||||||||||||||||||||||||
Furnished herewith. | ||||||||||||||||||||||||||||||||||||||
Furnished herewith. | ||||||||||||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | ||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed herewith. | ||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith. | ||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definitions Linkbase Document | Filed herewith. | ||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Filed herewith. | ||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith. | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File | Formatted as Inline XBRL and contained in Exhibit 101. |
By: | /s/ MUNEERA S. CARR | ||||
Muneera S. Carr | |||||
Executive Vice President, Chief Accounting Officer and Controller | |||||
(Principal Accounting Officer) |