Form | 10-Q | ||||
☒ | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||||
For the quarterly period ended |
☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||||||||||
For the transition period from | to |
Regions Financial Corporation | ||||||||||
(Exact name of registrant as specified in its charter) | ||||||||||
Delaware | 63-0589368 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
1900 Fifth Avenue North | ||||||||
Birmingham | ||||||||
Alabama | 35203 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $.01 par value | RF | New York Stock Exchange | ||||||
Depositary Shares, each representing a 1/40th Interest in a Share of | ||||||||
6.375% Non-Cumulative Perpetual Preferred Stock, Series A | RF PRA | New York Stock Exchange | ||||||
Depositary Shares, each representing a 1/40th Interest in a Share of | ||||||||
6.375% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B | RF PRB | New York Stock Exchange | ||||||
Depositary Shares, each representing a 1/40th Interest in a Share of | ||||||||
5.700% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C | RF PRC | New York Stock Exchange | ||||||
Depositary Shares, each representing a 1/40th Interest in a Share of | ||||||||
4.45% Non-Cumulative Perpetual Preferred Stock, Series E | RF PRE | New York Stock Exchange |
Page | ||||||||||||||
Forward-Looking Statements | ||||||||||||||
Part I. Financial Information | ||||||||||||||
Item 1. | Financial Statements (Unaudited) | |||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Part II. Other Information | ||||||||||||||
Item 1. | ||||||||||||||
Item 1A. | Risk Factors | |||||||||||||
Item 2. | ||||||||||||||
Item 6. | ||||||||||||||
September 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||
(In millions, except share data) | (In millions, except share data) | |||||||||||||||||
Assets | Assets | |||||||||||||||||
Cash and due from banks | $ | 1,972 | $ | 1,598 | Cash and due from banks | $ | 1,918 | $ | 1,558 | |||||||||
Interest-bearing deposits in other banks | 11,501 | 2,516 | Interest-bearing deposits in other banks | 23,002 | 16,398 | |||||||||||||
Debt securities held to maturity (estimated fair value of $1,289 and $1,372, respectively) | 1,190 | 1,332 | ||||||||||||||||
Debt securities available for sale (amortized cost of $25,896 and $22,332, respectively) | 27,007 | 22,606 | ||||||||||||||||
Loans held for sale (includes $1,084 and $439 measured at fair value, respectively) | 1,187 | 637 | ||||||||||||||||
Debt securities held to maturity (estimated fair value of $1,131 and $1,215, respectively) | Debt securities held to maturity (estimated fair value of $1,131 and $1,215, respectively) | 1,059 | 1,122 | |||||||||||||||
Debt securities available for sale (amortized cost of $26,579 and $26,092, respectively) | Debt securities available for sale (amortized cost of $26,579 and $26,092, respectively) | 27,092 | 27,154 | |||||||||||||||
Loans held for sale (includes $1,169 and $1,446 measured at fair value, respectively) | Loans held for sale (includes $1,169 and $1,446 measured at fair value, respectively) | 1,487 | 1,905 | |||||||||||||||
Loans, net of unearned income | 88,359 | 82,963 | Loans, net of unearned income | 84,755 | 85,266 | |||||||||||||
Allowance for loan losses | (2,276 | ) | (869 | ) | Allowance for loan losses | (1,976) | (2,167) | |||||||||||
Net loans | 86,083 | 82,094 | Net loans | 82,779 | 83,099 | |||||||||||||
Other earning assets | 1,267 | 1,518 | Other earning assets | 1,262 | 1,217 | |||||||||||||
Premises and equipment, net | 1,896 | 1,960 | Premises and equipment, net | 1,852 | 1,897 | |||||||||||||
Interest receivable | 347 | 362 | Interest receivable | 336 | 346 | |||||||||||||
Goodwill | 5,187 | 4,845 | Goodwill | 5,181 | 5,190 | |||||||||||||
Residential mortgage servicing rights at fair value | 267 | 345 | Residential mortgage servicing rights at fair value | 401 | 296 | |||||||||||||
Other identifiable intangible assets, net | 129 | 105 | Other identifiable intangible assets, net | 114 | 122 | |||||||||||||
Other assets | 7,147 | 6,322 | Other assets | 6,848 | 7,085 | |||||||||||||
Total assets | $ | 145,180 | $ | 126,240 | Total assets | $ | 153,331 | $ | 147,389 | |||||||||
Liabilities and Equity | Liabilities and Equity | |||||||||||||||||
Deposits: | Deposits: | |||||||||||||||||
Non-interest-bearing | $ | 49,754 | $ | 34,113 | Non-interest-bearing | $ | 55,925 | $ | 51,289 | |||||||||
Interest-bearing | 68,691 | 63,362 | Interest-bearing | 73,677 | 71,190 | |||||||||||||
Total deposits | 118,445 | 97,475 | Total deposits | 129,602 | 122,479 | |||||||||||||
Borrowed funds: | Borrowed funds: | |||||||||||||||||
Short-term borrowings | 0 | 2,050 | ||||||||||||||||
Long-term borrowings | 4,919 | 7,879 | Long-term borrowings | 2,916 | 3,569 | |||||||||||||
Total borrowed funds | 4,919 | 9,929 | Total borrowed funds | 2,916 | 3,569 | |||||||||||||
Other liabilities | 3,912 | 2,541 | Other liabilities | 2,951 | 3,230 | |||||||||||||
Total liabilities | 127,276 | 109,945 | Total liabilities | 135,469 | 129,278 | |||||||||||||
Equity: | Equity: | |||||||||||||||||
Preferred stock, authorized 10 million shares, par value $1.00 per share | Preferred stock, authorized 10 million shares, par value $1.00 per share | |||||||||||||||||
Non-cumulative perpetual, including related surplus, net of issuance costs; issued—1,850,000 and 1,500,000 shares, respectively | 1,656 | 1,310 | ||||||||||||||||
Common stock, authorized 3 billion shares, par value $.01 per share: | ||||||||||||||||||
Issued including treasury stock— 1,001,277,897 and 998,278,188 shares, respectively | 10 | 10 | ||||||||||||||||
Non-cumulative perpetual, including related surplus, net of issuance costs; issued—1,850,000 shares | Non-cumulative perpetual, including related surplus, net of issuance costs; issued—1,850,000 shares | 1,656 | 1,656 | |||||||||||||||
Common stock, authorized 3 billion shares, par value $0.01 per share: | Common stock, authorized 3 billion shares, par value $0.01 per share: | |||||||||||||||||
Issued including treasury stock— 1,001,756,659 and 1,001,507,052 shares, respectively | Issued including treasury stock— 1,001,756,659 and 1,001,507,052 shares, respectively | 10 | 10 | |||||||||||||||
Additional paid-in capital | 12,714 | 12,685 | Additional paid-in capital | 12,740 | 12,731 | |||||||||||||
Retained earnings | 3,330 | 3,751 | Retained earnings | 4,235 | 3,770 | |||||||||||||
Treasury stock, at cost—41,032,676 shares | (1,371 | ) | (1,371 | ) | ||||||||||||||
Treasury stock, at cost— 41,032,676 shares | Treasury stock, at cost— 41,032,676 shares | (1,371) | (1,371) | |||||||||||||||
Accumulated other comprehensive income, net | 1,565 | (90 | ) | Accumulated other comprehensive income, net | 592 | 1,315 | ||||||||||||
Total shareholders’ equity | 17,904 | 16,295 | Total shareholders’ equity | 17,862 | 18,111 | |||||||||||||
Total liabilities and equity | $ | 145,180 | $ | 126,240 | Total liabilities and equity | $ | 153,331 | $ | 147,389 |
Three Months Ended March 31 | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||||
Interest income on: | |||||||||||||||||||||||
Loans, including fees | $ | 854 | $ | 903 | |||||||||||||||||||
Debt securities | 133 | 158 | |||||||||||||||||||||
Loans held for sale | 12 | 5 | |||||||||||||||||||||
Other earning assets | 14 | 13 | |||||||||||||||||||||
Total interest income | 1,013 | 1,079 | |||||||||||||||||||||
Interest expense on: | |||||||||||||||||||||||
Deposits | 19 | 84 | |||||||||||||||||||||
Short-term borrowings | 0 | 8 | |||||||||||||||||||||
Long-term borrowings | 27 | 59 | |||||||||||||||||||||
Total interest expense | 46 | 151 | |||||||||||||||||||||
Net interest income | 967 | 928 | |||||||||||||||||||||
Provision for (benefit from) credit losses | (142) | 373 | |||||||||||||||||||||
Net interest income after provision for (benefit from) credit losses | 1,109 | 555 | |||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||
Service charges on deposit accounts | 157 | 178 | |||||||||||||||||||||
Card and ATM fees | 115 | 105 | |||||||||||||||||||||
Investment management and trust fee income | 66 | 62 | |||||||||||||||||||||
Capital markets income | 100 | 9 | |||||||||||||||||||||
Mortgage income | 90 | 68 | |||||||||||||||||||||
Securities gains (losses), net | 1 | 0 | |||||||||||||||||||||
Other | 112 | 63 | |||||||||||||||||||||
Total non-interest income | 641 | 485 | |||||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||
Salaries and employee benefits | 546 | 467 | |||||||||||||||||||||
Net occupancy expense | 77 | 79 | |||||||||||||||||||||
Equipment and software expense | 90 | 83 | |||||||||||||||||||||
Other | 215 | 207 | |||||||||||||||||||||
Total non-interest expense | 928 | 836 | |||||||||||||||||||||
Income before income taxes | 822 | 204 | |||||||||||||||||||||
Income tax expense | 180 | 42 | |||||||||||||||||||||
Net income | $ | 642 | $ | 162 | |||||||||||||||||||
Net income available to common shareholders | $ | 614 | $ | 139 | |||||||||||||||||||
Weighted-average number of shares outstanding: | |||||||||||||||||||||||
Basic | 961 | 957 | |||||||||||||||||||||
Diluted | 968 | 961 | |||||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.15 | |||||||||||||||||||
Diluted | $ | 0.63 | $ | 0.14 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions, except per share data) | |||||||||||||||
Interest income on: | |||||||||||||||
Loans, including fees | $ | 903 | $ | 970 | $ | 2,704 | $ | 2,943 | |||||||
Debt securities | 140 | 160 | 446 | 488 | |||||||||||
Loans held for sale | 8 | 5 | 19 | 12 | |||||||||||
Other earning assets | 8 | 15 | 32 | 55 | |||||||||||
Total interest income | 1,059 | 1,150 | 3,201 | 3,498 | |||||||||||
Interest expense on: | |||||||||||||||
Deposits | 32 | 116 | 156 | 349 | |||||||||||
Short-term borrowings | 0 | 14 | 10 | 41 | |||||||||||
Long-term borrowings | 39 | 83 | 147 | 281 | |||||||||||
Total interest expense | 71 | 213 | 313 | 671 | |||||||||||
Net interest income | 988 | 937 | 2,888 | 2,827 | |||||||||||
Provision for credit losses (1) | 113 | 108 | 1,368 | 291 | |||||||||||
Net interest income after provision for credit losses (1) | 875 | 829 | 1,520 | 2,536 | |||||||||||
Non-interest income: | |||||||||||||||
Service charges on deposit accounts | 152 | 186 | 461 | 542 | |||||||||||
Card and ATM fees | 115 | 114 | 321 | 343 | |||||||||||
Investment management and trust fee income | 62 | 63 | 186 | 179 | |||||||||||
Capital markets income | 61 | 36 | 165 | 117 | |||||||||||
Mortgage income | 108 | 56 | 258 | 114 | |||||||||||
Securities gains (losses), net | 3 | 0 | 4 | (26 | ) | ||||||||||
Other | 154 | 103 | 318 | 285 | |||||||||||
Total non-interest income | 655 | 558 | 1,713 | 1,554 | |||||||||||
Non-interest expense: | |||||||||||||||
Salaries and employee benefits | 525 | 481 | 1,519 | 1,428 | |||||||||||
Net occupancy expense | 80 | 80 | 235 | 242 | |||||||||||
Furniture and equipment expense | 89 | 83 | 258 | 243 | |||||||||||
Other | 202 | 227 | 644 | 679 | |||||||||||
Total non-interest expense | 896 | 871 | 2,656 | 2,592 | |||||||||||
Income before income taxes | 634 | 516 | 577 | 1,498 | |||||||||||
Income tax expense | 104 | 107 | 99 | 305 | |||||||||||
Net income | $ | 530 | $ | 409 | $ | 478 | $ | 1,193 | |||||||
Net income available to common shareholders | $ | 501 | $ | 385 | $ | 403 | $ | 1,137 | |||||||
Weighted-average number of shares outstanding: | |||||||||||||||
Basic | 960 | 988 | 959 | 1,005 | |||||||||||
Diluted | 962 | 991 | 961 | 1,010 | |||||||||||
Earnings per common share: | |||||||||||||||
Basic | $ | 0.52 | $ | 0.39 | $ | 0.42 | $ | 1.13 | |||||||
Diluted | $ | 0.52 | $ | 0.39 | $ | 0.42 | $ | 1.13 |
Three Months Ended September 30 | Three Months Ended March 31 | |||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||
(In millions) | (In millions) | |||||||||||||||||
Net income | $ | 530 | $ | 409 | Net income | $ | 642 | $ | 162 | |||||||||
Other comprehensive income, net of tax: | Other comprehensive income, net of tax: | |||||||||||||||||
Unrealized losses on securities transferred to held to maturity: | Unrealized losses on securities transferred to held to maturity: | |||||||||||||||||
Unrealized losses on securities transferred to held to maturity during the period (net of zero and zero tax effect, respectively) | 0 | 0 | ||||||||||||||||
Less: reclassification adjustments for amortization of unrealized losses on securities transferred to held to maturity (net of ($2) and ($1) tax effect, respectively) | (2 | ) | (1 | ) | ||||||||||||||
Unrealized losses on securities transferred to held to maturity during the period (net of 0 and 0 tax effect, respectively) | Unrealized losses on securities transferred to held to maturity during the period (net of 0 and 0 tax effect, respectively) | 0 | 0 | |||||||||||||||
Less: reclassification adjustments for amortization of unrealized losses on securities transferred to held to maturity (net of ($1) and 0 tax effect, respectively) | Less: reclassification adjustments for amortization of unrealized losses on securities transferred to held to maturity (net of ($1) and 0 tax effect, respectively) | (2) | (1) | |||||||||||||||
Net change in unrealized losses on securities transferred to held to maturity, net of tax | 2 | 1 | Net change in unrealized losses on securities transferred to held to maturity, net of tax | 2 | 1 | |||||||||||||
Unrealized gains on securities available for sale: | Unrealized gains on securities available for sale: | |||||||||||||||||
Unrealized holding gains (losses) arising during the period (net of zero and $45 tax effect, respectively) | (2 | ) | 133 | |||||||||||||||
Less: reclassification adjustments for securities gains realized in net income (net of $1 and zero tax effect, respectively) | 2 | 0 | ||||||||||||||||
Unrealized holding gains (losses) arising during the period (net of ($138) and $151 tax effect, respectively) | Unrealized holding gains (losses) arising during the period (net of ($138) and $151 tax effect, respectively) | (410) | 446 | |||||||||||||||
Less: reclassification adjustments for securities gains (losses) realized in net income (net of 0 and 0 tax effect, respectively) | Less: reclassification adjustments for securities gains (losses) realized in net income (net of 0 and 0 tax effect, respectively) | 1 | 0 | |||||||||||||||
Net change in unrealized gains on securities available for sale, net of tax | (4 | ) | 133 | Net change in unrealized gains on securities available for sale, net of tax | (411) | 446 | ||||||||||||
Unrealized gains on derivative instruments designated as cash flow hedges: | Unrealized gains on derivative instruments designated as cash flow hedges: | |||||||||||||||||
Unrealized holding gains on derivatives arising during the period (net of zero and $56 tax effect, respectively) | 2 | 167 | ||||||||||||||||
Less: reclassification adjustments for gains (losses) on derivative instruments realized in net income (net of $24 and ($2) tax effect, respectively) | 70 | (5 | ) | |||||||||||||||
Net change in unrealized gains (losses) on derivative instruments, net of tax | (68 | ) | 172 | |||||||||||||||
Unrealized holding gains (losses) on derivatives arising during the period (net of ($83) and $325 tax effect, respectively) | Unrealized holding gains (losses) on derivatives arising during the period (net of ($83) and $325 tax effect, respectively) | (248) | 966 | |||||||||||||||
Less: reclassification adjustments for gains (losses) on derivative instruments realized in net income (net of $26 and $2 tax effect, respectively) | Less: reclassification adjustments for gains (losses) on derivative instruments realized in net income (net of $26 and $2 tax effect, respectively) | 76 | 7 | |||||||||||||||
Net change in unrealized gains on derivative instruments, net of tax | Net change in unrealized gains on derivative instruments, net of tax | (324) | 959 | |||||||||||||||
Defined benefit pension plans and other post employment benefits: | Defined benefit pension plans and other post employment benefits: | |||||||||||||||||
Net actuarial gains (losses) arising during the period (net of zero and zero tax effect, respectively) | 0 | (1 | ) | |||||||||||||||
Less: reclassification adjustments for amortization of actuarial losses and settlements realized in net income (net of ($2) and ($3) tax effect, respectively) | (9 | ) | (11 | ) | ||||||||||||||
Net actuarial gains (losses) arising during the period (net of 0 and 0 tax effect, respectively) | Net actuarial gains (losses) arising during the period (net of 0 and 0 tax effect, respectively) | 0 | 0 | |||||||||||||||
Less: reclassification adjustments for amortization of actuarial loss and settlements realized in net income (net of ($3) and ($3) tax effect, respectively) | Less: reclassification adjustments for amortization of actuarial loss and settlements realized in net income (net of ($3) and ($3) tax effect, respectively) | (10) | (8) | |||||||||||||||
Net change from defined benefit pension plans and other post employment benefits, net of tax | 9 | 10 | Net change from defined benefit pension plans and other post employment benefits, net of tax | 10 | 8 | |||||||||||||
Other comprehensive income, net of tax | (61 | ) | 316 | Other comprehensive income, net of tax | (723) | 1,414 | ||||||||||||
Comprehensive income | $ | 469 | $ | 725 | Comprehensive income | $ | (81) | $ | 1,576 | |||||||||
Nine Months Ended September 30 | ||||||||||||||||||
2020 | 2019 | |||||||||||||||||
(In millions) | ||||||||||||||||||
Net income | $ | 478 | $ | 1,193 | ||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||
Unrealized losses on securities transferred to held to maturity: | ||||||||||||||||||
Unrealized losses on securities transferred to held to maturity during the period (net of zero and zero tax effect, respectively) | 0 | 0 | ||||||||||||||||
Less: reclassification adjustments for amortization of unrealized losses on securities transferred to held to maturity (net of ($2) and ($1) tax effect, respectively) | (4 | ) | (4 | ) | ||||||||||||||
Net change in unrealized losses on securities transferred to held to maturity, net of tax | 4 | 4 | ||||||||||||||||
Unrealized gains on securities available for sale: | ||||||||||||||||||
Unrealized holding gains arising during the period (net of $212 and $209 tax effect, respectively) | 629 | 618 | ||||||||||||||||
Less: reclassification adjustments for securities gains realized in net income (net of $1 and ($6) tax effect, respectively) | 3 | (20 | ) | |||||||||||||||
Net change in unrealized gains on securities available for sale, net of tax | 626 | 638 | ||||||||||||||||
Unrealized gains on derivative instruments designated as cash flow hedges: | ||||||||||||||||||
Unrealized holding gains on derivatives arising during the period (net of $377 and $194 tax effect, respectively) | 1,121 | 576 | ||||||||||||||||
Less: reclassification adjustments for gains (losses) on derivative instruments realized in net income (net of $41 and ($6) tax effect, respectively) | 122 | (17 | ) | |||||||||||||||
Net change in unrealized gains on derivative instruments, net of tax | 999 | 593 | ||||||||||||||||
Defined benefit pension plans and other post employment benefits: | ||||||||||||||||||
Net actuarial gains (losses) arising during the period (net of zero and zero tax effect, respectively) | 0 | (1 | ) | |||||||||||||||
Less: reclassification adjustments for amortization of actuarial losses and settlements realized in net income (net of ($8) and ($8) tax effect, respectively) | (26 | ) | (25 | ) | ||||||||||||||
Net change from defined benefit pension plans and other post employment benefits, net of tax | 26 | 24 | ||||||||||||||||
Other comprehensive income, net of tax | 1,655 | 1,259 | ||||||||||||||||
Comprehensive income | $ | 2,133 | $ | 2,452 |
Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock, At Cost | Accumulated Other Comprehensive Income, Net | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT JANUARY 1, 2020 | 2 | $ | 1,310 | 957 | $ | 10 | $ | 12,685 | $ | 3,751 | $ | (1,371) | $ | (90) | $ | 16,295 | |||||||||||||||||||||||||||||||||||||||||||
Cumulative effect from change in accounting guidance | — | — | — | — | — | (377) | — | — | (377) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 162 | — | — | 162 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | 1,414 | 1,414 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | — | (149) | — | — | (149) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (23) | — | — | (23) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of stock transactions under compensation plans, net | — | — | — | — | 10 | — | — | — | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT MARCH 31, 2020 | 2 | $ | 1,310 | 957 | $ | 10 | $ | 12,695 | $ | 3,364 | $ | (1,371) | $ | 1,324 | $ | 17,332 | |||||||||||||||||||||||||||||||||||||||||||
BALANCE AT JANUARY 1, 2021 | 2 | $ | 1,656 | 960 | $ | 10 | $ | 12,731 | $ | 3,770 | $ | (1,371) | $ | 1,315 | $ | 18,111 | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 642 | — | — | 642 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | (723) | (723) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | — | (149) | — | — | (149) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (28) | — | — | (28) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of common stock transactions under compensation plans, net | — | — | 1 | — | 9 | — | — | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT MARCH 31, 2021 | 2 | $ | 1,656 | 961 | $ | 10 | $ | 12,740 | $ | 4,235 | $ | (1,371) | $ | 592 | $ | 17,862 | |||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock, At Cost | Accumulated Other Comprehensive Income, Net | Total | Non- controlling Interest | ||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||||||||||||||||||
BALANCE AT JANUARY 1, 2019 | 1 | $ | 820 | 1,025 | $ | 11 | $ | 13,766 | $ | 2,828 | $ | (1,371 | ) | $ | (964 | ) | $ | 15,090 | $ | 0 | |||||||||||||||||
Cumulative effect from change in accounting guidance | — | — | — | — | — | 2 | — | — | 2 | — | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | 394 | — | — | 394 | — | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | 366 | 366 | — | |||||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | — | (142 | ) | — | — | (142 | ) | — | |||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (16 | ) | — | — | (16 | ) | — | |||||||||||||||||||||||||
Common stock transactions: | |||||||||||||||||||||||||||||||||||||
Impact of share repurchases | — | — | (12 | ) | — | (190 | ) | — | — | — | (190 | ) | — | ||||||||||||||||||||||||
Impact of stock transactions under compensation plans, net | — | — | — | — | 8 | — | — | — | 8 | — | |||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | 11 | |||||||||||||||||||||||||||
BALANCE AT MARCH 31, 2019 | 1 | $ | 820 | 1,013 | $ | 11 | $ | 13,584 | $ | 3,066 | $ | (1,371 | ) | $ | (598 | ) | $ | 15,512 | $ | 11 | |||||||||||||||||
BALANCE AT APRIL 1, 2019 | 1 | $ | 820 | 1,013 | $ | 11 | $ | 13,584 | $ | 3,066 | $ | (1,371 | ) | $ | (598 | ) | $ | 15,512 | $ | 11 | |||||||||||||||||
Net income | — | — | — | — | — | 390 | — | — | 390 | — | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | 577 | 577 | — | |||||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | — | (141 | ) | — | — | (141 | ) | — | |||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (16 | ) | — | — | (16 | ) | — | |||||||||||||||||||||||||
Net proceeds from issuance of 500 thousand shares of Series C, fixed to floating rate, non-cumulative perpetual preferred stock, including related surplus | 1 | 490 | — | — | — | — | — | — | 490 | — | |||||||||||||||||||||||||||
Common stock transactions: | |||||||||||||||||||||||||||||||||||||
Impact of share repurchases | — | — | (13 | ) | (190 | ) | — | — | — | (190 | ) | — | |||||||||||||||||||||||||
Impact of stock transactions under compensation plans, net and other | — | — | 4 | — | (14 | ) | — | — | — | (14 | ) | — | |||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | (11 | ) | ||||||||||||||||||||||||||
BALANCE AT JUNE 30, 2019 | 2 | $ | 1,310 | 1,004 | $ | 11 | $ | 13,380 | $ | 3,299 | $ | (1,371 | ) | $ | (21 | ) | $ | 16,608 | $ | 0 | |||||||||||||||||
BALANCE AT JULY 1, 2019 | 2 | $ | 1,310 | 1,004 | $ | 11 | $ | 13,380 | $ | 3,299 | $ | (1,371 | ) | $ | (21 | ) | $ | 16,608 | $ | — | |||||||||||||||||
Net income | — | — | — | — | — | 409 | — | — | 409 | — | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | 316 | 316 | — | |||||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | — | (150 | ) | — | — | (150 | ) | — | |||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (24 | ) | — | — | (24 | ) | — | |||||||||||||||||||||||||
Common stock transactions: | — | ||||||||||||||||||||||||||||||||||||
Impact of share repurchases | — | — | (40 | ) | (1 | ) | (588 | ) | — | — | — | (589 | ) | — | |||||||||||||||||||||||
Impact of stock transactions under compensation plans, net and other | — | — | — | — | 11 | — | — | — | 11 | — | |||||||||||||||||||||||||||
BALANCE AT SEPTEMBER 30, 2019 | 2 | $ | 1,310 | 964 | $ | 10 | $ | 12,803 | $ | 3,534 | $ | (1,371 | ) | $ | 295 | $ | 16,581 | $ | — | ||||||||||||||||||
BALANCE AT JANUARY 1, 2020 | 2 | $ | 1,310 | 957 | $ | 10 | $ | 12,685 | $ | 3,751 | $ | (1,371 | ) | $ | (90 | ) | $ | 16,295 | $ | 0 | |||||||||||||||||
Cumulative effect from change in accounting guidance | — | — | — | — | — | (377 | ) | — | — | (377 | ) | — | |||||||||||||||||||||||||
Net income | — | — | — | — | — | 162 | — | — | 162 | — | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | 1,414 | 1,414 | — | |||||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | — | (149 | ) | — | — | (149 | ) | — | |||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (23 | ) | — | — | (23 | ) | — | |||||||||||||||||||||||||
Impact of common stock transactions under compensation plans, net | — | — | — | — | 10 | — | — | — | 10 | — | |||||||||||||||||||||||||||
BALANCE AT MARCH 31, 2020 | 2 | $ | 1,310 | 957 | $ | 10 | $ | 12,695 | $ | 3,364 | $ | (1,371 | ) | $ | 1,324 | $ | 17,332 | $ | 0 | ||||||||||||||||||
BALANCE AT APRIL 1, 2020 | 2 | $ | 1,310 | 957 | $ | 10 | $ | 12,695 | $ | 3,364 | $ | (1,371 | ) | $ | 1,324 | $ | 17,332 | $ | 0 | ||||||||||||||||||
Net income (loss) | — | — | — | — | — | (214 | ) | — | — | (214 | ) | — | |||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | 302 | 302 | — | |||||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | — | (149 | ) | — | — | (149 | ) | — | |||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (23 | ) | — | — | (23 | ) | — | |||||||||||||||||||||||||
Net proceeds from issuance of 350 thousand shares of Series D preferred stock, including related surplus | — | 346 | — | — | — | — | — | — | 346 | — | |||||||||||||||||||||||||||
Impact of common stock transactions under compensation plans, net | — | — | 3 | — | 8 | — | — | — | 8 | — | |||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | 26 | |||||||||||||||||||||||||||
BALANCE AT JUNE 30, 2020 | 2 | $ | 1,656 | 960 | $ | 10 | $ | 12,703 | $ | 2,978 | $ | (1,371 | ) | $ | 1,626 | $ | 17,602 | $ | 26 | ||||||||||||||||||
BALANCE AT JULY 1, 2020 | 2 | $ | 1,656 | 960 | $ | 10 | $ | 12,703 | $ | 2,978 | $ | (1,371 | ) | $ | 1,626 | $ | 17,602 | $ | 26 | ||||||||||||||||||
Net income | — | — | — | — | — | 530 | — | — | 530 | — | |||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | — | (61 | ) | (61 | ) | — | |||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | — | (149 | ) | — | — | (149 | ) | — | |||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (29 | ) | — | — | (29 | ) | — | |||||||||||||||||||||||||
Impact of stock transactions under compensation plans, net | — | — | 0 | — | 11 | — | — | — | 11 | — | |||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | (26 | ) | ||||||||||||||||||||||||||
BALANCE AT SEPTEMBER 30, 2020 | 2 | $ | 1,656 | 960 | $ | 10 | $ | 12,714 | $ | 3,330 | $ | (1,371 | ) | $ | 1,565 | $ | 17,904 | $ | 0 |
Three Months Ended March 31 | |||||||||||
2021 | 2020 | ||||||||||
(In millions) | |||||||||||
Operating activities: | |||||||||||
Net income | $ | 642 | $ | 162 | |||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Provision for (benefit from) credit losses | (142) | 373 | |||||||||
Depreciation, amortization and accretion, net | 101 | 100 | |||||||||
Securities losses, net | (1) | 0 | |||||||||
Deferred income tax expense (benefit) | 92 | (69) | |||||||||
Originations and purchases of loans held for sale | (1,716) | (1,034) | |||||||||
Proceeds from sales of loans held for sale | 2,131 | 1,140 | |||||||||
(Gain) loss on sale of loans, net | (74) | (33) | |||||||||
Net change in operating assets and liabilities: | |||||||||||
Other earning assets | (51) | (212) | |||||||||
Interest receivable and other assets | (96) | 41 | |||||||||
Other liabilities | (273) | 221 | |||||||||
Other | 106 | 98 | |||||||||
Net cash from operating activities | 719 | 787 | |||||||||
Investing activities: | |||||||||||
Proceeds from maturities of debt securities held to maturity | 63 | 36 | |||||||||
Proceeds from sales of debt securities available for sale | 27 | 31 | |||||||||
Proceeds from maturities of debt securities available for sale | 1,439 | 844 | |||||||||
Purchases of debt securities available for sale | (2,005) | (1,308) | |||||||||
Net proceeds from (payments for) bank-owned life insurance | 0 | (1) | |||||||||
Proceeds from sales of loans | 120 | 85 | |||||||||
Purchases of loans | (269) | (472) | |||||||||
Purchases of mortgage servicing rights | (11) | (4) | |||||||||
Net change in loans | 596 | (4,448) | |||||||||
Net purchases of other assets | (27) | (43) | |||||||||
Net cash from investing activities | (67) | (5,280) | |||||||||
Financing activities: | |||||||||||
Net change in deposits | 7,123 | 2,555 | |||||||||
Net change in short-term borrowings | 0 | 1,100 | |||||||||
Proceeds from long-term borrowings | 0 | 3,950 | |||||||||
Payments on long-term borrowings | (632) | (1,799) | |||||||||
Cash dividends on common stock | (149) | (149) | |||||||||
Cash dividends on preferred stock | (28) | (23) | |||||||||
Taxes paid related to net share settlement of equity awards | (2) | 0 | |||||||||
Net cash from financing activities | 6,312 | 5,634 | |||||||||
Net change in cash and cash equivalents | 6,964 | 1,141 | |||||||||
Cash and cash equivalents at beginning of year | 17,956 | 4,114 | |||||||||
Cash and cash equivalents at end of period | $ | 24,920 | $ | 5,255 |
Nine Months Ended September 30 | |||||||
2020 | 2019 | ||||||
(In millions) | |||||||
Operating activities: | |||||||
Net income | $ | 478 | $ | 1,193 | |||
Adjustments to reconcile net income to net cash from operating activities: | |||||||
Provision for credit losses (1) | 1,368 | 291 | |||||
Depreciation, amortization and accretion, net | 360 | 321 | |||||
Securities (gains) losses, net | (4 | ) | 26 | ||||
Deferred income tax expense | (234 | ) | 7 | ||||
Originations and purchases of loans held for sale | (4,684 | ) | (2,594 | ) | |||
Proceeds from sales of loans held for sale | 4,328 | 2,428 | |||||
(Gain) loss on sale of loans, net | (181 | ) | (92 | ) | |||
(Gain) loss on early extinguishment of debt | 8 | 0 | |||||
Net change in operating assets and liabilities: | |||||||
Other earning assets | 269 | (74 | ) | ||||
Interest receivable and other assets | 0 | (129 | ) | ||||
Other liabilities | 513 | 551 | |||||
Other | 104 | 156 | |||||
Net cash from operating activities | 2,325 | 2,084 | |||||
Investing activities: | |||||||
Proceeds from maturities of debt securities held to maturity | 141 | 105 | |||||
Proceeds from sales of debt securities available for sale | 175 | 4,762 | |||||
Proceeds from maturities of debt securities available for sale | 3,360 | 2,619 | |||||
Purchases of debt securities available for sale | (6,396 | ) | (7,165 | ) | |||
Net proceeds from (payments for) bank-owned life insurance | (3 | ) | (4 | ) | |||
Proceeds from sales of loans | 193 | 405 | |||||
Purchases of loans | (1,266 | ) | (877 | ) | |||
Purchases of mortgage servicing rights | (35 | ) | (19 | ) | |||
Net change in loans | (2,522 | ) | 523 | ||||
Net purchases of other assets | (96 | ) | (127 | ) | |||
Payment for acquisition of a business, net of cash received | (381 | ) | 0 | ||||
Net cash from investing activities | (6,830 | ) | 222 | ||||
Financing activities: | |||||||
Net change in deposits | 20,970 | (186 | ) | ||||
Net change in short-term borrowings | (2,050 | ) | 3,801 | ||||
Proceeds from long-term borrowings | 4,698 | 21,274 | |||||
Payments on long-term borrowings | (9,569 | ) | (24,675 | ) | |||
Net proceeds from issuance of preferred stock | 346 | 490 | |||||
Cash dividends on common stock | (446 | ) | (426 | ) | |||
Cash dividends on preferred stock | (75 | ) | (56 | ) | |||
Repurchases of common stock | 0 | (969 | ) | ||||
Taxes paid related to net share settlement of equity awards | (7 | ) | (29 | ) | |||
Other | (3 | ) | (1 | ) | |||
Net cash from financing activities | 13,864 | (777 | ) | ||||
Net change in cash and cash equivalents | 9,359 | 1,529 | |||||
Cash and cash equivalents at beginning of year | 4,114 | 3,538 | |||||
Cash and cash equivalents at end of period | $ | 13,473 | $ | 5,067 |
September 30, 2020 | |||||||||||||||||||||||||||
Recognized in OCI (1) | Not Recognized in OCI | ||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
Debt securities held to maturity: | |||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||
Residential agency | $ | 609 | $ | 0 | $ | (21 | ) | $ | 588 | $ | 39 | $ | 0 | $ | 627 | ||||||||||||
Commercial agency | 604 | 0 | (2 | ) | 602 | 60 | 0 | 662 | |||||||||||||||||||
$ | 1,213 | $ | 0 | $ | (23 | ) | $ | 1,190 | $ | 99 | $ | 0 | $ | 1,289 | |||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||||||
U.S. Treasury securities | $ | 177 | $ | 6 | $ | 0 | $ | 183 | $ | 183 | |||||||||||||||||
Federal agency securities | 103 | 3 | 0 | 106 | 106 | ||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||
Residential agency | 18,465 | 659 | (4 | ) | 19,120 | 19,120 | |||||||||||||||||||||
Residential non-agency | 1 | 0 | 0 | 1 | 1 | ||||||||||||||||||||||
Commercial agency | 5,370 | 355 | (2 | ) | 5,723 | 5,723 | |||||||||||||||||||||
Commercial non-agency | 587 | 15 | 0 | 602 | 602 | ||||||||||||||||||||||
Corporate and other debt securities | 1,193 | 80 | (1 | ) | 1,272 | 1,272 | |||||||||||||||||||||
$ | 25,896 | $ | 1,118 | $ | (7 | ) | $ | 27,007 | $ | 27,007 |
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Recognized in OCI (1) | Not Recognized in OCI | ||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Debt securities held to maturity: | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||
Residential agency | $ | 501 | $ | 0 | $ | (17) | $ | 484 | $ | 29 | $ | 0 | $ | 513 | |||||||||||||||||||||||||||
Commercial agency | 576 | 0 | (1) | 575 | 43 | 0 | 618 | ||||||||||||||||||||||||||||||||||
$ | 1,077 | $ | 0 | $ | (18) | $ | 1,059 | $ | 72 | $ | 0 | $ | 1,131 | ||||||||||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 229 | $ | 4 | $ | (1) | $ | 232 | $ | 232 | |||||||||||||||||||||||||||||||
Federal agency securities | 100 | 1 | (3) | 98 | 98 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||
Residential agency | 18,563 | 458 | (175) | 18,846 | 18,846 | ||||||||||||||||||||||||||||||||||||
Residential non-agency | 1 | 0 | 0 | 1 | 1 | ||||||||||||||||||||||||||||||||||||
Commercial agency | 6,038 | 219 | (58) | 6,199 | 6,199 | ||||||||||||||||||||||||||||||||||||
Commercial non-agency | 558 | 12 | 0 | 570 | 570 | ||||||||||||||||||||||||||||||||||||
Corporate and other debt securities | 1,090 | 56 | 0 | 1,146 | 1,146 | ||||||||||||||||||||||||||||||||||||
$ | 26,579 | $ | 750 | $ | (237) | $ | 27,092 | $ | 27,092 |
December 31, 2019 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognized in OCI (1) | Not Recognized in OCI | Recognized in OCI (1) | Not Recognized in OCI | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities held to maturity: | Debt securities held to maturity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential agency | $ | 736 | $ | 0 | $ | (26 | ) | $ | 710 | $ | 22 | $ | 0 | $ | 732 | Residential agency | $ | 554 | $ | 0 | $ | (19) | $ | 535 | $ | 34 | $ | 0 | $ | 569 | ||||||||||||||||||||||||||||||||||||||
Commercial agency | 625 | 0 | (3 | ) | 622 | 20 | (2 | ) | 640 | Commercial agency | 589 | 0 | (2) | 587 | 59 | 0 | 646 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,361 | $ | 0 | $ | (29 | ) | $ | 1,332 | $ | 42 | $ | (2 | ) | $ | 1,372 | $ | 1,143 | $ | 0 | $ | (21) | $ | 1,122 | $ | 93 | $ | 0 | $ | 1,215 | |||||||||||||||||||||||||||||||||||||||
Debt securities available for sale: | Debt securities available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 180 | $ | 2 | $ | 0 | $ | 182 | $ | 182 | U.S. Treasury securities | $ | 178 | $ | 5 | $ | 0 | $ | 183 | $ | 183 | |||||||||||||||||||||||||||||||||||||||||||||||
Federal agency securities | 42 | 1 | 0 | 43 | 43 | Federal agency securities | 102 | 3 | 0 | 105 | 105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential agency | 15,336 | 218 | (38 | ) | 15,516 | 15,516 | Residential agency | 18,455 | 625 | (4) | 19,076 | 19,076 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential non-agency | 1 | 0 | 0 | 1 | 1 | Residential non-agency | 1 | 0 | 0 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial agency | 4,720 | 77 | (31 | ) | 4,766 | 4,766 | Commercial agency | 5,659 | 346 | (6) | 5,999 | 5,999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial non-agency | 639 | 8 | 0 | 647 | 647 | Commercial non-agency | 571 | 15 | 0 | 586 | 586 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate and other debt securities | 1,414 | 38 | (1 | ) | 1,451 | 1,451 | Corporate and other debt securities | 1,126 | 78 | 0 | 1,204 | 1,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 22,332 | $ | 344 | $ | (70 | ) | $ | 22,606 | $ | 22,606 | $ | 26,092 | $ | 1,072 | $ | (10) | $ | 27,154 | $ | 27,154 |
Amortized Cost | Estimated Fair Value | ||||||
(In millions) | |||||||
Debt securities held to maturity: | |||||||
Mortgage-backed securities: | |||||||
Residential agency | $ | 609 | $ | 627 | |||
Commercial agency | 604 | 662 | |||||
$ | 1,213 | $ | 1,289 | ||||
Debt securities available for sale: | |||||||
Due in one year or less | $ | 132 | $ | 133 | |||
Due after one year through five years | 957 | 1,005 | |||||
Due after five years through ten years | 278 | 310 | |||||
Due after ten years | 106 | 113 | |||||
Mortgage-backed securities: | |||||||
Residential agency | 18,465 | 19,120 | |||||
Residential non-agency | 1 | 1 | |||||
Commercial agency | 5,370 | 5,723 | |||||
Commercial non-agency | 587 | 602 | |||||
$ | 25,896 | $ | 27,007 |
Amortized Cost | Estimated Fair Value | ||||||||||
(In millions) | |||||||||||
Debt securities held to maturity: | |||||||||||
Mortgage-backed securities: | |||||||||||
Residential agency | $ | 501 | $ | 513 | |||||||
Commercial agency | 576 | 618 | |||||||||
$ | 1,077 | $ | 1,131 | ||||||||
Debt securities available for sale: | |||||||||||
Due in one year or less | $ | 268 | $ | 271 | |||||||
Due after one year through five years | 756 | 793 | |||||||||
Due after five years through ten years | 285 | 303 | |||||||||
Due after ten years | 110 | 109 | |||||||||
Mortgage-backed securities: | |||||||||||
Residential agency | 18,563 | 18,846 | |||||||||
Residential non-agency | 1 | 1 | |||||||||
Commercial agency | 6,038 | 6,199 | |||||||||
Commercial non-agency | 558 | 570 | |||||||||
$ | 26,579 | $ | 27,092 |
March 31, 2021 | |||||||||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | |||||||||||||||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 62 | $ | (1) | $ | 2 | $ | 0 | $ | 64 | $ | (1) | |||||||||||||||||||||||
Federal agency securities | 62 | (3) | 0 | 0 | 62 | (3) | |||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential agency | $ | 7,100 | $ | (175) | $ | 21 | $ | 0 | $ | 7,121 | $ | (175) | |||||||||||||||||||||||
Commercial agency | 1,644 | (58) | 19 | 0 | 1,663 | (58) | |||||||||||||||||||||||||||||
$ | 8,868 | $ | (237) | $ | 42 | $ | 0 | $ | 8,910 | $ | (237) |
September 30, 2020 | |||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | |||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Residential agency | $ | 462 | $ | (4 | ) | $ | 115 | $ | 0 | $ | 577 | $ | (4 | ) | |||||||||
Commercial agency | 537 | (2 | ) | 0 | 0 | 537 | (2 | ) | |||||||||||||||
Corporate and other debt securities | 16 | (1 | ) | 0 | 0 | 16 | (1 | ) | |||||||||||||||
$ | 1,015 | $ | (7 | ) | $ | 115 | $ | 0 | $ | 1,130 | $ | (7 | ) |
December 31, 2019 | |||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | |||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Debt securities held to maturity: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Residential agency | $ | 82 | $ | 0 | $ | 501 | $ | (5 | ) | $ | 583 | $ | (5 | ) | |||||||||
Commercial agency | 0 | 0 | 127 | (5 | ) | 127 | (5 | ) | |||||||||||||||
$ | 82 | $ | 0 | $ | 628 | $ | (10 | ) | $ | 710 | $ | (10 | ) | ||||||||||
Debt securities available for sale: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Residential agency | $ | 2,402 | $ | (11 | ) | $ | 2,505 | $ | (27 | ) | $ | 4,907 | $ | (38 | ) | ||||||||
Commercial agency | 1,449 | (31 | ) | 73 | 0 | 1,522 | (31 | ) | |||||||||||||||
Corporate and other debt securities | 19 | 0 | 32 | (1 | ) | 51 | (1 | ) | |||||||||||||||
$ | 3,870 | $ | (42 | ) | $ | 2,610 | $ | (28 | ) | $ | 6,480 | $ | (70 | ) |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | |||||||||||||||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential agency | $ | 914 | $ | (4) | $ | 101 | $ | 0 | $ | 1,015 | $ | (4) | |||||||||||||||||||||||
Commercial agency | 819 | (6) | 0 | 0 | 819 | (6) | |||||||||||||||||||||||||||||
$ | 1,733 | $ | (10) | $ | 101 | $ | 0 | $ | 1,834 | $ | (10) |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions) | |||||||||||||||
Gross realized gains | $ | 3 | $ | 6 | $ | 5 | $ | 14 | |||||||
Gross realized losses | 0 | (6 | ) | (1 | ) | (39 | ) | ||||||||
Impairment | 0 | 0 | 0 | (1 | ) | ||||||||||
Securities gains (losses), net | $ | 3 | $ | 0 | $ | 4 | $ | (26 | ) |
September 30, 2020 | December 31, 2019 | ||||||
(In millions, net of unearned income) | |||||||
Commercial and industrial | $ | 45,199 | $ | 39,971 | |||
Commercial real estate mortgage—owner-occupied | 5,451 | 5,537 | |||||
Commercial real estate construction—owner-occupied | 305 | 331 | |||||
Total commercial | 50,955 | 45,839 | |||||
Commercial investor real estate mortgage | 5,598 | 4,936 | |||||
Commercial investor real estate construction | 1,984 | 1,621 | |||||
Total investor real estate | 7,582 | 6,557 | |||||
Residential first mortgage | 16,195 | 14,485 | |||||
Home equity lines | 4,753 | 5,300 | |||||
Home equity loans | 2,839 | 3,084 | |||||
Indirect—vehicles | 1,120 | 1,812 | |||||
Indirect—other consumer | 2,663 | 3,249 | |||||
Consumer credit card | 1,189 | 1,387 | |||||
Other consumer | 1,063 | 1,250 | |||||
Total consumer | 29,822 | 30,567 | |||||
$ | 88,359 | $ | 82,963 |
March 31, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Commercial and industrial | $ | 43,241 | $ | 42,870 | |||||||
Commercial real estate mortgage—owner-occupied | 5,335 | 5,405 | |||||||||
Commercial real estate construction—owner-occupied | 293 | 300 | |||||||||
Total commercial | 48,869 | 48,575 | |||||||||
Commercial investor real estate mortgage | 5,405 | 5,394 | |||||||||
Commercial investor real estate construction | 1,817 | 1,869 | |||||||||
Total investor real estate | 7,222 | 7,263 | |||||||||
Residential first mortgage | 16,643 | 16,575 | |||||||||
Home equity lines | 4,286 | 4,539 | |||||||||
Home equity loans | 2,631 | 2,713 | |||||||||
Indirect—vehicles | 768 | 934 | |||||||||
Indirect—other consumer | 2,262 | 2,431 | |||||||||
Consumer credit card | 1,111 | 1,213 | |||||||||
Other consumer | 963 | 1,023 | |||||||||
Total consumer | 28,664 | 29,428 | |||||||||
Total loans, net of unearned income | $ | 84,755 | $ | 85,266 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Commercial | Investor Real Estate | Consumer | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Allowance for loan losses, January 1, 2021 | $ | 1,196 | $ | 183 | $ | 788 | $ | 2,167 | |||||||||||||||
Provision for (benefit from) loan losses | (83) | (18) | (7) | (108) | |||||||||||||||||||
Loan losses: | |||||||||||||||||||||||
Charge-offs | (47) | (15) | (52) | (114) | |||||||||||||||||||
Recoveries | 16 | 0 | 15 | 31 | |||||||||||||||||||
Net loan (losses) recoveries | (31) | (15) | (37) | (83) | |||||||||||||||||||
Allowance for loan losses, March 31, 2021 | 1,082 | 150 | 744 | 1,976 | |||||||||||||||||||
Reserve for unfunded credit commitments, January 1, 2021 | 97 | 14 | 15 | 126 | |||||||||||||||||||
Provision for (benefit from) unfunded credit losses | (30) | (3) | (1) | (34) | |||||||||||||||||||
Reserve for unfunded credit commitments, March 31, 2021 | 67 | 11 | 14 | 92 | |||||||||||||||||||
Allowance for credit losses, March 31, 2021 | $ | 1,149 | $ | 161 | $ | 758 | $ | 2,068 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
Commercial | Investor Real Estate | Consumer | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Allowance for loan losses, December 31, 2019 | $ | 537 | $ | 45 | $ | 287 | $ | 869 | |||||||||||||||
Cumulative change in accounting guidance | (3) | 7 | 434 | 438 | |||||||||||||||||||
Allowance for loan losses, January 1, 2020 (adjusted for change in accounting guidance) | 534 | 52 | 721 | 1,307 | |||||||||||||||||||
Provision for loan losses | 251 | 10 | 115 | 376 | |||||||||||||||||||
Loan losses: | |||||||||||||||||||||||
Charge-offs | (71) | 0 | (73) | (144) | |||||||||||||||||||
Recoveries | 7 | 1 | 13 | 21 | |||||||||||||||||||
Net loan (losses) recoveries | (64) | 1 | (60) | (123) | |||||||||||||||||||
Allowance for loan losses, March 30, 2020 | 721 | 63 | 776 | 1,560 | |||||||||||||||||||
Reserve for unfunded credit commitments, December 31, 2019 | 41 | 4 | 0 | 45 | |||||||||||||||||||
Cumulative change in accounting guidance | 36 | 13 | 14 | 63 | |||||||||||||||||||
Reserve for unfunded credit commitments, January 1, 2020 (adjusted for change in accounting guidance) | 77 | 17 | 14 | 108 | |||||||||||||||||||
Provision for (benefit from) unfunded credit losses | (4) | 1 | 0 | (3) | |||||||||||||||||||
Reserve for unfunded credit commitments, March 30, 2020 | 73 | 18 | 14 | 105 | |||||||||||||||||||
Allowance for credit losses, March 31, 2020 | $ | 794 | $ | 81 | $ | 790 | $ | 1,665 |
Three Months Ended September 30, 2020 | |||||||||||||||
Commercial | Investor Real Estate | Consumer | Total | ||||||||||||
(In millions) | |||||||||||||||
Allowance for loan losses, July 1, 2020 | $ | 1,271 | $ | 160 | $ | 845 | $ | 2,276 | |||||||
Provision for loan losses | 59 | 30 | 24 | 113 | |||||||||||
Loan losses: | |||||||||||||||
Charge-offs | (86 | ) | 0 | (53 | ) | (139 | ) | ||||||||
Recoveries | 11 | 0 | 15 | 26 | |||||||||||
Net loan (losses) recoveries | (75 | ) | 0 | (38 | ) | (113 | ) | ||||||||
Allowance for loan losses, September 30, 2020 | 1,255 | 190 | 831 | 2,276 | |||||||||||
Reserve for unfunded credit commitments, July 1, 2020 | 107 | 27 | 15 | 149 | |||||||||||
Provision for unfunded credit losses | 26 | (22 | ) | (4 | ) | 0 | |||||||||
Reserve for unfunded credit commitments, September 30, 2020 | 133 | 5 | 11 | 149 | |||||||||||
Allowance for credit losses, September 30, 2020 | $ | 1,388 | $ | 195 | $ | 842 | $ | 2,425 |
Three Months Ended September 30, 2019 | |||||||||||||||
Commercial | Investor Real Estate | Consumer | Total | ||||||||||||
(In millions) | |||||||||||||||
Allowance for loan losses, July 1, 2019 | $ | 525 | $ | 54 | $ | 274 | $ | 853 | |||||||
Provision (credit) for loan losses | 57 | (6 | ) | 57 | 108 | ||||||||||
Loan losses: | |||||||||||||||
Charge-offs | (39 | ) | 0 | (75 | ) | (114 | ) | ||||||||
Recoveries | 9 | 0 | 13 | 22 | |||||||||||
Net loan (losses) recoveries | (30 | ) | 0 | (62 | ) | (92 | ) | ||||||||
Allowance for loan losses, September 30, 2019 | 552 | 48 | 269 | 869 | |||||||||||
Reserve for unfunded credit commitments, July 1, 2019 | 46 | 4 | 0 | 50 | |||||||||||
Provision (credit) for unfunded credit losses | (2 | ) | 0 | 0 | (2 | ) | |||||||||
Reserve for unfunded credit commitments, September 30, 2019 | 44 | 4 | 0 | 48 | |||||||||||
Allowance for credit losses, September 30, 2019 | $ | 596 | $ | 52 | $ | 269 | $ | 917 |
Nine Months Ended September 30, 2020 | |||||||||||||||
Commercial | Investor Real Estate | Consumer | Total | ||||||||||||
(In millions) | |||||||||||||||
Allowance for loan losses, December 31, 2019 | $ | 537 | $ | 45 | $ | 287 | $ | 869 | |||||||
Cumulative change in accounting guidance (Note 1) | (3 | ) | 7 | 434 | 438 | ||||||||||
Allowance for loan losses, January 1, 2020 (adjusted for change in accounting guidance) | 534 | 52 | 721 | 1,307 | |||||||||||
Provision for loan losses | 932 | 137 | 258 | 1,327 | |||||||||||
Initial allowance on acquired PCD loans | 60 | 0 | 0 | 60 | |||||||||||
Loan losses: | |||||||||||||||
Charge-offs | (299 | ) | 0 | (188 | ) | (487 | ) | ||||||||
Recoveries | 28 | 1 | 40 | 69 | |||||||||||
Net loan (losses) recoveries | (271 | ) | 1 | (148 | ) | (418 | ) | ||||||||
Allowance for loan losses, September 30, 2020 | 1,255 | 190 | 831 | 2,276 | |||||||||||
Reserve for unfunded credit commitments, December 31, 2019 | 41 | 4 | 0 | 45 | |||||||||||
Cumulative change in accounting guidance (Note 1) | 36 | 13 | 14 | 63 | |||||||||||
Reserve for unfunded credit commitments, January 1, 2020 (adjusted for change in accounting guidance) | 77 | 17 | 14 | 108 | |||||||||||
Provision for unfunded credit losses | 56 | (12 | ) | (3 | ) | 41 | |||||||||
Reserve for unfunded credit commitments, September 30, 2020 | 133 | 5 | 11 | 149 | |||||||||||
Allowance for credit losses, September 30, 2020 | $ | 1,388 | $ | 195 | $ | 842 | $ | 2,425 |
Nine Months Ended September 30, 2019 | |||||||||||||||
Commercial | Investor Real Estate | Consumer | Total | ||||||||||||
(In millions) | |||||||||||||||
Allowance for loan losses, January 1, 2019 | $ | 520 | $ | 58 | $ | 262 | $ | 840 | |||||||
Provision (credit) for loan losses | 121 | (12 | ) | 182 | 291 | ||||||||||
Loan losses: | |||||||||||||||
Charge-offs | (113 | ) | 0 | (216 | ) | (329 | ) | ||||||||
Recoveries | 24 | 2 | 41 | 67 | |||||||||||
Net loan (losses) recoveries | (89 | ) | 2 | (175 | ) | (262 | ) | ||||||||
Allowance for loan losses, September 30, 2019 | 552 | 48 | 269 | 869 | |||||||||||
Reserve for unfunded credit commitments, January 1, 2019 | 47 | 4 | 0 | 51 | |||||||||||
Provision (credit) for unfunded credit losses | (3 | ) | 0 | 0 | (3 | ) | |||||||||
Reserve for unfunded credit commitments, September 30, 2019 | 44 | 4 | 0 | 48 | |||||||||||
Allowance for credit losses, September 30, 2019 | $ | 596 | $ | 52 | $ | 269 | $ | 917 | |||||||
Portion of ending allowance for loan losses: | |||||||||||||||
Individually evaluated for impairment | $ | 115 | $ | 5 | $ | 31 | $ | 151 | |||||||
Collectively evaluated for impairment | 437 | 43 | 238 | 718 | |||||||||||
Total allowance for loan losses | $ | 552 | $ | 48 | $ | 269 | $ | 869 | |||||||
Portion of loan portfolio ending balance: | |||||||||||||||
Individually evaluated for impairment | $ | 475 | $ | 38 | $ | 393 | $ | 906 | |||||||
Collectively evaluated for impairment | 45,601 | 6,206 | 30,073 | 81,880 | |||||||||||
Total loans evaluated for impairment | $ | 46,076 | $ | 6,244 | $ | 30,466 | $ | 82,786 |
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Term Loans | Revolving Loans | Revolving Loans Converted to Amortizing | Unallocated (1) | Total | ||||||||||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial: | ||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||
Pass(2) | $ | 3,755 | $ | 10,495 | $ | 5,656 | $ | 3,182 | $ | 2,242 | $ | 3,367 | $ | 12,048 | $ | 0 | $ | (91) | $ | 40,654 | ||||||||||||||||||||||||
Special Mention | 6 | 91 | 252 | 302 | $ | 44 | $ | 54 | 560 | 0 | 0 | 1,309 | ||||||||||||||||||||||||||||||||
Substandard Accrual | 16 | 39 | 80 | 118 | $ | 54 | $ | 8 | 537 | 0 | 0 | 852 | ||||||||||||||||||||||||||||||||
Non-accrual | 18 | 36 | 57 | 91 | $ | 20 | $ | 33 | 171 | 0 | 0 | 426 | ||||||||||||||||||||||||||||||||
Total commercial and industrial | $ | 3,795 | $ | 10,661 | $ | 6,045 | $ | 3,693 | $ | 2,360 | $ | 3,462 | $ | 13,316 | $ | 0 | $ | (91) | $ | 43,241 | ||||||||||||||||||||||||
Commercial real estate mortgage—owner-occupied: | ||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 312 | $ | 1,315 | $ | 841 | $ | 844 | $ | 512 | $ | 1,060 | $ | 137 | $ | 0 | $ | (4) | $ | 5,017 | ||||||||||||||||||||||||
Special Mention | 3 | 24 | 25 | 17 | 18 | 47 | 1 | 0 | 0 | 135 | ||||||||||||||||||||||||||||||||||
Substandard Accrual | 0 | 4 | 45 | 12 | 12 | 16 | 1 | 0 | 0 | 90 | ||||||||||||||||||||||||||||||||||
Non-accrual | 0 | 11 | 23 | 17 | 22 | 15 | 5 | 0 | 0 | 93 | ||||||||||||||||||||||||||||||||||
Total commercial real estate mortgage—owner-occupied: | $ | 315 | $ | 1,354 | $ | 934 | $ | 890 | $ | 564 | $ | 1,138 | $ | 144 | $ | 0 | $ | (4) | $ | 5,335 | ||||||||||||||||||||||||
Commercial real estate construction—owner-occupied: | ||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 3 | $ | 74 | $ | 63 | $ | 37 | $ | 23 | $ | 58 | $ | 8 | $ | 0 | $ | 0 | $ | 266 | ||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 2 | 2 | 0 | 0 | 0 | 4 | ||||||||||||||||||||||||||||||||||
Substandard Accrual | 0 | 1 | 3 | 1 | 2 | 7 | 0 | 0 | 0 | 14 | ||||||||||||||||||||||||||||||||||
Non-accrual | 0 | 0 | 0 | 0 | 1 | 8 | 0 | 0 | 0 | 9 | ||||||||||||||||||||||||||||||||||
Total commercial real estate construction—owner-occupied: | $ | 3 | $ | 75 | $ | 66 | $ | 38 | $ | 28 | $ | 75 | $ | 8 | $ | 0 | $ | 0 | $ | 293 | ||||||||||||||||||||||||
Total commercial | $ | 4,113 | $ | 12,090 | $ | 7,045 | $ | 4,621 | $ | 2,952 | $ | 4,675 | $ | 13,468 | $ | 0 | $ | (95) | $ | 48,869 | ||||||||||||||||||||||||
Commercial investor real estate mortgage: | ||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 396 | $ | 1,375 | $ | 1,168 | $ | 995 | $ | 245 | $ | 161 | $ | 315 | $ | 0 | $ | (6) | $ | 4,649 | ||||||||||||||||||||||||
Special Mention | 55 | 61 | 179 | 38 | 15 | 11 | 0 | 0 | 0 | 359 | ||||||||||||||||||||||||||||||||||
Substandard Accrual | 0 | 71 | 160 | 57 | 0 | 9 | 0 | 0 | 0 | 297 | ||||||||||||||||||||||||||||||||||
Non-accrual | 0 | 0 | 38 | 0 | 0 | 3 | 59 | 0 | 0 | 100 | ||||||||||||||||||||||||||||||||||
Total commercial investor real estate mortgage | $ | 451 | $ | 1,507 | $ | 1,545 | $ | 1,090 | $ | 260 | $ | 184 | $ | 374 | $ | 0 | $ | (6) | $ | 5,405 | ||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Term Loans | Revolving Loans | Revolving Loans Converted to Amortizing | Unallocated (1) | Total | ||||||||||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial investor real estate construction: | ||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 43 | $ | 253 | $ | 590 | $ | 191 | $ | 1 | $ | 2 | $ | 680 | $ | 0 | $ | (11) | $ | 1,749 | ||||||||||||||||||||||||
Special Mention | 0 | 0 | 32 | 32 | 0 | 0 | 3 | 0 | 0 | 67 | ||||||||||||||||||||||||||||||||||
Substandard Accrual | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | ||||||||||||||||||||||||||||||||||
Non-accrual | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total commercial investor real estate construction | $ | 43 | $ | 254 | $ | 622 | $ | 223 | $ | 1 | $ | 2 | $ | 683 | $ | 0 | $ | (11) | $ | 1,817 | ||||||||||||||||||||||||
Total investor real estate | $ | 494 | $ | 1,761 | $ | 2,167 | $ | 1,313 | $ | 261 | $ | 186 | $ | 1,057 | $ | 0 | $ | (17) | $ | 7,222 | ||||||||||||||||||||||||
Residential first mortgage: | ||||||||||||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||||||||||||
Above 720 | $ | 902 | $ | 5,602 | $ | 1,554 | $ | 695 | $ | 886 | $ | 3,558 | $ | 0 | $ | 0 | $ | 0 | $ | 13,197 | ||||||||||||||||||||||||
681-720 | 118 | 475 | 155 | 90 | 91 | 453 | 0 | 0 | 0 | 1,382 | ||||||||||||||||||||||||||||||||||
620-680 | 45 | 200 | 103 | 65 | 67 | 445 | 0 | 0 | 0 | 925 | ||||||||||||||||||||||||||||||||||
Below 620 | 7 | 39 | 47 | 52 | 51 | 539 | 0 | 0 | 0 | 735 | ||||||||||||||||||||||||||||||||||
Data not available | 14 | 56 | 24 | 10 | 14 | 135 | 9 | 0 | 142 | 404 | ||||||||||||||||||||||||||||||||||
Total residential first mortgage | $ | 1,086 | $ | 6,372 | $ | 1,883 | $ | 912 | $ | 1,109 | $ | 5,130 | $ | 9 | $ | 0 | $ | 142 | $ | 16,643 | ||||||||||||||||||||||||
Home equity lines: | ||||||||||||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||||||||||||
Above 720 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 3,152 | $ | 46 | $ | 0 | $ | 3,198 | ||||||||||||||||||||||||
681-720 | 0 | 0 | 0 | 0 | 0 | 0 | 452 | 10 | 0 | 462 | ||||||||||||||||||||||||||||||||||
620-680 | 0 | 0 | 0 | 0 | 0 | 0 | 297 | 12 | 0 | 309 | ||||||||||||||||||||||||||||||||||
Below 620 | 0 | 0 | 0 | 0 | 0 | 0 | 173 | 8 | 0 | 181 | ||||||||||||||||||||||||||||||||||
Data not available | 0 | 0 | 0 | 0 | 0 | 0 | 104 | 3 | 29 | 136 | ||||||||||||||||||||||||||||||||||
Total home equity lines | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 4,178 | $ | 79 | $ | 29 | $ | 4,286 | ||||||||||||||||||||||||
Home equity loans | ||||||||||||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||||||||||||
Above 720 | $ | 129 | $ | 406 | $ | 223 | $ | 205 | $ | 290 | $ | 804 | $ | 0 | $ | 0 | $ | 0 | $ | 2,057 | ||||||||||||||||||||||||
681-720 | 20 | 48 | 35 | 30 | 36 | 102 | 0 | 0 | 0 | 271 | ||||||||||||||||||||||||||||||||||
620-680 | 7 | 19 | 16 | 16 | 21 | 82 | 0 | 0 | 0 | 161 | ||||||||||||||||||||||||||||||||||
Below 620 | 0 | 2 | 7 | 8 | 13 | 61 | 0 | 0 | 0 | 91 | ||||||||||||||||||||||||||||||||||
Data not available | 0 | 1 | 2 | 3 | 4 | 21 | 0 | — | 20 | 51 | ||||||||||||||||||||||||||||||||||
Total home equity loans | $ | 156 | $ | 476 | $ | 283 | $ | 262 | $ | 364 | $ | 1,070 | $ | 0 | $ | 0 | $ | 20 | $ | 2,631 | ||||||||||||||||||||||||
Indirect—vehicles: | ||||||||||||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||||||||||||
Above 720 | $ | 0 | $ | 0 | $ | 16 | $ | 264 | $ | 114 | $ | 95 | $ | 0 | $ | 0 | $ | 0 | $ | 489 | ||||||||||||||||||||||||
681-720 | 0 | 0 | 4 | 43 | 19 | 17 | 0 | 0 | 0 | 83 | ||||||||||||||||||||||||||||||||||
620-680 | 0 | 0 | 3 | 38 | 19 | 20 | 0 | 0 | 0 | 80 | ||||||||||||||||||||||||||||||||||
Below 620 | 0 | 0 | 3 | 36 | 22 | 27 | 0 | 0 | 0 | 88 | ||||||||||||||||||||||||||||||||||
Data not available | 0 | 0 | 0 | 3 | 5 | 6 | 0 | 0 | 14 | 28 | ||||||||||||||||||||||||||||||||||
Total indirect- vehicles | $ | 0 | $ | 0 | $ | 26 | $ | 384 | $ | 179 | $ | 165 | $ | 0 | $ | 0 | $ | 14 | $ | 768 | ||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||
Term Loans | Revolving Loans | Revolving Loans Converted to Amortizing | Unallocated (1) | Total | ||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | |||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||
Commercial and industrial: | ||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||
Pass | $ | 11,748 | $ | 7,093 | $ | 4,421 | $ | 2,889 | $ | 1,329 | $ | 2,652 | $ | 12,616 | $ | 0 | $ | (96 | ) | $ | 42,652 | |||||||||||||
Special Mention | 16 | 165 | 126 | 113 | 9 | 43 | 690 | 0 | 0 | 1,162 | ||||||||||||||||||||||||
Substandard Accrual | 91 | 35 | 83 | 29 | 22 | 92 | 574 | 0 | 0 | 926 | ||||||||||||||||||||||||
Non-accrual | 33 | 65 | 95 | 21 | 31 | 26 | 188 | 0 | 0 | 459 | ||||||||||||||||||||||||
Total commercial and industrial | $ | 11,888 | $ | 7,358 | $ | 4,725 | $ | 3,052 | $ | 1,391 | $ | 2,813 | $ | 14,068 | $ | 0 | $ | (96 | ) | $ | 45,199 | |||||||||||||
Commercial real estate mortgage—owner-occupied: | ||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||
Pass | $ | 1,042 | $ | 919 | $ | 952 | $ | 600 | $ | 436 | $ | 946 | $ | 154 | $ | 0 | $ | (3 | ) | $ | 5,046 | |||||||||||||
Special Mention | 22 | 31 | 45 | 14 | 7 | 38 | 8 | 0 | 0 | 165 | ||||||||||||||||||||||||
Substandard Accrual | 16 | 14 | 31 | 44 | 10 | 39 | 1 | 0 | 0 | 155 | ||||||||||||||||||||||||
Non-accrual | 14 | 11 | 18 | 14 | 10 | 17 | 1 | 0 | 0 | 85 | ||||||||||||||||||||||||
Total commercial real estate mortgage—owner-occupied: | $ | 1,094 | $ | 975 | $ | 1,046 | $ | 672 | $ | 463 | $ | 1,040 | $ | 164 | $ | 0 | $ | (3 | ) | $ | 5,451 | |||||||||||||
Commercial real estate construction—owner-occupied: | ||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||
Pass | $ | 52 | $ | 77 | $ | 40 | $ | 25 | $ | 28 | $ | 46 | $ | 9 | $ | 0 | $ | 0 | $ | 277 | ||||||||||||||
Special Mention | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | ||||||||||||||||||||||||
Substandard Accrual | 0 | 3 | 1 | 6 | 3 | 1 | 0 | 0 | 0 | 14 | ||||||||||||||||||||||||
Non-accrual | 3 | 0 | 0 | 0 | 2 | 7 | 0 | 0 | 0 | 12 | ||||||||||||||||||||||||
Total commercial real estate construction—owner-occupied: | $ | 55 | $ | 80 | $ | 43 | $ | 31 | $ | 33 | $ | 54 | $ | 9 | $ | 0 | $ | 0 | $ | 305 | ||||||||||||||
Total commercial | $ | 13,037 | $ | 8,413 | $ | 5,814 | $ | 3,755 | $ | 1,887 | $ | 3,907 | $ | 14,241 | $ | 0 | $ | (99 | ) | $ | 50,955 | |||||||||||||
Commercial investor real estate mortgage: | ||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||
Pass | $ | 1,505 | $ | 1,210 | $ | 1,156 | $ | 396 | $ | 80 | $ | 266 | $ | 366 | $ | 0 | $ | (5 | ) | $ | 4,974 | |||||||||||||
Special Mention | 44 | 66 | 81 | 10 | 0 | 22 | 1 | 0 | 0 | 224 | ||||||||||||||||||||||||
Substandard Accrual | 47 | 159 | 58 | 5 | 2 | 15 | 0 | 0 | 0 | 286 | ||||||||||||||||||||||||
Non-accrual | 0 | 45 | 0 | 0 | 0 | 1 | 68 | 0 | 0 | 114 | ||||||||||||||||||||||||
Total commercial investor real estate mortgage | $ | 1,596 | $ | 1,480 | $ | 1,295 | $ | 411 | $ | 82 | $ | 304 | $ | 435 | $ | 0 | $ | (5 | ) | $ | 5,598 | |||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Term Loans | Revolving Loans | Revolving Loans Converted to Amortizing | Unallocated (1) | Total | ||||||||||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Indirect—other consumer: | ||||||||||||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||||||||||||
Above 720 | $ | 0 | $ | 365 | $ | 609 | $ | 345 | $ | 124 | $ | 80 | $ | 0 | $ | 0 | $ | 0 | $ | 1,523 | ||||||||||||||||||||||||
681-720 | 0 | 53 | 151 | 99 | 37 | 23 | 0 | 0 | 0 | 363 | ||||||||||||||||||||||||||||||||||
620-680 | 0 | 12 | 64 | 55 | 23 | 15 | 0 | 0 | 0 | 169 | ||||||||||||||||||||||||||||||||||
Below 620 | 0 | 2 | 18 | 18 | 7 | 6 | 0 | 0 | 0 | 51 | ||||||||||||||||||||||||||||||||||
Data not available | 0 | 17 | 3 | 3 | 2 | 1 | 0 | 0 | 130 | 156 | ||||||||||||||||||||||||||||||||||
Total indirect- other consumer | $ | 0 | $ | 449 | $ | 845 | $ | 520 | $ | 193 | $ | 125 | $ | 0 | $ | 0 | $ | 130 | $ | 2,262 | ||||||||||||||||||||||||
Consumer credit card: | ||||||||||||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||||||||||||
Above 720 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 609 | $ | 0 | $ | 0 | $ | 609 | ||||||||||||||||||||||||
681-720 | 0 | 0 | 0 | 0 | 0 | 0 | 237 | 0 | 0 | 237 | ||||||||||||||||||||||||||||||||||
620-680 | 0 | 0 | 0 | 0 | 0 | 0 | 192 | 0 | 0 | 192 | ||||||||||||||||||||||||||||||||||
Below 620 | 0 | 0 | 0 | 0 | 0 | 0 | 79 | 0 | 0 | 79 | ||||||||||||||||||||||||||||||||||
Data not available | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 0 | (14) | (6) | ||||||||||||||||||||||||||||||||||
Total consumer credit card | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,125 | $ | 0 | $ | (14) | $ | 1,111 | ||||||||||||||||||||||||
Other consumer: | ||||||||||||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||||||||||||
Above 720 | $ | 56 | $ | 183 | $ | 136 | $ | 67 | $ | 22 | $ | 7 | $ | 110 | $ | 0 | $ | 0 | $ | 581 | ||||||||||||||||||||||||
681-720 | 17 | 49 | 36 | 15 | 4 | 2 | 52 | 0 | 0 | 175 | ||||||||||||||||||||||||||||||||||
620-680 | 11 | 30 | 22 | 9 | 3 | 1 | 38 | 0 | 0 | 114 | ||||||||||||||||||||||||||||||||||
Below 620 | 2 | 9 | 9 | 5 | 1 | 1 | 17 | 0 | 0 | 44 | ||||||||||||||||||||||||||||||||||
Data not available | 43 | 1 | 0 | 0 | 0 | 0 | 3 | 0 | 2 | 49 | ||||||||||||||||||||||||||||||||||
Total other consumer | $ | 129 | $ | 272 | $ | 203 | $ | 96 | $ | 30 | $ | 11 | $ | 220 | $ | 0 | $ | 2 | $ | 963 | ||||||||||||||||||||||||
Total consumer loans | $ | 1,371 | $ | 7,569 | $ | 3,240 | $ | 2,174 | $ | 1,875 | $ | 6,501 | $ | 5,532 | $ | 79 | $ | 323 | $ | 28,664 | ||||||||||||||||||||||||
Total Loans | $ | 5,978 | $ | 21,420 | $ | 12,452 | $ | 8,108 | $ | 5,088 | $ | 11,362 | $ | 20,057 | $ | 79 | $ | 211 | $ | 84,755 |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Term Loans | Revolving Loans | Revolving Loans Converted to Amortizing | Unallocated (1) | Total | ||||||||||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial: | ||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||
Pass(2) | $ | 12,260 | $ | 6,115 | $ | 3,550 | $ | 2,413 | $ | 1,166 | $ | 2,493 | $ | 12,138 | $ | 0 | $ | (39) | $ | 40,096 | ||||||||||||||||||||||||
Special Mention | 133 | 250 | 376 | 84 | 5 | 48 | 722 | 0 | 0 | 1,618 | ||||||||||||||||||||||||||||||||||
Substandard Accrual | 41 | 50 | 78 | 55 | 20 | 4 | 490 | 0 | 0 | 738 | ||||||||||||||||||||||||||||||||||
Non-accrual | 42 | 59 | 97 | 20 | 23 | 19 | 158 | 0 | 0 | 418 | ||||||||||||||||||||||||||||||||||
Total commercial and industrial | $ | 12,476 | $ | 6,474 | $ | 4,101 | $ | 2,572 | $ | 1,214 | $ | 2,564 | $ | 13,508 | $ | 0 | $ | (39) | $ | 42,870 | ||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||
Term Loans | Revolving Loans | Revolving Loans Converted to Amortizing | Unallocated (1) | Total | ||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | |||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||
Commercial investor real estate construction: | ||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||
Pass | $ | 167 | $ | 647 | $ | 371 | $ | 2 | $ | 0 | $ | 1 | $ | 678 | $ | 0 | $ | (12 | ) | $ | 1,854 | |||||||||||||
Special Mention | 26 | 26 | 56 | 0 | 0 | 0 | 10 | 0 | 0 | 118 | ||||||||||||||||||||||||
Substandard Accrual | 3 | 2 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 8 | ||||||||||||||||||||||||
Non-accrual | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 | 0 | 4 | ||||||||||||||||||||||||
Total commercial investor real estate construction | $ | 196 | $ | 675 | $ | 427 | $ | 2 | $ | 0 | $ | 1 | $ | 695 | $ | 0 | $ | (12 | ) | $ | 1,984 | |||||||||||||
Total investor real estate | $ | 1,792 | $ | 2,155 | $ | 1,722 | $ | 413 | $ | 82 | $ | 305 | $ | 1,130 | $ | 0 | $ | (17 | ) | $ | 7,582 | |||||||||||||
Residential first mortgage: | ||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||
Above 720 | $ | 4,271 | $ | 1,923 | $ | 981 | $ | 1,198 | $ | 1,459 | $ | 3,015 | $ | 0 | $ | 0 | $ | 0 | $ | 12,847 | ||||||||||||||
681-720 | 397 | 190 | 122 | 127 | 118 | 390 | 0 | 0 | 0 | 1,344 | ||||||||||||||||||||||||
620-680 | 149 | 116 | 68 | 62 | 72 | 408 | 0 | 0 | 0 | 875 | ||||||||||||||||||||||||
Below 620 | 20 | 35 | 48 | 51 | 61 | 508 | 0 | 0 | 0 | 723 | ||||||||||||||||||||||||
Data not available | 37 | 24 | 16 | 22 | 17 | 138 | 9 | 0 | 143 | 406 | ||||||||||||||||||||||||
Total residential first mortgage | $ | 4,874 | $ | 2,288 | $ | 1,235 | $ | 1,460 | $ | 1,727 | $ | 4,459 | $ | 9 | $ | 0 | $ | 143 | $ | 16,195 | ||||||||||||||
�� | ||||||||||||||||||||||||||||||||||
Home equity lines: | ||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||
Above 720 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 3,487 | $ | 37 | $ | 0 | $ | 3,524 | ||||||||||||||
681-720 | 0 | 0 | 0 | 0 | 0 | 0 | 512 | 8 | 0 | 520 | ||||||||||||||||||||||||
620-680 | 0 | 0 | 0 | 0 | 0 | 0 | 336 | 8 | 0 | 344 | ||||||||||||||||||||||||
Below 620 | 0 | 0 | 0 | 0 | 0 | 0 | 196 | 7 | 0 | 203 | ||||||||||||||||||||||||
Data not available | 0 | 0 | 0 | 0 | 0 | 0 | 124 | 3 | 35 | 162 | ||||||||||||||||||||||||
Total home equity lines | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 4,655 | $ | 63 | $ | 35 | $ | 4,753 | ||||||||||||||
Home equity loans | ||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||
Above 720 | $ | 341 | $ | 279 | $ | 258 | $ | 354 | $ | 335 | $ | 639 | $ | 0 | $ | 0 | $ | 0 | $ | 2,206 | ||||||||||||||
681-720 | 46 | 43 | 39 | 43 | 40 | 82 | 0 | 0 | 0 | 293 | ||||||||||||||||||||||||
620-680 | 19 | 19 | 19 | 25 | 25 | 69 | 0 | 0 | 0 | 176 | ||||||||||||||||||||||||
Below 620 | 2 | 7 | 10 | 13 | 16 | 58 | 0 | 0 | 0 | 106 | ||||||||||||||||||||||||
Data not available | 1 | 1 | 3 | 5 | 6 | 19 | 0 | 0 | 23 | 58 | ||||||||||||||||||||||||
Total home equity loans | $ | 409 | $ | 349 | $ | 329 | $ | 440 | $ | 422 | $ | 867 | $ | 0 | $ | 0 | $ | 23 | $ | 2,839 | ||||||||||||||
Indirect—vehicles: | ||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||
Above 720 | $ | 0 | $ | 21 | $ | 351 | $ | 165 | $ | 119 | $ | 58 | $ | 0 | $ | 0 | $ | 0 | $ | 714 | ||||||||||||||
681-720 | 0 | 5 | 58 | 27 | 20 | 11 | 0 | 0 | 0 | 121 | ||||||||||||||||||||||||
620-680 | 0 | 4 | 51 | 26 | 22 | 12 | 0 | 0 | 0 | 115 | ||||||||||||||||||||||||
Below 620 | 0 | 4 | 47 | 29 | 29 | 19 | 0 | 0 | 0 | 128 | ||||||||||||||||||||||||
Data not available | 0 | 0 | 4 | 7 | 5 | 4 | 0 | 0 | 22 | 42 | ||||||||||||||||||||||||
Total indirect- vehicles | $ | 0 | $ | 34 | $ | 511 | $ | 254 | $ | 195 | $ | 104 | $ | 0 | $ | 0 | $ | 22 | $ | 1,120 | ||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Term Loans | Revolving Loans | Revolving Loans Converted to Amortizing | Unallocated (1) | Total | ||||||||||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage—owner-occupied: | ||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,379 | $ | 882 | $ | 913 | $ | 547 | $ | 401 | $ | 801 | $ | 140 | $ | 0 | $ | (3) | $ | 5,060 | ||||||||||||||||||||||||
Special Mention | 18 | 31 | 23 | 22 | 10 | 44 | 6 | 0 | 0 | 154 | ||||||||||||||||||||||||||||||||||
Substandard Accrual | 3 | 38 | 16 | 16 | 4 | 15 | 2 | 0 | 0 | 94 | ||||||||||||||||||||||||||||||||||
Non-accrual | 14 | 23 | 19 | 21 | 6 | 14 | 0 | 0 | 0 | 97 | ||||||||||||||||||||||||||||||||||
Total commercial real estate mortgage—owner-occupied: | $ | 1,414 | $ | 974 | $ | 971 | $ | 606 | $ | 421 | $ | 874 | $ | 148 | $ | 0 | $ | (3) | $ | 5,405 | ||||||||||||||||||||||||
Commercial real estate construction—owner-occupied: | ||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 61 | $ | 75 | $ | 39 | $ | 24 | $ | 24 | $ | 40 | $ | 9 | $ | 0 | $ | 0 | $ | 272 | ||||||||||||||||||||||||
Special Mention | 1 | 0 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 5 | ||||||||||||||||||||||||||||||||||
Substandard Accrual | 0 | 3 | 1 | 3 | 4 | 3 | 0 | 0 | 0 | 14 | ||||||||||||||||||||||||||||||||||
Non-accrual | 0 | 0 | 0 | 1 | 0 | 8 | 0 | 0 | 0 | 9 | ||||||||||||||||||||||||||||||||||
Total commercial real estate construction—owner-occupied: | $ | 62 | $ | 78 | $ | 40 | $ | 30 | $ | 30 | $ | 51 | $ | 9 | $ | 0 | $ | 0 | $ | 300 | ||||||||||||||||||||||||
Total commercial | $ | 13,952 | $ | 7,526 | $ | 5,112 | $ | 3,208 | $ | 1,665 | $ | 3,489 | $ | 13,665 | $ | 0 | $ | (42) | $ | 48,575 | ||||||||||||||||||||||||
Commercial investor real estate mortgage: | ||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,663 | $ | 1,243 | $ | 1,137 | $ | 252 | $ | 65 | $ | 162 | $ | 332 | $ | 0 | $ | (5) | $ | 4,849 | ||||||||||||||||||||||||
Special Mention | 5 | 77 | 76 | 15 | 0 | 7 | 0 | 0 | 0 | 180 | ||||||||||||||||||||||||||||||||||
Substandard Accrual | 69 | 114 | 57 | 0 | 2 | 9 | 0 | 0 | 0 | 251 | ||||||||||||||||||||||||||||||||||
Non-accrual | 0 | 44 | 1 | 0 | 0 | 1 | 68 | 0 | 0 | 114 | ||||||||||||||||||||||||||||||||||
Total commercial investor real estate mortgage | $ | 1,737 | $ | 1,478 | $ | 1,271 | $ | 267 | $ | 67 | $ | 179 | $ | 400 | $ | 0 | $ | (5) | $ | 5,394 | ||||||||||||||||||||||||
Commercial investor real estate construction: | ||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 224 | $ | 601 | $ | 266 | $ | 1 | $ | 0 | $ | 1 | $ | 679 | $ | 0 | $ | (11) | $ | 1,761 | ||||||||||||||||||||||||
Special Mention | 30 | 36 | 31 | 0 | 0 | 0 | 9 | 0 | 0 | 106 | ||||||||||||||||||||||||||||||||||
Substandard Accrual | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | ||||||||||||||||||||||||||||||||||
Non-accrual | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total commercial investor real estate construction | $ | 255 | $ | 638 | $ | 297 | $ | 1 | $ | 0 | $ | 1 | $ | 688 | $ | 0 | $ | (11) | $ | 1,869 | ||||||||||||||||||||||||
Total investor real estate | $ | 1,992 | $ | 2,116 | $ | 1,568 | $ | 268 | $ | 67 | $ | 180 | $ | 1,088 | $ | 0 | $ | (16) | $ | 7,263 | ||||||||||||||||||||||||
Residential first mortgage: | ||||||||||||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||||||||||||
Above 720 | $ | 5,564 | $ | 1,738 | $ | 809 | $ | 1,023 | $ | 1,279 | $ | 2,709 | $ | 0 | $ | 0 | $ | 0 | $ | 13,122 | ||||||||||||||||||||||||
681-720 | 525 | 189 | 103 | 112 | 113 | 360 | 0 | 0 | 0 | 1,402 | ||||||||||||||||||||||||||||||||||
620-680 | 211 | 100 | 73 | 64 | 67 | 404 | 0 | 0 | 0 | 919 | ||||||||||||||||||||||||||||||||||
Below 620 | 31 | 44 | 50 | 51 | 60 | 499 | 0 | 0 | 0 | 735 | ||||||||||||||||||||||||||||||||||
Data not available | 52 | 23 | 13 | 16 | 15 | 126 | 10 | 0 | 142 | 397 | ||||||||||||||||||||||||||||||||||
Total residential first mortgage | $ | 6,383 | $ | 2,094 | $ | 1,048 | $ | 1,266 | $ | 1,534 | $ | 4,098 | $ | 10 | $ | 0 | $ | 142 | $ | 16,575 | ||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | Term Loans | Revolving Loans | Revolving Loans Converted to Amortizing | Unallocated (1) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans | Revolving Loans | Revolving Loans Converted to Amortizing | Unallocated (1) | Total | Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Origination Year | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | (In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines: | Home equity lines: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FICO scores | FICO scores | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Above 720 | Above 720 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 3,334 | $ | 45 | $ | 0 | $ | 3,379 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
681-720 | 681-720 | 0 | 0 | 0 | 0 | 0 | 0 | 492 | 10 | 0 | 502 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-680 | 620-680 | 0 | 0 | 0 | 0 | 0 | 0 | 319 | 11 | 0 | 330 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below 620 | Below 620 | 0 | 0 | 0 | 0 | 0 | 0 | 181 | 7 | 0 | 188 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data not available | Data not available | 0 | 0 | 0 | 0 | 0 | 0 | 107 | 3 | 30 | 140 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity lines | Total home equity lines | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 4,433 | $ | 76 | $ | 30 | $ | 4,539 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FICO scores | FICO scores | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Above 720 | Above 720 | $ | 417 | $ | 251 | $ | 233 | $ | 325 | $ | 304 | $ | 580 | $ | 0 | $ | 0 | $ | 0 | $ | 2,110 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
681-720 | 681-720 | 57 | 40 | 35 | 39 | 37 | 76 | 0 | 0 | 0 | 284 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-680 | 620-680 | 21 | 17 | 19 | 22 | 25 | 65 | 0 | 0 | 0 | 169 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below 620 | Below 620 | 2 | 7 | 9 | 13 | 15 | 52 | 0 | 0 | 0 | 98 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data not available | Data not available | 1 | 2 | 2 | 4 | 5 | 17 | 0 | 0 | 21 | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity loans | Total home equity loans | $ | 498 | $ | 317 | $ | 298 | $ | 403 | $ | 386 | $ | 790 | $ | 0 | $ | 0 | $ | 21 | $ | 2,713 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect—vehicles: | Indirect—vehicles: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FICO scores | FICO scores | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Above 720 | Above 720 | $ | 0 | $ | 18 | $ | 305 | $ | 137 | $ | 92 | $ | 40 | $ | 0 | $ | 0 | $ | 0 | $ | 592 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
681-720 | 681-720 | 0 | 5 | 50 | 22 | 16 | 8 | 0 | 0 | 0 | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-680 | 620-680 | 0 | 4 | 44 | 23 | 18 | 8 | 0 | 0 | 0 | 97 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below 620 | Below 620 | 0 | 3 | 42 | 26 | 24 | 14 | 0 | 0 | 0 | 109 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data not available | Data not available | 0 | 0 | 4 | 6 | 4 | 4 | 0 | 0 | 17 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total indirect- vehicles | Total indirect- vehicles | $ | 0 | $ | 30 | $ | 445 | $ | 214 | $ | 154 | $ | 74 | $ | 0 | $ | 0 | $ | 17 | $ | 934 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect—other consumer: | Indirect—other consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 257 | $ | 849 | $ | 448 | $ | 154 | $ | 69 | $ | 36 | $ | 0 | $ | 0 | $ | 0 | $ | 1,813 | Above 720 | $ | 297 | $ | 721 | $ | 392 | $ | 138 | $ | 60 | $ | 31 | $ | 0 | $ | 0 | $ | 0 | $ | 1,639 | ||||||||||||||||||||||||||||||||||||||
29 | 191 | 129 | 47 | 20 | 11 | 0 | 0 | 0 | 427 | 681-720 | 39 | 173 | 116 | 41 | 18 | 9 | 0 | 0 | 0 | 396 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-680 | 6 | 81 | 70 | 29 | 13 | 7 | 0 | 0 | 0 | 206 | 620-680 | 9 | 73 | 63 | 27 | 12 | 6 | 0 | 0 | 0 | 190 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below 620 | 1 | 21 | 23 | 10 | 6 | 3 | 0 | 0 | 0 | 64 | Below 620 | 1 | 22 | 22 | 9 | 5 | 2 | 0 | 0 | 0 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data not available | 0 | 4 | 3 | 2 | 1 | 1 | 0 | 0 | 142 | 153 | Data not available | 0 | 3 | 3 | 2 | 1 | 1 | 0 | 0 | 135 | 145 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total indirect- other consumer | $ | 293 | $ | 1,146 | $ | 673 | $ | 242 | $ | 109 | $ | 58 | $ | 0 | $ | 0 | $ | 142 | $ | 2,663 | Total indirect- other consumer | $ | 346 | $ | 992 | $ | 596 | $ | 217 | $ | 96 | $ | 49 | $ | 0 | $ | 0 | $ | 135 | $ | 2,431 | |||||||||||||||||||||||||||||||||||||
Consumer credit card: | Consumer credit card: | Consumer credit card: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FICO scores | FICO scores | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Above 720 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 647 | $ | 0 | $ | 0 | $ | 647 | Above 720 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 667 | $ | 0 | $ | 0 | $ | 667 | |||||||||||||||||||||||||||||||||||||
681-720 | 0 | 0 | 0 | 0 | 0 | 0 | 251 | 0 | 0 | 251 | 681-720 | 0 | 0 | 0 | 0 | 0 | 0 | 255 | 0 | 0 | 255 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-680 | 0 | 0 | 0 | 0 | 0 | 0 | 207 | 0 | 0 | 207 | 620-680 | 0 | 0 | 0 | 0 | 0 | 0 | 208 | 0 | 0 | 208 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below 620 | 0 | 0 | 0 | 0 | 0 | 0 | 88 | 0 | 0 | 88 | Below 620 | 0 | 0 | 0 | 0 | 0 | 0 | 91 | 0 | 0 | 91 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data not available | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 0 | (11 | ) | (4 | ) | Data not available | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 0 | (15) | (8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer credit card | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,200 | $ | 0 | $ | (11 | ) | $ | 1,189 | Total consumer credit card | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,228 | $ | 0 | $ | (15) | $ | 1,213 | ||||||||||||||||||||||||||||||||||||
Other consumer: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Above 720 | $ | 175 | $ | 194 | $ | 102 | $ | 38 | $ | 10 | $ | 4 | $ | 117 | $ | 0 | $ | 0 | $ | 640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
681-720 | 49 | 53 | 25 | 7 | 2 | 1 | 53 | 0 | 0 | 190 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620-680 | 26 | 33 | 16 | 5 | 1 | 1 | 41 | 0 | 0 | 123 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below 620 | 8 | 13 | 8 | 3 | 1 | 0 | 19 | 0 | 0 | 52 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data not available | 53 | 1 | 0 | 1 | 0 | 0 | 2 | 0 | 1 | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other consumer | $ | 311 | $ | 294 | $ | 151 | $ | 54 | $ | 14 | $ | 6 | $ | 232 | $ | 0 | $ | 1 | $ | 1,063 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | $ | 5,887 | $ | 4,111 | $ | 2,899 | $ | 2,450 | $ | 2,467 | $ | 5,494 | $ | 6,096 | $ | 63 | $ | 355 | $ | 29,822 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | $ | 20,716 | $ | 14,679 | $ | 10,435 | $ | 6,618 | $ | 4,436 | $ | 9,706 | $ | 21,467 | $ | 63 | $ | 239 | $ | 88,359 |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Term Loans | Revolving Loans | Revolving Loans Converted to Amortizing | Unallocated (1) | Total | ||||||||||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer: | ||||||||||||||||||||||||||||||||||||||||||||
FICO scores | ||||||||||||||||||||||||||||||||||||||||||||
Above 720 | $ | 209 | $ | 163 | $ | 84 | $ | 30 | $ | 7 | $ | 3 | $ | 117 | $ | 0 | $ | 0 | $ | 613 | ||||||||||||||||||||||||
681-720 | 61 | 44 | 20 | 5 | 1 | 1 | 52 | 0 | 0 | 184 | ||||||||||||||||||||||||||||||||||
620-680 | 34 | 28 | 13 | 4 | 1 | 1 | 42 | 0 | 0 | 123 | ||||||||||||||||||||||||||||||||||
Below 620 | 11 | 11 | 6 | 3 | 1 | 0 | 19 | 0 | 0 | 51 | ||||||||||||||||||||||||||||||||||
Data not available | 46 | 1 | 0 | 0 | 0 | 0 | 3 | 0 | 2 | 52 | ||||||||||||||||||||||||||||||||||
Total other consumer | $ | 361 | $ | 247 | $ | 123 | $ | 42 | $ | 10 | $ | 5 | $ | 233 | $ | 0 | $ | 2 | $ | 1,023 | ||||||||||||||||||||||||
Total consumer loans | $ | 7,588 | $ | 3,680 | $ | 2,510 | $ | 2,142 | $ | 2,180 | $ | 5,016 | $ | 5,904 | $ | 76 | $ | 332 | $ | 29,428 | ||||||||||||||||||||||||
Total Loans | $ | 23,532 | $ | 13,322 | $ | 9,190 | $ | 5,618 | $ | 3,912 | $ | 8,685 | $ | 20,657 | $ | 76 | $ | 274 | $ | 85,266 |
September 30, 2020 | March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrual Loans | Accrual Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 DPD | 60-89 DPD | 90+ DPD | Total 30+ DPD | Total Accrual | Non-accrual | Total | 30-59 DPD | 60-89 DPD | 90+ DPD | Total 30+ DPD | Total Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 31 | $ | 19 | $ | 10 | $ | 60 | $ | 44,740 | $ | 459 | $ | 45,199 | Commercial and industrial | $ | 27 | $ | 15 | $ | 8 | $ | 50 | $ | 42,815 | $ | 426 | $ | 43,241 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage—owner-occupied | 6 | 15 | 0 | 21 | 5,366 | 85 | 5,451 | Commercial real estate mortgage—owner-occupied | 7 | 2 | 1 | 10 | 5,242 | 93 | 5,335 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate construction—owner-occupied | 0 | 0 | 0 | 0 | 293 | 12 | 305 | Commercial real estate construction—owner-occupied | 1 | 0 | 0 | 1 | 284 | 9 | 293 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 37 | 34 | 10 | 81 | 50,399 | 556 | 50,955 | Total commercial | 35 | 17 | 9 | 61 | 48,341 | 528 | 48,869 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial investor real estate mortgage | 11 | 4 | 1 | 16 | 5,484 | 114 | 5,598 | Commercial investor real estate mortgage | 1 | 1 | 0 | 2 | 5,305 | 100 | 5,405 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial investor real estate construction | 0 | 0 | 0 | 0 | 1,980 | 4 | 1,984 | Commercial investor real estate construction | 1 | 0 | 0 | 1 | 1,817 | 0 | 1,817 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investor real estate | 11 | 4 | 1 | 16 | 7,464 | 118 | 7,582 | Total investor real estate | 2 | 1 | 0 | 3 | 7,122 | 100 | 7,222 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential first mortgage | 92 | 44 | 133 | 269 | 16,159 | 36 | 16,195 | Residential first mortgage | 82 | 38 | 138 | 258 | 16,590 | 53 | 16,643 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines | 17 | 9 | 25 | 51 | 4,706 | 47 | 4,753 | Home equity lines | 14 | 8 | 19 | 41 | 4,238 | 48 | 4,286 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | 10 | 7 | 12 | 29 | 2,830 | 9 | 2,839 | Home equity loans | 9 | 3 | 14 | 26 | 2,622 | 9 | 2,631 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect—vehicles | 16 | 6 | 5 | 27 | 1,119 | 1 | 1,120 | Indirect—vehicles | 9 | 2 | 3 | 14 | 768 | 0 | 768 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect—other consumer | 11 | 8 | 3 | 22 | 2,663 | 0 | 2,663 | Indirect—other consumer | 7 | 7 | 4 | 18 | 2,262 | 0 | 2,262 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer credit card | 8 | 5 | 13 | 26 | 1,189 | 0 | 1,189 | Consumer credit card | 7 | 5 | 14 | 26 | 1,111 | 0 | 1,111 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 11 | 3 | 3 | 17 | 1,063 | 0 | 1,063 | Other consumer | 7 | 3 | 4 | 14 | 963 | 0 | 963 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 165 | 82 | 194 | 441 | 29,729 | 93 | 29,822 | Total consumer | 135 | 66 | 196 | 397 | 28,554 | 110 | 28,664 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 213 | $ | 120 | $ | 205 | $ | 538 | $ | 87,592 | $ | 767 | $ | 88,359 | $ | 172 | $ | 84 | $ | 205 | $ | 461 | $ | 84,017 | $ | 738 | $ | 84,755 |
December 31, 2019 | |||||||||||||||||||||||||||
Accrual Loans | |||||||||||||||||||||||||||
30-59 DPD | 60-89 DPD | 90+ DPD | Total 30+ DPD | Total Accrual | Non-accrual | Total | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
Commercial and industrial | $ | 30 | $ | 21 | $ | 11 | $ | 62 | $ | 39,624 | $ | 347 | $ | 39,971 | |||||||||||||
Commercial real estate mortgage—owner-occupied | 11 | 3 | 1 | 15 | 5,464 | 73 | 5,537 | ||||||||||||||||||||
Commercial real estate construction—owner-occupied | 2 | 0 | 0 | 2 | 320 | 11 | 331 | ||||||||||||||||||||
Total commercial | 43 | 24 | 12 | 79 | 45,408 | 431 | 45,839 | ||||||||||||||||||||
Commercial investor real estate mortgage | 1 | 1 | 0 | 2 | 4,934 | 2 | 4,936 | ||||||||||||||||||||
Commercial investor real estate construction | 0 | 0 | 0 | 0 | 1,621 | 0 | 1,621 | ||||||||||||||||||||
Total investor real estate | 1 | 1 | 0 | 2 | 6,555 | 2 | 6,557 | ||||||||||||||||||||
Residential first mortgage | 83 | 47 | 136 | 266 | 14,458 | 27 | 14,485 | ||||||||||||||||||||
Home equity lines | 30 | 12 | 32 | 74 | 5,259 | 41 | 5,300 | ||||||||||||||||||||
Home equity loans | 12 | 6 | 10 | 28 | 3,078 | 6 | 3,084 | ||||||||||||||||||||
Indirect—vehicles | 31 | 10 | 7 | 48 | 1,812 | 0 | 1,812 | ||||||||||||||||||||
Indirect—other consumer | 16 | 9 | 3 | 28 | 3,249 | 0 | 3,249 | ||||||||||||||||||||
Consumer credit card | 11 | 8 | 19 | 38 | 1,387 | 0 | 1,387 | ||||||||||||||||||||
Other consumer | 13 | 5 | 5 | 23 | 1,250 | 0 | 1,250 | ||||||||||||||||||||
Total consumer | 196 | 97 | 212 | 505 | 30,493 | 74 | 30,567 | ||||||||||||||||||||
$ | 240 | $ | 122 | $ | 224 | $ | 586 | $ | 82,456 | $ | 507 | $ | 82,963 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Accrual Loans | |||||||||||||||||||||||||||||||||||||||||
30-59 DPD | 60-89 DPD | 90+ DPD | Total 30+ DPD | Total Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 37 | $ | 22 | $ | 7 | $ | 66 | $ | 42,452 | $ | 418 | $ | 42,870 | |||||||||||||||||||||||||||
Commercial real estate mortgage—owner-occupied | 4 | 1 | 1 | 6 | 5,308 | 97 | 5,405 | ||||||||||||||||||||||||||||||||||
Commercial real estate construction—owner-occupied | 1 | 0 | 0 | 1 | 291 | 9 | 300 | ||||||||||||||||||||||||||||||||||
Total commercial | 42 | 23 | 8 | 73 | 48,051 | 524 | 48,575 | ||||||||||||||||||||||||||||||||||
Commercial investor real estate mortgage | 3 | 0 | 0 | 3 | 5,280 | 114 | 5,394 | ||||||||||||||||||||||||||||||||||
Commercial investor real estate construction | 0 | 0 | 0 | 0 | 1,869 | 0 | 1,869 | ||||||||||||||||||||||||||||||||||
Total investor real estate | 3 | 0 | 0 | 3 | 7,149 | 114 | 7,263 | ||||||||||||||||||||||||||||||||||
Residential first mortgage | 104 | 41 | 156 | 301 | 16,522 | 53 | 16,575 | ||||||||||||||||||||||||||||||||||
Home equity lines | 24 | 11 | 19 | 54 | 4,493 | 46 | 4,539 | ||||||||||||||||||||||||||||||||||
Home equity loans | 10 | 7 | 13 | 30 | 2,705 | 8 | 2,713 | ||||||||||||||||||||||||||||||||||
Indirect—vehicles | 15 | 4 | 4 | 23 | 934 | 0 | 934 | ||||||||||||||||||||||||||||||||||
Indirect—other consumer | 12 | 8 | 5 | 25 | 2,431 | 0 | 2,431 | ||||||||||||||||||||||||||||||||||
Consumer credit card | 8 | 6 | 14 | 28 | 1,213 | 0 | 1,213 | ||||||||||||||||||||||||||||||||||
Other consumer | 12 | 3 | 2 | 17 | 1,023 | 0 | 1,023 | ||||||||||||||||||||||||||||||||||
Total consumer | 185 | 80 | 213 | 478 | 29,321 | 107 | 29,428 | ||||||||||||||||||||||||||||||||||
$ | 230 | $ | 103 | $ | 221 | $ | 554 | $ | 84,521 | $ | 745 | $ | 85,266 |
Three Months Ended September 30, 2020 | ||||||||||
Financial Impact of Modifications Considered TDRs | ||||||||||
Number of Obligors | Recorded Investment | Increase in Allowance at Modification | ||||||||
(Dollars in millions) | ||||||||||
Commercial and industrial | 26 | $ | 27 | $ | 0 | |||||
Commercial real estate mortgage—owner-occupied | 7 | 9 | 0 | |||||||
Commercial real estate construction—owner-occupied | 0 | 0 | 0 | |||||||
Total commercial | 33 | 36 | 0 | |||||||
Commercial investor real estate mortgage | 2 | 36 | 0 | |||||||
Commercial investor real estate construction | 2 | 4 | 0 | |||||||
Total investor real estate | 4 | 40 | 0 | |||||||
Residential first mortgage | 94 | 32 | 4 | |||||||
Home equity lines | 0 | 0 | 0 | |||||||
Home equity loans | 9 | 1 | 0 | |||||||
Consumer credit card | 1 | 0 | 0 | |||||||
Indirect—vehicles and other consumer | 11 | 0 | 0 | |||||||
Total consumer | 115 | 33 | 4 | |||||||
152 | $ | 109 | $ | 4 |
Three Months Ended September 30, 2019 | ||||||||||
Financial Impact of Modifications Considered TDRs | ||||||||||
Number of Obligors | Recorded Investment | Increase in Allowance at Modification | ||||||||
(Dollars in millions) | ||||||||||
Commercial and industrial | 28 | $ | 72 | $ | 1 | |||||
Commercial real estate mortgage—owner-occupied | 9 | 4 | 0 | |||||||
Total commercial | 37 | 76 | 1 | |||||||
Commercial investor real estate mortgage | 4 | 1 | 0 | |||||||
Commercial investor real estate construction | 5 | 9 | 1 | |||||||
Total investor real estate | 9 | 10 | 1 | |||||||
Residential first mortgage | 48 | 8 | 1 | |||||||
Home equity lines | 0 | 0 | 0 | |||||||
Home equity loans | 17 | 1 | 0 | |||||||
Consumer credit card | 8 | 0 | 0 | |||||||
Indirect—vehicles and other consumer | 13 | 0 | 0 | |||||||
Total consumer | 86 | 9 | 1 | |||||||
132 | $ | 95 | $ | 3 |
Nine Months Ended September 30, 2020 | ||||||||||
Financial Impact of Modifications Considered TDRs | ||||||||||
Number of Obligors | Recorded Investment | Increase in Allowance at Modification | ||||||||
(Dollars in millions) | ||||||||||
Commercial and industrial | 119 | $ | 221 | $ | 0 | |||||
Commercial real estate mortgage—owner-occupied | 17 | 14 | 0 | |||||||
Commercial real estate construction—owner-occupied | 1 | 1 | 0 | |||||||
Total commercial | 137 | 236 | 0 | |||||||
Commercial investor real estate mortgage | 9 | 37 | 0 | |||||||
Commercial investor real estate construction | 3 | 4 | 0 | |||||||
Total investor real estate | 12 | 41 | 0 | |||||||
Residential first mortgage | 177 | 43 | 6 | |||||||
Home equity lines | 0 | 0 | 0 | |||||||
Home equity loans | 36 | 3 | 0 | |||||||
Consumer credit card | 12 | 0 | 0 | |||||||
Indirect—vehicles and other consumer | 22 | 0 | 0 | |||||||
Total consumer | 247 | 46 | 6 | |||||||
396 | $ | 323 | $ | 6 | ||||||
Nine Months Ended September 30, 2019 | ||||||||||
Financial Impact of Modifications Considered TDRs | ||||||||||
Number of Obligors | Recorded Investment | Increase in Allowance at Modification | ||||||||
(Dollars in millions) | ||||||||||
Commercial and industrial | 77 | $ | 182 | $ | 2 | |||||
Commercial real estate mortgage—owner-occupied | 42 | 24 | 0 | |||||||
Commercial real estate construction—owner-occupied | 1 | 2 | 0 | |||||||
Total commercial | 120 | 208 | 2 | |||||||
Commercial investor real estate mortgage | 8 | 12 | 0 | |||||||
Commercial investor real estate construction | 9 | 10 | 1 | |||||||
Total investor real estate | 17 | 22 | 1 | |||||||
Residential first mortgage | 116 | 26 | 3 | |||||||
Home equity lines | 0 | 0 | 0 | |||||||
Home equity loans | 81 | 6 | 0 | |||||||
Consumer credit card | 34 | 0 | 0 | |||||||
Indirect—vehicles and other consumer | 62 | 1 | 0 | |||||||
Total consumer | 293 | 33 | 3 | |||||||
430 | $ | 263 | $ | 6 | ||||||
Three Months Ended March 31, 2021 | |||||||||||||||||
Financial Impact of Modifications Considered TDRs | |||||||||||||||||
Number of Obligors | Recorded Investment | Increase in Allowance at Modification | |||||||||||||||
(Dollars in millions) | |||||||||||||||||
Commercial and industrial | 26 | $ | 30 | $ | 0 | ||||||||||||
Commercial real estate mortgage—owner-occupied | 6 | 1 | 0 | ||||||||||||||
Commercial real estate construction—owner-occupied | 0 | 0 | 0 | ||||||||||||||
Total commercial | 32 | 31 | 0 | ||||||||||||||
Commercial investor real estate mortgage | 2 | 7 | 0 | ||||||||||||||
Commercial investor real estate construction | 0 | 0 | 0 | ||||||||||||||
Total investor real estate | 2 | 7 | 0 | ||||||||||||||
Residential first mortgage | 175 | 35 | 3 | ||||||||||||||
Home equity lines | 2 | 0 | 0 | ||||||||||||||
Home equity loans | 1 | 0 | 0 | ||||||||||||||
Consumer credit card | 0 | 0 | 0 | ||||||||||||||
Indirect—vehicles and other consumer | 48 | 1 | 0 | ||||||||||||||
Total consumer | 226 | 36 | 3 | ||||||||||||||
260 | $ | 74 | $ | 3 |
Three Months Ended March 31, 2020 | |||||||||||||||||
Financial Impact of Modifications Considered TDRs | |||||||||||||||||
Number of Obligors | Recorded Investment | Increase in Allowance at Modification | |||||||||||||||
(Dollars in millions) | |||||||||||||||||
Commercial and industrial | 26 | $ | 74 | $ | 0 | ||||||||||||
Commercial real estate mortgage—owner-occupied | 5 | 2 | 0 | ||||||||||||||
Commercial real estate construction—owner-occupied | 1 | 1 | — | ||||||||||||||
Total commercial | 32 | 77 | 0 | ||||||||||||||
Commercial investor real estate mortgage | 4 | 1 | 0 | ||||||||||||||
Commercial investor real estate construction | 1 | 0 | 0 | ||||||||||||||
Total investor real estate | 5 | 1 | 0 | ||||||||||||||
Residential first mortgage | 52 | 7 | 1 | ||||||||||||||
Home equity lines | 0 | 0 | 0 | ||||||||||||||
Home equity loans | 15 | 1 | 0 | ||||||||||||||
Consumer credit card | 10 | 0 | 0 | ||||||||||||||
Indirect—vehicles and other consumer | 10 | 0 | 0 | ||||||||||||||
Total consumer | 87 | 8 | 1 | ||||||||||||||
124 | $ | 86 | $ | 1 |
Three Months Ended September 30 | Nine Months Ended September 30 | Three Months Ended March 31 | ||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||
Carrying value, beginning of period | $ | 249 | $ | 337 | $ | 345 | $ | 418 | Carrying value, beginning of period | $ | 296 | $ | 345 | |||||||||||||||||||||||||
Additions | 32 | 15 | 67 | 30 | Additions | 32 | 11 | |||||||||||||||||||||||||||||||
Increase (decrease) in fair value: | Increase (decrease) in fair value: | |||||||||||||||||||||||||||||||||||||
Due to change in valuation inputs or assumptions | 0 | (31 | ) | (94 | ) | (102 | ) | Due to change in valuation inputs or assumptions | 90 | (83) | ||||||||||||||||||||||||||||
Economic amortization associated with borrower repayments (1) | (14 | ) | (14 | ) | (51 | ) | (39 | ) | Economic amortization associated with borrower repayments (1) | (17) | (19) | |||||||||||||||||||||||||||
Carrying value, end of period | $ | 267 | $ | 307 | $ | 267 | $ | 307 | Carrying value, end of period | $ | 401 | $ | 254 |
September 30 | |||||||
2020 | 2019 | ||||||
(Dollars in millions) | |||||||
Unpaid principal balance | $ | 33,740 | $ | 35,132 | |||
Weighted-average CPR (%) | 16.3 | % | 14.6 | % | |||
Estimated impact on fair value of a 10% increase | $ | (22 | ) | $ | (19 | ) | |
Estimated impact on fair value of a 20% increase | $ | (40 | ) | $ | (34 | ) | |
Option-adjusted spread (basis points) | 621 | 600 | |||||
Estimated impact on fair value of a 10% increase | $ | (6 | ) | $ | (6 | ) | |
Estimated impact on fair value of a 20% increase | $ | (12 | ) | $ | (13 | ) | |
Weighted-average coupon interest rate | 4.0 | % | 4.2 | % | |||
Weighted-average remaining maturity (months) | 283 | 279 | |||||
Weighted-average servicing fee (basis points) | 27.4 | 27.3 |
March 31 | |||||||||||
2021 | 2020 | ||||||||||
(Dollars in millions) | |||||||||||
Unpaid principal balance | $ | 34,212 | $ | 33,787 | |||||||
Weighted-average CPR (%) | 10.2 | % | 18.1 | % | |||||||
Estimated impact on fair value of a 10% increase | $ | (28) | $ | (26) | |||||||
Estimated impact on fair value of a 20% increase | $ | (51) | $ | (49) | |||||||
Option-adjusted spread (basis points) | 564 | 629 | |||||||||
Estimated impact on fair value of a 10% increase | $ | (10) | $ | (5) | |||||||
Estimated impact on fair value of a 20% increase | $ | (21) | $ | (10) | |||||||
Weighted-average coupon interest rate | 3.8 | % | 4.2 | % | |||||||
Weighted-average remaining maturity (months) | 289 | 278 | |||||||||
Weighted-average servicing fee (basis points) | 27.5 | 27.4 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions) | (In millions) | ||||||||||||||
Servicing related fees and other ancillary income | $ | 23 | $ | 25 | $ | 71 | $ | 77 |
Three Months Ended March 31 | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Servicing related fees and other ancillary income | $ | 24 | $ | 25 |
Three Months Ended March 31 | |||||||||||
2021 | 2020 | ||||||||||
(In millions) | |||||||||||
Carrying value, beginning of period | $ | 74 | $ | 59 | |||||||
Additions | 11 | 3 | |||||||||
Economic amortization associated with borrower repayments (1) | (3) | (3) | |||||||||
Carrying value, end of period | $ | 82 | $ | 59 |
Three Months Ended March 31 | |||||||||||
2021 | 2020 | ||||||||||
(In millions) | |||||||||||
Servicing related fees and other ancillary income | $ | 5 | 0 | $ | 5 |
September 30, 2020 | December 31, 2019 | ||||||
(In millions) | |||||||
Corporate Bank | $ | 2,816 | $ | 2,474 | |||
Consumer Bank | 1,978 | 1,978 | |||||
Wealth Management | 393 | 393 | |||||
$ | 5,187 | $ | 4,845 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0 | 0 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance Date | Earliest Redemption Date | Dividend Rate (1) | Liquidation Amount | Liquidation Preference per Share | Liquidation preference per Depositary Share | Ownership Interest per Depositary Share | Carrying Amount | Carrying Amount | Issuance Date | Earliest Redemption Date | Dividend Rate (1) | Liquidation Amount | Liquidation Preference per Share | Liquidation preference per Depositary Share | Ownership Interest per Depositary Share | Carrying Amount | Carrying Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | 11/1/2012 | 12/15/2017 | 6.375 | % | $ | 500 | $ | 1,000 | $ | 25 | 1/40th | $ | 387 | $ | 387 | Series A | 11/1/2012 | 12/15/2017 | 6.375 | % | $ | 500 | $ | 1,000 | $ | 25 | 1/40th | $ | 387 | $ | 387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series B | 4/29/2014 | 9/15/2024 | 6.375 | % | (2) | 500 | 1,000 | 25 | 1/40th | 433 | 433 | Series B | 4/29/2014 | 9/15/2024 | 6.375 | % | (2) | 500 | 1,000 | 25 | 1/40th | 433 | 433 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series C | 4/30/2019 | 5/15/2029 | 5.700 | % | (3) | 500 | 1,000 | 25 | 1/40th | 490 | 490 | Series C | 4/30/2019 | 5/15/2029 | 5.700 | % | (3) | 500 | 1,000 | 25 | 1/40th | 490 | 490 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series D | 6/5/2020 | 9/15/2025 | 5.750 | % | (4) | 350 | 100,000 | 1,000 | 1/100th | 346 | 0 | Series D | 6/5/2020 | 9/15/2025 | 5.750 | % | (4) | 350 | 100,000 | 1,000 | 1/100th | 346 | 346 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,850 | $ | 1,656 | $ | 1,310 | $ | 1,850 | $ | 1,656 | $ | 1,656 |
Three Months Ended March 31, 2021 | |||||||||||||||||
Pre-tax AOCI Activity | Tax Effect (1) | Net AOCI Activity | |||||||||||||||
(In millions) | |||||||||||||||||
Total accumulated other comprehensive income, beginning of period | $ | 1,759 | $ | (444) | $ | 1,315 | |||||||||||
Unrealized losses on securities transferred to held to maturity: | |||||||||||||||||
Beginning balance | $ | (21) | $ | 5 | $ | (16) | |||||||||||
Reclassification adjustments for amortization of unrealized losses (2) | 3 | (1) | 2 | ||||||||||||||
Ending balance | $ | (18) | $ | 4 | $ | (14) | |||||||||||
Unrealized gains (losses) on securities available for sale: | |||||||||||||||||
Beginning balance | $ | 1,062 | $ | (268) | $ | 794 | |||||||||||
Unrealized gains (losses) arising during the period | (548) | 138 | (410) | ||||||||||||||
Reclassification adjustments for securities (gains) losses realized in net income (loss) (3) | (1) | 0 | (1) | ||||||||||||||
Change in AOCI from securities available for sale activity in the period | (549) | 138 | (411) | ||||||||||||||
Ending balance | $ | 513 | $ | (130) | $ | 383 | |||||||||||
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | |||||||||||||||||
Beginning balance | $ | 1,610 | $ | (406) | $ | 1,204 | |||||||||||
Unrealized holding gains (losses) on derivatives arising during the period | (331) | 83 | (248) | ||||||||||||||
Reclassification adjustments for (gains) losses realized in net income (2) | (102) | 26 | (76) | ||||||||||||||
Change in AOCI from derivative activity in the period | (433) | 109 | (324) | ||||||||||||||
Ending balance | $ | 1,177 | $ | (297) | $ | 880 | |||||||||||
Defined benefit pension plans and other post employment benefit plans: | |||||||||||||||||
Beginning balance | $ | (892) | $ | 225 | $ | (667) | |||||||||||
Reclassification adjustments for amortization of actuarial gains (losses) and settlements realized in net income (4) | 13 | (3) | 10 | ||||||||||||||
Ending balance | $ | (879) | $ | 222 | $ | (657) | |||||||||||
Total other comprehensive income | (966) | 243 | (723) | ||||||||||||||
Total accumulated other comprehensive income, end of period | $ | 793 | $ | (201) | $ | 592 |
Three Months Ended September 30, 2020 | |||||||||||
Pre-tax AOCI Activity | Tax Effect (1) | Net AOCI Activity | |||||||||
(In millions) | |||||||||||
Total accumulated other comprehensive income, beginning of period | $ | 2,174 | $ | (548 | ) | $ | 1,626 | ||||
Unrealized losses on securities transferred to held to maturity: | |||||||||||
Beginning balance | $ | (27 | ) | $ | 7 | $ | (20 | ) | |||
Reclassification adjustments for amortization of unrealized losses (2) | 4 | (2 | ) | 2 | |||||||
Ending balance | $ | (23 | ) | $ | 5 | $ | (18 | ) | |||
Unrealized gains (losses) on securities available for sale: | |||||||||||
Beginning balance | $ | 1,116 | $ | (281 | ) | $ | 835 | ||||
Unrealized holding gains (losses) arising during the period | (2 | ) | 0 | (2 | ) | ||||||
Reclassification adjustments for securities (gains) losses realized in net income (3) | (3 | ) | 1 | (2 | ) | ||||||
Change in AOCI from securities available for sale activity in the period | (5 | ) | 1 | (4 | ) | ||||||
Ending balance | $ | 1,111 | $ | (280 | ) | $ | 831 | ||||
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | |||||||||||
Beginning balance | $ | 1,857 | $ | (468 | ) | $ | 1,389 | ||||
Unrealized holding gains (losses) on derivatives arising during the period | 2 | 0 | 2 | ||||||||
Reclassification adjustments for (gains) losses realized in net income (2) | (94 | ) | 24 | (70 | ) | ||||||
Change in AOCI from derivative activity in the period | (92 | ) | 24 | (68 | ) | ||||||
Ending balance | $ | 1,765 | $ | (444 | ) | $ | 1,321 | ||||
Defined benefit pension plans and other post employment benefit plans: | |||||||||||
Beginning balance | $ | (772 | ) | $ | 194 | $ | (578 | ) | |||
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4) | 11 | (2 | ) | 9 | |||||||
Change in AOCI from defined benefit pension plans and other post employment benefits activity in the period | 11 | (2 | ) | 9 | |||||||
Ending balance | $ | (761 | ) | $ | 192 | $ | (569 | ) | |||
Total other comprehensive income | (82 | ) | 21 | (61 | ) | ||||||
Total accumulated other comprehensive income, end of period | $ | 2,092 | $ | (527 | ) | $ | 1,565 |
Three Months Ended March 31, 2020 | |||||||||||||||||
Pre-tax AOCI Activity | Tax Effect (1) | Net AOCI Activity | |||||||||||||||
(In millions) | |||||||||||||||||
Total accumulated other comprehensive income (loss), beginning of period | $ | (120) | $ | 30 | $ | (90) | |||||||||||
Unrealized losses on securities transferred to held to maturity: | |||||||||||||||||
Beginning balance | $ | (29) | $ | 7 | $ | (22) | |||||||||||
Reclassification adjustments for amortization of unrealized losses (2) | 1 | 0 | 1 | ||||||||||||||
Ending balance | $ | (28) | $ | 7 | $ | (21) | |||||||||||
Unrealized gains (losses) on securities available for sale: | |||||||||||||||||
Beginning balance | $ | 274 | $ | (69) | $ | 205 | |||||||||||
Unrealized gains (losses) arising during the period | 597 | (151) | 446 | ||||||||||||||
Ending balance | $ | 871 | $ | (220) | $ | 651 | |||||||||||
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | |||||||||||||||||
Beginning balance | $ | 430 | $ | (108) | $ | 322 | |||||||||||
Unrealized holding gains (losses) on derivatives arising during the period | 1,291 | (325) | 966 | ||||||||||||||
Reclassification adjustments for (gains) losses realized in income (2) | (9) | 2 | (7) | ||||||||||||||
Change in AOCI from derivative activity in the period | 1,282 | (323) | 959 | ||||||||||||||
Ending balance | $ | 1,712 | $ | (431) | $ | 1,281 | |||||||||||
Defined benefit pension plans and other post employment benefit plans: | |||||||||||||||||
Beginning balance | $ | (795) | $ | 200 | $ | (595) | |||||||||||
Reclassification adjustments for amortization of actuarial gains (losses) and settlements realized in net income (4) | 11 | (3) | 8 | ||||||||||||||
Ending balance | $ | (784) | $ | 197 | $ | (587) | |||||||||||
Total other comprehensive income | 1,891 | (477) | 1,414 | ||||||||||||||
Total accumulated other comprehensive income, end of period | $ | 1,771 | $ | (447) | $ | 1,324 |
Three Months Ended September 30, 2019 | |||||||||||
Pre-tax AOCI Activity | Tax Effect (1) | Net AOCI Activity | |||||||||
(In millions) | |||||||||||
Total accumulated other comprehensive income (loss), beginning of period | $ | (29 | ) | $ | 8 | $ | (21 | ) | |||
Unrealized losses on securities transferred to held to maturity: | |||||||||||
Beginning balance | $ | (33 | ) | $ | 9 | $ | (24 | ) | |||
Reclassification adjustments for amortization of unrealized losses (2) | 2 | (1 | ) | 1 | |||||||
Ending balance | $ | (31 | ) | $ | 8 | $ | (23 | ) | |||
Unrealized gains (losses) on securities available for sale: | |||||||||||
Beginning balance | $ | 144 | $ | (36 | ) | $ | 108 | ||||
Unrealized holding gains (losses) arising during the period | 178 | (45 | ) | 133 | |||||||
Reclassification adjustments for securities (gains) losses realized in net income (3) | 0 | 0 | 0 | ||||||||
Change in AOCI from securities available for sale activity in the period | 178 | (45 | ) | 133 | |||||||
Ending balance | $ | 322 | $ | (81 | ) | $ | 241 | ||||
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | |||||||||||
Beginning balance | $ | 478 | $ | (120 | ) | $ | 358 | ||||
Unrealized holding gains (losses) on derivatives arising during the period | 223 | (56 | ) | 167 | |||||||
Reclassification adjustments for (gains) losses realized in net income (2) | 7 | (2 | ) | 5 | |||||||
Change in AOCI from derivative activity in the period | 230 | (58 | ) | 172 | |||||||
Ending balance | $ | 708 | $ | (178 | ) | $ | 530 | ||||
Defined benefit pension plans and other post employment benefit plans: | |||||||||||
Beginning balance | $ | (618 | ) | $ | 155 | $ | (463 | ) | |||
Net actuarial gains (losses) arising during the period | (1 | ) | 0 | (1 | ) | ||||||
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4) | 14 | (3 | ) | 11 | |||||||
Change in AOCI from defined benefit pension plans and other post employment benefits activity in the period | 13 | (3 | ) | 10 | |||||||
Ending balance | $ | (605 | ) | $ | 152 | $ | (453 | ) | |||
Total other comprehensive income | 423 | (107 | ) | 316 | |||||||
Total accumulated other comprehensive income, end of period | $ | 394 | $ | (99 | ) | $ | 295 |
Nine Months Ended September 30, 2020 | |||||||||||
Pre-tax AOCI Activity | Tax Effect (1) | Net AOCI Activity | |||||||||
(In millions) | |||||||||||
Total accumulated other comprehensive income (loss), beginning of period | $ | (120 | ) | $ | 30 | $ | (90 | ) | |||
Unrealized losses on securities transferred to held to maturity: | |||||||||||
Beginning balance | $ | (29 | ) | $ | 7 | $ | (22 | ) | |||
Reclassification adjustments for amortization of unrealized losses (2) | 6 | (2 | ) | 4 | |||||||
Ending Balance | $ | (23 | ) | $ | 5 | $ | (18 | ) | |||
Unrealized gains (losses) on securities available for sale: | |||||||||||
Beginning balance | $ | 274 | $ | (69 | ) | $ | 205 | ||||
Unrealized holding gains (losses) arising during the period | 841 | (212 | ) | 629 | |||||||
Reclassification adjustments for securities (gains) losses realized in net income (3) | (4 | ) | 1 | (3 | ) | ||||||
Change in AOCI from securities available for sale activity in the period | 837 | (211 | ) | 626 | |||||||
Ending Balance | $ | 1,111 | $ | (280 | ) | $ | 831 | ||||
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | |||||||||||
Beginning balance | $ | 430 | $ | (108 | ) | $ | 322 | ||||
Unrealized holding gains (losses) on active hedges arising during the period | 1,498 | (377 | ) | 1,121 | |||||||
Reclassification adjustments for (gains) losses realized in net income (2) | (163 | ) | 41 | (122 | ) | ||||||
Change in AOCI from derivative activity in the period | 1,335 | (336 | ) | 999 | |||||||
Ending balance | $ | 1,765 | $ | (444 | ) | $ | 1,321 | ||||
Defined benefit pension plans and other post employment benefit plans: | |||||||||||
Beginning balance | $ | (795 | ) | $ | 200 | $ | (595 | ) | |||
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4) | 34 | (8 | ) | 26 | |||||||
Change in AOCI from defined benefit pension plans and other post employment benefits activity in the period | 34 | (8 | ) | 26 | |||||||
Ending Balance | $ | (761 | ) | $ | 192 | $ | (569 | ) | |||
Total other comprehensive income | 2,212 | (557 | ) | 1,655 | |||||||
Total accumulated other comprehensive income (loss), end of period | $ | 2,092 | $ | (527 | ) | $ | 1,565 |
Nine Months Ended September 30, 2019 | |||||||||||
Pre-tax AOCI Activity | Tax Effect (1) | Net AOCI Activity | |||||||||
(In millions) | |||||||||||
Total accumulated other comprehensive income (loss), beginning of period | $ | (1,289 | ) | $ | 325 | $ | (964 | ) | |||
Unrealized losses on securities transferred to held to maturity: | |||||||||||
Beginning balance | $ | (36 | ) | $ | 9 | $ | (27 | ) | |||
Reclassification adjustments for amortization of unrealized losses (2) | 5 | (1 | ) | 4 | |||||||
Ending Balance | $ | (31 | ) | $ | 8 | $ | (23 | ) | |||
Unrealized gains (losses) on securities available for sale: | |||||||||||
Beginning balance | $ | (531 | ) | $ | 134 | $ | (397 | ) | |||
Unrealized holding gains (losses) arising during the period | 827 | (209 | ) | 618 | |||||||
Reclassification adjustments for securities (gains) losses realized in net income (3) | 26 | (6 | ) | 20 | |||||||
Change in AOCI from securities available for sale activity in the period | 853 | (215 | ) | 638 | |||||||
Ending Balance | $ | 322 | $ | (81 | ) | $ | 241 | ||||
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | |||||||||||
Beginning balance | $ | (85 | ) | $ | 22 | $ | (63 | ) | |||
Unrealized holding gains (losses) on derivatives arising during the period | 770 | (194 | ) | 576 | |||||||
Reclassification adjustments for (gains) losses realized in net income (2) | 23 | (6 | ) | 17 | |||||||
Change in AOCI from derivative activity in the period | 793 | (200 | ) | 593 | |||||||
Ending balance | $ | 708 | $ | (178 | ) | $ | 530 | ||||
Defined benefit pension plans and other post employment benefit plans: | |||||||||||
Beginning balance | $ | (637 | ) | $ | 160 | $ | (477 | ) | |||
Net actuarial gains (losses) arising during the period | (1 | ) | 0 | (1 | ) | ||||||
Reclassification adjustments for amortization of actuarial (gains) losses and settlements realized in net income (4) | 33 | (8 | ) | 25 | |||||||
Change in AOCI from defined benefit pension plans and other post employment benefits activity in the period | 32 | (8 | ) | 24 | |||||||
Ending Balance | $ | (605 | ) | $ | 152 | $ | (453 | ) | |||
Total other comprehensive income | 1,683 | (424 | ) | 1,259 | |||||||
Total accumulated other comprehensive income, end of period | $ | 394 | $ | (99 | ) | $ | 295 |
0 | |||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions, except per share amounts) | |||||||||||||||
Numerator: | |||||||||||||||
Net income | $ | 530 | $ | 409 | $ | 478 | $ | 1,193 | |||||||
Preferred stock dividends | (29 | ) | (24 | ) | (75 | ) | (56 | ) | |||||||
Net income available to common shareholders | $ | 501 | $ | 385 | $ | 403 | $ | 1,137 | |||||||
Denominator: | |||||||||||||||
Weighted-average common shares outstanding—basic | 960 | 988 | 959 | 1,005 | |||||||||||
Potential common shares | 2 | 3 | 2 | 5 | |||||||||||
Weighted-average common shares outstanding—diluted | 962 | 991 | 961 | 1,010 | |||||||||||
Earnings per common share: | |||||||||||||||
Basic | $ | 0.52 | $ | 0.39 | $ | 0.42 | $ | 1.13 | |||||||
Diluted | 0.52 | 0.39 | 0.42 | 1.13 |
Three Months Ended March 31 | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | 642 | $ | 162 | |||||||||||||||||||
Preferred stock dividends | (28) | (23) | |||||||||||||||||||||
Net income available to common shareholders | $ | 614 | $ | 139 | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average common shares outstanding—basic | 961 | 957 | |||||||||||||||||||||
Potential common shares | 7 | 4 | |||||||||||||||||||||
Weighted-average common shares outstanding—diluted | 968 | 961 | |||||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.15 | |||||||||||||||||||
Diluted | 0.63 | 0.14 |
Qualified Plans | Non-qualified Plans | Total | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Service cost | $ | 9 | $ | 9 | $ | 1 | $ | 1 | $ | 10 | $ | 10 | ||||||||||||||||||||||||||
Interest cost | 12 | 16 | 1 | 1 | 13 | 17 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | (35) | (37) | 0 | 0 | (35) | (37) | ||||||||||||||||||||||||||||||||
Amortization of actuarial loss | 11 | 9 | 2 | 2 | 13 | 11 | ||||||||||||||||||||||||||||||||
Net periodic pension cost (credit) | $ | (3) | $ | (3) | $ | 4 | $ | 4 | $ | 1 | $ | 1 |
Qualified Plans | Non-qualified Plans | Total | ||||||||||||||||||||||
Three Months Ended September 30 | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Service cost | $ | 9 | $ | 6 | $ | 2 | $ | 1 | $ | 11 | $ | 7 | ||||||||||||
Interest cost | 17 | 19 | 1 | 1 | 18 | 20 | ||||||||||||||||||
Expected return on plan assets | (37 | ) | (34 | ) | 0 | 0 | (37 | ) | (34 | ) | ||||||||||||||
Amortization of actuarial loss | 9 | 10 | 2 | 2 | 11 | 12 | ||||||||||||||||||
Settlement charge | 0 | 0 | 0 | 2 | 0 | 2 | ||||||||||||||||||
Net periodic pension cost (credit) | $ | (2 | ) | $ | 1 | $ | 5 | $ | 6 | $ | 3 | $ | 7 |
Qualified Plans | Non-qualified Plans | Total | ||||||||||||||||||||||
Nine Months Ended September 30 | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Service cost | $ | 26 | $ | 21 | $ | 4 | $ | 3 | $ | 30 | $ | 24 | ||||||||||||
Interest cost | 49 | 57 | 3 | 4 | 52 | 61 | ||||||||||||||||||
Expected return on plan assets | (112 | ) | (103 | ) | 0 | 0 | (112 | ) | (103 | ) | ||||||||||||||
Amortization of actuarial loss | 29 | 27 | 5 | 4 | 34 | 31 | ||||||||||||||||||
Settlement charge | 0 | 0 | 0 | 2 | 0 | 2 | ||||||||||||||||||
Net periodic pension cost (credit) | $ | (8 | ) | $ | 2 | $ | 12 | $ | 13 | $ | 4 | $ | 15 |
September 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gain(1) | Loss(1) | Gain(1) | Loss(1) | Gain(1) | Loss(1) | Gain(1) | Loss(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in fair value hedging relationships: | Derivatives in fair value hedging relationships: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 3,100 | $ | 112 | $ | 0 | $ | 2,900 | $ | 67 | $ | 0 | Interest rate swaps | $ | 1,750 | $ | 59 | $ | 13 | $ | 2,100 | $ | 77 | $ | 0 | |||||||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps (2) | 16,000 | 1,294 | 0 | 17,250 | 338 | 83 | Interest rate swaps (2) | 18,000 | $ | 762 | $ | 2 | 16,000 | 1,181 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Interest rate floors (3)(4) | 5,750 | 468 | 0 | 6,750 | 208 | 0 | Interest rate floors (3)(4) | 3,750 | $ | 226 | $ | 0 | 5,750 | 430 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Total derivatives in cash flow hedging relationships | 21,750 | 1,762 | 0 | 24,000 | 546 | 83 | Total derivatives in cash flow hedging relationships | 21,750 | $ | 988 | $ | 2 | 21,750 | 1,611 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 24,850 | $ | 1,874 | $ | 0 | $ | 26,900 | $ | 613 | $ | 83 | Total derivatives designated as hedging instruments | $ | 23,500 | $ | 1,047 | $ | 15 | $ | 23,850 | $ | 1,688 | $ | 0 | |||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 76,144 | $ | 1,696 | $ | 1,648 | $ | 68,075 | $ | 659 | $ | 656 | Interest rate swaps | $ | 77,082 | $ | 1,057 | $ | 1,107 | $ | 76,764 | $ | 1,492 | $ | 1,464 | |||||||||||||||||||||||||||||||||
Interest rate options | 14,284 | 101 | 33 | 11,347 | 27 | 9 | Interest rate options | 15,776 | $ | 75 | $ | 25 | 13,806 | 90 | 28 | |||||||||||||||||||||||||||||||||||||||||||
Interest rate futures and forward commitments | 4,516 | 10 | 9 | 27,324 | 10 | 11 | Interest rate futures and forward commitments | 3,810 | $ | 38 | $ | 6 | 4,270 | 11 | 26 | |||||||||||||||||||||||||||||||||||||||||||
Other contracts | 10,340 | 97 | 111 | 10,276 | 48 | 58 | Other contracts | 9,181 | $ | 83 | $ | 80 | 9,924 | 68 | 80 | |||||||||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 105,284 | $ | 1,904 | $ | 1,801 | $ | 117,022 | $ | 744 | $ | 734 | Total derivatives not designated as hedging instruments | $ | 105,849 | $ | 1,253 | $ | 1,218 | $ | 104,764 | $ | 1,661 | $ | 1,598 | |||||||||||||||||||||||||||||||||
Total derivatives | $ | 130,134 | $ | 3,778 | $ | 1,801 | $ | 143,922 | $ | 1,357 | $ | 817 | Total derivatives | $ | 129,349 | $ | 2,300 | $ | 1,233 | $ | 128,614 | $ | 3,349 | $ | 1,598 | |||||||||||||||||||||||||||||||||
Total gross derivative instruments, before netting | $ | 3,778 | $ | 1,801 | $ | 1,357 | $ | 817 | Total gross derivative instruments, before netting | $ | 2,300 | $ | 1,233 | $ | 3,349 | $ | 1,598 | |||||||||||||||||||||||||||||||||||||||||
Less: Netting adjustments(5) | 2,744 | 1,746 | 1,022 | 770 | Less: Netting adjustments (5) | $ | 1,686 | $ | 1,148 | 2,428 | 1,545 | |||||||||||||||||||||||||||||||||||||||||||||||
Total gross derivative instruments, after netting (6) | $ | 1,034 | $ | 55 | $ | 335 | $ | 47 | Total gross derivative instruments, after netting (6) | $ | 614 | $ | 85 | $ | 921 | $ | 53 |
Nine Months Ended September 30 | |||||||
2020 | 2019 | ||||||
(In millions) | |||||||
Unrealized gains on terminated hedges included in AOCI - January 1 | $ | 78 | $ | 68 | |||
Unrealized gains on terminated hedges arising during the period | 56 | 23 | |||||
Reclassification adjustments for amortization of unrealized (gains) into net income | (7 | ) | (11 | ) | |||
Unrealized gains on terminated hedges included in AOCI - September 30 | $ | 127 | $ | 80 |
Three Months Ended March 31 | |||||||||||
2021 | 2020 | ||||||||||
(In millions) | |||||||||||
Unrealized gains on terminated hedges included in AOCI- January 1 | $ | 121 | $ | 78 | |||||||
Unrealized gains (losses) on terminated hedges arising during the period | 166 | (6) | |||||||||
Reclassification adjustments for amortization of unrealized (gains) into net income | (8) | (2) | |||||||||
Unrealized gains on terminated hedges included in AOCI-March 31 | $ | 279 | $ | 70 |
Three Months Ended September 30, 2020 | |||||||||||
Interest Income | Interest Expense | ||||||||||
Debt Securities | Loans, Including Fees | Long-term Borrowings | |||||||||
(In millions) | |||||||||||
Total amounts presented in the consolidated statements of income | $ | 140 | $ | 903 | $ | 39 | |||||
Gains/(losses) on fair value hedging relationships: | |||||||||||
Interest rate contracts: | |||||||||||
Amounts related to interest settlements on derivatives | $ | 0 | $ | 0 | $ | 12 | |||||
Recognized on derivatives | 0 | 0 | (12 | ) | |||||||
Recognized on hedged items | 0 | 0 | 12 | ||||||||
Net income recognized on fair value hedges | $ | 0 | $ | 0 | $ | 12 | |||||
Gains/(losses) on cash flow hedging relationships: (1) | |||||||||||
Interest rate contracts: | |||||||||||
Realized gains (losses) reclassified from AOCI into net income (2) | $ | 0 | $ | 94 | $ | 0 | |||||
Income (expense) recognized on cash flow hedges | $ | 0 | $ | 94 | $ | 0 |
Three Months Ended March 31, 2021 | |||||||||||||||||
Interest Income | Interest Expense | ||||||||||||||||
Loans, Including Fees | Long-term Borrowings | ||||||||||||||||
(In millions) | |||||||||||||||||
Total amounts presented in the consolidated statements of income | $ | 854 | $ | 27 | |||||||||||||
Gains/(losses) on fair value hedging relationships: | |||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Amounts related to interest settlements on derivatives | $ | 0 | $ | 7 | |||||||||||||
Recognized on derivatives | 0 | (22) | |||||||||||||||
Recognized on hedged items | 0 | 22 | |||||||||||||||
Net income recognized on fair value hedges | $ | 0 | $ | 7 | |||||||||||||
Gains/(losses) on cash flow hedging relationships: (1) | |||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Realized gains (losses) reclassified from AOCI into net income (2) | $ | 102 | $ | 0 | |||||||||||||
Income (expense) recognized on cash flow hedges | $ | 102 | $ | 0 |
Three Months Ended September 30, 2019 | |||||||||||
Interest Income | Interest Expense | ||||||||||
Debt Securities | Loans, Including Fees | Long-term Borrowings | |||||||||
(In millions) | |||||||||||
Total amounts presented in the consolidated statements of income | $ | 160 | $ | 970 | $ | 83 | |||||
Gains/(losses) on fair value hedging relationships: | |||||||||||
Interest rate contracts: | |||||||||||
Amounts related to interest settlements on derivatives | $ | 0 | $ | 0 | $ | (4 | ) | ||||
Recognized on derivatives | (1 | ) | 0 | 15 | |||||||
Recognized on hedged items | 1 | 0 | (15 | ) | |||||||
Net income recognized on fair value hedges | $ | 0 | $ | 0 | $ | (4 | ) | ||||
Gains/(losses) on cash flow hedging relationships: (1) | |||||||||||
Interest rate contracts: | |||||||||||
Realized gains (losses) reclassified from AOCI into net income (2) | $ | 0 | $ | (7 | ) | $ | 0 | ||||
Income (expense) recognized on cash flow hedges | $ | 0 | $ | (7 | ) | $ | 0 |
Nine Months Ended September 30, 2020 | |||||||||||
Interest Income | Interest Expense | ||||||||||
Debt Securities | Loans, Including Fees | Long-term Borrowings | |||||||||
(In millions) | |||||||||||
Total amounts presented in the consolidated statements of income | $ | 446 | $ | 2,704 | $ | 147 | |||||
Gains/(losses) on fair value hedging relationships: | |||||||||||
Interest rate contracts: | |||||||||||
Amounts related to interest settlements on derivatives | $ | 0 | $ | 0 | $ | 27 | |||||
Recognized on derivatives | 0 | 0 | 65 | ||||||||
Recognized on hedged items | 0 | 0 | (65 | ) | |||||||
Income (expense) recognized on fair value hedges | $ | 0 | $ | 0 | $ | 27 | |||||
Gains/(losses) on cash flow hedging relationships: (1) | |||||||||||
Interest rate contracts: | |||||||||||
Realized gains (losses) reclassified from AOCI into net income (2) | $ | 0 | $ | 163 | $ | 0 | |||||
Income (expense) recognized on cash flow hedges | $ | 0 | $ | 163 | $ | 0 |
Nine Months Ended September 30, 2019 | |||||||||||
Interest Income | Interest Expense | ||||||||||
Debt Securities | Loans, Including Fees | Long-term Borrowings | |||||||||
(In millions) | |||||||||||
Total amounts presented in the consolidated statements of income | $ | 488 | $ | 2,943 | $ | 281 | |||||
Gains/(losses) on fair value hedging relationships: | |||||||||||
Interest rate contracts: | |||||||||||
Amounts related to interest settlements on derivatives | $ | 0 | $ | 0 | $ | (15 | ) | ||||
Recognized on derivatives | (3 | ) | 0 | 105 | |||||||
Recognized on hedged items | 3 | 0 | (105 | ) | |||||||
Income (expense) recognized on fair value hedges | $ | 0 | $ | 0 | $ | (15 | ) | ||||
Gains/(losses) on cash flow hedging relationships: (1) | |||||||||||
Interest rate contracts: | |||||||||||
Realized gains (losses) reclassified from AOCI into net income (2) | $ | 0 | $ | (23 | ) | $ | 0 | ||||
Income (expense) recognized on cash flow hedges | $ | 0 | $ | (23 | ) | $ | 0 |
Three Months Ended March 31, 2020 | |||||||||||||||||
Interest Income | Interest Expense | ||||||||||||||||
Loans, Including Fees | Long-term Borrowings | ||||||||||||||||
(In millions) | |||||||||||||||||
Total amounts presented in the consolidated statements of income | $ | 903 | $ | 59 | |||||||||||||
Gains/(losses) on fair value hedging relationships: | |||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Amounts related to interest settlements on derivatives | $ | 0 | $ | 4 | |||||||||||||
Recognized on derivatives | 0 | 77 | |||||||||||||||
Recognized on hedged items | 0 | (76) | |||||||||||||||
Net income recognized on fair value hedges | $ | 0 | $ | 5 | |||||||||||||
Gains/(losses) on cash flow hedging relationships: (1) | |||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Realized gains (losses) reclassified from AOCI into net income (2) | $ | 9 | $ | 0 | |||||||||||||
Income (expense) recognized on cash flow hedges | $ | 9 | $ | 0 |
September 30, 2020 | December 31, 2019 | ||||||||||||||
Hedged Items Currently Designated | Hedged Items Currently Designated | ||||||||||||||
Carrying Amount of Assets/(Liabilities) | Hedge Accounting Basis Adjustment | Carrying Amount of Assets/(Liabilities) | Hedge Accounting Basis Adjustment | ||||||||||||
(In millions) | (In millions) | ||||||||||||||
Long-term borrowings | $ | (3,213 | ) | $ | (104 | ) | $ | (2,954 | ) | $ | (49 | ) |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Hedged Items Currently Designated | Hedged Items Currently Designated | ||||||||||||||||||||||
Carrying Amount of Assets/(Liabilities) | Hedge Accounting Basis Adjustment | Carrying Amount of Assets/(Liabilities) | Hedge Accounting Basis Adjustment | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Long-term borrowings | $ | (1,790) | $ | (42) | $ | (2,171) | $ | (64) |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
Derivatives Not Designated as Hedging Instruments | 2020 | 2019 | 2020 | 2019 | |||||||||||
(In millions) | |||||||||||||||
Capital markets income: | |||||||||||||||
Interest rate swaps | $ | 15 | $ | 2 | $ | 7 | $ | (1 | ) | ||||||
Interest rate options | (1 | ) | 10 | 31 | 17 | ||||||||||
Interest rate futures and forward commitments | 4 | 1 | 11 | 6 | |||||||||||
Other contracts | 2 | 0 | 2 | (1 | ) | ||||||||||
Total capital markets income | 20 | 13 | 51 | 21 | |||||||||||
Mortgage income: | |||||||||||||||
Interest rate swaps | (6 | ) | 44 | 98 | 98 | ||||||||||
Interest rate options | 12 | (2 | ) | 38 | 2 | ||||||||||
Interest rate futures and forward commitments | 11 | 8 | 12 | 7 | |||||||||||
Total mortgage income | 17 | 50 | 148 | 107 | |||||||||||
$ | 37 | $ | 63 | $ | 199 | $ | 128 |
Three Months Ended March 31 | |||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | 2021 | 2020 | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Capital markets income: | |||||||||||||||||||||||
Interest rate swaps | $ | 23 | $ | (37) | |||||||||||||||||||
Interest rate options | 15 | 16 | |||||||||||||||||||||
Interest rate futures and forward commitments | 9 | 5 | |||||||||||||||||||||
Other contracts | 5 | (10) | |||||||||||||||||||||
Total capital markets income | 52 | (26) | |||||||||||||||||||||
Mortgage income: | |||||||||||||||||||||||
Interest rate swaps | (67) | 98 | |||||||||||||||||||||
Interest rate options | (13) | 24 | |||||||||||||||||||||
Interest rate futures and forward commitments | 30 | (16) | |||||||||||||||||||||
Total mortgage income | (50) | 106 | |||||||||||||||||||||
$ | 2 | $ | 80 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3(1) | Total Estimated Fair Value | Level 1 | Level 2 | Level 3(1) | Total Estimated Fair Value | |||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Recurring fair value measurements | ||||||||||||||||||||||||||||||||
Debt securities available for sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 183 | $ | 0 | $ | 0 | $ | 183 | $ | 182 | $ | 0 | $ | 0 | $ | 182 | ||||||||||||||||
Federal agency securities | 0 | 106 | 0 | 106 | 0 | 43 | 0 | 43 | ||||||||||||||||||||||||
Mortgage-backed securities (MBS): | ||||||||||||||||||||||||||||||||
Residential agency | 0 | 19,120 | 0 | 19,120 | 0 | 15,516 | 0 | 15,516 | ||||||||||||||||||||||||
Residential non-agency | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 1 | ||||||||||||||||||||||||
Commercial agency | 0 | 5,723 | 0 | 5,723 | 0 | 4,766 | 0 | 4,766 | ||||||||||||||||||||||||
Commercial non-agency | 0 | 602 | 0 | 602 | 0 | 647 | 0 | 647 | ||||||||||||||||||||||||
Corporate and other debt securities | 0 | 1,268 | 4 | 1,272 | 0 | 1,450 | 1 | 1,451 | ||||||||||||||||||||||||
Total debt securities available for sale | $ | 183 | $ | 26,819 | $ | 5 | $ | 27,007 | $ | 182 | $ | 22,422 | $ | 2 | $ | 22,606 | ||||||||||||||||
Loans held for sale | $ | 0 | $ | 1,065 | $ | 19 | $ | 1,084 | $ | 0 | $ | 436 | $ | 3 | $ | 439 | ||||||||||||||||
Marketable equity securities | $ | 422 | $ | 0 | $ | 0 | $ | 422 | $ | 450 | $ | 0 | $ | 0 | $ | 450 | ||||||||||||||||
Residential mortgage servicing rights | $ | 0 | $ | 0 | $ | 267 | $ | 267 | $ | 0 | $ | 0 | $ | 345 | $ | 345 | ||||||||||||||||
Derivative assets(2): | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 0 | $ | 3,102 | $ | 0 | $ | 3,102 | $ | 0 | $ | 1,064 | $ | 0 | $ | 1,064 | ||||||||||||||||
Interest rate options | 0 | 522 | 47 | 569 | 0 | 227 | 8 | 235 | ||||||||||||||||||||||||
Interest rate futures and forward commitments | 0 | 10 | 0 | 10 | 0 | 4 | 6 | 10 | ||||||||||||||||||||||||
Other contracts | 4 | 91 | 2 | 97 | 0 | 47 | 1 | 48 | ||||||||||||||||||||||||
Total derivative assets | $ | 4 | $ | 3,725 | $ | 49 | $ | 3,778 | $ | 0 | $ | 1,342 | $ | 15 | $ | 1,357 | ||||||||||||||||
Equity investments | $ | 0 | $ | 68 | $ | 0 | $ | 68 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Derivative liabilities(2): | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 0 | $ | 1,648 | $ | 0 | $ | 1,648 | $ | 0 | $ | 739 | $ | 0 | $ | 739 | ||||||||||||||||
Interest rate options | 0 | 33 | 0 | 33 | 0 | 9 | 0 | 9 | ||||||||||||||||||||||||
Interest rate futures and forward commitments | 0 | 9 | 0 | 9 | 0 | 11 | 0 | 11 | ||||||||||||||||||||||||
Other contracts | 4 | 99 | 8 | 111 | 0 | 53 | 5 | 58 | ||||||||||||||||||||||||
Total derivative liabilities | $ | 4 | $ | 1,789 | $ | 8 | $ | 1,801 | $ | 0 | $ | 812 | $ | 5 | $ | 817 | ||||||||||||||||
Non-recurring fair value measurements | ||||||||||||||||||||||||||||||||
Loans held for sale | $ | 0 | $ | 0 | $ | 14 | $ | 14 | $ | 0 | $ | 0 | $ | 14 | $ | 14 | ||||||||||||||||
Equity investments without a readily determinable fair value | 0 | 0 | 2 | 2 | 0 | 0 | 32 | 32 | ||||||||||||||||||||||||
Foreclosed property and other real estate | 0 | 0 | 12 | 12 | 0 | 0 | 42 | 42 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3(1) | Total Estimated Fair Value | Level 1 | Level 2 | Level 3(1) | Total Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 232 | $ | 0 | $ | 0 | $ | 232 | $ | 183 | $ | 0 | $ | 0 | $ | 183 | |||||||||||||||||||||||||||||||||||||
Federal agency securities | 0 | 98 | 0 | 98 | 0 | 105 | 0 | 105 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities (MBS): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential agency | 0 | 18,846 | 0 | 18,846 | 0 | 19,076 | 0 | 19,076 | |||||||||||||||||||||||||||||||||||||||||||||
Residential non-agency | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial agency | 0 | 6,199 | 0 | 6,199 | 0 | 5,999 | 0 | 5,999 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial non-agency | 0 | 570 | 0 | 570 | 0 | 586 | 0 | 586 | |||||||||||||||||||||||||||||||||||||||||||||
Corporate and other debt securities | 0 | 1,142 | 4 | 1,146 | 0 | 1,200 | 4 | 1,204 | |||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available for sale | $ | 232 | $ | 26,855 | $ | 5 | $ | 27,092 | $ | 183 | $ | 26,966 | $ | 5 | $ | 27,154 | |||||||||||||||||||||||||||||||||||||
Loans held for sale | $ | 0 | $ | 1,169 | $ | 0 | $ | 1,169 | $ | 0 | $ | 1,446 | $ | 0 | $ | 1,446 | |||||||||||||||||||||||||||||||||||||
Marketable equity securities | $ | 443 | $ | 0 | $ | 0 | $ | 443 | $ | 388 | $ | 0 | $ | 0 | $ | 388 | |||||||||||||||||||||||||||||||||||||
Residential mortgage servicing rights | $ | 0 | $ | 0 | $ | 401 | $ | 401 | $ | 0 | $ | 0 | $ | 296 | $ | 296 | |||||||||||||||||||||||||||||||||||||
Derivative assets(2): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 0 | $ | 1,878 | $ | 0 | $ | 1,878 | $ | 0 | $ | 2,750 | $ | 0 | $ | 2,750 | |||||||||||||||||||||||||||||||||||||
Interest rate options | 0 | 270 | 31 | 301 | 0 | 477 | 43 | 520 | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate futures and forward commitments | 0 | 38 | 0 | 38 | 0 | 11 | 0 | 11 | |||||||||||||||||||||||||||||||||||||||||||||
Other contracts | 1 | 82 | 0 | 83 | 2 | 65 | 1 | 68 | |||||||||||||||||||||||||||||||||||||||||||||
Total derivative assets | $ | 1 | $ | 2,268 | $ | 31 | $ | 2,300 | $ | 2 | $ | 3,303 | $ | 44 | $ | 3,349 | |||||||||||||||||||||||||||||||||||||
Equity investments | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 74 | $ | 0 | $ | 74 | |||||||||||||||||||||||||||||||||||||
Derivative liabilities(2): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 0 | $ | 1,122 | $ | 0 | $ | 1,122 | $ | 0 | $ | 1,464 | $ | 0 | $ | 1,464 | |||||||||||||||||||||||||||||||||||||
Interest rate options | 0 | 25 | 0 | 25 | 0 | 28 | 0 | 28 | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate futures and forward commitments | 0 | 6 | 0 | 6 | 0 | 26 | 0 | 26 | |||||||||||||||||||||||||||||||||||||||||||||
Other contracts | 1 | 75 | 4 | 80 | 2 | 72 | 6 | 80 | |||||||||||||||||||||||||||||||||||||||||||||
Total derivative liabilities | $ | 1 | $ | 1,228 | $ | 4 | $ | 1,233 | $ | 2 | $ | 1,590 | $ | 6 | $ | 1,598 | |||||||||||||||||||||||||||||||||||||
Non-recurring fair value measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | $ | 0 | $ | 0 | $ | 8 | $ | 8 | $ | 0 | $ | 0 | $ | 4 | $ | 4 | |||||||||||||||||||||||||||||||||||||
Equity investments without a readily determinable fair value | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 12 | |||||||||||||||||||||||||||||||||||||||||||||
Foreclosed property and other real estate | 0 | 0 | 16 | 16 | 0 | 0 | 5 | 5 |
Residential mortgage servicing rights | Residential mortgage servicing rights | |||||||||||||||||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | Three Months Ended March 31 | ||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||
Carrying value, beginning of period | $ | 249 | $ | 337 | $ | 345 | $ | 418 | Carrying value, beginning of period | $ | 296 | $ | 345 | |||||||||||||||||||||||||
Total realized/unrealized gains (losses) included in earnings (1) | (14 | ) | (45 | ) | (145 | ) | (141 | ) | Total realized/unrealized gains (losses) included in earnings (1) | 73 | (102) | |||||||||||||||||||||||||||
Purchases | 32 | 15 | 67 | 30 | Purchases | 32 | 11 | |||||||||||||||||||||||||||||||
Carrying value, end of period | $ | 267 | $ | 307 | $ | 267 | $ | 307 | Carrying value, end of period | $ | 401 | $ | 254 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions) | |||||||||||||||
Loans held for sale | $ | (1 | ) | $ | (3 | ) | $ | (6 | ) | $ | (9 | ) | |||
Equity investments without a readily determinable fair value | 0 | 7 | (3 | ) | 1 | ||||||||||
Foreclosed property and other real estate | (3 | ) | (2 | ) | (13 | ) | (41 | ) |
Three Months Ended March 31 | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Loans held for sale | $ | (3) | $ | (3) | |||||||||||||||||||
Equity investments without a readily determinable fair value | 0 | (3) | |||||||||||||||||||||
Foreclosed property and other real estate | (7) | (9) |
Level 3 Estimated Fair Value at September 30, 2020 | Technique | Unobservable Input(s) | Quantitative Range of Unobservable Inputs and (Weighted-Average) | ||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||
Recurring fair value measurements: | |||||||||||||||||||||||||
Residential mortgage servicing rights(1) | $ | Discounted cash flow | Weighted-average CPR (%) | ||||||||||||||||||||||
OAS (%) |
December 31, | |||||||||||||||||||||||||
Level 3 Estimated Fair Value at December 31, | Technique | Unobservable Input(s) | Quantitative Range of Unobservable Inputs and (Weighted-Average) | ||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||
Recurring fair value measurements: | |||||||||||||||||||||||||
Residential mortgage servicing rights(1) | $ | Discounted cash flow | Weighted-average CPR (%) | ||||||||||||||||||||||
OAS (%) |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Aggregate Unpaid Principal | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Aggregate Unpaid Principal | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Mortgage loans held for sale, at fair value | $ | 1,084 | $ | 1,033 | $ | 51 | $ | 439 | $ | 425 | $ | 14 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Aggregate Unpaid Principal | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Aggregate Unpaid Principal | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Mortgage loans held for sale, at fair value | $ | 1,163 | $ | 1,136 | $ | 27 | $ | 1,439 | $ | 1,362 | $ | 77 | |||||||||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net gains (losses) resulting for the change in fair value of mortgage loans held for sale | $ | (50) | $ | 10 | |||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In millions) | |||||||||||||||
Net gains (losses) resulting for the change in fair value of mortgage loans held for sale | $ | 7 | $ | (1 | ) | $ | 37 | $ | 4 |
September 30, 2020 | March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Estimated Fair Value(1) | Level 1 | Level 2 | Level 3 | Carrying Amount | Estimated Fair Value(1) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 13,473 | $ | 13,473 | $ | 13,473 | $ | 0 | $ | 0 | Cash and cash equivalents | $ | 24,920 | $ | 24,920 | $ | 24,920 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Debt securities held to maturity | 1,190 | 1,289 | 0 | 1,289 | 0 | Debt securities held to maturity | 1,059 | 1,131 | 0 | 1,131 | 0 | |||||||||||||||||||||||||||||||||||||
Debt securities available for sale | 27,007 | 27,007 | 183 | 26,819 | 5 | Debt securities available for sale | 27,092 | 27,092 | 232 | 26,855 | 5 | |||||||||||||||||||||||||||||||||||||
Loans held for sale | 1,187 | 1,187 | 0 | 1,154 | 33 | Loans held for sale | 1,487 | 1,487 | 0 | 1,479 | 8 | |||||||||||||||||||||||||||||||||||||
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3) | 84,558 | 85,194 | 0 | 0 | 85,194 | Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3) | 81,335 | 82,156 | 0 | 0 | 82,156 | |||||||||||||||||||||||||||||||||||||
Other earning assets(4) | 1,053 | 1,053 | 422 | 631 | 0 | Other earning assets(4) | 1,074 | 1,074 | 443 | 631 | 0 | |||||||||||||||||||||||||||||||||||||
Derivative assets | 3,778 | 3,778 | 4 | 3,725 | 49 | Derivative assets | 2,300 | 2,300 | 1 | 2,268 | 31 | |||||||||||||||||||||||||||||||||||||
Equity investments | 68 | 68 | 0 | 68 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 1,801 | 1,801 | 4 | 1,789 | 8 | Derivative liabilities | 1,233 | 1,233 | 1 | 1,228 | 4 | |||||||||||||||||||||||||||||||||||||
Deposits | 118,445 | 118,486 | 0 | 118,486 | 0 | Deposits | 129,602 | 129,624 | 0 | 129,624 | 0 | |||||||||||||||||||||||||||||||||||||
Long-term borrowings | 4,919 | 6,785 | 0 | 5,723 | 1,062 | Long-term borrowings | 2,916 | 3,351 | 0 | 3,086 | 265 | |||||||||||||||||||||||||||||||||||||
Loan commitments and letters of credit | 176 | 656 | 0 | 0 | 656 | Loan commitments and letters of credit | 119 | 119 | 0 | 0 | 119 |
(1)Estimated fair values are consistent with an exit price concept. The assumptions used to estimate the fair values are intended to approximate those that a market participant would use in a hypothetical orderly transaction. In estimating fair value, the Company makes adjustments for estimated changes in interest rates, market liquidity and credit spreads in the periods they are deemed to have occurred. (2)The estimated fair value of portfolio loans assumes sale of the loans to a third-party financial investor. Accordingly, the value to the Company if the loans were held to maturity is not reflected in the fair value estimate. The fair value premium on the loan portfolio's net carrying amount at March 31, 2021 was $821 million or 1.0 percent. (3)Excluded from this table is the sales-type, direct financing, and leveraged lease carrying amount of $1.4 billion at March 31, 2021. (4)Excluded from this table is the operating lease carrying amount of $188 million at March 31, 2021. |
December 31, 2019 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Estimated Fair Value(1) | Level 1 | Level 2 | Level 3 | Carrying Amount | Estimated Fair Value(1) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,114 | $ | 4,114 | $ | 4,114 | $ | 0 | $ | 0 | Cash and cash equivalents | $ | 17,956 | $ | 17,956 | $ | 17,956 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Debt securities held to maturity | 1,332 | 1,372 | 0 | 1,372 | 0 | Debt securities held to maturity | 1,122 | 1,215 | 0 | 1,215 | 0 | |||||||||||||||||||||||||||||||||||||
Debt securities available for sale | 22,606 | 22,606 | 182 | 22,422 | 2 | Debt securities available for sale | 27,154 | 27,154 | 183 | 26,966 | 5 | |||||||||||||||||||||||||||||||||||||
Loans held for sale | 637 | 637 | 0 | 620 | 17 | Loans held for sale | 1,905 | 1,905 | 0 | 1,901 | 4 | |||||||||||||||||||||||||||||||||||||
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3) | 80,841 | 80,799 | 0 | 0 | 80,799 | Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3) | 81,597 | 82,773 | 0 | 0 | 82,773 | |||||||||||||||||||||||||||||||||||||
Other earning assets(4) | 1,221 | 1,221 | 450 | 771 | 0 | Other earning assets(4) | 1,017 | 1,017 | 388 | 629 | 0 | |||||||||||||||||||||||||||||||||||||
Derivative assets | 1,357 | 1,357 | 0 | 1,342 | 15 | Derivative assets | 3,349 | 3,349 | 2 | 3,303 | 44 | |||||||||||||||||||||||||||||||||||||
Equity investments | Equity investments | 74 | 74 | 0 | 74 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 817 | 817 | 0 | 812 | 5 | Derivative liabilities | 1,598 | 1,598 | 2 | 1,590 | 6 | |||||||||||||||||||||||||||||||||||||
Deposits | 97,475 | 97,516 | 0 | 97,516 | 0 | Deposits | 122,479 | 122,511 | 0 | 122,511 | 0 | |||||||||||||||||||||||||||||||||||||
Short-term borrowings | 2,050 | 2,050 | 0 | 2,050 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 7,879 | 8,275 | 0 | 7,442 | 833 | Long-term borrowings | 3,569 | 4,063 | 0 | 3,592 | 471 | |||||||||||||||||||||||||||||||||||||
Loan commitments and letters of credit | 67 | 471 | 0 | 0 | 471 | Loan commitments and letters of credit | 151 | 151 | 0 | 0 | 151 |
Three Months Ended September 30, 2020 | |||||||||||||||||||
Corporate Bank | Consumer Bank | Wealth Management | Other | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Net interest income (loss) | $ | 476 | $ | 581 | $ | 38 | $ | (107 | ) | $ | 988 | ||||||||
Provision (credit) for credit losses (1) | 86 | 76 | 4 | (53 | ) | 113 | |||||||||||||
Non-interest income | 160 | 343 | 88 | 64 | 655 | ||||||||||||||
Non-interest expense | 252 | 523 | 87 | 34 | 896 | ||||||||||||||
Income (loss) before income taxes | 298 | 325 | 35 | (24 | ) | 634 | |||||||||||||
Income tax expense (benefit) | 75 | 81 | 9 | (61 | ) | 104 | |||||||||||||
Net income (loss) | $ | 223 | $ | 244 | $ | 26 | $ | 37 | $ | 530 | |||||||||
Average assets | $ | 63,483 | $ | 34,554 | $ | 2,014 | $ | 42,794 | $ | 142,845 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Corporate Bank | Consumer Bank | Wealth Management | Other | Consolidated | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 435 | $ | 497 | $ | 35 | $ | 0 | $ | 967 | |||||||||||||||||||||||||||||||
Provision for (benefit from) credit losses | 79 | 73 | 3 | (297) | (142) | ||||||||||||||||||||||||||||||||||||
Non-interest income | 193 | 331 | 92 | 25 | 641 | ||||||||||||||||||||||||||||||||||||
Non-interest expense | 267 | 529 | 94 | 38 | 928 | ||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 282 | 226 | 30 | 284 | 822 | ||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 70 | 57 | 7 | 46 | 180 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 212 | $ | 169 | $ | 23 | $ | 238 | $ | 642 | |||||||||||||||||||||||||||||||
Average assets | $ | 59,492 | $ | 34,053 | $ | 2,047 | $ | 50,962 | $ | 146,554 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Corporate Bank | Consumer Bank | Wealth Management | Other | Consolidated | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 352 | $ | 538 | $ | 38 | $ | 0 | $ | 928 | |||||||||||||||||||||||||||||||
Provision for credit losses | 53 | 88 | 4 | 228 | 373 | ||||||||||||||||||||||||||||||||||||
Non-interest income (loss) | 104 | 315 | 87 | (21) | 485 | ||||||||||||||||||||||||||||||||||||
Non-interest expense | 235 | 499 | 87 | 15 | 836 | ||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 168 | 266 | 34 | (264) | 204 | ||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 42 | 67 | 9 | (76) | 42 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 126 | $ | 199 | $ | 25 | $ | (188) | $ | 162 | |||||||||||||||||||||||||||||||
Average assets | $ | 55,085 | $ | 34,600 | $ | 2,060 | $ | 33,026 | $ | 124,771 |
Three Months Ended September 30, 2019 | |||||||||||||||||||
Corporate Bank | Consumer Bank | Wealth Management | Other | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Net interest income (loss) | $ | 361 | $ | 588 | $ | 45 | $ | (57 | ) | $ | 937 | ||||||||
Provision (credit) for credit losses (1) | 53 | 85 | 4 | (34 | ) | 108 | |||||||||||||
Non-interest income | 126 | 325 | 85 | 22 | 558 | ||||||||||||||
Non-interest expense | 226 | 531 | 86 | 28 | 871 | ||||||||||||||
Income (loss) before income taxes | 208 | 297 | 40 | (29 | ) | 516 | |||||||||||||
Income tax expense (benefit) | 52 | 74 | 10 | (29 | ) | 107 | |||||||||||||
Net income (loss) | $ | 156 | $ | 223 | $ | 30 | $ | 0 | $ | 409 | |||||||||
Average assets | $ | 53,798 | $ | 34,931 | $ | 2,191 | $ | 33,743 | $ | 124,663 |
Nine Months Ended September 30, 2020 | |||||||||||||||||||
Corporate Bank | Consumer Bank | Wealth Management | Other | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Net interest income (loss) | $ | 1,282 | $ | 1,680 | $ | 113 | $ | (187 | ) | $ | 2,888 | ||||||||
Provision (credit) for credit losses (1) | 216 | 244 | 11 | 897 | 1,368 | ||||||||||||||
Non-interest income | 444 | 945 | 254 | 70 | 1,713 | ||||||||||||||
Non-interest expense | 755 | 1,541 | 260 | 100 | 2,656 | ||||||||||||||
Income (loss) before income taxes | 755 | 840 | 96 | (1,114 | ) | 577 | |||||||||||||
Income tax expense (benefit) | 189 | 210 | 24 | (324 | ) | 99 | |||||||||||||
Net income (loss) | $ | 566 | $ | 630 | $ | 72 | $ | (790 | ) | $ | 478 | ||||||||
Average assets | $ | 61,394 | $ | 34,515 | $ | 2,028 | $ | 37,901 | $ | 135,838 |
Nine Months Ended September 30, 2019 | |||||||||||||||||||
Corporate Bank | Consumer Bank | Wealth Management | Other | Consolidated | |||||||||||||||
(In millions) | |||||||||||||||||||
Net interest income (loss) | $ | 1,083 | $ | 1,753 | $ | 136 | $ | (145 | ) | $ | 2,827 | ||||||||
Provision (credit) for credit losses (1) | 150 | 252 | 12 | (123 | ) | 291 | |||||||||||||
Non-interest income | 391 | 899 | 245 | 19 | 1,554 | ||||||||||||||
Non-interest expense | 694 | 1,576 | 254 | 68 | 2,592 | ||||||||||||||
Income (loss) before income taxes | 630 | 824 | 115 | (71 | ) | 1,498 | |||||||||||||
Income tax expense (benefit) | 157 | 206 | 29 | (87 | ) | 305 | |||||||||||||
Net income (loss) | $ | 473 | $ | 618 | $ | 86 | $ | 16 | $ | 1,193 | |||||||||
Average assets | $ | 53,975 | $ | 35,137 | $ | 2,191 | $ | 34,134 | $ | 125,437 |
September 30, 2020 | December 31, 2019 | ||||||
(In millions) | |||||||
Unused commitments to extend credit | $ | 56,883 | $ | 52,976 | |||
Standby letters of credit | 1,599 | 1,521 | |||||
Commercial letters of credit | 41 | 59 | |||||
Liabilities associated with standby letters of credit | 26 | 22 | |||||
Assets associated with standby letters of credit | 27 | 23 | |||||
Reserve for unfunded credit commitments | 149 | 45 |
March 31, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Unused commitments to extend credit | $ | 59,377 | $ | 56,644 | |||||||
Standby letters of credit | 1,660 | 1,742 | |||||||||
Commercial letters of credit | 72 | 132 | |||||||||
Liabilities associated with standby letters of credit | 27 | 25 | |||||||||
Assets associated with standby letters of credit | 27 | 25 | |||||||||
Reserve for unfunded credit commitments | 92 | 126 |
Standard | Description | Required Date of Adoption | Effect on Regions' financial statements or other significant matters | ||||||||
Standards Adopted (or partially adopted) in | |||||||||||
While the CECL model does not apply to available for sale debt securities, the ASU does require entities to record an allowance when recognizing credit losses for available for sale securities, rather than reduce the amortized cost of the securities by direct write-offs. The ASU should be adopted on a modified retrospective basis. | |||||||||||
ASU 2019-12 Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes | The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. | January 1, 2021 | |||||||||
ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) | The amendments clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. | January 1, 2021 | |||||||||
ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs | The amendments in this Update were issued to clarify that entities should reevaluate at each reporting period whether callable debt securities are within the | January 1, 2021 | The adoption of this guidance did not have a material impact. | ||||||||
ASU 2020-10, Codification Improvements | This Update was issued to make minor technical corrections and improvements to the Codification as part of an ongoing FASB project to clarify guidance and correct inconsistent application of unclear guidance. The ASU codifies in Section 50 (Disclosure) of various Codification Topics the disclosure guidance that includes an option to provide certain information either on the face of the financial statements or in notes to the financial statements that was previously codified only in Section 45 (Other Presentation Matters). It also amends various Codification Topics to clarify guidance that may have been unclear when originally codified and that has resulted in inconsistent application. | January 1, 2021 | The adoption of this guidance did not have a material impact. | ||||||||
ASU 2021-01 Reference Rate Reform (Topic 848) | The Update was issued to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to contracts that are affected by the discounting transition. Specifically, certain provisions in Topic 848, if elected by an entity, would apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this ASU to the expedients and exceptions in Topic 848 are included to capture the incremental consequences of the scope refinement and to tailor the existing guidance to derivative instruments affected by the discounting transition. | The Update is effective upon issuance and can be applied through December 31, 2022 | The adoption of this guidance did not have a material impact. |
Standard | Description | Required Date of Adoption | Effect on Regions' financial statements or other significant matters | ||||||||
Standards Not Yet Adopted | |||||||||||
ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40) | This Update simplifies accounting for convertible instruments by removing certain separation models. Additionally, it revises and clarifies guidance on the derivatives scope exception to make the exception easier to apply. | January 1, 2022 | Regions is evaluating the impact upon adoption; however, the impact is not expected to be material. |
2021 Expectations | ||||||||
Category | Expectation | |||||||
Total Adjusted Revenue(1) | Down modestly (depending on timing and amount of PPP forgiveness) | |||||||
Adjusted Non-Interest Expense | Stable | |||||||
Adjusted Average Loans | Down low single digits | |||||||
Adjusted Ending Loans | Up low single digits | |||||||
Net charge-offs/ average loans | 40 - 50 basis points | |||||||
Effective tax rate | Approximately 22% |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
U.S. Treasury securities | $ | 232 | $ | 183 | ||||||||||||||||
Federal agency securities | 98 | 105 | ||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
Residential agency | 19,330 | 19,611 | ||||||||||||||||||
Residential non-agency | 1 | 1 | ||||||||||||||||||
Commercial agency | 6,774 | 6,586 | ||||||||||||||||||
Commercial non-agency | 570 | 586 | ||||||||||||||||||
Corporate and other debt securities | 1,146 | 1,204 | ||||||||||||||||||
$ | 28,151 | $ | 28,276 |
September 30, 2020 | December 31, 2019 | ||||||
(In millions) | |||||||
U.S. Treasury securities | $ | 183 | $ | 182 | |||
Federal agency securities | 106 | 43 | |||||
Mortgage-backed securities: | |||||||
Residential agency | 19,708 | 16,226 | |||||
Residential non-agency | 1 | 1 | |||||
Commercial agency | 6,325 | 5,388 | |||||
Commercial non-agency | 602 | 647 | |||||
Corporate and other debt securities | 1,272 | 1,451 | |||||
$ | 28,197 | $ | 23,938 |
September 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||
(In millions, net of unearned income) | (In millions, net of unearned income) | |||||||||||||||||
Commercial and industrial | $ | 45,199 | $ | 39,971 | Commercial and industrial | $ | 43,241 | $ | 42,870 | |||||||||
Commercial real estate mortgage—owner-occupied (1) | 5,451 | 5,537 | Commercial real estate mortgage—owner-occupied (1) | 5,335 | 5,405 | |||||||||||||
Commercial real estate construction—owner-occupied (1) | 305 | 331 | Commercial real estate construction—owner-occupied (1) | 293 | 300 | |||||||||||||
Total commercial | 50,955 | 45,839 | Total commercial | 48,869 | 48,575 | |||||||||||||
Commercial investor real estate mortgage | 5,598 | 4,936 | Commercial investor real estate mortgage | 5,405 | 5,394 | |||||||||||||
Commercial investor real estate construction | 1,984 | 1,621 | Commercial investor real estate construction | 1,817 | 1,869 | |||||||||||||
Total investor real estate | 7,582 | 6,557 | Total investor real estate | 7,222 | 7,263 | |||||||||||||
Residential first mortgage | 16,195 | 14,485 | Residential first mortgage | 16,643 | 16,575 | |||||||||||||
Home equity lines | 4,753 | 5,300 | Home equity lines | 4,286 | 4,539 | |||||||||||||
Home equity loans | 2,839 | 3,084 | Home equity loans | 2,631 | 2,713 | |||||||||||||
Indirect—vehicles | 1,120 | 1,812 | Indirect—vehicles | 768 | 934 | |||||||||||||
Indirect—other consumer | 2,663 | 3,249 | Indirect—other consumer | 2,262 | 2,431 | |||||||||||||
Consumer credit card | 1,189 | 1,387 | Consumer credit card | 1,111 | 1,213 | |||||||||||||
Other consumer | 1,063 | 1,250 | Other consumer | 963 | 1,023 | |||||||||||||
Total consumer | 29,822 | 30,567 | Total consumer | 28,664 | 29,428 | |||||||||||||
$ | 88,359 | $ | 82,963 | $ | 84,755 | $ | 85,266 |
March 31, 2021 | |||||||||||||||||
Loans | Unfunded Commitments | Total Exposure | |||||||||||||||
(In millions) | |||||||||||||||||
Administrative, support, waste and repair | $ | 1,622 | $ | 989 | $ | 2,611 | |||||||||||
Agriculture | 419 | 257 | 676 | ||||||||||||||
Educational services | 2,985 | 895 | 3,880 | ||||||||||||||
Energy | 1,600 | 2,312 | 3,912 | ||||||||||||||
Financial services | 4,143 | 5,254 | 9,397 | ||||||||||||||
Government and public sector | 2,851 | 603 | 3,454 | ||||||||||||||
Healthcare | 4,016 | 2,512 | 6,528 | ||||||||||||||
Information | 1,865 | 1,148 | 3,013 | ||||||||||||||
Manufacturing | 4,598 | 4,262 | 8,860 | ||||||||||||||
Professional, scientific and technical services | 2,631 | 1,575 | 4,206 | ||||||||||||||
Real estate (1) | 7,184 | 7,940 | 15,124 | ||||||||||||||
Religious, leisure, personal and non-profit services | 2,046 | 739 | 2,785 | ||||||||||||||
Restaurant, accommodation and lodging | 2,246 | 407 | 2,653 | ||||||||||||||
Retail trade | 2,647 | 2,096 | 4,743 | ||||||||||||||
Transportation and warehousing | 2,734 | 1,523 | 4,257 | ||||||||||||||
Utilities | 2,024 | 2,654 | 4,678 | ||||||||||||||
Wholesale goods | 3,305 | 3,197 | 6,502 | ||||||||||||||
Other (2) | (47) | 2,767 | 2,720 | ||||||||||||||
Total commercial | $ | 48,869 | $ | 41,130 | $ | 89,999 |
September 30, 2020 | |||||||||||
Loans | Unfunded Commitments | Total Exposure | |||||||||
(In millions) | |||||||||||
Administrative, support, waste and repair | $ | 1,739 | $ | 997 | $ | 2,736 | |||||
Agriculture | 486 | 246 | 732 | ||||||||
Educational services | 3,052 | 920 | 3,972 | ||||||||
Energy | 1,878 | 2,210 | 4,088 | ||||||||
Financial services | 4,123 | 4,946 | 9,069 | ||||||||
Government and public sector | 2,954 | 634 | 3,588 | ||||||||
Healthcare | 4,582 | 2,448 | 7,030 | ||||||||
Information | 1,794 | 904 | 2,698 | ||||||||
Manufacturing | 4,773 | 4,176 | 8,949 | ||||||||
Professional, scientific and technical services | 2,599 | 1,577 | 4,176 | ||||||||
Real estate (1) | 7,605 | 7,393 | 14,998 | ||||||||
Religious, leisure, personal and non-profit services | 2,219 | 747 | 2,966 | ||||||||
Restaurant, accommodation and lodging | 2,426 | 365 | 2,791 | ||||||||
Retail trade | 2,977 | 2,039 | 5,016 | ||||||||
Transportation and warehousing | 2,711 | 1,283 | 3,994 | ||||||||
Utilities | 1,922 | 2,779 | 4,701 | ||||||||
Wholesale goods | 3,168 | 3,113 | 6,281 | ||||||||
Other (2) | (53 | ) | 2,019 | 1,966 | |||||||
Total commercial | $ | 50,955 | $ | 38,796 | $ | 89,751 |
December 31, 2019 (3) | December 31, 2020 (3) | |||||||||||||||||||||||||||
Loans | Unfunded Commitments | Total Exposure | Loans | Unfunded Commitments | Total Exposure | |||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||
Administrative, support, waste and repair | $ | 1,402 | $ | 888 | $ | 2,290 | Administrative, support, waste and repair | $ | 1,605 | $ | 1,017 | $ | 2,622 | |||||||||||||||
Agriculture | 456 | 225 | 681 | Agriculture | 424 | 332 | 756 | |||||||||||||||||||||
Educational services | 2,724 | 676 | 3,400 | Educational services | 3,055 | 852 | 3,907 | |||||||||||||||||||||
Energy | 2,172 | 2,528 | 4,700 | Energy | 1,676 | 2,337 | 4,013 | |||||||||||||||||||||
Financial services | 4,588 | 4,257 | 8,845 | Financial services | 4,416 | 4,905 | 9,321 | |||||||||||||||||||||
Government and public sector | 2,825 | 522 | 3,347 | Government and public sector | 2,907 | 621 | 3,528 | |||||||||||||||||||||
Healthcare | 3,646 | 1,802 | 5,448 | Healthcare | 4,141 | 2,468 | 6,609 | |||||||||||||||||||||
Information | 1,394 | 847 | 2,241 | Information | 1,699 | 1,096 | 2,795 | |||||||||||||||||||||
Manufacturing | 4,347 | 3,912 | 8,259 | Manufacturing | 4,555 | 4,216 | 8,771 | |||||||||||||||||||||
Professional, scientific and technical services | 1,970 | 1,299 | 3,269 | Professional, scientific and technical services | 2,467 | 1,594 | 4,061 | |||||||||||||||||||||
Real estate (1) | 7,067 | 7,224 | 14,291 | Real estate (1) | 7,285 | 7,456 | 14,741 | |||||||||||||||||||||
Religious, leisure, personal and non-profit services | 1,748 | 769 | 2,517 | Religious, leisure, personal and non-profit services | 1,966 | 810 | 2,776 | |||||||||||||||||||||
Restaurant, accommodation and lodging | 1,780 | 420 | 2,200 | Restaurant, accommodation and lodging | 2,196 | 341 | 2,537 | |||||||||||||||||||||
Retail trade | 2,439 | 2,039 | 4,478 | Retail trade | 2,578 | 2,178 | 4,756 | |||||||||||||||||||||
Transportation and warehousing | 1,885 | 1,250 | 3,135 | Transportation and warehousing | 2,731 | 1,415 | 4,146 | |||||||||||||||||||||
Utilities | 1,774 | 2,437 | 4,211 | Utilities | 1,829 | 2,758 | 4,587 | |||||||||||||||||||||
Wholesale goods | 3,335 | 2,637 | 5,972 | Wholesale goods | 3,050 | 3,303 | 6,353 | |||||||||||||||||||||
Other (2) | 287 | 2,095 | 2,382 | Other (2) | (5) | 1,774 | 1,769 | |||||||||||||||||||||
Total commercial | $ | 45,839 | $ | 35,827 | $ | 81,666 | Total commercial | $ | 48,575 | $ | 39,473 | $ | 88,048 |
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Balance Outstanding | % of Total Loans | Utilization % | Leveraged % of Balance | SNC % of Balance | % Criticized(2) | ||||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Energy - E&P, oilfield services | $ | 1,053 | 1.2 | % | 59 | % | — | % | 80 | % | 32 | % | |||||||||||||||||||||||||||||
Healthcare - offices of other health practitioners | 181 | 0.2 | % | 60 | % | 5 | % | 25 | % | 4 | % | ||||||||||||||||||||||||||||||
Consumer services & travel - amusement, arts and recreation, personal care services, charter bus industry | 655 | 0.8 | % | 77 | % | 18 | % | 17 | % | 8 | % | ||||||||||||||||||||||||||||||
Retail (non-essential) - clothing | 86 | 0.1 | % | 34 | % | 11 | % | 36 | % | 24 | % | ||||||||||||||||||||||||||||||
Restaurants - full services | 651 | 0.8 | % | 75 | % | 45 | % | 34 | % | 55 | % | ||||||||||||||||||||||||||||||
Total commercial | 2,626 | 3.1 | % | 65 | % | 16 | % | 48 | % | 30 | % | ||||||||||||||||||||||||||||||
REITs and IRE | |||||||||||||||||||||||||||||||||||||||||
Hotels - full service, limited service, extended stay | 277 | 0.3 | % | 94 | % | — | % | — | % | 94 | % | ||||||||||||||||||||||||||||||
Total REITs and IRE | 277 | 0.3 | % | 94 | % | — | % | — | % | 94 | % | ||||||||||||||||||||||||||||||
Total COVID-19 high-risk industries | $ | 2,910 | |||||||||||||||||||||||||||||||||||||||
Other specifically identified at-risk assets (1) | $ | 451 | |||||||||||||||||||||||||||||||||||||||
Total COVID-19 high-risk and other | $ | 3,361 |
September 30, 2020 | |||||||||||||||||||||
Balance Outstanding | % of Total Loans | Utilization % | Leveraged % of Balance | SNC % of Balance | % Deferral | % Criticized | |||||||||||||||
($ in millions) | |||||||||||||||||||||
Commercial | |||||||||||||||||||||
Energy - E&P, oilfield services | $ | 1,147 | 1.3 | % | 60 | % | — | % | 79 | % | 3 | % | 43 | % | |||||||
Healthcare - offices of physicians and other health practitioners | 1,114 | 1.3 | % | 74 | % | 5 | % | 5 | % | 2 | % | 4 | % | ||||||||
Other consumer services - religious organizations, amusement, charter bus industry, arts and recreation | 970 | 1.1 | % | 73 | % | 25 | % | 32 | % | 5 | % | 17 | % | ||||||||
Restaurants - full service | 730 | 0.8 | % | 84 | % | 24 | % | 37 | % | 4 | % | 40 | % | ||||||||
Total commercial | 3,961 | 4.5 | % | 70 | % | 12 | % | 39 | % | 4 | % | 25 | % | ||||||||
REITs and IRE | |||||||||||||||||||||
Unsecured Hotels - full service, limited service, extended stay | 676 | 0.8 | % | 78 | % | — | % | 96 | % | — | % | — | % | ||||||||
IRE Hotels - full service, limited service, extended stay | 288 | 0.3 | % | 87 | % | — | % | — | % | 16 | % | 95 | % | ||||||||
Unsecured Retail - inclusive of malls and outlet centers, excludes grocery anchored REITs | 917 | 1.0 | % | 44 | % | — | % | 100 | % | — | % | 10 | % | ||||||||
IRE Retail (non-essential) - inclusive of malls and outlet centers | 733 | 0.8 | % | 94 | % | — | % | 28 | % | 1 | % | 25 | % | ||||||||
Total REITs and IRE | 2,614 | 3.0 | % | 64 | % | — | % | 68 | % | 2 | % | 21 | % | ||||||||
Total COVID-19 high-risk industries | $ | 6,575 |
September 30, 2020 | ||||||||||||||||
Balance Outstanding | % Outstanding | Utilization Rate | Criticized Balances | % Criticized | ||||||||||||
(In millions) | ||||||||||||||||
Oilfield services and supply | $ | 312 | 17 | % | 64 | % | $ | 114 | 37 | % | ||||||
E&P | 835 | 44 | % | 59 | % | 381 | 46 | % | ||||||||
Midstream | 592 | 32 | % | 38 | % | 135 | 23 | % | ||||||||
Downstream | 46 | 2 | % | 15 | % | — | — | % | ||||||||
Other | 79 | 4 | % | 27 | % | 33 | 42 | % | ||||||||
PPP | 14 | 1 | % | 100 | % | — | — | % | ||||||||
Total energy | $ | 1,878 | 100 | % | 46 | % | $ | 663 | 35 | % |
September 30, 2020 | ||||||||||||||||
Balance Outstanding | % Outstanding | Utilization Rate | Criticized Balances | % Criticized | ||||||||||||
(In millions) | ||||||||||||||||
Quick service | $ | 1,278 | 57 | % | 82 | % | $ | 166 | 13 | % | ||||||
Casual dining | 447 | 20 | % | 89 | % | 244 | 55 | % | ||||||||
Other | 121 | 5 | % | 81 | % | 44 | 36 | % | ||||||||
PPP | 407 | 18 | % | 100 | % | — | — | % | ||||||||
Total restaurant | $ | 2,253 | 100 | % | 86 | % | $ | 454 | 20 | % |
September 30, 2020 | ||||||||||||||||
Balance Outstanding | % Outstanding | Utilization Rate | Criticized Balances | % Criticized | ||||||||||||
(In millions) | ||||||||||||||||
Commercial: | ||||||||||||||||
REITs | $ | 676 | 59 | % | 78 | % | $ | — | — | % | ||||||
Consumer services | 136 | 12 | % | 95 | % | 7 | 5 | % | ||||||||
PPP | 37 | 4 | % | 100 | % | — | — | % | ||||||||
Total commercial | 849 | 75 | % | 7 | — | % | ||||||||||
IRE: | ||||||||||||||||
IRE - mortgage | 237 | 21 | % | 94 | % | 222 | 94 | % | ||||||||
IRE - construction | 51 | 4 | % | 64 | % | 51 | 100 | % | ||||||||
Total IRE | 288 | 25 | % | 273 | 95 | % | ||||||||||
Total hotel-related | $ | 1,137 | 100 | % | 83 | % | $ | 280 | 25 | % |
September 30, 2020 | ||||||||||||||||
Balance Outstanding | % Outstanding | Utilization Rate | Criticized balances | Criticized percentage | ||||||||||||
(In millions) | ||||||||||||||||
Commercial: | ||||||||||||||||
REITs | $ | 1,406 | 27 | % | 47 | % | $ | 92 | 7 | % | ||||||
Commercial and industrial - leveraged | 225 | 4 | % | 58 | % | — | — | % | ||||||||
Commercial and industrial - not leveraged | 1,236 | 24 | % | 52 | % | 42 | 3 | % | ||||||||
Asset-based lending | 444 | 9 | % | 39 | % | 202 | 45 | % | ||||||||
PPP | 337 | 8 | % | 100 | % | — | — | % | ||||||||
CRE - owner-occupied | 735 | 14 | % | 95 | % | 26 | 4 | % | ||||||||
Total commercial | 4,383 | 86 | % | 362 | 8 | % | ||||||||||
IRE | 733 | 14 | % | 94 | % | 182 | 25 | % | ||||||||
Total commercial and IRE retail-related | $ | 5,116 | 100 | % | 58 | % | $ | 544 | 11 | % |
First Lien | % of Total | Second Lien | % of Total | Total | |||||||||||||||||||||||||||||||||||||||
First Lien | % of Total | Second Lien | % of Total | Total | (Dollars in millions) | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||
2020 | 58 | 1.21 | % | 46 | 0.97 | % | 104 | ||||||||||||||||||||||||||||||||||||
2021 | 84 | 1.77 | % | 73 | 1.54 | % | 157 | 2021 | 109 | 2.55 | % | 90 | 2.10 | % | 199 | ||||||||||||||||||||||||||||
2022 | 94 | 1.97 | % | 90 | 1.90 | % | 184 | 2022 | 81 | 1.89 | % | 80 | 1.86 | % | 161 | ||||||||||||||||||||||||||||
2023 | 125 | 2.63 | % | 99 | 2.09 | % | 224 | 2023 | 113 | 2.63 | % | 85 | 1.98 | % | 198 | ||||||||||||||||||||||||||||
2024 | 174 | 3.67 | % | 134 | 2.81 | % | 308 | 2024 | 156 | 3.63 | % | 115 | 2.69 | % | 271 | ||||||||||||||||||||||||||||
2025-2029 | 1,845 | 38.82 | % | 1,607 | 33.81 | % | 3,452 | ||||||||||||||||||||||||||||||||||||
2030-2034 | 197 | 4.14 | % | 116 | 2.45 | % | 313 | ||||||||||||||||||||||||||||||||||||
2025 | 2025 | 158 | 3.68 | % | 177 | 4.13 | % | 335 | |||||||||||||||||||||||||||||||||||
2026-2031 | 2026-2031 | 1,705 | 39.78 | % | 1,340 | 31.26 | % | 3,045 | |||||||||||||||||||||||||||||||||||
2031-2035 | 2031-2035 | 47 | 1.11 | % | 24 | 0.56 | % | 71 | |||||||||||||||||||||||||||||||||||
Thereafter | 6 | 0.13 | % | 5 | 0.09 | % | 11 | Thereafter | 2 | 0.06 | % | 4 | 0.09 | % | 6 | ||||||||||||||||||||||||||||
Total | 2,583 | 54.34 | % | 2,170 | 45.66 | % | 4,753 | Total | 2,371 | 55.33 | % | 1,915 | 44.67 | % | 4,286 |
March 31, 2021 | |||||||||||||||||||||||||||||
Residential First Mortgage | Home Equity Lines of Credit | Home Equity Loans | |||||||||||||||||||||||||||
1st Lien | 2nd Lien | 1st Lien | 2nd Lien | ||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Estimated current LTV: | |||||||||||||||||||||||||||||
Above 100% | $ | 12 | $ | 2 | $ | 1 | $ | 4 | $ | 2 | |||||||||||||||||||
Above 80% - 100% | 2,587 | 25 | 55 | 20 | 10 | ||||||||||||||||||||||||
80% and below | 13,784 | 2,312 | 1,783 | 2,393 | 192 | ||||||||||||||||||||||||
Data not available | 260 | 32 | 76 | 6 | 4 | ||||||||||||||||||||||||
$ | 16,643 | $ | 2,371 | $ | 1,915 | $ | 2,423 | $ | 208 |
September 30, 2020 | |||||||||||||||||||
Residential First Mortgage | Home Equity Lines of Credit | Home Equity Loans | |||||||||||||||||
1st Lien | 2nd Lien | 1st Lien | 2nd Lien | ||||||||||||||||
(In millions) | |||||||||||||||||||
Estimated current LTV: | |||||||||||||||||||
Above 100% | $ | 26 | $ | 4 | $ | 3 | $ | 8 | $ | 3 | |||||||||
80% - 100% | 2,622 | 52 | 125 | 43 | 13 | ||||||||||||||
Below 80% | 13,287 | 2,488 | 1,958 | 2,533 | 224 | ||||||||||||||
Data not available | 260 | 39 | 84 | 10 | 5 | ||||||||||||||
$ | 16,195 | $ | 2,583 | $ | 2,170 | $ | 2,594 | $ | 245 |
December 31, 2019 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential First Mortgage | Home Equity Lines of Credit | Home Equity Loans | Residential First Mortgage | Home Equity Lines of Credit | Home Equity Loans | |||||||||||||||||||||||||||||||||||||||||||
1st Lien | 2nd Lien | 1st Lien | 2nd Lien | 1st Lien | 2nd Lien | 1st Lien | 2nd Lien | |||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Estimated current LTV: | Estimated current LTV: | |||||||||||||||||||||||||||||||||||||||||||||||
Above 100% | $ | 32 | $ | 8 | $ | 18 | $ | 9 | $ | 5 | Above 100% | $ | 20 | $ | 4 | $ | 2 | $ | 5 | $ | 4 | |||||||||||||||||||||||||||
80% - 100% | 1,745 | 86 | 208 | 39 | 29 | |||||||||||||||||||||||||||||||||||||||||||
Below 80% | 12,438 | 2,659 | 2,195 | 2,731 | 252 | |||||||||||||||||||||||||||||||||||||||||||
Above 80% - 100% | Above 80% - 100% | 2,510 | 32 | 82 | 22 | 12 | ||||||||||||||||||||||||||||||||||||||||||
80% and below | 80% and below | 13,790 | 2,417 | 1,888 | 2,452 | 207 | ||||||||||||||||||||||||||||||||||||||||||
Data not available | 270 | 35 | 91 | 14 | 5 | Data not available | 255 | 32 | 82 | 7 | 4 | |||||||||||||||||||||||||||||||||||||
$ | 14,485 | $ | 2,788 | $ | 2,512 | $ | 2,793 | $ | 291 | $ | 16,575 | $ | 2,485 | $ | 2,054 | $ | 2,486 | $ | 227 |
Three Months Ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
(In millions) | |||||||||||
Allowance for credit losses, beginning balance (as adjusted for change in accounting guidance) (1) | $ | 2,293 | $ | 1,415 | |||||||
Net charge-offs | (83) | (123) | |||||||||
Provision over (less than) net charge-offs: | |||||||||||
Economic outlook and adjustments | (130) | 223 | |||||||||
Changes in portfolio credit quality | (14) | 42 | |||||||||
Changes in specific reserves | (17) | 36 | |||||||||
Other portfolio changes (2) | 19 | 72 | |||||||||
Total provision over (less than) net charge-offs | (225) | 250 | |||||||||
Allowance for credit losses, ending balance | $ | 2,068 | $ | 1,665 |
Three Months Ended | |||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||
(In millions) | |||||||||||
Allowance for credit losses, beginning balance (as adjusted for change in accounting guidance on January 1, 2020) (1) | $ | 2,425 | $ | 1,665 | $ | 1,415 | |||||
Initial allowance on acquired PCD loans | — | 60 | — | ||||||||
Net charge-offs | (113 | ) | (182 | ) | (123 | ) | |||||
Provision over net charge-offs: | |||||||||||
Economic outlook and adjustments | (22 | ) | 287 | 223 | |||||||
Changes in portfolio credit quality/uncertainty | 115 | 382 | 42 | ||||||||
Changes in specific reserves | 52 | (10 | ) | 36 | |||||||
Portfolio growth (run-off) (2) | (32 | ) | 147 | 72 | |||||||
Initial provision impact of non-PCD acquired loans(3) | — | 76 | — | ||||||||
Total provision over net charge-offs | — | 700 | 250 | ||||||||
Allowance for credit losses, ending balance | $ | 2,425 | $ | 2,425 | $ | 1,665 |
Nine Months Ended September 30, 2020 | |||
(In millions) | |||
Allowance for credit losses at January 1 (as adjusted for change in accounting guidance) (1) | $ | 1,415 | |
Initial allowance on acquired PCD loans | 60 | ||
Net charge-offs | (418 | ) | |
Provision over net charge-offs: | |||
Economic outlook and adjustments | 488 | ||
Changes in portfolio credit quality/uncertainty | 539 | ||
Changes in specific reserves | 78 | ||
Portfolio growth (run-off) (2) | 187 | ||
Initial provision impact of non-PCD acquired loans(3) | 76 | ||
Total provision over net charge-offs | 950 | ||
Allowance for credit losses at September 30 | $ | 2,425 |
Pre-R&S Period | Base R&S Forecast | ||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1Q2021 | 2Q2021 | 3Q2021 | 4Q2021 | 1Q2022 | 2Q2022 | 3Q2022 | 4Q2022 | 1Q2023 | |||||||||||||||||||||||||||||||||||||||||||||
Real GDP, annualized % change | 4.90 | % | 6.80 | % | 6.30 | % | 4.90 | % | 3.90 | % | 2.70 | % | 2.60 | % | 2.40 | % | 2.30 | % | |||||||||||||||||||||||||||||||||||
Unemployment rate | 6.20 | % | 5.80 | % | 5.50 | % | 5.20 | % | 4.80 | % | 4.70 | % | 4.50 | % | 4.30 | % | 4.10 | % | |||||||||||||||||||||||||||||||||||
HPI, year-over-year % change | 10.10 | % | 10.00 | % | 8.10 | % | 5.70 | % | 3.50 | % | 3.00 | % | 3.00 | % | 3.00 | % | 3.00 | % | |||||||||||||||||||||||||||||||||||
S&P 500 | 3,833 | 3,858 | 3,892 | 3,911 | 3,951 | 3,989 | 4,018 | 4,056 | 4,091 |
Pre-R&S Period | Base R&S Forecast | |||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||
3Q2020 | 4Q2020 | 1Q2021 | 2Q2021 | 3Q2021 | 4Q2021 | 1Q2022 | 2Q2022 | 3Q2022 | ||||||||||||||||||
Real GDP, annualized % change | 25.20 | % | 8.50 | % | 1.40 | % | 1.90 | % | 2.10 | % | 2.10 | % | 2.30 | % | 2.30 | % | 1.90 | % | ||||||||
Unemployment rate | 9.00 | % | 8.40 | % | 8.10 | % | 7.70 | % | 7.40 | % | 7.00 | % | 6.80 | % | 6.60 | % | 6.40 | % | ||||||||
HPI, year-over-year % change | 5.00 | % | 4.70 | % | 3.90 | % | 3.30 | % | 2.60 | % | 2.50 | % | 2.60 | % | 2.60 | % | 2.50 | % | ||||||||
S&P 500 | 3,345 | 3,395 | 3,407 | 3,421 | 3,436 | 3,453 | 3,467 | 3,483 | 3,497 |
Three Months Ended March 31 | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Allowance for loan losses at January 1 | $ | 2,167 | $ | 869 | |||||||||||||
Cumulative change in accounting guidance (1) | — | 438 | |||||||||||||||
Allowance for loan losses, January 1 (as adjusted for change in accounting guidance) (1) | 2,167 | 1,307 | |||||||||||||||
Loans charged-off: | |||||||||||||||||
Commercial and industrial | 45 | 68 | |||||||||||||||
Commercial real estate mortgage—owner-occupied | 1 | 3 | |||||||||||||||
Commercial real estate construction—owner-occupied | 1 | — | |||||||||||||||
Commercial investor real estate mortgage | 15 | — | |||||||||||||||
Residential first mortgage | 1 | 1 | |||||||||||||||
Home equity lines | 2 | 4 | |||||||||||||||
Home equity loans | — | 1 | |||||||||||||||
Indirect—vehicles | 2 | 6 | |||||||||||||||
Indirect—other consumer | 20 | 23 | |||||||||||||||
Consumer credit card | 12 | 16 | |||||||||||||||
Other consumer | 15 | 22 | |||||||||||||||
114 | 144 | ||||||||||||||||
Recoveries of loans previously charged-off: | |||||||||||||||||
Commercial and industrial | 16 | 5 | |||||||||||||||
Commercial real estate mortgage—owner-occupied | — | 2 | |||||||||||||||
Commercial real estate construction—owner-occupied | — | — | |||||||||||||||
Commercial investor real estate mortgage | — | 1 | |||||||||||||||
Residential first mortgage | 1 | 1 | |||||||||||||||
Home equity lines | 3 | 3 | |||||||||||||||
Home equity loans | — | 1 | |||||||||||||||
Indirect—vehicles | 1 | 2 | |||||||||||||||
Indirect—other consumer | 1 | — | |||||||||||||||
Consumer credit card | 3 | 2 | |||||||||||||||
Other consumer | 6 | 4 | |||||||||||||||
31 | 21 | ||||||||||||||||
Net charge-offs: | |||||||||||||||||
Commercial and industrial | 29 | 63 | |||||||||||||||
Commercial real estate mortgage—owner-occupied | 1 | 1 | |||||||||||||||
Commercial real estate construction—owner-occupied | 1 | — | |||||||||||||||
Commercial investor real estate mortgage | 15 | (1) | |||||||||||||||
Residential first mortgage | — | — | |||||||||||||||
Home equity lines | (1) | 1 | |||||||||||||||
Home equity loans | — | — | |||||||||||||||
Indirect—vehicles | 1 | 4 | |||||||||||||||
Indirect—other consumer | 19 | 23 | |||||||||||||||
Consumer credit card | 9 | 14 | |||||||||||||||
Other consumer | 9 | 18 | |||||||||||||||
83 | 123 | ||||||||||||||||
Provision for (benefit from) loan losses | (108) | 376 | |||||||||||||||
Allowance for loan losses at March 31 | 1,976 | 1,560 | |||||||||||||||
Reserve for unfunded credit commitments at beginning of year | 126 | 45 | |||||||||||||||
Cumulative change in accounting guidance (1) | — | 63 | |||||||||||||||
Provision for (benefit from) unfunded credit losses | (34) | (3) | |||||||||||||||
Reserve for unfunded credit commitments at March 31 | 92 | 105 | |||||||||||||||
Allowance for credit losses at March 31 | $ | 2,068 | $ | 1,665 |
Three Months Ended March 31 | ||||||||||||||||||||||||
Nine Months Ended September 30 | 2021 | 2020 | ||||||||||||||||||||||
2020 | 2019 | (Dollars in millions) | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Allowance for loan losses at January 1 | $ | 869 | $ | 840 | ||||||||||||||||||||
Cumulative change in accounting guidance (1) | 438 | — | ||||||||||||||||||||||
Allowance for loan losses, January 1 (as adjusted for change in accounting guidance) (1) | 1,307 | 840 | ||||||||||||||||||||||
Loans charged-off: | ||||||||||||||||||||||||
Commercial and industrial | 291 | 105 | ||||||||||||||||||||||
Commercial real estate mortgage—owner-occupied | 8 | 8 | ||||||||||||||||||||||
Residential first mortgage | 3 | 4 | ||||||||||||||||||||||
Home equity lines | 9 | 13 | ||||||||||||||||||||||
Home equity loans | 2 | 4 | ||||||||||||||||||||||
Indirect—vehicles | 16 | 22 | ||||||||||||||||||||||
Indirect—other consumer | 58 | 54 | ||||||||||||||||||||||
Consumer credit card | 46 | 51 | ||||||||||||||||||||||
Other consumer | 54 | 68 | ||||||||||||||||||||||
487 | 329 | |||||||||||||||||||||||
Recoveries of loans previously charged-off: | ||||||||||||||||||||||||
Commercial and industrial | 24 | 19 | ||||||||||||||||||||||
Commercial real estate mortgage—owner-occupied | 4 | 5 | ||||||||||||||||||||||
Commercial investor real estate mortgage | 1 | 1 | ||||||||||||||||||||||
Commercial investor real estate construction | — | 1 | ||||||||||||||||||||||
Residential first mortgage | 3 | 3 | ||||||||||||||||||||||
Home equity lines | 8 | 9 | ||||||||||||||||||||||
Home equity loans | 2 | 3 | ||||||||||||||||||||||
Indirect—vehicles | 8 | 9 | ||||||||||||||||||||||
Indirect—other consumer | 1 | — | ||||||||||||||||||||||
Consumer credit card | 7 | 7 | ||||||||||||||||||||||
Other consumer | 11 | 10 | ||||||||||||||||||||||
69 | 67 | |||||||||||||||||||||||
Net charge-offs: | ||||||||||||||||||||||||
Commercial and industrial | 267 | 86 | ||||||||||||||||||||||
Commercial real estate mortgage—owner-occupied | 4 | 3 | ||||||||||||||||||||||
Commercial investor real estate mortgage | (1 | ) | (1 | ) | ||||||||||||||||||||
Commercial investor real estate construction | — | (1 | ) | |||||||||||||||||||||
Residential first mortgage | — | 1 | ||||||||||||||||||||||
Home equity lines | 1 | 4 | ||||||||||||||||||||||
Home equity loans | — | 1 | ||||||||||||||||||||||
Indirect—vehicles | 8 | 13 | ||||||||||||||||||||||
Indirect—other consumer | 57 | 54 | ||||||||||||||||||||||
Consumer credit card | 39 | 44 | ||||||||||||||||||||||
Other consumer | 43 | 58 | ||||||||||||||||||||||
418 | 262 | |||||||||||||||||||||||
Provision for loan losses | 1,327 | 291 | ||||||||||||||||||||||
Initial allowance on acquired PCD loans | 60 | — | ||||||||||||||||||||||
Allowance for loan losses at September 30 | 2,276 | 869 | ||||||||||||||||||||||
Reserve for unfunded credit commitments at beginning of year | 45 | 51 | ||||||||||||||||||||||
Cumulative change in accounting guidance (1) | 63 | — | ||||||||||||||||||||||
Provision (credit) for unfunded credit losses | 41 | (3 | ) | |||||||||||||||||||||
Reserve for unfunded credit commitments at September 30 | 149 | 48 | ||||||||||||||||||||||
Allowance for credit losses at September 30 | $ | 2,425 | $ | 917 | ||||||||||||||||||||
Loans, net of unearned income, outstanding at end of period | $ | 88,359 | $ | 82,786 | Loans, net of unearned income, outstanding at end of period | $ | 84,755 | $ | 88,098 | |||||||||||||||
Average loans, net of unearned income, outstanding for the period | $ | 88,199 | $ | 83,536 | Average loans, net of unearned income, outstanding for the period | $ | 84,755 | $ | 83,249 | |||||||||||||||
Net loan charge-offs as a % of average loans, annualized: | Net loan charge-offs as a % of average loans, annualized: | |||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 0.28 | % | 0.63 | % | |||||||||||||||||||
Commercial real estate mortgage—owner-occupied | Commercial real estate mortgage—owner-occupied | 0.09 | % | 0.07 | % | |||||||||||||||||||
Commercial real estate construction—owner-occupied | Commercial real estate construction—owner-occupied | 0.93 | % | — | % | |||||||||||||||||||
Total commercial | Total commercial | 0.26 | % | 0.56 | % | |||||||||||||||||||
Commercial investor real estate mortgage | Commercial investor real estate mortgage | 1.11 | % | (0.06) | % | |||||||||||||||||||
Commercial investor real estate construction | Commercial investor real estate construction | — | % | (0.01) | % | |||||||||||||||||||
Total investor real estate | Total investor real estate | 0.82 | % | (0.05) | % | |||||||||||||||||||
Residential first mortgage | Residential first mortgage | — | % | — | % | |||||||||||||||||||
Home equity—lines of credit | Home equity—lines of credit | (0.06) | % | 0.10 | % | |||||||||||||||||||
Home equity—closed-end | Home equity—closed-end | — | % | (0.02) | % | |||||||||||||||||||
Indirect—vehicles | Indirect—vehicles | 0.32 | % | 0.94 | % | |||||||||||||||||||
Indirect—other consumer | Indirect—other consumer | 3.28 | % | 2.83 | % | |||||||||||||||||||
Consumer credit card | Consumer credit card | 3.19 | % | 4.16 | % | |||||||||||||||||||
Other consumer | Other consumer | 4.02 | % | 5.73 | % | |||||||||||||||||||
Total consumer | Total consumer | 0.52 | % | 0.79 | % | |||||||||||||||||||
Total | Total | 0.40 | % | 0.59 | % | |||||||||||||||||||
Ratios: | Ratios: | |||||||||||||||||||||||
Allowance for credit losses at end of period to loans, net of unearned income | Allowance for credit losses at end of period to loans, net of unearned income | 2.44 | % | 1.89 | % | |||||||||||||||||||
Allowance for credit losses at end of period to loans, excluding PPP, net (non-GAAP) (2) | Allowance for credit losses at end of period to loans, excluding PPP, net (non-GAAP) (2) | 2.57 | % | 1.89 | % | |||||||||||||||||||
Allowance for loan losses at end of period to loans, net of unearned income | Allowance for loan losses at end of period to loans, net of unearned income | 2.33 | % | 1.77 | % | |||||||||||||||||||
Allowance for credit losses at end of period to non-performing loans, excluding loans held for sale | Allowance for credit losses at end of period to non-performing loans, excluding loans held for sale | 280 | % | 261 | % | |||||||||||||||||||
Allowance for loan losses at end of period to non-performing loans, excluding loans held for sale | Allowance for loan losses at end of period to non-performing loans, excluding loans held for sale | 268 | % | 244 | % |
Nine Months Ended September 30 | |||||||
2020 | 2019 | ||||||
(Dollars in millions) | |||||||
Net loan charge-offs as a % of average loans, annualized: | |||||||
Commercial and industrial | 0.78 | % | 0.29 | % | |||
Commercial real estate mortgage—owner-occupied | 0.10 | % | 0.07 | % | |||
Total commercial | 0.71 | % | 0.26 | % | |||
Commercial investor real estate mortgage | (0.03 | )% | (0.04 | )% | |||
Commercial investor real estate construction | — | % | (0.06 | )% | |||
Total investor real estate | (0.03 | )% | (0.05 | )% | |||
Residential first mortgage | — | % | 0.01 | % | |||
Home equity—lines of credit | 0.02 | % | 0.10 | % | |||
Home equity—closed-end | — | % | 0.06 | % | |||
Indirect—vehicles | 0.73 | % | 0.65 | % | |||
Indirect—other consumer | 2.49 | % | 2.76 | % | |||
Consumer credit card | 4.10 | % | 4.53 | % | |||
Other consumer | 5.03 | % | 6.30 | % | |||
Total consumer | 0.66 | % | 0.76 | % | |||
Total | 0.63 | % | 0.42 | % | |||
Ratios: | |||||||
Allowance for credit losses at end of period to loans, net of unearned income | 2.74 | % | 1.11 | % | |||
Allowance for credit losses at end of period to loans, excluding PPP, net (non-GAAP) (2) | 2.90 | % | 1.11 | % | |||
Allowance for loan losses at end of period to loans, net of unearned income | 2.58 | % | 1.05 | % | |||
Allowance for credit losses at end of period to non-performing loans, excluding loans held for sale | 316 | % | 198 | % | |||
Allowance for loan losses at end of period to non-performing loans, excluding loans held for sale | 297 | % | 188 | % |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | January 1, 2020 | Loan Balance | Allowance Allocation | Allowance to Loans % (1) | Loan Balance | Allowance Allocation | Allowance to Loans % (1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Loan Balance | Allowance Allocation | Allowance to Loans % (1) | Loan Balance | Allowance Allocation | Allowance to Loans % (1) | (Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 45,199 | $ | 1,119 | 2.48 | % | $ | 39,971 | $ | 443 | 1.11 | % | Commercial and industrial | $ | 43,241 | $ | 921 | 2.1 | % | $ | 42,870 | $ | 1,027 | 2.4 | % | |||||||||||||||||||||||||||||||
Commercial real estate mortgage—owner-occupied | 5,451 | 247 | 4.53 | % | 5,537 | 153 | 2.76 | % | Commercial real estate mortgage—owner-occupied | 5,335 | 206 | 3.9 | 5,405 | 242 | 4.5 | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate construction—owner-occupied | 305 | 22 | 7.16 | % | 331 | 14 | 4.23 | % | Commercial real estate construction—owner-occupied | 293 | 22 | 7.5 | 300 | 24 | 8.0 | |||||||||||||||||||||||||||||||||||||||||
Total commercial | 50,955 | 1,388 | 2.72 | % | 45,839 | 610 | 1.33 | % | Total commercial | 48,869 | 1,149 | 2.4 | 48,575 | 1,293 | 2.7 | |||||||||||||||||||||||||||||||||||||||||
Commercial investor real estate mortgage | 5,598 | 165 | 2.94 | % | 4,936 | 54 | 1.09 | % | Commercial investor real estate mortgage | 5,405 | 134 | 2.5 | 5,394 | 167 | 3.1 | |||||||||||||||||||||||||||||||||||||||||
Commercial investor real estate construction | 1,984 | 30 | 1.53 | % | 1,621 | 16 | 0.99 | % | Commercial investor real estate construction | 1,817 | 27 | 1.5 | 1,869 | 30 | 1.6 | |||||||||||||||||||||||||||||||||||||||||
Total investor real estate | 7,582 | 195 | 2.57 | % | 6,557 | 70 | 1.07 | % | Total investor real estate | 7,222 | 161 | 2.2 | 7,263 | 197 | 2.7 | |||||||||||||||||||||||||||||||||||||||||
Residential first mortgage | 16,195 | 153 | 0.94 | % | 14,485 | 86 | 0.59 | % | Residential first mortgage | 16,643 | 152 | 0.9 | 16,575 | 155 | 0.9 | |||||||||||||||||||||||||||||||||||||||||
Home equity lines | 4,753 | 131 | 2.75 | % | 5,300 | 144 | 2.72 | % | Home equity lines | 4,286 | 114 | 2.7 | 4,539 | 122 | 2.7 | |||||||||||||||||||||||||||||||||||||||||
Home equity loans | 2,839 | 38 | 1.34 | % | 3,084 | 32 | 1.04 | % | Home equity loans | 2,631 | 38 | 1.4 | 2,713 | 33 | 1.2 | |||||||||||||||||||||||||||||||||||||||||
Indirect—vehicles | 1,120 | 26 | 2.38 | % | 1,812 | 26 | 1.43 | % | Indirect—vehicles | 768 | 9 | 1.1 | 934 | 19 | 2.0 | |||||||||||||||||||||||||||||||||||||||||
Indirect—other consumer | 2,663 | 258 | 9.70 | % | 3,249 | 267 | 8.22 | % | Indirect—other consumer | 2,262 | 218 | 9.6 | 2,431 | 241 | 9.9 | |||||||||||||||||||||||||||||||||||||||||
Consumer credit card | 1,189 | 162 | 13.59 | % | 1,387 | 112 | 8.07 | % | Consumer credit card | 1,111 | 149 | 13.4 | 1,213 | 161 | 13.3 | |||||||||||||||||||||||||||||||||||||||||
Other consumer | 1,063 | 74 | 6.95 | % | 1,250 | 68 | 5.44 | % | Other consumer | 963 | 78 | 8.1 | 1,023 | 72 | 7.0 | |||||||||||||||||||||||||||||||||||||||||
Total consumer | 29,822 | 842 | 2.82 | % | 30,567 | 735 | 2.40 | % | Total consumer | 28,664 | 758 | 2.6 | 29,428 | 803 | 2.7 | |||||||||||||||||||||||||||||||||||||||||
$ | 88,359 | $ | 2,425 | 2.74 | % | $ | 82,963 | $ | 1,415 | 1.71 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 84,755 | $ | 2,068 | 2.4 | % | $ | 85,266 | $ | 2,293 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||||
Less: SBA PPP loans | Less: SBA PPP loans | 4,317 | 3 | 0.1 | % | 3,624 | 1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total, excluding PPP loans (2) | Total, excluding PPP loans (2) | $ | 80,438 | $ | 2,065 | 2.6 | % | $ | 81,642 | $ | 2,292 | 2.8 | % |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Loan Balance | Allowance for Credit Losses | Loan Balance | Allowance for Credit Losses | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Accruing: | |||||||||||||||||||||||
Commercial | $ | 77 | $ | 5 | $ | 77 | $ | 6 | |||||||||||||||
Investor real estate | 12 | 2 | 44 | 1 | |||||||||||||||||||
Residential first mortgage | 208 | 32 | 188 | 23 | |||||||||||||||||||
Home equity lines | 33 | 5 | 35 | 5 | |||||||||||||||||||
Home equity loans | 71 | 10 | 78 | 8 | |||||||||||||||||||
Consumer credit card | 1 | — | 1 | — | |||||||||||||||||||
Other consumer | 4 | — | 4 | — | |||||||||||||||||||
406 | 54 | 427 | 43 | ||||||||||||||||||||
Non-accrual status or 90 days past due and still accruing: | |||||||||||||||||||||||
Commercial | 125 | 28 | 124 | 18 | |||||||||||||||||||
Investor real estate | — | — | — | — | |||||||||||||||||||
Residential first mortgage | 36 | 6 | 42 | 6 | |||||||||||||||||||
Home equity lines | 3 | — | 2 | — | |||||||||||||||||||
Home equity loans | 7 | 1 | 7 | 1 | |||||||||||||||||||
171 | 35 | 175 | 25 | ||||||||||||||||||||
Total TDRs - Loans | $ | 577 | $ | 89 | $ | 602 | $ | 68 | |||||||||||||||
TDRs - Held For Sale | 1 | — | 1 | — | |||||||||||||||||||
Total TDRs | $ | 578 | $ | 89 | $ | 603 | $ | 68 |
September 30, 2020 | December 31, 2019 | ||||||||||||||
Loan Balance | Allowance for Credit Losses | Loan Balance | Allowance for Credit Losses | ||||||||||||
(In millions) | |||||||||||||||
Accruing: | |||||||||||||||
Commercial | $ | 74 | $ | 6 | $ | 106 | $ | 15 | |||||||
Investor real estate | 45 | 2 | 32 | 3 | |||||||||||
Residential first mortgage | 178 | 25 | 177 | 18 | |||||||||||
Home equity lines | 37 | 5 | 42 | 2 | |||||||||||
Home equity loans | 83 | 9 | 109 | 5 | |||||||||||
Consumer credit card | 1 | — | 1 | — | |||||||||||
Other consumer | 3 | — | 4 | — | |||||||||||
421 | 47 | 471 | 43 | ||||||||||||
Non-accrual status or 90 days past due and still accruing: | |||||||||||||||
Commercial | 178 | 22 | 139 | 20 | |||||||||||
Investor real estate | — | — | 1 | — | |||||||||||
Residential first mortgage | 36 | 5 | 40 | 4 | |||||||||||
Home equity lines | 2 | — | 2 | — | |||||||||||
Home equity loans | 8 | 1 | 6 | — | |||||||||||
224 | 28 | 188 | 24 | ||||||||||||
Total TDRs - Loans | $ | 645 | $ | 75 | $ | 659 | $ | 67 | |||||||
TDRs - Held For Sale | — | — | 1 | — | |||||||||||
Total TDRs | $ | 645 | $ | 75 | $ | 660 | $ | 67 |
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | ||||||||||||||
Commercial | Investor Real Estate | Commercial | Investor Real Estate | ||||||||||||
(In millions) | |||||||||||||||
Balance, beginning of period | $ | 245 | $ | 33 | $ | 291 | $ | 19 | |||||||
Additions | 232 | 35 | 147 | 11 | |||||||||||
Charge-offs | (52 | ) | — | (26 | ) | — | |||||||||
Other activity, inclusive of payments and removals (1) | (173 | ) | (23 | ) | (183 | ) | 5 | ||||||||
Balance, end of period | $ | 252 | $ | 45 | $ | 229 | $ | 35 |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | ||||||||||||||||||||||
Commercial | Investor Real Estate | Commercial | Investor Real Estate | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Balance, beginning of period | $ | 201 | $ | 44 | $ | 245 | $ | 33 | |||||||||||||||
Additions | 20 | 5 | 81 | 1 | |||||||||||||||||||
Charge-offs | (1) | — | (35) | — | |||||||||||||||||||
Other activity, inclusive of payments and removals (1) | (18) | (37) | (76) | (19) | |||||||||||||||||||
Balance, end of period | $ | 202 | $ | 12 | $ | 215 | $ | 15 |
September 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||
(Dollars in millions) | (Dollars in millions) | |||||||||||||||||
Non-performing loans: | Non-performing loans: | |||||||||||||||||
Commercial and industrial | $ | 459 | $ | 347 | Commercial and industrial | $ | 426 | $ | 418 | |||||||||
Commercial real estate mortgage—owner-occupied | 85 | 73 | Commercial real estate mortgage—owner-occupied | 93 | 97 | |||||||||||||
Commercial real estate construction—owner-occupied | 12 | 11 | Commercial real estate construction—owner-occupied | 9 | 9 | |||||||||||||
Total commercial | 556 | 431 | Total commercial | 528 | 524 | |||||||||||||
Commercial investor real estate mortgage | 114 | 2 | Commercial investor real estate mortgage | 100 | 114 | |||||||||||||
Commercial investor real estate construction | 4 | — | ||||||||||||||||
Total investor real estate | 118 | 2 | Total investor real estate | 100 | 114 | |||||||||||||
Residential first mortgage | 36 | 27 | Residential first mortgage | 53 | 53 | |||||||||||||
Home equity lines | 47 | 41 | Home equity lines | 48 | 46 | |||||||||||||
Home equity loans | 9 | 6 | Home equity loans | 9 | 8 | |||||||||||||
Indirect - vehicles | 1 | — | ||||||||||||||||
Total consumer | 93 | 74 | Total consumer | 110 | 107 | |||||||||||||
Total non-performing loans, excluding loans held for sale | 767 | 507 | Total non-performing loans, excluding loans held for sale | 738 | 745 | |||||||||||||
Non-performing loans held for sale | 5 | 13 | Non-performing loans held for sale | 8 | 6 | |||||||||||||
Total non-performing loans(1) | 772 | 520 | Total non-performing loans(1) | 746 | 751 | |||||||||||||
Foreclosed properties | 26 | 53 | Foreclosed properties | 21 | 25 | |||||||||||||
Non-marketable investments received in foreclosure | — | 5 | ||||||||||||||||
Total non-performing assets(1) | $ | 798 | $ | 578 | Total non-performing assets(1) | $ | 767 | $ | 776 | |||||||||
Accruing loans 90 days past due: | Accruing loans 90 days past due: | |||||||||||||||||
Commercial and industrial | $ | 10 | $ | 11 | Commercial and industrial | $ | 8 | $ | 7 | |||||||||
Commercial real estate mortgage—owner-occupied | — | 1 | Commercial real estate mortgage—owner-occupied | 1 | 1 | |||||||||||||
Total commercial | 10 | 12 | Total commercial | 9 | 8 | |||||||||||||
Commercial investor real estate mortgage | 1 | — | ||||||||||||||||
Total investor real estate | 1 | — | ||||||||||||||||
Residential first mortgage(2) | 86 | 70 | Residential first mortgage(2) | 87 | 99 | |||||||||||||
Home equity lines | 25 | 32 | Home equity lines | 19 | 19 | |||||||||||||
Home equity loans | 12 | 10 | Home equity loans | 14 | 13 | |||||||||||||
Indirect—vehicles | 5 | 7 | Indirect—vehicles | 3 | 4 | |||||||||||||
Indirect—other consumer | 3 | 3 | Indirect—other consumer | 4 | 5 | |||||||||||||
Consumer credit card | 13 | 19 | Consumer credit card | 14 | 14 | |||||||||||||
Other consumer | 3 | 5 | Other consumer | 4 | 2 | |||||||||||||
Total consumer | 147 | 146 | Total consumer | 145 | 156 | |||||||||||||
$ | 158 | $ | 158 | $ | 154 | $ | 164 | |||||||||||
Non-performing loans(1) to loans and non-performing loans held for sale | 0.87 | % | 0.63 | % | Non-performing loans(1) to loans and non-performing loans held for sale | 0.88 | % | 0.88 | % | |||||||||
Non-performing assets(1) to loans, foreclosed properties, non-marketable investments, and non-performing loans held for sale | 0.90 | % | 0.70 | % | Non-performing assets(1) to loans, foreclosed properties, non-marketable investments, and non-performing loans held for sale | 0.90 | % | 0.91 | % |
(1)Excludes accruing loans 90 days past due. (2)Excludes residential first mortgage loans that are 100% guaranteed by the FHA and all guaranteed loans sold to the GNMA where Regions has the right but not the obligation to repurchase. Total 90 days or more past due guaranteed loans excluded were $51 million at March 31, 2021 and $57 million at December 31, 2020. |
Non-Accrual Loans, Excluding Loans Held for Sale Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Commercial | Investor Real Estate | Consumer(1) | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Balance at beginning of period | $ | 524 | $ | 114 | $ | 107 | $ | 745 | |||||||||||||||
Additions | 134 | 2 | 3 | 139 | |||||||||||||||||||
Net payments/other activity | (64) | — | — | (64) | |||||||||||||||||||
Return to accrual | (18) | — | — | (18) | |||||||||||||||||||
Charge-offs on non-accrual loans(2) | (42) | (15) | — | (57) | |||||||||||||||||||
Transfers to held for sale(3) | (4) | (1) | — | (5) | |||||||||||||||||||
Transfers to real estate owned | (2) | — | — | (2) | |||||||||||||||||||
Balance at end of period | $ | 528 | $ | 100 | $ | 110 | $ | 738 |
Non-Accrual Loans, Excluding Loans Held for Sale Nine Months Ended September 30, 2020 | |||||||||||||||
Commercial | Investor Real Estate | Consumer(1) | Total | ||||||||||||
(In millions) | |||||||||||||||
Balance at beginning of period | $ | 431 | $ | 2 | $ | 74 | $ | 507 | |||||||
Additions | 661 | 121 | 21 | 803 | |||||||||||
Net payments/other activity | (165 | ) | (5 | ) | (2 | ) | (172 | ) | |||||||
Return to accrual | (67 | ) | — | — | (67 | ) | |||||||||
Charge-offs on non-accrual loans(2) | (272 | ) | — | — | (272 | ) | |||||||||
Transfers to held for sale(3) | (14 | ) | — | — | (14 | ) | |||||||||
Transfers to real estate owned | (4 | ) | — | — | (4 | ) | |||||||||
Sales | (14 | ) | — | — | (14 | ) | |||||||||
Balance at end of period | $ | 556 | $ | 118 | $ | 93 | $ | 767 |
Non-Accrual Loans, Excluding Loans Held for Sale Nine Months Ended September 30, 2019 | Non-Accrual Loans, Excluding Loans Held for Sale Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||
Commercial | Investor Real Estate | Consumer(1) | Total | Commercial | Investor Real Estate | Consumer(1) | Total | |||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 382 | $ | 11 | $ | 103 | $ | 496 | Balance at beginning of period | $ | 431 | $ | 2 | $ | 74 | $ | 507 | |||||||||||||||||||||
Additions | 310 | 4 | — | 314 | Additions | 258 | — | — | 258 | |||||||||||||||||||||||||||||
Net payments/other activity | (153 | ) | (4 | ) | (25 | ) | (182 | ) | Net payments/other activity | (52) | (1) | (2) | (55) | |||||||||||||||||||||||||
Return to accrual | (16 | ) | — | — | (16 | ) | Return to accrual | (2) | — | — | (2) | |||||||||||||||||||||||||||
Charge-offs on non-accrual loans(2) | (96 | ) | (1 | ) | — | (97 | ) | Charge-offs on non-accrual loans(2) | (60) | — | — | (60) | ||||||||||||||||||||||||||
Transfers to held for sale(3) | (29 | ) | (1 | ) | — | (30 | ) | Transfers to held for sale(3) | (3) | — | — | (3) | ||||||||||||||||||||||||||
Transfers to real estate owned | (3 | ) | — | — | (3 | ) | Transfers to real estate owned | (2) | — | — | (2) | |||||||||||||||||||||||||||
Sales | (20 | ) | — | — | (20 | ) | Sales | (5) | — | — | (5) | |||||||||||||||||||||||||||
Balance at end of period | $ | 375 | $ | 9 | $ | 78 | $ | 462 | Balance at end of period | $ | 565 | $ | 1 | $ | 72 | $ | 638 |
(1)All net activity within the consumer portfolio segment other than sales and transfers to held for sale (including related charge-offs) is included as a single net number within the net payments/other activity line. |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
�� | �� | (In millions) | ||||||||||||||||||||||
Non-interest-bearing demand | $ | 49,754 | $ | 34,113 | Non-interest-bearing demand | $ | 55,925 | $ | 51,289 | |||||||||||||||
Savings | 11,159 | 8,640 | Savings | 13,500 | 11,635 | |||||||||||||||||||
Interest-bearing transaction | 22,294 | 20,046 | Interest-bearing transaction | 24,757 | 24,484 | |||||||||||||||||||
Money market—domestic | 29,387 | 25,326 | Money market—domestic | 30,448 | 29,719 | |||||||||||||||||||
Time deposits | 5,840 | 7,442 | Time deposits | 4,970 | 5,341 | |||||||||||||||||||
Customer deposits | 118,434 | 95,567 | Customer deposits | 129,600 | 122,468 | |||||||||||||||||||
Corporate treasury time deposits | 11 | 108 | Corporate treasury time deposits | 2 | 11 | |||||||||||||||||||
Corporate treasury other deposits | — | 1,800 | ||||||||||||||||||||||
$ | 118,445 | $ | 97,475 | |||||||||||||||||||||
$ | 129,602 | $ | 122,479 |
March 31, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Regions Financial Corporation (Parent): | |||||||||||
3.20% senior notes due February 2021 | $ | — | $ | 360 | |||||||
3.80% senior notes due August 2023 | 997 | 997 | |||||||||
2.25% senior notes due April 2025 | 745 | 744 | |||||||||
7.75% subordinated notes due September 2024 | 100 | 100 | |||||||||
6.75% subordinated debentures due November 2025 | 155 | 155 | |||||||||
7.375% subordinated notes due December 2037 | 298 | 298 | |||||||||
Valuation adjustments on hedged long-term debt | 42 | 64 | |||||||||
2,337 | 2,718 | ||||||||||
Regions Bank: | |||||||||||
2.75% senior notes due April 2021 | — | 190 | |||||||||
3 month LIBOR plus 0.38% of floating rate senior notes due April 2021 | — | 66 | |||||||||
6.45% subordinated notes due June 2037 | 496 | 496 | |||||||||
Ascentium note securitizations | 81 | 97 | |||||||||
Other long-term debt | 2 | 2 | |||||||||
579 | 851 | ||||||||||
Total consolidated | $ | 2,916 | $ | 3,569 |
September 30, 2020 | December 31, 2019 | ||||||
(In millions) | |||||||
Regions Financial Corporation (Parent): | |||||||
3.20% senior notes due February 2021 | $ | 359 | $ | 358 | |||
2.75% senior notes due August 2022 | 998 | 997 | |||||
3.80% senior notes due August 2023 | 997 | 996 | |||||
2.25% senior notes due April 2025 | 746 | — | |||||
7.75% subordinated notes due September 2024 | 100 | 100 | |||||
6.75% subordinated debentures due November 2025 | 156 | 156 | |||||
7.375% subordinated notes due December 2037 | 298 | 298 | |||||
Valuation adjustments on hedged long-term debt | 104 | 45 | |||||
3,758 | 2,950 | ||||||
Regions Bank: | |||||||
FHLB advances | — | 2,501 | |||||
2.75% senior notes due April 2021 | 190 | 549 | |||||
3 month LIBOR plus 0.38% of floating rate senior notes due April 2021 | 66 | 350 | |||||
3.374% senior notes converting to 3 month LIBOR plus 0.50%, callable August 2020, due August 2021 | — | 499 | |||||
3 month LIBOR plus 0.50% of floating rate senior notes, callable August 2020, due August 2021 | — | 499 | |||||
6.45% subordinated notes due June 2037 | 496 | 495 | |||||
Ascentium note securitizations | 406 | — | |||||
Other long-term debt | 3 | 32 | |||||
Valuation adjustments on hedged long-term debt | — | 4 | |||||
1,161 | 4,929 | ||||||
Total consolidated | $ | 4,919 | $ | 7,879 |
Transitional Basis Basel III Regulatory Capital Rules | September 30, 2020 Ratio (1) | December 31, 2019 Ratio | Minimum Requirement | To Be Well Capitalized | ||||||||||||||||||||||||||||||
Basel III common equity Tier 1 capital: | ||||||||||||||||||||||||||||||||||
Basel III Regulatory Capital Rules | Basel III Regulatory Capital Rules | March 31, 2021 Ratio (1) | December 31, 2020 Ratio | Minimum Requirement | To Be Well Capitalized | |||||||||||||||||||||||||||||
Common equity Tier 1 capital: | Common equity Tier 1 capital: | |||||||||||||||||||||||||||||||||
Regions Financial Corporation | 9.32 | % | 9.68 | % | 4.50 | % | N/A | Regions Financial Corporation | 10.31 | % | 9.84 | % | 4.50 | % | N/A | |||||||||||||||||||
Regions Bank | 11.69 | 11.58 | 4.50 | 6.50 | % | Regions Bank | 12.59 | 12.17 | 4.50 | 6.50 | % | |||||||||||||||||||||||
Tier 1 capital: | Tier 1 capital: | |||||||||||||||||||||||||||||||||
Regions Financial Corporation | 10.85 | % | 10.91 | % | 6.00 | % | 6.00 | % | Regions Financial Corporation | 11.87 | % | 11.39 | % | 6.00 | % | 6.00 | % | |||||||||||||||||
Regions Bank | 11.69 | 11.58 | 6.00 | 8.00 | Regions Bank | 12.59 | 12.17 | 6.00 | 8.00 | |||||||||||||||||||||||||
Total capital: | Total capital: | |||||||||||||||||||||||||||||||||
Regions Financial Corporation | 13.03 | % | 12.68 | % | 8.00 | % | 10.00 | % | Regions Financial Corporation | 14.04 | % | 13.56 | % | 8.00 | % | 10.00 | % | |||||||||||||||||
Regions Bank | 13.41 | 12.92 | 8.00 | 10.00 | Regions Bank | 14.31 | 13.89 | 8.00 | 10.00 | |||||||||||||||||||||||||
Leverage capital: | Leverage capital: | |||||||||||||||||||||||||||||||||
Regions Financial Corporation | 8.53 | % | 9.65 | % | 4.00 | % | N/A | Regions Financial Corporation | 8.89 | % | 8.71 | % | 4.00 | % | N/A | |||||||||||||||||||
Regions Bank | 9.20 | 10.24 | 4.00 | 5.00 | % | Regions Bank | 9.44 | 9.30 | 4.00 | 5.00 | % |
As of March 31, 2021 and December 31, 2020 | ||||||||||||||
S&P | Moody’s | Fitch | DBRS | |||||||||||
Regions Financial Corporation | ||||||||||||||
Senior unsecured debt | BBB+ | Baa2 | BBB+ | AL | ||||||||||
Subordinated debt | BBB | Baa2 | BBB | BBBH | ||||||||||
Regions Bank | ||||||||||||||
Short-term | A-2 | P-1 | F1 | R-IL | ||||||||||
Long-term bank deposits | N/A | A2 | A- | A | ||||||||||
Senior unsecured debt | A- | Baa2 | BBB+ | A | ||||||||||
Subordinated debt | BBB+ | Baa2 | BBB | AL | ||||||||||
Outlook | Stable | Stable | Stable | Stable |
Three Months Ended March 31 | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
ADJUSTED AVERAGE BALANCES OF LOANS | |||||||||||||||||||||||
Average total loans (GAAP) | $ | 84,755 | $ | 83,249 | |||||||||||||||||||
Less: SBA PPP loans | 3,798 | — | |||||||||||||||||||||
Less: Indirect—other consumer exit portfolio | 1,034 | 1,696 | |||||||||||||||||||||
Less: Indirect—vehicles | 850 | 1,679 | |||||||||||||||||||||
Adjusted average total loans (non-GAAP) | $ | 79,073 | $ | 79,874 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(Dollars in millions) | |||||||||||||||
ADJUSTED AVERAGE BALANCES OF LOANS | |||||||||||||||
Average total loans (GAAP) | $ | 89,370 | $ | 82,986 | $ | 88,199 | $ | 83,536 | |||||||
Less: SBA PPP Loans | 4,558 | — | 28 | — | |||||||||||
Less: Indirect-other consumer exit portfolio (1) | 1,318 | 1,906 | 1,502 | 1,853 | |||||||||||
Less: Indirect—vehicles | 1,223 | 2,247 | 1,447 | 2,581 | |||||||||||
Adjusted average total loans (non-GAAP) | $ | 82,271 | $ | 78,833 | $ | 85,222 | $ | 79,102 |
Three Months Ended March 31 | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
ADJUSTED ENDING BALANCES OF LOANS | |||||||||||||||||||||||||||||
Ending total loans (GAAP) | 84,755 | 88,098 | |||||||||||||||||||||||||||
Less: SBA PPP loans | 4,317 | — | |||||||||||||||||||||||||||
Less: Indirect—other consumer exit portfolio | 971 | 1,591 | |||||||||||||||||||||||||||
Less: Indirect—vehicles | 768 | 1,557 | |||||||||||||||||||||||||||
Adjusted ending total loans (non-GAAP) | $ | 78,699 | $ | 84,950 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
ACL/LOANS, EXCLUDING PPP, NET | |||||||||||||||||
Ending total loans (GAAP) | $ | 84,755 | $ | 85,266 | |||||||||||||
Less: SBA PPP loans | 4,317 | 3,624 | |||||||||||||||
Ending total loans excluding PPP, net (non-GAAP) | $ | 80,438 | $ | 81,642 | |||||||||||||
ACL at period end | $ | 2,068 | $ | 2,293 | |||||||||||||
Less: SBA PPP loans' ACL | 3 | 1 | |||||||||||||||
ACL excluding PPP loans' ACL (non-GAAP) | $ | 2,065 | $ | 2,292 | |||||||||||||
ACL/Loans, excluding PPP, net (non-GAAP) | 2.57 | % | 2.81 | % |
September 30, 2020 | December 31, 2019 | September 30, 2019 | |||||||||
(Dollars in millions) | |||||||||||
ACL/LOANS, EXCLUDING PPP, NET | |||||||||||
Ending total loans (GAAP) | $ | 88,359 | $ | 82,963 | $ | 82,786 | |||||
Less: SBA PPP loans | 4,594 | — | — | ||||||||
Ending total loans excluding PPP, net (non-GAAP) | $ | 83,765 | $ | 82,963 | $ | 82,786 | |||||
ACL at period end | $ | 2,425 | $ | 914 | $ | 917 | |||||
ACL/Loans, excluding PPP, net (non-GAAP) | 2.90 | % | 1.10 | % | 1.11 | % |
Three Months Ended March 31 | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
ADJUSTED NET INTEREST MARGIN | |||||||||||||||||||||||||||||
Net interest margin (GAAP) | 3.02 | % | 3.44 | % | |||||||||||||||||||||||||
Impact of SBA PPP loans (1) | (0.04) | % | NM | ||||||||||||||||||||||||||
Impact of excess cash (2) | 0.42 | % | NM | ||||||||||||||||||||||||||
Adjusted net interest margin (non-GAAP) | 3.40 | % | 3.44 | % |
Three Months Ended March 31 | ||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||
INCOME | INCOME | |||||||||||||||||||||||||||||||||||||||||
Net income (GAAP) | Net income (GAAP) | $ | 642 | $ | 162 | |||||||||||||||||||||||||||||||||||||
Preferred dividends (GAAP) | Preferred dividends (GAAP) | (28) | (23) | |||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders (GAAP) | Net income available to common shareholders (GAAP) | A | $ | 614 | $ | 139 | ||||||||||||||||||||||||||||||||||||
ADJUSTED EFFICIENCY AND FEE INCOME RATIOS | ADJUSTED EFFICIENCY AND FEE INCOME RATIOS | |||||||||||||||||||||||||||||||||||||||||
Non-interest expense (GAAP) | Non-interest expense (GAAP) | B | $ | 928 | $ | 836 | ||||||||||||||||||||||||||||||||||||
Significant items: | Significant items: | |||||||||||||||||||||||||||||||||||||||||
Contribution to Regions' Financial Corporation foundation | Contribution to Regions' Financial Corporation foundation | (2) | — | |||||||||||||||||||||||||||||||||||||||
Branch consolidation, property and equipment charges | Branch consolidation, property and equipment charges | (5) | (11) | |||||||||||||||||||||||||||||||||||||||
Salary and employee benefits—severance charges | Salary and employee benefits—severance charges | (3) | (1) | |||||||||||||||||||||||||||||||||||||||
Adjusted non-interest expense (non-GAAP) | Adjusted non-interest expense (non-GAAP) | C | $ | 918 | $ | 824 | ||||||||||||||||||||||||||||||||||||
Net interest income (GAAP) | Net interest income (GAAP) | D | $ | 967 | $ | 928 | ||||||||||||||||||||||||||||||||||||
Taxable-equivalent adjustment | Taxable-equivalent adjustment | 11 | 12 | |||||||||||||||||||||||||||||||||||||||
Net interest income, taxable-equivalent basis | Net interest income, taxable-equivalent basis | E | 978 | 940 | ||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||
INCOME | ||||||||||||||||||||||||||||||||||||||||||
Net income (GAAP) | $ | 530 | $ | 409 | $ | 478 | $ | 1,193 | ||||||||||||||||||||||||||||||||||
Preferred dividends (GAAP) | (29 | ) | (24 | ) | (75 | ) | (56 | ) | ||||||||||||||||||||||||||||||||||
Net income available to common shareholders (GAAP) | A | $ | 501 | $ | 385 | $ | 403 | $ | 1,137 | |||||||||||||||||||||||||||||||||
ADJUSTED EFFICIENCY AND FEE INCOME RATIOS | ||||||||||||||||||||||||||||||||||||||||||
Non-interest expense (GAAP) | B | $ | 896 | $ | 871 | $ | 2,656 | $ | 2,592 | |||||||||||||||||||||||||||||||||
Significant items: | ||||||||||||||||||||||||||||||||||||||||||
Branch consolidation, property and equipment charges | (3 | ) | (5 | ) | (24 | ) | (13 | ) | ||||||||||||||||||||||||||||||||||
Salary and employee benefits—severance charges | (2 | ) | (1 | ) | (5 | ) | (5 | ) | ||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | (2 | ) | — | (8 | ) | — | ||||||||||||||||||||||||||||||||||||
Professional, legal and regulatory expenses | — | — | (7 | ) | — | |||||||||||||||||||||||||||||||||||||
Acquisition expenses | — | — | (1 | ) | — | |||||||||||||||||||||||||||||||||||||
Adjusted non-interest expense (non-GAAP) | C | $ | 889 | $ | 865 | $ | 2,611 | $ | 2,574 | |||||||||||||||||||||||||||||||||
Net interest income (GAAP) | D | $ | 988 | $ | 937 | $ | 2,888 | $ | 2,827 | |||||||||||||||||||||||||||||||||
Taxable-equivalent adjustment | 12 | 13 | 37 | 40 | ||||||||||||||||||||||||||||||||||||||
Net interest income, taxable-equivalent basis | E | 1,000 | 950 | 2,925 | 2,867 | |||||||||||||||||||||||||||||||||||||
Non-interest income (GAAP) | F | 655 | 558 | 1,713 | 1,554 | Non-interest income (GAAP) | F | 641 | 485 | |||||||||||||||||||||||||||||||||
Significant items: | Significant items: | |||||||||||||||||||||||||||||||||||||||||
Securities (gains) losses, net | (3 | ) | — | (4 | ) | 26 | Securities (gains) losses, net | (1) | — | |||||||||||||||||||||||||||||||||
Valuation gain on equity investment (2) | (44 | ) | — | (44 | ) | — | ||||||||||||||||||||||||||||||||||||
Gains on equity investment | Gains on equity investment | (3) | — | |||||||||||||||||||||||||||||||||||||||
Leveraged lease termination gains | — | (1 | ) | (2 | ) | (1 | ) | Leveraged lease termination gains | — | (2) | ||||||||||||||||||||||||||||||||
Gain on sale of affordable housing residential mortgage loans (3) | — | — | — | (8 | ) | |||||||||||||||||||||||||||||||||||||
Adjusted non-interest income (non-GAAP) | G | $ | 608 | $ | 557 | $ | 1,663 | $ | 1,571 | Adjusted non-interest income (non-GAAP) | G | $ | 637 | $ | 483 | |||||||||||||||||||||||||||
Total revenue | D+F=H | $ | 1,643 | $ | 1,495 | $ | 4,601 | $ | 4,381 | Total revenue | D+F=H | $ | 1,608 | $ | 1,413 | |||||||||||||||||||||||||||
Adjusted total revenue | D+G=I | $ | 1,596 | $ | 1,494 | $ | 4,551 | $ | 4,398 | Adjusted total revenue | D+G=I | $ | 1,604 | $ | 1,411 | |||||||||||||||||||||||||||
Total revenue, taxable-equivalent basis | E+F=J | $ | 1,655 | $ | 1,508 | $ | 4,638 | $ | 4,421 | Total revenue, taxable-equivalent basis | E+F=J | $ | 1,619 | $ | 1,425 | |||||||||||||||||||||||||||
Adjusted total revenue, taxable-equivalent basis (non-GAAP) | E+G=K | $ | 1,608 | $ | 1,507 | $ | 4,588 | $ | 4,438 | Adjusted total revenue, taxable-equivalent basis (non-GAAP) | E+G=K | $ | 1,615 | $ | 1,423 | |||||||||||||||||||||||||||
Efficiency ratio (GAAP) | B/J | 54.13 | % | 57.75 | % | 57.27 | % | 58.63 | % | |||||||||||||||||||||||||||||||||
Adjusted efficiency ratio (non-GAAP) | C/K | 55.28 | % | 57.40 | % | 56.93 | % | 58.00 | % | |||||||||||||||||||||||||||||||||
Fee income ratio (GAAP) | F/J | 39.57 | % | 37.00 | % | 36.94 | % | 35.15 | % | |||||||||||||||||||||||||||||||||
Adjusted fee income ratio (non-GAAP) | G/K | 37.81 | % | 36.97 | % | 36.26 | % | 35.41 | % | |||||||||||||||||||||||||||||||||
Efficiency ratio (GAAP)(3) | Efficiency ratio (GAAP)(3) | B/J | 57.32 | % | 58.65 | % | ||||||||||||||||||||||||||||||||||||
Adjusted efficiency ratio (non-GAAP)(3) | Adjusted efficiency ratio (non-GAAP)(3) | C/K | 56.85 | % | 57.89 | % | ||||||||||||||||||||||||||||||||||||
Fee income ratio (GAAP)(3) | Fee income ratio (GAAP)(3) | F/J | 39.58 | % | 34.05 | % | ||||||||||||||||||||||||||||||||||||
Adjusted fee income ratio (non-GAAP)(3) | Adjusted fee income ratio (non-GAAP)(3) | G/K | 39.43 | % | 33.95 | % | ||||||||||||||||||||||||||||||||||||
RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS’ EQUITY | RETURN ON AVERAGE TANGIBLE COMMON SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Average shareholders’ equity (GAAP) | $ | 17,759 | $ | 16,621 | $ | 17,203 | $ | 15,918 | Average shareholders’ equity (GAAP) | $ | 18,038 | $ | 16,460 | |||||||||||||||||||||||||||||
Less: Average intangible assets (GAAP) | 5,322 | 4,949 | 5,214 | 4,940 | Less: Average intangible assets (GAAP) | 5,309 | 4,947 | |||||||||||||||||||||||||||||||||||
Average deferred tax liability related to intangibles (GAAP) | (103 | ) | (93 | ) | (96 | ) | (94 | ) | Average deferred tax liability related to intangibles (GAAP) | (104) | (92) | |||||||||||||||||||||||||||||||
Average preferred stock (GAAP) | 1,656 | 1,310 | 1,459 | 1,097 | Average preferred stock (GAAP) | 1,656 | 1,310 | |||||||||||||||||||||||||||||||||||
Average tangible common shareholders’ equity (non-GAAP) | L | $ | 10,884 | $ | 10,455 | $ | 10,626 | $ | 9,975 | Average tangible common shareholders’ equity (non-GAAP) | L | $ | 11,177 | $ | 10,295 | |||||||||||||||||||||||||||
Return on average tangible common shareholders’ equity (non-GAAP)(4) | A/L | 18.32 | % | 14.62 | % | 5.07 | % | 15.24 | % | Return on average tangible common shareholders’ equity (non-GAAP)(4) | A/L | 22.28 | % | 5.43 | % |
March 31, 2021 | December 31, 2020 | |||||||||||||
(Dollars in millions, except per share data) | ||||||||||||||
TANGIBLE COMMON RATIOS | ||||||||||||||
Ending shareholders’ equity (GAAP) | $ | 17,862 | $ | 18,111 | ||||||||||
Less: Ending intangible assets (GAAP) | 5,295 | 5,312 | ||||||||||||
Ending deferred tax liability related to intangibles (GAAP) | (96) | (106) | ||||||||||||
Ending preferred stock (GAAP) | 1,656 | 1,656 | ||||||||||||
Ending tangible common shareholders’ equity (non-GAAP) | M | $ | 11,007 | $ | 11,249 | |||||||||
Ending total assets (GAAP) | $ | 153,331 | $ | 147,389 | ||||||||||
Less: Ending intangible assets (GAAP) | 5,295 | 5,312 | ||||||||||||
Ending deferred tax liability related to intangibles (GAAP) | (96) | (106) | ||||||||||||
Ending tangible assets (non-GAAP) | N | $ | 148,132 | $ | 142,183 | |||||||||
End of period shares outstanding | O | 961 | 960 | |||||||||||
Tangible common shareholders’ equity to tangible assets (non-GAAP)(3) | M/N | 7.43 | % | 7.91 | % | |||||||||
Tangible common book value per share (non-GAAP)(3) | M/O | $ | 11.46 | $ | 11.71 | |||||||||
September 30, 2020 | December 31, 2019 | |||||||
(Dollars in millions, except per share data) | ||||||||
TANGIBLE COMMON RATIOS | ||||||||
Ending shareholders’ equity (GAAP) | $ | 17,904 | $ | 16,295 | ||||
Less: Ending intangible assets (GAAP) | 5,316 | 4,950 | ||||||
Ending deferred tax liability related to intangibles (GAAP) | (105 | ) | (92 | ) | ||||
Ending preferred stock (GAAP) | 1,656 | 1,310 | ||||||
Ending tangible common shareholders’ equity (non-GAAP) | M | $ | 11,037 | $ | 10,127 | |||
Ending total assets (GAAP) | $ | 145,180 | $ | 126,240 | ||||
Less: Ending intangible assets (GAAP) | 5,316 | 4,950 | ||||||
Ending deferred tax liability related to intangibles (GAAP) | (105 | ) | (92 | ) | ||||
Ending tangible assets (non-GAAP) | N | $ | 139,969 | $ | 121,382 | |||
End of period shares outstanding | O | 960 | 957 | |||||
Tangible common shareholders’ equity to tangible assets (non-GAAP) | M/N | 7.88 | % | 8.34 | % | |||
Tangible common book value per share (non-GAAP) | M/O | $ | 11.49 | $ | 10.58 |
Three Months Ended September 30 | Three Months Ended March 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions; yields on taxable-equivalent basis) | (Dollars in millions; yields on taxable-equivalent basis) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earning assets: | Earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities (1) | $ | 24,950 | $ | 140 | 2.24 | % | $ | 23,909 | $ | 160 | 2.67 | % | Debt securities (1) | $ | 27,180 | $ | 133 | 1.96 | % | $ | 23,766 | $ | 158 | 2.66 | % | |||||||||||||||||||||||||||||||
Loans held for sale | 1,147 | 8 | 2.89 | 557 | 5 | 3.73 | Loans held for sale | 1,603 | 12 | 3.10 | 514 | 5 | 3.72 | |||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income (2)(3) | 89,370 | 915 | 4.06 | 82,986 | 983 | 4.70 | Loans, net of unearned income (2)(3) | 84,755 | 865 | 4.11 | 83,249 | 915 | 4.40 | |||||||||||||||||||||||||||||||||||||||||||
Other earning assets | 11,695 | 8 | 0.30 | 2,087 | 15 | 2.82 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits in other banks | Interest bearing deposits in other banks | 16,509 | 4 | 0.10 | 797 | 2 | 1.08 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other earning assets(4) | Other earning assets(4) | 1,279 | 10 | 3.27 | 1,505 | 11 | 3.05 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | 127,162 | 1,071 | 3.35 | 109,539 | 1,163 | 4.21 | Total earning assets | 131,326 | 1,024 | 3.14 | 109,831 | 1,091 | 3.97 | |||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) on securities available for sale, net (1) | 1,143 | 251 | Unrealized gains/(losses) on securities available for sale, net (1) | 867 | 510 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (2,308 | ) | (857 | ) | Allowance for loan losses | (2,139) | (1,315) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 2,174 | 1,891 | Cash and due from banks | 1,931 | 1,915 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-earning assets | 14,674 | 13,839 | Other non-earning assets | 14,569 | 13,830 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 142,845 | $ | 124,663 | $ | 146,554 | $ | 124,771 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity | Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | $ | 10,935 | 4 | 0.14 | $ | 8,607 | 4 | 0.16 | Savings | $ | 12,340 | 5 | 0.15 | $ | 8,822 | 4 | 0.17 | |||||||||||||||||||||||||||||||||||||||
Interest-bearing checking | 22,098 | 4 | 0.07 | 18,257 | 33 | 0.71 | Interest-bearing checking | 24,171 | 2 | 0.04 | 19,273 | 22 | 0.47 | |||||||||||||||||||||||||||||||||||||||||||
Money market | 29,146 | 8 | 0.12 | 24,904 | 42 | 0.68 | Money market | 29,425 | 3 | 0.04 | 25,151 | 28 | 0.46 | |||||||||||||||||||||||||||||||||||||||||||
Time deposits | 6,150 | 16 | 1.08 | 7,712 | 31 | 1.67 | Time deposits | 5,158 | 9 | 0.74 | 7,302 | 26 | 1.44 | |||||||||||||||||||||||||||||||||||||||||||
Other deposits | 13 | — | 1.87 | 977 | 6 | 2.25 | Other deposits | 4 | — | 1.81 | 919 | 4 | 1.57 | |||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits (4) | 68,342 | 32 | 0.19 | 60,457 | 116 | 0.77 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits (5) | Total interest-bearing deposits (5) | 71,098 | 19 | 0.11 | 61,467 | 84 | 0.55 | |||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | — | — | — | 208 | 1 | 2.28 | Federal funds purchased and securities sold under agreements to repurchase | — | — | — | 151 | 1 | 1.39 | |||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | — | — | — | 2,187 | 13 | 2.31 | Other short-term borrowings | — | — | — | 1,644 | 7 | 1.69 | |||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 5,829 | 39 | 2.63 | 9,340 | 83 | 3.47 | Long-term borrowings | 3,192 | 27 | 3.42 | 8,402 | 59 | 2.81 | |||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 74,171 | 71 | 0.38 | 72,192 | 213 | 1.17 | Total interest-bearing liabilities | 74,290 | 46 | 0.25 | 71,664 | 151 | 0.85 | |||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits (4) | 48,314 | — | — | 33,599 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits (5) | Non-interest-bearing deposits (5) | 51,839 | — | — | 34,205 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total funding sources | 122,485 | 71 | 0.23 | 105,791 | 213 | 0.80 | Total funding sources | 126,129 | 46 | 0.15 | 105,869 | 151 | 0.57 | |||||||||||||||||||||||||||||||||||||||||||
Net interest spread (1) | 2.97 | 3.04 | Net interest spread (1) | 2.89 | 3.12 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 2,576 | 2,251 | Other liabilities | 2,387 | 2,442 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 17,759 | 16,621 | Shareholders’ equity | 18,038 | 16,460 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest | 25 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 142,845 | $ | 124,663 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income /margin on a taxable-equivalent basis (5) | $ | 1,000 | 3.13 | % | $ | 950 | 3.44 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 146,554 | $ | 124,771 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income /margin on a taxable-equivalent basis (6) | Net interest income /margin on a taxable-equivalent basis (6) | $ | 978 | 3.02 | % | $ | 940 | 3.44 | % |
Nine Months Ended September 30 | |||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | ||||||||||||||||
(Dollars in millions; yields on taxable-equivalent basis) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Earning assets: | |||||||||||||||||||||
Debt securities—taxable (1) | $ | 24,184 | $ | 446 | 2.46 | % | $ | 24,423 | $ | 488 | 2.66 | % | |||||||||
Loans held for sale | 824 | 19 | 3.12 | 420 | 12 | 3.83 | |||||||||||||||
Loans, net of unearned income (2)(3) | 88,199 | 2,741 | 4.13 | 83,536 | 2,983 | 4.75 | |||||||||||||||
Other earning assets | 7,195 | 32 | 0.60 | 2,199 | 55 | 3.35 | |||||||||||||||
Total earning assets | 120,402 | 3,238 | 3.58 | 110,578 | 3,538 | 4.26 | |||||||||||||||
Unrealized gains (losses) on securities available for sale, net (1) | 896 | (107 | ) | ||||||||||||||||||
Allowance for loan losses | (1,829 | ) | (852 | ) | |||||||||||||||||
Cash and due from banks | 2,053 | 1,880 | |||||||||||||||||||
Other non-earning assets | 14,316 | 13,938 | |||||||||||||||||||
$ | 135,838 | $ | 125,437 | ||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Savings | $ | 9,973 | 11 | 0.15 | $ | 8,754 | 11 | 0.16 | |||||||||||||
Interest-bearing checking | 21,046 | 32 | 0.20 | 18,808 | 99 | 0.70 | |||||||||||||||
Money market | 27,395 | 46 | 0.22 | 24,418 | 131 | 0.72 | |||||||||||||||
Time deposits | 6,712 | 63 | 1.27 | 7,662 | 91 | 1.62 | |||||||||||||||
Other deposits | 333 | 4 | 1.58 | 948 | 17 | 2.32 | |||||||||||||||
Total interest-bearing deposits (4) | 65,459 | 156 | 0.32 | 60,590 | 349 | 0.77 | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 50 | 1 | 1.39 | 265 | 4 | 2.38 | |||||||||||||||
Other short-term borrowings | 1,064 | 9 | 1.13 | 1,964 | 37 | 2.46 | |||||||||||||||
Long-term borrowings | 7,261 | 147 | 2.68 | 10,640 | 281 | 3.49 | |||||||||||||||
Total interest-bearing liabilities | 73,834 | 313 | 0.57 | 73,459 | 671 | 1.22 | |||||||||||||||
Non-interest-bearing deposits (4) | 42,323 | — | — | 33,791 | — | — | |||||||||||||||
Total funding sources | 116,157 | 313 | 0.36 | 107,250 | 671 | 0.83 | |||||||||||||||
Net interest spread (1) | 3.01 | 3.04 | |||||||||||||||||||
Other liabilities | 2,470 | 2,265 | |||||||||||||||||||
Shareholders’ equity | 17,203 | 15,918 | |||||||||||||||||||
Noncontrolling Interest | 8 | 4 | |||||||||||||||||||
$ | 135,838 | $ | 125,437 | ||||||||||||||||||
Net interest income and other financing income/margin on a taxable-equivalent basis (1)(5) | $ | 2,925 | 3.24 | % | $ | 2,867 | 3.47 | % |
The |
Scenario One: Estimated Annual Change in Net Interest Income March 31, 2021(1)(2)(3) | Scenario Two: Estimated Annual Change in Net Interest Income March 31, 2021 (1)(2)(4) | ||||||||||
(In millions) | |||||||||||
Gradual Change in Interest Rates | |||||||||||
+ 200 basis points | $423 | $123 | |||||||||
+ 100 basis points | 231 | 80 | |||||||||
- 100 basis points (floored)(5) | (67) | (67) | |||||||||
Instantaneous Change in Interest Rates | |||||||||||
+ 200 basis points | $544 | $173 | |||||||||
+ 100 basis points | 313 | 127 | |||||||||
- 100 basis points (floored)(5) | (88) | (88) | |||||||||
September 30, 2020 | March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Weighted-Average | Weighted-Average | |||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Maturity (Years) | Receive Rate(1) | Pay Rate(1) | Strike Price(1) | Notional Amount | Maturity (Years) | Receive Rate(1) | Pay Rate(1) | Strike Price(1) | |||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||
Derivatives in fair value hedging relationships: | Derivatives in fair value hedging relationships: | |||||||||||||||||||||||||||||||||||||||||||
Receive fixed/pay variable swaps | $ | 3,100 | 2.6 | 1.7 | % | 0.2 | % | — | % | Receive fixed/pay variable swaps | $ | 1,750 | 3.0 | 1.7 | % | 0.1 | % | — | % | |||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||||||||||||||||
Receive fixed/pay variable swaps | 16,000 | 4.5 | 1.9 | 0.2 | — | Receive fixed/pay variable swaps | 18,000 | 3.7 | 1.6 | 0.1 | — | |||||||||||||||||||||||||||||||||
Interest rate floors | 5,750 | 4.0 | — | — | 2.1 | Interest rate floors | 3,750 | 3.4 | — | — | 2.2 | |||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 24,850 | 4.2 | 1.9 | % | 0.2 | % | 2.1 | % | Total derivatives designated as hedging instruments | $ | 23,500 | 3.6 | 1.6 | % | 0.1 | % | 2.2 | % |
Notional Amount | Notional Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended | Years Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020(1)(2) | 2021(1)(2) | 2022 | 2023 | 2024 | 2025 | 2026 | 2021(1) | 2022(1) | 2023 | 2024 | 2025 | 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receive fixed/pay variable swaps | $ | 15,250 | $ | 16,000 | $ | 16,000 | $ | 13,700 | $ | 12,700 | $ | 3,750 | $ | 1,250 | Receive fixed/pay variable swaps | $ | 18,000 | $ | 16,250 | $ | 13,450 | $ | 12,450 | $ | 3,750 | $ | 1,250 | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate floors | 5,500 | 5,750 | 5,750 | 5,750 | 3,000 | 250 | — | Interest rate floors | 3,750 | 3,750 | 3,750 | 1,250 | 250 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | $ | 20,750 | $ | 21,750 | $ | 21,750 | $ | 19,450 | $ | 15,700 | $ | 4,000 | $ | 1,250 | Cash flow hedges | $ | 21,750 | $ | 20,000 | $ | 17,200 | $ | 13,700 | $ | 4,000 | $ | 1,250 |
Three Months Ended March 31 | Quarter-to-Date Change 3/31/2021 vs. 3/31/2020 | |||||||||||||||||||||||||
2021 | 2020 | Amount | Percent | |||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 157 | $ | 178 | $ | (21) | (11.8) | % | ||||||||||||||||||
Card and ATM fees | 115 | 105 | 10 | 9.5 | % | |||||||||||||||||||||
Mortgage income | 90 | 68 | 22 | 32.4 | % | |||||||||||||||||||||
Capital markets income | 100 | 9 | 91 | NM | ||||||||||||||||||||||
Investment management and trust fee income | 66 | 62 | 4 | 6.5 | % | |||||||||||||||||||||
Bank-owned life insurance | 17 | 17 | — | — | % | |||||||||||||||||||||
Investment services fee income | 25 | 22 | 3 | 13.6 | % | |||||||||||||||||||||
Commercial credit fee income | 22 | 18 | 4 | 22.2 | % | |||||||||||||||||||||
Gain on equity investment | 3 | — | 3 | NM | ||||||||||||||||||||||
Securities gains (losses), net | 1 | — | 1 | NM | ||||||||||||||||||||||
Market value adjustments on employee benefit assets - other | 7 | (25) | 32 | 128.0 | % | |||||||||||||||||||||
Other miscellaneous income | 38 | 31 | 7 | 22.6 | % | |||||||||||||||||||||
$ | 641 | $ | 485 | $ | 156 | 32.2 | % |
Three Months Ended September 30 | Quarter-to-Date Change 9/30/2020 vs. 9/30/2019 | |||||||||||||
2020 | 2019 | Amount | Percent | |||||||||||
(Dollars in millions) | ||||||||||||||
Service charges on deposit accounts | $ | 152 | $ | 186 | $ | (34 | ) | (18.3 | )% | |||||
Card and ATM fees | 115 | 114 | 1 | 0.9 | % | |||||||||
Investment management and trust fee income | 62 | 63 | (1 | ) | (1.6 | )% | ||||||||
Capital markets income | 61 | 36 | 25 | 69.4 | % | |||||||||
Mortgage income | 108 | 56 | 52 | 92.9 | % | |||||||||
Investment services fee income | 23 | 20 | 3 | 15.0 | % | |||||||||
Commercial credit fee income | 20 | 19 | 1 | 5.3 | % | |||||||||
Bank-owned life insurance | 17 | 18 | (1 | ) | (5.6 | )% | ||||||||
Securities gains (losses), net | 3 | — | 3 | NM | ||||||||||
Market value adjustments on employee benefit assets - other | 14 | 7 | 7 | 100.0 | % | |||||||||
Valuation gain on equity investment (1) | 44 | — | 44 | NM | ||||||||||
Other miscellaneous income | 36 | 39 | (3 | ) | (7.7 | )% | ||||||||
$ | 655 | $ | 558 | $ | 97 | 17.4 | % |
Nine Months Ended September 30 | Year-to-Date 9/30/2020 vs. 9/30/2019 | |||||||||||||
2020 | 2019 | Amount | Percent | |||||||||||
(Dollars in millions) | ||||||||||||||
Service charges on deposit accounts | $ | 461 | $ | 542 | $ | (81 | ) | (14.9 | )% | |||||
Card and ATM fees | 321 | 343 | (22 | ) | (6.4 | )% | ||||||||
Investment management and trust fee income | 186 | 179 | 7 | 3.9 | % | |||||||||
Capital markets income | 165 | 117 | 48 | 41.0 | % | |||||||||
Mortgage income | 258 | 114 | 144 | 126.3 | % | |||||||||
Investment services fee income | 62 | 59 | 3 | 5.1 | % | |||||||||
Commercial credit fee income | 55 | 55 | — | — | % | |||||||||
Bank-owned life insurance | 52 | 60 | (8 | ) | (13.3 | )% | ||||||||
Securities gains (losses), net | 4 | (26 | ) | 30 | 115.4 | % | ||||||||
Market value adjustments on employee benefit assets - defined benefit | — | 5 | (5 | ) | (100.0 | )% | ||||||||
Market value adjustments on employee benefit assets - other | 5 | 4 | 1 | 25.0 | % | |||||||||
Valuation gain on equity investment (1) | 44 | — | 44 | NM | ||||||||||
Other miscellaneous income | 100 | 102 | (2 | ) | (2.0 | )% | ||||||||
$ | 1,713 | $ | 1,554 | $ | 159 | 10.2 | % |
Three Months Ended March 31 | Quarter-to-Date Change 3/31/2021 vs. 3/31/2020 | |||||||||||||||||||||||||
2021 | 2020 | Amount | Percent | |||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||
Salaries and employee benefits | $ | 546 | $ | 467 | $ | 79 | 16.9 | % | ||||||||||||||||||
Equipment and software expense | 90 | 83 | 7 | 8.4 | % | |||||||||||||||||||||
Net occupancy expense | 77 | 79 | (2) | (2.5) | % | |||||||||||||||||||||
Outside services | 38 | 45 | (7) | (15.6) | % | |||||||||||||||||||||
Marketing | 22 | 24 | (2) | (8.3) | % | |||||||||||||||||||||
Professional, legal and regulatory expenses | 29 | 18 | 11 | 61.1 | % | |||||||||||||||||||||
Credit/checkcard expenses | 14 | 13 | 1 | 7.7 | % | |||||||||||||||||||||
FDIC insurance assessments | 10 | 11 | (1) | (9.1) | % | |||||||||||||||||||||
Branch consolidation, property and equipment charges | 5 | 11 | (6) | (54.5) | % | |||||||||||||||||||||
Visa class B shares expense | 4 | 4 | — | — | % | |||||||||||||||||||||
Other miscellaneous expenses | 93 | 81 | 12 | 14.8 | % | |||||||||||||||||||||
$ | 928 | $ | 836 | $ | 92 | 11.0 | % |
Three Months Ended September 30 | Quarter-to-Date Change 9/30/2020 vs. 9/30/2019 | |||||||||||||
2020 | 2019 | Amount | Percent | |||||||||||
(Dollars in millions) | ||||||||||||||
Salaries and employee benefits | $ | 525 | $ | 481 | $ | 44 | 9.1 | % | ||||||
Net occupancy expense | 80 | 80 | — | — | % | |||||||||
Furniture and equipment expense | 89 | 83 | 6 | 7.2 | % | |||||||||
Outside services | 44 | 48 | (4 | ) | (8.3 | )% | ||||||||
Professional, legal and regulatory expenses | 22 | 21 | 1 | 4.8 | % | |||||||||
Marketing | 22 | 23 | (1 | ) | (4.3 | )% | ||||||||
FDIC insurance assessments | 10 | 12 | (2 | ) | (16.7 | )% | ||||||||
Credit/checkcard expenses | 12 | 19 | (7 | ) | (36.8 | )% | ||||||||
Branch consolidation, property and equipment charges | 3 | 5 | (2 | ) | (40.0 | )% | ||||||||
Visa class B shares expense | 5 | 5 | — | — | % | |||||||||
Provision (credit) for unfunded credit losses (1) | — | (2 | ) | 2 | 100.0 | % | ||||||||
Loss on early extinguishment of debt | 2 | — | 2 | NM | ||||||||||
Other miscellaneous expenses | 82 | 96 | (14 | ) | (14.6 | )% | ||||||||
$ | 896 | $ | 871 | $ | 25 | 2.9 | % |
Nine Months Ended September 30 | Year-to-Date 9/30/2020 vs. 9/30/2019 | |||||||||||||
2020 | 2019 | Amount | Percent | |||||||||||
(Dollars in millions) | ||||||||||||||
Salaries and employee benefits | $ | 1,519 | $ | 1,428 | $ | 91 | 6.4 | % | ||||||
Net occupancy expense | 235 | 242 | (7 | ) | (2.9 | )% | ||||||||
Furniture and equipment expense | 258 | 243 | 15 | 6.2 | % | |||||||||
Outside services | 133 | 145 | (12 | ) | (8.3 | )% | ||||||||
Professional, legal and regulatory expenses | 68 | 67 | 1 | 1.5 | % | |||||||||
Marketing | 68 | 69 | (1 | ) | (1.4 | )% | ||||||||
FDIC insurance assessments | 36 | 37 | (1 | ) | (2.7 | )% | ||||||||
Credit/checkcard expenses | 37 | 53 | (16 | ) | (30.2 | )% | ||||||||
Branch consolidation, property and equipment charges | 24 | 13 | 11 | 84.6 | % | |||||||||
Visa class B shares expense | 18 | 12 | 6 | 50.0 | % | |||||||||
Provision (credit) for unfunded credit losses(1) | — | (3 | ) | 3 | 100.0 | % | ||||||||
Loss on early extinguishment of debt | 8 | — | 8 | NM | ||||||||||
Other miscellaneous expenses | 252 | 286 | (34 | ) | (11.9 | )% | ||||||||
$ | 2,656 | $ | 2,592 | $ | 64 | 2.5 | % |
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
3.5 | ||||||||
3.6 | ||||||||
3.7 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101 | The following materials from Regions' Form 10-Q Report for the quarterly period ended | |||||||
104 | The cover page of Regions' Form 10-Q Report for the quarter ended |
DATE: May 5, 2021 | ||||||||
Regions Financial Corporation | ||||||||
/S/ HARDIE B. KIMBROUGH, JR. | ||||||||
Hardie B. Kimbrough, Jr. Executive Vice President and Controller (Chief Accounting Officer and Authorized Officer) |