Delaware | 05-0412693 | |||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common stock, $0.01 par value per share | CFG | New York Stock Exchange | ||||||
Depositary Shares, each representing a 1/40th interest in a share of 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | CFG PrD | New York Stock Exchange | ||||||
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E | CFG PrE | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Table of Contents | ||||||||||||||
Part I. Financial Information | ||||||||||||||
Item 1. Financial Statements | ||||||||||||||
Notes to the Consolidated Financial Statements (unaudited) | ||||||||||||||
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 | ||||||||||||||
2020 Form 10-K | Annual Report on Form 10-K for the year ended December 31, 2020 | |||||||
AACL | Adjusted Allowance for Credit Losses | |||||||
ACL | Allowance for Credit Losses: Allowance for Loan and Lease Losses plus Allowance for Unfunded Lending Commitments | |||||||
AFS | Available for Sale | |||||||
ALLL | Allowance for Loan and Lease Losses | |||||||
ALM | Asset and Liability Management | |||||||
AOCI | Accumulated Other Comprehensive Income (Loss) | |||||||
ARRC | Alternative Reference Rate Committee | |||||||
ASU | Accounting Standards Update | |||||||
ATM | Automated Teller Machine | |||||||
Board or Board of Directors | The Board of Directors of Citizens Financial Group, Inc. | |||||||
bps | Basis Points | |||||||
Capital Plan Rule | Federal Reserve’s Regulation Y Capital Plan Rule | |||||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | |||||||
CBNA | Citizens Bank, National Association | |||||||
CCAR | Comprehensive Capital Analysis and Review | |||||||
CCB | Capital Conservation Buffer | |||||||
CCMI | Citizens Capital Markets, Inc. | |||||||
CECL | Current Expected Credit Losses (ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) | |||||||
CET1 | Common Equity Tier 1 | |||||||
CET1 capital ratio | Common Equity Tier 1 capital divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach | |||||||
Citizens, CFG, the Company, we, us, or our | Citizens Financial Group, Inc. and its Subsidiaries | |||||||
CLO | Collateralized Loan Obligation | |||||||
CLTV | Combined Loan-to-Value | |||||||
COVID-19 pandemic | Coronavirus Disease 2019 Pandemic | |||||||
CRE | Commercial Real Estate | |||||||
Dodd-Frank Act | The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 | |||||||
Elevated cash | Cash above targeted operating levels | |||||||
EPS | Earnings Per Share | |||||||
ERC | ||||||||
Executive Risk Committee | ||||||||
EVE | Economic Value of Equity | |||||||
Exchange Act | The Securities Exchange Act of 1934 | |||||||
Fannie Mae (FNMA) | Federal National Mortgage Association | |||||||
FCA | Financial Conduct Authority | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
FHA | Federal Housing Administration | |||||||
FHLB | Federal Home Loan Bank | |||||||
FICO | Fair Isaac Corporation (credit rating) | |||||||
FRB or Federal Reserve | Board of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s) | |||||||
Freddie Mac (FHLMC) | Federal Home Loan Mortgage Corporation | |||||||
FTE | Fully Taxable Equivalent | |||||||
GAAP | Accounting Principles Generally Accepted in the United States of America | |||||||
GDP | Gross Domestic Product | |||||||
Ginnie Mae (GNMA) | Government National Mortgage Association | |||||||
GSE | Government Sponsored Entity | |||||||
HSBC | HSBC Bank U.S.A., N.A. | |||||||
HSBC branches | HSBC’s East Coast branches and National Online deposit business | |||||||
HTM | Held To Maturity | |||||||
ICE | Intercontinental Exchange | |||||||
Investors | Investors Bancorp, Inc. | |||||||
JMP | JMP Group LLC | |||||||
Last-of-Layer | Last-of-layer is a fair value hedge of the interest rate risk of a portfolio of similar prepayable assets whereby the last dollar amount within the portfolio of assets is identified as the hedged item | |||||||
LHFS | Loans Held for Sale | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LIHTC | Low Income Housing Tax Credit | |||||||
LTV | Loan to Value | |||||||
MBS | Mortgage-Backed Securities | |||||||
MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||||
Mid-Atlantic | District of Columbia, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and West Virginia | |||||||
Midwest | Illinois, Indiana, Michigan, and Ohio | |||||||
Modified CECL Transition | The Day-1 CECL adoption entry booked to retained earnings plus 25% of subsequent CECL ACL reserve build | |||||||
Modified AACL Transition | The Day-1 CECL adoption entry booked to ACL plus 25% of subsequent CECL ACL reserve build | |||||||
MSRs | Mortgage Servicing Rights | |||||||
NCOs | Net charge-offs | |||||||
New England | Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont | |||||||
NPLs | Nonaccrual loans and leases | |||||||
OCC | Office of the Comptroller of the Currency | |||||||
OCI | Other Comprehensive Income (Loss) | |||||||
Operating Leverage | Period-over-period percent change in total revenue, less the period-over-period percent change in noninterest expense | |||||||
Parent Company | Citizens Financial Group, Inc. (the Parent Company of Citizens Bank, National Association and other subsidiaries) | |||||||
PPP | Paycheck Protection Program | |||||||
ROTCE | Return on Average Tangible Common Equity | |||||||
RPA | Risk Participation Agreement | |||||||
RWA | Risk-Weighted Assets | |||||||
SBA | United States Small Business Administration | |||||||
SCB | Stress Capital Buffer | |||||||
SEC | United States Securities and Exchange Commission | |||||||
SOFR | Secured Overnight Financing Rate | |||||||
SVaR | Stressed Value at Risk | |||||||
Tailoring Rules | Rules establishing risk-based categories for determining prudential standards for large U.S. and foreign banking organizations, consistent with the Dodd-Frank Act, as amended by the Economic Growth, Regulatory Relief and Consumer Protection Act | |||||||
TBAs | To-Be-Announced Mortgage Securities | |||||||
TDR | Troubled Debt Restructuring | |||||||
Tier 1 capital ratio | Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach |
Tier 1 leverage ratio | Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by quarterly adjusted average assets as defined under the U.S. Basel III Standardized approach |
Total capital ratio | Total capital, which includes Common Equity Tier 1 capital, tier 1 capital and allowance for credit losses and qualifying subordinated debt that qualifies as tier 2 capital, divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach | |||||||
USDA | United States Department of Agriculture | |||||||
VA | United States Department of Veterans Affairs | |||||||
VaR | Value at Risk | |||||||
VIE | Variable Interest Entities | |||||||
Willamette | Willamette Management Associates, Inc. |
Page | ||||||||
Forward-Looking Statements | ||||||||
Selected Consolidated Financial Data | ||||||||
Results of Operations | ||||||||
Analysis of Financial Condition | ||||||||
Table 1: Notable Items | Table 1: Notable Items | Table 1: Notable Items | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Noninterest expense | Income tax expense | Net Income | Noninterest expense | Income tax expense | Net Income | (in millions) | Noninterest expense | Income tax expense | Net Income | Noninterest expense | Income tax expense | Net Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported results (GAAP): | Reported results (GAAP): | $991 | $183 | $648 | $979 | $54 | $253 | Reported results (GAAP): | $1,011 | $151 | $530 | $988 | $61 | $314 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less notable items: | Less notable items: | Less notable items: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total integration costs | Total integration costs | 2 | (1) | (1) | 2 | (1) | (1) | Total integration costs | 4 | (1) | (3) | 2 | — | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other notable items(1) | Other notable items(1) | 9 | (2) | (7) | 17 | (8) | (9) | Other notable items(1) | 19 | (6) | (13) | 29 | (7) | (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total notable items | Total notable items | 11 | (3) | (8) | 19 | (9) | (10) | Total notable items | 23 | (7) | (16) | 31 | (7) | (24) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Underlying results (non-GAAP) | Underlying results (non-GAAP) | $980 | $186 | $656 | $960 | $63 | $263 | Underlying results (non-GAAP) | $988 | $158 | $546 | $957 | $68 | $338 |
Table 2: Notable Items | Table 2: Notable Items | Table 2: Notable Items | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Noninterest expense | Income tax expense | Net Income | Noninterest expense | Income tax expense | Net Income | (in millions) | Noninterest expense | Income tax expense | Net Income | Noninterest expense | Income tax expense | Net Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported results (GAAP) | Reported results (GAAP) | $2,009 | $353 | $1,259 | $1,991 | $65 | $287 | Reported results (GAAP) | $3,020 | $504 | $1,789 | $2,979 | $126 | $601 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less notable items: | Less notable items: | Less notable items: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total integration costs | Total integration costs | 2 | (1) | (1) | 6 | (2) | (4) | Total integration costs | 6 | (2) | (4) | 8 | (2) | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other notable items (1) | Other notable items (1) | 29 | (7) | (22) | 46 | (15) | (31) | Other notable items(1) | 48 | (13) | (35) | 75 | (22) | (53) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total notable items | Total notable items | 31 | (8) | (23) | 52 | (17) | (35) | Total notable items | 54 | (15) | (39) | 83 | (24) | (59) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Underlying results (non-GAAP) | Underlying results (non-GAAP) | $1,978 | $361 | $1,282 | $1,939 | $82 | $322 | Underlying results (non-GAAP) | $2,966 | $519 | $1,828 | $2,896 | $150 | $660 |
Table 3: Summary of Consolidated Operating Data | Table 3: Summary of Consolidated Operating Data | Table 3: Summary of Consolidated Operating Data | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | 2021 | 2020 | 2021 | 2020 | (dollars in millions, except per share amounts) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
OPERATING DATA: | OPERATING DATA: | OPERATING DATA: | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $1,124 | $1,160 | $2,241 | $2,320 | Net interest income | $1,145 | $1,137 | $3,386 | $3,457 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 485 | 590 | 1,027 | 1,087 | Noninterest income | 514 | 654 | 1,541 | 1,741 | ||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 1,609 | 1,750 | 3,268 | 3,407 | Total revenue | 1,659 | 1,791 | 4,927 | 5,198 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (213) | 464 | (353) | 1,064 | Provision for credit losses | (33) | 428 | (386) | 1,492 | ||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 991 | 979 | 2,009 | 1,991 | Noninterest expense | 1,011 | 988 | 3,020 | 2,979 | ||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 831 | 307 | 1,612 | 352 | Income before income tax expense | 681 | 375 | 2,293 | 727 | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 183 | 54 | 353 | 65 | Income tax expense | 151 | 61 | 504 | 126 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $648 | $253 | $1,259 | $287 | Net income | $530 | $314 | $1,789 | $601 | ||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $616 | $225 | $1,204 | $237 | Net income available to common stockholders | $504 | $289 | $1,708 | $526 | ||||||||||||||||||||||||||||||||||||
Net income per common share - basic | Net income per common share - basic | $1.45 | $0.53 | $2.83 | $0.56 | Net income per common share - basic | $1.18 | $0.68 | $4.01 | $1.23 | ||||||||||||||||||||||||||||||||||||
Net income per common share - diluted | Net income per common share - diluted | $1.44 | $0.53 | $2.81 | $0.55 | Net income per common share - diluted | $1.18 | $0.68 | $3.99 | $1.23 | ||||||||||||||||||||||||||||||||||||
OTHER OPERATING DATA: | OTHER OPERATING DATA: | OTHER OPERATING DATA: | ||||||||||||||||||||||||||||||||||||||||||||
Return on average common equity | Return on average common equity | 11.85 | % | 4.44 | % | 11.71 | % | 2.35 | % | Return on average common equity | 9.39 | % | 5.60 | % | 10.91 | % | 3.45 | % | ||||||||||||||||||||||||||||
Return on average tangible common equity | Return on average tangible common equity | 17.50 | 6.62 | 17.34 | 3.51 | Return on average tangible common equity | 13.71 | 8.33 | 16.08 | 5.15 | ||||||||||||||||||||||||||||||||||||
Return on average total assets | Return on average total assets | 1.41 | 0.57 | 1.38 | 0.33 | Return on average total assets | 1.13 | 0.70 | 1.30 | 0.46 | ||||||||||||||||||||||||||||||||||||
Return on average total tangible assets | Return on average total tangible assets | 1.46 | 0.59 | 1.44 | 0.35 | Return on average total tangible assets | 1.17 | 0.73 | 1.35 | 0.48 | ||||||||||||||||||||||||||||||||||||
Efficiency ratio | Efficiency ratio | 61.63 | 55.91 | 61.49 | 58.43 | Efficiency ratio | 60.92 | 55.18 | 61.30 | 57.31 | ||||||||||||||||||||||||||||||||||||
Operating leverage | Operating leverage | (9.42) | 4.60 | (5.02) | 0.48 | Operating leverage | (9.64) | 7.77 | (6.59) | 2.95 | ||||||||||||||||||||||||||||||||||||
Net interest margin, FTE(1) | Net interest margin, FTE(1) | 2.72 | 2.88 | 2.74 | 2.99 | Net interest margin, FTE(1) | 2.72 | 2.83 | 2.73 | 2.93 | ||||||||||||||||||||||||||||||||||||
Effective income tax rate | Effective income tax rate | 21.96 | 17.69 | 21.86 | 18.51 | Effective income tax rate | 22.35 | 16.10 | 22.01 | 17.27 |
Table 4: Summary of Consolidated Balance Sheet data | Table 4: Summary of Consolidated Balance Sheet data | Table 4: Summary of Consolidated Balance Sheet data | ||||||||||||||||||||
(dollars in millions) | (dollars in millions) | June 30, 2021 | December 31, 2020 | (dollars in millions) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
BALANCE SHEET DATA: | BALANCE SHEET DATA: | BALANCE SHEET DATA: | ||||||||||||||||||||
Total assets | Total assets | $185,104 | $183,349 | Total assets | $187,007 | $183,349 | ||||||||||||||||
Loans held for sale, at fair value | Loans held for sale, at fair value | 3,616 | 3,564 | Loans held for sale, at fair value | 3,177 | 3,564 | ||||||||||||||||
Other loans held for sale | Other loans held for sale | 82 | 439 | Other loans held for sale | 93 | 439 | ||||||||||||||||
Loans and leases | Loans and leases | 122,581 | 123,090 | Loans and leases | 123,318 | 123,090 | ||||||||||||||||
Allowance for loan and lease losses | Allowance for loan and lease losses | (1,947) | (2,443) | Allowance for loan and lease losses | (1,855) | (2,443) | ||||||||||||||||
Total securities | Total securities | 27,976 | 26,847 | Total securities | 28,107 | 26,847 | ||||||||||||||||
Goodwill | Goodwill | 7,050 | 7,050 | Goodwill | 7,065 | 7,050 | ||||||||||||||||
Total liabilities | Total liabilities | 161,905 | 160,676 | Total liabilities | 163,584 | 160,676 | ||||||||||||||||
Total deposits | Total deposits | 150,636 | 147,164 | Total deposits | 152,221 | 147,164 | ||||||||||||||||
Short-term borrowed funds | Short-term borrowed funds | 62 | 243 | Short-term borrowed funds | 8 | 243 | ||||||||||||||||
Long-term borrowed funds | Long-term borrowed funds | 6,957 | 8,346 | Long-term borrowed funds | 6,947 | 8,346 | ||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 23,199 | 22,673 | Total stockholders’ equity | 23,423 | 22,673 | ||||||||||||||||
OTHER BALANCE SHEET DATA: | OTHER BALANCE SHEET DATA: | OTHER BALANCE SHEET DATA: | ||||||||||||||||||||
Asset Quality Ratios: | Asset Quality Ratios: | Asset Quality Ratios: | ||||||||||||||||||||
Allowance for loan and lease losses to loans and leases | Allowance for loan and lease losses to loans and leases | 1.59 | % | 1.98 | % | Allowance for loan and lease losses to loans and leases | 1.50 | % | 1.98 | % | ||||||||||||
Allowance for credit losses to loans and leases | Allowance for credit losses to loans and leases | 1.70 | 2.17 | Allowance for credit losses to loans and leases | 1.63 | 2.17 | ||||||||||||||||
Allowance for credit losses to loans and leases, excluding the impact of PPP loans(1) | Allowance for credit losses to loans and leases, excluding the impact of PPP loans(1) | 1.75 | 2.24 | Allowance for credit losses to loans and leases, excluding the impact of PPP loans(1) | 1.65 | 2.24 | ||||||||||||||||
Allowance for loan and lease losses to nonaccruing loans and leases | 250 | 240 | ||||||||||||||||||||
Allowance for credit losses to nonaccruing loans and leases | 267 | 262 | ||||||||||||||||||||
Nonaccruing loans and leases to loans and leases | 0.64 | 0.83 | ||||||||||||||||||||
Allowance for loan and lease losses to nonaccrual loans and leases | Allowance for loan and lease losses to nonaccrual loans and leases | 248 | 240 | |||||||||||||||||||
Allowance for credit losses to nonaccrual loans and leases | Allowance for credit losses to nonaccrual loans and leases | 268 | 262 | |||||||||||||||||||
Nonaccrual loans and leases to loans and leases | Nonaccrual loans and leases to loans and leases | 0.61 | 0.83 | |||||||||||||||||||
Capital Ratios: | Capital Ratios: | Capital Ratios: | ||||||||||||||||||||
CET1 capital ratio | CET1 capital ratio | 10.3 | % | 10.0 | % | CET1 capital ratio | 10.3 | % | 10.0 | % | ||||||||||||
Tier 1 capital ratio | Tier 1 capital ratio | 11.6 | 11.3 | Tier 1 capital ratio | 11.6 | 11.3 | ||||||||||||||||
Total capital ratio | Total capital ratio | 13.5 | 13.4 | Total capital ratio | 13.4 | 13.4 | ||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 9.7 | 9.4 | Tier 1 leverage ratio | 9.7 | 9.4 |
Table 5: Major Components of Net Interest Income, Quarter-to-Date | Table 5: Major Components of Net Interest Income, Quarter-to-Date | Table 5: Major Components of Net Interest Income, Quarter-to-Date | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Yields/ Rates (bps) | (dollars in millions) | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Yields/ Rates (bps) | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and due from banks and deposits in banks | Interest-bearing cash and due from banks and deposits in banks | $11,259 | $3 | 0.12 | % | $5,231 | $1 | 0.09 | % | $6,028 | 3 bps | Interest-bearing cash and due from banks and deposits in banks | $13,749 | $6 | 0.16 | % | $6,250 | $2 | 0.10 | % | $7,499 | 6 bps | ||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 27,597 | 124 | 1.80 | 25,180 | 130 | 2.15 | 2,417 | (35) | Taxable investment securities | 27,466 | 116 | 1.69 | 24,654 | 121 | 1.95 | 2,812 | (26) | ||||||||||||||||||||||||||||||||||||||||||||||
Non-taxable investment securities | Non-taxable investment securities | 3 | — | 2.60 | 4 | — | 2.60 | (1) | — | Non-taxable investment securities | 2 | — | 2.60 | 4 | — | 2.60 | (2) | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | Total investment securities | 27,600 | 124 | 1.80 | 25,184 | 130 | 2.15 | 2,416 | (35) | Total investment securities | 27,468 | 116 | 1.69 | 24,658 | 121 | 1.95 | 2,810 | (26) | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 44,388 | 345 | 3.08 | 50,443 | 412 | 3.23 | (6,055) | (15) | Commercial and industrial | 42,330 | 362 | 3.36 | 46,844 | 383 | 3.20 | (4,514) | 16 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 14,473 | 95 | 2.58 | 14,540 | 106 | 2.87 | (67) | (29) | Commercial real estate | 14,656 | 96 | 2.56 | 14,644 | 96 | 2.57 | 12 | (1) | ||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases | 1,792 | 12 | 2.76 | 2,426 | 16 | 2.75 | (634) | 1 | Leases | 1,695 | 12 | 2.72 | 2,373 | 16 | 2.65 | (678) | 7 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | Total commercial loans and leases | 60,653 | 452 | 2.96 | 67,409 | 534 | 3.14 | (6,756) | (18) | Total commercial loans and leases | 58,681 | 470 | 3.14 | 63,861 | 495 | 3.03 | (5,180) | 11 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 20,242 | 154 | 3.04 | 18,872 | 150 | 3.19 | 1,370 | (15) | Residential mortgages | 20,834 | 157 | 3.01 | 19,427 | 153 | 3.15 | 1,407 | (14) | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 11,825 | 92 | 3.13 | 12,736 | 111 | 3.50 | (911) | (37) | Home equity | 11,829 | 92 | 3.08 | 12,416 | 100 | 3.21 | (587) | (13) | ||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 12,526 | 125 | 4.00 | 11,998 | 129 | 4.33 | 528 | (33) | Automobile | 13,136 | 126 | 3.83 | 12,019 | 128 | 4.23 | 1,117 | (40) | ||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 12,632 | 135 | 4.26 | 11,183 | 145 | 5.21 | 1,449 | (95) | Education | 12,707 | 134 | 4.19 | 10,929 | 130 | 4.74 | 1,778 | (55) | ||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 5,612 | 100 | 7.13 | 6,557 | 123 | 7.52 | (945) | (39) | Other retail | 5,454 | 99 | 7.15 | 6,260 | 114 | 7.22 | (806) | (7) | ||||||||||||||||||||||||||||||||||||||||||||||
Total retail loans | Total retail loans | 62,837 | 606 | 3.86 | 61,346 | 658 | 4.31 | 1,491 | (45) | Total retail loans | 63,960 | 608 | 3.78 | 61,051 | 625 | 4.08 | 2,909 | (30) | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | Total loans and leases | 123,490 | 1,058 | 3.42 | 128,755 | 1,192 | 3.69 | (5,265) | (27) | Total loans and leases | 122,641 | 1,078 | 3.47 | 124,912 | 1,120 | 3.54 | (2,271) | (7) | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale, at fair value | Loans held for sale, at fair value | 3,751 | 24 | 2.55 | 2,710 | 20 | 2.85 | 1,041 | (30) | Loans held for sale, at fair value | 3,299 | 21 | 2.51 | 3,295 | 21 | 2.60 | 4 | (9) | ||||||||||||||||||||||||||||||||||||||||||||||
Other loans held for sale | Other loans held for sale | 233 | 2 | 2.99 | 510 | 7 | 4.66 | (277) | (167) | Other loans held for sale | 112 | 1 | 3.98 | 1,061 | 16 | 6.02 | (949) | (204) | ||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | 166,333 | 1,211 | 2.90 | 162,390 | 1,350 | 3.33 | 3,943 | (43) | Interest-earning assets | 167,269 | 1,222 | 2.89 | 160,176 | 1,280 | 3.15 | 7,093 | (26) | ||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 18,123 | 17,403 | 720 | Noninterest-earning assets | 18,839 | 17,499 | 1,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $184,456 | $179,793 | $4,663 | Total assets | $186,108 | $177,675 | $8,433 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking with interest | Checking with interest | $27,278 | $5 | 0.08 | % | $26,312 | $11 | 0.17 | % | $966 | (9) | Checking with interest | $27,965 | $7 | 0.09 | % | $26,638 | $8 | 0.13 | % | $1,327 | (4) | ||||||||||||||||||||||||||||||||||||||||||
Money market accounts | Money market accounts | 49,394 | 21 | 0.17 | 45,187 | 39 | 0.35 | 4,207 | (18) | Money market accounts | 49,159 | 18 | 0.14 | 45,187 | 33 | 0.28 | 3,972 | (14) | ||||||||||||||||||||||||||||||||||||||||||||||
Regular savings | Regular savings | 20,077 | 5 | 0.10 | 15,883 | 15 | 0.39 | 4,194 | (29) | Regular savings | 20,803 | 5 | 0.09 | 16,902 | 10 | 0.24 | 3,901 | (15) | ||||||||||||||||||||||||||||||||||||||||||||||
Term deposits | Term deposits | 6,970 | 11 | 0.61 | 16,470 | 59 | 1.44 | (9,500) | (83) | Term deposits | 6,071 | 5 | 0.43 | 12,032 | 38 | 1.25 | (5,961) | (82) | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 103,719 | 42 | 0.16 | 103,852 | 124 | 0.48 | (133) | (32) | Total interest-bearing deposits | 103,998 | 35 | 0.14 | 100,759 | 89 | 0.35 | 3,239 | (21) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowed funds | Short-term borrowed funds | 69 | — | 0.87 | 222 | — | 0.29 | (153) | 58 | Short-term borrowed funds | 23 | — | 2.06 | 240 | — | 0.13 | (217) | 193 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowed funds | Long-term borrowed funds | 7,434 | 45 | 2.41 | 11,755 | 66 | 2.22 | (4,321) | 19 | Long-term borrowed funds | 6,956 | 42 | 2.38 | 9,196 | 54 | 2.35 | (2,240) | 3 | ||||||||||||||||||||||||||||||||||||||||||||||
Total borrowed funds | Total borrowed funds | 7,503 | 45 | 2.40 | 11,977 | 66 | 2.18 | (4,474) | 22 | Total borrowed funds | 6,979 | 42 | 2.38 | 9,436 | 54 | 2.30 | (2,457) | 8 | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 111,222 | 87 | 0.31 | 115,829 | 190 | 0.66 | (4,607) | (35) | Total interest-bearing liabilities | 110,977 | 77 | 0.28 | 110,195 | 143 | 0.52 | 782 | (24) | ||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 46,630 | 37,745 | 8,885 | Demand deposits | 47,873 | 40,608 | 7,265 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 3,741 | 4,086 | (345) | Other liabilities | 3,904 | 4,374 | (470) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 161,593 | 157,660 | 3,933 | Total liabilities | 162,754 | 155,177 | 7,577 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 22,863 | 22,133 | 730 | Stockholders’ equity | 23,354 | 22,498 | 856 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $184,456 | $179,793 | $4,663 | Total liabilities and stockholders’ equity | $186,108 | $177,675 | $8,433 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 2.59 | % | 2.67 | % | (8) | Interest rate spread | 2.61 | % | 2.63 | % | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and net interest margin | Net interest income and net interest margin | $1,124 | 2.71 | % | $1,160 | 2.87 | % | (16) | Net interest income and net interest margin | $1,145 | 2.72 | % | $1,137 | 2.82 | % | (10) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and net interest margin, FTE(1) | Net interest income and net interest margin, FTE(1) | $1,126 | 2.72 | % | $1,163 | 2.88 | % | (16) | Net interest income and net interest margin, FTE(1) | $1,147 | 2.72 | % | $1,140 | 2.83 | % | (11) | ||||||||||||||||||||||||||||||||||||||||||||||||
Memo: Total deposits (interest-bearing and demand) | Memo: Total deposits (interest-bearing and demand) | $150,349 | $42 | 0.11 | % | $141,597 | $124 | 0.35 | % | $8,752 | (24) bps | Memo: Total deposits (interest-bearing and demand) | $151,871 | $35 | 0.09 | % | $141,367 | $89 | 0.25 | % | $10,504 | (16) bps |
Table 6: Major Components of Net Interest Income, Year-to-Date | Table 6: Major Components of Net Interest Income, Year-to-Date | Table 6: Major Components of Net Interest Income, Year-to-Date | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Yields/ Rates (bps) | (dollars in millions) | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Yields/ Rates (bps) | ||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and due from banks and deposits in banks | Interest-bearing cash and due from banks and deposits in banks | $11,061 | $6 | 0.11 | % | $3,545 | $6 | 0.36 | % | $7,516 | (25) bps | Interest-bearing cash and due from banks and deposits in banks | $11,967 | $12 | 0.13 | % | $4,453 | $8 | 0.24 | % | $7,514 | (11) bps | ||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 27,316 | 252 | 1.84 | 25,259 | 277 | 2.24 | 2,057 | (40) | Taxable investment securities | 27,366 | 368 | 1.79 | 25,056 | 398 | 2.12 | 2,310 | (33) | ||||||||||||||||||||||||||||||||||||||||||||||
Non-taxable investment securities | Non-taxable investment securities | 3 | — | 2.60 | 4 | — | 2.60 | (1) | — | Non-taxable investment securities | 3 | — | 2.60 | 4 | — | 2.60 | (1) | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | Total investment securities | 27,319 | 252 | 1.84 | 25,263 | 277 | 2.24 | 2,056 | (40) | Total investment securities | 27,369 | 368 | 1.79 | 25,060 | 398 | 2.12 | 2,309 | (33) | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 44,338 | 692 | 3.10 | 46,797 | 829 | 3.50 | (2,459) | (40) | Commercial and industrial | 43,661 | 1,054 | 3.19 | 46,813 | 1,212 | 3.40 | (3,152) | (21) | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 14,574 | 189 | 2.58 | 14,208 | 245 | 3.40 | 366 | (82) | Commercial real estate | 14,601 | 285 | 2.57 | 14,354 | 341 | 3.12 | 247 | (55) | ||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases | 1,852 | 25 | 2.73 | 2,454 | 34 | 2.79 | (602) | (6) | Leases | 1,800 | 37 | 2.73 | 2,427 | 50 | 2.74 | (627) | (1) | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | Total commercial loans and leases | 60,764 | 906 | 2.97 | 63,459 | 1,108 | 3.45 | (2,695) | (48) | Total commercial loans and leases | 60,062 | 1,376 | 3.02 | 63,594 | 1,603 | 3.31 | (3,532) | (29) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 19,817 | 302 | 3.05 | 18,869 | 314 | 3.33 | 948 | (28) | Residential mortgages | 20,160 | 459 | 3.03 | 19,056 | 467 | 3.27 | 1,104 | (24) | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 11,912 | 187 | 3.16 | 12,889 | 263 | 4.10 | (977) | (94) | Home equity | 11,884 | 279 | 3.14 | 12,730 | 363 | 3.81 | (846) | (67) | ||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 12,378 | 250 | 4.07 | 12,085 | 260 | 4.33 | 293 | (26) | Automobile | 12,634 | 376 | 3.98 | 12,063 | 388 | 4.30 | 571 | (32) | ||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 12,534 | 269 | 4.32 | 10,897 | 294 | 5.42 | 1,637 | (110) | Education | 12,593 | 403 | 4.28 | 10,908 | 424 | 5.19 | 1,685 | (91) | ||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 5,765 | 205 | 7.19 | 6,706 | 255 | 7.65 | (941) | (46) | Other retail | 5,659 | 304 | 7.18 | 6,556 | 369 | 7.51 | (897) | (33) | ||||||||||||||||||||||||||||||||||||||||||||||
Total retail loans | Total retail loans | 62,406 | 1,213 | 3.91 | 61,446 | 1,386 | 4.53 | 960 | (62) | Total retail loans | 62,930 | 1,821 | 3.87 | 61,313 | 2,011 | 4.38 | 1,617 | (51) | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | Total loans and leases | 123,170 | 2,119 | 3.44 | 124,905 | 2,494 | 3.98 | (1,735) | (54) | Total loans and leases | 122,992 | 3,197 | 3.45 | 124,907 | 3,614 | 3.84 | (1,915) | (39) | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale, at fair value | Loans held for sale, at fair value | 3,535 | 42 | 2.40 | 2,300 | 35 | 3.03 | 1,235 | (63) | Loans held for sale, at fair value | 3,435 | 63 | 2.45 | 2,635 | 56 | 2.85 | 800 | (40) | ||||||||||||||||||||||||||||||||||||||||||||||
Other loans held for sale | Other loans held for sale | 348 | 8 | 4.48 | 655 | 16 | 4.45 | (307) | 3 | Other loans held for sale | 242 | 9 | 4.88 | 791 | 32 | 5.32 | (549) | (44) | ||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | 165,433 | 2,427 | 2.94 | 156,668 | 2,828 | 3.61 | 8,765 | (67) | Interest-earning assets | 166,005 | 3,649 | 2.92 | 157,846 | 4,108 | 3.45 | 8,159 | (53) | ||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 18,085 | 16,817 | 1,268 | Noninterest-earning assets | 18,386 | 17,046 | 1,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $183,518 | $173,485 | $10,033 | Total assets | $184,391 | $174,892 | $9,499 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | Liabilities and Stockholders’ Equity: | Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking with interest | Checking with interest | $26,700 | $11 | 0.09 | % | $25,462 | $48 | 0.38 | % | $1,238 | (29) | Checking with interest | $27,126 | $18 | 0.09 | % | $25,857 | $56 | 0.29 | % | $1,269 | (20) | ||||||||||||||||||||||||||||||||||||||||||
Money market accounts | Money market accounts | 49,465 | 43 | 0.17 | 42,513 | 132 | 0.63 | 6,952 | (46) | Money market accounts | 49,362 | 61 | 0.16 | 43,411 | 165 | 0.51 | 5,951 | (35) | ||||||||||||||||||||||||||||||||||||||||||||||
Regular savings | Regular savings | 19,348 | 10 | 0.10 | 15,042 | 33 | 0.44 | 4,306 | (34) | Regular savings | 19,839 | 15 | 0.10 | 15,667 | 43 | 0.37 | 4,172 | (27) | ||||||||||||||||||||||||||||||||||||||||||||||
Term deposits | Term deposits | 7,767 | 28 | 0.73 | 17,543 | 138 | 1.58 | (9,776) | (85) | Term deposits | 7,195 | 33 | 0.64 | 15,692 | 176 | 1.49 | (8,497) | (85) | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 103,280 | 92 | 0.18 | 100,560 | 351 | 0.70 | 2,720 | (52) | Total interest-bearing deposits | 103,522 | 127 | 0.16 | 100,627 | 440 | 0.58 | 2,895 | (42) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowed funds | Short-term borrowed funds | 109 | — | 0.59 | 433 | 1 | 0.64 | (324) | (5) | Short-term borrowed funds | 80 | — | 0.74 | 368 | 1 | 0.53 | (288) | 21 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowed funds | Long-term borrowed funds | 7,882 | 94 | 2.38 | 12,906 | 156 | 2.40 | (5,024) | (2) | Long-term borrowed funds | 7,570 | 136 | 2.38 | 11,660 | 210 | 2.39 | (4,090) | (1) | ||||||||||||||||||||||||||||||||||||||||||||||
Total borrowed funds | Total borrowed funds | 7,991 | 94 | 2.36 | 13,339 | 157 | 2.35 | (5,348) | 1 | Total borrowed funds | 7,650 | 136 | 2.36 | 12,028 | 211 | 2.33 | (4,378) | 3 | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 111,271 | 186 | 0.34 | 113,899 | 508 | 0.90 | (2,628) | (56) | Total interest-bearing liabilities | 111,172 | 263 | 0.32 | 112,655 | 651 | 0.77 | (1,483) | (45) | ||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 45,230 | 33,553 | 11,677 | Demand deposits | 46,120 | 35,922 | 10,198 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 4,297 | 4,070 | 227 | Other liabilities | 4,166 | 4,172 | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 160,798 | 151,522 | 9,276 | Total liabilities | 161,458 | 152,749 | 8,709 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 22,720 | 21,963 | 757 | Stockholders’ equity | 22,933 | 22,143 | 790 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $183,518 | $173,485 | $10,033 | Total liabilities and stockholders’ equity | $184,391 | $174,892 | $9,499 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 2.60 | % | 2.71 | % | (11) | Interest rate spread | 2.61 | % | 2.68 | % | (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and net interest margin | Net interest income and net interest margin | $2,241 | 2.73 | % | $2,320 | 2.98 | % | (25) | Net interest income and net interest margin | $3,386 | 2.73 | % | $3,457 | 2.93 | % | (20) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and net interest margin, FTE(1) | Net interest income and net interest margin, FTE(1) | $2,246 | 2.74 | % | $2,327 | 2.99 | % | (25) | Net interest income and net interest margin, FTE(1) | $3,393 | 2.73 | % | $3,467 | 2.93 | % | (20) | ||||||||||||||||||||||||||||||||||||||||||||||||
Memo: Total deposits (interest-bearing and demand) | Memo: Total deposits (interest-bearing and demand) | $148,510 | $92 | 0.12 | % | $134,113 | $351 | 0.53 | % | $14,397 | (41) bps | Memo: Total deposits (interest-bearing and demand) | $149,642 | $127 | 0.11 | % | $136,549 | $440 | 0.43 | % | $13,093 | (32) bps |
Table 7: Noninterest Income | Table 7: Noninterest Income | Table 7: Noninterest Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | Change | Percent | 2021 | 2020 | Change | Percent | (in millions) | 2021 | 2020 | Change | Percent | 2021 | 2020 | Change | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking fees | Mortgage banking fees | $85 | $276 | ($191) | (69 | %) | $250 | $435 | ($185) | (43 | %) | Mortgage banking fees | $108 | $287 | ($179) | (62 | %) | $358 | $722 | ($364) | (50 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges and fees | Service charges and fees | 100 | 84 | 16 | 19 | 199 | 202 | (3) | (1) | Service charges and fees | 110 | 97 | 13 | 13 | 309 | 299 | 10 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital markets fees | Capital markets fees | 91 | 61 | 30 | 49 | 172 | 104 | 68 | 65 | Capital markets fees | 72 | 58 | 14 | 24 | 244 | 162 | 82 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Card fees | Card fees | 64 | 48 | 16 | 33 | 119 | 104 | 15 | 14 | Card fees | 66 | 57 | 9 | 16 | 185 | 161 | 24 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust and investment services fees | Trust and investment services fees | 60 | 45 | 15 | 33 | 118 | 98 | 20 | 20 | Trust and investment services fees | 61 | 53 | 8 | 15 | 179 | 151 | 28 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letter of credit and loan fees | Letter of credit and loan fees | 38 | 31 | 7 | 23 | 76 | 65 | 11 | 17 | Letter of credit and loan fees | 39 | 37 | 2 | 5 | 115 | 102 | 13 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange and interest rate products | Foreign exchange and interest rate products | 28 | 34 | (6) | (18) | 56 | 58 | (2) | (3) | Foreign exchange and interest rate products | 29 | 27 | 2 | 7 | 85 | 85 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities gains, net | Securities gains, net | 3 | 3 | — | — | 6 | 3 | 3 | 100 | Securities gains, net | 3 | 1 | 2 | 200 | 9 | 4 | 5 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (1) | Other income (1) | 16 | 8 | 8 | 100 | 31 | 18 | 13 | 72 | Other income(1) | 26 | 37 | (11) | (30) | 57 | 55 | 2 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | $485 | $590 | ($105) | (18 | %) | $1,027 | $1,087 | ($60) | (6 | %) | Noninterest income | $514 | $654 | ($140) | (21 | %) | $1,541 | $1,741 | ($200) | (11 | %) |
Table 8: Noninterest Expense | Table 8: Noninterest Expense | Table 8: Noninterest Expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | Change | Percent | 2021 | 2020 | Change | Percent | (in millions) | 2021 | 2020 | Change | Percent | 2021 | 2020 | Change | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | $524 | $513 | $11 | 2 | % | $1,072 | $1,062 | $10 | 1 | % | Salaries and employee benefits | $509 | $524 | ($15) | (3 | %) | $1,581 | $1,586 | ($5) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment and software | Equipment and software | 155 | 142 | 13 | 9 | 307 | 275 | 32 | 12 | Equipment and software | 157 | 149 | 8 | 5 | 464 | 424 | 40 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outside services | Outside services | 137 | 131 | 6 | 5 | 276 | 266 | 10 | 4 | Outside services | 144 | 139 | 5 | 4 | 420 | 405 | 15 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 82 | 82 | — | — | 170 | 166 | 4 | 2 | Occupancy | 77 | 81 | (4) | (5) | 247 | 247 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expense | Other operating expense | 93 | 111 | (18) | (16) | 184 | 222 | (38) | (17) | Other operating expense | 124 | 95 | 29 | 31 | 308 | 317 | (9) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | $991 | $979 | $12 | 1 | % | $2,009 | $1,991 | $18 | 1 | % | Noninterest expense | $1,011 | $988 | $23 | 2 | % | $3,020 | $2,979 | $41 | 1 | % |
Table 9: Selected Financial Data for Business Operating Segments, Quarter-to-Date | Table 9: Selected Financial Data for Business Operating Segments, Quarter-to-Date | Table 9: Selected Financial Data for Business Operating Segments, Quarter-to-Date | ||||||||||||||||||||||||||||||||||||||||||||
Consumer Banking | Commercial Banking | Consumer Banking | Commercial Banking | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | 2021 | 2020 | 2021 | 2020 | (dollars in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $897 | $814 | $419 | $419 | Net interest income | $919 | $845 | $428 | $421 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 283 | 428 | 178 | 144 | Noninterest income | 315 | 495 | 168 | 144 | ||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 1,180 | 1,242 | 597 | 563 | Total revenue | 1,234 | 1,340 | 596 | 565 | ||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 751 | 735 | 226 | 213 | Noninterest expense | 749 | 742 | 226 | 210 | ||||||||||||||||||||||||||||||||||||
Profit before credit losses | Profit before credit losses | 429 | 507 | 371 | 350 | Profit before credit losses | 485 | 598 | 370 | 355 | ||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | 45 | 80 | 34 | 70 | Net charge-offs | 35 | 55 | 15 | 161 | ||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 384 | 427 | 337 | 280 | Income before income tax expense | 450 | 543 | 355 | 194 | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 98 | 107 | 72 | 59 | Income tax expense | 114 | 136 | 81 | 41 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $286 | $320 | $265 | $221 | Net income | $336 | $407 | $274 | $153 | ||||||||||||||||||||||||||||||||||||
Average Balances: | Average Balances: | Average Balances: | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $75,600 | $71,634 | $57,527 | $65,280 | Total assets | $75,070 | $73,605 | $56,702 | $60,889 | ||||||||||||||||||||||||||||||||||||
Total loans and leases(1)(2) | Total loans and leases(1)(2) | 71,389 | 68,205 | 54,758 | 62,011 | Total loans and leases(1)(2) | 70,984 | 69,719 | 53,815 | 57,796 | ||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 100,933 | 91,648 | 44,049 | 41,750 | Deposits | 100,968 | 94,212 | 45,465 | 41,393 | ||||||||||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | 72,308 | 68,256 | 55,143 | 62,422 | Interest-earning assets | 71,879 | 69,925 | 54,177 | 58,177 |
Table 10: Selected Financial Data for Business Operating Segments, Year-to-Date | Table 10: Selected Financial Data for Business Operating Segments, Year-to-Date | Table 10: Selected Financial Data for Business Operating Segments, Year-to-Date | ||||||||||||||||||||||||||||||||||||||||||||
Consumer Banking | Commercial Banking | Consumer Banking | Commercial Banking | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | 2021 | 2020 | 2021 | 2020 | (dollars in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $1,760 | $1,607 | $840 | $784 | Net interest income | $2,679 | $2,452 | $1,268 | $1,205 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 634 | 785 | 348 | 269 | Noninterest income | 949 | 1,280 | 516 | 413 | ||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 2,394 | 2,392 | 1,188 | 1,053 | Total revenue | 3,628 | 3,732 | 1,784 | 1,618 | ||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 1,501 | 1,473 | 453 | 434 | Noninterest expense | 2,250 | 2,215 | 679 | 644 | ||||||||||||||||||||||||||||||||||||
Profit before credit losses | Profit before credit losses | 893 | 919 | 735 | 619 | Profit before credit losses | 1,378 | 1,517 | 1,105 | 974 | ||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | 104 | 177 | 135 | 113 | Net charge-offs | 139 | 232 | 150 | 274 | ||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 789 | 742 | 600 | 506 | Income before income tax expense | 1,239 | 1,285 | 955 | 700 | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 201 | 186 | 124 | 106 | Income tax expense | 315 | 322 | 205 | 147 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $588 | $556 | $476 | $400 | Net income | $924 | $963 | $750 | $553 | ||||||||||||||||||||||||||||||||||||
Average Balances: | Average Balances: | Average Balances: | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $75,443 | $70,024 | $57,632 | $62,142 | Total assets | $75,317 | $71,227 | $57,318 | $61,722 | ||||||||||||||||||||||||||||||||||||
Total loans and leases(1)(2) | Total loans and leases(1)(2) | 70,792 | 66,774 | 54,786 | 59,283 | Total loans and leases(1)(2) | 70,857 | 67,763 | 54,459 | 58,784 | ||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 99,067 | 88,438 | 44,012 | 37,647 | Deposits | 99,708 | 90,377 | 44,501 | 38,905 | ||||||||||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | 71,725 | 66,825 | 55,159 | 59,719 | Interest-earning assets | 71,777 | 67,866 | 54,828 | 59,201 |
Table 11: Amortized Cost and Fair Value of AFS and HTM Securities | Table 11: Amortized Cost and Fair Value of AFS and HTM Securities | Table 11: Amortized Cost and Fair Value of AFS and HTM Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | (in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and other | U.S. Treasury and other | $11 | $11 | $11 | $11 | U.S. Treasury and other | $11 | $11 | $11 | $11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | State and political subdivisions | 3 | 3 | 3 | 3 | State and political subdivisions | 2 | 2 | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | Federal agencies and U.S. government sponsored entities | 23,960 | 24,112 | 21,954 | 22,506 | Federal agencies and U.S. government sponsored entities | 23,838 | 23,840 | 21,954 | 22,506 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other/non-agency | Other/non-agency | 267 | 280 | 396 | 422 | Other/non-agency | 280 | 291 | 396 | 422 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities, at fair value | 24,227 | 24,392 | 22,350 | 22,928 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | Total mortgage-backed securities | 24,118 | 24,131 | 22,350 | 22,928 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations, at fair value | 177 | 177 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 767 | 767 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available for sale, at fair value | Total debt securities available for sale, at fair value | $24,418 | $24,583 | $22,364 | $22,942 | Total debt securities available for sale, at fair value | $24,898 | $24,911 | $22,364 | $22,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities, at cost: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | Federal agencies and U.S. government sponsored entities | $1,887 | $1,964 | $2,342 | $2,464 | Federal agencies and U.S. government sponsored entities | $1,705 | $1,778 | $2,342 | $2,464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities, at cost | 1,887 | 1,964 | 2,342 | 2,464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities, at cost | 824 | 826 | 893 | 893 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | Total mortgage-backed securities | 1,705 | 1,778 | 2,342 | 2,464 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 787 | 789 | 893 | 893 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities held to maturity | Total debt securities held to maturity | $2,711 | $2,790 | $3,235 | $3,357 | Total debt securities held to maturity | $2,492 | $2,567 | $3,235 | $3,357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available for sale and held to maturity | Total debt securities available for sale and held to maturity | $27,129 | $27,373 | $25,599 | $26,299 | Total debt securities available for sale and held to maturity | $27,390 | $27,478 | $25,599 | $26,299 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, at cost | Equity securities, at cost | $602 | $602 | $604 | $604 | Equity securities, at cost | $616 | $616 | $604 | $604 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, at fair value | Equity securities, at fair value | 80 | 80 | 66 | 66 | Equity securities, at fair value | 88 | 88 | 66 | 66 |
Table 12: Composition of Loans and Leases, Excluding LHFS | Table 12: Composition of Loans and Leases, Excluding LHFS | Table 12: Composition of Loans and Leases, Excluding LHFS | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | June 30, 2021 | December 31, 2020 | Change | Percent | (in millions) | September 30, 2021 | December 31, 2020 | Change | Percent | ||||||||||||||||||||||||||||||||||||
Commercial and industrial (1) | Commercial and industrial (1) | $42,842 | $44,173 | ($1,331) | (3) | % | Commercial and industrial(1) | $41,854 | $44,173 | ($2,319) | (5) | % | ||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 14,412 | 14,652 | (240) | (2) | Commercial real estate | 14,508 | 14,652 | (144) | (1) | ||||||||||||||||||||||||||||||||||||
Leases | Leases | 1,829 | 1,968 | (139) | (7) | Leases | 1,593 | 1,968 | (375) | (19) | ||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 59,083 | 60,793 | (1,710) | (3) | Total commercial | 57,955 | 60,793 | (2,838) | (5) | ||||||||||||||||||||||||||||||||||||
Residential mortgages (2) | Residential mortgages (2) | 20,538 | 19,539 | 999 | 5 | Residential mortgages(2) | 21,513 | 19,539 | 1,974 | 10 | ||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 11,841 | 12,149 | (308) | (3) | Home equity | 11,889 | 12,149 | (260) | (2) | ||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 12,780 | 12,153 | 627 | 5 | Automobile | 13,492 | 12,153 | 1,339 | 11 | ||||||||||||||||||||||||||||||||||||
Education | Education | 12,800 | 12,308 | 492 | 4 | Education | 13,000 | 12,308 | 692 | 6 | ||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 5,539 | 6,148 | (609) | (10) | Other retail | 5,469 | 6,148 | (679) | (11) | ||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 63,498 | 62,297 | 1,201 | 2 | Total retail | 65,363 | 62,297 | 3,066 | 5 | ||||||||||||||||||||||||||||||||||||
Total loans and leases | Total loans and leases | $122,581 | $123,090 | ($509) | — | % | Total loans and leases | $123,318 | $123,090 | $228 | — | % |
Table 13: ACL and Related Coverage Ratios by Portfolio | |||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in millions) | Loans and Leases | Allowance | Coverage | Loans and Leases | Allowance | Coverage | |||||||||||||||||
Allowance for Loan and Lease Losses | |||||||||||||||||||||||
Commercial and industrial | $42,842 | $674 | 1.57 | % | $44,173 | $821 | 1.86 | % | |||||||||||||||
Commercial real estate | 14,412 | 218 | 1.51 | 14,652 | 360 | 2.46 | |||||||||||||||||
Leases | 1,829 | 61 | 3.36 | 1,968 | 52 | 2.67 | |||||||||||||||||
Total commercial | 59,083 | 953 | 1.61 | 60,793 | 1,233 | 2.03 | |||||||||||||||||
Residential mortgages | 20,538 | 140 | 0.68 | 19,539 | 141 | 0.72 | |||||||||||||||||
Home equity | 11,841 | 102 | 0.86 | 12,149 | 134 | 1.10 | |||||||||||||||||
Automobile | 12,780 | 168 | 1.31 | 12,153 | 200 | 1.65 | |||||||||||||||||
Education | 12,800 | 322 | 2.51 | 12,308 | 361 | 2.93 | |||||||||||||||||
Other retail | 5,539 | 262 | 4.74 | 6,148 | 374 | 6.07 | |||||||||||||||||
Total retail | 63,498 | 994 | 1.57 | 62,297 | 1,210 | 1.94 | |||||||||||||||||
Total loans and leases | $122,581 | $1,947 | 1.59 | % | $123,090 | $2,443 | 1.98 | % | |||||||||||||||
Allowance for Unfunded Lending Commitments | |||||||||||||||||||||||
Commercial(1) | $121 | 1.82 | % | $186 | 2.33 | % | |||||||||||||||||
Retail(2) | 13 | 1.59 | 41 | 2.01 | |||||||||||||||||||
Total allowance for unfunded lending commitments | 134 | 227 | |||||||||||||||||||||
Allowance for credit losses(3) | $122,581 | $2,081 | 1.70 | % | $123,090 | $2,670 | 2.17 | % |
Table 13: ACL and Related Coverage Ratios by Portfolio | |||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in millions) | Loans and Leases | Allowance | Coverage | Loans and Leases | Allowance | Coverage | |||||||||||||||||
Allowance for Loan and Lease Losses | |||||||||||||||||||||||
Commercial and industrial | $41,854 | $592 | 1.41 | % | $44,173 | $821 | 1.86 | % | |||||||||||||||
Commercial real estate | 14,508 | 212 | 1.46 | 14,652 | 360 | 2.46 | |||||||||||||||||
Leases | 1,593 | 63 | 3.92 | 1,968 | 52 | 2.67 | |||||||||||||||||
Total commercial | 57,955 | 867 | 1.50 | 60,793 | 1,233 | 2.03 | |||||||||||||||||
Residential mortgages | 21,513 | 141 | 0.65 | 19,539 | 141 | 0.72 | |||||||||||||||||
Home equity | 11,889 | 92 | 0.78 | 12,149 | 134 | 1.10 | |||||||||||||||||
Automobile | 13,492 | 165 | 1.22 | 12,153 | 200 | 1.65 | |||||||||||||||||
Education | 13,000 | 332 | 2.56 | 12,308 | 361 | 2.93 | |||||||||||||||||
Other retail | 5,469 | 258 | 4.72 | 6,148 | 374 | 6.07 | |||||||||||||||||
Total retail | 65,363 | 988 | 1.51 | 62,297 | 1,210 | 1.94 | |||||||||||||||||
Total loans and leases | $123,318 | $1,855 | 1.50 | % | $123,090 | $2,443 | 1.98 | % | |||||||||||||||
Allowance for Unfunded Lending Commitments | |||||||||||||||||||||||
Commercial(1) | $130 | 1.72 | % | $186 | 2.33 | % | |||||||||||||||||
Retail(2) | 19 | 1.54 | 41 | 2.01 | |||||||||||||||||||
Total allowance for unfunded lending commitments | 149 | 227 | |||||||||||||||||||||
Allowance for credit losses(3) | $123,318 | $2,004 | 1.63 | % | $123,090 | $2,670 | 2.17 | % |
Table 14: Nonaccrual Loans and Leases | Table 14: Nonaccrual Loans and Leases | Table 14: Nonaccrual Loans and Leases | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | June 30, 2021 | December 31, 2020 | Change | Percent | (dollars in millions) | September 30, 2021 | December 31, 2020 | Change | Percent | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $163 | $280 | ($117) | (42 | %) | Commercial and industrial | $170 | $280 | ($110) | (39 | %) | ||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 102 | 176 | (74) | (42) | Commercial real estate | 98 | 176 | (78) | (44) | ||||||||||||||||||||||||||||||||||||
Leases | Leases | 1 | 2 | (1) | (50) | Leases | 1 | 2 | (1) | (50) | ||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | 266 | 458 | (192) | (42) | ||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 269 | 458 | (189) | (41) | |||||||||||||||||||||||||||||||||||||||||
Residential mortgages(1) | Residential mortgages(1) | 174 | 167 | 7 | 4 | Residential mortgages(1) | 164 | 167 | (3) | (2) | ||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 234 | 276 | (42) | (15) | Home equity | 216 | 276 | (60) | (22) | ||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 62 | 72 | (10) | (14) | Automobile | 55 | 72 | (17) | (24) | ||||||||||||||||||||||||||||||||||||
Education | Education | 21 | 18 | 3 | 17 | Education | 23 | 18 | 5 | 28 | ||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 22 | 28 | (6) | (21) | Other retail | 20 | 28 | (8) | (29) | ||||||||||||||||||||||||||||||||||||
Total retail loans | 513 | 561 | (48) | (9) | ||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 478 | 561 | (83) | (15) | |||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans and leases | Nonaccrual loans and leases | $779 | $1,019 | ($240) | (24 | %) | Nonaccrual loans and leases | $747 | $1,019 | ($272) | (27 | %) | ||||||||||||||||||||||||||||||||||
Nonaccrual loans and leases to total loans and leases | Nonaccrual loans and leases to total loans and leases | 0.64 | % | 0.83 | % | (19 | bps) | Nonaccrual loans and leases to total loans and leases | 0.61 | % | 0.83 | % | (22 | bps) | ||||||||||||||||||||||||||||||||
Allowance for loan and lease losses to nonaccruing loans and leases | 250 | 240 | 10 | % | ||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses to nonaccruing loans and leases | 267 | 262 | 5 | % | ||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses to nonaccrual loans and leases | Allowance for loan and lease losses to nonaccrual loans and leases | 248 | 240 | 8 | % | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses to nonaccrual loans and leases | Allowance for credit losses to nonaccrual loans and leases | 268 | 262 | 6 | % |
Table 15: Net Charge-offs and Charge-Off Ratios, Quarter-to-Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $28 | $65 | ($37) | 0.25 | % | 0.52 | % | (27 | bps) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | 13 | 6 | 7 | 2.97 | 1.03 | 194 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 41 | 71 | (30) | 0.27 | 0.42 | (15) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | (1) | 1 | (2) | (0.03) | 0.02 | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | (10) | (2) | (8) | (0.33) | (0.05) | (28) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | (2) | 20 | (22) | (0.04) | 0.68 | (72) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education | 13 | 10 | 3 | 0.40 | 0.34 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | 37 | 47 | (10) | 2.63 | 2.93 | (30) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail loans | 37 | 76 | (39) | 0.24 | 0.50 | (26) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net charge-offs | $78 | $147 | ($69) | 0.25 | % | 0.46 | % | (21 | bps) |
Table 16: Net Charge-offs and Charge-Off Ratios, Year-to-Date | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 15: Net Charge-offs and Charge-Off Ratios, Quarter-to-Date | Table 15: Net Charge-offs and Charge-Off Ratios, Quarter-to-Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | (dollars in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $105 | $109 | ($4) | 0.48 | % | 0.47 | % | 1 | bps | Commercial and industrial | $10 | $80 | ($70) | 0.09 | % | 0.68 | % | (59 | bps) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 26 | — | 26 | 0.36 | — | 36 | Commercial real estate | 5 | 42 | (37) | 0.12 | 1.13 | (101) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases | 14 | 6 | 8 | 1.58 | 0.55 | 103 | Leases | (1) | 48 | (49) | (0.22) | 7.99 | (821) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 145 | 115 | 30 | 0.48 | 0.37 | 11 | Total commercial | 14 | 170 | (156) | 0.09 | 1.06 | (97) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | (2) | 1 | (3) | (0.02) | 0.01 | (3) | Residential mortgages | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | (17) | (5) | (12) | (0.29) | (0.08) | (21) | Home equity | (12) | (2) | (10) | (0.42) | (0.10) | (32) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 9 | 47 | (38) | 0.15 | 0.78 | (63) | Automobile | 2 | 7 | (5) | 0.06 | 0.24 | (18) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 20 | 24 | (4) | 0.32 | 0.44 | (12) | Education | 13 | 5 | 8 | 0.41 | 0.21 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 81 | 102 | (21) | 2.82 | 3.07 | (25) | Other retail | 27 | 39 | (12) | 1.99 | 2.46 | (47) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail loans | 91 | 169 | (78) | 0.29 | 0.56 | (27) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 30 | 49 | (19) | 0.19 | 0.32 | (13) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net charge-offs | Total net charge-offs | $236 | $284 | ($48) | 0.39 | % | 0.46 | % | (7 | bps) | Total net charge-offs | $44 | $219 | ($175) | 0.14 | % | 0.70 | % | (56 | bps) |
Table 16: Net Charge-offs and Charge-Off Ratios, Year-to-Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $115 | $189 | ($74) | 0.35 | % | 0.54 | % | (19 | bps) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 31 | 42 | (11) | 0.28 | 0.39 | (11) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | 13 | 54 | (41) | 1.01 | 2.99 | (198) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 159 | 285 | (126) | 0.35 | 0.60 | (25) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | (2) | 1 | (3) | (0.01) | 0.01 | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | (29) | (7) | (22) | (0.33) | (0.08) | (25) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | 11 | 54 | (43) | 0.12 | 0.60 | (48) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education | 33 | 29 | 4 | 0.35 | 0.36 | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | 108 | 141 | (33) | 2.55 | 2.88 | (33) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | 121 | 218 | (97) | 0.26 | 0.48 | (22) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net charge-offs | $280 | $503 | ($223) | 0.30 | % | 0.54 | % | (24 | bps) |
Table 17: Commercial Loans and Leases by Regulatory Classification | Table 17: Commercial Loans and Leases by Regulatory Classification | Table 17: Commercial Loans and Leases by Regulatory Classification | ||||||||||||||||||||||||||||||||
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||
Criticized | Criticized | |||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Pass | Special Mention | Substandard | Doubtful | Total | (in millions) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||
Commercial and industrial(1) | Commercial and industrial(1) | $39,945 | $1,145 | $1,631 | $121 | $42,842 | Commercial and industrial(1) | $39,218 | $1,115 | $1,386 | $135 | $41,854 | ||||||||||||||||||||||
Commercial real estate | Commercial real estate | 13,115 | 666 | 604 | 27 | 14,412 | Commercial real estate | 13,146 | 616 | 735 | 11 | 14,508 | ||||||||||||||||||||||
Leases | Leases | 1,776 | 29 | 23 | 1 | 1,829 | Leases | 1,519 | 49 | 24 | 1 | 1,593 | ||||||||||||||||||||||
Total commercial | Total commercial | $54,836 | $1,840 | $2,258 | $149 | $59,083 | Total commercial | $53,883 | $1,780 | $2,145 | $147 | $57,955 |
December 31, 2020 | |||||||||||||||||
Criticized | |||||||||||||||||
(in millions) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||
Commercial and industrial(1) | $40,878 | $1,583 | $1,464 | $248 | $44,173 | ||||||||||||
Commercial real estate | 13,356 | 804 | 416 | 76 | 14,652 | ||||||||||||
Leases | 1,922 | 33 | 12 | 1 | 1,968 | ||||||||||||
Total commercial | $56,156 | $2,420 | $1,892 | $325 | $60,793 |
Table 18: Commercial Loans and Leases by Industry Sector | Table 18: Commercial Loans and Leases by Industry Sector | Table 18: Commercial Loans and Leases by Industry Sector | ||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Balance | % of Total Loans and Leases | Balance | % of Total Loans and Leases | (dollars in millions) | Balance | % of Total Loans and Leases | Balance | % of Total Loans and Leases | ||||||||||||||||||||||||
Finance and insurance | Finance and insurance | $6,693 | 5 | % | $6,473 | 5 | % | Finance and insurance | $7,939 | 6 | % | $6,473 | 5 | % | ||||||||||||||||||||
Health, pharma, and social assistance | Health, pharma, and social assistance | 3,078 | 3 | 3,253 | 3 | Health, pharma, and social assistance | 2,914 | 2 | 3,253 | 3 | ||||||||||||||||||||||||
Accommodation and food services | Accommodation and food services | 3,127 | 3 | 3,159 | 3 | Accommodation and food services | 3,083 | 3 | 3,159 | 3 | ||||||||||||||||||||||||
Professional, scientific, and technical services | Professional, scientific, and technical services | 2,644 | 2 | 2,804 | 2 | Professional, scientific, and technical services | 2,542 | 2 | 2,804 | 2 | ||||||||||||||||||||||||
Other manufacturing | Other manufacturing | 3,705 | 3 | 3,686 | 3 | Other manufacturing | 3,708 | 3 | 3,686 | 3 | ||||||||||||||||||||||||
Technology | Technology | 3,765 | 3 | 3,546 | 3 | Technology | 3,822 | 3 | 3,546 | 3 | ||||||||||||||||||||||||
Retail trade | Retail trade | 2,224 | 2 | 2,312 | 2 | Retail trade | 2,258 | 2 | 2,312 | 2 | ||||||||||||||||||||||||
Energy and related | Energy and related | 1,936 | 2 | 2,237 | 2 | Energy and related | 1,971 | 2 | 2,237 | 2 | ||||||||||||||||||||||||
Wholesale trade | Wholesale trade | 2,226 | 2 | 1,976 | 2 | Wholesale trade | 2,261 | 2 | 1,976 | 2 | ||||||||||||||||||||||||
Arts, entertainment, and recreation | Arts, entertainment, and recreation | 1,131 | 1 | 1,383 | 1 | Arts, entertainment, and recreation | 902 | 1 | 1,383 | 1 | ||||||||||||||||||||||||
Other services | Other services | 1,758 | 1 | 1,360 | 1 | Other services | 1,845 | 1 | 1,360 | 1 | ||||||||||||||||||||||||
Administrative and waste management services | Administrative and waste management services | 1,261 | 1 | 1,327 | 1 | Administrative and waste management services | 1,226 | 1 | 1,327 | 1 | ||||||||||||||||||||||||
Transportation and warehousing | Transportation and warehousing | 1,196 | 1 | 1,169 | 1 | Transportation and warehousing | 1,092 | 1 | 1,169 | 1 | ||||||||||||||||||||||||
Consumer products manufacturing | Consumer products manufacturing | 1,075 | 1 | 1,078 | 1 | Consumer products manufacturing | 1,160 | 1 | 1,078 | 1 | ||||||||||||||||||||||||
Automotive | Automotive | 1,066 | 1 | 1,057 | 1 | Automotive | 1,000 | 1 | 1,057 | 1 | ||||||||||||||||||||||||
Educational services | Educational services | 693 | — | 844 | — | Educational services | 597 | — | 844 | — | ||||||||||||||||||||||||
Chemicals | Chemicals | 726 | — | 736 | — | Chemicals | 717 | — | 736 | — | ||||||||||||||||||||||||
Real estate and rental and leasing | Real estate and rental and leasing | 949 | 1 | 734 | — | Real estate and rental and leasing | 886 | 1 | 734 | — | ||||||||||||||||||||||||
All other | All other | 110 | — | 884 | 1 | All other | 28 | — | 884 | 1 | ||||||||||||||||||||||||
Total commercial and industrial | Total commercial and industrial | 39,363 | 32 | 40,018 | 32 | Total commercial and industrial | 39,951 | 32 | 40,018 | 32 | ||||||||||||||||||||||||
Real estate and rental and leasing | Real estate and rental and leasing | 12,907 | 11 | 13,167 | 11 | Real estate and rental and leasing | 12,984 | 11 | 13,167 | 11 | ||||||||||||||||||||||||
Accommodation and food services | Accommodation and food services | 814 | 1 | 749 | 1 | Accommodation and food services | 819 | 1 | 749 | 1 | ||||||||||||||||||||||||
Finance and insurance | Finance and insurance | 498 | — | 498 | — | Finance and insurance | 560 | — | 498 | — | ||||||||||||||||||||||||
All other | All other | 193 | — | 238 | — | All other | 145 | — | 238 | — | ||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | 14,412 | 12 | 14,652 | 12 | Total commercial real estate | 14,508 | 12 | 14,652 | 12 | ||||||||||||||||||||||||
Total leases | Total leases | 1,829 | 1 | 1,968 | 2 | Total leases | 1,593 | 1 | 1,968 | 2 | ||||||||||||||||||||||||
Total commercial (1,3) | $55,604 | 45 | % | $56,638 | 46 | % | ||||||||||||||||||||||||||||
Total commercial(2) | Total commercial(2) | $56,052 | 45 | % | $56,638 | 46 | % |
Table 19: Aging of Retail Loans as a Percentage of Loan Class | Table 19: Aging of Retail Loans as a Percentage of Loan Class | Table 19: Aging of Retail Loans as a Percentage of Loan Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Past Due | Days Past Due | Days Past Due | Days Past Due | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current-29 | 30-59 | 60-89 | 90+ | Current-29 | 30-59 | 60-89 | 90+ | Current-29 | 30-59 | 60-89 | 90+ | Current-29 | 30-59 | 60-89 | 90+ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages(1) | Residential mortgages(1) | 96.83 | % | 0.86 | % | 0.30 | % | 2.03 | % | 98.73 | % | 0.30 | % | 0.11 | % | 0.86 | % | Residential mortgages(1) | 96.97 | % | 0.72 | % | 0.26 | % | 2.05 | % | 98.73 | % | 0.30 | % | 0.11 | % | 0.86 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 98.03 | 0.27 | 0.14 | 1.56 | 97.53 | 0.50 | 0.23 | 1.74 | Home equity | 98.03 | 0.29 | 0.13 | 1.55 | 97.53 | 0.50 | 0.23 | 1.74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 98.69 | 0.89 | 0.34 | 0.08 | 97.93 | 1.40 | 0.53 | 0.14 | Automobile | 98.71 | 0.87 | 0.31 | 0.11 | 97.93 | 1.40 | 0.53 | 0.14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 99.58 | 0.23 | 0.10 | 0.09 | 99.56 | 0.27 | 0.11 | 0.06 | Education | 99.55 | 0.25 | 0.11 | 0.09 | 99.56 | 0.27 | 0.11 | 0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 98.47 | 0.67 | 0.36 | 0.51 | 98.36 | 0.62 | 0.47 | 0.55 | Other retail | 98.21 | 0.71 | 0.51 | 0.57 | 98.36 | 0.62 | 0.47 | 0.55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 98.12 | % | 0.61 | % | 0.24 | % | 1.02 | % | 98.47 | % | 0.58 | % | 0.25 | % | 0.70 | % | Total retail | 98.14 | % | 0.58 | % | 0.24 | % | 1.04 | % | 98.47 | % | 0.58 | % | 0.25 | % | 0.70 | % |
Table 20: Retail Asset Quality Metrics | Table 20: Retail Asset Quality Metrics | Table 20: Retail Asset Quality Metrics | ||||||||||||||||||||
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Average refreshed FICO for total portfolio | Average refreshed FICO for total portfolio | 769 | 771 | Average refreshed FICO for total portfolio | 768 | 771 | ||||||||||||||||
CLTV ratio for secured real estate(1) | CLTV ratio for secured real estate(1) | 58 | % | 60 | % | CLTV ratio for secured real estate(1) | 57 | % | 60 | % | ||||||||||||
Nonaccruing retail loans to total retail | 0.81 | 0.90 | ||||||||||||||||||||
Nonaccrual retail loans to total retail | Nonaccrual retail loans to total retail | 0.73 | 0.90 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | 2021 | 2020 | Change | Percent | 2021 | 2020 | Change | Percent | (dollars in millions) | 2021 | 2020 | Change | Percent | 2021 | 2020 | Change | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | $37 | $76 | ($39) | (51 | %) | $91 | $169 | ($78) | (46 | %) | Net charge-offs | $30 | $49 | ($19) | (39 | %) | $121 | $218 | ($97) | (44 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annualized net charge-off rate | Annualized net charge-off rate | 0.24 | % | 0.50 | % | (26) | bps | 0.29 | % | 0.56 | % | (27) | bps | Annualized net charge-off rate | 0.19 | % | 0.32 | % | (13) | bps | 0.26 | % | 0.48 | % | (22) | bps |
Table 21: Accruing and Nonaccruing Troubled Debt Restructurings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 21: Accruing and Nonaccrual Troubled Debt Restructurings | Table 21: Accruing and Nonaccrual Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As a % of Accruing TDRs | As a % of Accruing TDRs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Accruing | 30-89 Days Past Due | 90+ Days Past Due | Nonaccruing | Total | (dollars in millions) | Accruing | 30-89 Days Past Due | 90+ Days Past Due | Nonaccrual | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 150 | 0.3 | % | — | % | 70 | 220 | Commercial and industrial | $161 | — | % | — | % | $70 | $231 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | — | — | — | 9 | 9 | Commercial real estate | — | — | — | 9 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 150 | 0.3 | — | 79 | 229 | Total commercial | 161 | — | — | 79 | 240 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages(1) | Residential mortgages(1) | 343 | 3.9 | 9.5 | 34 | 377 | Residential mortgages(1) | 339 | 3.9 | 9.8 | 39 | 378 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 211 | 0.5 | — | 81 | 292 | Home equity | 198 | 0.5 | — | 74 | 272 | ||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 3 | 0.1 | — | 39 | 42 | Automobile | 8 | 0.1 | — | 28 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 113 | 0.4 | 0.2 | 11 | 124 | Education | 112 | 0.4 | 0.1 | 12 | 124 | ||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 22 | 0.2 | — | 3 | 25 | Other retail | 21 | 0.2 | — | 2 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 692 | 5.1 | 9.6 | 168 | 860 | Total retail | 678 | 5.1 | 9.9 | 155 | 833 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $842 | 5.4 | % | 9.6 | % | $247 | $1,089 | Total | $839 | 5.1 | % | 9.9 | % | $234 | $1,073 |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As a % of Accruing TDRs | As a % of Accruing TDRs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Accruing | 30-89 Days Past Due | 90+ Days Past Due | Nonaccruing | Total | (dollars in millions) | Accruing | 30-89 Days Past Due | 90+ Days Past Due | Nonaccrual | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $134 | 0.1 | % | — | % | $97 | $231 | Commercial and industrial | $134 | 0.1 | % | — | % | $97 | $231 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | $26 | — | — | — | $26 | Commercial real estate | 26 | — | — | — | 26 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | $160 | 0.1 | — | 97 | $257 | Total commercial | 160 | 0.1 | — | 97 | 257 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages(1) | Residential mortgages(1) | 172 | 2.1 | 2.0 | 43 | 215 | Residential mortgages(1) | 172 | 2.1 | 2.0 | 43 | 215 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 221 | 1.0 | — | 83 | 304 | Home equity | 221 | 1.0 | — | 83 | 304 | ||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 13 | 0.4 | — | 33 | 46 | Automobile | 13 | 0.4 | — | 33 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 116 | 0.5 | 0.3 | 10 | 126 | Education | 116 | 0.5 | 0.3 | 10 | 126 | ||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 25 | 0.2 | — | 2 | 27 | Other retail | 25 | 0.2 | — | 2 | 27 | ||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 547 | 4.2 | 2.3 | 171 | 718 | Total retail | 547 | 4.2 | 2.3 | 171 | 718 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $707 | 4.3 | % | 2.3 | % | $268 | $975 | Total | $707 | 4.3 | % | 2.3 | % | $268 | $975 |
Table 22: Composition of Deposits | Table 22: Composition of Deposits | Table 22: Composition of Deposits | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | June 30, 2021 | December 31, 2020 | Change | Percent | (in millions) | September 30, 2021 | December 31, 2020 | Change | Percent | ||||||||||||||||||||||||||||||||||||
Demand | Demand | $47,480 | $43,831 | $3,649 | 8 | % | Demand | $48,184 | $43,831 | $4,353 | 10 | % | ||||||||||||||||||||||||||||||||||
Checking with interest | Checking with interest | 28,074 | 27,204 | 870 | 3 | Checking with interest | 27,985 | 27,204 | 781 | 3 | ||||||||||||||||||||||||||||||||||||
Regular savings | Regular savings | 20,382 | 18,044 | 2,338 | 13 | Regular savings | 21,166 | 18,044 | 3,122 | 17 | ||||||||||||||||||||||||||||||||||||
Money market accounts | Money market accounts | 48,150 | 48,569 | (419) | (1) | Money market accounts | 48,935 | 48,569 | 366 | 1 | ||||||||||||||||||||||||||||||||||||
Term deposits | Term deposits | 6,550 | 9,516 | (2,966) | (31) | Term deposits | 5,951 | 9,516 | (3,565) | (37) | ||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $150,636 | $147,164 | $3,472 | 2 | % | Total deposits | $152,221 | $147,164 | $5,057 | 3 | % |
Table 23: Summary of Long-Term Borrowed Funds | Table 23: Summary of Long-Term Borrowed Funds | Table 23: Summary of Long-Term Borrowed Funds | ||||||||||||||||||||
(in millions) | (in millions) | June 30, 2021 | December 31, 2020 | (in millions) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Parent Company: | Parent Company: | Parent Company: | ||||||||||||||||||||
2.375% fixed-rate senior unsecured debt, due July 2021 (1) | 2.375% fixed-rate senior unsecured debt, due July 2021 (1) | $— | $350 | 2.375% fixed-rate senior unsecured debt, due July 2021(1) | $— | $350 | ||||||||||||||||
4.150% fixed-rate subordinated debt, due September 2022 (2) | 4.150% fixed-rate subordinated debt, due September 2022 (2) | 168 | 182 | 4.150% fixed-rate subordinated debt, due September 2022(2) | 168 | 182 | ||||||||||||||||
3.750% fixed-rate subordinated debt, due July 2024 (2) | 3.750% fixed-rate subordinated debt, due July 2024 (2) | 90 | 159 | 3.750% fixed-rate subordinated debt, due July 2024(2) | 90 | 159 | ||||||||||||||||
4.023% fixed-rate subordinated debt, due October 2024 (2) | 4.023% fixed-rate subordinated debt, due October 2024 (2) | 17 | 25 | 4.023% fixed-rate subordinated debt, due October 2024(2) | 17 | 25 | ||||||||||||||||
4.350% fixed-rate subordinated debt, due August 2025 (2) | 4.350% fixed-rate subordinated debt, due August 2025 (2) | 133 | 193 | 4.350% fixed-rate subordinated debt, due August 2025(2) | 133 | 193 | ||||||||||||||||
4.300% fixed-rate subordinated debt, due December 2025 (2) | 4.300% fixed-rate subordinated debt, due December 2025 (2) | 336 | 450 | 4.300% fixed-rate subordinated debt, due December 2025(2) | 336 | 450 | ||||||||||||||||
2.850% fixed-rate senior unsecured notes, due July 2026 | 2.850% fixed-rate senior unsecured notes, due July 2026 | 497 | 497 | 2.850% fixed-rate senior unsecured notes, due July 2026 | 497 | 497 | ||||||||||||||||
2.500% fixed-rate senior unsecured notes, due February 2030 | 2.500% fixed-rate senior unsecured notes, due February 2030 | 298 | 297 | 2.500% fixed-rate senior unsecured notes, due February 2030 | 298 | 297 | ||||||||||||||||
3.250% fixed-rate senior unsecured notes, due April 2030 | 3.250% fixed-rate senior unsecured notes, due April 2030 | 745 | 745 | 3.250% fixed-rate senior unsecured notes, due April 2030 | 745 | 745 | ||||||||||||||||
3.750% fixed-rate reset subordinated debt, due February 2031 (2) | 3.750% fixed-rate reset subordinated debt, due February 2031 (2) | 69 | — | 3.750% fixed-rate reset subordinated debt, due February 2031(2) | 69 | — | ||||||||||||||||
4.300% fixed-rate reset subordinated debt, due February 2031 (2) | 4.300% fixed-rate reset subordinated debt, due February 2031 (2) | 135 | — | 4.300% fixed-rate reset subordinated debt, due February 2031(2) | 135 | — | ||||||||||||||||
4.350% fixed-rate reset subordinated debt, due February 2031 (2) | 4.350% fixed-rate reset subordinated debt, due February 2031 (2) | 60 | — | 4.350% fixed-rate reset subordinated debt, due February 2031(2) | 61 | — | ||||||||||||||||
2.638% fixed-rate subordinated debt, due September 2032 | 2.638% fixed-rate subordinated debt, due September 2032 | 547 | 543 | 2.638% fixed-rate subordinated debt, due September 2032 | 548 | 543 | ||||||||||||||||
CBNA’s Global Note Program: | CBNA’s Global Note Program: | CBNA’s Global Note Program: | ||||||||||||||||||||
2.550% senior unsecured notes, due May 2021 | 2.550% senior unsecured notes, due May 2021 | — | 1,003 | 2.550% senior unsecured notes, due May 2021 | — | 1,003 | ||||||||||||||||
3.250% senior unsecured notes, due February 2022 | 3.250% senior unsecured notes, due February 2022 | 708 | 716 | 3.250% senior unsecured notes, due February 2022 | 704 | 716 | ||||||||||||||||
0.874% floating-rate senior unsecured notes, due February 2022 (3) | 300 | 299 | ||||||||||||||||||||
0.951% floating-rate senior unsecured notes, due May 2022 (3) | 250 | 250 | ||||||||||||||||||||
0.845% floating-rate senior unsecured notes, due February 2022(3) | 0.845% floating-rate senior unsecured notes, due February 2022(3) | 300 | 299 | |||||||||||||||||||
0.932% floating-rate senior unsecured notes, due May 2022(3) | 0.932% floating-rate senior unsecured notes, due May 2022(3) | 250 | 250 | |||||||||||||||||||
2.650% senior unsecured notes, due May 2022 | 2.650% senior unsecured notes, due May 2022 | 507 | 510 | 2.650% senior unsecured notes, due May 2022 | 505 | 510 | ||||||||||||||||
3.700% senior unsecured notes, due March 2023 | 3.700% senior unsecured notes, due March 2023 | 520 | 527 | 3.700% senior unsecured notes, due March 2023 | 517 | 527 | ||||||||||||||||
1.096% floating-rate senior unsecured notes, due March 2023 (3) | 250 | 249 | ||||||||||||||||||||
1.082% floating-rate senior unsecured notes, due March 2023(3) | 1.082% floating-rate senior unsecured notes, due March 2023(3) | 250 | 249 | |||||||||||||||||||
2.250% senior unsecured notes, due April 2025 | 2.250% senior unsecured notes, due April 2025 | 746 | 746 | 2.250% senior unsecured notes, due April 2025 | 746 | 746 | ||||||||||||||||
3.750% senior unsecured notes, due February 2026 | 3.750% senior unsecured notes, due February 2026 | 536 | 551 | 3.750% senior unsecured notes, due February 2026 | 533 | 551 | ||||||||||||||||
Additional Borrowings by CBNA and Other Subsidiaries: | Additional Borrowings by CBNA and Other Subsidiaries: | Additional Borrowings by CBNA and Other Subsidiaries: | ||||||||||||||||||||
Federal Home Loan Bank advances, 0.909% weighted average rate, due through 2038 | 18 | 19 | ||||||||||||||||||||
Federal Home Loan Bank advances, 0.864% weighted average rate, due through 2041 | Federal Home Loan Bank advances, 0.864% weighted average rate, due through 2041 | 19 | 19 | |||||||||||||||||||
Other | Other | 27 | 35 | Other | 26 | 35 | ||||||||||||||||
Total long-term borrowed funds | Total long-term borrowed funds | $6,957 | $8,346 | Total long-term borrowed funds | $6,947 | $8,346 |
Table 24: Regulatory Capital Ratios Under the U.S. Basel III Standardized Rules | Table 24: Regulatory Capital Ratios Under the U.S. Basel III Standardized Rules | Table 24: Regulatory Capital Ratios Under the U.S. Basel III Standardized Rules | ||||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | Required Minimum plus Required CCB for Non-Leverage Ratios(1) | September 30, 2021 | December 31, 2020 | Required Minimum plus Required CCB for Non-Leverage Ratios(1) | |||||||||||||||||||||||||||||||||||
(in millions, except ratio data) | (in millions, except ratio data) | Amount | Ratio | Amount | Ratio | (in millions, except ratio data) | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
CET1 capital | CET1 capital | $15,266 | 10.3 | % | $14,607 | 10.0 | % | 7.9 | % | CET1 capital | $15,584 | 10.3 | % | $14,607 | 10.0 | % | 7.9 | % | ||||||||||||||||||||||
Tier 1 capital | Tier 1 capital | 17,280 | 11.6 | 16,572 | 11.3 | 9.4 | Tier 1 capital | 17,598 | 11.6 | 16,572 | 11.3 | 9.4 | ||||||||||||||||||||||||||||
Total capital | Total capital | 20,111 | 13.5 | 19,602 | 13.4 | 11.4 | Total capital | 20,295 | 13.4 | 19,602 | 13.4 | 11.4 | ||||||||||||||||||||||||||||
Tier 1 leverage | Tier 1 leverage | 17,280 | 9.7 | 16,572 | 9.4 | 4.0 | Tier 1 leverage | 17,598 | 9.7 | 16,572 | 9.4 | 4.0 | ||||||||||||||||||||||||||||
Risk-weighted assets | Risk-weighted assets | 148,563 | 146,781 | Risk-weighted assets | 151,796 | 146,781 | ||||||||||||||||||||||||||||||||||
Quarterly adjusted average assets | Quarterly adjusted average assets | 178,929 | 175,370 | Quarterly adjusted average assets | 180,528 | 175,370 |
Table 25: Capital Composition Under the U.S. Basel III Capital Framework | Table 25: Capital Composition Under the U.S. Basel III Capital Framework | Table 25: Capital Composition Under the U.S. Basel III Capital Framework | ||||||||||||||||||||
(in millions) | (in millions) | June 30, 2021 | December 31, 2020 | (in millions) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Total common shareholders' equity | Total common shareholders' equity | $21,185 | $20,708 | Total common shareholders' equity | $21,409 | $20,708 | ||||||||||||||||
Exclusions: | Exclusions: | Exclusions: | ||||||||||||||||||||
Modified CECL transitional amount | Modified CECL transitional amount | 420 | 568 | Modified CECL transitional amount | 401 | 568 | ||||||||||||||||
Net unrealized (gains)/losses recorded in accumulated other comprehensive income (loss), net of tax: | Net unrealized (gains)/losses recorded in accumulated other comprehensive income (loss), net of tax: | Net unrealized (gains)/losses recorded in accumulated other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Debt and equity securities | Debt and equity securities | (78) | (380) | Debt and equity securities | 33 | (380) | ||||||||||||||||
Derivatives | Derivatives | 38 | 11 | Derivatives | 74 | 11 | ||||||||||||||||
Unamortized net periodic benefit costs | Unamortized net periodic benefit costs | 421 | 429 | Unamortized net periodic benefit costs | 401 | 429 | ||||||||||||||||
Deductions: | Deductions: | Deductions: | ||||||||||||||||||||
Goodwill | Goodwill | (7,050) | (7,050) | Goodwill | (7,065) | (7,050) | ||||||||||||||||
Deferred tax liability associated with goodwill | Deferred tax liability associated with goodwill | 383 | 379 | Deferred tax liability associated with goodwill | 384 | 379 | ||||||||||||||||
Other intangible assets | Other intangible assets | (53) | (58) | Other intangible assets | (53) | (58) | ||||||||||||||||
Total common equity tier 1 | Total common equity tier 1 | 15,266 | 14,607 | Total common equity tier 1 | 15,584 | 14,607 | ||||||||||||||||
Qualifying preferred stock | Qualifying preferred stock | 2,014 | 1,965 | Qualifying preferred stock | 2,014 | 1,965 | ||||||||||||||||
Total tier 1 capital | Total tier 1 capital | 17,280 | 16,572 | Total tier 1 capital | 17,598 | 16,572 | ||||||||||||||||
Qualifying subordinated debt(1) | Qualifying subordinated debt(1) | 1,284 | 1,204 | Qualifying subordinated debt(1) | 1,208 | 1,204 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | 2,081 | 2,670 | Allowance for credit losses | 2,004 | 2,670 | ||||||||||||||||
Exclusions from tier 2 capital: | Exclusions from tier 2 capital: | Exclusions from tier 2 capital: | ||||||||||||||||||||
Modified AACL transitional amount | Modified AACL transitional amount | (534) | (682) | Modified AACL transitional amount | (515) | (682) | ||||||||||||||||
Excess allowance for credit losses(2) | Excess allowance for credit losses(2) | — | (162) | Excess allowance for credit losses(2) | — | (162) | ||||||||||||||||
Adjusted allowance for credit losses | Adjusted allowance for credit losses | 1,547 | 1,826 | Adjusted allowance for credit losses | 1,489 | 1,826 | ||||||||||||||||
Total capital | Total capital | $20,111 | $19,602 | Total capital | $20,295 | $19,602 |
Table 26: CBNA's Capital Ratios Under the U.S. Basel III Standardized Rules | Table 26: CBNA's Capital Ratios Under the U.S. Basel III Standardized Rules | Table 26: CBNA's Capital Ratios Under the U.S. Basel III Standardized Rules | ||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(dollars in millions, except ratio data) | (dollars in millions, except ratio data) | Amount | Ratio | Amount | Ratio | (dollars in millions, except ratio data) | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||
CET1 capital | CET1 capital | $16,545 | 11.2 | % | $16,032 | 10.9 | % | CET1 capital | $16,791 | 11.1 | % | $16,032 | 10.9 | % | ||||||||||||||||||||
Tier 1 capital | Tier 1 capital | 16,545 | 11.2 | 16,032 | 10.9 | Tier 1 capital | 16,791 | 11.1 | 16,032 | 10.9 | ||||||||||||||||||||||||
Total capital | Total capital | 19,217 | 13.0 | 18,980 | 13.0 | Total capital | 19,405 | 12.8 | 18,980 | 13.0 | ||||||||||||||||||||||||
Tier 1 leverage | Tier 1 leverage | 16,545 | 9.3 | 16,032 | 9.2 | Tier 1 leverage | 16,791 | 9.3 | 16,032 | 9.2 | ||||||||||||||||||||||||
Risk-weighted assets | Risk-weighted assets | 148,105 | 146,558 | Risk-weighted assets | 151,438 | 146,558 | ||||||||||||||||||||||||||||
Quarterly adjusted average assets | Quarterly adjusted average assets | 178,441 | 174,954 | Quarterly adjusted average assets | 180,034 | 174,954 |
Table 27: Credit Ratings | |||||||||||||||||
Moody’s | Standard and Poor’s | Fitch | |||||||||||||||
Citizens Financial Group, Inc.: | |||||||||||||||||
Long-term issuer | NR | BBB+ | BBB+ | ||||||||||||||
Short-term issuer | NR | A-2 | F1 | ||||||||||||||
Subordinated debt | NR | BBB | BBB | ||||||||||||||
Preferred Stock | NR | BB+ | BB | ||||||||||||||
Citizens Bank, National Association: | |||||||||||||||||
Long-term issuer | Baa1 | A- | BBB+ | ||||||||||||||
Short-term issuer | NR | A-2 | F1 | ||||||||||||||
Long-term deposits | A1 | NR | A- | ||||||||||||||
Short-term deposits | P-1 | NR | F1 | ||||||||||||||
NR = Not rated |
Table 28: Outstanding Off-Balance Sheet Arrangements | Table 28: Outstanding Off-Balance Sheet Arrangements | Table 28: Outstanding Off-Balance Sheet Arrangements | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | June 30, 2021 | December 31, 2020 | Change | Percent | (in millions) | September 30, 2021 | December 31, 2020 | Change | Percent | ||||||||||||||||||||||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $76,761 | $74,160 | $2,601 | 4 | % | Commitments to extend credit | $80,629 | $74,160 | $6,469 | 9 | % | ||||||||||||||||||||||||||||||||||
Letters of credit | Letters of credit | 1,926 | 2,239 | (313) | (14) | Letters of credit | 1,939 | 2,239 | (300) | (13) | ||||||||||||||||||||||||||||||||||||
Risk participation agreements | Risk participation agreements | 68 | 98 | (30) | (31) | Risk participation agreements | 57 | 98 | (41) | (42) | ||||||||||||||||||||||||||||||||||||
Loans sold with recourse | Loans sold with recourse | 64 | 54 | 10 | 19 | Loans sold with recourse | 70 | 54 | 16 | 30 | ||||||||||||||||||||||||||||||||||||
Marketing rights | Marketing rights | 26 | 29 | (3) | (10) | Marketing rights | 26 | 29 | (3) | (10) | ||||||||||||||||||||||||||||||||||||
Total | Total | $78,845 | $76,580 | $2,265 | 3 | % | Total | $82,721 | $76,580 | $6,141 | 8 | % |
Table 29: Sensitivity of Net Interest Income | Table 29: Sensitivity of Net Interest Income | Table 29: Sensitivity of Net Interest Income | ||||||||||||||||||||
Estimated % Change in Net Interest Income over 12 Months | Estimated % Change in Net Interest Income over 12 Months | |||||||||||||||||||||
Basis points | Basis points | June 30, 2021 | December 31, 2020 | Basis points | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Instantaneous Change in Interest Rates | Instantaneous Change in Interest Rates | Instantaneous Change in Interest Rates | ||||||||||||||||||||
200 | 200 | 21.7 | % | 21.2 | % | 200 | 20.8 | % | 21.2 | % | ||||||||||||
100 | 100 | 11.3 | 11.2 | 100 | 10.9 | 11.2 | ||||||||||||||||
-25 | -25 | (2.2) | (2.7) | -25 | (2.4) | (2.7) | ||||||||||||||||
Gradual Change in Interest Rates | Gradual Change in Interest Rates | Gradual Change in Interest Rates | ||||||||||||||||||||
200 | 200 | 10.7 | 10.8 | 200 | 9.8 | 10.8 | ||||||||||||||||
100 | 100 | 5.4 | 5.5 | 100 | 4.9 | 5.5 | ||||||||||||||||
-25 | -25 | (1.2) | (1.5) | -25 | (1.2) | (1.5) |
Table 30: Interest Rate Swap Contracts Used to Manage Non-Trading Interest Rate Exposure | Table 30: Interest Rate Swap Contracts Used to Manage Non-Trading Interest Rate Exposure | Table 30: Interest Rate Swap Contracts Used to Manage Non-Trading Interest Rate Exposure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average | Weighted Average | Weighted Average | Weighted Average | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Notional Amount | Maturity (Years) | Receive Rate | Pay Rate | Notional Amount | Maturity (Years) | Receive Rate | Pay Rate | (dollars in millions) | Notional Amount | Maturity (Years) | Receive Rate | Pay Rate | Notional Amount | Maturity (Years) | Receive Rate | Pay Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow - receive-fixed/pay-variable - conventional ALM(1) | Cash flow - receive-fixed/pay-variable - conventional ALM(1) | $18,100 | 2.5 | 1.1 | % | 0.1 | % | $12,350 | 1.0 | 1.5 | % | 0.2 | % | Cash flow - receive-fixed/pay-variable - conventional ALM(1) | $16,250 | 3.2 | 1.1 | % | 0.1 | % | $12,350 | 1.0 | 1.5 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Fair value - receive-fixed/pay-variable - conventional debt | Fair value - receive-fixed/pay-variable - conventional debt | 2,200 | 1.8 | 2.5 | 0.2 | 3,200 | 1.7 | 2.1 | 0.2 | Fair value - receive-fixed/pay-variable - conventional debt | 2,200 | 1.5 | 2.5 | 0.1 | 3,200 | 1.7 | 2.1 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow - pay-fixed/receive-variable - conventional ALM(1)(2) | Cash flow - pay-fixed/receive-variable - conventional ALM(1)(2) | 3,000 | 3.0 | 0.1 | 1.7 | 4,750 | 3.9 | 0.2 | 1.4 | Cash flow - pay-fixed/receive-variable - conventional ALM(1)(2) | 3,000 | 2.7 | 0.1 | 1.7 | 4,750 | 3.9 | 0.2 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value - pay-fixed/receive-variable - conventional ALM(1) | Fair value - pay-fixed/receive-variable - conventional ALM(1) | 2,000 | 3.2 | 0.1 | 1.5 | 2,000 | 3.7 | 0.2 | 1.5 | Fair value - pay-fixed/receive-variable - conventional ALM(1) | 2,000 | 3.0 | 0.1 | 1.5 | 2,000 | 3.7 | 0.2 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio swaps | Total portfolio swaps | $25,300 | 2.5 | 1.0 | % | 0.4 | % | $22,300 | 2.0 | 1.2 | % | 0.6 | % | Total portfolio swaps | $23,450 | 3.0 | 1.0 | % | 0.4 | % | $22,300 | 2.0 | 1.2 | % | 0.6 | % |
Table 27: Pre-Tax Gains (Losses) Recorded in the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 31: Pre-Tax Gains (Losses) Recorded in the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income | Table 31: Pre-Tax Gains (Losses) Recorded in the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | 2021 | 2020 | (in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Amount of pre-tax net gains (losses) recognized in OCI | Amount of pre-tax net gains (losses) recognized in OCI | $62 | ($11) | $34 | $118 | Amount of pre-tax net gains (losses) recognized in OCI | ($15) | $— | $19 | $118 | |||||||||||||||||||||||||||||||||||||||||||||
Amount of pre-tax net gains (losses) reclassified from OCI into interest income | Amount of pre-tax net gains (losses) reclassified from OCI into interest income | 49 | 55 | 95 | 60 | Amount of pre-tax net gains (losses) reclassified from OCI into interest income | 46 | 68 | 141 | 128 | |||||||||||||||||||||||||||||||||||||||||||||
Amount of pre-tax net gains (losses) reclassified from OCI into interest expense | Amount of pre-tax net gains (losses) reclassified from OCI into interest expense | (12) | (10) | (24) | (11) | Amount of pre-tax net gains (losses) reclassified from OCI into interest expense | (13) | (11) | (37) | (22) |
Table 32: Results of Modeled and Non-Modeled Measures for Regulatory Capital Calculations | Table 32: Results of Modeled and Non-Modeled Measures for Regulatory Capital Calculations | Table 32: Results of Modeled and Non-Modeled Measures for Regulatory Capital Calculations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | For the Three Months Ended June 30, 2021 | For the Three Months Ended June 30, 2020 | (in millions) | For the Three Months Ended September 30, 2021 | For the Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Risk Category | Market Risk Category | Period End | Average | High | Low | Period End | Average | High | Low | Market Risk Category | Period End | Average | High | Low | Period End | Average | High | Low | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | Interest Rate | $2 | $2 | $5 | $— | $1 | $2 | $5 | $1 | Interest Rate | $1 | $1 | $3 | $— | $1 | $1 | $4 | $1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Exchange Currency Rate | Foreign Exchange Currency Rate | 1 | — | 1 | — | — | — | — | — | Foreign Exchange Currency Rate | 1 | 1 | 1 | 1 | — | — | 4 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Spread | Credit Spread | 13 | 13 | 17 | 10 | 13 | 8 | 15 | 4 | Credit Spread | 6 | 9 | 14 | 4 | 11 | 10 | 12 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity | Commodity | — | — | — | — | — | — | — | — | Commodity | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General VaR | General VaR | 14 | 12 | 16 | 9 | 12 | 11 | 13 | 9 | General VaR | 6 | 10 | 14 | 4 | 11 | 8 | 15 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific Risk VaR | Specific Risk VaR | — | — | — | — | — | — | — | — | Specific Risk VaR | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total VaR | Total VaR | $14 | $12 | $17 | $9 | $12 | $11 | $13 | $9 | Total VaR | $6 | $10 | $17 | $4 | $11 | $8 | $15 | $6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stressed General VaR | Stressed General VaR | $16 | $16 | $19 | $13 | $14 | $13 | $15 | $11 | Stressed General VaR | $8 | $11 | $16 | $5 | $13 | $10 | $20 | $7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stressed Specific Risk VaR | Stressed Specific Risk VaR | — | — | — | — | — | — | — | — | Stressed Specific Risk VaR | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Stressed VaR | Total Stressed VaR | $16 | $16 | $19 | $13 | $14 | $13 | $15 | $11 | Total Stressed VaR | $8 | $11 | $16 | $5 | $13 | $10 | $20 | $7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Risk Regulatory Capital | Market Risk Regulatory Capital | $89 | $73 | Market Risk Regulatory Capital | $62 | $55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific Risk Not Modeled Add-on | Specific Risk Not Modeled Add-on | 19 | 13 | Specific Risk Not Modeled Add-on | 16 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Market Risk Regulatory Capital | Total Market Risk Regulatory Capital | $108 | $86 | Total Market Risk Regulatory Capital | $78 | $67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Risk-Weighted Assets | Market Risk-Weighted Assets | $1,350 | $1,078 | Market Risk-Weighted Assets | $973 | $834 |
Table 33: Reconciliations of Non-GAAP Measures | Table 33: Reconciliations of Non-GAAP Measures | Table 33: Reconciliations of Non-GAAP Measures | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of and for the Three Months Ended June 30, | As of and for the Six Months Ended June 30, | As of and for the Three Months Ended September 30, | As of and for the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except share, per share and ratio data) | (in millions, except share, per share and ratio data) | Ref. | 2021 | 2020 | 2021 | 2020 | (in millions, except share, per share and ratio data) | Ref. | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
Total revenue, Underlying: | Total revenue, Underlying: | Total revenue, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue (GAAP) | Total revenue (GAAP) | A | $1,609 | $1,750 | $3,268 | $3,407 | Total revenue (GAAP) | A | $1,659 | $1,791 | $4,927 | $5,198 | ||||||||||||||||||||||||||||||||||||||||
Less: Notable items | Less: Notable items | — | — | — | — | Less: Notable items | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total revenue, Underlying (non-GAAP) | Total revenue, Underlying (non-GAAP) | B | $1,609 | $1,750 | $3,268 | $3,407 | Total revenue, Underlying (non-GAAP) | B | $1,659 | $1,791 | $4,927 | $5,198 | ||||||||||||||||||||||||||||||||||||||||
Noninterest expense, Underlying: | Noninterest expense, Underlying: | Noninterest expense, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense (GAAP) | Noninterest expense (GAAP) | C | $991 | $979 | $2,009 | $1,991 | Noninterest expense (GAAP) | C | $1,011 | $988 | $3,020 | $2,979 | ||||||||||||||||||||||||||||||||||||||||
Less: Notable items | Less: Notable items | 11 | 19 | 31 | 52 | Less: Notable items | 23 | 31 | 54 | 83 | ||||||||||||||||||||||||||||||||||||||||||
Noninterest expense, Underlying (non-GAAP) | Noninterest expense, Underlying (non-GAAP) | D | $980 | $960 | $1,978 | $1,939 | Noninterest expense, Underlying (non-GAAP) | D | $988 | $957 | $2,966 | $2,896 | ||||||||||||||||||||||||||||||||||||||||
Pre-provision profit: | Pre-provision profit: | Pre-provision profit: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue (GAAP) | Total revenue (GAAP) | A | $1,609 | $1,750 | $3,268 | $3,407 | Total revenue (GAAP) | A | $1,659 | $1,791 | $4,927 | $5,198 | ||||||||||||||||||||||||||||||||||||||||
Less: Noninterest expense (GAAP) | Less: Noninterest expense (GAAP) | C | 991 | 979 | 2,009 | 1,991 | Less: Noninterest expense (GAAP) | C | 1,011 | 988 | 3,020 | 2,979 | ||||||||||||||||||||||||||||||||||||||||
Pre-provision profit (GAAP) | Pre-provision profit (GAAP) | $618 | $771 | $1,259 | $1,416 | Pre-provision profit (GAAP) | $648 | $803 | $1,907 | $2,219 | ||||||||||||||||||||||||||||||||||||||||||
Pre-provision profit, Underlying | Pre-provision profit, Underlying | Pre-provision profit, Underlying | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue, Underlying (non-GAAP) | Total revenue, Underlying (non-GAAP) | B | $1,609 | $1,750 | $3,268 | $3,407 | Total revenue, Underlying (non-GAAP) | B | $1,659 | $1,791 | $4,927 | $5,198 | ||||||||||||||||||||||||||||||||||||||||
Less: Noninterest expense, Underlying (non-GAAP) | Less: Noninterest expense, Underlying (non-GAAP) | D | 980 | 960 | 1,978 | 1,939 | Less: Noninterest expense, Underlying (non-GAAP) | D | 988 | 957 | 2,966 | 2,896 | ||||||||||||||||||||||||||||||||||||||||
Pre-provision profit, Underlying (non-GAAP) | Pre-provision profit, Underlying (non-GAAP) | $629 | $790 | $1,290 | $1,468 | Pre-provision profit, Underlying (non-GAAP) | $671 | $834 | $1,961 | $2,302 | ||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense, Underlying: | Income before income tax expense, Underlying: | Income before income tax expense, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense (GAAP) | Income before income tax expense (GAAP) | E | $831 | $307 | $1,612 | $352 | Income before income tax expense (GAAP) | E | $681 | $375 | $2,293 | $727 | ||||||||||||||||||||||||||||||||||||||||
Less: Income (loss) before income tax expense (benefit) related to notable items | Less: Income (loss) before income tax expense (benefit) related to notable items | (11) | (19) | (31) | (52) | Less: Income (loss) before income tax expense (benefit) related to notable items | (23) | (31) | (54) | (83) | ||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense, Underlying (non-GAAP) | Income before income tax expense, Underlying (non-GAAP) | F | $842 | $326 | $1,643 | $404 | Income before income tax expense, Underlying (non-GAAP) | F | $704 | $406 | $2,347 | $810 | ||||||||||||||||||||||||||||||||||||||||
Income tax expense and effective income tax rate, Underlying: | Income tax expense and effective income tax rate, Underlying: | Income tax expense and effective income tax rate, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (GAAP) | Income tax expense (GAAP) | G | $183 | $54 | $353 | $65 | Income tax expense (GAAP) | G | $151 | $61 | $504 | $126 | ||||||||||||||||||||||||||||||||||||||||
Less: Income tax expense (benefit) related to notable items | Less: Income tax expense (benefit) related to notable items | (3) | (9) | (8) | (17) | Less: Income tax expense (benefit) related to notable items | (7) | (7) | (15) | (24) | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense, Underlying (non-GAAP) | Income tax expense, Underlying (non-GAAP) | H | $186 | $54 | $361 | $82 | Income tax expense, Underlying (non-GAAP) | H | $158 | $68 | $519 | $150 | ||||||||||||||||||||||||||||||||||||||||
Effective income tax rate (GAAP) | Effective income tax rate (GAAP) | G/E | 21.96 | % | 17.69 | % | 21.86 | % | 18.51 | % | Effective income tax rate (GAAP) | G/E | 22.35 | % | 16.10 | % | 22.01 | % | 17.27 | % | ||||||||||||||||||||||||||||||||
Effective income tax rate, Underlying (non-GAAP) | Effective income tax rate, Underlying (non-GAAP) | H/F | 22.01 | 19.36 | 21.93 | 20.36 | Effective income tax rate, Underlying (non-GAAP) | H/F | 22.45 | 16.79 | 22.09 | 18.57 | ||||||||||||||||||||||||||||||||||||||||
Net income, Underlying: | Net income, Underlying: | Net income, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (GAAP) | Net income (GAAP) | I | $648 | $253 | $1,259 | $287 | Net income (GAAP) | I | $530 | $314 | $1,789 | $601 | ||||||||||||||||||||||||||||||||||||||||
Add: Notable items, net of income tax benefit | Add: Notable items, net of income tax benefit | 8 | 10 | 23 | 35 | Add: Notable items, net of income tax benefit | 16 | 24 | 39 | 59 | ||||||||||||||||||||||||||||||||||||||||||
Net income, Underlying (non-GAAP) | Net income, Underlying (non-GAAP) | J | $656 | $253 | $1,282 | $322 | Net income, Underlying (non-GAAP) | J | $546 | $338 | $1,828 | $660 | ||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders, Underlying: | Net income available to common stockholders, Underlying: | Net income available to common stockholders, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders (GAAP) | Net income available to common stockholders (GAAP) | K | 616 | 225 | $1,204 | $237 | Net income available to common stockholders (GAAP) | K | 504 | 289 | $1,708 | $526 | ||||||||||||||||||||||||||||||||||||||||
Add: Notable items, net of income tax benefit | Add: Notable items, net of income tax benefit | 8 | 10 | 23 | 35 | Add: Notable items, net of income tax benefit | 16 | 24 | 39 | 59 | ||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders, Underlying (non-GAAP) | Net income available to common stockholders, Underlying (non-GAAP) | L | $624 | $235 | $1,227 | $272 | Net income available to common stockholders, Underlying (non-GAAP) | L | $520 | $313 | $1,747 | $585 | ||||||||||||||||||||||||||||||||||||||||
Return on average common equity and return on average common equity, Underlying: | Return on average common equity and return on average common equity, Underlying: | Return on average common equity and return on average common equity, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average common equity (GAAP) | Average common equity (GAAP) | M | $20,833 | $20,446 | $20,723 | $20,335 | Average common equity (GAAP) | M | $21,326 | $20,534 | $20,926 | $20,401 | ||||||||||||||||||||||||||||||||||||||||
Return on average common equity | Return on average common equity | K/M | 11.85 | % | 4.44 | % | 11.71 | % | 2.35 | % | Return on average common equity | K/M | 9.39 | % | 5.60 | % | 10.91 | % | 3.45 | % | ||||||||||||||||||||||||||||||||
Return on average common equity, Underlying (non-GAAP) | Return on average common equity, Underlying (non-GAAP) | L/M | 12.02 | 4.63 | 11.93 | 2.69 | Return on average common equity, Underlying (non-GAAP) | L/M | 9.70 | 6.05 | 11.17 | 3.83 |
As of and for the Three Months Ended June 30, | As of and for the Six Months Ended June 30, | As of and for the Three Months Ended September 30, | As of and for the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except share, per share and ratio data) | (in millions, except share, per share and ratio data) | Ref. | 2021 | 2020 | 2021 | 2020 | (in millions, except share, per share and ratio data) | Ref. | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
Return on average tangible common equity and return on average tangible common equity, Underlying: | Return on average tangible common equity and return on average tangible common equity, Underlying: | Return on average tangible common equity and return on average tangible common equity, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average common equity (GAAP) | Average common equity (GAAP) | M | $20,833 | $20,446 | $20,723 | $20,335 | Average common equity (GAAP) | M | $21,326 | $20,534 | $20,926 | $20,401 | ||||||||||||||||||||||||||||||||||||||||
Less: Average goodwill (GAAP) | Less: Average goodwill (GAAP) | 7,050 | 7,050 | 7,050 | 7,048 | Less: Average goodwill (GAAP) | 7,055 | 7,050 | 7,052 | 7,049 | ||||||||||||||||||||||||||||||||||||||||||
Less: Average other intangibles (GAAP) | Less: Average other intangibles (GAAP) | 53 | 65 | 55 | 66 | Less: Average other intangibles (GAAP) | 52 | 62 | 54 | 65 | ||||||||||||||||||||||||||||||||||||||||||
Add: Average deferred tax liabilities related to goodwill (GAAP) | Add: Average deferred tax liabilities related to goodwill (GAAP) | 381 | 375 | 380 | 374 | Add: Average deferred tax liabilities related to goodwill (GAAP) | 383 | 375 | 381 | 375 | ||||||||||||||||||||||||||||||||||||||||||
Average tangible common equity | Average tangible common equity | N | $14,111 | $13,706 | $13,998 | $13,595 | Average tangible common equity | N | $14,602 | $13,797 | $14,201 | $13,662 | ||||||||||||||||||||||||||||||||||||||||
Return on average tangible common equity | Return on average tangible common equity | K/N | 17.50 | % | 6.62 | % | 17.34 | % | 3.51 | % | Return on average tangible common equity | K/N | 13.71 | % | 8.33 | % | 16.08 | % | 5.15 | % | ||||||||||||||||||||||||||||||||
Return on average tangible common equity, Underlying (non-GAAP) | Return on average tangible common equity, Underlying (non-GAAP) | L/N | 17.74 | 6.90 | 17.67 | 4.03 | Return on average tangible common equity, Underlying (non-GAAP) | L/N | 14.17 | 9.00 | 16.46 | 5.71 | ||||||||||||||||||||||||||||||||||||||||
Return on average total assets and return on average total assets, Underlying: | Return on average total assets and return on average total assets, Underlying: | Return on average total assets and return on average total assets, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average total assets (GAAP) | Average total assets (GAAP) | O | $184,456 | $179,793 | $183,518 | $173,485 | Average total assets (GAAP) | O | $186,108 | $177,675 | $184,391 | $174,892 | ||||||||||||||||||||||||||||||||||||||||
Return on average total assets | Return on average total assets | I/O | 1.41 | % | 0.57 | % | 1.38 | % | 0.33 | % | Return on average total assets | I/O | 1.13 | % | 0.70 | % | 1.30 | % | 0.46 | % | ||||||||||||||||||||||||||||||||
Return on average total assets, Underlying (non-GAAP) | Return on average total assets, Underlying (non-GAAP) | J/O | 1.43 | 0.59 | 1.41 | 0.37 | Return on average total assets, Underlying (non-GAAP) | J/O | 1.16 | 0.76 | 1.33 | 0.50 | ||||||||||||||||||||||||||||||||||||||||
Return on average total tangible assets and return on average total tangible assets, Underlying: | Return on average total tangible assets and return on average total tangible assets, Underlying: | Return on average total tangible assets and return on average total tangible assets, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average total assets (GAAP) | Average total assets (GAAP) | O | $184,456 | $179,793 | $183,518 | $173,485 | Average total assets (GAAP) | O | $186,108 | $177,675 | $184,391 | $174,892 | ||||||||||||||||||||||||||||||||||||||||
Less: Average goodwill (GAAP) | Less: Average goodwill (GAAP) | 7,050 | 7,050 | 7,050 | 7,048 | Less: Average goodwill (GAAP) | 7,055 | 7,050 | 7,052 | 7,049 | ||||||||||||||||||||||||||||||||||||||||||
Less: Average other intangibles (GAAP) | Less: Average other intangibles (GAAP) | 53 | 65 | 55 | 66 | Less: Average other intangibles (GAAP) | 52 | 62 | 54 | 65 | ||||||||||||||||||||||||||||||||||||||||||
Add: Average deferred tax liabilities related to goodwill (GAAP) | Add: Average deferred tax liabilities related to goodwill (GAAP) | 381 | 375 | 380 | 374 | Add: Average deferred tax liabilities related to goodwill (GAAP) | 383 | 375 | 381 | 375 | ||||||||||||||||||||||||||||||||||||||||||
Average tangible assets | Average tangible assets | P | $177,734 | $173,053 | $176,793 | $166,745 | Average tangible assets | P | $179,384 | $170,938 | $177,666 | $168,153 | ||||||||||||||||||||||||||||||||||||||||
Return on average total tangible assets | Return on average total tangible assets | I/P | 1.46 | % | 0.59 | % | 1.44 | % | 0.35 | % | Return on average total tangible assets | I/P | 1.17 | % | 0.73 | % | 1.35 | % | 0.48 | % | ||||||||||||||||||||||||||||||||
Return on average total tangible assets, Underlying (non-GAAP) | Return on average total tangible assets, Underlying (non-GAAP) | J/P | 1.48 | 0.61 | 1.46 | 0.39 | Return on average total tangible assets, Underlying (non-GAAP) | J/P | 1.21 | 0.79 | 1.38 | 0.52 | ||||||||||||||||||||||||||||||||||||||||
Efficiency ratio and efficiency ratio, Underlying: | Efficiency ratio and efficiency ratio, Underlying: | Efficiency ratio and efficiency ratio, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio | Efficiency ratio | C/A | 61.63 | % | 55.91 | % | 61.49 | % | 58.43 | % | Efficiency ratio | C/A | 60.92 | % | 55.18 | % | 61.30 | % | 57.31 | % | ||||||||||||||||||||||||||||||||
Efficiency ratio, Underlying (non-GAAP) | Efficiency ratio, Underlying (non-GAAP) | D/B | 60.92 | 54.85 | 60.55 | 56.91 | Efficiency ratio, Underlying (non-GAAP) | D/B | 59.55 | 53.44 | 60.21 | 55.72 | ||||||||||||||||||||||||||||||||||||||||
Operating leverage and operating leverage, Underlying: | Operating leverage and operating leverage, Underlying: | Operating leverage and operating leverage, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Decrease) increase in total revenue | (Decrease) increase in total revenue | (8.00) | % | 7.49 | % | (4.08) | % | 5.94 | % | (Decrease) increase in total revenue | (7.33) | % | 9.29 | % | (5.20) | % | 7.07 | % | ||||||||||||||||||||||||||||||||||
Increase in noninterest expense | Increase in noninterest expense | 1.42 | 2.89 | 0.94 | 5.46 | Increase in noninterest expense | 2.31 | 1.52 | 1.39 | 4.12 | ||||||||||||||||||||||||||||||||||||||||||
Operating leverage | Operating leverage | (9.42) | % | 4.60 | % | (5.02 | %) | 0.48 | % | Operating leverage | (9.64) | % | 7.77 | % | (6.59 | %) | 2.95 | % | ||||||||||||||||||||||||||||||||||
(Decrease) increase in total revenue, Underlying (non-GAAP) | (Decrease) increase in total revenue, Underlying (non-GAAP) | (8.00) | % | 7.49 | % | (4.08) | % | 5.94 | % | (Decrease) increase in total revenue, Underlying (non-GAAP) | (7.33) | % | 9.29 | % | (5.20) | % | 7.07 | % | ||||||||||||||||||||||||||||||||||
Increase in noninterest expense, Underlying (non-GAAP) | Increase in noninterest expense, Underlying (non-GAAP) | 2.18 | 1.62 | 2.05 | 5.46 | Increase in noninterest expense, Underlying (non-GAAP) | 3.26 | 0.32 | 2.45 | 2.32 | ||||||||||||||||||||||||||||||||||||||||||
Operating leverage, Underlying (non-GAAP) | Operating leverage, Underlying (non-GAAP) | (10.18) | % | 5.87 | % | (6.13 | %) | 2.60 | % | Operating leverage, Underlying (non-GAAP) | (10.59) | % | 8.97 | % | (7.65 | %) | 4.75 | % | ||||||||||||||||||||||||||||||||||
Tangible book value per common share: | Tangible book value per common share: | Tangible book value per common share: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares - at period end (GAAP) | Common shares - at period end (GAAP) | Q | 426,083,143 | 426,824,594 | 426,083,143 | 426,824,594 | Common shares - at period end (GAAP) | Q | 426,199,576 | 427,073,084 | 426,199,576 | 427,073,084 | ||||||||||||||||||||||||||||||||||||||||
Common stockholders' equity (GAAP) | Common stockholders' equity (GAAP) | $21,185 | $20,453 | $21,185 | $20,453 | Common stockholders' equity (GAAP) | $21,409 | $20,504 | $21,409 | $20,504 | ||||||||||||||||||||||||||||||||||||||||||
Less: Goodwill (GAAP) | Less: Goodwill (GAAP) | 7,050 | 7,050 | 7,050 | 7,050 | Less: Goodwill (GAAP) | 7,065 | 7,050 | 7,065 | 7,050 | ||||||||||||||||||||||||||||||||||||||||||
Less: Other intangible assets (GAAP) | Less: Other intangible assets (GAAP) | 52 | 63 | 52 | 63 | Less: Other intangible assets (GAAP) | 51 | 60 | 51 | 60 | ||||||||||||||||||||||||||||||||||||||||||
Add: Deferred tax liabilities related to goodwill (GAAP) | Add: Deferred tax liabilities related to goodwill (GAAP) | 383 | 376 | 383 | 376 | Add: Deferred tax liabilities related to goodwill (GAAP) | 384 | 377 | 384 | 377 | ||||||||||||||||||||||||||||||||||||||||||
Tangible common equity | Tangible common equity | R | $14,466 | $13,716 | $14,466 | $13,716 | Tangible common equity | R | $14,677 | $13,771 | $14,677 | $13,771 | ||||||||||||||||||||||||||||||||||||||||
Tangible book value per common share | Tangible book value per common share | R/Q | $33.95 | $32.13 | $33.95 | $32.13 | Tangible book value per common share | R/Q | $34.44 | $32.24 | $34.44 | $32.24 | ||||||||||||||||||||||||||||||||||||||||
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: | Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: | Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average common shares outstanding - basic (GAAP) | Average common shares outstanding - basic (GAAP) | S | 425,948,706 | 426,613,053 | 425,951,197 | 427,165,737 | Average common shares outstanding - basic (GAAP) | S | 426,086,717 | 426,846,096 | 425,996,867 | 427,058,412 | ||||||||||||||||||||||||||||||||||||||||
Average common shares outstanding - diluted (GAAP) | Average common shares outstanding - diluted (GAAP) | T | 427,561,572 | 427,566,920 | 427,668,242 | 428,292,580 | Average common shares outstanding - diluted (GAAP) | T | 427,840,964 | 427,992,349 | 427,679,885 | 428,142,358 | ||||||||||||||||||||||||||||||||||||||||
Net income per average common share - basic (GAAP) | Net income per average common share - basic (GAAP) | K/S | $1.45 | $0.53 | $2.83 | $0.56 | Net income per average common share - basic (GAAP) | K/S | $1.18 | $0.68 | $4.01 | $1.23 | ||||||||||||||||||||||||||||||||||||||||
Net income per average common share - diluted (GAAP) | Net income per average common share - diluted (GAAP) | K/T | 1.44 | 0.53 | 2.81 | 0.55 | Net income per average common share - diluted (GAAP) | K/T | 1.18 | 0.68 | 3.99 | 1.23 | ||||||||||||||||||||||||||||||||||||||||
Net income per average common share - basic, Underlying (non-GAAP) | Net income per average common share - basic, Underlying (non-GAAP) | L/S | 1.47 | 0.55 | 2.88 | 0.64 | Net income per average common share - basic, Underlying (non-GAAP) | L/S | 1.22 | 0.73 | 4.10 | 1.37 | ||||||||||||||||||||||||||||||||||||||||
Net income per average common share - diluted, Underlying (non-GAAP) | Net income per average common share - diluted, Underlying (non-GAAP) | L/T | 1.46 | 0.55 | 2.87 | 0.64 | Net income per average common share - diluted, Underlying (non-GAAP) | L/T | 1.22 | 0.73 | 4.09 | 1.37 | ||||||||||||||||||||||||||||||||||||||||
Dividend payout ratio and dividend payout ratio, Underlying: | Dividend payout ratio and dividend payout ratio, Underlying: | Dividend payout ratio and dividend payout ratio, Underlying: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid per common share | Cash dividends declared and paid per common share | U | $0.39 | $0.39 | $0.78 | $0.78 | Cash dividends declared and paid per common share | U | $0.39 | $0.39 | $1.17 | $1.17 | ||||||||||||||||||||||||||||||||||||||||
Dividend payout ratio | Dividend payout ratio | U/(K/S) | 27 | % | 74 | % | 28 | % | 140 | % | Dividend payout ratio | U/(K/S) | 33 | % | 58 | % | 29 | % | 95 | % | ||||||||||||||||||||||||||||||||
Dividend payout ratio, Underlying (non-GAAP) | Dividend payout ratio, Underlying (non-GAAP) | U/(L/S) | 27 | 71 | 27 | 122 | Dividend payout ratio, Underlying (non-GAAP) | U/(L/S) | 32 | 53 | 29 | 85 |
Table 34: Reconciliations of Non-GAAP Measures - Excluding PPP | Table 34: Reconciliations of Non-GAAP Measures - Excluding PPP | Table 34: Reconciliations of Non-GAAP Measures - Excluding PPP | ||||||||||||||||||||||||||
(in millions, except share, per share and ratio data) | (in millions, except share, per share and ratio data) | Ref. | June 30, 2021 | December 31, 2020 | (in millions, except share, per share and ratio data) | Ref. | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||
Allowance for credit losses to total loans and leases, excluding the impact of PPP loans: | Allowance for credit losses to total loans and leases, excluding the impact of PPP loans: | Allowance for credit losses to total loans and leases, excluding the impact of PPP loans: | ||||||||||||||||||||||||||
Total loans and leases (GAAP) | Total loans and leases (GAAP) | A | $122,581 | $123,090 | Total loans and leases (GAAP) | A | $123,318 | $123,090 | ||||||||||||||||||||
Less: PPP loans | Less: PPP loans | 3,479 | 4,155 | Less: PPP loans | 1,903 | 4,155 | ||||||||||||||||||||||
Total loans and leases, excluding the impact of PPP loans (non-GAAP) | Total loans and leases, excluding the impact of PPP loans (non-GAAP) | B | $119,102 | $118,935 | Total loans and leases, excluding the impact of PPP loans (non-GAAP) | B | $121,415 | $118,935 | ||||||||||||||||||||
Allowance for credit losses (GAAP) | Allowance for credit losses (GAAP) | C | $2,081 | $2,670 | Allowance for credit losses (GAAP) | C | $2,004 | $2,670 | ||||||||||||||||||||
Allowance for credit losses to total loans and leases (GAAP) | Allowance for credit losses to total loans and leases (GAAP) | C/A | 1.70 | % | 2.17 | % | Allowance for credit losses to total loans and leases (GAAP) | C/A | 1.63 | % | 2.17 | % | ||||||||||||||||
Allowance for credit losses to total loans and leases, excluding the impact of PPP loans (non-GAAP) | Allowance for credit losses to total loans and leases, excluding the impact of PPP loans (non-GAAP) | C/B | 1.75 | % | 2.24 | % | Allowance for credit losses to total loans and leases, excluding the impact of PPP loans (non-GAAP) | C/B | 1.65 | % | 2.24 | % |
Table 35: Reconciliations of Non-GAAP Measures - Excluding Elevated Cash | ||||||||||||||||||||
As of and for the Three Months Ended June 30, | As of and for the Six Months Ended June 30, | |||||||||||||||||||
(in millions, except ratio data) | Ref. | 2021 | 2020 | 2021 | 2020 | |||||||||||||||
Net interest income, FTE, excluding the impact of elevated cash: | ||||||||||||||||||||
Net interest income, FTE (GAAP) | A | $1,126 | $1,163 | $2,246 | $2,327 | |||||||||||||||
Less: Net interest income associated with elevated cash | — | — | — | — | ||||||||||||||||
Net interest income, FTE, excluding the impact of elevated cash (non-GAAP) | B | $1,126 | $1,163 | $2,246 | $2,327 | |||||||||||||||
Average interest-earning assets, excluding the impact of elevated cash: | ||||||||||||||||||||
Total interest-earning assets (GAAP) | C | $166,333 | $162,390 | $165,433 | $156,668 | |||||||||||||||
Less: Elevated cash | 9,363 | 3,416 | 9,175 | 1,707 | ||||||||||||||||
Total average interest-earning assets, excluding the impact of elevated cash (non-GAAP) | D | $156,970 | $158,974 | $156,258 | $154,961 | |||||||||||||||
Day count | E | 91 | 91 | 181 | 182 | |||||||||||||||
Day count (year) | F | 365 | 366 | 365 | 366 | |||||||||||||||
Ratios: | ||||||||||||||||||||
Net interest margin, FTE (GAAP) | A / C / E * F | 2.72 | % | 2.88 | % | 2.74 | % | 2.99 | % | |||||||||||
Net interest margin, FTE, excluding the impact of elevated cash (non-GAAP) | B / D / E * F | 2.88 | % | 2.94 | % | 2.90 | % | 3.02 | % |
Page | ||||||||
(in millions, except share data) | (in millions, except share data) | June 30, 2021 | December 31, 2020 | (in millions, except share data) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
ASSETS: | ASSETS: | ASSETS: | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $1,035 | $1,037 | Cash and due from banks | $1,145 | $1,037 | ||||||||||||||||
Interest-bearing cash and due from banks | Interest-bearing cash and due from banks | 11,606 | 11,696 | Interest-bearing cash and due from banks | 12,571 | 11,696 | ||||||||||||||||
Interest-bearing deposits in banks | Interest-bearing deposits in banks | 401 | 306 | Interest-bearing deposits in banks | 289 | 306 | ||||||||||||||||
Debt securities available for sale, at fair value (including $568 and $549 pledged to creditors, respectively)(1) | 24,583 | 22,942 | ||||||||||||||||||||
Debt securities held to maturity (fair value of $2,790 and $3,357 respectively, and including $124 and $144 pledged to creditors, respectively)(1) | 2,711 | 3,235 | ||||||||||||||||||||
Debt securities available for sale, at fair value (including $621 and $549 pledged to creditors, respectively)(1) | Debt securities available for sale, at fair value (including $621 and $549 pledged to creditors, respectively)(1) | 24,911 | 22,942 | |||||||||||||||||||
Debt securities held to maturity (fair value of $2,567 and $3,357 respectively, and including $85 and $144 pledged to creditors, respectively)(1) | Debt securities held to maturity (fair value of $2,567 and $3,357 respectively, and including $85 and $144 pledged to creditors, respectively)(1) | 2,492 | 3,235 | |||||||||||||||||||
Loans held for sale, at fair value | Loans held for sale, at fair value | 3,616 | 3,564 | Loans held for sale, at fair value | 3,177 | 3,564 | ||||||||||||||||
Other loans held for sale | Other loans held for sale | 82 | 439 | Other loans held for sale | 93 | 439 | ||||||||||||||||
Loans and leases | Loans and leases | 122,581 | 123,090 | Loans and leases | 123,318 | 123,090 | ||||||||||||||||
Less: Allowance for loan and lease losses | Less: Allowance for loan and lease losses | (1,947) | (2,443) | Less: Allowance for loan and lease losses | (1,855) | (2,443) | ||||||||||||||||
Net loans and leases | Net loans and leases | 120,634 | 120,647 | Net loans and leases | 121,463 | 120,647 | ||||||||||||||||
Derivative assets | Derivative assets | 1,655 | 1,915 | Derivative assets | 1,769 | 1,915 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 735 | 759 | Premises and equipment, net | 732 | 759 | ||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 2,268 | 1,756 | Bank-owned life insurance | 2,428 | 1,756 | ||||||||||||||||
Goodwill | Goodwill | 7,050 | 7,050 | Goodwill | 7,065 | 7,050 | ||||||||||||||||
Other assets | Other assets | 8,728 | 8,003 | Other assets | 8,872 | 8,003 | ||||||||||||||||
TOTAL ASSETS | TOTAL ASSETS | $185,104 | $183,349 | TOTAL ASSETS | $187,007 | $183,349 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | LIABILITIES AND STOCKHOLDERS’ EQUITY: | LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||
LIABILITIES: | LIABILITIES: | LIABILITIES: | ||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||
Noninterest-bearing | Noninterest-bearing | $47,480 | $43,831 | Noninterest-bearing | $48,184 | $43,831 | ||||||||||||||||
Interest-bearing | Interest-bearing | 103,156 | 103,333 | Interest-bearing | 104,037 | 103,333 | ||||||||||||||||
Total deposits | Total deposits | 150,636 | 147,164 | Total deposits | 152,221 | 147,164 | ||||||||||||||||
Short-term borrowed funds | Short-term borrowed funds | 62 | 243 | Short-term borrowed funds | 8 | 243 | ||||||||||||||||
Derivative liabilities | Derivative liabilities | 144 | 128 | Derivative liabilities | 187 | 128 | ||||||||||||||||
Deferred taxes, net | Deferred taxes, net | 720 | 629 | Deferred taxes, net | 689 | 629 | ||||||||||||||||
Long-term borrowed funds | Long-term borrowed funds | 6,957 | 8,346 | Long-term borrowed funds | 6,947 | 8,346 | ||||||||||||||||
Other liabilities | Other liabilities | 3,386 | 4,166 | Other liabilities | 3,532 | 4,166 | ||||||||||||||||
TOTAL LIABILITIES | TOTAL LIABILITIES | 161,905 | 160,676 | TOTAL LIABILITIES | 163,584 | 160,676 | ||||||||||||||||
Contingencies (refer to Note 11) | Contingencies (refer to Note 11) | 0 | 0 | Contingencies (refer to Note 11) | 0 | 0 | ||||||||||||||||
STOCKHOLDERS’ EQUITY: | STOCKHOLDERS’ EQUITY: | STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||
Preferred stock: | Preferred stock: | Preferred stock: | ||||||||||||||||||||
$25.00 par value,100,000,000 shares authorized; 2,050,000 and 2,000,000 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 2,014 | 1,965 | ||||||||||||||||||||
$25.00 par value,100,000,000 shares authorized; 2,050,000 and 2,000,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | $25.00 par value,100,000,000 shares authorized; 2,050,000 and 2,000,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 2,014 | 1,965 | |||||||||||||||||||
Common stock: | Common stock: | Common stock: | ||||||||||||||||||||
$0.01 par value, 1,000,000,000 shares authorized; 570,994,369 shares issued and 426,083,143 shares outstanding at June 30, 2021 and 569,876,133 shares issued and 427,209,831 shares outstanding at December 31, 2020 | 6 | 6 | ||||||||||||||||||||
$0.01 par value, 1,000,000,000 shares authorized; 571,110,802 shares issued and 426,199,576 shares outstanding at September 30, 2021 and 569,876,133 shares issued and 427,209,831 shares outstanding at December 31, 2020 | $0.01 par value, 1,000,000,000 shares authorized; 571,110,802 shares issued and 426,199,576 shares outstanding at September 30, 2021 and 569,876,133 shares issued and 427,209,831 shares outstanding at December 31, 2020 | 6 | 6 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 18,964 | 18,940 | Additional paid-in capital | 18,981 | 18,940 | ||||||||||||||||
Retained earnings | Retained earnings | 7,314 | 6,445 | Retained earnings | 7,648 | 6,445 | ||||||||||||||||
Treasury stock, at cost, 144,911,226 and 142,666,302 shares at June 30, 2021 and December 31, 2020, respectively | (4,718) | (4,623) | ||||||||||||||||||||
Treasury stock, at cost, 144,911,226 and 142,666,302 shares at September 30, 2021 and December 31, 2020, respectively | Treasury stock, at cost, 144,911,226 and 142,666,302 shares at September 30, 2021 and December 31, 2020, respectively | (4,718) | (4,623) | |||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (381) | (60) | Accumulated other comprehensive income (loss) | (508) | (60) | ||||||||||||||||
TOTAL STOCKHOLDERS’ EQUITY | TOTAL STOCKHOLDERS’ EQUITY | $23,199 | $22,673 | TOTAL STOCKHOLDERS’ EQUITY | $23,423 | $22,673 | ||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $185,104 | $183,349 | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $187,007 | $183,349 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in millions, except share and per share data) | (in millions, except share and per share data) | 2021 | 2020 | 2021 | 2020 | (in millions, except share and per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
INTEREST INCOME: | INTEREST INCOME: | INTEREST INCOME: | ||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans and leases | Interest and fees on loans and leases | $1,058 | $1,192 | $2,119 | $2,494 | Interest and fees on loans and leases | $1,078 | $1,120 | $3,197 | $3,614 | ||||||||||||||||||||||||||||||||||||
Interest and fees on loans held for sale, at fair value | Interest and fees on loans held for sale, at fair value | 24 | 20 | 42 | 35 | Interest and fees on loans held for sale, at fair value | 21 | 21 | 63 | 56 | ||||||||||||||||||||||||||||||||||||
Interest and fees on other loans held for sale | Interest and fees on other loans held for sale | 2 | 7 | 8 | 16 | Interest and fees on other loans held for sale | 1 | 16 | 9 | 32 | ||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | 124 | 130 | 252 | 277 | Investment securities | 116 | 121 | 368 | 398 | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in banks | Interest-bearing deposits in banks | 3 | 1 | 6 | 6 | Interest-bearing deposits in banks | 6 | 2 | 12 | 8 | ||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 1,211 | 1,350 | 2,427 | 2,828 | Total interest income | 1,222 | 1,280 | 3,649 | 4,108 | ||||||||||||||||||||||||||||||||||||
INTEREST EXPENSE: | INTEREST EXPENSE: | INTEREST EXPENSE: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 42 | 124 | 92 | 351 | Deposits | 35 | 89 | 127 | 440 | ||||||||||||||||||||||||||||||||||||
Short-term borrowed funds | Short-term borrowed funds | 0 | 0 | 0 | 1 | Short-term borrowed funds | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||
Long-term borrowed funds | Long-term borrowed funds | 45 | 66 | 94 | 156 | Long-term borrowed funds | 42 | 54 | 136 | 210 | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 87 | 190 | 186 | 508 | Total interest expense | 77 | 143 | 263 | 651 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 1,124 | 1,160 | 2,241 | 2,320 | Net interest income | 1,145 | 1,137 | 3,386 | 3,457 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (213) | 464 | (353) | 1,064 | Provision for credit losses | (33) | 428 | (386) | 1,492 | ||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 1,337 | 696 | 2,594 | 1,256 | Net interest income after provision for credit losses | 1,178 | 709 | 3,772 | 1,965 | ||||||||||||||||||||||||||||||||||||
NONINTEREST INCOME: | NONINTEREST INCOME: | NONINTEREST INCOME: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking fees | Mortgage banking fees | 85 | 276 | 250 | 435 | Mortgage banking fees | 108 | 287 | 358 | 722 | ||||||||||||||||||||||||||||||||||||
Service charges and fees | Service charges and fees | 100 | 84 | 199 | 202 | Service charges and fees | 110 | 97 | 309 | 299 | ||||||||||||||||||||||||||||||||||||
Capital markets fees | Capital markets fees | 91 | 61 | 172 | 104 | Capital markets fees | 72 | 58 | 244 | 162 | ||||||||||||||||||||||||||||||||||||
Card fees | Card fees | 64 | 48 | 119 | 104 | Card fees | 66 | 57 | 185 | 161 | ||||||||||||||||||||||||||||||||||||
Trust and investment services fees | Trust and investment services fees | 60 | 45 | 118 | 98 | Trust and investment services fees | 61 | 53 | 179 | 151 | ||||||||||||||||||||||||||||||||||||
Letter of credit and loan fees | Letter of credit and loan fees | 38 | 31 | 76 | 65 | Letter of credit and loan fees | 39 | 37 | 115 | 102 | ||||||||||||||||||||||||||||||||||||
Foreign exchange and interest rate products | Foreign exchange and interest rate products | 28 | 34 | 56 | 58 | Foreign exchange and interest rate products | 29 | 27 | 85 | 85 | ||||||||||||||||||||||||||||||||||||
Securities gains, net | Securities gains, net | 3 | 3 | 6 | 3 | Securities gains, net | 3 | 1 | 9 | 4 | ||||||||||||||||||||||||||||||||||||
Other income | Other income | 16 | 8 | 31 | 18 | Other income | 26 | 37 | 57 | 55 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 485 | 590 | 1,027 | 1,087 | Total noninterest income | 514 | 654 | 1,541 | 1,741 | ||||||||||||||||||||||||||||||||||||
NONINTEREST EXPENSE: | NONINTEREST EXPENSE: | NONINTEREST EXPENSE: | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 524 | 513 | 1,072 | 1,062 | Salaries and employee benefits | 509 | 524 | 1,581 | 1,586 | ||||||||||||||||||||||||||||||||||||
Equipment and software | Equipment and software | 155 | 142 | 307 | 275 | Equipment and software | 157 | 149 | 464 | 424 | ||||||||||||||||||||||||||||||||||||
Outside services | Outside services | 137 | 131 | 276 | 266 | Outside services | 144 | 139 | 420 | 405 | ||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 82 | 82 | 170 | 166 | Occupancy | 77 | 81 | 247 | 247 | ||||||||||||||||||||||||||||||||||||
Other operating expense | Other operating expense | 93 | 111 | 184 | 222 | Other operating expense | 124 | 95 | 308 | 317 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 991 | 979 | 2,009 | 1,991 | Total noninterest expense | 1,011 | 988 | 3,020 | 2,979 | ||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 831 | 307 | 1,612 | 352 | Income before income tax expense | 681 | 375 | 2,293 | 727 | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 183 | 54 | 353 | 65 | Income tax expense | 151 | 61 | 504 | 126 | ||||||||||||||||||||||||||||||||||||
NET INCOME | NET INCOME | $648 | $253 | $1,259 | $287 | NET INCOME | $530 | $314 | $1,789 | $601 | ||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $616 | $225 | $1,204 | $237 | Net income available to common stockholders | $504 | $289 | $1,708 | $526 | ||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding: | Weighted-average common shares outstanding: | Weighted-average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 425,948,706 | 426,613,053 | 425,951,197 | 427,165,737 | Basic | 426,086,717 | 426,846,096 | 425,996,867 | 427,058,412 | ||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 427,561,572 | 427,566,920 | 427,668,242 | 428,292,580 | Diluted | 427,840,964 | 427,992,349 | 427,679,885 | 428,142,358 | ||||||||||||||||||||||||||||||||||||
Per common share information: | Per common share information: | Per common share information: | ||||||||||||||||||||||||||||||||||||||||||||
Basic earnings | Basic earnings | $1.45 | $0.53 | $2.83 | $0.56 | Basic earnings | $1.18 | $0.68 | $4.01 | $1.23 | ||||||||||||||||||||||||||||||||||||
Diluted earnings | Diluted earnings | 1.44 | 0.53 | 2.81 | 0.55 | Diluted earnings | 1.18 | 0.68 | 3.99 | 1.23 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | 2021 | 2020 | (in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $648 | $253 | $1,259 | $287 | Net income | $530 | $314 | $1,789 | $601 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||
Net unrealized derivative instruments gains (losses) arising during the periods, net of income taxes of $16, $(3), $9 and $30, respectively | 46 | (8) | 25 | 88 | ||||||||||||||||||||||||||||||||||||||||||
Reclassification of net derivative (gains) losses included in net income, net of income taxes of $(10), $(11), $(19) and $(12), respectively | (27) | (34) | (52) | (37) | ||||||||||||||||||||||||||||||||||||||||||
Net unrealized debt securities gains (losses) arising during the periods, net of income taxes of $3, $16, $(97) and $145, respectively | 10 | 49 | (297) | 449 | ||||||||||||||||||||||||||||||||||||||||||
Reclassification of net debt securities (gains) losses to net income, net of income taxes of $0, $(1), $(1) and $(1), respectively | (3) | (2) | (5) | (2) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss, net of income taxes of $1, $0, $1 and $1, respectively | 4 | 4 | 8 | 7 | ||||||||||||||||||||||||||||||||||||||||||
Net unrealized derivative instruments gains (losses) arising during the periods, net of income taxes of $(4), $0, $5 and $30, respectively | Net unrealized derivative instruments gains (losses) arising during the periods, net of income taxes of $(4), $0, $5 and $30, respectively | (11) | — | 14 | 88 | |||||||||||||||||||||||||||||||||||||||||
Reclassification of net derivative (gains) losses included in net income, net of income taxes of $(8), $(15), $(27) and $(27), respectively | Reclassification of net derivative (gains) losses included in net income, net of income taxes of $(8), $(15), $(27) and $(27), respectively | (25) | (42) | (77) | (79) | |||||||||||||||||||||||||||||||||||||||||
Net unrealized debt securities gains (losses) arising during the periods, net of income taxes of $(35), $(14), $(132) and $131, respectively | Net unrealized debt securities gains (losses) arising during the periods, net of income taxes of $(35), $(14), $(132) and $131, respectively | (109) | (44) | (406) | 405 | |||||||||||||||||||||||||||||||||||||||||
Reclassification of net debt securities (gains) losses to net income, net of income taxes of $(1), $0, $(2) and $(1), respectively | Reclassification of net debt securities (gains) losses to net income, net of income taxes of $(1), $0, $(2) and $(1), respectively | (2) | (1) | (7) | (3) | |||||||||||||||||||||||||||||||||||||||||
Reclassification of actuarial loss to net income, net of income taxes of $1, $1, $2 and $2, respectively | Reclassification of actuarial loss to net income, net of income taxes of $1, $1, $2 and $2, respectively | 20 | 3 | 28 | 10 | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of income taxes | Total other comprehensive income (loss), net of income taxes | 30 | 9 | (321) | 505 | Total other comprehensive income (loss), net of income taxes | (127) | (84) | (448) | 421 | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | $678 | $262 | $938 | $792 | Total comprehensive income (loss) | $403 | $230 | $1,341 | $1,022 |
Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Income (Loss) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Shares | Amount | Shares | Amount | (in millions) | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2020 | 2 | $1,570 | 427 | $6 | $18,901 | $6,011 | ($4,623) | $85 | $21,950 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2020 | Balance at July 1, 2020 | 2 | $1,965 | 427 | $6 | $18,908 | $6,068 | ($4,623) | $94 | $22,418 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders | Dividends to common stockholders | — | — | — | — | — | (168) | — | — | (168) | Dividends to common stockholders | — | — | — | — | — | (168) | — | — | (168) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders | Dividends to preferred stockholders | — | — | — | — | — | (28) | — | — | (28) | Dividends to preferred stockholders | — | — | — | — | — | (25) | — | — | (25) | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock issued | — | 395 | — | — | — | — | — | — | 395 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock purchased | — | — | — | — | — | — | — | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation plans | Share-based compensation plans | — | — | — | — | 1 | — | — | — | 1 | Share-based compensation plans | — | — | — | — | 10 | — | — | — | 10 | ||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan purchased | — | — | — | — | 6 | — | — | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan | Employee stock purchase plan | — | — | — | — | 4 | — | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss): | Total comprehensive income (loss): | Total comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 253 | — | — | 253 | Net income | — | — | — | — | — | 314 | — | — | 314 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | — | — | — | 9 | 9 | Other comprehensive income (loss) | — | — | — | — | — | — | — | (84) | (84) | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | — | — | — | — | — | 253 | — | 9 | 262 | Total comprehensive income (loss) | — | — | — | — | — | 314 | — | (84) | 230 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 2 | $1,965 | 427 | $6 | $18,908 | $6,068 | ($4,623) | $94 | $22,418 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2021 | 2 | $1,965 | 426 | $6 | $18,945 | $6,866 | ($4,718) | ($411) | $22,653 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | Balance at September 30, 2020 | 2 | $1,965 | 427 | $6 | $18,922 | $6,189 | ($4,623) | $10 | $22,469 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2021 | Balance at July 1, 2021 | 2 | $2,014 | 426 | $6 | $18,964 | $7,314 | ($4,718) | ($381) | $23,199 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders | Dividends to common stockholders | — | — | — | — | — | (168) | — | — | (168) | Dividends to common stockholders | — | — | — | — | — | (167) | — | — | (167) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders | Dividends to preferred stockholders | — | — | — | — | — | (32) | — | — | (32) | Dividends to preferred stockholders | — | — | — | — | — | (26) | — | — | (26) | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock issued | — | 296 | — | — | — | — | — | — | 296 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock called | — | (247) | — | — | — | — | — | — | (247) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock redemption | Preferred stock redemption | — | — | — | — | — | (3) | — | — | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation plans | Share-based compensation plans | — | — | — | — | 13 | — | — | — | 13 | Share-based compensation plans | — | — | — | — | 11 | — | — | — | 11 | ||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan purchased | — | — | — | — | 6 | — | — | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan | Employee stock purchase plan | — | — | — | — | 6 | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss): | Total comprehensive income (loss): | Total comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 648 | — | — | 648 | Net income | — | — | — | — | — | 530 | — | — | 530 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | — | — | — | 30 | 30 | Other comprehensive income (loss) | — | — | — | — | — | — | — | (127) | (127) | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | — | — | — | — | — | 648 | — | 30 | 678 | Total comprehensive income (loss) | — | — | — | — | — | 530 | — | (127) | 403 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at Balance at June 30, 2021 | 2 | $2,014 | 426 | $6 | $18,964 | $7,314 | ($4,718) | ($381) | $23,199 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | 2 | $2,014 | 426 | $6 | $18,981 | $7,648 | ($4,718) | ($508) | $23,423 |
Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Income (Loss) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Shares | Amount | Shares | Amount | (in millions) | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | Balance at January 1, 2020 | 2 | 1,570 | 433 | 6 | 18,891 | 6,498 | (4,353) | (411) | 22,201 | Balance at January 1, 2020 | 2 | $1,570 | 433 | $6 | $18,891 | $6,498 | ($4,353) | ($411) | $22,201 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders | Dividends to common stockholders | — | — | — | — | — | (336) | — | — | (336) | Dividends to common stockholders | — | — | — | — | — | (504) | — | — | (504) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders | Dividends to preferred stockholders | — | — | — | — | — | (50) | — | — | (50) | Dividends to preferred stockholders | — | — | — | — | — | (75) | — | — | (75) | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock issued | Preferred stock issued | — | 395 | — | — | — | — | — | — | 395 | Preferred stock issued | — | 395 | — | — | — | — | — | — | 395 | ||||||||||||||||||||||||||||||||||||||||||||
Treasury stock purchased | Treasury stock purchased | — | — | (7) | — | — | — | (270) | — | (270) | Treasury stock purchased | — | — | (7) | — | — | — | (270) | — | (270) | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation plans | Share-based compensation plans | — | — | 1 | — | 7 | — | 0 | — | 7 | Share-based compensation plans | — | — | 1 | — | 17 | — | — | — | 17 | ||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan purchased | — | — | — | — | 10 | — | — | — | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan | Employee stock purchase plan | — | — | — | — | 14 | — | — | — | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | Cumulative effect of change in accounting principle | — | — | — | — | — | (331) | — | — | (331) | Cumulative effect of change in accounting principle | — | — | — | — | — | (331) | — | — | (331) | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss): | Total comprehensive income (loss): | Total comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 287 | — | — | 287 | Net income | — | — | — | — | — | 601 | — | — | 601 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | — | — | — | 505 | 505 | Other comprehensive income (loss) | — | — | — | — | — | — | — | 421 | 421 | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | — | — | — | — | — | 287 | — | 505 | 792 | Total comprehensive income (loss) | — | — | — | — | — | 601 | — | 421 | 1,022 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 2 | 1,965 | 427 | 6 | 18,908 | 6,068 | (4,623) | 94 | 22,418 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | Balance at September 30, 2020 | 2 | $1,965 | 427 | $6 | $18,922 | $6,189 | ($4,623) | $10 | $22,469 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | Balance at January 1, 2021 | 2 | $1,965 | 427 | $6 | $18,940 | $6,445 | ($4,623) | ($60) | $22,673 | Balance at January 1, 2021 | 2 | $1,965 | 427 | $6 | $18,940 | $6,445 | ($4,623) | ($60) | $22,673 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders | Dividends to common stockholders | — | — | — | — | — | (335) | — | — | (335) | Dividends to common stockholders | — | — | — | — | — | (502) | — | — | (502) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders | Dividends to preferred stockholders | — | — | — | — | — | (55) | — | — | (55) | Dividends to preferred stockholders | — | — | — | — | — | (81) | — | — | (81) | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock issued | Preferred stock issued | — | 296 | — | — | — | — | — | — | 296 | Preferred stock issued | — | 296 | — | — | — | — | — | — | 296 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock called | — | (247) | — | — | — | — | — | — | (247) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock redemption | Preferred stock redemption | — | (247) | — | — | — | (3) | — | — | (250) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock purchased | Treasury stock purchased | — | — | (2) | — | — | — | (95) | — | (95) | Treasury stock purchased | — | — | (2) | — | — | — | (95) | — | (95) | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation plans | Share-based compensation plans | — | — | 1 | — | 13 | — | 0 | — | 13 | Share-based compensation plans | — | — | 1 | — | 24 | — | — | — | 24 | ||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan purchased | — | — | — | — | 11 | — | — | — | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan | Employee stock purchase plan | — | — | — | — | 17 | — | — | — | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss): | Total comprehensive income (loss): | Total comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 1,259 | — | — | 1,259 | Net income | — | — | — | — | — | 1,789 | — | — | 1,789 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | — | — | — | (321) | (321) | Other comprehensive income (loss) | — | — | — | — | — | — | — | (448) | (448) | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | — | — | — | — | — | 1,259 | — | (321) | 938 | Total comprehensive income (loss) | — | — | — | — | — | 1,789 | — | (448) | 1,341 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 2 | $2,014 | 426 | $6 | $18,964 | $7,314 | ($4,718) | ($381) | $23,199 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | 2 | $2,014 | 426 | $6 | $18,981 | $7,648 | ($4,718) | ($508) | $23,423 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | (in millions) | 2021 | 2020 | ||||||||||||||||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | OPERATING ACTIVITIES | ||||||||||||||||||||||||||
Net income | Net income | $1,259 | $287 | Net income | $1,789 | $601 | ||||||||||||||||||||||
Adjustments to reconcile net income to net change in cash due to operating activities: | Adjustments to reconcile net income to net change in cash due to operating activities: | Adjustments to reconcile net income to net change in cash due to operating activities: | ||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (353) | 1,064 | Provision for credit losses | (386) | 1,492 | ||||||||||||||||||||||
Net change in loans held for sale | Net change in loans held for sale | 322 | (737) | Net change in loans held for sale | 623 | (655) | ||||||||||||||||||||||
Depreciation, amortization and accretion | Depreciation, amortization and accretion | 317 | 316 | Depreciation, amortization and accretion | 453 | 419 | ||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | 199 | (208) | Deferred income taxes | 214 | (251) | ||||||||||||||||||||||
Share-based compensation | Share-based compensation | 35 | 23 | Share-based compensation | 47 | 34 | ||||||||||||||||||||||
Net gain on sales of: | Net gain on sales of: | Net gain on sales of: | ||||||||||||||||||||||||||
Debt securities | Debt securities | (6) | (3) | Debt securities | (9) | (4) | ||||||||||||||||||||||
Premises and equipment | Premises and equipment | (1) | 0 | Premises and equipment | (1) | — | ||||||||||||||||||||||
Net (increase) decrease in other assets | Net (increase) decrease in other assets | (2,129) | (2,454) | Net (increase) decrease in other assets | (2,393) | (2,960) | ||||||||||||||||||||||
Net increase (decrease) in other liabilities | Net increase (decrease) in other liabilities | 247 | 299 | Net increase (decrease) in other liabilities | 833 | 569 | ||||||||||||||||||||||
Net change due to operating activities | Net change due to operating activities | (110) | (1,413) | Net change due to operating activities | 1,170 | (755) | ||||||||||||||||||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | INVESTING ACTIVITIES | ||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||
Purchases of debt securities available for sale | Purchases of debt securities available for sale | (6,413) | (3,308) | Purchases of debt securities available for sale | (8,669) | (5,547) | ||||||||||||||||||||||
Proceeds from maturities and paydowns of debt securities available for sale | Proceeds from maturities and paydowns of debt securities available for sale | 4,321 | 2,521 | Proceeds from maturities and paydowns of debt securities available for sale | 6,059 | 4,583 | ||||||||||||||||||||||
Proceeds from sales of debt securities available for sale | Proceeds from sales of debt securities available for sale | 104 | 0 | Proceeds from sales of debt securities available for sale | 158 | 48 | ||||||||||||||||||||||
Proceeds from maturities and paydowns of debt securities held to maturity | Proceeds from maturities and paydowns of debt securities held to maturity | 530 | 349 | Proceeds from maturities and paydowns of debt securities held to maturity | 752 | 629 | ||||||||||||||||||||||
Net (increase) decrease in interest-bearing deposits in banks | Net (increase) decrease in interest-bearing deposits in banks | (95) | (178) | Net (increase) decrease in interest-bearing deposits in banks | 17 | (31) | ||||||||||||||||||||||
Acquisitions, net of cash acquired | Acquisitions, net of cash acquired | 0 | (3) | Acquisitions, net of cash acquired | (14) | (3) | ||||||||||||||||||||||
Net (increase) decrease in loans and leases | Net (increase) decrease in loans and leases | 497 | (7,014) | Net (increase) decrease in loans and leases | (384) | (5,303) | ||||||||||||||||||||||
Capital expenditures, net | Capital expenditures, net | (32) | (53) | Capital expenditures, net | (59) | 1 | ||||||||||||||||||||||
Purchase of bank-owned life insurance | Purchase of bank-owned life insurance | (500) | 0 | Purchase of bank-owned life insurance | (650) | — | ||||||||||||||||||||||
Other | Other | (115) | 87 | Other | (197) | 124 | ||||||||||||||||||||||
Net change due to investing activities | Net change due to investing activities | (1,703) | (7,599) | Net change due to investing activities | (2,987) | (5,499) | ||||||||||||||||||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | FINANCING ACTIVITIES | ||||||||||||||||||||||||||
Net increase (decrease) in deposits | Net increase (decrease) in deposits | 3,472 | 18,305 | Net increase (decrease) in deposits | 5,057 | 17,608 | ||||||||||||||||||||||
Net increase (decrease) in short-term borrowed funds | Net increase (decrease) in short-term borrowed funds | (183) | (18) | Net increase (decrease) in short-term borrowed funds | (240) | (43) | ||||||||||||||||||||||
Proceeds from issuance of long-term borrowed funds | Proceeds from issuance of long-term borrowed funds | 0 | 8,309 | Proceeds from issuance of long-term borrowed funds | — | 8,323 | ||||||||||||||||||||||
Repayments of long-term borrowed funds | Repayments of long-term borrowed funds | (1,357) | (13,253) | Repayments of long-term borrowed funds | (1,356) | (13,258) | ||||||||||||||||||||||
Treasury stock purchased | Treasury stock purchased | (95) | (270) | Treasury stock purchased | (95) | (270) | ||||||||||||||||||||||
Net proceeds from issuance of preferred stock | Net proceeds from issuance of preferred stock | 296 | 395 | Net proceeds from issuance of preferred stock | 296 | 395 | ||||||||||||||||||||||
Redemption of preferred stock | Redemption of preferred stock | (250) | — | |||||||||||||||||||||||||
Dividends paid to common stockholders | Dividends paid to common stockholders | (335) | (336) | Dividends paid to common stockholders | (502) | (504) | ||||||||||||||||||||||
Dividends paid to preferred stockholders | Dividends paid to preferred stockholders | (55) | (45) | Dividends paid to preferred stockholders | (88) | (73) | ||||||||||||||||||||||
Premium paid to exchange subordinated debt | Premium paid to exchange subordinated debt | (1) | 0 | Premium paid to exchange subordinated debt | (1) | (80) | ||||||||||||||||||||||
Payments of employee tax withholding for share-based compensation | Payments of employee tax withholding for share-based compensation | (21) | (15) | Payments of employee tax withholding for share-based compensation | (21) | (14) | ||||||||||||||||||||||
Net change due to financing activities | Net change due to financing activities | 1,721 | 13,072 | Net change due to financing activities | 2,800 | 12,084 | ||||||||||||||||||||||
Net change in cash and cash equivalents (1) | Net change in cash and cash equivalents (1) | (92) | 4,060 | Net change in cash and cash equivalents(1) | 983 | 5,830 | ||||||||||||||||||||||
Cash and cash equivalents at beginning of period (1) | Cash and cash equivalents at beginning of period (1) | 12,733 | 3,386 | Cash and cash equivalents at beginning of period(1) | 12,733 | 3,386 | ||||||||||||||||||||||
Cash and cash equivalents at end of period (1) | Cash and cash equivalents at end of period (1) | $12,641 | $7,446 | Cash and cash equivalents at end of period(1) | $13,716 | $9,216 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||
U.S. Treasury and other | $11 | $0 | $0 | $11 | $11 | $0 | $0 | $11 | |||||||||||||||||||||
State and political subdivisions | 3 | 0 | 0 | 3 | 3 | 0 | 0 | 3 | |||||||||||||||||||||
Mortgage-backed securities, at fair value: | |||||||||||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | 23,960 | 354 | (202) | 24,112 | 21,954 | 571 | (19) | 22,506 | |||||||||||||||||||||
Other/non-agency | 267 | 13 | 0 | 280 | 396 | 26 | 0 | 422 | |||||||||||||||||||||
Total mortgage-backed securities, at fair value | 24,227 | 367 | (202) | 24,392 | 22,350 | 597 | (19) | 22,928 | |||||||||||||||||||||
Collateralized loan obligations, at fair value | 177 | 0 | 0 | 177 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Total debt securities available for sale, at fair value | $24,418 | $367 | ($202) | $24,583 | $22,364 | $597 | ($19) | $22,942 | |||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | $1,887 | $77 | $0 | $1,964 | $2,342 | $122 | $0 | $2,464 | |||||||||||||||||||||
Total mortgage-backed securities, at cost | 1,887 | 77 | 0 | 1,964 | 2,342 | 122 | 0 | 2,464 | |||||||||||||||||||||
Asset-backed securities, at cost | 824 | 2 | 0 | 826 | 893 | 0 | 0 | 893 | |||||||||||||||||||||
Total debt securities held to maturity | $2,711 | $79 | $0 | $2,790 | $3,235 | $122 | $0 | $3,357 | |||||||||||||||||||||
Equity securities, at cost | $602 | $— | $— | $602 | $604 | $— | $— | $604 | |||||||||||||||||||||
Equity securities, at fair value | 80 | — | — | 80 | 66 | — | — | 66 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||
U.S. Treasury and other | $11 | $— | $— | $11 | $11 | $— | $— | $11 | |||||||||||||||||||||
State and political subdivisions | 2 | — | — | 2 | 3 | — | — | 3 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | 23,838 | 307 | (305) | 23,840 | 21,954 | 571 | (19) | 22,506 | |||||||||||||||||||||
Other/non-agency | 280 | 11 | — | 291 | 396 | 26 | — | 422 | |||||||||||||||||||||
Total mortgage-backed securities | 24,118 | 318 | (305) | 24,131 | 22,350 | 597 | (19) | 22,928 | |||||||||||||||||||||
Collateralized loan obligations | 767 | — | — | 767 | — | — | — | — | |||||||||||||||||||||
Total debt securities available for sale, at fair value | $24,898 | $318 | ($305) | $24,911 | $22,364 | $597 | ($19) | $22,942 | |||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | $1,705 | $73 | $— | $1,778 | $2,342 | $122 | $— | $2,464 | |||||||||||||||||||||
Total mortgage-backed securities | 1,705 | 73 | — | 1,778 | 2,342 | 122 | — | 2,464 | |||||||||||||||||||||
Asset-backed securities | 787 | 2 | — | 789 | 893 | — | — | 893 | |||||||||||||||||||||
Total debt securities held to maturity | $2,492 | $75 | $— | $2,567 | $3,235 | $122 | $— | $3,357 | |||||||||||||||||||||
Equity securities, at cost | $616 | $— | $— | $616 | $604 | $— | $— | $604 | |||||||||||||||||||||
Equity securities, at fair value | 88 | — | — | 88 | 66 | — | — | 66 |
June 30, 2021 | |||||||||||||||||
Distribution of Maturities | |||||||||||||||||
(in millions) | 1 Year or Less | After 1 Year through 5 Years | After 5 Years through 10 Years | After 10 Years | Total | ||||||||||||
Amortized cost: | |||||||||||||||||
U.S. Treasury and other | $11 | $0 | $0 | $0 | $11 | ||||||||||||
State and political subdivisions | 0 | 0 | 0 | 3 | 3 | ||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Federal agencies and U.S. government sponsored entities | 6 | 42 | 1,861 | 22,051 | 23,960 | ||||||||||||
Other/non-agency | 0 | 0 | 0 | 267 | 267 | ||||||||||||
Collateralized loan obligations | 0 | 0 | 0 | 177 | 177 | ||||||||||||
Total debt securities available for sale | 17 | 42 | 1,861 | 22,498 | 24,418 | ||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Federal agencies and U.S. government sponsored entities | 0 | 0 | 0 | 1,887 | 1,887 | ||||||||||||
Asset-backed securities | 0 | 0 | 824 | 0 | 824 | ||||||||||||
Total debt securities held to maturity | 0 | 0 | 824 | 1,887 | 2,711 | ||||||||||||
Total amortized cost of debt securities | $17 | $42 | $2,685 | $24,385 | $27,129 | ||||||||||||
Fair value: | |||||||||||||||||
U.S. Treasury and other | $11 | $0 | $0 | $0 | $11 | ||||||||||||
State and political subdivisions | 0 | 0 | 0 | 3 | 3 | ||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Federal agencies and U.S. government sponsored entities | 6 | 44 | 1,916 | 22,146 | 24,112 | ||||||||||||
Other/non-agency | 0 | 0 | 0 | 280 | 280 | ||||||||||||
Collateralized loan obligations | 0 | 0 | 0 | 177 | 177 | ||||||||||||
Total debt securities available for sale | 17 | 44 | 1,916 | 22,606 | 24,583 | ||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Federal agencies and U.S. government sponsored entities | 0 | 0 | 0 | 1,964 | 1,964 | ||||||||||||
Asset-backed securities | 0 | 0 | 826 | 0 | 826 | ||||||||||||
Total debt securities held to maturity | 0 | 0 | 826 | 1,964 | 2,790 | ||||||||||||
Total fair value of debt securities | $17 | $44 | $2,742 | $24,570 | $27,373 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Gains on sale of debt securities | $3 | $3 | $6 | $3 | |||||||||||||||||||
Losses on sale of debt securities | 0 | 0 | 0 | 0 | |||||||||||||||||||
Debt securities gains, net | $3 | $3 | $6 | $3 | |||||||||||||||||||
September 30, 2021 | |||||||||||||||||
Distribution of Maturities | |||||||||||||||||
(in millions) | 1 Year or Less | After 1 Year through 5 Years | After 5 Years through 10 Years | After 10 Years | Total | ||||||||||||
Amortized cost: | |||||||||||||||||
U.S. Treasury and other | $11 | $— | $— | $— | $11 | ||||||||||||
State and political subdivisions | — | — | — | 2 | 2 | ||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Federal agencies and U.S. government sponsored entities | 1 | 32 | 1,989 | 21,816 | 23,838 | ||||||||||||
Other/non-agency | — | — | — | 280 | 280 | ||||||||||||
Collateralized loan obligations | — | — | — | 767 | 767 | ||||||||||||
Total debt securities available for sale | 12 | 32 | 1,989 | 22,865 | 24,898 | ||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Federal agencies and U.S. government sponsored entities | — | — | — | 1,705 | 1,705 | ||||||||||||
Asset-backed securities | — | — | 787 | — | 787 | ||||||||||||
Total debt securities held to maturity | — | — | 787 | 1,705 | 2,492 | ||||||||||||
Total amortized cost of debt securities | $12 | $32 | $2,776 | $24,570 | $27,390 | ||||||||||||
Fair value: | |||||||||||||||||
U.S. Treasury and other | $11 | $— | $— | $— | $11 | ||||||||||||
State and political subdivisions | — | — | — | 2 | 2 | ||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Federal agencies and U.S. government sponsored entities | 1 | 33 | 2,036 | 21,770 | 23,840 | ||||||||||||
Other/non-agency | — | — | — | 291 | 291 | ||||||||||||
Collateralized loan obligations | — | — | — | 767 | 767 | ||||||||||||
Total debt securities available for sale | 12 | 33 | 2,036 | 22,830 | 24,911 | ||||||||||||
Mortgage-backed securities: | |||||||||||||||||
Federal agencies and U.S. government sponsored entities | — | — | — | 1,778 | 1,778 | ||||||||||||
Asset-backed securities | — | — | 789 | — | 789 | ||||||||||||
Total debt securities held to maturity | — | — | 789 | 1,778 | 2,567 | ||||||||||||
Total fair value of debt securities | $12 | $33 | $2,825 | $24,608 | $27,478 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Gains on sale of debt securities | $3 | $1 | $9 | $4 | |||||||||||||||||||
Losses on sale of debt securities | — | — | — | — | |||||||||||||||||||
Debt securities gains, net | $3 | $1 | $9 | $4 | |||||||||||||||||||
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(in millions) | (in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | (in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law | Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law | $4,996 | $5,028 | $3,818 | $3,937 | Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law | $4,547 | $4,556 | $3,818 | $3,937 | ||||||||||||||||||||||||
Pledged against FHLB borrowed funds | Pledged against FHLB borrowed funds | 266 | 280 | 394 | 423 | Pledged against FHLB borrowed funds | 227 | 239 | 394 | 423 | ||||||||||||||||||||||||
Pledged against repurchase agreements | Pledged against repurchase agreements | 49 | 52 | 224 | 231 | Pledged against repurchase agreements | 1 | 1 | 224 | 231 |
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | (dollars in millions) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | Federal agencies and U.S. government sponsored entities | $10,916 | ($200) | $92 | ($2) | $11,008 | ($202) | Federal agencies and U.S. government sponsored entities | $682 | ($21) | $11,969 | ($284) | $12,651 | ($305) |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | (dollars in millions) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||||||||||
Federal agencies and U.S. government sponsored entities | Federal agencies and U.S. government sponsored entities | $1,991 | ($19) | $0 | $0 | $1,991 | ($19) | Federal agencies and U.S. government sponsored entities | $1,991 | ($19) | $— | $— | $1,991 | ($19) |
(in millions) | (in millions) | June 30, 2021 | December 31, 2020 | (in millions) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Commercial and industrial (1) | Commercial and industrial (1) | $42,842 | $44,173 | Commercial and industrial(1) | $41,854 | $44,173 | ||||||||||||||||
Commercial real estate | Commercial real estate | 14,412 | 14,652 | Commercial real estate | 14,508 | 14,652 | ||||||||||||||||
Leases | Leases | 1,829 | 1,968 | Leases | 1,593 | 1,968 | ||||||||||||||||
Total commercial | Total commercial | 59,083 | 60,793 | Total commercial | 57,955 | 60,793 | ||||||||||||||||
Residential mortgages (2) | Residential mortgages (2) | 20,538 | 19,539 | Residential mortgages(2) | 21,513 | 19,539 | ||||||||||||||||
Home equity | Home equity | 11,841 | 12,149 | Home equity | 11,889 | 12,149 | ||||||||||||||||
Automobile | Automobile | 12,780 | 12,153 | Automobile | 13,492 | 12,153 | ||||||||||||||||
Education | Education | 12,800 | 12,308 | Education | 13,000 | 12,308 | ||||||||||||||||
Other retail | Other retail | 5,539 | 6,148 | Other retail | 5,469 | 6,148 | ||||||||||||||||
Total retail | Total retail | 63,498 | 62,297 | Total retail | 65,363 | 62,297 | ||||||||||||||||
Total loans and leases | Total loans and leases | $122,581 | $123,090 | Total loans and leases | $123,318 | $123,090 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Residential Mortgages(1) | Commercial(2) | Total | Residential Mortgages(1) | Commercial(2) | Total | (in millions) | Residential Mortgages(1) | Commercial(2) | Total | Residential Mortgages(1) | Commercial(2) | Total | ||||||||||||||||||||||||||||||||||||||
Loans held for sale at fair value | Loans held for sale at fair value | $3,499 | $117 | $3,616 | $3,416 | $148 | $3,564 | Loans held for sale at fair value | $3,104 | $73 | $3,177 | $3,416 | $148 | $3,564 | ||||||||||||||||||||||||||||||||||||||
Other loans held for sale | Other loans held for sale | 0 | 82 | 82 | 0 | 439 | 439 | Other loans held for sale | — | 93 | 93 | — | 439 | 439 |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Commercial | Retail | Total | Commercial | Retail | Total | (in millions) | Commercial | Retail | Total | Commercial | Retail | Total | ||||||||||||||||||||||||||||||||
Allowance for loan and lease losses, beginning of period | Allowance for loan and lease losses, beginning of period | $1,146 | $1,048 | $2,194 | $1,233 | $1,210 | $2,443 | Allowance for loan and lease losses, beginning of period | $953 | $994 | $1,947 | $1,233 | $1,210 | $2,443 | ||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (45) | (80) | (125) | (179) | (173) | (352) | Charge-offs | (17) | (70) | (87) | (196) | (243) | (439) | ||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 4 | 43 | 47 | 34 | 82 | 116 | Recoveries | 3 | 40 | 43 | 37 | 122 | 159 | ||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | (41) | (37) | (78) | (145) | (91) | (236) | Net charge-offs | (14) | (30) | (44) | (159) | (121) | (280) | ||||||||||||||||||||||||||||||||
Provision charged to income | Provision charged to income | (152) | (17) | (169) | (135) | (125) | (260) | Provision charged to income | (72) | 24 | (48) | (207) | (101) | (308) | ||||||||||||||||||||||||||||||||
Allowance for loan and lease losses, end of period | Allowance for loan and lease losses, end of period | $953 | $994 | $1,947 | $953 | $994 | $1,947 | Allowance for loan and lease losses, end of period | $867 | $988 | $1,855 | $867 | $988 | $1,855 | ||||||||||||||||||||||||||||||||
Allowance for unfunded lending commitments, beginning of period | Allowance for unfunded lending commitments, beginning of period | $165 | $13 | $178 | $186 | $41 | $227 | Allowance for unfunded lending commitments, beginning of period | $121 | $13 | $134 | $186 | $41 | $227 | ||||||||||||||||||||||||||||||||
Provision for unfunded lending commitments | Provision for unfunded lending commitments | (44) | 0 | (44) | (65) | (28) | (93) | Provision for unfunded lending commitments | 9 | 6 | 15 | (56) | (22) | (78) | ||||||||||||||||||||||||||||||||
Allowance for unfunded lending commitments, end of period | Allowance for unfunded lending commitments, end of period | $121 | $13 | $134 | $121 | $13 | $134 | Allowance for unfunded lending commitments, end of period | $130 | $19 | $149 | $130 | $19 | $149 |
Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Commercial | Retail | Total | Commercial | Retail | Total | (in millions) | Commercial | Retail | Total | Commercial | Retail | Total | ||||||||||||||||||||||||||||||||
Allowance for loan and lease losses, beginning of period | Allowance for loan and lease losses, beginning of period | $752 | $1,419 | $2,171 | $674 | $578 | $1,252 | Allowance for loan and lease losses, beginning of period | $1,235 | $1,213 | $2,448 | $674 | $578 | $1,252 | ||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | Cumulative effect of change in accounting principle | 0 | 0 | 0 | (176) | 629 | 453 | Cumulative effect of change in accounting principle | — | — | — | (176) | 629 | 453 | ||||||||||||||||||||||||||||||||
Allowance for loan and lease losses, beginning of period, adjusted | Allowance for loan and lease losses, beginning of period, adjusted | 752 | 1,419 | 2,171 | 498 | 1,207 | 1,705 | Allowance for loan and lease losses, beginning of period, adjusted | 1,235 | 1,213 | 2,448 | 498 | 1,207 | 1,705 | ||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (74) | (106) | (180) | (121) | (233) | (354) | Charge-offs | (171) | (86) | (257) | (292) | (319) | (611) | ||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 3 | 30 | 33 | 6 | 64 | 70 | Recoveries | 1 | 37 | 38 | 7 | 101 | 108 | ||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | (71) | (76) | (147) | (115) | (169) | (284) | Net charge-offs | (170) | (49) | (219) | (285) | (218) | (503) | ||||||||||||||||||||||||||||||||
Provision charged to income | Provision charged to income | 554 | (130) | 424 | 852 | 175 | 1,027 | Provision charged to income | 224 | 89 | 313 | 1,076 | 264 | 1,340 | ||||||||||||||||||||||||||||||||
Allowance for loan and lease losses, end of period | Allowance for loan and lease losses, end of period | $1,235 | $1,213 | $2,448 | $1,235 | $1,213 | $2,448 | Allowance for loan and lease losses, end of period | $1,289 | $1,253 | $2,542 | $1,289 | $1,253 | $2,542 | ||||||||||||||||||||||||||||||||
Allowance for unfunded lending commitments, beginning of period | Allowance for unfunded lending commitments, beginning of period | $38 | $1 | $39 | $44 | $0 | $44 | Allowance for unfunded lending commitments, beginning of period | $69 | $10 | $79 | $44 | $— | $44 | ||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | Cumulative effect of change in accounting principle | 0 | 0 | 0 | (3) | 1 | (2) | Cumulative effect of change in accounting principle | — | — | — | (3) | 1 | (2) | ||||||||||||||||||||||||||||||||
Allowance for unfunded lending commitments, beginning of period, adjusted | Allowance for unfunded lending commitments, beginning of period, adjusted | 38 | 1 | 39 | 41 | 1 | 42 | Allowance for unfunded lending commitments, beginning of period, adjusted | 69 | 10 | 79 | 41 | 1 | 42 | ||||||||||||||||||||||||||||||||
Provision for unfunded lending commitments | Provision for unfunded lending commitments | 31 | 9 | 40 | 28 | 9 | 37 | Provision for unfunded lending commitments | 83 | 32 | 115 | 111 | 41 | 152 | ||||||||||||||||||||||||||||||||
Allowance for unfunded lending commitments, end of period | Allowance for unfunded lending commitments, end of period | $69 | $10 | $79 | $69 | $10 | $79 | Allowance for unfunded lending commitments, end of period | $152 | $42 | $194 | $152 | $42 | $194 |
Term Loans by Origination Year | Revolving Loans | Term Loans by Origination Year | Revolving Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior to 2017 | Within the Revolving Period | Converted to Term | Total | (in millions) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior to 2017 | Within the Revolving Period | Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass(1) | Pass(1) | $5,146 | $5,140 | $5,260 | $3,623 | $1,975 | $2,797 | $15,853 | $151 | $39,945 | Pass(1) | $6,411 | $4,086 | $4,723 | $3,079 | $1,723 | $2,480 | $16,578 | $138 | $39,218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 3 | 41 | 196 | 196 | 74 | 181 | 454 | 0 | 1,145 | Special Mention | 4 | 47 | 226 | 148 | 55 | 182 | 451 | 2 | 1,115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 32 | 125 | 263 | 267 | 114 | 226 | 583 | 21 | 1,631 | Substandard | 40 | 110 | 229 | 121 | 91 | 227 | 550 | 18 | 1,386 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 27 | 16 | 16 | 22 | 12 | 18 | 7 | 3 | 121 | Doubtful | 26 | 8 | 12 | 21 | 11 | 17 | 37 | 3 | 135 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | Total commercial and industrial | 5,208 | 5,322 | 5,735 | 4,108 | 2,175 | 3,222 | 16,897 | 175 | 42,842 | Total commercial and industrial | 6,481 | 4,251 | 5,190 | 3,369 | 1,880 | 2,906 | 17,616 | 161 | 41,854 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 462 | 2,572 | 3,726 | 3,013 | 1,026 | 1,507 | 809 | 0 | 13,115 | Pass | 1,073 | 2,586 | 3,835 | 2,484 | 863 | 1,343 | 962 | — | 13,146 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 73 | 7 | 193 | 102 | 155 | 122 | 14 | 0 | 666 | Special Mention | 46 | 3 | 148 | 99 | 169 | 151 | — | — | 616 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 1 | 39 | 210 | 135 | 146 | 73 | 0 | 0 | 604 | Substandard | 28 | 97 | 91 | 279 | 150 | 81 | 9 | — | 735 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 0 | 9 | 16 | 0 | 0 | 2 | 0 | 0 | 27 | Doubtful | — | 9 | — | — | — | 2 | — | — | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | 536 | 2,627 | 4,145 | 3,250 | 1,327 | 1,704 | 823 | 0 | 14,412 | Total commercial real estate | 1,147 | 2,695 | 4,074 | 2,862 | 1,182 | 1,577 | 971 | — | 14,508 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases | Leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 269 | 368 | 216 | 203 | 98 | 622 | 0 | 0 | 1,776 | Pass | 284 | 281 | 191 | 180 | 79 | 504 | — | — | 1,519 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 1 | 2 | 1 | 2 | 5 | 18 | 0 | 0 | 29 | Special Mention | 2 | 16 | 2 | 8 | 5 | 16 | — | — | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 16 | 5 | 1 | 0 | 1 | 0 | 0 | 23 | Substandard | 1 | 16 | 6 | — | — | 1 | — | — | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | Doubtful | — | — | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total leases | Total leases | 270 | 386 | 222 | 206 | 103 | 642 | 0 | 0 | 1,829 | Total leases | 287 | 313 | 199 | 188 | 84 | 522 | — | — | 1,593 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | Total commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass(1) | Pass(1) | 5,877 | 8,080 | 9,202 | 6,839 | 3,099 | 4,926 | 16,662 | 151 | 54,836 | Pass(1) | 7,768 | 6,953 | 8,749 | 5,743 | 2,665 | 4,327 | 17,540 | 138 | 53,883 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 77 | 50 | 390 | 300 | 234 | 321 | 468 | 0 | 1,840 | Special Mention | 52 | 66 | 376 | 255 | 229 | 349 | 451 | 2 | 1,780 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 33 | 180 | 478 | 403 | 260 | 300 | 583 | 21 | 2,258 | Substandard | 69 | 223 | 326 | 400 | 241 | 309 | 559 | 18 | 2,145 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 27 | 25 | 32 | 22 | 12 | 21 | 7 | 3 | 149 | Doubtful | 26 | 17 | 12 | 21 | 11 | 20 | 37 | 3 | 147 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | $6,014 | $8,335 | $10,102 | $7,564 | $3,605 | $5,568 | $17,720 | $175 | $59,083 | Total commercial | $7,915 | $7,259 | $9,463 | $6,419 | $3,146 | $5,005 | $18,587 | $161 | $57,955 |
Term Loans by Origination Year | Revolving Loans | Term Loans by Origination Year | Revolving Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the Revolving Period | Converted to Term | Total | (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the Revolving Period | Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass(1) | Pass(1) | $8,036 | $5,730 | $4,180 | $2,174 | $1,157 | $1,980 | $17,281 | $340 | $40,878 | Pass(1) | $8,036 | $5,730 | $4,180 | $2,174 | $1,157 | $1,980 | $17,281 | $340 | $40,878 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 34 | 264 | 163 | 84 | 60 | 173 | 771 | 34 | 1,583 | Special Mention | 34 | 264 | 163 | 84 | 60 | 173 | 771 | 34 | 1,583 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 91 | 195 | 248�� | 100 | 81 | 127 | 600 | 22 | 1,464 | Substandard | 91 | 195 | 248 | 100 | 81 | 127 | 600 | 22 | 1,464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 65 | 10 | 34 | 38 | 3 | 31 | 63 | 4 | 248 | Doubtful | 65 | 10 | 34 | 38 | 3 | 31 | 63 | 4 | 248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | Total commercial and industrial | 8,226 | 6,199 | 4,625 | 2,396 | 1,301 | 2,311 | 18,715 | 400 | 44,173 | Total commercial and industrial | 8,226 | 6,199 | 4,625 | 2,396 | 1,301 | 2,311 | 18,715 | 400 | 44,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 1,848 | 2,836 | 2,810 | 1,106 | 566 | 919 | 3,271 | 0 | 13,356 | Pass | 1,848 | 2,836 | 2,810 | 1,106 | 566 | 919 | 3,271 | — | 13,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 19 | 130 | 121 | 92 | 94 | 48 | 300 | 0 | 804 | Special Mention | 19 | 130 | 121 | 92 | 94 | 48 | 300 | — | 804 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 116 | 2 | 65 | 5 | 53 | 26 | 149 | 0 | 416 | Substandard | 116 | 2 | 65 | 5 | 53 | 26 | 149 | — | 416 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 16 | 26 | 8 | 0 | 0 | 2 | 24 | 0 | 76 | Doubtful | 16 | 26 | 8 | — | — | 2 | 24 | — | 76 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | 1,999 | 2,994 | 3,004 | 1,203 | 713 | 995 | 3,744 | 0 | 14,652 | Total commercial real estate | 1,999 | 2,994 | 3,004 | 1,203 | 713 | 995 | 3,744 | — | 14,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases | Leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 455 | 246 | 229 | 139 | 180 | 673 | 0 | 0 | 1,922 | Pass | 455 | 246 | 229 | 139 | 180 | 673 | — | — | 1,922 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 3 | 4 | 2 | 4 | 2 | 18 | 0 | 0 | 33 | Special Mention | 3 | 4 | 2 | 4 | 2 | 18 | — | — | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 0 | 2 | 2 | 4 | 4 | 0 | 0 | 0 | 12 | Substandard | — | 2 | 2 | 4 | 4 | — | — | — | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | Doubtful | — | — | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total leases | Total leases | 458 | 252 | 233 | 147 | 186 | 692 | 0 | 0 | 1,968 | Total leases | 458 | 252 | 233 | 147 | 186 | 692 | — | — | 1,968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | Total commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass(1) | Pass(1) | 10,339 | 8,812 | 7,219 | 3,419 | 1,903 | 3,572 | 20,552 | 340 | 56,156 | Pass(1) | 10,339 | 8,812 | 7,219 | 3,419 | 1,903 | 3,572 | 20,552 | 340 | 56,156 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 56 | 398 | 286 | 180 | 156 | 239 | 1,071 | 34 | 2,420 | Special Mention | 56 | 398 | 286 | 180 | 156 | 239 | 1,071 | 34 | 2,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 207 | 199 | 315 | 109 | 138 | 153 | 749 | 22 | 1,892 | Substandard | 207 | 199 | 315 | 109 | 138 | 153 | 749 | 22 | 1,892 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 81 | 36 | 42 | 38 | 3 | 34 | 87 | 4 | 325 | Doubtful | 81 | 36 | 42 | 38 | 3 | 34 | 87 | 4 | 325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | $10,683 | $9,445 | $7,862 | $3,746 | $2,200 | $3,998 | $22,459 | $400 | $60,793 | Total commercial | $10,683 | $9,445 | $7,862 | $3,746 | $2,200 | $3,998 | $22,459 | $400 | $60,793 |
Term Loans by Origination Year | Revolving Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior to 2017 | Within the Revolving Period | Converted to Term | Total | |||||||||||||||||||||||||||||||||||||||||
Residential mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | $851 | $3,079 | $1,574 | $454 | $897 | $2,697 | $0 | $0 | $9,552 | |||||||||||||||||||||||||||||||||||||||||
740-799 | 1,619 | 2,261 | 890 | 311 | 448 | 1,335 | 0 | 0 | 6,864 | |||||||||||||||||||||||||||||||||||||||||
680-739 | 377 | 653 | 360 | 178 | 169 | 660 | 0 | 0 | 2,397 | |||||||||||||||||||||||||||||||||||||||||
620-679 | 42 | 112 | 180 | 103 | 117 | 328 | 0 | 0 | 882 | |||||||||||||||||||||||||||||||||||||||||
<620 | 2 | 49 | 153 | 162 | 167 | 293 | 0 | 0 | 826 | |||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | 2 | 3 | 1 | 0 | 0 | 11 | 0 | 0 | 17 | |||||||||||||||||||||||||||||||||||||||||
Total residential mortgages | 2,893 | 6,157 | 3,158 | 1,208 | 1,798 | 5,324 | 0 | 0 | 20,538 | |||||||||||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 1 | 2 | 6 | 6 | 5 | 170 | 4,292 | 318 | 4,800 | |||||||||||||||||||||||||||||||||||||||||
740-799 | 0 | 1 | 5 | 6 | 6 | 146 | 3,333 | 306 | 3,803 | |||||||||||||||||||||||||||||||||||||||||
680-739 | 0 | 1 | 8 | 13 | 18 | 162 | 1,608 | 274 | 2,084 | |||||||||||||||||||||||||||||||||||||||||
620-679 | 0 | 3 | 13 | 24 | 20 | 133 | 336 | 182 | 711 | |||||||||||||||||||||||||||||||||||||||||
<620 | 0 | 3 | 20 | 25 | 23 | 106 | 79 | 187 | 443 | |||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Total home equity | 1 | 10 | 52 | 74 | 72 | 717 | 9,648 | 1,267 | 11,841 | |||||||||||||||||||||||||||||||||||||||||
Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 756 | 951 | 681 | 333 | 223 | 122 | 0 | 0 | 3,066 | |||||||||||||||||||||||||||||||||||||||||
740-799 | 1,096 | 1,320 | 813 | 401 | 242 | 122 | 0 | 0 | 3,994 | |||||||||||||||||||||||||||||||||||||||||
680-739 | 969 | 1,109 | 690 | 335 | 190 | 98 | 0 | 0 | 3,391 | |||||||||||||||||||||||||||||||||||||||||
620-679 | 458 | 506 | 345 | 184 | 108 | 63 | 0 | 0 | 1,664 | |||||||||||||||||||||||||||||||||||||||||
<620 | 59 | 138 | 180 | 133 | 90 | 61 | 0 | 0 | 661 | |||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | 3 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 4 | |||||||||||||||||||||||||||||||||||||||||
Total automobile | 3,341 | 4,024 | 2,709 | 1,386 | 853 | 467 | 0 | 0 | 12,780 | |||||||||||||||||||||||||||||||||||||||||
Education | ||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 564 | 1,843 | 1,103 | 662 | 590 | 1,066 | 0 | — | 5,828 | |||||||||||||||||||||||||||||||||||||||||
740-799 | 759 | 1,831 | 892 | 480 | 338 | 614 | 0 | 0 | 4,914 | |||||||||||||||||||||||||||||||||||||||||
680-739 | 204 | 536 | 289 | 172 | 123 | 300 | 0 | 0 | 1,624 | |||||||||||||||||||||||||||||||||||||||||
620-679 | 14 | 54 | 45 | 37 | 29 | 110 | 0 | 0 | 289 | |||||||||||||||||||||||||||||||||||||||||
<620 | 1 | 6 | 10 | 12 | 10 | 49 | 0 | 0 | 88 | |||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | 2 | 0 | 0 | 0 | 0 | 55 | 0 | 0 | 57 | |||||||||||||||||||||||||||||||||||||||||
Total education | 1,544 | 4,270 | 2,339 | 1,363 | 1,090 | 2,194 | 0 | 0 | 12,800 | |||||||||||||||||||||||||||||||||||||||||
Other retail | ||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 107 | 343 | 209 | 100 | 48 | 42 | 357 | 0 | 1,206 | |||||||||||||||||||||||||||||||||||||||||
740-799 | 169 | 479 | 285 | 128 | 58 | 36 | 662 | 2 | 1,819 | |||||||||||||||||||||||||||||||||||||||||
680-739 | 150 | 372 | 190 | 85 | 37 | 18 | 593 | 5 | 1,450 | |||||||||||||||||||||||||||||||||||||||||
620-679 | 94 | 181 | 65 | 28 | 10 | 6 | 208 | 6 | 598 | |||||||||||||||||||||||||||||||||||||||||
<620 | 11 | 39 | 23 | 13 | 4 | 2 | 66 | 7 | 165 | |||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | 6 | 8 | 0 | 0 | 0 | 0 | 285 | 2 | 301 | |||||||||||||||||||||||||||||||||||||||||
Total other retail | 537 | 1,422 | 772 | 354 | 157 | 104 | 2,171 | 22 | 5,539 | |||||||||||||||||||||||||||||||||||||||||
Total retail | ||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 2,279 | 6,218 | 3,573 | 1,555 | 1,763 | 4,097 | 4,649 | 318 | 24,452 | |||||||||||||||||||||||||||||||||||||||||
740-799 | 3,643 | 5,892 | 2,885 | 1,326 | 1,092 | 2,253 | 3,995 | 308 | 21,394 | |||||||||||||||||||||||||||||||||||||||||
680-739 | 1,700 | 2,671 | 1,537 | 783 | 537 | 1,238 | 2,201 | 279 | 10,946 | |||||||||||||||||||||||||||||||||||||||||
620-679 | 608 | 856 | 648 | 376 | 284 | 640 | 544 | 188 | 4,144 | |||||||||||||||||||||||||||||||||||||||||
<620 | 73 | 235 | 386 | 345 | 294 | 511 | 145 | 194 | 2,183 | |||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | 13 | 11 | 1 | 0 | 0 | 67 | 285 | 2 | 379 | |||||||||||||||||||||||||||||||||||||||||
Total retail | $8,316 | $15,883 | $9,030 | $4,385 | $3,970 | $8,806 | $11,819 | $1,289 | $63,498 |
Term Loans by Origination Year | Revolving Loans | Term Loans by Origination Year | Revolving Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the Revolving Period | Converted to Term | Total | (in millions) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior to 2017 | Within the Revolving Period | Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | Residential mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | $2,687 | $1,885 | $638 | $1,129 | $1,615 | $1,755 | $0 | $0 | $9,709 | 800+ | $1,585 | $3,179 | $1,403 | $395 | $784 | $2,389 | $— | $— | $9,735 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 2,931 | 1,133 | 398 | 527 | 743 | 904 | 0 | 0 | 6,636 | 740-799 | 2,607 | 2,087 | 853 | 265 | 384 | 1,253 | — | — | 7,449 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 784 | 351 | 162 | 172 | 295 | 458 | 0 | 0 | 2,222 | 680-739 | 639 | 613 | 356 | 173 | 185 | 611 | — | — | 2,577 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 97 | 94 | 44 | 56 | 66 | 223 | 0 | 0 | 580 | 620-679 | 84 | 117 | 169 | 103 | 112 | 306 | — | — | 891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 12 | 28 | 35 | 58 | 50 | 185 | 0 | 0 | 368 | <620 | 8 | 56 | 166 | 167 | 165 | 281 | — | — | 843 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 1 | 2 | 1 | 5 | 1 | 14 | 0 | 0 | 24 | No FICO available(1) | 2 | 5 | 1 | — | — | 10 | — | — | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgages | Total residential mortgages | 6,512 | 3,493 | 1,278 | 1,947 | 2,770 | 3,539 | 0 | 0 | 19,539 | Total residential mortgages | 4,925 | 6,057 | 2,948 | 1,103 | 1,630 | 4,850 | — | — | 21,513 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | Home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | 2 | 8 | 10 | 7 | 5 | 216 | 4,319 | 344 | 4,911 | 800+ | — | 2 | 6 | 6 | 4 | 154 | 4,333 | 294 | 4,799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 2 | 6 | 7 | 6 | 5 | 180 | 3,234 | 331 | 3,771 | 740-799 | 1 | 1 | 5 | 5 | 8 | 137 | 3,405 | 299 | 3,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 1 | 6 | 10 | 15 | 8 | 179 | 1,632 | 284 | 2,135 | 680-739 | — | 1 | 8 | 13 | 17 | 151 | 1,665 | 250 | 2,105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 0 | 10 | 18 | 21 | 14 | 136 | 402 | 195 | 796 | 620-679 | — | 3 | 13 | 23 | 19 | 123 | 345 | 176 | 702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 1 | 17 | 30 | 29 | 18 | 122 | 105 | 214 | 536 | <620 | — | 2 | 16 | 22 | 21 | 96 | 86 | 179 | 422 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity | Total home equity | 6 | 47 | 75 | 78 | 50 | 833 | 9,692 | 1,368 | 12,149 | Total home equity | 1 | 9 | 48 | 69 | 69 | 661 | 9,834 | 1,198 | 11,889 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | 1,056 | 812 | 424 | 312 | 169 | 62 | 0 | 0 | 2,835 | 800+ | 1,287 | 897 | 608 | 286 | 183 | 84 | — | — | 3,345 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 1,514 | 1,022 | 531 | 344 | 172 | 59 | 0 | 0 | 3,642 | 740-799 | 1,781 | 1,177 | 707 | 344 | 195 | 85 | — | — | 4,289 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 1,347 | 889 | 461 | 282 | 138 | 47 | 0 | 0 | 3,164 | 680-739 | 1,436 | 958 | 589 | 277 | 154 | 69 | — | — | 3,483 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 669 | 484 | 259 | 157 | 84 | 32 | 0 | 0 | 1,685 | 620-679 | 680 | 436 | 297 | 156 | 89 | 45 | — | — | 1,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 140 | 242 | 189 | 137 | 79 | 34 | 0 | 0 | 821 | <620 | 120 | 142 | 168 | 118 | 75 | 45 | — | — | 668 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 2 | 0 | 0 | 0 | 0 | 4 | 0 | 0 | 6 | No FICO available(1) | 4 | — | — | — | — | — | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total automobile | Total automobile | 4,728 | 3,449 | 1,864 | 1,232 | 642 | 238 | 0 | 0 | 12,153 | Total automobile | 5,308 | 3,610 | 2,369 | 1,181 | 696 | 328 | — | — | 13,492 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | Education | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | 1,817 | 1,363 | 849 | 781 | 578 | 777 | 0 | 0 | 6,165 | 800+ | 1,080 | 1,865 | 921 | 566 | 519 | 951 | — | — | 5,902 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 1,797 | 1,009 | 541 | 387 | 251 | 423 | 0 | 0 | 4,408 | 740-799 | 1,245 | 1,743 | 730 | 402 | 297 | 550 | — | — | 4,967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 450 | 294 | 173 | 127 | 90 | 221 | 0 | 0 | 1,355 | 680-739 | 369 | 526 | 246 | 150 | 113 | 278 | — | — | 1,682 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 26 | 35 | 33 | 28 | 25 | 95 | 0 | 0 | 242 | 620-679 | 29 | 60 | 41 | 34 | 28 | 105 | — | — | 297 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 2 | 5 | 10 | 10 | 8 | 41 | 0 | 0 | 76 | <620 | 2 | 8 | 11 | 11 | 10 | 46 | — | — | 88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 2 | 0 | 0 | 0 | 0 | 60 | 0 | 0 | 62 | No FICO available(1) | 10 | — | — | — | — | 54 | — | — | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total education | Total education | 4,094 | 2,706 | 1,606 | 1,333 | 952 | 1,617 | 0 | 0 | 12,308 | Total education | 2,735 | 4,202 | 1,949 | 1,163 | 967 | 1,984 | — | — | 13,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | Other retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | 461 | 380 | 163 | 77 | 15 | 44 | 341 | 0 | 1,481 | 800+ | 134 | 288 | 154 | 79 | 37 | 35 | 366 | — | 1,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 620 | 460 | 184 | 81 | 19 | 31 | 638 | 2 | 2,035 | 740-799 | 211 | 395 | 216 | 103 | 47 | 29 | 711 | 2 | 1,714 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 495 | 302 | 111 | 48 | 10 | 13 | 561 | 5 | 1,545 | 680-739 | 179 | 308 | 151 | 69 | 29 | 14 | 667 | 5 | 1,422 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 248 | 104 | 37 | 14 | 3 | 5 | 174 | 7 | 592 | 620-679 | 114 | 150 | 51 | 24 | 8 | 5 | 264 | 5 | 621 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 24 | 30 | 17 | 6 | 1 | 3 | 77 | 8 | 166 | <620 | 19 | 39 | 19 | 11 | 3 | 3 | 78 | 6 | 178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 54 | 1 | 0 | 0 | 0 | 0 | 272 | 2 | 329 | No FICO available(1) | 120 | 7 | — | — | — | — | 313 | 1 | 441 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other retail | Total other retail | 1,902 | 1,277 | 512 | 226 | 48 | 96 | 2,063 | 24 | 6,148 | Total other retail | 777 | 1,187 | 591 | 286 | 124 | 86 | 2,399 | 19 | 5,469 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | Total retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 800+ | 6,023 | 4,448 | 2,084 | 2,306 | 2,382 | 2,854 | 4,660 | 344 | 25,101 | 800+ | 4,086 | 6,231 | 3,092 | 1,332 | 1,527 | 3,613 | 4,699 | 294 | 24,874 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
740-799 | 740-799 | 6,864 | 3,630 | 1,661 | 1,345 | 1,190 | 1,597 | 3,872 | 333 | 20,492 | 740-799 | 5,845 | 5,403 | 2,511 | 1,119 | 931 | 2,054 | 4,116 | 301 | 22,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680-739 | 680-739 | 3,077 | 1,842 | 917 | 644 | 541 | 918 | 2,193 | 289 | 10,421 | 680-739 | 2,623 | 2,406 | 1,350 | 682 | 498 | 1,123 | 2,332 | 255 | 11,269 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-679 | 620-679 | 1,040 | 727 | 391 | 276 | 192 | 491 | 576 | 202 | 3,895 | 620-679 | 907 | 766 | 571 | 340 | 256 | 584 | 609 | 181 | 4,214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<620 | <620 | 179 | 322 | 281 | 240 | 156 | 385 | 182 | 222 | 1,967 | <620 | 149 | 247 | 380 | 329 | 274 | 471 | 164 | 185 | 2,199 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | No FICO available(1) | 59 | 3 | 1 | 5 | 1 | 78 | 272 | 2 | 421 | No FICO available(1) | 136 | 12 | 1 | — | — | 64 | 313 | 1 | 527 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | $17,242 | $10,972 | $5,335 | $4,816 | $4,462 | $6,323 | $11,755 | $1,392 | $62,297 | Total retail | $13,746 | $15,065 | $7,905 | $3,802 | $3,486 | $7,909 | $12,233 | $1,217 | $65,363 |
Term Loans by Origination Year | Revolving Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the Revolving Period | Converted to Term | Total | |||||||||||||||||||||||||||||||||||||||||
Residential mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | $2,687 | $1,885 | $638 | $1,129 | $1,615 | $1,755 | $— | $— | $9,709 | |||||||||||||||||||||||||||||||||||||||||
740-799 | 2,931 | 1,133 | 398 | 527 | 743 | 904 | — | — | 6,636 | |||||||||||||||||||||||||||||||||||||||||
680-739 | 784 | 351 | 162 | 172 | 295 | 458 | — | — | 2,222 | |||||||||||||||||||||||||||||||||||||||||
620-679 | 97 | 94 | 44 | 56 | 66 | 223 | — | — | 580 | |||||||||||||||||||||||||||||||||||||||||
<620 | 12 | 28 | 35 | 58 | 50 | 185 | — | — | 368 | |||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | 1 | 2 | 1 | 5 | 1 | 14 | — | — | 24 | |||||||||||||||||||||||||||||||||||||||||
Total residential mortgages | 6,512 | 3,493 | 1,278 | 1,947 | 2,770 | 3,539 | — | — | 19,539 | |||||||||||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 2 | 8 | 10 | 7 | 5 | 216 | 4,319 | 344 | 4,911 | |||||||||||||||||||||||||||||||||||||||||
740-799 | 2 | 6 | 7 | 6 | 5 | 180 | 3,234 | 331 | 3,771 | |||||||||||||||||||||||||||||||||||||||||
680-739 | 1 | 6 | 10 | 15 | 8 | 179 | 1,632 | 284 | 2,135 | |||||||||||||||||||||||||||||||||||||||||
620-679 | — | 10 | 18 | 21 | 14 | 136 | 402 | 195 | 796 | |||||||||||||||||||||||||||||||||||||||||
<620 | 1 | 17 | 30 | 29 | 18 | 122 | 105 | 214 | 536 | |||||||||||||||||||||||||||||||||||||||||
Total home equity | 6 | 47 | 75 | 78 | 50 | 833 | 9,692 | 1,368 | 12,149 | |||||||||||||||||||||||||||||||||||||||||
Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 1,056 | 812 | 424 | 312 | 169 | 62 | — | — | 2,835 | |||||||||||||||||||||||||||||||||||||||||
740-799 | 1,514 | 1,022 | 531 | 344 | 172 | 59 | — | — | 3,642 | |||||||||||||||||||||||||||||||||||||||||
680-739 | 1,347 | 889 | 461 | 282 | 138 | 47 | — | — | 3,164 | |||||||||||||||||||||||||||||||||||||||||
620-679 | 669 | 484 | 259 | 157 | 84 | 32 | — | — | 1,685 | |||||||||||||||||||||||||||||||||||||||||
<620 | 140 | 242 | 189 | 137 | 79 | 34 | — | — | 821 | |||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | 2 | — | — | — | — | 4 | — | — | 6 | |||||||||||||||||||||||||||||||||||||||||
Total automobile | 4,728 | 3,449 | 1,864 | 1,232 | 642 | 238 | — | — | 12,153 | |||||||||||||||||||||||||||||||||||||||||
Education | ||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 1,817 | 1,363 | 849 | 781 | 578 | 777 | — | — | 6,165 | |||||||||||||||||||||||||||||||||||||||||
740-799 | 1,797 | 1,009 | 541 | 387 | 251 | 423 | — | — | 4,408 | |||||||||||||||||||||||||||||||||||||||||
680-739 | 450 | 294 | 173 | 127 | 90 | 221 | — | — | 1,355 | |||||||||||||||||||||||||||||||||||||||||
620-679 | 26 | 35 | 33 | 28 | 25 | 95 | — | — | 242 | |||||||||||||||||||||||||||||||||||||||||
<620 | 2 | 5 | 10 | 10 | 8 | 41 | — | — | 76 | |||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | 2 | — | — | — | — | 60 | — | — | 62 | |||||||||||||||||||||||||||||||||||||||||
Total education | 4,094 | 2,706 | 1,606 | 1,333 | 952 | 1,617 | — | — | 12,308 | |||||||||||||||||||||||||||||||||||||||||
Other retail | ||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 461 | 380 | 163 | 77 | 15 | 44 | 341 | — | 1,481 | |||||||||||||||||||||||||||||||||||||||||
740-799 | 620 | 460 | 184 | 81 | 19 | 31 | 638 | 2 | 2,035 | |||||||||||||||||||||||||||||||||||||||||
680-739 | 495 | 302 | 111 | 48 | 10 | 13 | 561 | 5 | 1,545 | |||||||||||||||||||||||||||||||||||||||||
620-679 | 248 | 104 | 37 | 14 | 3 | 5 | 174 | 7 | 592 | |||||||||||||||||||||||||||||||||||||||||
<620 | 24 | 30 | 17 | 6 | 1 | 3 | 77 | 8 | 166 | |||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | 54 | 1 | — | — | — | — | 272 | 2 | 329 | |||||||||||||||||||||||||||||||||||||||||
Total other retail | 1,902 | 1,277 | 512 | 226 | 48 | 96 | 2,063 | 24 | 6,148 | |||||||||||||||||||||||||||||||||||||||||
Total retail | ||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 6,023 | 4,448 | 2,084 | 2,306 | 2,382 | 2,854 | 4,660 | 344 | 25,101 | |||||||||||||||||||||||||||||||||||||||||
740-799 | 6,864 | 3,630 | 1,661 | 1,345 | 1,190 | 1,597 | 3,872 | 333 | 20,492 | |||||||||||||||||||||||||||||||||||||||||
680-739 | 3,077 | 1,842 | 917 | 644 | 541 | 918 | 2,193 | 289 | 10,421 | |||||||||||||||||||||||||||||||||||||||||
620-679 | 1,040 | 727 | 391 | 276 | 192 | 491 | 576 | 202 | 3,895 | |||||||||||||||||||||||||||||||||||||||||
<620 | 179 | 322 | 281 | 240 | 156 | 385 | 182 | 222 | 1,967 | |||||||||||||||||||||||||||||||||||||||||
No FICO available(1) | 59 | 3 | 1 | 5 | 1 | 78 | 272 | 2 | 421 | |||||||||||||||||||||||||||||||||||||||||
Total retail | $17,242 | $10,972 | $5,335 | $4,816 | $4,462 | $6,323 | $11,755 | $1,392 | $62,297 |
As of June 30, 2021 | As of December 31, 2020 | As of September 30, 2021 | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Nonaccrual loans and leases | 90+ days past due and accruing | Nonaccrual with no related ACL | Nonaccrual loans and leases | 90+ days past due and accruing | Nonaccrual with no related ACL | (in millions) | Nonaccrual loans and leases | 90+ days past due and accruing | Nonaccrual with no related ACL | Nonaccrual loans and leases | 90+ days past due and accruing | Nonaccrual with no related ACL | ||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $163 | $0 | $40 | $280 | $20 | $56 | Commercial and industrial | $170 | $4 | $61 | $280 | $20 | $56 | ||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 102 | 0 | 37 | 176 | 0 | 2 | Commercial real estate | 98 | — | 1 | 176 | — | 2 | ||||||||||||||||||||||||||||||||
Leases | Leases | 1 | 1 | 0 | 2 | 1 | 0 | Leases | 1 | — | — | 2 | 1 | — | ||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 266 | 1 | 77 | 458 | 21 | 58 | Total commercial | 269 | 4 | 62 | 458 | 21 | 58 | ||||||||||||||||||||||||||||||||
Residential mortgages(1) | Residential mortgages(1) | 174 | 270 | 138 | 167 | 30 | 96 | Residential mortgages(1) | 164 | 293 | 142 | 167 | 30 | 96 | ||||||||||||||||||||||||||||||||
Home equity | Home equity | 234 | 0 | 189 | 276 | 0 | 207 | Home equity | 216 | — | 188 | 276 | — | 207 | ||||||||||||||||||||||||||||||||
Automobile | Automobile | 62 | 0 | 34 | 72 | 0 | 17 | Automobile | 55 | — | 29 | 72 | — | 17 | ||||||||||||||||||||||||||||||||
Education | Education | 21 | 2 | 2 | 18 | 2 | 2 | Education | 23 | 1 | 2 | 18 | 2 | 2 | ||||||||||||||||||||||||||||||||
Other retail | Other retail | 22 | 7 | 2 | 28 | 9 | 0 | Other retail | 20 | 14 | 2 | 28 | 9 | — | ||||||||||||||||||||||||||||||||
Total retail | Total retail | 513 | 279 | 365 | 561 | 41 | 322 | Total retail | 478 | 308 | 363 | 561 | 41 | 322 | ||||||||||||||||||||||||||||||||
Total loans and leases | Total loans and leases | $779 | $280 | $442 | $1,019 | $62 | $380 | Total loans and leases | $747 | $312 | $425 | $1,019 | $62 | $380 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Past Due | Days Past Due | Days Past Due | Days Past Due | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Current-29 | 30-59 | 60-89 | 90+ | Total | Current-29 | 30-59 | 60-89 | 90+ | Total | (in millions) | Current-29 | 30-59 | 60-89 | 90+ | Total | Current-29 | 30-59 | 60-89 | 90+ | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $42,769 | $24 | $7 | $42 | $42,842 | $43,817 | $223 | $16 | $117 | $44,173 | Commercial and industrial | $41,783 | $25 | $3 | $43 | $41,854 | $43,817 | $223 | $16 | $117 | $44,173 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 14,310 | 1 | 0 | 101 | 14,412 | 14,531 | 1 | 85 | 35 | 14,652 | Commercial real estate | 14,402 | 3 | 5 | 98 | 14,508 | 14,531 | 1 | 85 | 35 | 14,652 | ||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases | 1,827 | 0 | 0 | 2 | 1,829 | 1,956 | 9 | 0 | 3 | 1,968 | Leases | 1,591 | — | 1 | 1 | 1,593 | 1,956 | 9 | — | 3 | 1,968 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 58,906 | 25 | 7 | 145 | 59,083 | 60,304 | 233 | 101 | 155 | 60,793 | Total commercial | 57,776 | 28 | 9 | 142 | 57,955 | 60,304 | 233 | 101 | 155 | 60,793 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages(1) | Residential mortgages(1) | 19,885 | 176 | 61 | 416 | 20,538 | 19,291 | 59 | 21 | 168 | 19,539 | Residential mortgages(1) | 20,861 | 155 | 57 | 440 | 21,513 | 19,291 | 59 | 21 | 168 | 19,539 | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 11,607 | 32 | 17 | 185 | 11,841 | 11,848 | 61 | 28 | 212 | 12,149 | Home equity | 11,654 | 35 | 16 | 184 | 11,889 | 11,848 | 61 | 28 | 212 | 12,149 | ||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 12,613 | 114 | 43 | 10 | 12,780 | 11,901 | 170 | 65 | 17 | 12,153 | Automobile | 13,318 | 117 | 42 | 15 | 13,492 | 11,901 | 170 | 65 | 17 | 12,153 | ||||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 12,747 | 29 | 13 | 11 | 12,800 | 12,255 | 33 | 13 | 7 | 12,308 | Education | 12,941 | 33 | 14 | 12 | 13,000 | 12,255 | 33 | 13 | 7 | 12,308 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 5,454 | 37 | 20 | 28 | 5,539 | 6,047 | 38 | 29 | 34 | 6,148 | Other retail | 5,371 | 39 | 28 | 31 | 5,469 | 6,047 | 38 | 29 | 34 | 6,148 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 62,306 | 388 | 154 | 650 | 63,498 | 61,342 | 361 | 156 | 438 | 62,297 | Total retail | 64,145 | 379 | 157 | 682 | 65,363 | 61,342 | 361 | 156 | 438 | 62,297 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $121,212 | $413 | $161 | $795 | $122,581 | $121,646 | $594 | $257 | $593 | $123,090 | Total | $121,921 | $407 | $166 | $824 | $123,318 | $121,646 | $594 | $257 | $593 | $123,090 |
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis | Amortized Cost Basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Number of Contracts | Interest Rate Reduction(1) | Maturity Extension(2) | Other(3) | Total | (dollars in millions) | Number of Contracts | Interest Rate Reduction(1) | Maturity Extension(2) | Other(3) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 15 | $0 | $3 | $54 | $57 | Commercial and industrial | 7 | $— | $38 | $10 | $48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 15 | 0 | 3 | 54 | 57 | Total commercial | 7 | — | 38 | 10 | 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 671 | 8 | 120 | 44 | 172 | Residential mortgages | 101 | 2 | 7 | 7 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 102 | 1 | 3 | 3 | 7 | Home equity | 69 | — | 1 | 3 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 379 | 1 | 0 | 5 | 6 | Automobile | 224 | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 265 | 0 | 0 | 9 | 9 | Education | 226 | — | — | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 585 | 1 | 0 | 0 | 1 | Other retail | 549 | 3 | — | 1 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 2,002 | 11 | 123 | 61 | 195 | Total retail | 1,169 | 5 | 8 | 20 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 2,017 | $11 | $126 | $115 | $252 | Total | 1,176 | $5 | $46 | $30 | $81 |
Three Months Ended June 30, 2020 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis | Amortized Cost Basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Number of Contracts | Interest Rate Reduction(1) | Maturity Extension(2) | Other(3) | Total | (dollars in millions) | Number of Contracts | Interest Rate Reduction(1) | Maturity Extension(2) | Other(3) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 19 | $0 | $3 | $53 | $56 | Commercial and industrial | 14 | $— | $103 | $1 | $104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 19 | 0 | 3 | 53 | 56 | Total commercial | 14 | — | 103 | 1 | 104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 145 | 11 | 14 | 3 | 28 | Residential mortgages | 107 | 9 | 6 | 4 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 266 | 2 | 4 | 11 | 17 | Home equity | 179 | 2 | 4 | 6 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 947 | 0 | 0 | 15 | 15 | Automobile | 1,191 | 1 | — | 18 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 142 | 0 | 0 | 4 | 4 | Education | 140 | — | — | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 710 | 3 | 0 | 1 | 4 | Other retail | 484 | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 2,210 | 16 | 18 | 34 | 68 | Total retail | 2,101 | 13 | 10 | 31 | 54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 2,229 | $16 | $21 | $87 | $124 | Total | 2,115 | $13 | $113 | $32 | $158 |
Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis | Amortized Cost Basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Number of Contracts | Interest Rate Reduction(1) | Maturity Extension(2) | Other(3) | Total | (dollars in millions) | Number of Contracts | Interest Rate Reduction(1) | Maturity Extension(2) | Other(3) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 22 | $0 | $6 | $54 | $60 | Commercial and industrial | 29 | $— | $44 | $64 | $108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 22 | 0 | 6 | 54 | 60 | Total commercial | 29 | — | 44 | 64 | 108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 713 | 12 | 126 | 47 | 185 | Residential mortgages | 814 | 14 | 133 | 54 | 201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 249 | 3 | 8 | 7 | 18 | Home equity | 318 | 3 | 9 | 10 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 1,048 | 1 | 0 | 13 | 14 | Automobile | 1,272 | 1 | — | 14 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 412 | 0 | 0 | 13 | 13 | Education | 638 | — | — | 21 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 1,215 | 4 | 0 | 1 | 5 | Other retail | 1,764 | 7 | — | 2 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 3,637 | 20 | 134 | 81 | 235 | Total retail | 4,806 | 25 | 142 | 101 | 268 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 3,659 | $20 | $140 | $135 | $295 | Total | 4,835 | $25 | $186 | $165 | $376 |
Six Months Ended June 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis | Amortized Cost Basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | Number of Contracts | Interest Rate Reduction(1) | Maturity Extension(2) | Other(3) | Total | (dollars in millions) | Number of Contracts | Interest Rate Reduction(1) | Maturity Extension(2) | Other(3) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 38 | $0 | $3 | $94 | $97 | Commercial and industrial | 52 | $— | $106 | $95 | $201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 38 | 0 | 3 | 94 | 97 | Total commercial | 52 | — | 106 | 95 | 201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 241 | 17 | 21 | 7 | 45 | Residential mortgages | 348 | 26 | 27 | 11 | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 389 | 6 | 4 | 15 | 25 | Home equity | 568 | 8 | 8 | 21 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | Automobile | 1,177 | 1 | 0 | 17 | 18 | Automobile | 2,368 | 2 | — | 35 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education | Education | 233 | 0 | 0 | 6 | 6 | Education | 373 | — | — | 9 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | Other retail | 1,683 | 7 | 0 | 2 | 9 | Other retail | 2,167 | 8 | — | 2 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 3,723 | 31 | 25 | 47 | 103 | Total retail | 5,824 | 44 | 35 | 78 | 157 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 3,761 | $31 | $28 | $141 | $200 | Total | 5,876 | $44 | $141 | $173 | $358 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Commercial TDRs | $— | $14 | $23 | $53 | |||||||||||||||||||||||||||||||||||||||||||
Retail TDRs(1) | 37 | 22 | 66 | 47 | |||||||||||||||||||||||||||||||||||||||||||
Total | $37 | $36 | $89 | $100 |
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Residential Mortgages | Home Equity | Other Retail | Education | Total | (in millions) | Residential Mortgages | Home Equity | Other Retail | Education | Total | ||||||||||||||||||||||||||||||||||
High loan-to-value | High loan-to-value | $235 | $27 | $0 | $0 | $262 | High loan-to-value | $179 | $18 | $— | $— | $197 | ||||||||||||||||||||||||||||||||||
Interest-only | Interest-only | 3,143 | 0 | 0 | 1 | 3,144 | Interest-only | 3,317 | — | — | 1 | 3,318 | ||||||||||||||||||||||||||||||||||
Low introductory rate | Low introductory rate | 0 | 0 | 135 | 0 | 135 | Low introductory rate | — | — | 156 | — | 156 | ||||||||||||||||||||||||||||||||||
Multiple characteristics and other | Multiple characteristics and other | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||
Total | Total | $3,378 | $27 | $135 | $1 | $3,541 | Total | $3,498 | $18 | $156 | $1 | $3,673 |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Residential Mortgages | Home Equity | Other Retail | Education | Total | (in millions) | Residential Mortgages | Home Equity | Other Retail | Total | |||||||||||||||||||||||||||||||||||
High loan-to-value | High loan-to-value | $289 | $64 | $0 | $0 | $353 | High loan-to-value | $289 | $64 | $— | $353 | |||||||||||||||||||||||||||||||||||
Interest-only | Interest-only | 2,801 | 0 | 0 | 0 | 2,801 | Interest-only | 2,801 | — | — | 2,801 | |||||||||||||||||||||||||||||||||||
Low introductory rate | Low introductory rate | 0 | 0 | 170 | 0 | 170 | Low introductory rate | — | — | 170 | 170 | |||||||||||||||||||||||||||||||||||
Total | Total | $3,090 | $64 | $170 | $1 | $3,324 | Total | $3,090 | $64 | $170 | $3,324 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | 2021 | 2020 | (in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Cash proceeds from residential mortgage loans sold with servicing retained | Cash proceeds from residential mortgage loans sold with servicing retained | $10,540 | $8,797 | $19,577 | $14,164 | Cash proceeds from residential mortgage loans sold with servicing retained | $9,024 | $9,504 | $28,601 | $23,668 | ||||||||||||||||||||||||||||||||||||
Repurchased residential mortgages | Repurchased residential mortgages | 114 | — | 1,283 | — | |||||||||||||||||||||||||||||||||||||||||
Gain on sales (1) | Gain on sales (1) | 85 | 283 | 225 | 426 | Gain on sales(1) | 96 | 273 | 321 | 699 | ||||||||||||||||||||||||||||||||||||
Contractually specified servicing, late and other ancillary fees (1) | Contractually specified servicing, late and other ancillary fees (1) | 60 | 55 | 118 | 113 | Contractually specified servicing, late and other ancillary fees(1) | 63 | 56 | 181 | 169 |
As of and for the Three Months Ended June 30, | As of and for the Six Months Ended June 30, | As of and for the Three Months Ended September 30, | As of and for the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | 2021 | 2020 | (in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Fair value as of beginning of the period | Fair value as of beginning of the period | $893 | $577 | $658 | $642 | Fair value as of beginning of the period | $902 | $568 | $658 | $642 | ||||||||||||||||||||||||||||||||||||
Transfers upon election of fair value method (1) | Transfers upon election of fair value method (1) | 0 | 0 | 0 | 190 | Transfers upon election of fair value method(1) | — | — | — | 190 | ||||||||||||||||||||||||||||||||||||
Fair value as of beginning of the period, adjusted | Fair value as of beginning of the period, adjusted | 893 | 577 | 658 | 832 | Fair value as of beginning of the period, adjusted | 902 | 568 | 658 | 832 | ||||||||||||||||||||||||||||||||||||
Amounts capitalized | Amounts capitalized | 122 | 86 | 209 | 153 | Amounts capitalized | 109 | 85 | 318 | 238 | ||||||||||||||||||||||||||||||||||||
Changes in unpaid principal balance during the period (2) | Changes in unpaid principal balance during the period (2) | (47) | (46) | (105) | (86) | Changes in unpaid principal balance during the period(2) | (54) | (55) | (159) | (141) | ||||||||||||||||||||||||||||||||||||
Changes in fair value during the period (3) | Changes in fair value during the period (3) | (66) | (49) | 140 | (331) | Changes in fair value during the period(3) | 21 | 8 | 161 | (323) | ||||||||||||||||||||||||||||||||||||
Fair value at end of the period | Fair value at end of the period | $902 | $568 | $902 | $568 | Fair value at end of the period | $978 | $606 | $978 | $606 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Actual | Decline in fair value due to | Actual | Decline in fair value due to | Actual | Decline in fair value due to | Actual | Decline in fair value due to | |||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | (dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Fair value | Fair value | $902 | 50 bps adverse change | 100 bps adverse change | $658 | 50 bps adverse change | 100 bps adverse change | Fair value | $978 | 50 bps adverse change | 100 bps adverse change | $658 | 50 bps adverse change | 100 bps adverse change | ||||||||||||||||||||||||||||||||
Weighted average life (in years) | Weighted average life (in years) | 5.7 | 4.2 | Weighted average life (in years) | 6.0 | 4.2 | ||||||||||||||||||||||||||||||||||||||||
Weighted average constant prepayment rate (1) | Weighted average constant prepayment rate (1) | 11.9% | $129 | $273 | 17.3% | $122 | $202 | Weighted average constant prepayment rate(1) | 11.3% | $125 | $275 | 17.3% | $122 | $202 | ||||||||||||||||||||||||||||||||
Weighted average option adjusted spread | Weighted average option adjusted spread | 581 bps | 18 | 36 | 595 bps | 12 | 24 | Weighted average option adjusted spread | 582 bps | 20 | 39 | 595 bps | 12 | 24 |
(in millions) | (in millions) | June 30, 2021 | December 31, 2020 | (in millions) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Education | Education | $867 | $974 | Education | $809 | $974 | ||||||||||||||||
Commercial (1) | Commercial (1) | 61 | 51 | Commercial(1) | 67 | 51 |
(in millions) | (in millions) | June 30, 2021 | December 31, 2020 | (in millions) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Lending to special purpose entities included in loans and leases | Lending to special purpose entities included in loans and leases | $1,520 | $1,295 | Lending to special purpose entities included in loans and leases | $1,849 | $1,295 | ||||||||||||||||
LIHTC investment included in other assets | LIHTC investment included in other assets | 1,926 | 1,687 | LIHTC investment included in other assets | 1,899 | 1,687 | ||||||||||||||||
LIHTC unfunded commitments included in other liabilities | LIHTC unfunded commitments included in other liabilities | 974 | 875 | LIHTC unfunded commitments included in other liabilities | 910 | 875 | ||||||||||||||||
Investment in asset-backed securities included in HTM securities | Investment in asset-backed securities included in HTM securities | 826 | 893 | Investment in asset-backed securities included in HTM securities | 789 | 893 | ||||||||||||||||
Renewable energy investments included in other assets | Renewable energy investments included in other assets | 448 | 403 | Renewable energy investments included in other assets | 441 | 403 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | 2021 | 2020 | (in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Tax credits included in income tax expense | Tax credits included in income tax expense | $51 | $39 | $102 | $80 | Tax credits included in income tax expense | $48 | $40 | $150 | $120 | ||||||||||||||||||||||||||||||||||||
Other tax benefits included in income tax expense | Other tax benefits included in income tax expense | 13 | 10 | 25 | 20 | Other tax benefits included in income tax expense | 11 | 10 | 36 | 30 | ||||||||||||||||||||||||||||||||||||
Total tax benefits included in income tax expense | Total tax benefits included in income tax expense | 64 | 49 | 127 | 100 | Total tax benefits included in income tax expense | 59 | 50 | 186 | 150 | ||||||||||||||||||||||||||||||||||||
Less: Amortization included in income tax expense | Less: Amortization included in income tax expense | 53 | 42 | 106 | 85 | Less: Amortization included in income tax expense | 50 | 42 | 156 | 127 | ||||||||||||||||||||||||||||||||||||
Net benefits from affordable housing tax credit investments included in income tax expense | $11 | $7 | $21 | $15 | ||||||||||||||||||||||||||||||||||||||||||
Net benefit from affordable housing tax credit investments included in income tax expense | Net benefit from affordable housing tax credit investments included in income tax expense | $9 | $8 | $30 | $23 |
(in millions) | (in millions) | June 30, 2021 | December 31, 2020 | (in millions) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Parent Company: | Parent Company: | Parent Company: | ||||||||||||||||||||
2.375% fixed-rate senior unsecured debt, due July 2021 (1) | 2.375% fixed-rate senior unsecured debt, due July 2021 (1) | $0 | $350 | 2.375% fixed-rate senior unsecured debt, due July 2021(1) | $— | $350 | ||||||||||||||||
4.150% fixed-rate subordinated debt, due September 2022 (2) | 4.150% fixed-rate subordinated debt, due September 2022 (2) | 168 | 182 | 4.150% fixed-rate subordinated debt, due September 2022(2) | 168 | 182 | ||||||||||||||||
3.750% fixed-rate subordinated debt, due July 2024 (2) | 3.750% fixed-rate subordinated debt, due July 2024 (2) | 90 | 159 | 3.750% fixed-rate subordinated debt, due July 2024(2) | 90 | 159 | ||||||||||||||||
4.023% fixed-rate subordinated debt, due October 2024 (2) | 4.023% fixed-rate subordinated debt, due October 2024 (2) | 17 | 25 | 4.023% fixed-rate subordinated debt, due October 2024(2) | 17 | 25 | ||||||||||||||||
4.350% fixed-rate subordinated debt, due August 2025 (2) | 4.350% fixed-rate subordinated debt, due August 2025 (2) | 133 | 193 | 4.350% fixed-rate subordinated debt, due August 2025(2) | 133 | 193 | ||||||||||||||||
4.300% fixed-rate subordinated debt, due December 2025 (2) | 4.300% fixed-rate subordinated debt, due December 2025 (2) | 336 | 450 | 4.300% fixed-rate subordinated debt, due December 2025(2) | 336 | 450 | ||||||||||||||||
2.850% fixed-rate senior unsecured notes, due July 2026 | 2.850% fixed-rate senior unsecured notes, due July 2026 | 497 | 497 | 2.850% fixed-rate senior unsecured notes, due July 2026 | 497 | 497 | ||||||||||||||||
2.500% fixed-rate senior unsecured notes, due February 2030 | 2.500% fixed-rate senior unsecured notes, due February 2030 | 298 | 297 | 2.500% fixed-rate senior unsecured notes, due February 2030 | 298 | 297 | ||||||||||||||||
3.250% fixed-rate senior unsecured notes, due April 2030 | 3.250% fixed-rate senior unsecured notes, due April 2030 | 745 | 745 | 3.250% fixed-rate senior unsecured notes, due April 2030 | 745 | 745 | ||||||||||||||||
3.750% fixed-rate reset subordinated debt, due February 2031 (2) | 3.750% fixed-rate reset subordinated debt, due February 2031 (2) | 69 | 0 | 3.750% fixed-rate reset subordinated debt, due February 2031(2) | 69 | — | ||||||||||||||||
4.300% fixed-rate reset subordinated debt, due February 2031 (2) | 4.300% fixed-rate reset subordinated debt, due February 2031 (2) | 135 | 0 | 4.300% fixed-rate reset subordinated debt, due February 2031(2) | 135 | — | ||||||||||||||||
4.350% fixed-rate reset subordinated debt, due February 2031 (2) | 4.350% fixed-rate reset subordinated debt, due February 2031 (2) | 60 | 0 | 4.350% fixed-rate reset subordinated debt, due February 2031(2) | 61 | — | ||||||||||||||||
2.638% fixed-rate subordinated debt, due September 2032 | 2.638% fixed-rate subordinated debt, due September 2032 | 547 | 543 | 2.638% fixed-rate subordinated debt, due September 2032 | 548 | 543 | ||||||||||||||||
CBNA’s Global Note Program: | CBNA’s Global Note Program: | CBNA’s Global Note Program: | ||||||||||||||||||||
2.550% senior unsecured notes, due May 2021 | 2.550% senior unsecured notes, due May 2021 | 0 | 1,003 | 2.550% senior unsecured notes, due May 2021 | — | 1,003 | ||||||||||||||||
3.250% senior unsecured notes, due February 2022 | 3.250% senior unsecured notes, due February 2022 | 708 | 716 | 3.250% senior unsecured notes, due February 2022 | 704 | 716 | ||||||||||||||||
0.874% floating-rate senior unsecured notes, due February 2022 (3) | 300 | 299 | ||||||||||||||||||||
0.951% floating-rate senior unsecured notes, due May 2022 (3) | 250 | 250 | ||||||||||||||||||||
0.845% floating-rate senior unsecured notes, due February 2022(3) | 0.845% floating-rate senior unsecured notes, due February 2022(3) | 300 | 299 | |||||||||||||||||||
0.932% floating-rate senior unsecured notes, due May 2022(3) | 0.932% floating-rate senior unsecured notes, due May 2022(3) | 250 | 250 | |||||||||||||||||||
2.650% senior unsecured notes, due May 2022 | 2.650% senior unsecured notes, due May 2022 | 507 | 510 | 2.650% senior unsecured notes, due May 2022 | 505 | 510 | ||||||||||||||||
3.700% senior unsecured notes, due March 2023 | 3.700% senior unsecured notes, due March 2023 | 520 | 527 | 3.700% senior unsecured notes, due March 2023 | 517 | 527 | ||||||||||||||||
1.096% floating-rate senior unsecured notes, due March 2023 (3) | 250 | 249 | ||||||||||||||||||||
1.082% floating-rate senior unsecured notes, due March 2023(3) | 1.082% floating-rate senior unsecured notes, due March 2023(3) | 250 | 249 | |||||||||||||||||||
2.250% senior unsecured notes, due April 2025 | 2.250% senior unsecured notes, due April 2025 | 746 | 746 | 2.250% senior unsecured notes, due April 2025 | 746 | 746 | ||||||||||||||||
3.750% senior unsecured notes, due February 2026 | 3.750% senior unsecured notes, due February 2026 | 536 | 551 | 3.750% senior unsecured notes, due February 2026 | 533 | 551 | ||||||||||||||||
Additional Borrowings by CBNA and Other Subsidiaries: | Additional Borrowings by CBNA and Other Subsidiaries: | Additional Borrowings by CBNA and Other Subsidiaries: | ||||||||||||||||||||
Federal Home Loan Bank advances, 0.909% weighted average rate, due through 2038 | 18 | 19 | ||||||||||||||||||||
Federal Home Loan Bank advances, 0.864% weighted average rate, due through 2041 | Federal Home Loan Bank advances, 0.864% weighted average rate, due through 2041 | 19 | 19 | |||||||||||||||||||
Other | Other | 27 | 35 | Other | 26 | 35 | ||||||||||||||||
Total long-term borrowed funds | Total long-term borrowed funds | $6,957 | $8,346 | Total long-term borrowed funds | $6,947 | $8,346 |
(in millions) | (in millions) | Parent Company | CBNA and Other Subsidiaries | Consolidated | (in millions) | Parent Company | CBNA and Other Subsidiaries | Consolidated | ||||||||||||||
Year | Year | Year | ||||||||||||||||||||
2021 | 2021 | $0 | $4 | $4 | 2021 | $— | $4 | $4 | ||||||||||||||
2022 | 2022 | 168 | 1,771 | 1,939 | 2022 | 168 | 1,765 | 1,933 | ||||||||||||||
2023 | 2023 | 0 | 771 | 771 | 2023 | — | 768 | 768 | ||||||||||||||
2024 | 2024 | 107 | 0 | 107 | 2024 | 107 | — | 107 | ||||||||||||||
2025 | 2025 | 469 | 760 | 1,229 | 2025 | 469 | 760 | 1,229 | ||||||||||||||
2026 and thereafter | 2026 and thereafter | 2,351 | 556 | 2,907 | 2026 and thereafter | 2,353 | 553 | 2,906 | ||||||||||||||
Total | Total | $3,095 | $3,862 | $6,957 | Total | $3,097 | $3,850 | $6,947 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Notional Amount(1) | Derivative Assets | Derivative Liabilities | Notional Amount(1) | Derivative Assets | Derivative Liabilities | (in millions) | Notional Amount(1) | Derivative Assets | Derivative Liabilities | Notional Amount(1) | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | $25,300 | $16 | $7 | $22,300 | $1 | $3 | Interest rate contracts | $23,450 | $18 | $2 | $22,300 | $1 | $3 | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | 144,982 | 1,118 | 190 | 149,021 | 1,565 | 214 | Interest rate contracts | 142,109 | 912 | 167 | 149,021 | 1,565 | 214 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | 20,289 | 273 | 209 | 16,789 | 320 | 291 | Foreign exchange contracts | 16,342 | 249 | 205 | 16,789 | 320 | 291 | ||||||||||||||||||||||||||||||||
Commodities contracts | Commodities contracts | 431 | 424 | 427 | 246 | 62 | 61 | Commodities contracts | 539 | 822 | 822 | 246 | 62 | 61 | ||||||||||||||||||||||||||||||||
TBA contracts | TBA contracts | 10,924 | 5 | 28 | 11,149 | 8 | 65 | TBA contracts | 9,284 | 44 | 9 | 11,149 | 8 | 65 | ||||||||||||||||||||||||||||||||
Other contracts | Other contracts | 6,717 | 89 | 0 | 8,051 | 197 | 0 | Other contracts | 5,604 | 53 | — | 8,051 | 197 | — | ||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | Total derivatives not designated as hedging instruments | 1,909 | 854 | 2,152 | 631 | Total derivatives not designated as hedging instruments | 2,080 | 1,203 | 2,152 | 631 | ||||||||||||||||||||||||||||||||||||
Gross derivative fair values | Gross derivative fair values | 1,925 | 861 | 2,153 | 634 | Gross derivative fair values | 2,098 | 1,205 | 2,153 | 634 | ||||||||||||||||||||||||||||||||||||
Less: Gross amounts offset in the Consolidated Balance Sheets (2) | Less: Gross amounts offset in the Consolidated Balance Sheets (2) | (207) | (207) | (182) | (182) | Less: Gross amounts offset in the Consolidated Balance Sheets(2) | (233) | (233) | (182) | (182) | ||||||||||||||||||||||||||||||||||||
Less: Cash collateral applied (2) | Less: Cash collateral applied (2) | (63) | (510) | (56) | (324) | Less: Cash collateral applied(2) | (96) | (785) | (56) | (324) | ||||||||||||||||||||||||||||||||||||
Total net derivative fair values presented in the Consolidated Balance Sheets | Total net derivative fair values presented in the Consolidated Balance Sheets | $1,655 | $144 | $1,915 | $128 | Total net derivative fair values presented in the Consolidated Balance Sheets | $1,769 | $187 | $1,915 | $128 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | Affected Line Item in the Consolidated Statements of Operations | |||||||||||||||||||||
Interest rate swaps hedging borrowed funds | ($10) | $5 | ($38) | $98 | Interest expense - long-term borrowed funds | |||||||||||||||||||||
Hedged long-term debt attributable to the risk being hedged | 9 | (3) | 37 | (95) | Interest expense - long-term borrowed funds | |||||||||||||||||||||
Interest rate swaps hedging fixed rate loans | 0 | 0 | 0 | 17 | Interest and fees on loans and leases | |||||||||||||||||||||
Hedged fixed rate loans attributable to the risk being hedged | 0 | 0 | 0 | (17) | Interest and fees on loans and leases | |||||||||||||||||||||
Interest rate swaps hedging debt securities available for sale | 4 | (14) | 32 | (121) | Interest income - investment securities | |||||||||||||||||||||
Hedged debt securities available for sale attributable to risk being hedged | (4) | 14 | (32) | 121 | Interest income - investment securities |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | Affected Line Item in the Consolidated Statements of Operations | |||||||||||||||||||||
Interest rate swaps hedging borrowed funds | ($13) | ($16) | ($51) | $82 | Interest expense - long-term borrowed funds | |||||||||||||||||||||
Hedged long-term debt attributable to the risk being hedged | 13 | 17 | 50 | (78) | Interest expense - long-term borrowed funds | |||||||||||||||||||||
Interest rate swaps hedging fixed rate loans | — | — | — | 17 | Interest and fees on loans and leases | |||||||||||||||||||||
Hedged fixed rate loans attributable to the risk being hedged | — | — | — | (17) | Interest and fees on loans and leases | |||||||||||||||||||||
Interest rate swaps hedging debt securities available for sale | 7 | 7 | 39 | (114) | Interest income - investment securities | |||||||||||||||||||||
Hedged debt securities available for sale attributable to risk being hedged | (7) | (7) | (39) | 114 | Interest income - investment securities |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(in millions) | (in millions) | Debt securities available for sale(1) | Long-term borrowed funds | Debt securities available for sale(1) | Long-term borrowed funds | (in millions) | Debt securities available for sale(1) | Long-term borrowed funds | Debt securities available for sale(1) | Long-term borrowed funds | ||||||||||||||||||||||||
Carrying amount of hedged assets | Carrying amount of hedged assets | $8,287 | $0 | $10,869 | $0 | Carrying amount of hedged assets | $7,287 | $— | $10,869 | $— | ||||||||||||||||||||||||
Carrying amount of hedged liabilities | Carrying amount of hedged liabilities | 0 | 2,272 | 0 | 3,307 | Carrying amount of hedged liabilities | — | 2,259 | — | 3,307 | ||||||||||||||||||||||||
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items | Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items | 64 | 76 | 96 | 112 | Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items | 57 | 63 | 96 | 112 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | 2021 | 2020 | (in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Amount of pre-tax net gains (losses) recognized in OCI | Amount of pre-tax net gains (losses) recognized in OCI | $62 | ($11) | $34 | $118 | Amount of pre-tax net gains (losses) recognized in OCI | ($15) | $— | $19 | $118 | ||||||||||||||||||||||||||||||||||||
Amount of pre-tax net gains (losses) reclassified from OCI into interest income | Amount of pre-tax net gains (losses) reclassified from OCI into interest income | 49 | 55 | 95 | 60 | Amount of pre-tax net gains (losses) reclassified from OCI into interest income | 46 | 68 | 141 | 128 | ||||||||||||||||||||||||||||||||||||
Amount of pre-tax net gains (losses) reclassified from OCI into interest expense | Amount of pre-tax net gains (losses) reclassified from OCI into interest expense | (12) | (10) | (24) | (11) | Amount of pre-tax net gains (losses) reclassified from OCI into interest expense | (13) | (11) | (37) | (22) |
Amounts Recognized in Noninterest Income for the | Amounts Recognized in Noninterest Income for the | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Affected Line Item in the Consolidated Statements of Operations | Three Months Ended September 30, | Nine Months Ended September 30, | Affected Line Item in the Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | 2021 | 2020 | (in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Economic hedge type: | Economic hedge type: | Economic hedge type: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Customer interest rate contracts | Customer interest rate contracts | $133 | $180 | ($215) | $1,269 | Foreign exchange and interest rate products | Customer interest rate contracts | ($10) | $7 | ($225) | $1,276 | Foreign exchange and interest rate products | ||||||||||||||||||||||||||||||||||||||||
Derivatives hedging interest rate risk | Derivatives hedging interest rate risk | (129) | (161) | 227 | (1,246) | Foreign exchange and interest rate products | Derivatives hedging interest rate risk | 17 | 1 | 244 | (1,245) | Foreign exchange and interest rate products | ||||||||||||||||||||||||||||||||||||||||
Customer foreign exchange contracts | Customer foreign exchange contracts | 19 | 23 | (97) | (7) | Foreign exchange and interest rate products | Customer foreign exchange contracts | (61) | 80 | (158) | 73 | Foreign exchange and interest rate products | ||||||||||||||||||||||||||||||||||||||||
Derivatives hedging foreign exchange risk | Derivatives hedging foreign exchange risk | (11) | (50) | 139 | 49 | Foreign exchange and interest rate products | Derivatives hedging foreign exchange risk | 95 | (126) | 234 | (77) | Foreign exchange and interest rate products | ||||||||||||||||||||||||||||||||||||||||
Customer commodity contracts | Customer commodity contracts | 319 | 7 | 413 | (56) | Foreign exchange and interest rate products | Customer commodity contracts | 468 | 26 | 881 | (30) | Foreign exchange and interest rate products | ||||||||||||||||||||||||||||||||||||||||
Derivatives hedging commodity price risk | Derivatives hedging commodity price risk | (317) | (7) | (409) | 57 | Foreign exchange and interest rate products | Derivatives hedging commodity price risk | (465) | (25) | (874) | 32 | Foreign exchange and interest rate products | ||||||||||||||||||||||||||||||||||||||||
Residential loan commitments | Residential loan commitments | 67 | 14 | (171) | 154 | Mortgage banking fees | Residential loan commitments | (13) | 36 | (184) | 190 | Mortgage banking fees | ||||||||||||||||||||||||||||||||||||||||
Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value | Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value | (141) | 110 | 134 | (19) | Mortgage banking fees | Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value | 4 | 6 | 138 | (13) | Mortgage banking fees | ||||||||||||||||||||||||||||||||||||||||
Derivative contracts used to hedge residential MSRs | Derivative contracts used to hedge residential MSRs | 53 | 62 | (129) | 333 | Mortgage banking fees | Derivative contracts used to hedge residential MSRs | (20) | 2 | (149) | 335 | Mortgage banking fees | ||||||||||||||||||||||||||||||||||||||||
Total | Total | ($7) | $178 | ($108) | $534 | Total | $15 | $7 | ($93) | $541 |
As of and for the Three Months Ended June 30, | As of and for the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Net Unrealized Gains (Losses) on Derivatives | Net Unrealized Gains (Losses) on Debt Securities | Employee Benefit Plans | Total AOCI | (in millions) | Net Unrealized Gains (Losses) on Derivatives | Net Unrealized Gains (Losses) on Debt Securities | Employee Benefit Plans | Total AOCI | ||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2020 | $96 | $401 | ($412) | $85 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2020 | Balance at July 1, 2020 | $54 | $448 | ($408) | $94 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | (8) | 49 | 0 | 41 | Other comprehensive income (loss) before reclassifications | — | (44) | — | (44) | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified to the Consolidated Statements of Operations | Amounts reclassified to the Consolidated Statements of Operations | (34) | (2) | 4 | (32) | Amounts reclassified to the Consolidated Statements of Operations | (42) | (1) | 3 | (40) | ||||||||||||||||||||||||||||||||||||||||||
Net other comprehensive income (loss) | Net other comprehensive income (loss) | (42) | 47 | 4 | 9 | Net other comprehensive income (loss) | (42) | (45) | 3 | (84) | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $54 | $448 | ($408) | $94 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2021 | ($57) | $71 | ($425) | ($411) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | Balance at September 30, 2020 | $12 | $403 | ($405) | $10 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2021 | Balance at July 1, 2021 | ($38) | $78 | ($421) | ($381) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | 46 | 10 | 0 | 56 | Other comprehensive income (loss) before reclassifications | (11) | (109) | — | (120) | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified to the Consolidated Statements of Operations | Amounts reclassified to the Consolidated Statements of Operations | (27) | (3) | 4 | (26) | Amounts reclassified to the Consolidated Statements of Operations | (25) | (2) | 20 | (7) | ||||||||||||||||||||||||||||||||||||||||||
Net other comprehensive income (loss) | Net other comprehensive income (loss) | 19 | 7 | 4 | 30 | Net other comprehensive income (loss) | (36) | (111) | 20 | (127) | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | ($38) | $78 | ($421) | ($381) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | ($74) | ($33) | ($401) | ($508) | |||||||||||||||||||||||||||||||||||||||||||||||
Primary location of amounts reclassified to the Consolidated Statements of Operations | Primary location of amounts reclassified to the Consolidated Statements of Operations | Net interest income | Securities gains, net | Other operating expense | Primary location of amounts reclassified to the Consolidated Statements of Operations | Net interest income | Securities gains, net | Other operating expense |
As of and for the Six Months Ended June 30, | As of and for the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Net Unrealized Gains (Losses) on Derivatives | Net Unrealized Gains (Losses) on Debt Securities | Employee Benefit Plans | Total AOCI | (in millions) | Net Unrealized Gains (Losses) on Derivatives | Net Unrealized Gains (Losses) on Debt Securities | Employee Benefit Plans | Total AOCI | ||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | Balance at January 1, 2020 | $3 | $1 | ($415) | ($411) | Balance at January 1, 2020 | $3 | $1 | ($415) | ($411) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | 88 | 449 | 0 | 537 | Other comprehensive income (loss) before reclassifications | 88 | 405 | — | 493 | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified to the Consolidated Statements of Operations | Amounts reclassified to the Consolidated Statements of Operations | (37) | (2) | 7 | (32) | Amounts reclassified to the Consolidated Statements of Operations | (79) | (3) | 10 | (72) | ||||||||||||||||||||||||||||||||||||||||||
Net other comprehensive income (loss) | Net other comprehensive income (loss) | 51 | 447 | 7 | 505 | Net other comprehensive income (loss) | 9 | 402 | 10 | 421 | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $54 | $448 | ($408) | $94 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | Balance at September 30, 2020 | $12 | $403 | ($405) | $10 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | Balance at January 1, 2021 | ($11) | $380 | ($429) | ($60) | Balance at January 1, 2021 | ($11) | $380 | ($429) | ($60) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | 25 | (297) | 0 | (272) | Other comprehensive income (loss) before reclassifications | 14 | (406) | — | (392) | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified to the Consolidated Statements of Operations | Amounts reclassified to the Consolidated Statements of Operations | (52) | (5) | 8 | (49) | Amounts reclassified to the Consolidated Statements of Operations | (77) | (7) | 28 | (56) | ||||||||||||||||||||||||||||||||||||||||||
Net other comprehensive income (loss) | Net other comprehensive income (loss) | (27) | (302) | 8 | (321) | Net other comprehensive income (loss) | (63) | (413) | 28 | (448) | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | ($38) | $78 | ($421) | ($381) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | ($74) | ($33) | ($401) | ($508) | |||||||||||||||||||||||||||||||||||||||||||||||
Primary location of amounts reclassified to the Consolidated Statements of Operations | Primary location of amounts reclassified to the Consolidated Statements of Operations | Net interest income | Securities gains, net | Other operating expense | Primary location of amounts reclassified to the Consolidated Statements of Operations | Net interest income | Securities gains, net | Other operating expense |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share and share data) | (in millions, except per share and share data) | Liquidation value per share | Preferred Shares | Carrying Amount | Preferred Shares | Carrying Amount | (in millions, except per share and share data) | Liquidation value per share | Preferred Shares | Carrying Amount | Preferred Shares | Carrying Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Authorized ($25 par value per share) | Authorized ($25 par value per share) | 100,000,000 | 100,000,000 | Authorized ($25 par value per share) | 100,000,000 | 100,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued and outstanding: | Issued and outstanding: | Issued and outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series A | $1,000 | 0 | $0 | 250,000 | $247 | Series A | $1,000 | — | $— | 250,000 | $247 | ||||||||||||||||||||||||||||||||||||||||||||||
Series B | Series B | 1,000 | 300,000 | 296 | 300,000 | 296 | Series B | 1,000 | 300,000 | 296 | 300,000 | 296 | ||||||||||||||||||||||||||||||||||||||||||||||
Series C | Series C | 1,000 | 300,000 | 297 | 300,000 | 297 | Series C | 1,000 | 300,000 | 297 | 300,000 | 297 | ||||||||||||||||||||||||||||||||||||||||||||||
Series D | Series D | 1,000 | (1) | 300,000 | (2) | 293 | 300,000 | 293 | Series D | 1,000 | (1) | 300,000 | (2) | 293 | 300,000 | 293 | ||||||||||||||||||||||||||||||||||||||||||
Series E | Series E | 1,000 | (1) | 450,000 | (3) | 437 | 450,000 | 437 | Series E | 1,000 | (1) | 450,000 | (3) | 437 | 450,000 | 437 | ||||||||||||||||||||||||||||||||||||||||||
Series F | Series F | 1,000 | 400,000 | 395 | 400,000 | 395 | Series F | 1,000 | 400,000 | 395 | 400,000 | 395 | ||||||||||||||||||||||||||||||||||||||||||||||
Series G | Series G | 1,000 | 300,000 | 296 | 0 | 0 | Series G | 1,000 | 300,000 | 296 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 2,050,000 | $2,014 | 2,000,000 | $1,965 | Total | 2,050,000 | $2,014 | 2,000,000 | $1,965 |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | (in millions, except per share data) | Dividends Declared per Share | Dividends Declared | Dividends Paid | Dividends Declared per Share | Dividends Declared | Dividends Paid | (in millions, except per share data) | Dividends Declared per Share | Dividends Declared | Dividends Paid | Dividends Declared per Share | Dividends Declared | Dividends Paid | ||||||||||||||||||||||||||||||||||||||
Common stock | Common stock | $0.39 | $168 | $168 | $0.39 | $168 | $168 | Common stock | $0.39 | $167 | $167 | $0.39 | $168 | $168 | ||||||||||||||||||||||||||||||||||||||
Preferred stock | Preferred stock | Preferred stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series A | $10.50 | $2 | $2 | $13.48 | $3 | $7 | Series A | $— | $— | $3 | $10.90 | $3 | $3 | ||||||||||||||||||||||||||||||||||||||
Series B | Series B | 30.00 | 9 | 0 | 30.00 | 9 | 0 | Series B | — | — | 9 | — | — | 9 | ||||||||||||||||||||||||||||||||||||||
Series C | Series C | 15.94 | 5 | 5 | 15.94 | 5 | 5 | Series C | 15.94 | 5 | 5 | 15.94 | 4 | 5 | ||||||||||||||||||||||||||||||||||||||
Series D | Series D | 15.88 | 4 | 4 | 15.88 | 5 | 5 | Series D | 15.88 | 5 | 4 | 15.88 | 4 | 5 | ||||||||||||||||||||||||||||||||||||||
Series E | Series E | 12.50 | 6 | 6 | 12.50 | 6 | 5 | Series E | 12.50 | 6 | 6 | 12.50 | 6 | 6 | ||||||||||||||||||||||||||||||||||||||
Series F | Series F | 14.13 | 6 | 6 | 0 | 0 | 0 | Series F | 14.13 | 6 | 6 | 19.15 | 8 | — | ||||||||||||||||||||||||||||||||||||||
Series G | Series G | 12.78 | 4 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total preferred stock | Total preferred stock | $32 | $23 | $28 | $22 | Total preferred stock | $26 | $33 | $25 | $28 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | (in millions, except per share data) | Dividends Declared per Share | Dividends Declared | Dividends Paid | Dividends Declared per Share | Dividends Declared | Dividends Paid | (in millions, except per share data) | Dividends Declared per Share | Dividends Declared | Dividends Paid | Dividends Declared per Share | Dividends Declared | Dividends Paid | ||||||||||||||||||||||||||||||||||||||
Common stock | Common stock | $0.78 | $335 | $335 | $0.78 | $336 | $336 | Common stock | $1.17 | $502 | $502 | $1.17 | $504 | $504 | ||||||||||||||||||||||||||||||||||||||
Preferred stock | Preferred stock | Preferred stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series A | $20.99 | $5 | $5 | $40.98 | $10 | $7 | Series A | $20.99 | $5 | $8 | $51.88 | $13 | $10 | ||||||||||||||||||||||||||||||||||||||
Series B | Series B | 30.00 | 9 | 9 | 30.00 | 9 | 9 | Series B | 30.00 | 9 | 18 | 30.00 | 9 | 18 | ||||||||||||||||||||||||||||||||||||||
Series C | Series C | 31.88 | 10 | 10 | 31.88 | 10 | 10 | Series C | 47.81 | 15 | 15 | 47.81 | 14 | 15 | ||||||||||||||||||||||||||||||||||||||
Series D | Series D | 31.75 | 9 | 9 | 31.75 | 10 | 10 | Series D | 47.63 | 14 | 13 | 47.63 | 14 | 15 | ||||||||||||||||||||||||||||||||||||||
Series E | Series E | 25.00 | 11 | 11 | 25.00 | 11 | 9 | Series E | 37.50 | 17 | 17 | 37.50 | 17 | 15 | ||||||||||||||||||||||||||||||||||||||
Series F | Series F | 28.25 | 11 | 11 | 0 | 0 | 0 | Series F | 42.38 | 17 | 17 | 19.15 | 8 | — | ||||||||||||||||||||||||||||||||||||||
Series G | Series G | 12.78 | 4 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total preferred stock | Total preferred stock | $55 | $55 | $50 | $45 | Total preferred stock | $81 | $88 | $75 | $73 |
(in millions) | (in millions) | June 30, 2021 | December 31, 2020 | (in millions) | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $76,761 | $74,160 | Commitments to extend credit | $80,629 | $74,160 | ||||||||||||||||
Letters of credit | Letters of credit | 1,926 | 2,239 | Letters of credit | 1,939 | 2,239 | ||||||||||||||||
Risk participation agreements | Risk participation agreements | 68 | 98 | Risk participation agreements | 57 | 98 | ||||||||||||||||
Loans sold with recourse | Loans sold with recourse | 64 | 54 | Loans sold with recourse | 70 | 54 | ||||||||||||||||
Marketing rights | Marketing rights | 26 | 29 | Marketing rights | 26 | 29 | ||||||||||||||||
Total | Total | $78,845 | $76,580 | Total | $82,721 | $76,580 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Greater (Less) Aggregate Unpaid Principal | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Greater (Less) Aggregate Unpaid Principal | (in millions) | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal | ||||||||||||||||||||||||||||||||
Residential mortgage loans held for sale, at fair value | Residential mortgage loans held for sale, at fair value | $3,499 | $3,388 | $111 | $3,416 | $3,260 | $156 | Residential mortgage loans held for sale, at fair value | $3,104 | $3,029 | $75 | $3,416 | $3,260 | $156 | ||||||||||||||||||||||||||||||||
Commercial and industrial, and commercial real estate loans held for sale, at fair value | Commercial and industrial, and commercial real estate loans held for sale, at fair value | 117 | 119 | (2) | 148 | 153 | (5) | Commercial and industrial, and commercial real estate loans held for sale, at fair value | 73 | 75 | (2) | 148 | 153 | (5) |
(in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||
Debt securities available for sale: | ||||||||||||||
Mortgage-backed securities | $24,392 | $0 | $24,392 | $0 | ||||||||||
Collateralized loan obligations | 177 | 0 | 177 | 0 | ||||||||||
State and political subdivisions | 3 | 0 | 3 | 0 | ||||||||||
U.S. Treasury and other | 11 | 11 | 0 | 0 | ||||||||||
Total debt securities available for sale | 24,583 | 11 | 24,572 | 0 | ||||||||||
Loans held for sale, at fair value: | ||||||||||||||
Residential loans held for sale | 3,499 | 0 | 3,499 | 0 | ||||||||||
Commercial loans held for sale | 117 | 0 | 117 | 0 | ||||||||||
Total loans held for sale, at fair value | 3,616 | 0 | 3,616 | 0 | ||||||||||
Mortgage servicing rights | 902 | 0 | 0 | 902 | ||||||||||
Derivative assets: | ||||||||||||||
Interest rate contracts | 1,134 | 0 | 1,134 | 0 | ||||||||||
Foreign exchange contracts | 273 | 0 | 273 | 0 | ||||||||||
Commodities contracts | 424 | 0 | 424 | 0 | ||||||||||
TBA contracts | 5 | 0 | 5 | 0 | ||||||||||
Other contracts | 89 | 0 | 0 | 89 | ||||||||||
Total derivative assets | 1,925 | 0 | 1,836 | 89 | ||||||||||
Equity securities, at fair value | 80 | 80 | 0 | 0 | ||||||||||
Total assets | $31,106 | $91 | $30,024 | $991 | ||||||||||
Derivative liabilities: | ||||||||||||||
Interest rate contracts | $197 | $0 | $197 | $0 | ||||||||||
Foreign exchange contracts | 209 | 0 | 209 | 0 | ||||||||||
Commodities contracts | 427 | 0 | 427 | 0 | ||||||||||
TBA contracts | 28 | 0 | 28 | 0 | ||||||||||
Total derivative liabilities | 861 | 0 | 861 | 0 | ||||||||||
Total liabilities | $861 | $0 | $861 | $0 |
(in millions) | (in millions) | Total | Level 1 | Level 2 | Level 3 | (in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Debt securities available for sale: | Debt securities available for sale: | Debt securities available for sale: | ||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | $22,928 | $0 | $22,928 | $0 | Mortgage-backed securities | $24,131 | $— | $24,131 | $— | ||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 767 | — | 767 | — | |||||||||||||||||||||||
State and political subdivisions | State and political subdivisions | 3 | 0 | 3 | 0 | State and political subdivisions | 2 | — | 2 | — | ||||||||||||||||||
U.S. Treasury and other | U.S. Treasury and other | 11 | 11 | 0 | 0 | U.S. Treasury and other | 11 | 11 | — | — | ||||||||||||||||||
Total debt securities available for sale | Total debt securities available for sale | 22,942 | 11 | 22,931 | 0 | Total debt securities available for sale | 24,911 | 11 | 24,900 | — | ||||||||||||||||||
Loans held for sale, at fair value: | Loans held for sale, at fair value: | Loans held for sale, at fair value: | ||||||||||||||||||||||||||
Residential loans held for sale | Residential loans held for sale | 3,416 | 0 | 3,416 | 0 | Residential loans held for sale | 3,104 | — | 3,104 | — | ||||||||||||||||||
Commercial loans held for sale | Commercial loans held for sale | 148 | 0 | 148 | 0 | Commercial loans held for sale | 73 | — | 73 | — | ||||||||||||||||||
Total loans held for sale, at fair value | Total loans held for sale, at fair value | 3,564 | 0 | 3,564 | 0 | Total loans held for sale, at fair value | 3,177 | — | 3,177 | — | ||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 658 | 0 | 0 | 658 | Mortgage servicing rights | 978 | — | — | 978 | ||||||||||||||||||
Derivative assets: | Derivative assets: | Derivative assets: | ||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | 1,566 | 0 | 1,566 | 0 | Interest rate contracts | 930 | — | 930 | — | ||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | 320 | 0 | 320 | 0 | Foreign exchange contracts | 249 | — | 249 | — | ||||||||||||||||||
Commodities contracts | Commodities contracts | 62 | 0 | 62 | 0 | Commodities contracts | 822 | — | 822 | — | ||||||||||||||||||
TBA contracts | TBA contracts | 8 | 0 | 8 | 0 | TBA contracts | 44 | — | 44 | — | ||||||||||||||||||
Other contracts | Other contracts | 197 | 0 | 0 | 197 | Other contracts | 53 | — | — | 53 | ||||||||||||||||||
Total derivative assets | Total derivative assets | 2,153 | 0 | 1,956 | 197 | Total derivative assets | 2,098 | — | 2,045 | 53 | ||||||||||||||||||
Equity securities, at fair value | Equity securities, at fair value | 66 | 66 | 0 | 0 | Equity securities, at fair value | 88 | 88 | — | — | ||||||||||||||||||
Total assets | Total assets | $29,383 | $77 | $28,451 | $855 | Total assets | $31,252 | $99 | $30,122 | $1,031 | ||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | Derivative liabilities: | ||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | $217 | $0 | $217 | $0 | Interest rate contracts | $169 | $— | $169 | $— | ||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | 291 | 0 | 291 | 0 | Foreign exchange contracts | 205 | — | 205 | — | ||||||||||||||||||
Commodities contracts | Commodities contracts | 61 | 0 | 61 | 0 | Commodities contracts | 822 | — | 822 | — | ||||||||||||||||||
TBA contracts | TBA contracts | 65 | 0 | 65 | 0 | TBA contracts | 9 | — | 9 | — | ||||||||||||||||||
Total derivative liabilities | Total derivative liabilities | 634 | 0 | 634 | 0 | Total derivative liabilities | 1,205 | — | 1,205 | — | ||||||||||||||||||
Total liabilities | Total liabilities | $634 | $0 | $634 | $0 | Total liabilities | $1,205 | $— | $1,205 | $— |
(in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||
Debt securities available for sale: | ||||||||||||||
Mortgage-backed securities | $22,928 | $— | $22,928 | $— | ||||||||||
State and political subdivisions | 3 | — | 3 | — | ||||||||||
U.S. Treasury and other | 11 | 11 | — | — | ||||||||||
Total debt securities available for sale | 22,942 | 11 | 22,931 | — | ||||||||||
Loans held for sale, at fair value: | ||||||||||||||
Residential loans held for sale | 3,416 | — | 3,416 | — | ||||||||||
Commercial loans held for sale | 148 | — | 148 | — | ||||||||||
Total loans held for sale, at fair value | 3,564 | — | 3,564 | — | ||||||||||
Mortgage servicing rights | 658 | — | — | 658 | ||||||||||
Derivative assets: | ||||||||||||||
Interest rate contracts | 1,566 | — | 1,566 | — | ||||||||||
Foreign exchange contracts | 320 | — | 320 | — | ||||||||||
Commodities contracts | 62 | — | 62 | — | ||||||||||
TBA contracts | 8 | — | 8 | — | ||||||||||
Other contracts | 197 | — | — | 197 | ||||||||||
Total derivative assets | 2,153 | — | 1,956 | 197 | ||||||||||
Equity securities, at fair value | 66 | 66 | — | — | ||||||||||
Total assets | $29,383 | $77 | $28,451 | $855 | ||||||||||
Derivative liabilities: | ||||||||||||||
Interest rate contracts | $217 | $— | $217 | $— | ||||||||||
Foreign exchange contracts | 291 | — | 291 | — | ||||||||||
Commodities contracts | 61 | — | 61 | — | ||||||||||
TBA contracts | 65 | — | 65 | — | ||||||||||
Total derivative liabilities | 634 | — | 634 | — | ||||||||||
Total liabilities | $634 | $— | $634 | $— |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Mortgage Servicing Rights | Other Derivative Contracts | Mortgage Servicing Rights | Other Derivative Contracts | (in millions) | Mortgage Servicing Rights | Other Derivative Contracts | Mortgage Servicing Rights | Other Derivative Contracts | ||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $893 | $38 | $658 | $197 | Beginning balance | $902 | $89 | $658 | $197 | ||||||||||||||||||||||||||||||||||||
Issuances | Issuances | 122 | 81 | 209 | 243 | Issuances | 109 | 81 | 318 | 323 | ||||||||||||||||||||||||||||||||||||
Settlements (2) | Settlements (2) | (47) | (97) | (105) | (180) | Settlements(2) | (54) | (104) | (159) | (283) | ||||||||||||||||||||||||||||||||||||
Changes in fair value during the period recognized in earnings (3) | Changes in fair value during the period recognized in earnings (3) | (66) | 67 | 140 | (171) | Changes in fair value during the period recognized in earnings(3) | 21 | (13) | 161 | (184) | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $902 | $89 | $902 | $89 | Ending balance | $978 | $53 | $978 | $53 |
Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Mortgage Servicing Rights | Other Derivative Contracts | Mortgage Servicing Rights | Other Derivative Contracts | (in millions) | Mortgage Servicing Rights | Asset-Backed Securities | Other Derivative Contracts | Mortgage Servicing Rights | Asset-Backed Securities | Other Derivative Contracts | ||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $577 | $143 | $642 | $19 | Beginning balance | $568 | $— | $173 | $642 | $— | $19 | ||||||||||||||||||||||||||||
Transfers upon election of fair value method (1) | Transfers upon election of fair value method (1) | 0 | 0 | 190 | 0 | Transfers upon election of fair value method(1) | — | — | — | 190 | — | — | ||||||||||||||||||||||||||||
Beginning balance, adjusted | Beginning balance, adjusted | 577 | 143 | 832 | 19 | Beginning balance, adjusted | 568 | — | 173 | 832 | — | 19 | ||||||||||||||||||||||||||||
Purchases | Purchases | — | 813 | — | — | 813 | — | |||||||||||||||||||||||||||||||||
Issuances | Issuances | 86 | 234 | 153 | 405 | Issuances | 85 | — | 283 | 238 | — | 688 | ||||||||||||||||||||||||||||
Settlements (2) | Settlements (2) | (46) | (344) | (86) | (420) | Settlements(2) | (55) | — | (372) | (141) | — | (792) | ||||||||||||||||||||||||||||
Changes in fair value during the period recognized in earnings (3) | Changes in fair value during the period recognized in earnings (3) | (49) | 140 | (331) | 169 | Changes in fair value during the period recognized in earnings(3) | 8 | — | 125 | (323) | — | 294 | ||||||||||||||||||||||||||||
Ending balance | Ending balance | $568 | $173 | $568 | $173 | Ending balance | $606 | $813 | $209 | $606 | $813 | $209 |
As of | ||||||||||||||
Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||||
Mortgage servicing rights | Discounted Cash Flow | Constant prepayment rate | ||||||||||||
Option adjusted spread | ||||||||||||||
Other derivative contracts | Internal Model | Pull through rate | ||||||||||||
MSR value |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | 2021 | 2020 | (in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $0 | ($22) | ($19) | ($44) | Collateral-dependent loans | ($4) | ($21) | ($23) | ($65) |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | (in millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $620 | $0 | $620 | $0 | $758 | $0 | $758 | $0 | Collateral-dependent loans | $585 | $— | $585 | $— | $758 | $— | $758 | $— |
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | (in millions) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities held to maturity | Debt securities held to maturity | $2,711 | $2,790 | $0 | $0 | $1,887 | $1,964 | $824 | $826 | Debt securities held to maturity | $2,492 | $2,567 | $— | $— | $1,705 | $1,778 | $787 | $789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans held for sale | Other loans held for sale | 82 | 82 | 0 | 0 | 0 | 0 | 82 | 82 | Other loans held for sale | 93 | 93 | — | — | — | — | 93 | 93 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases | Loans and leases | 122,581 | 123,022 | 0 | 0 | 620 | 620 | 121,961 | 122,402 | Loans and leases | 123,318 | 123,318 | — | — | 585 | 585 | 122,733 | 122,733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 602 | 602 | 0 | 0 | 594 | 594 | 8 | 8 | Other assets | 616 | 616 | — | — | 593 | 593 | 23 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 150,636 | 150,658 | 0 | 0 | 150,636 | 150,658 | 0 | 0 | Deposits | 152,221 | 152,237 | — | — | 152,221 | 152,237 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowed funds | Short-term borrowed funds | 62 | 62 | 0 | 0 | 62 | 62 | 0 | 0 | Short-term borrowed funds | 8 | 8 | — | — | 8 | 8 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowed funds | Long-term borrowed funds | 6,957 | 7,307 | 0 | 0 | 6,957 | 7,307 | 0 | 0 | Long-term borrowed funds | 6,947 | 7,260 | — | — | 6,947 | 7,260 | — | — |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | (in millions) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities held to maturity | Debt securities held to maturity | $3,235 | $3,357 | $0 | $0 | $2,342 | $2,464 | $893 | $893 | Debt securities held to maturity | $3,235 | $3,357 | $— | $— | $2,342 | $2,464 | $893 | $893 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans held for sale | Other loans held for sale | 439 | 439 | 0 | 0 | 0 | 0 | 439 | 439 | Other loans held for sale | 439 | 439 | — | — | — | — | 439 | 439 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases | Loans and leases | 123,090 | 123,678 | 0 | 0 | 758 | 758 | 122,332 | 122,920 | Loans and leases | 123,090 | 123,678 | — | — | 758 | 758 | 122,332 | 122,920 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 604 | 604 | 0 | 0 | 596 | 596 | 8 | 8 | Other assets | 604 | 604 | — | — | 596 | 596 | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 147,164 | 147,223 | 0 | 0 | 147,164 | 147,223 | 0 | 0 | Deposits | 147,164 | 147,223 | — | — | 147,164 | 147,223 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowed funds | Short-term borrowed funds | 243 | 243 | 0 | 0 | 243 | 243 | 0 | 0 | Short-term borrowed funds | 243 | 243 | — | — | 243 | 243 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowed funds | Long-term borrowed funds | 8,346 | 8,850 | 0 | 0 | 8,346 | 8,850 | 0 | 0 | Long-term borrowed funds | 8,346 | 8,850 | — | — | 8,346 | 8,850 | — | — |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | Consumer Banking | Commercial Banking | Other | Consolidated | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | Consumer Banking | Commercial Banking | Other | Consolidated | ||||||||||||||||||||||||||||||||||||||||
Service charges and fees | Service charges and fees | $74 | $26 | $0 | $100 | $59 | $25 | $0 | $84 | Service charges and fees | $82 | $27 | $— | $109 | $71 | $25 | $— | $96 | ||||||||||||||||||||||||||||||||||||||||
Card fees | Card fees | 56 | 8 | 0 | 64 | 42 | 7 | 0 | 49 | Card fees | 57 | 8 | — | 65 | 49 | 7 | — | 56 | ||||||||||||||||||||||||||||||||||||||||
Capital markets fees | Capital markets fees | 0 | 84 | 0 | 84 | 0 | 48 | 0 | 48 | Capital markets fees | — | 69 | — | 69 | — | 50 | — | 50 | ||||||||||||||||||||||||||||||||||||||||
Trust and investment services fees | Trust and investment services fees | 60 | 0 | 0 | 60 | 45 | 0 | 0 | 45 | Trust and investment services fees | 61 | — | — | 61 | 53 | — | — | 53 | ||||||||||||||||||||||||||||||||||||||||
Other banking fees | Other banking fees | 0 | 2 | 0 | 2 | 0 | 1 | 0 | 1 | Other banking fees | — | 3 | — | 3 | — | 3 | — | 3 | ||||||||||||||||||||||||||||||||||||||||
Total revenue from contracts with customers | Total revenue from contracts with customers | $190 | $120 | $0 | $310 | $146 | $81 | $0 | $227 | Total revenue from contracts with customers | $200 | $107 | $— | $307 | $173 | $85 | $— | $258 | ||||||||||||||||||||||||||||||||||||||||
Total revenue from other sources | Total revenue from other sources | 93 | 58 | 24 | 175 | 282 | 63 | 18 | 363 | Total revenue from other sources | 115 | 61 | 31 | 207 | 322 | 59 | 15 | 396 | ||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $283 | $178 | $24 | $485 | $428 | $144 | $18 | $590 | Total noninterest income | $315 | $168 | $31 | $514 | $495 | $144 | $15 | $654 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | Consumer Banking | Commercial Banking | Other | Consolidated | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | Consumer Banking | Commercial Banking | Other | Consolidated | ||||||||||||||||||||||||||||||||||||||||
Service charges and fees | Service charges and fees | $148 | $51 | $0 | $199 | $151 | $51 | $0 | $202 | Service charges and fees | $230 | $78 | $— | $308 | $222 | $76 | $— | $298 | ||||||||||||||||||||||||||||||||||||||||
Card fees | Card fees | 103 | 15 | 0 | 118 | 87 | 17 | 0 | 104 | Card fees | 160 | 23 | — | 183 | 136 | 24 | — | 160 | ||||||||||||||||||||||||||||||||||||||||
Capital markets fees | Capital markets fees | 0 | 156 | 0 | 156 | 0 | 113 | 0 | 113 | Capital markets fees | — | 225 | — | 225 | — | 163 | — | 163 | ||||||||||||||||||||||||||||||||||||||||
Trust and investment services fees | Trust and investment services fees | 118 | 0 | 0 | 118 | 98 | 0 | 0 | 98 | Trust and investment services fees | 179 | — | — | 179 | 151 | — | — | 151 | ||||||||||||||||||||||||||||||||||||||||
Other banking fees | Other banking fees | 0 | 4 | 0 | 4 | 0 | 4 | 0 | 4 | Other banking fees | — | 7 | — | 7 | — | 7 | — | 7 | ||||||||||||||||||||||||||||||||||||||||
Total revenue from contracts with customers | Total revenue from contracts with customers | $369 | $226 | $0 | $595 | $336 | $185 | $0 | $521 | Total revenue from contracts with customers | $569 | $333 | $— | $902 | $509 | $270 | $— | $779 | ||||||||||||||||||||||||||||||||||||||||
Total revenue from other sources | Total revenue from other sources | 265 | 122 | 45 | 432 | 449 | 84 | 33 | 566 | Total revenue from other sources | 380 | 183 | 76 | 639 | 771 | 143 | 48 | 962 | ||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $634 | $348 | $45 | $1,027 | $785 | $269 | $33 | $1,087 | Total noninterest income | $949 | $516 | $76 | $1,541 | $1,280 | $413 | $48 | $1,741 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | 2021 | 2020 | (in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Marketing | Marketing | $31 | $27 | $50 | $51 | Marketing | $32 | $24 | $82 | $75 | ||||||||||||||||||||||||||||||||||||
Other | Other | 62 | 84 | 134 | 171 | Other | 92 | 71 | 226 | 242 | ||||||||||||||||||||||||||||||||||||
Other operating expense | Other operating expense | $93 | $111 | $184 | $222 | Other operating expense | $124 | $95 | $308 | $317 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in millions, except share and per share data) | (in millions, except share and per share data) | 2021 | 2020 | 2021 | 2020 | (in millions, except share and per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Numerator (basic and diluted): | Numerator (basic and diluted): | Numerator (basic and diluted): | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $648 | $253 | $1,259 | $287 | Net income | $530 | $314 | $1,789 | $601 | ||||||||||||||||||||||||||||||||||||
Less: Preferred stock dividends | Less: Preferred stock dividends | 32 | 28 | 55 | 50 | Less: Preferred stock dividends | 26 | 25 | 81 | 75 | ||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $616 | $225 | $1,204 | $237 | Net income available to common stockholders | $504 | $289 | $1,708 | $526 | ||||||||||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding - basic | Weighted-average common shares outstanding - basic | 425,948,706 | 426,613,053 | 425,951,197 | 427,165,737 | Weighted-average common shares outstanding - basic | 426,086,717 | 426,846,096 | 425,996,867 | 427,058,412 | ||||||||||||||||||||||||||||||||||||
Dilutive common shares: share-based awards | Dilutive common shares: share-based awards | 1,612,866 | 953,867 | 1,717,045 | 1,126,843 | Dilutive common shares: share-based awards | 1,754,247 | 1,146,253 | 1,683,018 | 1,083,946 | ||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding - diluted | Weighted-average common shares outstanding - diluted | 427,561,572 | 427,566,920 | 427,668,242 | 428,292,580 | Weighted-average common shares outstanding - diluted | 427,840,964 | 427,992,349 | 427,679,885 | 428,142,358 | ||||||||||||||||||||||||||||||||||||
Earnings per common share: | Earnings per common share: | Earnings per common share: | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $1.45 | $0.53 | $2.83 | $0.56 | Basic | $1.18 | $0.68 | $4.01 | $1.23 | ||||||||||||||||||||||||||||||||||||
Diluted (1) | Diluted (1) | 1.44 | 0.53 | 2.81 | 0.55 | Diluted(1) | 1.18 | 0.68 | 3.99 | 1.23 |
As of and for the Three Months Ended June 30, 2021 | As of and for the Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $897 | $419 | ($192) | $1,124 | Net interest income | $919 | $428 | ($202) | $1,145 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 283 | 178 | 24 | 485 | Noninterest income | 315 | 168 | 31 | 514 | ||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 1,180 | 597 | (168) | 1,609 | Total revenue | 1,234 | 596 | (171) | 1,659 | ||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 751 | 226 | 14 | 991 | Noninterest expense | 749 | 226 | 36 | 1,011 | ||||||||||||||||||||||||||||||||||||
Profit (loss) before provision for credit losses | Profit (loss) before provision for credit losses | 429 | 371 | (182) | 618 | Profit (loss) before provision for credit losses | 485 | 370 | (207) | 648 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 45 | 34 | (292) | (213) | Provision for credit losses | 35 | 15 | (83) | (33) | ||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | Income (loss) before income tax expense (benefit) | 384 | 337 | 110 | 831 | Income (loss) before income tax expense (benefit) | 450 | 355 | (124) | 681 | ||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 98 | 72 | 13 | 183 | Income tax expense (benefit) | 114 | 81 | (44) | 151 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $286 | $265 | $97 | $648 | Net income (loss) | $336 | $274 | ($80) | $530 | ||||||||||||||||||||||||||||||||||||
Total average assets | Total average assets | $75,600 | $57,527 | $51,329 | $184,456 | Total average assets | $75,070 | $56,702 | $54,336 | $186,108 |
As of and for the Three Months Ended June 30, 2020 | As of and for the Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $814 | $419 | ($73) | $1,160 | Net interest income | $845 | $421 | ($129) | $1,137 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 428 | 144 | 18 | 590 | Noninterest income | 495 | 144 | 15 | 654 | ||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 1,242 | 563 | (55) | 1,750 | Total revenue | 1,340 | 565 | (114) | 1,791 | ||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 735 | 213 | 31 | 979 | Noninterest expense | 742 | 210 | 36 | 988 | ||||||||||||||||||||||||||||||||||||
Profit (loss) before provision for credit losses | Profit (loss) before provision for credit losses | 507 | 350 | (86) | 771 | Profit (loss) before provision for credit losses | 598 | 355 | (150) | 803 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 80 | 70 | 314 | 464 | Provision for credit losses | 55 | 161 | 212 | 428 | ||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | Income (loss) before income tax expense (benefit) | 427 | 280 | (400) | 307 | Income (loss) before income tax expense (benefit) | 543 | 194 | (362) | 375 | ||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 107 | 59 | (112) | 54 | Income tax expense (benefit) | 136 | 41 | (116) | 61 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $320 | $221 | ($288) | $253 | Net income (loss) | $407 | $153 | ($246) | $314 | ||||||||||||||||||||||||||||||||||||
Total average assets | Total average assets | $71,634 | $65,280 | $42,879 | $179,793 | Total average assets | $73,605 | $60,889 | $43,181 | $177,675 |
As of and for the Six Months Ended June 30, 2021 | As of and for the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $1,760 | $840 | ($359) | $2,241 | Net interest income | $2,679 | $1,268 | ($561) | $3,386 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 634 | 348 | 45 | 1,027 | Noninterest income | 949 | 516 | 76 | 1,541 | ||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 2,394 | 1,188 | (314) | 3,268 | Total revenue | 3,628 | 1,784 | (485) | 4,927 | ||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 1,501 | 453 | 55 | 2,009 | Noninterest expense | 2,250 | 679 | 91 | 3,020 | ||||||||||||||||||||||||||||||||||||
Profit (loss) before provision for credit losses | Profit (loss) before provision for credit losses | 893 | 735 | (369) | 1,259 | Profit (loss) before provision for credit losses | 1,378 | 1,105 | (576) | 1,907 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 104 | 135 | (592) | (353) | Provision for credit losses | 139 | 150 | (675) | (386) | ||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | Income (loss) before income tax expense (benefit) | 789 | 600 | 223 | 1,612 | Income (loss) before income tax expense (benefit) | 1,239 | 955 | 99 | 2,293 | ||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 201 | 124 | 28 | 353 | Income tax expense (benefit) | 315 | 205 | (16) | 504 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $588 | $476 | $195 | $1,259 | Net income (loss) | $924 | $750 | $115 | $1,789 | ||||||||||||||||||||||||||||||||||||
Total average assets | Total average assets | $75,443 | $57,632 | $50,443 | $183,518 | Total average assets | $75,317 | $57,318 | $51,756 | $184,391 |
As of and for the Six Months Ended June 30, 2020 | As of and for the Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | (in millions) | Consumer Banking | Commercial Banking | Other | Consolidated | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $1,607 | $784 | ($71) | $2,320 | Net interest income | $2,452 | $1,205 | ($200) | $3,457 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 785 | 269 | 33 | 1,087 | Noninterest income | 1,280 | 413 | 48 | 1,741 | ||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 2,392 | 1,053 | (38) | 3,407 | Total revenue | 3,732 | 1,618 | (152) | 5,198 | ||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 1,473 | 434 | 84 | 1,991 | Noninterest expense | 2,215 | 644 | 120 | 2,979 | ||||||||||||||||||||||||||||||||||||
Profit (loss) before provision for credit losses | Profit (loss) before provision for credit losses | 919 | 619 | (122) | 1,416 | Profit (loss) before provision for credit losses | 1,517 | 974 | (272) | 2,219 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 177 | 113 | 774 | 1,064 | Provision for credit losses | 232 | 274 | 986 | 1,492 | ||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | Income (loss) before income tax expense (benefit) | 742 | 506 | (896) | 352 | Income (loss) before income tax expense (benefit) | 1,285 | 700 | (1,258) | 727 | ||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 186 | 106 | (227) | 65 | Income tax expense (benefit) | 322 | 147 | (343) | 126 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $556 | $400 | ($669) | $287 | Net income (loss) | $963 | $553 | ($915) | $601 | ||||||||||||||||||||||||||||||||||||
Total average assets | Total average assets | $70,024 | $62,142 | $41,319 | $173,485 | Total average assets | $71,227 | $61,722 | $41,943 | $174,892 |
CITIZENS FINANCIAL GROUP, INC. | |||||
(Registrant) | |||||
By: | /s/ C. Jack Read | ||||
Name: C. Jack Read | |||||
Title: Executive Vice President, Chief Accounting Officer and Controller | |||||
(Principal Accounting Officer and Authorized Officer) |