Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-12307 | |
Entity Registrant Name | ZIONS BANCORPORATION, NATIONAL ASSOCIATION | |
Entity Incorporation, State or Country Code | X1 | |
Entity Tax Identification Number | 87-0189025 | |
Entity Address, Address Line One | One South Main | |
Entity Address, City or Town | Salt Lake City, | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84133-1109 | |
City Area Code | 801 | |
Local Phone Number | 844-7637 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 162,070,463 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000109380 | |
Common stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.001 | |
Trading Symbol | ZION | |
Security Exchange Name | NASDAQ | |
Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock | |
Trading Symbol | ZIONP | |
Security Exchange Name | NASDAQ | |
Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock | |
Trading Symbol | ZIONO | |
Security Exchange Name | NASDAQ | |
Fixed-to-Floating Rate Subordinated Notes | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.95% Fixed-to-Floating Rate Subordinated Notes due September 15, 2028 | |
Trading Symbol | ZIONL | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 525 | $ 543 |
Money market investments: | ||
Interest-bearing deposits | 10,086 | 1,074 |
Federal funds sold and security resell agreements | 1,714 | 5,765 |
Investment securities: | ||
Held-to-maturity, at amortized cost (included $622 and $640 at fair value ) | 620 | 636 |
Available-for-sale, at fair value | 18,170 | 15,731 |
Trading account, at fair value | 181 | 266 |
Total securities | 18,971 | 16,633 |
Loans held for sale | 66 | 81 |
Loans held for investment, net of allowance | ||
Loans and leases, net of unearned income and fees | 51,398 | 53,476 |
Less allowance for loan losses | 535 | 777 |
Loans held for investment, net of allowance | 50,863 | 52,699 |
Other noninterest-bearing investments | 895 | 817 |
Premises, equipment and software, net | 1,239 | 1,209 |
Goodwill and intangibles | 1,015 | 1,016 |
Other real estate owned | 23 | 4 |
Other assets | 1,811 | 1,638 |
Total Assets | 87,208 | 81,479 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Noninterest-bearing demand | 38,128 | 32,494 |
Interest-bearing: | ||
Savings and money market | 36,037 | 34,571 |
Time | 1,940 | 2,588 |
Total deposits | 76,105 | 69,653 |
Federal funds purchased and other short-term borrowings | 741 | 1,572 |
Long-term debt | 1,308 | 1,336 |
Reserve for unfunded lending commitments | 39 | 58 |
Other liabilities | 982 | 974 |
Total liabilities | 79,175 | 73,593 |
Shareholders’ equity: | ||
Preferred stock, without par value; authorized 4,400 shares | 440 | 566 |
Common stock ($0.001 par value; authorized 350,000 shares; issued and outstanding 162,248 and 164,090 shares) and additional paid-in capital | 2,565 | 2,686 |
Retained earnings | 4,853 | 4,309 |
Accumulated other comprehensive income (loss) | 175 | 325 |
Total shareholders’ equity | 8,033 | 7,886 |
Total liabilities and shareholders’ equity | $ 87,208 | $ 81,479 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Investment securities: | ||
Held-to-maturity, Estimated fair value | $ 622 | $ 640 |
Shareholders’ equity: | ||
Preferred stock, shares authorized (in shares) | 4,400,000 | 4,400,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, shares issued (in shares) | 162,248,000 | 164,090,000 |
Common stock, outstanding shares (in shares) | 162,248,000 | 164,090,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income: | ||||
Interest and fees on loans | $ 492 | $ 514 | $ 980 | $ 1,046 |
Interest on money market investments | 4 | 1 | 7 | 9 |
Interest on securities | 74 | 80 | 145 | 161 |
Total interest income | 570 | 595 | 1,132 | 1,216 |
Interest expense: | ||||
Interest on deposits | 7 | 23 | 16 | 74 |
Interest on short- and long-term borrowings | 8 | 9 | 16 | 31 |
Total interest expense | 15 | 32 | 32 | 105 |
Net interest income | 555 | 563 | 1,100 | 1,111 |
Provision for loan losses | (113) | 161 | (236) | 401 |
Provision for unfunded lending commitments | (10) | 7 | (19) | 25 |
Total provision for credit losses | (123) | 168 | (255) | 426 |
Net interest income after provision for credit losses | 678 | 395 | 1,355 | 685 |
Noninterest income: | ||||
Commercial account fees | 34 | 30 | 66 | 61 |
Card fees | 24 | 19 | 45 | 39 |
Retail and business banking fees | 18 | 15 | 35 | 33 |
Loan-related fees and income | 21 | 27 | 46 | 53 |
Capital markets and foreign exchange fees | 17 | 18 | 32 | 42 |
Wealth management fees | 12 | 9 | 24 | 21 |
Other customer-related fees | 13 | 12 | 24 | 22 |
Customer-related fees | 139 | 130 | 272 | 271 |
Fair value and nonhedge derivative gain (loss) | (5) | (12) | 13 | (23) |
Dividends and other investment income | 8 | 3 | 15 | 11 |
Securities gains (losses), net | 63 | (4) | 74 | (9) |
Total noninterest income | 205 | 117 | 374 | 250 |
Noninterest expense: | ||||
Salaries and employee benefits | 272 | 267 | 560 | 540 |
Occupancy, net | 33 | 32 | 66 | 65 |
Furniture, equipment and software, net | 32 | 32 | 64 | 64 |
Other real estate expense, net | 0 | 0 | 0 | 0 |
Credit-related expense | 6 | 6 | 12 | 10 |
Professional and legal services | 17 | 10 | 37 | 22 |
Advertising | 4 | 3 | 9 | 6 |
FDIC premiums | 6 | 7 | 13 | 12 |
Other | 58 | 73 | 102 | 118 |
Total noninterest expense | 428 | 430 | 863 | 837 |
Income before income taxes | 455 | 82 | 866 | 98 |
Income taxes | 101 | 16 | 190 | 18 |
Net income | 354 | 66 | 676 | 80 |
Preferred stock dividends | (9) | (9) | (17) | (17) |
Net earnings applicable to common shareholders | $ 345 | $ 57 | $ 659 | $ 63 |
Weighted average common shares outstanding during the period: | ||||
Basic shares (in shares) | 162,742 | 163,542 | 163,144 | 163,843 |
Diluted shares (in shares) | 163,054 | 164,425 | 163,468 | 168,132 |
Net earnings per common share: | ||||
Basic (in dollars per share) | $ 2.08 | $ 0.34 | $ 3.98 | $ 0.38 |
Diluted (in dollars per share) | $ 2.08 | $ 0.34 | $ 3.98 | $ 0.37 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income for the period | $ 354 | $ 66 | $ 676 | $ 80 |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized holding gains (losses) on investment securities | 34 | 94 | (130) | 242 |
Net unrealized gains (losses) on other noninterest-bearing investments | 1 | (8) | 3 | (6) |
Net unrealized holding gains on derivative instruments | 3 | 7 | 0 | 76 |
Reclassification adjustment for increase in interest income recognized in earnings on derivative instruments | (11) | (10) | (23) | (13) |
Reclassification to earnings for termination of pension plan | 0 | 13 | 0 | 13 |
Other comprehensive income (loss) | 27 | 96 | (150) | 312 |
Comprehensive income | $ 381 | $ 162 | $ 526 | $ 392 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred stock | Common stock | Accumulated paid-in capital | Retained earnings | Retained earningsCumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive income (loss) |
Balance at beginning of period at Dec. 31, 2019 | $ 7,353 | $ 20 | $ 566 | $ 0 | $ 2,735 | $ 4,009 | $ 20 | $ 43 |
Balance at beginning of period (in shares) at Dec. 31, 2019 | 165,057,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income for the period | 80 | 80 | ||||||
Other comprehensive income (loss), net of tax | 312 | 312 | ||||||
Bank common stock repurchased (in shares) | (1,680,000) | |||||||
Bank common stock repurchased | (75) | (75) | ||||||
Net shares issued from stock warrant exercises (in shares) | 1,000 | |||||||
Net activity under employee plans and related tax benefits (in shares) | 600,000 | |||||||
Net activity under employee plans and related tax benefits | 15 | 15 | ||||||
Dividends on preferred stock | (17) | (17) | ||||||
Dividends on common stock | (112) | (112) | ||||||
Change in deferred compensation | (1) | (1) | ||||||
Balance at end of period at Jun. 30, 2020 | 7,575 | 566 | $ 0 | 2,675 | 3,979 | 355 | ||
Balance at end of period (in shares) at Jun. 30, 2020 | 163,978,000 | |||||||
Balance at beginning of period at Mar. 31, 2020 | 7,472 | 566 | $ 0 | 2,668 | 3,979 | 259 | ||
Balance at beginning of period (in shares) at Mar. 31, 2020 | 163,852,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income for the period | 66 | 66 | ||||||
Other comprehensive income (loss), net of tax | 96 | 96 | ||||||
Bank common stock repurchased (in shares) | (11,000) | |||||||
Net activity under employee plans and related tax benefits (in shares) | 137,000 | |||||||
Net activity under employee plans and related tax benefits | 7 | 7 | ||||||
Dividends on preferred stock | (9) | (9) | ||||||
Dividends on common stock | (56) | (56) | ||||||
Change in deferred compensation | (1) | (1) | ||||||
Balance at end of period at Jun. 30, 2020 | 7,575 | 566 | $ 0 | 2,675 | 3,979 | 355 | ||
Balance at end of period (in shares) at Jun. 30, 2020 | 163,978,000 | |||||||
Balance at beginning of period at Dec. 31, 2020 | $ 7,886 | 566 | $ 0 | 2,686 | 4,309 | 325 | ||
Balance at beginning of period (in shares) at Dec. 31, 2020 | 164,090,000 | 164,090,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income for the period | $ 676 | 676 | ||||||
Other comprehensive income (loss), net of tax | (150) | (150) | ||||||
Preferred stock redemption | $ (126) | (126) | 3 | (3) | ||||
Bank common stock repurchased (in shares) | (2,700,000) | (2,747,000) | ||||||
Bank common stock repurchased | $ (151) | (151) | ||||||
Net activity under employee plans and related tax benefits (in shares) | 905,000 | |||||||
Net activity under employee plans and related tax benefits | 27 | 27 | ||||||
Dividends on preferred stock | (17) | (17) | ||||||
Dividends on common stock | (113) | (113) | ||||||
Change in deferred compensation | 1 | 1 | ||||||
Balance at end of period at Jun. 30, 2021 | $ 8,033 | 440 | $ 0 | 2,565 | 4,853 | 175 | ||
Balance at end of period (in shares) at Jun. 30, 2021 | 162,248,000 | 162,248,000 | ||||||
Balance at beginning of period at Mar. 31, 2021 | $ 7,933 | 566 | $ 0 | 2,653 | 4,566 | 148 | ||
Balance at beginning of period (in shares) at Mar. 31, 2021 | 163,800,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income for the period | 354 | 354 | ||||||
Other comprehensive income (loss), net of tax | 27 | 27 | ||||||
Preferred stock redemption | (126) | (126) | 3 | (3) | ||||
Bank common stock repurchased (in shares) | (1,735,000) | |||||||
Bank common stock repurchased | (101) | (101) | ||||||
Net activity under employee plans and related tax benefits (in shares) | 183,000 | |||||||
Net activity under employee plans and related tax benefits | 10 | 10 | ||||||
Dividends on preferred stock | (9) | (9) | ||||||
Dividends on common stock | (56) | (56) | ||||||
Change in deferred compensation | 1 | 1 | ||||||
Balance at end of period at Jun. 30, 2021 | $ 8,033 | $ 440 | $ 0 | $ 2,565 | $ 4,853 | $ 175 | ||
Balance at end of period (in shares) at Jun. 30, 2021 | 162,248,000 | 162,248,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends on common stock (in dollars per share) | $ 0.34 | $ 0.34 | $ 0.68 | $ 0.68 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 676 | $ 80 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | (255) | 426 |
Depreciation and amortization | (11) | 63 |
Share-based compensation | 19 | 18 |
Deferred income tax expense (benefit) | 108 | (94) |
Net decrease in trading securities | 85 | 22 |
Net decrease (increase) in loans held for sale | 6 | (13) |
Change in other liabilities | (1) | 33 |
Change in other assets | (259) | (129) |
Other, net | (85) | (8) |
Net cash provided by operating activities | 283 | 398 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net increase in money market investments | (4,961) | (618) |
Proceeds from maturities and paydowns of investment securities held-to-maturity | 272 | 73 |
Purchases of investment securities held-to-maturity | (256) | (169) |
Proceeds from sales, maturities and paydowns of investment securities available-for-sale | 2,485 | 1,795 |
Purchases of investment securities available-for-sale | (5,170) | (2,011) |
Net change in loans and leases | 2,177 | (6,381) |
Purchases and sales of other noninterest-bearing investments | 4 | 59 |
Purchases of premises and equipment | (84) | (82) |
Other, net | 10 | 33 |
Net cash used in investing activities | (5,523) | (7,301) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 6,452 | 8,599 |
Net change in short-term funds borrowed | (831) | (1,194) |
Cash paid for preferred stock redemption | (126) | 0 |
Redemption of long-term debt | 0 | (429) |
Proceeds from the issuance of common stock | 16 | 5 |
Dividends paid on common and preferred stock | (129) | (130) |
Bank common stock repurchased | (151) | (76) |
Other, net | (9) | (7) |
Net cash provided by financing activities | 5,222 | 6,768 |
Net decrease in cash and due from banks | (18) | (135) |
Cash and due from banks at beginning of period | 543 | 705 |
Cash and due from banks at end of period | 525 | 570 |
Cash paid for interest | 43 | 123 |
Net cash paid for income taxes | 427 | 17 |
Noncash activities are summarized as follows: | ||
Loans held for investment transferred to other real estate owned | 1 | 1 |
Loans held for investment reclassified to loans held for sale, net | $ 27 | $ 22 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Zions Bancorporation, National Association and its majority-owned subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. References to GAAP, including standards promulgated by the Financial Accounting Standards Board (“FASB”), are made according to sections of the Accounting Standards Codification (“ASC”). Changes to the ASC are made with Accounting Standards Updates (“ASU”) that include consensus issues of the Emerging Issues Task Force. Operating results for the six months ended June 30, 2021 and 2020 are not necessarily indicative of the results that may be expected in future periods. In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The consolidated balance sheet at December 31, 2020 is from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and accompanying footnotes included in our 2020 Form 10-K. Certain prior period amounts have been reclassified to conform with the current period presentation. These reclassifications did not affect net income or shareholders’ equity. Zions Bancorporation, N.A. is a commercial bank headquartered in Salt Lake City, Utah. We provide a wide range of banking products and related services in 11 Western and Southwestern states through seven separately managed “affiliates,” or “affiliate banks,” each with its own local branding and management team, including Zions Bank, in Utah, Idaho and Wyoming; Amegy Bank (“Amegy”), in Texas; California Bank & Trust (“CB&T”); National Bank of Arizona (“NBAZ”); Nevada State Bank (“NSB”); Vectra Bank Colorado (“Vectra”), in Colorado and New Mexico; and The Commerce Bank of Washington (“TCBW”) which operates under that name in Washington and under the name The Commerce Bank of Oregon in Oregon. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Developments | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS AND DEVELOPMENTS | RECENT ACCOUNTING PRONOUNCEMENTS AND DEVELOPMENTSThere have been no significant changes to recent accounting pronouncements and developments and their potential impact to our financial statements or operations. For more information, see Note 2 of our 2020 Form 10-K. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. For more information about our valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 3 of our 2020 Form 10-K. Quantitative Disclosure by Fair Value Hierarchy Assets and liabilities measured at fair value by class on a recurring basis are summarized as follows: (In millions) June 30, 2021 Level 1 Level 2 Level 3 Total ASSETS Available-for-sale securities: U.S. Treasury, agencies and corporations $ 128 $ 16,393 $ — $ 16,521 Municipal securities 1,574 1,574 Other debt securities 75 75 Total available-for-sale 128 18,042 — 18,170 Trading account 15 166 181 Other noninterest-bearing investments: Bank-owned life insurance 535 535 Private equity investments 1 77 72 149 Other assets: Agriculture loan servicing and interest-only strips 15 15 Deferred compensation plan assets 135 135 Derivatives: Derivatives designated as hedges 9 9 Derivatives not designated as hedges: Interest rate 272 272 Foreign exchange 4 4 Total Assets $ 359 $ 19,024 $ 87 $ 19,470 LIABILITIES Securities sold, not yet purchased $ 62 $ — $ — $ 62 Other liabilities: Derivatives: Derivatives not designated as hedges: Interest rate 40 40 Foreign exchange 4 4 Total Liabilities $ 66 $ 40 $ — $ 106 1 The Level 1 private equity investments relate to the portion of our SBIC investments that are now publicly traded. (In millions) December 31, 2020 Level 1 Level 2 Level 3 Total ASSETS Available-for-sale securities: U.S. Treasury, agencies and corporations $ 192 $ 13,944 $ — $ 14,136 Municipal securities 1,420 1,420 Other debt securities 175 175 Total available-for-sale 192 15,539 — 15,731 Trading account 111 155 266 Other noninterest-bearing investments: Bank-owned life insurance 532 532 Private equity investments 80 80 Other assets: Agriculture loan servicing and interest-only strips 16 16 Deferred compensation plan assets 120 120 Derivatives: Derivatives designated as hedges 3 3 Derivatives not designated as hedges: Interest rate 411 411 Foreign exchange 4 4 Total Assets $ 427 $ 16,640 $ 96 $ 17,163 LIABILITIES Securities sold, not yet purchased $ 61 $ — $ — $ 61 Other liabilities: Derivatives: Derivatives not designated as hedges: Interest rate 34 34 Foreign exchange 4 4 Total Liabilities $ 65 $ 34 $ — $ 99 Level 3 Valuations Our Level 3 holdings include private equity investments (“PEIs”), agriculture loan servicing, and interest-only strips. For additional information regarding the financial instruments measured under Level 3, including the methods and significant assumptions used to estimate their fair value, see Note 3 of our 2020 Form 10-K. During the second quarter of 2021, one of our SBIC investments measured under Level 3, Recursion Pharmaceuticals, Inc., completed an initial public offering (“IPO”), and as a result, we recognized a $63 million unrealized gain. This investment will be marked-to-market until we fully divest of our shares, which are subject to a minimum 180-day lock-up period from the IPO. Rollforward of Level 3 Fair Value Measurements The following schedule presents the changes to the assets and liabilities measured at fair value by class on a recurring basis using Level 3 inputs: Level 3 Instruments Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In millions) Private equity investments Ag loan svcg and int-only strips Private equity investments Ag loan svcg and int-only strips Private equity investments Ag loan svcg and int-only strips Private equity investments Ag loan svcg and int-only strips Balance at beginning of period $ 83 $ 15 $ 79 $ 17 $ 80 $ 16 $ 107 $ 18 Unrealized securities gains (losses), net 68 — (4) — 69 — (24) — Other noninterest income (expense) — — — — (1) — (1) Purchases 2 — 2 — 6 — 3 — Cost of investments sold (4) — — — (6) — (9) — Redemptions and paydowns — — — — — Transfers out 1 (77) — — — (77) — — — Balance at end of period $ 72 $ 15 $ 77 $ 17 $ 72 $ 15 $ 77 $ 17 1 Represents the transfer of the SBIC investment in Recursion Pharmaceuticals, Inc. out of Level 3 to Level 1. The rollforward of Level 3 fair value measurements includes the following realized gains and losses in the income statement: (In millions) Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Securities gains (losses), net $ (4) $ — $ (5) $ 15 Nonrecurring Fair Value Measurements The following schedule presents the balances of assets at period end that had fair value changes measured on a nonrecurring basis: (In millions) Fair value at June 30, 2021 Fair value at December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total ASSETS Private equity investments $ — $ — $ — $ — $ — $ — $ 1 $ 1 Collateral-dependent loans — 9 — 9 — 14 — 14 Other real estate owned — — — — — 1 — 1 Total $ — $ 9 $ — $ 9 $ — $ 15 $ 1 $ 16 The fair values may not be current as of the periods presented, but rather as of the date the fair value change occurred, such as a charge for impairment. Accordingly, carrying values may not equal current fair value. During the three and six months ended June 30, 2021 and 2020, we had less than $1 million of gains or losses from fair value changes. During the three and six months ended June 30, we recognized less than $1 million of net gains in 2021 and 2020 from the sale of other real estate owned (“OREO”) properties that had a carrying value, at the time of sale, of $2 million and $3 million during these same periods. Prior to their sale, we recognized no impairment on these properties during the three and six months ended June 30, 2021 and less than $1 million during the same periods in 2020. Private equity investments (“PEIs”) carried at cost were measured at fair value for impairment purposes according to the methodology previously discussed for these investments. Amounts of PEIs carried at cost were $16 million at June 30, 2021 and $8 million at December 31, 2020. Amounts of other noninterest-bearing investments carried at cost were $108 million at June 30, 2021 and $109 million at December 31, 2020, which were comprised of Federal Reserve and FHLB stock. Private equity investments accounted for using the equity method were $66 million at June 30, 2021 and $61 million at December 31, 2020. Loans that are collateral-dependent were measured at the lower of amortized cost or the fair value of the collateral. OREO was measured initially at fair value based on collateral appraisals at the time of transfer and subsequently at the lower of cost or fair value. For additional information regarding the measurement of fair value for impaired loans, collateral-dependent loans, and OREO, see Note 3 of our 2020 Form 10-K. Fair Value of Certain Financial Instruments Following is a summary of the carrying values and estimated fair values of certain financial instruments: June 30, 2021 December 31, 2020 (In millions) Carrying Estimated Level Carrying Estimated Level Financial assets: HTM investment securities $ 620 $ 622 2 $ 636 $ 640 2 Loans and leases (including loans held for sale), net of allowance 50,929 51,436 3 52,780 53,221 3 Financial liabilities: Time deposits 1,940 1,949 2 2,588 2,603 2 Long-term debt 1,308 1,338 2 1,336 1,346 2 This summary excludes financial assets and liabilities for which carrying value approximates fair value and financial instruments that are recorded at fair value on a recurring basis. For additional information regarding the financial instruments within the scope of this disclosure, and the methods and significant assumptions used to estimate their fair value, see Note 3 of our 2020 Form 10-K. |
Offsetting Assets and Liabiliti
Offsetting Assets and Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Offsetting [Abstract] | |
OFFSETTING ASSETS AND LIABILITIES | OFFSETTING ASSETS AND LIABILITIES Gross and net information for selected financial instruments in the balance sheet is as follows: June 30, 2021 (In millions) Gross amounts not offset in the balance sheet Description Gross amounts recognized Gross amounts offset in the balance sheet Net amounts presented in the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and security resell agreements $ 1,714 $ — $ 1,714 $ — $ — $ 1,714 Derivatives (included in other assets) 285 — 285 (15) (2) 268 Total assets $ 1,999 $ — $ 1,999 $ (15) $ (2) $ 1,982 Liabilities: Federal funds purchased and other short-term borrowings $ 741 $ — $ 741 $ — $ — $ 741 Derivatives (included in other liabilities) 44 — 44 (15) (6) 23 Total liabilities $ 785 $ — $ 785 $ (15) $ (6) $ 764 December 31, 2020 (In millions) Gross amounts not offset in the balance sheet Description Gross amounts recognized Gross amounts offset in the balance sheet Net amounts presented in the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and security resell agreements $ 6,457 $ (692) $ 5,765 $ — $ — $ 5,765 Derivatives (included in other assets) 418 — 418 (4) (3) 411 Total assets $ 6,875 $ (692) $ 6,183 $ (4) $ (3) $ 6,176 Liabilities: Federal funds purchased and other short-term borrowings $ 2,264 $ (692) $ 1,572 $ — $ — $ 1,572 Derivatives (included in other liabilities) 38 — 38 (4) (26) 8 Total liabilities $ 2,302 $ (692) $ 1,610 $ (4) $ (26) $ 1,580 Security repurchase and reverse repurchase (“resell”) agreements are offset, when applicable, in the balance sheet according to master netting agreements. Security repurchase agreements are included with “Federal funds purchased and other short-term borrowings.” Derivative instruments may be offset under their master netting agreements; however, for accounting purposes, we present these items on a gross basis in our balance sheet. See Note 7 for further information regarding derivative instruments. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
INVESTMENTS | INVESTMENTS Investment Securities Investment securities are classified as HTM, AFS, or trading. HTM securities, which management has the intent and ability to hold until maturity, are carried at amortized cost. AFS securities are carried at fair value and unrealized gains and losses are reported as net increases or decreases to accumulated other comprehensive income (“AOCI”). Trading securities are carried at fair value with gains and losses recognized in current period earnings. The carrying values of our securities do not include accrued interest receivables of $55 million and $54 million at June 30, 2021 and December 31, 2020, respectively. These receivables are presented in the Consolidated Balance Sheet within the “Other Assets” line item. See Note 5 of our 2020 Form 10-K for more information related to our accounting for investment securities. See also Note 3 of our 2020 Form 10-K for discussion on our process to estimate fair value for investment securities. June 30, 2021 (In millions) Amortized Gross unrealized gains Gross unrealized losses Estimated Held-to-maturity Municipal securities $ 620 $ 4 $ 2 $ 622 Available-for-sale U.S. Treasury securities 155 — 27 128 U.S. Government agencies and corporations: Agency securities 991 31 — 1,022 Agency guaranteed mortgage-backed securities 14,233 186 96 14,323 Small Business Administration loan-backed securities 1,076 3 31 1,048 Municipal securities 1,522 55 3 1,574 Other debt securities 75 — — 75 Total available-for-sale 18,052 275 157 18,170 Total investment securities $ 18,672 $ 279 $ 159 $ 18,792 December 31, 2020 (In millions) Amortized Gross unrealized gains Gross unrealized losses Estimated Held-to-maturity Municipal securities $ 636 $ 5 $ 1 $ 640 Available-for-sale U.S. Treasury securities 205 — 13 192 U.S. Government agencies and corporations: Agency securities 1,051 40 — 1,091 Agency guaranteed mortgage-backed securities 11,439 262 8 11,693 Small Business Administration loan-backed securities 1,195 — 35 1,160 Municipal securities 1,352 68 — 1,420 Other debt securities 175 — — 175 Total available-for-sale 15,417 370 56 15,731 Total investment securities $ 16,053 $ 375 $ 57 $ 16,371 Maturities The following schedule shows the amortized cost and weighted average yields of investment debt securities by contractual maturity of principal payments at June 30, 2021. Actual principal payments may differ from contractual or expected principal payments because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. June 30, 2021 Total debt investment securities Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years (Dollar amounts in millions) Amortized cost Avg yield Amortized cost Avg yield Amortized cost Avg yield Amortized cost Avg yield Amortized cost Avg yield Held-to-maturity Municipal securities 1 $ 620 2.75 % $ 171 1.67 % $ 160 3.37 % $ 172 2.81 % $ 117 3.36 % Available-for-sale U.S. Treasury securities 155 1.28 — — — — — — 155 1.28 U.S. Government agencies and corporations: Agency securities 991 2.12 — — 361 1.36 267 2.52 363 2.59 Agency guaranteed mortgage-backed securities 14,233 1.65 — — 391 1.41 725 1.63 13,117 1.66 Small Business Administration loan-backed securities 1,076 1.37 — — 53 1.42 133 1.56 890 1.34 Municipal securities 1 1,522 2.33 104 1.92 643 2.43 506 2.30 269 2.31 Other debt securities 75 2.15 — — — — 60 1.96 15 2.90 Total available-for-sale securities 18,052 1.72 104 1.92 1,448 1.85 1,691 1.98 14,809 1.67 Total investment securities $ 18,672 1.75 % $ 275 1.76 % $ 1,608 2.00 % $ 1,863 2.05 % $ 14,926 1.68 % 1 The yields on tax-exempt securities are calculated on a tax-equivalent basis. The following schedule summarizes the amount of gross unrealized losses for debt securities and the estimated fair value by length of time the securities have been in an unrealized loss position: June 30, 2021 Less than 12 months 12 months or more Total (In millions) Gross Estimated Gross Estimated Gross Estimated Held-to-maturity Municipal securities $ 2 $ 149 $ — $ 14 $ 2 $ 163 Available-for-sale U.S. Treasury securities 27 128 — — 27 128 U.S. Government agencies and corporations: Agency securities — 105 — 1 — 106 Agency guaranteed mortgage-backed securities 95 6,353 1 125 96 6,478 Small Business Administration loan-backed securities — — 31 860 31 860 Municipal securities 3 217 — — 3 217 Other — — — — — — Total available-for-sale 125 6,803 32 986 157 7,789 Total investment securities $ 127 $ 6,952 $ 32 $ 1,000 $ 159 $ 7,952 December 31, 2020 Less than 12 months 12 months or more Total (In millions) Gross Estimated Gross Estimated Gross Estimated Held-to-maturity Municipal securities $ 1 $ 96 $ — $ 12 $ 1 $ 108 Available-for-sale U.S. Treasury securities 13 142 — — 13 142 U.S. Government agencies and corporations: Agency securities — 6 — 2 — 8 Agency guaranteed mortgage-backed securities 7 1,197 1 179 8 1,376 Small Business Administration loan-backed securities — 15 35 1,068 35 1,083 Municipal securities — 19 — — — 19 Other — 150 — — — 150 Total available-for-sale 20 1,529 36 1,249 56 2,778 Total investment securities $ 21 $ 1,625 $ 36 $ 1,261 $ 57 $ 2,886 Approximately 148 and 119 HTM and 960 and 549 AFS investment securities were in an unrealized loss position at June 30, 2021, and December 31, 2020, respectively. Impairment We review investment securities quarterly on an individual security basis for the presence of impairment. For additional information on our policy and impairment evaluation process for investment securities, see Note 5 of our 2020 Form 10-K. AFS Impairment Conclusions We did not recognize any impairment on our AFS investment securities portfolio during the first six months of 2021. Unrealized losses relate to changes in interest rates subsequent to purchase and are not attributable to credit. At June 30, 2021, we had not initiated any sales of AFS securities, nor did we have an intent to sell any identified securities with unrealized losses. We do not believe it is more likely than not we would be required to sell such securities before recovery of their amortized cost basis. HTM Impairment Conclusions For HTM securities, the ACL is estimated consistent with the approach described in Note 6 for loans carried at amortized cost. The ACL on HTM securities was less than $1 million at June 30, 2021. No HTM securities were past due at June 30, 2021. The amortized cost basis of HTM securities categorized by year of issuance and risk grade is summarized as follows: June 30, 2021 Amortized cost basis by year of issuance (In millions) 2021 2020 2019 2018 2017 Prior Total Securities Held-to-maturity: Pass $ 209 $ 124 $ 10 $ — $ 8 $ 268 $ 619 Accruing substandard — — — — — 1 1 Total held-to-maturity $ 209 $ 124 $ 10 $ — $ 8 $ 269 $ 620 Securities Gains and Losses Recognized in Income The following summarizes gains and losses recognized in income: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Gross gains Gross losses Gross gains Gross losses Gross gains Gross losses Gross gains Gross losses Other noninterest-bearing investments $ 66 $ 3 $ 3 $ 7 $ 80 $ 6 $ 8 $ 17 Net gains (losses) 1 $ 63 $ (4) $ 74 $ (9) 1 Net gains (losses) were recognized in securities gains (losses) in the income statement. Interest income by investment security type is as follows: Three Months Ended June 30, 2021 2020 (In millions) Taxable Nontaxable Total Taxable Nontaxable Total Investment securities: Held-to-maturity $ 2 $ 1 $ 3 $ 3 $ 2 $ 5 Available-for-sale 61 7 68 67 7 74 Trading — 3 3 — 1 1 Total securities $ 63 $ 11 $ 74 $ 70 $ 10 $ 80 Six Months Ended June 30, 2021 2020 (In millions) Taxable Nontaxable Total Taxable Nontaxable Total Investment securities: Held-to-maturity $ 5 $ 3 $ 8 $ 5 $ 5 $ 10 Available-for-sale 118 14 132 135 13 148 Trading — 5 5 — 3 3 Total $ 123 $ 22 $ 145 $ 140 $ 21 $ 161 Investment securities with a carrying value of approximately $1.9 billion and $2.3 billion at June 30, 2021 and December 31, 2020, respectively, were pledged to secure public and trust deposits, advances, and for other purposes as required by law. Securities are also pledged as collateral for security repurchase agreements. |
Loans, Leases, and Allowance fo
Loans, Leases, and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
LOANS, LEASES, AND ALLOWANCE FOR CREDIT LOSSES | LOANS, LEASES, AND ALLOWANCE FOR CREDIT LOSSES Loans, Leases, and Loans Held for Sale Loans and leases are summarized as follows according to major portfolio segment and specific loan class: (In millions) June 30, December 31, Loans held for sale $ 66 $ 81 Commercial: Commercial and industrial $ 12,947 $ 13,444 PPP 4,461 5,572 Leasing 307 320 Owner-occupied 8,231 8,185 Municipal 3,215 2,951 Total commercial 29,161 30,472 Commercial real estate: Construction and land development 2,576 2,345 Term 9,532 9,759 Total commercial real estate 12,108 12,104 Consumer: Home equity credit line 2,727 2,745 1-4 family residential 6,269 6,969 Construction and other consumer real estate 593 630 Bankcard and other revolving plans 415 432 Other 125 124 Total consumer 10,129 10,900 Total loans and leases $ 51,398 $ 53,476 Loans and leases are presented at their amortized cost basis, which includes net unamortized purchase premiums, discounts, and deferred loan fees and costs totaling $176 million and $149 million at June 30, 2021 and December 31, 2020, respectively. Amortized cost basis does not include accrued interest receivables of $180 million and $200 million at June 30, 2021 and December 31, 2020, respectively. These receivables are presented in the Consolidated Balance Sheet within the “Other Assets” line item. Municipal loans generally include loans to state and local governments (“municipalities”) with the debt service being repaid from general funds or pledged revenues of the municipal entity, or to private commercial entities or 501(c)(3) not-for-profit entities utilizing a pass-through municipal entity to achieve favorable tax treatment. Land acquisition and development loans included in the construction and land development loan portfolio were $171 million at June 30, 2021 and $156 million at December 31, 2020. Loans with a carrying value of $23.1 billion at June 30, 2021 and $24.7 billion at December 31, 2020 have been pledged at the Federal Reserve and the FHLB of Des Moines as collateral for potential borrowings. We sold loans totaling $436 million and $859 million for the three and six months ended June 30, 2021 and $608 million and $907 million for the three and six months ended June 30, 2020, respectively, that were classified as loans held for sale. The sold loans were derecognized from the balance sheet. Loans classified as loans held for sale primarily consist of conforming residential mortgages and the guaranteed portion of SBA loans that are primarily sold to U.S. government agencies or participated to third parties. They do not consist of loans from the SBA's Paycheck Protection Program. At times, we have continuing involvement in the sold loans in the form of servicing rights or a guarantee from the respective issuer. Amounts added to loans held for sale during these same periods were $428 million and $855 million for the three and six months ended June 30, 2021 and $602 million and $917 million for the three and six months ended June 30, 2020, respectively. See Note 5 for further information regarding guaranteed securities. The principal balance of sold loans for which we retain servicing was approximately $3.0 billion at June 30, 2021, and $2.7 billion at December 31, 2020. Income from loans sold, excluding servicing, was $7 million and $18 million for the three and six months ended June 30, 2021, and $13 million and $26 million for the three and six months ended June 30, 2020, respectively. Allowance for Credit Losses The allowance for credit losses (“ACL”), which consists of the allowance for loan and lease losses (“ALLL”) and the reserve for unfunded lending commitments (“RULC”), represents our estimate of current expected credit losses related to the loan and lease portfolio and unfunded lending commitments as of the balance sheet date. For additional information regarding our policies and methodologies used to estimate the ACL, see Note 6 of our 2020 Form 10-K. The ACL for AFS and HTM debt securities is estimated separately from loans. For HTM securities, the ACL is estimated consistent with the approach for loans carried at amortized cost. See Note 5 for further discussion on our estimate of expected credit losses on AFS securities and disclosures related to AFS and HTM securities. Changes in the ACL are summarized as follows: Three Months Ended June 30, 2021 (In millions) Commercial Commercial Consumer Total Allowance for loan losses Balance at beginning of period $ 362 $ 152 $ 132 $ 646 Provision for loan losses (43) (41) (29) (113) Gross loan and lease charge-offs 5 — 3 8 Recoveries 7 — 3 10 Net loan and lease charge-offs (recoveries) (2) — — (2) Balance at end of period $ 321 $ 111 $ 103 $ 535 Reserve for unfunded lending commitments Balance at beginning of period $ 24 $ 17 $ 8 $ 49 Provision for unfunded lending commitments (3) (7) — (10) Balance at end of period $ 21 $ 10 $ 8 $ 39 Total allowance for credit losses at end of period Allowance for loan losses $ 321 $ 111 $ 103 $ 535 Reserve for unfunded lending commitments 21 10 8 39 Total allowance for credit losses $ 342 $ 121 $ 111 $ 574 Six Months Ended June 30, 2021 (In millions) Commercial Commercial Consumer Total Allowance for loan losses Balance at beginning of period $ 464 $ 171 $ 142 $ 777 Provision for loan losses (137) (60) (39) (236) Gross loan and lease charge-offs 23 — 6 29 Recoveries 17 — 6 23 Net loan and lease charge-offs (recoveries) 6 — — 6 Balance at end of period $ 321 $ 111 $ 103 $ 535 Reserve for unfunded lending commitments Balance at beginning of period $ 30 $ 20 $ 8 $ 58 Provision for unfunded lending commitments (9) (10) — (19) Balance at end of period $ 21 $ 10 $ 8 $ 39 Total allowance for credit losses at end of period Allowance for loan losses $ 321 $ 111 $ 103 $ 535 Reserve for unfunded lending commitments 21 10 8 39 Total allowance for credit losses $ 342 $ 121 $ 111 $ 574 Three Months Ended June 30, 2020 (In millions) Commercial Commercial real estate Consumer Total Allowance for loan losses Balance at beginning of period $ 413 $ 128 $ 189 $ 730 Provision for loan losses 186 16 (41) 161 Gross loan and lease charge-offs 31 — 5 36 Recoveries 3 — 2 5 Net loan and lease charge-offs (recoveries) 28 — 3 31 Balance at end of period $ 571 $ 144 $ 145 $ 860 Reserve for unfunded lending commitments Balance at beginning of period $ 16 $ 23 $ 8 $ 47 Provision for unfunded lending commitments 11 (3) (1) 7 Balance at end of period $ 27 $ 20 $ 7 $ 54 Total allowance for credit losses at end of period Allowance for loan losses $ 571 $ 144 $ 145 $ 860 Reserve for unfunded lending commitments 27 20 7 54 Total allowance for credit losses $ 598 $ 164 $ 152 $ 914 Six Months Ended June 30, 2020 (In millions) Commercial Commercial Consumer Total Allowance for loan losses Balance at beginning of period $ 282 $ 69 $ 146 $ 497 Provision for loan losses 323 75 3 401 Gross loan and lease charge-offs 41 — 8 49 Recoveries 7 — 4 11 Net loan and lease charge-offs (recoveries) 34 — 4 38 Balance at end of period $ 571 $ 144 $ 145 $ 860 Reserve for unfunded lending commitments Balance at beginning of period $ 11 $ 12 $ 6 $ 29 Provision for unfunded lending commitments 16 8 1 25 Balance at end of period $ 27 $ 20 $ 7 $ 54 Total allowance for credit losses at end of period Allowance for loan losses $ 571 $ 144 $ 145 $ 860 Reserve for unfunded lending commitments 27 20 7 54 Total allowance for credit losses $ 598 $ 164 $ 152 $ 914 Nonaccrual Loans Loans are generally placed on nonaccrual status when payment in full of principal and interest is not expected, or the loan is 90 days or more past due as to principal or interest, unless the loan is both well-secured and in the process of collection. Factors we consider in determining whether a loan is placed on nonaccrual include delinquency status, collateral-value, borrower or guarantor financial statement information, bankruptcy status, and other information which would indicate that the full and timely collection of interest and principal is uncertain. A nonaccrual loan may be returned to accrual status when (1) all delinquent interest and principal become current in accordance with the terms of the loan agreement, (2) the loan, if secured, is well-secured, (3) the borrower has paid according to the contractual terms for a minimum of six months, and (4) an analysis of the borrower indicates a reasonable assurance of his or her ability and willingness to maintain payments. The amortized cost basis of loans on nonaccrual status is summarized as follows: June 30, 2021 Amortized cost basis Total amortized cost basis (In millions) with no allowance with allowance Related allowance Loans held for sale $ 1 $ — $ 1 $ — Commercial: Commercial and industrial $ 32 $ 79 $ 111 $ 20 PPP — 1 1 — Owner-occupied 36 33 69 3 Total commercial 68 113 181 23 Commercial real estate: Term 13 15 28 2 Total commercial real estate 13 15 28 2 Consumer: Home equity credit line 6 12 18 3 1-4 family residential 13 65 78 5 Bankcard and other revolving plans — 1 1 — Total consumer loans 19 78 97 8 Total $ 100 $ 206 $ 306 $ 33 December 31, 2020 Amortized cost basis Total amortized cost basis (In millions) with no allowance with allowance Related allowance Commercial: Commercial and industrial $ 73 $ 67 $ 140 $ 22 Owner-occupied 38 38 76 4 Total commercial 111 105 216 26 Commercial real estate: Term 12 19 31 3 Total commercial real estate 12 19 31 3 Consumer: Home equity credit line 2 14 16 3 1-4 family residential 14 89 103 9 Bankcard and other revolving plans — 1 1 1 Total consumer loans 16 104 120 13 Total $ 139 $ 228 $ 367 $ 42 For accruing loans, interest is accrued, and interest payments are recognized into interest income according to the contractual loan agreement. For nonaccruing loans, the accrual of interest is discontinued, any uncollected or accrued interest is reversed or written-off from interest income in a timely manner (generally within one month), and any payments received on these loans are not recognized into interest income, but are applied as a reduction to the principal outstanding. For the three and six months ended June 30, 2021 and 2020, there was no interest income recognized on a cash basis during the period the loans were on nonaccrual. The amount of accrued interest receivables written-off by reversing interest income during the period is summarized by loan portfolio segment as follows: Three Months Ended Six Months Ended (In millions) 2021 2020 2021 2020 Commercial $ 4 $ 4 $ 7 $ 8 Commercial real estate 1 1 1 1 Consumer — — — — Total $ 5 $ 5 $ 8 $ 9 Past Due Loans Closed-end loans with payments scheduled monthly are reported as past due when the borrower is in arrears for two or more monthly payments. Similarly, open-end credits, such as bankcard and other revolving credit plans, are reported as past due when the minimum payment has not been made for two or more billing cycles. Other multi-payment obligations (i.e., quarterly, semi-annual, etc.), single payment, and demand notes, are reported as past due when either principal or interest is due and unpaid for a period of 30 days or more. Past due loans (accruing and nonaccruing) are summarized as follows: June 30, 2021 (In millions) Current 30-89 days 90+ days Total Total Accruing Nonaccrual loans that are current 1 Commercial: Commercial and industrial $ 12,907 $ 15 $ 25 $ 40 $ 12,947 $ 1 $ 86 PPP 4,461 — — — 4,461 — — Leasing 307 — — — 307 — — Owner-occupied 8,197 11 23 34 8,231 3 45 Municipal 3,215 — — — 3,215 — — Total commercial 29,087 26 48 74 29,161 4 131 Commercial real estate: Construction and land development 2,576 — — — 2,576 — — Term 9,521 2 9 11 9,532 2 21 Total commercial real estate 12,097 2 9 11 12,108 2 21 Consumer: Home equity credit line 2,718 4 5 9 2,727 — 10 1-4 family residential 6,223 7 39 46 6,269 — 36 Construction and other consumer real estate 593 — — — 593 — — Bankcard and other revolving plans 412 2 1 3 415 — — Other 125 — — — 125 — — Total consumer loans 10,071 13 45 58 10,129 — 46 Total $ 51,255 $ 41 $ 102 $ 143 $ 51,398 $ 6 $ 198 December 31, 2020 (In millions) Current 30-89 days 90+ days Total Total Accruing Nonaccrual loans that are current 1 Commercial: Commercial and industrial $ 13,388 $ 26 $ 30 $ 56 $ 13,444 $ 2 $ 109 PPP 5,572 — — — 5,572 — — Leasing 320 — — — 320 — 1 Owner-occupied 8,129 34 22 56 8,185 — 48 Municipal 2,951 — — — 2,951 — — Total commercial 30,360 60 52 112 30,472 2 158 Commercial real estate: Construction and land development 2,341 — 4 4 2,345 4 — Term 9,692 57 10 67 9,759 4 13 Total commercial real estate 12,033 57 14 71 12,104 8 13 Consumer: Home equity credit line 2,733 8 4 12 2,745 — 9 1-4 family residential 6,891 12 66 78 6,969 — 33 Construction and other consumer real estate 630 — — — 630 — Bankcard and other revolving plans 428 2 2 4 432 2 1 Other 123 1 — 1 124 — — Total consumer loans 10,805 23 72 95 10,900 2 43 Total $ 53,198 $ 140 $ 138 $ 278 $ 53,476 $ 12 $ 214 1 Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected. Credit Quality Indicators In addition to the nonaccrual and past due criteria, we also analyze loans using loan risk-grading systems, which vary based on the size and type of credit risk exposure. The internal risk grades we assign to loans are classified using the following definitions of Pass, Special Mention, Substandard, and Doubtful, which are consistent with published definitions of regulatory risk classifications. • Pass – A Pass asset is higher-quality and does not fit any of the other categories described below. The likelihood of loss is considered low. • Special Mention – A Special Mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in our credit position at some future date. • Substandard – A Substandard asset is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified have well-defined weaknesses and are characterized by the distinct possibility that we may sustain some loss if deficiencies are not corrected. • Doubtful – A Doubtful asset has all the weaknesses inherent in a Substandard asset with the added characteristics that the weaknesses make collection or liquidation in full highly questionable and improbable. The balance of loans classified as Doubtful was less than $1 million at June 30, 2021 and was $4 million at December 31, 2020. We generally assign internal risk grades to commercial and CRE loans with commitments greater than $1 million based on financial and statistical models, individual credit analysis, and loan officer experience and judgment. For these larger loans, we assign one of multiple risk grades within the Pass classification or one of the risk classifications described previously. We confirm our internal risk grades quarterly, or as soon as we identify information that affects the credit risk of the loan. For consumer loans and certain small commercial and CRE loans with commitments less than or equal to $1 million, we generally assign internal risk grades similar to those described previously based on automated rules that depend on refreshed credit scores, payment performance, and other risk indicators. These are generally assigned either a Pass or Substandard grade and are reviewed as we identify information that might warrant a grade change. The following schedule presents the amortized cost basis of loans and leases categorized by year of origination and risk classification as monitored by management. The year of origination is generally represented by the year the loan was either originated or the year in which the loan was renewed or restructured. June 30, 2021 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2021 2020 2019 2018 2017 Prior Total Commercial: Commercial and industrial Pass $ 1,052 $ 1,476 $ 1,478 $ 912 $ 418 $ 315 $ 5,966 $ 169 $ 11,786 Special Mention 2 56 64 74 32 29 186 1 444 Accruing Substandard 20 38 139 92 34 64 217 2 606 Nonaccrual 1 10 2 4 8 27 39 20 111 Total commercial and industrial 1,075 1,580 1,683 1,082 492 435 6,408 192 12,947 PPP Pass 2,556 1,904 — — — — — — 4,460 Nonaccrual — 1 — — — — — — 1 Total PPP 2,556 1,905 — — — — — — 4,461 Leasing Pass 11 53 79 74 48 26 — — 291 Special Mention — 1 6 2 1 6 — — 16 Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total leasing 11 54 85 76 49 32 — — 307 Owner-occupied Pass 804 1,568 1,060 1,059 824 2,001 132 76 7,524 Special Mention 8 56 57 55 23 68 8 7 282 Accruing Substandard 55 12 59 54 37 125 13 1 356 Nonaccrual — 5 14 15 9 23 3 — 69 Total owner-occupied 867 1,641 1,190 1,183 893 2,217 156 84 8,231 Municipal Pass 548 992 647 313 395 272 — — 3,167 Special Mention — — — — — 34 — — 34 Accruing Substandard — 9 — — — 5 — — 14 Nonaccrual — — — — — — — — — Total municipal 548 1,001 647 313 395 311 — — 3,215 Total commercial 5,057 6,181 3,605 2,654 1,829 2,995 6,564 276 29,161 Commercial real estate: Construction and land development Pass 298 745 708 160 43 3 524 56 2,537 Special Mention — — 1 — — — — — 1 Accruing Substandard 12 — 26 — — — — — 38 Nonaccrual — — — — — — — — — Total construction and land development 310 745 735 160 43 3 524 56 2,576 Term Pass 1,115 2,047 1,796 1,318 620 1,701 207 202 9,006 Special Mention 7 87 26 82 11 36 — 3 252 Accruing Substandard 8 10 30 99 20 76 1 2 246 Nonaccrual — — 5 — 1 22 — — 28 Total term 1,130 2,144 1,857 1,499 652 1,835 208 207 9,532 Total commercial real estate 1,440 2,889 2,592 1,659 695 1,838 732 263 12,108 June 30, 2021 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2021 2020 2019 2018 2017 Prior Total Consumer: Home equity credit line Pass — — — — — — 2,601 105 2,706 Special Mention — — — — — — 1 — 1 Accruing Substandard — — — — — — 2 — 2 Nonaccrual — — — — — — 10 8 18 Total home equity credit line — — — — — — 2,614 113 2,727 1-4 family residential Pass 591 1,103 834 636 846 2,178 — — 6,188 Special Mention — — — — — 1 — — 1 Accruing Substandard — — — — — 2 — — 2 Nonaccrual — 6 8 4 14 46 — — 78 Total 1-4 family residential 591 1,109 842 640 860 2,227 — — 6,269 Construction and other consumer real estate Pass 71 282 176 49 6 8 — — 592 Special Mention — — — — — — — — — Accruing Substandard — 1 — — — — — — 1 Nonaccrual — — — — — — — — — Total construction and other consumer real estate 71 283 176 49 6 8 — — 593 Bankcard and other revolving plans Pass — — — — — — 410 2 412 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 2 — 2 Nonaccrual — — — — — — — 1 1 Total bankcard and other revolving plans — — — — — — 412 3 415 Other consumer Pass 47 30 24 14 7 3 — — 125 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total other consumer 47 30 24 14 7 3 — — 125 Total consumer 709 1,422 1,042 703 873 2,238 3,026 116 10,129 Total loans $ 7,206 $ 10,492 $ 7,239 $ 5,016 $ 3,397 $ 7,071 $ 10,322 $ 655 $ 51,398 December 31, 2020 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2020 2019 2018 2017 2016 Prior Total Commercial: Commercial and industrial Pass $ 2,585 $ 2,743 $ 1,903 $ 829 $ 296 $ 228 $ 3,298 $ 109 $ 11,991 Special Mention 79 152 183 98 4 43 110 1 670 Accruing Substandard 123 157 129 44 26 17 141 6 643 Nonaccrual 57 2 10 8 2 15 36 10 140 Total commercial and industrial 2,844 3,054 2,225 979 328 303 3,585 126 13,444 PPP Pass 5,572 — — — — — — — 5,572 Total PPP 5,572 — — — — — — — 5,572 Leasing Pass 87 121 44 34 14 5 — — 305 Special Mention 1 — 2 1 — 6 — — 10 Accruing Substandard 2 1 1 1 — — — — 5 Nonaccrual — — — — — — — — — Total leasing 90 122 47 36 14 11 — — 320 Owner-occupied Pass 1,588 1,205 1,167 895 585 1,806 161 11 7,418 Special Mention 72 65 60 60 51 41 9 3 361 Accruing Substandard 28 64 61 37 35 98 6 1 330 Nonaccrual 8 11 15 11 6 23 2 — 76 Total owner-occupied 1,696 1,345 1,303 1,003 677 1,968 178 15 8,185 Municipal Pass 1,031 827 359 419 68 227 3 — 2,934 Special Mention — — — — — 8 — — 8 Accruing Substandard — — — — — 9 — — 9 Nonaccrual — — — — — — — — — Total municipal 1,031 827 359 419 68 244 3 — 2,951 Total commercial 11,233 5,348 3,934 2,437 1,087 2,526 3,766 141 30,472 Commercial real estate: Construction and land development Pass 558 933 267 41 1 6 423 3 2,232 Special Mention 24 43 11 — — — 5 — 83 Accruing Substandard — 30 — — — — — — 30 Nonaccrual — — — — — — — — — Total construction and land development 582 1,006 278 41 1 6 428 3 2,345 Term Pass 2,524 1,858 1,639 761 778 1,291 73 20 8,944 Special Mention 110 89 177 42 23 85 — 5 531 Accruing Substandard 41 34 96 30 18 34 — — 253 Nonaccrual 3 5 — 2 1 20 — — 31 Total term 2,678 1,986 1,912 835 820 1,430 73 25 9,759 Total commercial real estate 3,260 2,992 2,190 876 821 1,436 501 28 12,104 December 31, 2020 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2020 2019 2018 2017 2016 Prior Total Consumer: Home equity credit line Pass — — — — — — 2,606 115 2,721 Special Mention — — — — — — 2 — 2 Accruing Substandard — — — — — — 6 — 6 Nonaccrual — — — — — — 11 5 16 Total home equity credit line — — — — — — 2,625 120 2,745 1-4 family residential Pass 1,185 1,017 833 1,081 1,174 1,570 — — 6,860 Special Mention — — — — — 2 — — 2 Accruing Substandard — — 1 — 2 1 — — 4 Nonaccrual 2 12 7 19 15 48 — — 103 Total 1-4 family residential 1,187 1,029 841 1,100 1,191 1,621 — — 6,969 Construction and other consumer real estate Pass 200 296 106 16 1 11 — — 630 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total construction and other consumer real estate 200 296 106 16 1 11 — — 630 Bankcard and other revolving plans Pass — — — — — — 426 2 428 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 3 — 3 Nonaccrual — — — — — — — 1 1 Total bankcard and other revolving plans — — — — — — 429 3 432 Other consumer Pass 51 35 22 10 4 2 — — 124 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total other consumer 51 35 22 10 4 2 — — 124 Total consumer 1,438 1,360 969 1,126 1,196 1,634 3,054 123 10,900 Total loans $ 15,931 $ 9,700 $ 7,093 $ 4,439 $ 3,104 $ 5,596 $ 7,321 $ 292 $ 53,476 Modified and Restructured Loans Loans may be modified in the normal course of business for competitive reasons or to strengthen our collateral position. Loan modifications and restructurings may also occur when the borrower experiences financial difficulty and needs temporary or permanent relief from the original contractual terms of the loan. Loans that have been modified to accommodate a borrower who is experiencing financial difficulties, and for which we have granted a concession that we would not otherwise consider, are considered troubled debt restructurings (“TDRs”). Consistent with recent accounting and regulatory guidance, loan modifications provided to borrowers experiencing financial difficulties exclusively related to the COVID-19 pandemic, in which we provide certain short-term modifications or payment deferrals, are not classified as TDRs. The TDRs disclosed subsequently do not include these loan modifications. Other loan modifications above and beyond these short-term modifications or payment deferrals were assessed for TDR classification. For further discussion of our policies and processes regarding TDRs, see Note 6 of our 2020 Form 10-K. Selected information on TDRs, including the recorded investment on an accruing and nonaccruing basis by loan class and modification type is summarized in the following schedules: June 30, 2021 Recorded investment resulting from the following modification types: (In millions) Interest Maturity Principal Payment Other 1 Multiple modification types 2 Total Accruing Commercial: Commercial and industrial $ 2 $ — $ — $ — $ 12 $ 21 $ 35 Owner-occupied 5 4 — 8 15 39 71 Total commercial 7 4 — 8 27 60 106 Commercial real estate: Construction and land development — 8 — — — — 8 Term 1 26 — 35 96 22 180 Total commercial real estate 1 34 — 35 96 22 188 Consumer: Home equity credit line — 1 6 — — 2 9 1-4 family residential 6 1 3 — 1 16 27 Total consumer loans 6 2 9 — 1 18 36 Total accruing 14 40 9 43 124 100 330 Nonaccruing Commercial: Commercial and industrial 17 1 — 2 8 45 73 Owner-occupied 5 — — 3 — 17 25 Total commercial 22 1 — 5 8 62 98 Commercial real estate: Term 2 — — 13 2 5 22 Total commercial real estate 2 — — 13 2 5 22 Consumer: Home equity credit line — — 2 — — — 2 1-4 family residential 1 1 1 — — 3 6 Total consumer loans 1 1 3 — — 3 8 Total nonaccruing 25 2 3 18 10 70 128 Total $ 39 $ 42 $ 12 $ 61 $ 134 $ 170 $ 458 1 Includes TDRs that resulted from other modification types including, but not limited to, a legal judgment awarded on different terms, a bankruptcy plan confirmed on different terms, a settlement that includes the delivery of collateral in exchange for debt reduction, etc. 2 Includes TDRs that resulted from a combination of any of the previous modification types. December 31, 2020 Recorded investment resulting from the following modification types: (In millions) Interest Maturity Principal Payment Other 1 Multiple modification types 2 Total Accruing Commercial: Commercial and industrial $ — $ — $ — $ — $ 3 $ 4 $ 7 Owner-occupied 5 1 — 4 4 8 22 Total commercial 5 1 — 4 7 12 29 Commercial real estate: Term 1 — — 16 94 23 134 Total commercial real estate 1 — — 16 94 23 134 Consumer: Home equity credit line — 1 7 — — 2 10 1-4 family residential 4 1 3 — 2 15 25 Total consumer loans 4 2 10 — 2 17 35 Total accruing 10 3 10 20 103 52 198 Nonaccruing Commercial: Commercial and industrial — — — 3 10 52 65 Owner-occupied 5 — — 3 — 10 18 Total commercial 5 — — 6 10 62 83 Commercial real estate: Term 2 — — 13 3 2 20 Total commercial real estate 2 — — 13 3 2 20 Consumer: Home equity credit line — — 2 — — — 2 1-4 family residential 1 1 — — — 6 8 Total consumer loans 1 1 2 — — 6 10 Total nonaccruing 8 1 2 19 13 70 113 Total $ 18 $ 4 $ 12 $ 39 $ 116 $ 122 $ 311 1 Includes TDRs that resulted from other modification types including, but not limited to, a legal judgment awarded on different terms, a bankruptcy plan confirmed on different terms, a settlement that includes the delivery of collateral in exchange for debt reduction, etc. 2 Includes TDRs that resulted from a combination of any of the previous modification types. Unfunded lending commitments on TDRs totaled $27 million and $3 million at June 30, 2021 and December 31, 2020, respectively. The total recorded investment of all TDRs in which interest rates were modified below market was $107 million at June 30, 2021 and $76 million at December 31, 2020. These loans are included in the previous schedule in the columns for interest rate below market and multiple modification types. The net financial impact on interest income due to interest rate modifications below market for accruing TDRs for the three and six months ended June 30, 2021 and 2020 was not significant. On an ongoing basis, we monitor the performance of all TDRs according to their restructured terms. Subsequent payment default is defined in terms of delinquency, when principal or interest payments are past due 90 days or more for commercial loans, or 60 days or more for consumer loans. The recorded investment of accruing and nonaccruing TDRs that had a payment default during the three and six months ended June 30, 2021, which were still in default at period end, and were within 12 months or less of being modified as TDRs was approximately $3 million and $5 million, respectively, and $2 million and $3 million for the three and six months ended June 30, 2020, respectively. Collateral-Dependent Loans As discussed previously, when a loan is individually evaluated for expected credit losses, we estimate a specific reserve for the loan based on the projected present value of the loan’s future cash flows discounted at the loan’s effective interest rate, the observable market price of the loan, or the fair value of the loan’s underlying collateral. Select information on loans for which the repayment is expected to be provided substantially through the operation or sale of the underlying collateral and the borrower is experiencing financial difficulties, including the type of collateral and the extent to which the collateral secures the loans, is summarized as follows: June 30, 2021 (Dollar amounts in millions) Amortized cost Major types of collateral Weighted average LTV 1 Commercial: Commercial and industrial $ 21 Single family residential, Agriculture 49% Owner-occupied 10 Office building 46% Commercial real estate: Term 11 Multi-family, Hotel/Motel, Retail 46% Consumer: Home equity credit line 6 Single family residential 41% 1-4 family residential 2 Single family residential 49% Total $ 50 1 The fair value is based on the most recent appraisal or other collateral evaluation. December 31, 2020 (Dollar amounts in millions) Amortized cost Major types of collateral Weighted average LTV 1 Commercial: Commercial and industrial $ 20 Single family residential, Agriculture 55% Owner-occupied 10 Office Building 47% Commercial real estate: Term 12 Multi-family, Hotel/Motel, Retail 58% Consumer: Home equity credit line 3 Single family residential 34% 1-4 family residential 2 Single family residential 60% Total $ 47 1 The fair value is based on the most recent appraisal or other collateral evaluation. Foreclosed Residential Real Estate At June 30, 2021 and December 31, 2020, we did not have any foreclosed residential real estate property. The amortized cost basis of consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure was $11 million and $10 million for the same periods, respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2021 | |
Summary of Derivative Instruments [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Objectives and Accounting Our primary objective for using derivatives is to manage risks, primarily interest rate risk. We use derivatives to manage volatility in interest income, interest expense, earnings, and capital by adjusting our interest rate sensitivity to minimize the impact of fluctuations in interest rates. Derivatives are used to stabilize forecasted interest income from variable-rate assets and to modify the coupon or the duration of fixed-rate financial assets or liabilities as we consider advisable. We assist clients with their risk management needs through the use of derivatives. For a more detailed discussion of the use of and accounting policies regarding derivative instruments, see Note 7 of our 2020 Form 10-K. Fair Value Hedges of Liabilities – At June 30, 2021, we had one receive-fixed interest rate swap with a notional amount of $500 million designated in a qualifying fair value hedge relationship of fixed-rate debt. The receive-fixed interest rate swap effectively converts the interest on our fixed-rate debt to floating. During the second quarter of 2021, derivatives designated as fair value hedges of debt increased in value by $12 million which was offset by changes in the fair value of the hedged debt instruments as shown in the schedules below. During the second quarter of 2021, we amortized $3 million of cumulative unamortized debt basis adjustments related to previously terminated fair value hedges of debt. We had $5 million of unamortized debt basis adjustments from previously designated fair value hedges remaining. Fair Value Hedges of Assets – At June 30, 2021, we had pay-fixed, receive-floating interest rate swaps with an aggregate notional amount of $383 million designated as fair value hedges of certain AFS securities. These swaps effectively convert the fixed interest income to a floating rate on the hedged portion of the securities. During the second quarter of 2021, derivatives designated as fair value hedges of fixed-rate AFS securities decreased in value by $25 million, which was offset by changes in value of the hedged securities, as shown in the schedules below. We had $7 million of unamortized basis adjustments to AFS securities from previously designated fair value hedges. Cash Flow Hedges – At June 30, 2021, we had $4 billion notional amount of receive-fixed interest rate swaps designated as cash flow hedges of pools of floating-rate commercial loans. During the second quarter of 2021, our cash flow hedge portfolio decreased in value by $12 million, which was recorded in AOCI. The amounts deferred in AOCI are reclassified into earnings in the periods in which the interest payments occur (i.e., when the hedged forecasted transactions affect earnings). Collateral and Credit Risk Exposure to credit risk arises from the possibility of nonperformance by counterparties. No significant losses on derivative instruments have occurred as a result of counterparty nonperformance. For a more detailed discussion of collateral and credit risk related to our derivative contracts, see Note 7 of our 2020 Form 10-K. Our derivative contracts require us to pledge collateral for derivatives that are in a net liability position at a given balance sheet date. Certain of these derivative contracts contain credit-risk-related contingent features that include the requirement to maintain a minimum debt credit rating. We may be required to pledge additional collateral if a credit-risk-related feature were triggered, such as a downgrade of our credit rating. However, in past situations, not all counterparties have demanded that additional collateral be pledged when provided for by the contractual terms. At June 30, 2021, the fair value of our derivative liabilities was $295 million, for which we were required to pledge cash collateral of $61 million in the normal course of business. If our credit rating were downgraded one notch by either Standard & Poor’s (“S&P”) or Moody’s at June 30, 2021, there would likely be $2 million of additional collateral required to be pledged. As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), all newly eligible derivatives entered into are cleared through a central clearinghouse. Derivatives that are centrally cleared do not have credit-risk-related features that require additional collateral if our credit rating were downgraded. Derivative Amounts Selected information with respect to notional amounts and recorded gross fair values at June 30, 2021 and December 31, 2020, is summarized as follows: June 30, 2021 December 31, 2020 Notional Fair value Notional Fair value (In millions) Other Other Other Other Derivatives designated as hedging instruments: Cash flow hedges of floating-rate assets: Purchased interest rate floors $ — $ — $ — $ — $ — $ — Receive-fixed interest rate swaps 3,950 — — 3,150 — — Fair value hedges: Debt hedges: Receive-fixed interest rate swaps 500 — — 500 — — Asset hedges: Pay-fixed interest rate swaps 383 9 — 383 3 — Total derivatives designated as hedging instruments 4,833 9 — 4,033 3 — Derivatives not designated as hedging instruments: Customer-facing interest rate derivatives 1, 2 6,278 261 21 5,986 390 2 Offsetting interest rate derivatives 2 6,278 24 269 5,986 3 409 Other interest rate derivatives 1,325 8 1 1,649 20 3 Foreign exchange derivatives 359 4 4 223 4 4 Total derivatives not designated as hedging instruments 14,240 297 295 13,844 417 418 Total derivatives $ 19,073 $ 306 $ 295 $ 17,877 $ 420 $ 418 1 Customer-facing interest rate derivatives include a net CVA of $5 million at June 30, 2021, and an $18 million net credit valuation adjustment reducing the fair value amount at December 31, 2020. These adjustments are required to reflect both our nonperformance risk and that of the respective counterparty. 2 The fair value amounts for these derivatives do not include the settlement amounts for those trades that are centrally cleared. Once the settlement amounts with the clearing houses are included the derivative fair values would be the following: June 30, 2021 December 31, 2020 (In millions) Other assets Other liabilities Other assets Other liabilities Customer-facing interest rate derivatives $ 261 $ 21 $ 390 $ 2 Offsetting interest rate derivatives 3 18 1 29 The amount of derivative gains (losses) from cash flow and fair value hedges that was deferred in OCI or recognized in earnings for the three and six months ended June 30, 2021 and 2020 is shown in the schedules below. Amount of derivative gain (loss) recognized/reclassified Three Months Ended June 30, 2021 (In millions) Effective portion of derivatives gain/(loss) deferred in OCI Excluded components deferred in OCI (amortization approach) Amount of gain/(loss) reclassified from OCI into income Interest on fair value hedges Hedge ineffectiveness/OCI reclass due to missed forecast Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ 2 $ — $ — Interest rate swaps (4) — 13 — — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — — 2 — Basis amortization on terminated hedges 2, 3 — — — 3 — Fair value hedges of assets: Pay-fixed interest rate swaps — — — (1) — Basis amortization on terminated hedges 2, 3 — — — — — Total derivatives designated as hedging instruments $ (4) $ — $ 15 $ 4 $ — Amount of derivative gain (loss) recognized/reclassified Six Months Ended June 30, 2021 (In millions) Effective portion of derivatives gain/(loss) deferred in OCI Excluded components deferred in OCI (amortization approach) Amount of gain/(loss) reclassified from OCI into income Interest on fair value hedges Hedge ineffectiveness/OCI reclass due to missed forecast Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ 6 $ — $ — Interest rate swaps (9) — 25 — — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — — 4 — Basis amortization on terminated hedges 2, 3 — — — 6 — Fair value hedges of assets: Pay-fixed interest rate swaps — — — (1) — Basis amortization on terminated hedges 2, 3 — — — — — Total derivatives designated as hedging instruments $ (9) $ — $ 31 $ 9 $ — Amount of derivative gain (loss) recognized/reclassified Three Months Ended June 30, 2020 (In millions) Effective portion of derivatives gain/(loss) deferred in OCI Excluded components deferred in OCI (amortization approach) Amount of gain/(loss) reclassified from OCI into income Interest on fair value hedges Hedge ineffectiveness/OCI reclass due to missed forecast Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ 3 $ — $ — Interest rate swaps 10 — 10 — — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — — 1 — Basis amortization on terminated hedges 2, 3 — — — 6 — Fair value hedges of assets: Pay-fixed interest rate swaps — — — — — Basis amortization on terminated hedges 2, 3 — — — — — Total derivatives designated as hedging instruments $ 10 $ — $ 13 $ 7 $ — Amount of derivative gain (loss) recognized/reclassified Six Months Ended June 30, 2020 (In millions) Effective portion of derivatives gain/(loss) deferred in OCI Excluded components deferred in OCI (amortization approach) Amount of gain/(loss) reclassified from OCI into income Interest on fair value hedges Hedge ineffectiveness/OCI reclass due to missed forecast Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ 6 $ — $ — Interest rate swaps 102 — 11 — — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — — 3 — Basis amortization on terminated hedges 2, 3 — — — 7 — Fair value hedges of assets: Pay-fixed interest rate swaps — — — — — Basis amortization on terminated hedges 2, 3 — — — — — Total derivatives designated as hedging instruments $ 102 $ — $ 17 $ 10 $ — Note: These schedules are not intended to present, at any given time, our long/short position with respect to our derivative contracts. 1 Amounts recognized in OCI and reclassified from AOCI represent the effective portion of the derivative gain (loss). For the 12 months following June 30, 2021, we estimate that $48 million will be reclassified from AOCI into interest income. 2 Adjustment to interest expense resulting from the amortization of the debt basis adjustment on fixed-rate debt previously hedged by terminated receive-fixed interest rate. 3 The cumulative unamortized basis adjustment from previously terminated or redesignated fair value hedges at June 30, 2021 is $5 million and $7 million of terminated fair value debt and asset hedges, respectively. The amortization of the cumulative unamortized basis adjustment from asset hedges is not shown in the schedules because it is not significant. The amount of gains (losses) recognized from derivatives not designated as accounting hedges is as follows: Other Noninterest Income/(Expense) (In millions) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Derivatives not designated as hedging instruments: Customer-facing interest rate derivatives $ 87 $ (95) $ 34 $ 346 Offsetting interest rate derivatives (89) 117 (39) (352) Other interest rate derivatives (6) (10) 2 11 Foreign exchange derivatives 6 11 5 12 Total derivatives not designated as hedging instruments $ (2) $ 23 $ 2 $ 17 The following schedule presents derivatives used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the periods presented. Gain/(loss) recorded in income Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 (In millions) Derivatives 2 Hedged items Total income statement impact Derivatives 2 Hedged items Total income statement impact Debt: Receive-fixed interest rate swaps 1, 2 $ 12 $ (12) $ — $ 4 $ (4) $ — Assets: Pay-fixed interest rate swaps 1, 2 (25) 25 — — — — Gain/(loss) recorded in income Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In millions) Derivatives 2 Hedged items Total income statement impact Derivatives 2 Hedged items Total income statement impact Debt: Receive-fixed interest rate swaps 1, 2 $ (23) $ 23 $ — $ 75 $ (75) $ — Assets: Pay-fixed interest rate swaps 1, 2 23 (23) — — — — 1 Consists of hedges of benchmark interest rate risk of fixed-rate long-term debt and fixed-rate AFS securities. Gains and losses were recorded in net interest expense or income consistent with the hedged items. 2 The income/expense for derivatives does not reflect interest income/expense from periodic accruals and payments to be consistent with the presentation of the gains/(losses) on the hedged items. The following schedule provides selected information regarding basis adjustments for hedged items. Par value of hedged assets/(liabilities) Carrying amount of the hedged assets/(liabilities) 1 Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged item (In millions) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Long-term fixed-rate debt $ (500) $ (500) $ (514) $ (537) $ (14) $ (37) Fixed-rate AFS securities 383 383 339 362 (44) (21) 1 Carrying amounts displayed above exclude issuance and purchase discounts or premiums and unamortized issuance/acquisition costs and also exclude amounts related to terminated fair value hedges. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
LEASES | LEASES We determine if a contract is a lease or contains a lease at inception. The right to use leased assets for the lease term are considered right-of-use (“ROU”) assets. Operating lease assets are included in “other assets,” and finance lease assets are included in “premises, equipment and software, net,” and lease liabilities for operating leases are included in “other liabilities,” and finance leases are included in “long-term debt” on our consolidated balance sheet. For a more detailed discussion of our lease policies, see Note 8 of our 2020 Form 10-K. We have operating and finance leases for branches, corporate offices, and data centers. Our equipment leases are not material. At June 30, 2021, we had 419 branches, of which 273 are owned and 146 are leased. We lease our headquarters in Salt Lake City, Utah, and other office or data centers are either owned or leased. We may enter into certain lease arrangements with a term of 12 months or less, and we have elected to exclude these from capitalization. The remaining maturities of our lease commitments range from the year 2021 to 2062, and some lease arrangements include options to extend or terminate the leases. Assets recorded under operating leases were $202 million at June 30, 2021, and $213 million at December 31, 2020, while assets recorded under finance leases were $4 million for the same periods. We utilized a secured incremental borrowing rate based on the remaining term of the lease as of the effective date for the discount rate to determine our lease ROU assets and liabilities. The following schedule presents lease-related assets and liabilities, their weighted average remaining life, and the weighted average discount rate: (Dollar amounts in millions) June 30, December 31, 2020 Operating assets and liabilities Operating right-of-use assets, net of amortization $ 202 $ 213 Operating lease liabilities 229 240 Weighted average remaining lease term (years) Operating leases 8.7 8.9 Finance leases 18.8 19.2 Weighted average discount rate Operating leases 2.8 % 2.9 % Finance leases 3.1 % 3.1 % The components of lease expense are as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Operating lease costs $ 12 $ 12 $ 24 $ 24 Variable lease costs 12 12 25 24 Total lease cost $ 24 $ 24 $ 49 $ 48 Supplemental cash flow information related to leases is as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Cash paid for amounts in the measurement of lease liabilities: Operating cash disbursements from operating leases $ 12 $ 13 $ 25 $ 25 ROU assets obtained in exchange for lease liabilities are as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 New operating lease liabilities $ — $ 3 $ — $ 6 Maturities analysis for operating lease liabilities at June 30, 2021 is as follows (contractual undiscounted lease payments): (In millions) 2021 1 $ 25 2022 47 2023 41 2024 32 2025 23 Thereafter 97 Total $ 265 1 Contractual maturities for the six months remaining in 2021. We enter into certain lease agreements where we are the lessor of real estate. Real estate leases are made from bank-owned and subleased property to generate cash flow from the property, including from leasing vacant suites in which we occupy portions of the building. Operating lease income was $3 million for both the second quarter of 2021 and 2020, and $7 million and $6 million for the first six months of 2021 and 2020, respectively. |
Long-Term Debt and Shareholders
Long-Term Debt and Shareholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Debt And Equity [Abstract] | |
LONG-TERM DEBT AND SHAREHOLDERS' EQUITY | LONG-TERM DEBT AND SHAREHOLDERS’ EQUITY Long-Term Debt Long-term debt is summarized as follows: (In millions) June 30, December 31, 2020 Subordinated notes $ 596 $ 619 Senior notes 708 713 Finance lease obligations 4 4 Total $ 1,308 $ 1,336 The preceding carrying values represent the par value of the debt adjusted for any unamortized premium or discount, unamortized debt issuance costs, and basis adjustments for interest rate swaps designated as fair value hedges. Common Stock Our common stock is traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market. At June 30, 2021, there were 162.2 million shares of $0.001 par value common stock outstanding. The balance of common stock and additional paid-in capital was $2.6 billion at June 30, 2021, and decreased $121 million, or 5%, from December 31, 2020, primarily due to common stock repurchases. During the first six months of 2021, we repurchased 2.7 million common shares outstanding for $150 million at an average price of $54.94 per share. Preferred Stock During the second quarter of 2021, we redeemed the outstanding shares of our 5.75% Series H Non-Cumulative Perpetual Preferred Stock at par value, resulting in a $126 million decrease of preferred stock. There were no additional fees or premium paid associated with the redemption. Accumulated Other Comprehensive Income Accumulated other comprehensive income decreased to $175 million at June 30, 2021, from $325 million at December 31, 2020, primarily as a result of decreases in the fair value of AFS securities due to changes in interest rates. Changes in AOCI by component are as follows: (In millions) Net unrealized gains (losses) on investment securities Net unrealized gains (losses) on derivatives and other Pension and post-retirement Total Six Months Ended June 30, 2021 Balance at December 31, 2020 $ 258 $ 69 $ (2) $ 325 OCI (loss) before reclassifications, net of tax (130) 3 — (127) Amounts reclassified from AOCI, net of tax — (23) — (23) Other comprehensive income (loss) (130) (20) — (150) Balance at June 30, 2021 $ 128 $ 49 $ (2) $ 175 Income tax benefit included in other comprehensive income (loss) $ (42) $ (6) $ — $ (48) Six Months Ended June 30, 2020 Balance at December 31, 2019 $ 29 $ 28 $ (14) $ 43 OCI before reclassifications, net of tax 241 71 13 325 Amounts reclassified from AOCI, net of tax — (13) — (13) Other comprehensive income 241 58 13 312 Balance at June 30, 2020 $ 270 $ 86 $ (1) $ 355 Income tax expense included in OCI $ 79 $ 19 $ 4 $ 102 Amounts reclassified from AOCI 1 Amounts reclassified from AOCI 1 Statement of income (SI) (In millions) Three Months Ended Six Months Ended Details about AOCI components 2021 2020 2021 2020 Affected line item Net unrealized gains on derivative instruments $ 15 $ 13 $ 31 $ 17 SI Interest and fees on loans Income tax expense 4 3 8 4 Amounts Reclassified from AOCI $ 11 $ 10 $ 23 $ 13 1 Positive reclassification amounts indicate increases to earnings in the income statement. |
Commitments, Guarantees, and Co
Commitments, Guarantees, and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Guarantees, Commitments And Contingencies [Abstract] | |
COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES | COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES Commitments and Guarantees Contractual amounts of various off-balance sheet financial instruments used to meet the financing needs of our customers are as follows: (In millions) June 30, December 31, Net unfunded commitments to extend credit 1 $ 24,808 $ 24,217 Standby letters of credit: Financial 617 531 Performance 233 167 Commercial letters of credit 31 34 Total unfunded lending commitments $ 25,689 $ 24,949 1 Net of participations. Our 2020 Form 10-K contains further information about these commitments and guarantees including their terms and collateral requirements. At June 30, 2021, we had recorded $4 million as a liability for the guarantees associated with the standby letters of credit, which consisted of $2 million attributable to the RULC and $2 million of deferred commitment fees. Legal Matters We are subject to litigation in court and arbitral proceedings, as well as proceedings, investigations, examinations and other actions brought or considered by governmental and self-regulatory agencies. Litigation may relate to lending, deposit and other customer relationships, vendor and contractual issues, employee matters, intellectual property matters, personal injuries and torts, regulatory and legal compliance, and other matters. While most matters relate to individual claims, we are also subject to putative class action claims and similar broader claims. Proceedings, investigations, examinations and other actions brought or considered by governmental and self-regulatory agencies may relate to our banking, investment advisory, trust, securities, and other products and services; our customers’ involvement in money laundering, fraud, securities violations and other illicit activities or our policies and practices relating to such customer activities; and our compliance with the broad range of banking, securities and other laws and regulations applicable to us. At any given time, we may be in the process of responding to subpoenas, requests for documents, data and testimony relating to such matters and engaging in discussions to resolve the matters. At June 30, 2021, we were subject to the following material litigation or governmental inquiries: • a civil suit, JTS Communities, Inc. et. al v. CB&T, Jun Enkoji and Dawn Satow , brought against us in the Superior Court for Sacramento County, California in June 2017. In this case four investors in our former customer, International Manufacturing Group (“IMG”) seek to hold us liable for losses arising from their investments in that company, alleging that we conspired with and knowingly assisted IMG and its principal in furtherance of an alleged Ponzi scheme. This case is in the final discovery phase with a summary judgment motion to be heard on August 26, 2021. Currently, trial is scheduled September 28, 2021. • a civil class action lawsuit, Evans v. CB&T , brought against us in the United States District Court for the Eastern District of California in May 2017. This case was filed on behalf of a class of up to 50 investors in IMG and seeks to hold us liable for losses of class members arising from their investments in IMG, alleging that we conspired with and knowingly assisted IMG and its principal in furtherance of an alleged Ponzi scheme. In December 2017, the District Court dismissed all claims against the Bank. In January 2018, the plaintiff filed an appeal with the Court of Appeals for the Ninth Circuit. The appeal was heard in early April 2019 with the Court of Appeals reversing the trial court’s dismissal. This case is in the post-pleading phase and trial will not occur for a substantial period of time. • two civil cases, Lifescan Inc. and Johnson & Johnson Health Care Services v. Jeffrey Smith, et. al. , brought against us in the United States District Court for the District of New Jersey in December 2017, and Roche Diagnostics and Roche Diabetes Care Inc. v. Jeffrey C. Smith, et. al. , brought against us in the United States District Court for the District of New Jersey in March 2019. In these cases, certain manufacturers and distributors of medical products seek to hold us liable for allegedly fraudulent practices of a borrower of the Bank who filed for bankruptcy protection in 2017. The cases are in early phases, with initial motion practice and discovery underway in the Lifescan case. Trial has not been scheduled in either case. • a civil class action lawsuit, Gregory, et. al. v. Zions Bancorporation , brought against us in the United States District Court for Utah in January 2019. This case was filed on behalf of investors in Rust Rare Coin, Inc., alleging that we aided and abetted a Ponzi scheme fraud perpetrated by Rust Rare Coin, a Zions Bank customer. The case follows civil actions and the establishment of a receivership for Rust Rare Coin by The Commodities Futures Trading Commission and the Utah Division of Securities in November 2018, as well as a separate suit brought by the SEC against Rust Rare Coin and its principal, Gaylen Rust. During the third quarter of 2020, the Court granted our motion to dismiss the plaintiffs' claims in part, dismissing claims relating to fraud and fiduciary duty, but allowing a claim for aiding and abetting conversion to proceed. The case is in the early discovery phase. Trial has not been scheduled. At least quarterly, we review outstanding and new legal matters, utilizing then available information. In accordance with applicable accounting guidance, if we determine that a loss from a matter is probable and the amount of the loss can be reasonably estimated, we establish an accrual for the loss. In the absence of such a determination, no accrual is made. Once established, accruals are adjusted to reflect developments relating to the matters. In our review, we also assess whether we can determine the range of reasonably possible losses for significant matters in which we are unable to determine that the likelihood of a loss is remote. Because of the difficulty of predicting the outcome of legal matters, discussed subsequently, we are able to meaningfully estimate such a range only for a limited number of matters. Based on information available at June 30, 2021, we estimated that the aggregate range of reasonably possible losses for those matters to be from $0 million to roughly $40 million in excess of amounts accrued. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from this estimate. Those matters for which a meaningful estimate is not possible are not included within this estimated range and, therefore, this estimated range does not represent our maximum loss exposure. Based on our current knowledge, we believe that our current estimated liability for litigation and other legal actions and claims, reflected in our accruals and determined in accordance with applicable accounting guidance, is adequate and that liabilities in excess of the amounts currently accrued, if any, arising from litigation and other legal actions and claims for which an estimate as previously described is possible, will not have a material impact on our financial condition, results of operations, or cash flows. However, in light of the significant uncertainties involved in these matters, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to our financial condition, results of operations, or cash flows for any given reporting period. Any estimate or determination relating to the future resolution of litigation, arbitration, governmental or self-regulatory examinations, investigations or actions or similar matters is inherently uncertain and involves significant judgment. This is particularly true in the early stages of a legal matter, when legal issues and facts have not been well articulated, reviewed, analyzed, and vetted through discovery, preparation for trial or hearings, substantive and productive mediation or settlement discussions, or other actions. It is also particularly true with respect to class action and similar claims involving multiple defendants, matters with complex procedural requirements or substantive issues or novel legal theories, and examinations, investigations and other actions conducted or brought by governmental and self-regulatory agencies, in which the normal adjudicative process is not applicable. Accordingly, we usually are unable to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of a probable or reasonably likely loss, until relatively late in the course of a legal matter, sometimes not until a number of years have elapsed. Accordingly, our judgments and estimates relating to claims will change from time to time in light of developments and actual outcomes will differ from our estimates. These differences may be material. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITIONWe derive our revenue primarily from interest income on loans and securities, which was approximately 73% of our total revenue in the second quarter of 2021. Only noninterest income is considered to be revenue from contracts with customers in scope of ASC 606. For a discussion of our revenue recognition from contracts, and the implementation of ASC 606, see Note 17 of our 2020 Form 10-K. Disaggregation of Revenue The schedule below presents noninterest income and net revenue by operating business segments for the three months ended June 30, 2021 and 2020. Certain prior period amounts have been reclassified to conform with the current period presentation. These reclassifications did not affect net income or shareholders’ equity. Zions Bank Amegy CB&T (In millions) 2021 2020 2021 2020 2021 2020 Commercial account fees $ 11 $ 10 $ 10 $ 10 $ 6 $ 5 Card fees 15 11 7 6 4 3 Retail and business banking fees 6 5 4 3 3 3 Capital markets and foreign exchange fees — (1) — 1 — — Wealth management fees 5 4 3 2 1 1 Other customer-related fees 2 2 1 2 1 1 Total noninterest income from contracts with customers (ASC 606) 39 31 25 24 15 13 Other noninterest income (Non-ASC 606 customer-related) 7 7 9 8 9 6 Total customer-related fees 46 38 34 32 24 19 Other noninterest income (noncustomer-related) — — 1 (1) 1 — Total noninterest income 46 38 35 31 25 19 Net interest income 159 165 117 126 133 127 Total income less interest expense $ 205 $ 203 $ 152 $ 157 $ 158 $ 146 NBAZ NSB Vectra (In millions) 2021 2020 2021 2020 2021 2020 Commercial account fees $ 2 $ 2 $ 2 $ 1 $ 2 $ 1 Card fees 3 2 3 2 1 1 Retail and business banking fees 2 2 3 2 1 1 Capital markets and foreign exchange fees — — — — — — Wealth management fees 1 — 1 1 — — Other customer-related fees — — — — 1 1 Total noninterest income from contracts with customers (ASC 606) 8 6 9 6 5 4 Other noninterest income (Non-ASC 606 customer-related) 2 4 3 4 3 4 Total customer-related fees 10 10 12 10 8 8 Other noninterest income (noncustomer-related) 1 — — — — — Total noninterest income 11 10 12 10 8 8 Net interest income 53 54 37 37 35 34 Total income less interest expense $ 64 $ 64 $ 49 $ 47 $ 43 $ 42 TCBW Other Consolidated Bank (In millions) 2021 2020 2021 2020 2021 2020 Commercial account fees $ 1 $ 1 $ — $ — $ 34 $ 30 Card fees — — — — 33 25 Retail and business banking fees — — (1) (1) 18 15 Capital markets and foreign exchange fees — — 2 3 2 3 Wealth management fees — — — 1 11 9 Other customer-related fees — — 8 6 13 12 Total noninterest income from contracts with customers (ASC 606) 1 1 9 9 111 94 Other noninterest income (Non-ASC 606 customer-related) 1 — (6) 3 28 36 Total customer-related fees 2 1 3 12 139 130 Other noninterest income (noncustomer-related) — — 63 (12) 66 (13) Total noninterest income 2 1 66 — 205 117 Net interest income 14 14 7 6 555 563 Total income less interest expense $ 16 $ 15 $ 73 $ 6 $ 760 $ 680 The following schedule presents the noninterest income and net revenue by operating segments for the six months ended June 30, 2021 and 2020: Zions Bank Amegy CB&T (In millions) 2021 2020 2021 2020 2021 2020 Commercial account fees $ 22 $ 21 $ 19 $ 18 $ 12 $ 11 Card fees 27 23 13 12 8 6 Retail and business banking fees 10 10 7 7 6 6 Capital markets and foreign exchange fees — (1) 2 3 — — Wealth management fees 10 8 6 6 2 2 Other customer-related fees 4 4 3 4 2 3 Total noninterest income from contracts with customers (ASC 606) 73 65 50 50 30 28 Other noninterest income (Non-ASC 606 customer-related) 12 12 16 17 17 15 Total customer-related fees 85 77 66 67 47 43 Other noninterest income (noncustomer-related) — (1) 1 — 2 1 Total noninterest income 85 76 67 67 49 44 Net interest income 316 329 233 246 264 252 Total income less interest expense $ 401 $ 405 $ 300 $ 313 $ 313 $ 296 NBAZ NSB Vectra (In millions) 2021 2020 2021 2020 2021 2020 Commercial account fees $ 4 $ 4 $ 4 $ 4 $ 3 $ 3 Card fees 5 5 6 5 3 2 Retail and business banking fees 4 4 5 4 2 2 Capital markets and foreign exchange fees — — — — — — Wealth management fees 1 1 2 2 1 1 Other customer-related fees 1 — — — 1 1 Total noninterest income from contracts with customers (ASC 606) 15 14 17 15 10 9 Other noninterest income (Non-ASC 606 customer-related) 6 7 8 6 6 7 Total customer-related fees 21 21 25 21 16 16 Other noninterest income (noncustomer-related) 1 — — — — — Total noninterest income 22 21 25 21 16 16 Net interest income 105 108 74 73 68 67 Total income less interest expense $ 127 $ 129 $ 99 $ 94 $ 84 $ 83 TCBW Other Consolidated Bank (In millions) 2021 2020 2021 2020 2021 2020 Commercial account fees $ 1 $ 1 $ 1 $ (1) $ 66 $ 61 Card fees 1 — — 2 63 55 Retail and business banking fees — — 1 — 35 33 Capital markets and foreign exchange fees — — 2 4 4 6 Wealth management fees — — (1) (1) 21 19 Other customer-related fees — — 13 10 24 22 Total noninterest income from contracts with customers (ASC 606) 2 1 16 14 213 196 Other noninterest income (Non-ASC 606 customer-related) 1 1 (7) 10 59 75 Total customer-related fees 3 2 9 24 272 271 Other noninterest income (noncustomer-related) — — 98 (21) 102 (21) Total noninterest income 3 2 107 3 374 250 Net interest income 27 26 13 10 1,100 1,111 Total income less interest expense $ 30 $ 28 $ 120 $ 13 $ 1,474 $ 1,361 Revenue from contracts with customers did not generate significant contract assets and liabilities. Contract receivables are included in other assets on the consolidated balance sheet. Payment terms vary by services offered, and the timing between completion of performance obligations and payment is typically not significant. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective income tax rate was 22.2% for the second quarter of 2021, compared with 19.5% for the second quarter of 2020. The effective income tax rate for the first six months of 2021 and 2020 was 21.9% and 18.4%, respectively. These rates were reduced by nontaxable municipal interest income and nontaxable income from certain bank-owned life insurance, and were increased by the non-deductibility of Federal Deposit Insurance Corporation (“FDIC”) premiums, certain executive compensation plans, and other fringe benefits. Compared with 2021, the 2020 tax rate was also lower as a result of the proportional increase in nontaxable items and tax credits relative to pretax book income. The amount of our net deferred tax liability (“DTL”) was $63 million at June 30, 2021, compared with $3 million at December 31, 2020. The increase in the net DTL resulted primarily from the negative provision for credit losses, and was partially offset by an increase in unrealized losses in AOCI related to investment securities. We had no valuation allowance at June 30, 2021 or December 31, 2020, respectively. We regularly evaluate deferred tax assets to determine whether a valuation allowance is required. This evaluation considers all available evidence, both positive and negative, based on the more likely than not criteria that such assets will be realized. This evaluation also includes, but is not limited to (1) available carryback potential to prior tax years, (2) potential future reversals of existing deferred tax liabilities, which historically has a reversal pattern generally consistent with deferred tax assets, (3) potential tax planning strategies, and (4) future projected taxable income. Based on our evaluation, and considering the weight of the positive evidence compared with the negative evidence, we concluded a valuation allowance was not required at June 30, 2021. |
Net Earnings Per Common Share
Net Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
NET EARNINGS PER COMMON SHARE | NET EARNINGS PER COMMON SHARE Basic and diluted net earnings per common share based on the weighted average outstanding shares are summarized as follows: Three Months Ended Six Months Ended (In millions, except shares and per share amounts) 2021 2020 2021 2020 Basic: Net income $ 354 $ 66 $ 676 $ 80 Less common and preferred dividends 65 66 129 130 Less impact from redemption of preferred stock 3 — 3 — Undistributed earnings 286 — 544 (50) Less undistributed earnings applicable to nonvested shares 2 — 5 — Undistributed earnings applicable to common shares 284 — 539 (50) Distributed earnings applicable to common shares 56 56 111 112 Total earnings applicable to common shares $ 340 $ 56 $ 650 $ 62 Weighted average common shares outstanding (in thousands) 162,742 163,542 163,144 163,843 Net earnings per common share $ 2.08 $ 0.34 $ 3.98 $ 0.38 Diluted: Total earnings applicable to common shares $ 340 $ 56 $ 650 $ 62 Weighted average common shares outstanding (in thousands) 162,742 163,542 163,144 163,843 Dilutive effect of common stock warrants (in thousands) — 723 — 4,012 Dilutive effect of stock options (in thousands) 312 160 324 277 Weighted average diluted common shares outstanding (in thousands) 163,054 164,425 163,468 168,132 Net earnings per common share $ 2.08 $ 0.34 $ 3.98 $ 0.37 The following schedule presents the weighted average stock awards that were anti-dilutive and not included in the calculation of diluted earnings per share: Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Restricted stock and restricted stock units 1,374 1,321 1,394 1,357 Stock options 7 938 234 855 |
Operating Segment Information
Operating Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENT INFORMATION | OPERATING SEGMENT INFORMATION We manage our operations and prepare management reports and other information with a primary focus on geographic area. We conduct our operations primarily through seven separately managed affiliate banks, each with its own local branding and management team, including Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington. These affiliate banks comprise our primary business segments. Performance assessment and resource allocation are based upon this geographic structure. The operating segment identified as “Other” includes certain non-bank financial service subsidiaries, centralized back-office functions, and eliminations of transactions between segments. We allocate the cost of centrally provided services to the business segments based upon estimated or actual usage of those services. We also allocate capital based on the risk-weighted assets held at each business segment. We use an internal funds transfer pricing (“FTP”) allocation system and process to report results of operations for business segments, which is continually refined. In the third quarter of 2020, we allocated the net interest income associated with our Treasury department to the business segments. Historically, this amount was presented in the “Other” segment. Prior period amounts have been revised to reflect the impact of this change had it been instituted in the periods presented. Total average loans and deposits presented for the business segments include insignificant intercompany amounts between business segments and may also include deposits with the “Other” segment. At June 30, 2021, Zions Bank operated 96 branches in Utah, 25 branches in Idaho, and one branch in Wyoming. Amegy operated 75 branches in Texas. CB&T operated 83 branches in California. NBAZ operated 56 branches in Arizona. NSB operated 45 branches in Nevada. Vectra operated 34 branches in Colorado and one branch in New Mexico. TCBW operated two branches in Washington and one branch in Oregon. The accounting policies of the individual business segments are the same as those of the Bank. Transactions between business segments are primarily conducted at fair value, resulting in profits that are eliminated for reporting consolidated results of operations. The following schedules do not present total assets or income tax expense for each operating segment, but instead present average loans, average deposits, and income before income taxes because we use these metrics when evaluating performance and making decisions pertaining to the business segments. The condensed statement of income identifies the components of income and expense which affect the operating amounts presented in the “Other” segment. The following schedule presents selected operating segment information for the three months ended June 30, 2021 and 2020: Zions Bank Amegy CB&T (In millions) 2021 2020 2021 2020 2021 2020 SELECTED INCOME STATEMENT DATA Net interest income $ 159 $ 165 $ 117 $ 126 $ 133 $ 127 Provision for credit losses (8) 40 (45) 25 (32) 46 Net interest income after provision for credit losses 167 125 162 101 165 81 Noninterest income 46 38 35 31 25 19 Noninterest expense 113 111 84 79 76 74 Income (loss) before income taxes $ 100 $ 52 $ 113 $ 53 $ 114 $ 26 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 13,248 $ 14,222 $ 12,452 $ 13,570 $ 13,053 $ 12,524 Total average deposits 22,862 17,977 15,350 13,023 15,602 13,522 NBAZ NSB Vectra (In millions) 2021 2020 2021 2020 2021 2020 SELECTED INCOME STATEMENT DATA Net interest income $ 53 $ 54 $ 37 $ 37 $ 35 $ 34 Provision for credit losses (14) 16 (12) 40 (11) (1) Net interest income after provision for credit losses 67 38 49 (3) 46 35 Noninterest income 11 10 12 10 8 8 Noninterest expense 37 35 36 34 29 27 Income (loss) before income taxes $ 41 $ 13 $ 25 $ (27) $ 25 $ 16 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 4,950 $ 5,247 $ 3,120 $ 3,169 $ 3,476 $ 3,490 Total average deposits 7,036 5,722 6,552 5,402 4,388 3,662 TCBW Other Consolidated Bank (In millions) 2021 2020 2021 2020 2021 2020 SELECTED INCOME STATEMENT DATA Net interest income $ 14 $ 14 $ 7 $ 6 $ 555 $ 563 Provision for credit losses (1) 5 — (3) (123) 168 Net interest income after provision for credit losses 15 9 7 9 678 395 Noninterest income 2 1 66 — 205 117 Noninterest expense 5 5 48 65 428 430 Income (loss) before income taxes $ 12 $ 5 $ 25 $ (56) $ 455 $ 82 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 1,606 $ 1,485 $ 865 $ 561 $ 52,770 $ 54,268 Total average deposits 1,500 1,282 1,350 2,410 74,640 63,000 The following schedule presents selected operating segment information for the six months ended June 30, 2021 and 2020: Zions Bank Amegy CB&T (In millions) 2021 2020 2021 2020 2021 2020 SELECTED INCOME STATEMENT DATA Net interest income $ 316 $ 329 $ 233 $ 246 $ 264 $ 252 Provision for credit losses (19) 94 (98) 127 (69) 84 Net interest income after provision for credit losses 335 235 331 119 333 168 Noninterest income 85 76 67 67 49 44 Noninterest expense 231 221 169 161 156 151 Income (loss) before income taxes $ 189 $ 90 $ 229 $ 25 $ 226 $ 61 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 13,488 $ 13,611 $ 12,577 $ 12,984 $ 13,052 $ 11,773 Total average deposits 22,289 16,953 14,800 12,344 15,393 12,825 NBAZ NSB Vectra (In millions) 2021 2020 2021 2020 2021 2020 SELECTED INCOME STATEMENT DATA Net interest income $ 105 $ 108 $ 74 $ 73 $ 68 $ 67 Provision for credit losses (24) 35 (30) 52 (11) 23 Net interest income after provision for credit losses 129 73 104 21 79 44 Noninterest income 22 21 25 21 16 16 Noninterest expense 75 72 72 70 57 53 Income (loss) before income taxes $ 76 $ 22 $ 57 $ (28) $ 38 $ 7 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 5,029 $ 4,991 $ 3,183 $ 2,942 $ 3,463 $ 3,296 Total average deposits 6,791 5,413 6,312 5,115 4,334 3,325 TCBW Other Consolidated Bank (In millions) 2021 2020 2021 2020 2021 2020 SELECTED INCOME STATEMENT DATA Net interest income $ 27 $ 26 $ 13 $ 10 $ 1,100 $ 1,111 Provision for credit losses (3) 10 (1) 1 (255) 426 Net interest income after provision for credit losses 30 16 14 9 1,355 685 Noninterest income 3 2 107 3 374 250 Noninterest expense 11 11 92 98 863 837 Income (loss) before income taxes $ 22 $ 7 $ 29 $ (86) $ 866 $ 98 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 1,590 $ 1,372 $ 833 $ 563 $ 53,215 $ 51,532 Total average deposits 1,449 1,165 1,684 2,814 73,052 59,954 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements and Developments (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements and Developments | There have been no significant changes to recent accounting pronouncements and developments and their potential impact to our financial statements or operations. For more information, see Note 2 of our 2020 Form 10-K. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses (“ACL”), which consists of the allowance for loan and lease losses (“ALLL”) and the reserve for unfunded lending commitments (“RULC”), represents our estimate of current expected credit losses related to the loan and lease portfolio and unfunded lending commitments as of the balance sheet date. For additional information regarding our policies and methodologies used to estimate the ACL, see Note 6 of our 2020 Form 10-K. The ACL for AFS and HTM debt securities is estimated separately from loans. For HTM securities, the ACL is estimated consistent with the approach for loans carried at amortized cost. See Note 5 for further discussion on our estimate of expected credit losses on AFS securities and disclosures related to AFS and HTM securities. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis | Assets and liabilities measured at fair value by class on a recurring basis are summarized as follows: (In millions) June 30, 2021 Level 1 Level 2 Level 3 Total ASSETS Available-for-sale securities: U.S. Treasury, agencies and corporations $ 128 $ 16,393 $ — $ 16,521 Municipal securities 1,574 1,574 Other debt securities 75 75 Total available-for-sale 128 18,042 — 18,170 Trading account 15 166 181 Other noninterest-bearing investments: Bank-owned life insurance 535 535 Private equity investments 1 77 72 149 Other assets: Agriculture loan servicing and interest-only strips 15 15 Deferred compensation plan assets 135 135 Derivatives: Derivatives designated as hedges 9 9 Derivatives not designated as hedges: Interest rate 272 272 Foreign exchange 4 4 Total Assets $ 359 $ 19,024 $ 87 $ 19,470 LIABILITIES Securities sold, not yet purchased $ 62 $ — $ — $ 62 Other liabilities: Derivatives: Derivatives not designated as hedges: Interest rate 40 40 Foreign exchange 4 4 Total Liabilities $ 66 $ 40 $ — $ 106 1 The Level 1 private equity investments relate to the portion of our SBIC investments that are now publicly traded. (In millions) December 31, 2020 Level 1 Level 2 Level 3 Total ASSETS Available-for-sale securities: U.S. Treasury, agencies and corporations $ 192 $ 13,944 $ — $ 14,136 Municipal securities 1,420 1,420 Other debt securities 175 175 Total available-for-sale 192 15,539 — 15,731 Trading account 111 155 266 Other noninterest-bearing investments: Bank-owned life insurance 532 532 Private equity investments 80 80 Other assets: Agriculture loan servicing and interest-only strips 16 16 Deferred compensation plan assets 120 120 Derivatives: Derivatives designated as hedges 3 3 Derivatives not designated as hedges: Interest rate 411 411 Foreign exchange 4 4 Total Assets $ 427 $ 16,640 $ 96 $ 17,163 LIABILITIES Securities sold, not yet purchased $ 61 $ — $ — $ 61 Other liabilities: Derivatives: Derivatives not designated as hedges: Interest rate 34 34 Foreign exchange 4 4 Total Liabilities $ 65 $ 34 $ — $ 99 |
Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis Using Level 3 Inputs | The following schedule presents the changes to the assets and liabilities measured at fair value by class on a recurring basis using Level 3 inputs: Level 3 Instruments Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (In millions) Private equity investments Ag loan svcg and int-only strips Private equity investments Ag loan svcg and int-only strips Private equity investments Ag loan svcg and int-only strips Private equity investments Ag loan svcg and int-only strips Balance at beginning of period $ 83 $ 15 $ 79 $ 17 $ 80 $ 16 $ 107 $ 18 Unrealized securities gains (losses), net 68 — (4) — 69 — (24) — Other noninterest income (expense) — — — — (1) — (1) Purchases 2 — 2 — 6 — 3 — Cost of investments sold (4) — — — (6) — (9) — Redemptions and paydowns — — — — — Transfers out 1 (77) — — — (77) — — — Balance at end of period $ 72 $ 15 $ 77 $ 17 $ 72 $ 15 $ 77 $ 17 1 Represents the transfer of the SBIC investment in Recursion Pharmaceuticals, Inc. out of Level 3 to Level 1. |
Schedule of Rollforward of Level 3 Fair Value Measurements Including Realized Gains and Losses in the Income Statement | The rollforward of Level 3 fair value measurements includes the following realized gains and losses in the income statement: (In millions) Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Securities gains (losses), net $ (4) $ — $ (5) $ 15 |
Schedule of Assets with Fair Value Changes on Nonrecurring Basis | The following schedule presents the balances of assets at period end that had fair value changes measured on a nonrecurring basis: (In millions) Fair value at June 30, 2021 Fair value at December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total ASSETS Private equity investments $ — $ — $ — $ — $ — $ — $ 1 $ 1 Collateral-dependent loans — 9 — 9 — 14 — 14 Other real estate owned — — — — — 1 — 1 Total $ — $ 9 $ — $ 9 $ — $ 15 $ 1 $ 16 |
Schedule of Carrying Values and Estimated Fair Values | Following is a summary of the carrying values and estimated fair values of certain financial instruments: June 30, 2021 December 31, 2020 (In millions) Carrying Estimated Level Carrying Estimated Level Financial assets: HTM investment securities $ 620 $ 622 2 $ 636 $ 640 2 Loans and leases (including loans held for sale), net of allowance 50,929 51,436 3 52,780 53,221 3 Financial liabilities: Time deposits 1,940 1,949 2 2,588 2,603 2 Long-term debt 1,308 1,338 2 1,336 1,346 2 |
Offsetting Assets and Liabili_2
Offsetting Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Offsetting [Abstract] | |
Schedule of Offsetting Assets and Liabilities | Gross and net information for selected financial instruments in the balance sheet is as follows: June 30, 2021 (In millions) Gross amounts not offset in the balance sheet Description Gross amounts recognized Gross amounts offset in the balance sheet Net amounts presented in the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and security resell agreements $ 1,714 $ — $ 1,714 $ — $ — $ 1,714 Derivatives (included in other assets) 285 — 285 (15) (2) 268 Total assets $ 1,999 $ — $ 1,999 $ (15) $ (2) $ 1,982 Liabilities: Federal funds purchased and other short-term borrowings $ 741 $ — $ 741 $ — $ — $ 741 Derivatives (included in other liabilities) 44 — 44 (15) (6) 23 Total liabilities $ 785 $ — $ 785 $ (15) $ (6) $ 764 December 31, 2020 (In millions) Gross amounts not offset in the balance sheet Description Gross amounts recognized Gross amounts offset in the balance sheet Net amounts presented in the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and security resell agreements $ 6,457 $ (692) $ 5,765 $ — $ — $ 5,765 Derivatives (included in other assets) 418 — 418 (4) (3) 411 Total assets $ 6,875 $ (692) $ 6,183 $ (4) $ (3) $ 6,176 Liabilities: Federal funds purchased and other short-term borrowings $ 2,264 $ (692) $ 1,572 $ — $ — $ 1,572 Derivatives (included in other liabilities) 38 — 38 (4) (26) 8 Total liabilities $ 2,302 $ (692) $ 1,610 $ (4) $ (26) $ 1,580 |
Schedule of Offsetting Assets and Liabilities | Gross and net information for selected financial instruments in the balance sheet is as follows: June 30, 2021 (In millions) Gross amounts not offset in the balance sheet Description Gross amounts recognized Gross amounts offset in the balance sheet Net amounts presented in the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and security resell agreements $ 1,714 $ — $ 1,714 $ — $ — $ 1,714 Derivatives (included in other assets) 285 — 285 (15) (2) 268 Total assets $ 1,999 $ — $ 1,999 $ (15) $ (2) $ 1,982 Liabilities: Federal funds purchased and other short-term borrowings $ 741 $ — $ 741 $ — $ — $ 741 Derivatives (included in other liabilities) 44 — 44 (15) (6) 23 Total liabilities $ 785 $ — $ 785 $ (15) $ (6) $ 764 December 31, 2020 (In millions) Gross amounts not offset in the balance sheet Description Gross amounts recognized Gross amounts offset in the balance sheet Net amounts presented in the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and security resell agreements $ 6,457 $ (692) $ 5,765 $ — $ — $ 5,765 Derivatives (included in other assets) 418 — 418 (4) (3) 411 Total assets $ 6,875 $ (692) $ 6,183 $ (4) $ (3) $ 6,176 Liabilities: Federal funds purchased and other short-term borrowings $ 2,264 $ (692) $ 1,572 $ — $ — $ 1,572 Derivatives (included in other liabilities) 38 — 38 (4) (26) 8 Total liabilities $ 2,302 $ (692) $ 1,610 $ (4) $ (26) $ 1,580 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
Summary of Investment Securities | June 30, 2021 (In millions) Amortized Gross unrealized gains Gross unrealized losses Estimated Held-to-maturity Municipal securities $ 620 $ 4 $ 2 $ 622 Available-for-sale U.S. Treasury securities 155 — 27 128 U.S. Government agencies and corporations: Agency securities 991 31 — 1,022 Agency guaranteed mortgage-backed securities 14,233 186 96 14,323 Small Business Administration loan-backed securities 1,076 3 31 1,048 Municipal securities 1,522 55 3 1,574 Other debt securities 75 — — 75 Total available-for-sale 18,052 275 157 18,170 Total investment securities $ 18,672 $ 279 $ 159 $ 18,792 December 31, 2020 (In millions) Amortized Gross unrealized gains Gross unrealized losses Estimated Held-to-maturity Municipal securities $ 636 $ 5 $ 1 $ 640 Available-for-sale U.S. Treasury securities 205 — 13 192 U.S. Government agencies and corporations: Agency securities 1,051 40 — 1,091 Agency guaranteed mortgage-backed securities 11,439 262 8 11,693 Small Business Administration loan-backed securities 1,195 — 35 1,160 Municipal securities 1,352 68 — 1,420 Other debt securities 175 — — 175 Total available-for-sale 15,417 370 56 15,731 Total investment securities $ 16,053 $ 375 $ 57 $ 16,371 |
Contractual Maturities Debt Securities | June 30, 2021 Total debt investment securities Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years (Dollar amounts in millions) Amortized cost Avg yield Amortized cost Avg yield Amortized cost Avg yield Amortized cost Avg yield Amortized cost Avg yield Held-to-maturity Municipal securities 1 $ 620 2.75 % $ 171 1.67 % $ 160 3.37 % $ 172 2.81 % $ 117 3.36 % Available-for-sale U.S. Treasury securities 155 1.28 — — — — — — 155 1.28 U.S. Government agencies and corporations: Agency securities 991 2.12 — — 361 1.36 267 2.52 363 2.59 Agency guaranteed mortgage-backed securities 14,233 1.65 — — 391 1.41 725 1.63 13,117 1.66 Small Business Administration loan-backed securities 1,076 1.37 — — 53 1.42 133 1.56 890 1.34 Municipal securities 1 1,522 2.33 104 1.92 643 2.43 506 2.30 269 2.31 Other debt securities 75 2.15 — — — — 60 1.96 15 2.90 Total available-for-sale securities 18,052 1.72 104 1.92 1,448 1.85 1,691 1.98 14,809 1.67 Total investment securities $ 18,672 1.75 % $ 275 1.76 % $ 1,608 2.00 % $ 1,863 2.05 % $ 14,926 1.68 % 1 The yields on tax-exempt securities are calculated on a tax-equivalent basis. |
Summary of Amount of Gross Unrealized Losses for Debt Securities and Estimated Fair Value | The following schedule summarizes the amount of gross unrealized losses for debt securities and the estimated fair value by length of time the securities have been in an unrealized loss position: June 30, 2021 Less than 12 months 12 months or more Total (In millions) Gross Estimated Gross Estimated Gross Estimated Held-to-maturity Municipal securities $ 2 $ 149 $ — $ 14 $ 2 $ 163 Available-for-sale U.S. Treasury securities 27 128 — — 27 128 U.S. Government agencies and corporations: Agency securities — 105 — 1 — 106 Agency guaranteed mortgage-backed securities 95 6,353 1 125 96 6,478 Small Business Administration loan-backed securities — — 31 860 31 860 Municipal securities 3 217 — — 3 217 Other — — — — — — Total available-for-sale 125 6,803 32 986 157 7,789 Total investment securities $ 127 $ 6,952 $ 32 $ 1,000 $ 159 $ 7,952 December 31, 2020 Less than 12 months 12 months or more Total (In millions) Gross Estimated Gross Estimated Gross Estimated Held-to-maturity Municipal securities $ 1 $ 96 $ — $ 12 $ 1 $ 108 Available-for-sale U.S. Treasury securities 13 142 — — 13 142 U.S. Government agencies and corporations: Agency securities — 6 — 2 — 8 Agency guaranteed mortgage-backed securities 7 1,197 1 179 8 1,376 Small Business Administration loan-backed securities — 15 35 1,068 35 1,083 Municipal securities — 19 — — — 19 Other — 150 — — — 150 Total available-for-sale 20 1,529 36 1,249 56 2,778 Total investment securities $ 21 $ 1,625 $ 36 $ 1,261 $ 57 $ 2,886 |
Held-to-maturity Year of Issuance and Risk Grade | The amortized cost basis of HTM securities categorized by year of issuance and risk grade is summarized as follows: June 30, 2021 Amortized cost basis by year of issuance (In millions) 2021 2020 2019 2018 2017 Prior Total Securities Held-to-maturity: Pass $ 209 $ 124 $ 10 $ — $ 8 $ 268 $ 619 Accruing substandard — — — — — 1 1 Total held-to-maturity $ 209 $ 124 $ 10 $ — $ 8 $ 269 $ 620 |
Gains and Losses, Including OTTI, Recognized in Statement of Income | The following summarizes gains and losses recognized in income: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Gross gains Gross losses Gross gains Gross losses Gross gains Gross losses Gross gains Gross losses Other noninterest-bearing investments $ 66 $ 3 $ 3 $ 7 $ 80 $ 6 $ 8 $ 17 Net gains (losses) 1 $ 63 $ (4) $ 74 $ (9) 1 Net gains (losses) were recognized in securities gains (losses) in the income statement. |
Interest Income by Security Type | Interest income by investment security type is as follows: Three Months Ended June 30, 2021 2020 (In millions) Taxable Nontaxable Total Taxable Nontaxable Total Investment securities: Held-to-maturity $ 2 $ 1 $ 3 $ 3 $ 2 $ 5 Available-for-sale 61 7 68 67 7 74 Trading — 3 3 — 1 1 Total securities $ 63 $ 11 $ 74 $ 70 $ 10 $ 80 Six Months Ended June 30, 2021 2020 (In millions) Taxable Nontaxable Total Taxable Nontaxable Total Investment securities: Held-to-maturity $ 5 $ 3 $ 8 $ 5 $ 5 $ 10 Available-for-sale 118 14 132 135 13 148 Trading — 5 5 — 3 3 Total $ 123 $ 22 $ 145 $ 140 $ 21 $ 161 |
Loans, Leases, and Allowance _2
Loans, Leases, and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Summary of Major Portfolio Segment and Specific Loan Class | Loans and leases are summarized as follows according to major portfolio segment and specific loan class: (In millions) June 30, December 31, Loans held for sale $ 66 $ 81 Commercial: Commercial and industrial $ 12,947 $ 13,444 PPP 4,461 5,572 Leasing 307 320 Owner-occupied 8,231 8,185 Municipal 3,215 2,951 Total commercial 29,161 30,472 Commercial real estate: Construction and land development 2,576 2,345 Term 9,532 9,759 Total commercial real estate 12,108 12,104 Consumer: Home equity credit line 2,727 2,745 1-4 family residential 6,269 6,969 Construction and other consumer real estate 593 630 Bankcard and other revolving plans 415 432 Other 125 124 Total consumer 10,129 10,900 Total loans and leases $ 51,398 $ 53,476 |
Summary of Changes in the Allowance for Credit Losses | Changes in the ACL are summarized as follows: Three Months Ended June 30, 2021 (In millions) Commercial Commercial Consumer Total Allowance for loan losses Balance at beginning of period $ 362 $ 152 $ 132 $ 646 Provision for loan losses (43) (41) (29) (113) Gross loan and lease charge-offs 5 — 3 8 Recoveries 7 — 3 10 Net loan and lease charge-offs (recoveries) (2) — — (2) Balance at end of period $ 321 $ 111 $ 103 $ 535 Reserve for unfunded lending commitments Balance at beginning of period $ 24 $ 17 $ 8 $ 49 Provision for unfunded lending commitments (3) (7) — (10) Balance at end of period $ 21 $ 10 $ 8 $ 39 Total allowance for credit losses at end of period Allowance for loan losses $ 321 $ 111 $ 103 $ 535 Reserve for unfunded lending commitments 21 10 8 39 Total allowance for credit losses $ 342 $ 121 $ 111 $ 574 Six Months Ended June 30, 2021 (In millions) Commercial Commercial Consumer Total Allowance for loan losses Balance at beginning of period $ 464 $ 171 $ 142 $ 777 Provision for loan losses (137) (60) (39) (236) Gross loan and lease charge-offs 23 — 6 29 Recoveries 17 — 6 23 Net loan and lease charge-offs (recoveries) 6 — — 6 Balance at end of period $ 321 $ 111 $ 103 $ 535 Reserve for unfunded lending commitments Balance at beginning of period $ 30 $ 20 $ 8 $ 58 Provision for unfunded lending commitments (9) (10) — (19) Balance at end of period $ 21 $ 10 $ 8 $ 39 Total allowance for credit losses at end of period Allowance for loan losses $ 321 $ 111 $ 103 $ 535 Reserve for unfunded lending commitments 21 10 8 39 Total allowance for credit losses $ 342 $ 121 $ 111 $ 574 Three Months Ended June 30, 2020 (In millions) Commercial Commercial real estate Consumer Total Allowance for loan losses Balance at beginning of period $ 413 $ 128 $ 189 $ 730 Provision for loan losses 186 16 (41) 161 Gross loan and lease charge-offs 31 — 5 36 Recoveries 3 — 2 5 Net loan and lease charge-offs (recoveries) 28 — 3 31 Balance at end of period $ 571 $ 144 $ 145 $ 860 Reserve for unfunded lending commitments Balance at beginning of period $ 16 $ 23 $ 8 $ 47 Provision for unfunded lending commitments 11 (3) (1) 7 Balance at end of period $ 27 $ 20 $ 7 $ 54 Total allowance for credit losses at end of period Allowance for loan losses $ 571 $ 144 $ 145 $ 860 Reserve for unfunded lending commitments 27 20 7 54 Total allowance for credit losses $ 598 $ 164 $ 152 $ 914 Six Months Ended June 30, 2020 (In millions) Commercial Commercial Consumer Total Allowance for loan losses Balance at beginning of period $ 282 $ 69 $ 146 $ 497 Provision for loan losses 323 75 3 401 Gross loan and lease charge-offs 41 — 8 49 Recoveries 7 — 4 11 Net loan and lease charge-offs (recoveries) 34 — 4 38 Balance at end of period $ 571 $ 144 $ 145 $ 860 Reserve for unfunded lending commitments Balance at beginning of period $ 11 $ 12 $ 6 $ 29 Provision for unfunded lending commitments 16 8 1 25 Balance at end of period $ 27 $ 20 $ 7 $ 54 Total allowance for credit losses at end of period Allowance for loan losses $ 571 $ 144 $ 145 $ 860 Reserve for unfunded lending commitments 27 20 7 54 Total allowance for credit losses $ 598 $ 164 $ 152 $ 914 |
Summary of Nonaccrual Loans | The amortized cost basis of loans on nonaccrual status is summarized as follows: June 30, 2021 Amortized cost basis Total amortized cost basis (In millions) with no allowance with allowance Related allowance Loans held for sale $ 1 $ — $ 1 $ — Commercial: Commercial and industrial $ 32 $ 79 $ 111 $ 20 PPP — 1 1 — Owner-occupied 36 33 69 3 Total commercial 68 113 181 23 Commercial real estate: Term 13 15 28 2 Total commercial real estate 13 15 28 2 Consumer: Home equity credit line 6 12 18 3 1-4 family residential 13 65 78 5 Bankcard and other revolving plans — 1 1 — Total consumer loans 19 78 97 8 Total $ 100 $ 206 $ 306 $ 33 December 31, 2020 Amortized cost basis Total amortized cost basis (In millions) with no allowance with allowance Related allowance Commercial: Commercial and industrial $ 73 $ 67 $ 140 $ 22 Owner-occupied 38 38 76 4 Total commercial 111 105 216 26 Commercial real estate: Term 12 19 31 3 Total commercial real estate 12 19 31 3 Consumer: Home equity credit line 2 14 16 3 1-4 family residential 14 89 103 9 Bankcard and other revolving plans — 1 1 1 Total consumer loans 16 104 120 13 Total $ 139 $ 228 $ 367 $ 42 The amount of accrued interest receivables written-off by reversing interest income during the period is summarized by loan portfolio segment as follows: Three Months Ended Six Months Ended (In millions) 2021 2020 2021 2020 Commercial $ 4 $ 4 $ 7 $ 8 Commercial real estate 1 1 1 1 Consumer — — — — Total $ 5 $ 5 $ 8 $ 9 |
Summary of Past Due Loans (Accruing and Nonaccruing) | Past due loans (accruing and nonaccruing) are summarized as follows: June 30, 2021 (In millions) Current 30-89 days 90+ days Total Total Accruing Nonaccrual loans that are current 1 Commercial: Commercial and industrial $ 12,907 $ 15 $ 25 $ 40 $ 12,947 $ 1 $ 86 PPP 4,461 — — — 4,461 — — Leasing 307 — — — 307 — — Owner-occupied 8,197 11 23 34 8,231 3 45 Municipal 3,215 — — — 3,215 — — Total commercial 29,087 26 48 74 29,161 4 131 Commercial real estate: Construction and land development 2,576 — — — 2,576 — — Term 9,521 2 9 11 9,532 2 21 Total commercial real estate 12,097 2 9 11 12,108 2 21 Consumer: Home equity credit line 2,718 4 5 9 2,727 — 10 1-4 family residential 6,223 7 39 46 6,269 — 36 Construction and other consumer real estate 593 — — — 593 — — Bankcard and other revolving plans 412 2 1 3 415 — — Other 125 — — — 125 — — Total consumer loans 10,071 13 45 58 10,129 — 46 Total $ 51,255 $ 41 $ 102 $ 143 $ 51,398 $ 6 $ 198 December 31, 2020 (In millions) Current 30-89 days 90+ days Total Total Accruing Nonaccrual loans that are current 1 Commercial: Commercial and industrial $ 13,388 $ 26 $ 30 $ 56 $ 13,444 $ 2 $ 109 PPP 5,572 — — — 5,572 — — Leasing 320 — — — 320 — 1 Owner-occupied 8,129 34 22 56 8,185 — 48 Municipal 2,951 — — — 2,951 — — Total commercial 30,360 60 52 112 30,472 2 158 Commercial real estate: Construction and land development 2,341 — 4 4 2,345 4 — Term 9,692 57 10 67 9,759 4 13 Total commercial real estate 12,033 57 14 71 12,104 8 13 Consumer: Home equity credit line 2,733 8 4 12 2,745 — 9 1-4 family residential 6,891 12 66 78 6,969 — 33 Construction and other consumer real estate 630 — — — 630 — Bankcard and other revolving plans 428 2 2 4 432 2 1 Other 123 1 — 1 124 — — Total consumer loans 10,805 23 72 95 10,900 2 43 Total $ 53,198 $ 140 $ 138 $ 278 $ 53,476 $ 12 $ 214 1 Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected. |
Summary of Outstanding Loan Balances (Accruing and Nonaccruing) Categorized by Credit Quality Indicators | The following schedule presents the amortized cost basis of loans and leases categorized by year of origination and risk classification as monitored by management. The year of origination is generally represented by the year the loan was either originated or the year in which the loan was renewed or restructured. June 30, 2021 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2021 2020 2019 2018 2017 Prior Total Commercial: Commercial and industrial Pass $ 1,052 $ 1,476 $ 1,478 $ 912 $ 418 $ 315 $ 5,966 $ 169 $ 11,786 Special Mention 2 56 64 74 32 29 186 1 444 Accruing Substandard 20 38 139 92 34 64 217 2 606 Nonaccrual 1 10 2 4 8 27 39 20 111 Total commercial and industrial 1,075 1,580 1,683 1,082 492 435 6,408 192 12,947 PPP Pass 2,556 1,904 — — — — — — 4,460 Nonaccrual — 1 — — — — — — 1 Total PPP 2,556 1,905 — — — — — — 4,461 Leasing Pass 11 53 79 74 48 26 — — 291 Special Mention — 1 6 2 1 6 — — 16 Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total leasing 11 54 85 76 49 32 — — 307 Owner-occupied Pass 804 1,568 1,060 1,059 824 2,001 132 76 7,524 Special Mention 8 56 57 55 23 68 8 7 282 Accruing Substandard 55 12 59 54 37 125 13 1 356 Nonaccrual — 5 14 15 9 23 3 — 69 Total owner-occupied 867 1,641 1,190 1,183 893 2,217 156 84 8,231 Municipal Pass 548 992 647 313 395 272 — — 3,167 Special Mention — — — — — 34 — — 34 Accruing Substandard — 9 — — — 5 — — 14 Nonaccrual — — — — — — — — — Total municipal 548 1,001 647 313 395 311 — — 3,215 Total commercial 5,057 6,181 3,605 2,654 1,829 2,995 6,564 276 29,161 Commercial real estate: Construction and land development Pass 298 745 708 160 43 3 524 56 2,537 Special Mention — — 1 — — — — — 1 Accruing Substandard 12 — 26 — — — — — 38 Nonaccrual — — — — — — — — — Total construction and land development 310 745 735 160 43 3 524 56 2,576 Term Pass 1,115 2,047 1,796 1,318 620 1,701 207 202 9,006 Special Mention 7 87 26 82 11 36 — 3 252 Accruing Substandard 8 10 30 99 20 76 1 2 246 Nonaccrual — — 5 — 1 22 — — 28 Total term 1,130 2,144 1,857 1,499 652 1,835 208 207 9,532 Total commercial real estate 1,440 2,889 2,592 1,659 695 1,838 732 263 12,108 June 30, 2021 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2021 2020 2019 2018 2017 Prior Total Consumer: Home equity credit line Pass — — — — — — 2,601 105 2,706 Special Mention — — — — — — 1 — 1 Accruing Substandard — — — — — — 2 — 2 Nonaccrual — — — — — — 10 8 18 Total home equity credit line — — — — — — 2,614 113 2,727 1-4 family residential Pass 591 1,103 834 636 846 2,178 — — 6,188 Special Mention — — — — — 1 — — 1 Accruing Substandard — — — — — 2 — — 2 Nonaccrual — 6 8 4 14 46 — — 78 Total 1-4 family residential 591 1,109 842 640 860 2,227 — — 6,269 Construction and other consumer real estate Pass 71 282 176 49 6 8 — — 592 Special Mention — — — — — — — — — Accruing Substandard — 1 — — — — — — 1 Nonaccrual — — — — — — — — — Total construction and other consumer real estate 71 283 176 49 6 8 — — 593 Bankcard and other revolving plans Pass — — — — — — 410 2 412 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 2 — 2 Nonaccrual — — — — — — — 1 1 Total bankcard and other revolving plans — — — — — — 412 3 415 Other consumer Pass 47 30 24 14 7 3 — — 125 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total other consumer 47 30 24 14 7 3 — — 125 Total consumer 709 1,422 1,042 703 873 2,238 3,026 116 10,129 Total loans $ 7,206 $ 10,492 $ 7,239 $ 5,016 $ 3,397 $ 7,071 $ 10,322 $ 655 $ 51,398 December 31, 2020 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2020 2019 2018 2017 2016 Prior Total Commercial: Commercial and industrial Pass $ 2,585 $ 2,743 $ 1,903 $ 829 $ 296 $ 228 $ 3,298 $ 109 $ 11,991 Special Mention 79 152 183 98 4 43 110 1 670 Accruing Substandard 123 157 129 44 26 17 141 6 643 Nonaccrual 57 2 10 8 2 15 36 10 140 Total commercial and industrial 2,844 3,054 2,225 979 328 303 3,585 126 13,444 PPP Pass 5,572 — — — — — — — 5,572 Total PPP 5,572 — — — — — — — 5,572 Leasing Pass 87 121 44 34 14 5 — — 305 Special Mention 1 — 2 1 — 6 — — 10 Accruing Substandard 2 1 1 1 — — — — 5 Nonaccrual — — — — — — — — — Total leasing 90 122 47 36 14 11 — — 320 Owner-occupied Pass 1,588 1,205 1,167 895 585 1,806 161 11 7,418 Special Mention 72 65 60 60 51 41 9 3 361 Accruing Substandard 28 64 61 37 35 98 6 1 330 Nonaccrual 8 11 15 11 6 23 2 — 76 Total owner-occupied 1,696 1,345 1,303 1,003 677 1,968 178 15 8,185 Municipal Pass 1,031 827 359 419 68 227 3 — 2,934 Special Mention — — — — — 8 — — 8 Accruing Substandard — — — — — 9 — — 9 Nonaccrual — — — — — — — — — Total municipal 1,031 827 359 419 68 244 3 — 2,951 Total commercial 11,233 5,348 3,934 2,437 1,087 2,526 3,766 141 30,472 Commercial real estate: Construction and land development Pass 558 933 267 41 1 6 423 3 2,232 Special Mention 24 43 11 — — — 5 — 83 Accruing Substandard — 30 — — — — — — 30 Nonaccrual — — — — — — — — — Total construction and land development 582 1,006 278 41 1 6 428 3 2,345 Term Pass 2,524 1,858 1,639 761 778 1,291 73 20 8,944 Special Mention 110 89 177 42 23 85 — 5 531 Accruing Substandard 41 34 96 30 18 34 — — 253 Nonaccrual 3 5 — 2 1 20 — — 31 Total term 2,678 1,986 1,912 835 820 1,430 73 25 9,759 Total commercial real estate 3,260 2,992 2,190 876 821 1,436 501 28 12,104 December 31, 2020 Term loans Revolving loans amortized cost basis Revolving loans converted to term loans amortized cost basis Amortized cost basis by year of origination (In millions) 2020 2019 2018 2017 2016 Prior Total Consumer: Home equity credit line Pass — — — — — — 2,606 115 2,721 Special Mention — — — — — — 2 — 2 Accruing Substandard — — — — — — 6 — 6 Nonaccrual — — — — — — 11 5 16 Total home equity credit line — — — — — — 2,625 120 2,745 1-4 family residential Pass 1,185 1,017 833 1,081 1,174 1,570 — — 6,860 Special Mention — — — — — 2 — — 2 Accruing Substandard — — 1 — 2 1 — — 4 Nonaccrual 2 12 7 19 15 48 — — 103 Total 1-4 family residential 1,187 1,029 841 1,100 1,191 1,621 — — 6,969 Construction and other consumer real estate Pass 200 296 106 16 1 11 — — 630 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total construction and other consumer real estate 200 296 106 16 1 11 — — 630 Bankcard and other revolving plans Pass — — — — — — 426 2 428 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 3 — 3 Nonaccrual — — — — — — — 1 1 Total bankcard and other revolving plans — — — — — — 429 3 432 Other consumer Pass 51 35 22 10 4 2 — — 124 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total other consumer 51 35 22 10 4 2 — — 124 Total consumer 1,438 1,360 969 1,126 1,196 1,634 3,054 123 10,900 Total loans $ 15,931 $ 9,700 $ 7,093 $ 4,439 $ 3,104 $ 5,596 $ 7,321 $ 292 $ 53,476 |
Summary of TDRs (Accruing and Nonaccruing) Categorized by Loan Class and Modification Type | Selected information on TDRs, including the recorded investment on an accruing and nonaccruing basis by loan class and modification type is summarized in the following schedules: June 30, 2021 Recorded investment resulting from the following modification types: (In millions) Interest Maturity Principal Payment Other 1 Multiple modification types 2 Total Accruing Commercial: Commercial and industrial $ 2 $ — $ — $ — $ 12 $ 21 $ 35 Owner-occupied 5 4 — 8 15 39 71 Total commercial 7 4 — 8 27 60 106 Commercial real estate: Construction and land development — 8 — — — — 8 Term 1 26 — 35 96 22 180 Total commercial real estate 1 34 — 35 96 22 188 Consumer: Home equity credit line — 1 6 — — 2 9 1-4 family residential 6 1 3 — 1 16 27 Total consumer loans 6 2 9 — 1 18 36 Total accruing 14 40 9 43 124 100 330 Nonaccruing Commercial: Commercial and industrial 17 1 — 2 8 45 73 Owner-occupied 5 — — 3 — 17 25 Total commercial 22 1 — 5 8 62 98 Commercial real estate: Term 2 — — 13 2 5 22 Total commercial real estate 2 — — 13 2 5 22 Consumer: Home equity credit line — — 2 — — — 2 1-4 family residential 1 1 1 — — 3 6 Total consumer loans 1 1 3 — — 3 8 Total nonaccruing 25 2 3 18 10 70 128 Total $ 39 $ 42 $ 12 $ 61 $ 134 $ 170 $ 458 1 Includes TDRs that resulted from other modification types including, but not limited to, a legal judgment awarded on different terms, a bankruptcy plan confirmed on different terms, a settlement that includes the delivery of collateral in exchange for debt reduction, etc. 2 Includes TDRs that resulted from a combination of any of the previous modification types. December 31, 2020 Recorded investment resulting from the following modification types: (In millions) Interest Maturity Principal Payment Other 1 Multiple modification types 2 Total Accruing Commercial: Commercial and industrial $ — $ — $ — $ — $ 3 $ 4 $ 7 Owner-occupied 5 1 — 4 4 8 22 Total commercial 5 1 — 4 7 12 29 Commercial real estate: Term 1 — — 16 94 23 134 Total commercial real estate 1 — — 16 94 23 134 Consumer: Home equity credit line — 1 7 — — 2 10 1-4 family residential 4 1 3 — 2 15 25 Total consumer loans 4 2 10 — 2 17 35 Total accruing 10 3 10 20 103 52 198 Nonaccruing Commercial: Commercial and industrial — — — 3 10 52 65 Owner-occupied 5 — — 3 — 10 18 Total commercial 5 — — 6 10 62 83 Commercial real estate: Term 2 — — 13 3 2 20 Total commercial real estate 2 — — 13 3 2 20 Consumer: Home equity credit line — — 2 — — — 2 1-4 family residential 1 1 — — — 6 8 Total consumer loans 1 1 2 — — 6 10 Total nonaccruing 8 1 2 19 13 70 113 Total $ 18 $ 4 $ 12 $ 39 $ 116 $ 122 $ 311 1 Includes TDRs that resulted from other modification types including, but not limited to, a legal judgment awarded on different terms, a bankruptcy plan confirmed on different terms, a settlement that includes the delivery of collateral in exchange for debt reduction, etc. 2 Includes TDRs that resulted from a combination of any of the previous modification types. |
Summary of Collateral-Dependent Loans | Select information on loans for which the repayment is expected to be provided substantially through the operation or sale of the underlying collateral and the borrower is experiencing financial difficulties, including the type of collateral and the extent to which the collateral secures the loans, is summarized as follows: June 30, 2021 (Dollar amounts in millions) Amortized cost Major types of collateral Weighted average LTV 1 Commercial: Commercial and industrial $ 21 Single family residential, Agriculture 49% Owner-occupied 10 Office building 46% Commercial real estate: Term 11 Multi-family, Hotel/Motel, Retail 46% Consumer: Home equity credit line 6 Single family residential 41% 1-4 family residential 2 Single family residential 49% Total $ 50 1 The fair value is based on the most recent appraisal or other collateral evaluation. December 31, 2020 (Dollar amounts in millions) Amortized cost Major types of collateral Weighted average LTV 1 Commercial: Commercial and industrial $ 20 Single family residential, Agriculture 55% Owner-occupied 10 Office Building 47% Commercial real estate: Term 12 Multi-family, Hotel/Motel, Retail 58% Consumer: Home equity credit line 3 Single family residential 34% 1-4 family residential 2 Single family residential 60% Total $ 47 1 The fair value is based on the most recent appraisal or other collateral evaluation. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Derivative Amounts | Selected information with respect to notional amounts and recorded gross fair values at June 30, 2021 and December 31, 2020, is summarized as follows: June 30, 2021 December 31, 2020 Notional Fair value Notional Fair value (In millions) Other Other Other Other Derivatives designated as hedging instruments: Cash flow hedges of floating-rate assets: Purchased interest rate floors $ — $ — $ — $ — $ — $ — Receive-fixed interest rate swaps 3,950 — — 3,150 — — Fair value hedges: Debt hedges: Receive-fixed interest rate swaps 500 — — 500 — — Asset hedges: Pay-fixed interest rate swaps 383 9 — 383 3 — Total derivatives designated as hedging instruments 4,833 9 — 4,033 3 — Derivatives not designated as hedging instruments: Customer-facing interest rate derivatives 1, 2 6,278 261 21 5,986 390 2 Offsetting interest rate derivatives 2 6,278 24 269 5,986 3 409 Other interest rate derivatives 1,325 8 1 1,649 20 3 Foreign exchange derivatives 359 4 4 223 4 4 Total derivatives not designated as hedging instruments 14,240 297 295 13,844 417 418 Total derivatives $ 19,073 $ 306 $ 295 $ 17,877 $ 420 $ 418 1 Customer-facing interest rate derivatives include a net CVA of $5 million at June 30, 2021, and an $18 million net credit valuation adjustment reducing the fair value amount at December 31, 2020. These adjustments are required to reflect both our nonperformance risk and that of the respective counterparty. 2 The fair value amounts for these derivatives do not include the settlement amounts for those trades that are centrally cleared. Once the settlement amounts with the clearing houses are included the derivative fair values would be the following: June 30, 2021 December 31, 2020 (In millions) Other assets Other liabilities Other assets Other liabilities Customer-facing interest rate derivatives $ 261 $ 21 $ 390 $ 2 Offsetting interest rate derivatives 3 18 1 29 |
Schedule of Derivative Gains (Losses) Deferred in OCI or Recognized in Earnings | The amount of derivative gains (losses) from cash flow and fair value hedges that was deferred in OCI or recognized in earnings for the three and six months ended June 30, 2021 and 2020 is shown in the schedules below. Amount of derivative gain (loss) recognized/reclassified Three Months Ended June 30, 2021 (In millions) Effective portion of derivatives gain/(loss) deferred in OCI Excluded components deferred in OCI (amortization approach) Amount of gain/(loss) reclassified from OCI into income Interest on fair value hedges Hedge ineffectiveness/OCI reclass due to missed forecast Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ 2 $ — $ — Interest rate swaps (4) — 13 — — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — — 2 — Basis amortization on terminated hedges 2, 3 — — — 3 — Fair value hedges of assets: Pay-fixed interest rate swaps — — — (1) — Basis amortization on terminated hedges 2, 3 — — — — — Total derivatives designated as hedging instruments $ (4) $ — $ 15 $ 4 $ — Amount of derivative gain (loss) recognized/reclassified Six Months Ended June 30, 2021 (In millions) Effective portion of derivatives gain/(loss) deferred in OCI Excluded components deferred in OCI (amortization approach) Amount of gain/(loss) reclassified from OCI into income Interest on fair value hedges Hedge ineffectiveness/OCI reclass due to missed forecast Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ 6 $ — $ — Interest rate swaps (9) — 25 — — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — — 4 — Basis amortization on terminated hedges 2, 3 — — — 6 — Fair value hedges of assets: Pay-fixed interest rate swaps — — — (1) — Basis amortization on terminated hedges 2, 3 — — — — — Total derivatives designated as hedging instruments $ (9) $ — $ 31 $ 9 $ — Amount of derivative gain (loss) recognized/reclassified Three Months Ended June 30, 2020 (In millions) Effective portion of derivatives gain/(loss) deferred in OCI Excluded components deferred in OCI (amortization approach) Amount of gain/(loss) reclassified from OCI into income Interest on fair value hedges Hedge ineffectiveness/OCI reclass due to missed forecast Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ 3 $ — $ — Interest rate swaps 10 — 10 — — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — — 1 — Basis amortization on terminated hedges 2, 3 — — — 6 — Fair value hedges of assets: Pay-fixed interest rate swaps — — — — — Basis amortization on terminated hedges 2, 3 — — — — — Total derivatives designated as hedging instruments $ 10 $ — $ 13 $ 7 $ — Amount of derivative gain (loss) recognized/reclassified Six Months Ended June 30, 2020 (In millions) Effective portion of derivatives gain/(loss) deferred in OCI Excluded components deferred in OCI (amortization approach) Amount of gain/(loss) reclassified from OCI into income Interest on fair value hedges Hedge ineffectiveness/OCI reclass due to missed forecast Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ 6 $ — $ — Interest rate swaps 102 — 11 — — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — — 3 — Basis amortization on terminated hedges 2, 3 — — — 7 — Fair value hedges of assets: Pay-fixed interest rate swaps — — — — — Basis amortization on terminated hedges 2, 3 — — — — — Total derivatives designated as hedging instruments $ 102 $ — $ 17 $ 10 $ — Note: These schedules are not intended to present, at any given time, our long/short position with respect to our derivative contracts. 1 Amounts recognized in OCI and reclassified from AOCI represent the effective portion of the derivative gain (loss). For the 12 months following June 30, 2021, we estimate that $48 million will be reclassified from AOCI into interest income. 2 Adjustment to interest expense resulting from the amortization of the debt basis adjustment on fixed-rate debt previously hedged by terminated receive-fixed interest rate. 3 The cumulative unamortized basis adjustment from previously terminated or redesignated fair value hedges at June 30, 2021 is $5 million and $7 million of terminated fair value debt and asset hedges, respectively. The amortization of the cumulative unamortized basis adjustment from asset hedges is not shown in the schedules because it is not significant. |
Schedule of Gains (Losses) Recognized From Derivatives Not Designated as Accounting Hedges | The amount of gains (losses) recognized from derivatives not designated as accounting hedges is as follows: Other Noninterest Income/(Expense) (In millions) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Derivatives not designated as hedging instruments: Customer-facing interest rate derivatives $ 87 $ (95) $ 34 $ 346 Offsetting interest rate derivatives (89) 117 (39) (352) Other interest rate derivatives (6) (10) 2 11 Foreign exchange derivatives 6 11 5 12 Total derivatives not designated as hedging instruments $ (2) $ 23 $ 2 $ 17 |
Schedule of Fair Value Hedges | The following schedule presents derivatives used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the periods presented. Gain/(loss) recorded in income Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 (In millions) Derivatives 2 Hedged items Total income statement impact Derivatives 2 Hedged items Total income statement impact Debt: Receive-fixed interest rate swaps 1, 2 $ 12 $ (12) $ — $ 4 $ (4) $ — Assets: Pay-fixed interest rate swaps 1, 2 (25) 25 — — — — Gain/(loss) recorded in income Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In millions) Derivatives 2 Hedged items Total income statement impact Derivatives 2 Hedged items Total income statement impact Debt: Receive-fixed interest rate swaps 1, 2 $ (23) $ 23 $ — $ 75 $ (75) $ — Assets: Pay-fixed interest rate swaps 1, 2 23 (23) — — — — 1 Consists of hedges of benchmark interest rate risk of fixed-rate long-term debt and fixed-rate AFS securities. Gains and losses were recorded in net interest expense or income consistent with the hedged items. 2 The income/expense for derivatives does not reflect interest income/expense from periodic accruals and payments to be consistent with the presentation of the gains/(losses) on the hedged items. |
Schedule of Basis Adjustments for Hedged Items | The following schedule provides selected information regarding basis adjustments for hedged items. Par value of hedged assets/(liabilities) Carrying amount of the hedged assets/(liabilities) 1 Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged item (In millions) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Long-term fixed-rate debt $ (500) $ (500) $ (514) $ (537) $ (14) $ (37) Fixed-rate AFS securities 383 383 339 362 (44) (21) 1 Carrying amounts displayed above exclude issuance and purchase discounts or premiums and unamortized issuance/acquisition costs and also exclude amounts related to terminated fair value hedges. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Lease Related Assets and Liabilities | The following schedule presents lease-related assets and liabilities, their weighted average remaining life, and the weighted average discount rate: (Dollar amounts in millions) June 30, December 31, 2020 Operating assets and liabilities Operating right-of-use assets, net of amortization $ 202 $ 213 Operating lease liabilities 229 240 Weighted average remaining lease term (years) Operating leases 8.7 8.9 Finance leases 18.8 19.2 Weighted average discount rate Operating leases 2.8 % 2.9 % Finance leases 3.1 % 3.1 % |
Lease Expense | The components of lease expense are as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Operating lease costs $ 12 $ 12 $ 24 $ 24 Variable lease costs 12 12 25 24 Total lease cost $ 24 $ 24 $ 49 $ 48 Supplemental cash flow information related to leases is as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Cash paid for amounts in the measurement of lease liabilities: Operating cash disbursements from operating leases $ 12 $ 13 $ 25 $ 25 ROU assets obtained in exchange for lease liabilities are as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 New operating lease liabilities $ — $ 3 $ — $ 6 |
Lease Maturity Analysis | Maturities analysis for operating lease liabilities at June 30, 2021 is as follows (contractual undiscounted lease payments): (In millions) 2021 1 $ 25 2022 47 2023 41 2024 32 2025 23 Thereafter 97 Total $ 265 1 Contractual maturities for the six months remaining in 2021. |
Long-Term Debt and Shareholde_2
Long-Term Debt and Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt And Equity [Abstract] | |
Schedule of Long-term Debt | Long-term debt is summarized as follows: (In millions) June 30, December 31, 2020 Subordinated notes $ 596 $ 619 Senior notes 708 713 Finance lease obligations 4 4 Total $ 1,308 $ 1,336 |
Schedule of Changes in Accumulated Other Comprehensive Income | Changes in AOCI by component are as follows: (In millions) Net unrealized gains (losses) on investment securities Net unrealized gains (losses) on derivatives and other Pension and post-retirement Total Six Months Ended June 30, 2021 Balance at December 31, 2020 $ 258 $ 69 $ (2) $ 325 OCI (loss) before reclassifications, net of tax (130) 3 — (127) Amounts reclassified from AOCI, net of tax — (23) — (23) Other comprehensive income (loss) (130) (20) — (150) Balance at June 30, 2021 $ 128 $ 49 $ (2) $ 175 Income tax benefit included in other comprehensive income (loss) $ (42) $ (6) $ — $ (48) Six Months Ended June 30, 2020 Balance at December 31, 2019 $ 29 $ 28 $ (14) $ 43 OCI before reclassifications, net of tax 241 71 13 325 Amounts reclassified from AOCI, net of tax — (13) — (13) Other comprehensive income 241 58 13 312 Balance at June 30, 2020 $ 270 $ 86 $ (1) $ 355 Income tax expense included in OCI $ 79 $ 19 $ 4 $ 102 |
Reclassification out of Accumulated Other Comprehensive Income | Amounts reclassified from AOCI 1 Amounts reclassified from AOCI 1 Statement of income (SI) (In millions) Three Months Ended Six Months Ended Details about AOCI components 2021 2020 2021 2020 Affected line item Net unrealized gains on derivative instruments $ 15 $ 13 $ 31 $ 17 SI Interest and fees on loans Income tax expense 4 3 8 4 Amounts Reclassified from AOCI $ 11 $ 10 $ 23 $ 13 1 Positive reclassification amounts indicate increases to earnings in the income statement. |
Commitments, Guarantees, and _2
Commitments, Guarantees, and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Guarantees, Commitments And Contingencies [Abstract] | |
Schedule of Off Balance Sheet Financial Instruments | Contractual amounts of various off-balance sheet financial instruments used to meet the financing needs of our customers are as follows: (In millions) June 30, December 31, Net unfunded commitments to extend credit 1 $ 24,808 $ 24,217 Standby letters of credit: Financial 617 531 Performance 233 167 Commercial letters of credit 31 34 Total unfunded lending commitments $ 25,689 $ 24,949 1 Net of participations. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue | The schedule below presents noninterest income and net revenue by operating business segments for the three months ended June 30, 2021 and 2020. Certain prior period amounts have been reclassified to conform with the current period presentation. These reclassifications did not affect net income or shareholders’ equity. Zions Bank Amegy CB&T (In millions) 2021 2020 2021 2020 2021 2020 Commercial account fees $ 11 $ 10 $ 10 $ 10 $ 6 $ 5 Card fees 15 11 7 6 4 3 Retail and business banking fees 6 5 4 3 3 3 Capital markets and foreign exchange fees — (1) — 1 — — Wealth management fees 5 4 3 2 1 1 Other customer-related fees 2 2 1 2 1 1 Total noninterest income from contracts with customers (ASC 606) 39 31 25 24 15 13 Other noninterest income (Non-ASC 606 customer-related) 7 7 9 8 9 6 Total customer-related fees 46 38 34 32 24 19 Other noninterest income (noncustomer-related) — — 1 (1) 1 — Total noninterest income 46 38 35 31 25 19 Net interest income 159 165 117 126 133 127 Total income less interest expense $ 205 $ 203 $ 152 $ 157 $ 158 $ 146 NBAZ NSB Vectra (In millions) 2021 2020 2021 2020 2021 2020 Commercial account fees $ 2 $ 2 $ 2 $ 1 $ 2 $ 1 Card fees 3 2 3 2 1 1 Retail and business banking fees 2 2 3 2 1 1 Capital markets and foreign exchange fees — — — — — — Wealth management fees 1 — 1 1 — — Other customer-related fees — — — — 1 1 Total noninterest income from contracts with customers (ASC 606) 8 6 9 6 5 4 Other noninterest income (Non-ASC 606 customer-related) 2 4 3 4 3 4 Total customer-related fees 10 10 12 10 8 8 Other noninterest income (noncustomer-related) 1 — — — — — Total noninterest income 11 10 12 10 8 8 Net interest income 53 54 37 37 35 34 Total income less interest expense $ 64 $ 64 $ 49 $ 47 $ 43 $ 42 TCBW Other Consolidated Bank (In millions) 2021 2020 2021 2020 2021 2020 Commercial account fees $ 1 $ 1 $ — $ — $ 34 $ 30 Card fees — — — — 33 25 Retail and business banking fees — — (1) (1) 18 15 Capital markets and foreign exchange fees — — 2 3 2 3 Wealth management fees — — — 1 11 9 Other customer-related fees — — 8 6 13 12 Total noninterest income from contracts with customers (ASC 606) 1 1 9 9 111 94 Other noninterest income (Non-ASC 606 customer-related) 1 — (6) 3 28 36 Total customer-related fees 2 1 3 12 139 130 Other noninterest income (noncustomer-related) — — 63 (12) 66 (13) Total noninterest income 2 1 66 — 205 117 Net interest income 14 14 7 6 555 563 Total income less interest expense $ 16 $ 15 $ 73 $ 6 $ 760 $ 680 The following schedule presents the noninterest income and net revenue by operating segments for the six months ended June 30, 2021 and 2020: Zions Bank Amegy CB&T (In millions) 2021 2020 2021 2020 2021 2020 Commercial account fees $ 22 $ 21 $ 19 $ 18 $ 12 $ 11 Card fees 27 23 13 12 8 6 Retail and business banking fees 10 10 7 7 6 6 Capital markets and foreign exchange fees — (1) 2 3 — — Wealth management fees 10 8 6 6 2 2 Other customer-related fees 4 4 3 4 2 3 Total noninterest income from contracts with customers (ASC 606) 73 65 50 50 30 28 Other noninterest income (Non-ASC 606 customer-related) 12 12 16 17 17 15 Total customer-related fees 85 77 66 67 47 43 Other noninterest income (noncustomer-related) — (1) 1 — 2 1 Total noninterest income 85 76 67 67 49 44 Net interest income 316 329 233 246 264 252 Total income less interest expense $ 401 $ 405 $ 300 $ 313 $ 313 $ 296 NBAZ NSB Vectra (In millions) 2021 2020 2021 2020 2021 2020 Commercial account fees $ 4 $ 4 $ 4 $ 4 $ 3 $ 3 Card fees 5 5 6 5 3 2 Retail and business banking fees 4 4 5 4 2 2 Capital markets and foreign exchange fees — — — — — — Wealth management fees 1 1 2 2 1 1 Other customer-related fees 1 — — — 1 1 Total noninterest income from contracts with customers (ASC 606) 15 14 17 15 10 9 Other noninterest income (Non-ASC 606 customer-related) 6 7 8 6 6 7 Total customer-related fees 21 21 25 21 16 16 Other noninterest income (noncustomer-related) 1 — — — — — Total noninterest income 22 21 25 21 16 16 Net interest income 105 108 74 73 68 67 Total income less interest expense $ 127 $ 129 $ 99 $ 94 $ 84 $ 83 TCBW Other Consolidated Bank (In millions) 2021 2020 2021 2020 2021 2020 Commercial account fees $ 1 $ 1 $ 1 $ (1) $ 66 $ 61 Card fees 1 — — 2 63 55 Retail and business banking fees — — 1 — 35 33 Capital markets and foreign exchange fees — — 2 4 4 6 Wealth management fees — — (1) (1) 21 19 Other customer-related fees — — 13 10 24 22 Total noninterest income from contracts with customers (ASC 606) 2 1 16 14 213 196 Other noninterest income (Non-ASC 606 customer-related) 1 1 (7) 10 59 75 Total customer-related fees 3 2 9 24 272 271 Other noninterest income (noncustomer-related) — — 98 (21) 102 (21) Total noninterest income 3 2 107 3 374 250 Net interest income 27 26 13 10 1,100 1,111 Total income less interest expense $ 30 $ 28 $ 120 $ 13 $ 1,474 $ 1,361 |
Net Earnings Per Common Share (
Net Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method | Basic and diluted net earnings per common share based on the weighted average outstanding shares are summarized as follows: Three Months Ended Six Months Ended (In millions, except shares and per share amounts) 2021 2020 2021 2020 Basic: Net income $ 354 $ 66 $ 676 $ 80 Less common and preferred dividends 65 66 129 130 Less impact from redemption of preferred stock 3 — 3 — Undistributed earnings 286 — 544 (50) Less undistributed earnings applicable to nonvested shares 2 — 5 — Undistributed earnings applicable to common shares 284 — 539 (50) Distributed earnings applicable to common shares 56 56 111 112 Total earnings applicable to common shares $ 340 $ 56 $ 650 $ 62 Weighted average common shares outstanding (in thousands) 162,742 163,542 163,144 163,843 Net earnings per common share $ 2.08 $ 0.34 $ 3.98 $ 0.38 Diluted: Total earnings applicable to common shares $ 340 $ 56 $ 650 $ 62 Weighted average common shares outstanding (in thousands) 162,742 163,542 163,144 163,843 Dilutive effect of common stock warrants (in thousands) — 723 — 4,012 Dilutive effect of stock options (in thousands) 312 160 324 277 Weighted average diluted common shares outstanding (in thousands) 163,054 164,425 163,468 168,132 Net earnings per common share $ 2.08 $ 0.34 $ 3.98 $ 0.37 |
Schedule of Weighted Average Number of Shares | The following schedule presents the weighted average stock awards that were anti-dilutive and not included in the calculation of diluted earnings per share: Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Restricted stock and restricted stock units 1,374 1,321 1,394 1,357 Stock options 7 938 234 855 |
Operating Segment Information (
Operating Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following schedule presents selected operating segment information for the three months ended June 30, 2021 and 2020: Zions Bank Amegy CB&T (In millions) 2021 2020 2021 2020 2021 2020 SELECTED INCOME STATEMENT DATA Net interest income $ 159 $ 165 $ 117 $ 126 $ 133 $ 127 Provision for credit losses (8) 40 (45) 25 (32) 46 Net interest income after provision for credit losses 167 125 162 101 165 81 Noninterest income 46 38 35 31 25 19 Noninterest expense 113 111 84 79 76 74 Income (loss) before income taxes $ 100 $ 52 $ 113 $ 53 $ 114 $ 26 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 13,248 $ 14,222 $ 12,452 $ 13,570 $ 13,053 $ 12,524 Total average deposits 22,862 17,977 15,350 13,023 15,602 13,522 NBAZ NSB Vectra (In millions) 2021 2020 2021 2020 2021 2020 SELECTED INCOME STATEMENT DATA Net interest income $ 53 $ 54 $ 37 $ 37 $ 35 $ 34 Provision for credit losses (14) 16 (12) 40 (11) (1) Net interest income after provision for credit losses 67 38 49 (3) 46 35 Noninterest income 11 10 12 10 8 8 Noninterest expense 37 35 36 34 29 27 Income (loss) before income taxes $ 41 $ 13 $ 25 $ (27) $ 25 $ 16 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 4,950 $ 5,247 $ 3,120 $ 3,169 $ 3,476 $ 3,490 Total average deposits 7,036 5,722 6,552 5,402 4,388 3,662 TCBW Other Consolidated Bank (In millions) 2021 2020 2021 2020 2021 2020 SELECTED INCOME STATEMENT DATA Net interest income $ 14 $ 14 $ 7 $ 6 $ 555 $ 563 Provision for credit losses (1) 5 — (3) (123) 168 Net interest income after provision for credit losses 15 9 7 9 678 395 Noninterest income 2 1 66 — 205 117 Noninterest expense 5 5 48 65 428 430 Income (loss) before income taxes $ 12 $ 5 $ 25 $ (56) $ 455 $ 82 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 1,606 $ 1,485 $ 865 $ 561 $ 52,770 $ 54,268 Total average deposits 1,500 1,282 1,350 2,410 74,640 63,000 The following schedule presents selected operating segment information for the six months ended June 30, 2021 and 2020: Zions Bank Amegy CB&T (In millions) 2021 2020 2021 2020 2021 2020 SELECTED INCOME STATEMENT DATA Net interest income $ 316 $ 329 $ 233 $ 246 $ 264 $ 252 Provision for credit losses (19) 94 (98) 127 (69) 84 Net interest income after provision for credit losses 335 235 331 119 333 168 Noninterest income 85 76 67 67 49 44 Noninterest expense 231 221 169 161 156 151 Income (loss) before income taxes $ 189 $ 90 $ 229 $ 25 $ 226 $ 61 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 13,488 $ 13,611 $ 12,577 $ 12,984 $ 13,052 $ 11,773 Total average deposits 22,289 16,953 14,800 12,344 15,393 12,825 NBAZ NSB Vectra (In millions) 2021 2020 2021 2020 2021 2020 SELECTED INCOME STATEMENT DATA Net interest income $ 105 $ 108 $ 74 $ 73 $ 68 $ 67 Provision for credit losses (24) 35 (30) 52 (11) 23 Net interest income after provision for credit losses 129 73 104 21 79 44 Noninterest income 22 21 25 21 16 16 Noninterest expense 75 72 72 70 57 53 Income (loss) before income taxes $ 76 $ 22 $ 57 $ (28) $ 38 $ 7 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 5,029 $ 4,991 $ 3,183 $ 2,942 $ 3,463 $ 3,296 Total average deposits 6,791 5,413 6,312 5,115 4,334 3,325 TCBW Other Consolidated Bank (In millions) 2021 2020 2021 2020 2021 2020 SELECTED INCOME STATEMENT DATA Net interest income $ 27 $ 26 $ 13 $ 10 $ 1,100 $ 1,111 Provision for credit losses (3) 10 (1) 1 (255) 426 Net interest income after provision for credit losses 30 16 14 9 1,355 685 Noninterest income 3 2 107 3 374 250 Noninterest expense 11 11 92 98 863 837 Income (loss) before income taxes $ 22 $ 7 $ 29 $ (86) $ 866 $ 98 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 1,590 $ 1,372 $ 833 $ 563 $ 53,215 $ 51,532 Total average deposits 1,449 1,165 1,684 2,814 73,052 59,954 |
Basis of Presentation (Details)
Basis of Presentation (Details) | Jun. 30, 2021segmentstate |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states in which entity operates | state | 11 |
Number of community regional banks operating in distinct geographical areas | segment | 7 |
Fair Value (Schedule of Assets
Fair Value (Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Investment securities, available-for-sale | $ 18,170 | $ 15,731 |
Trading account | 181 | 266 |
Total Assets | 19,470 | 17,163 |
LIABILITIES | ||
Securities sold, not yet purchased | 62 | 61 |
Total Liabilities | 106 | 99 |
U.S. Treasury, agencies and corporations | ||
ASSETS | ||
Investment securities, available-for-sale | 16,521 | 14,136 |
Municipal securities | ||
ASSETS | ||
Investment securities, available-for-sale | 1,574 | 1,420 |
Other debt securities | ||
ASSETS | ||
Investment securities, available-for-sale | 75 | 175 |
Bank-owned life insurance | ||
ASSETS | ||
Other noninterest-bearing investments | 535 | 532 |
Private equity investments | ||
ASSETS | ||
Other noninterest-bearing investments | 149 | 80 |
Agriculture loan servicing and interest-only strips | ||
ASSETS | ||
Other assets | 15 | 16 |
Derivatives | Derivatives designated as hedges | ||
ASSETS | ||
Other assets | 9 | 3 |
Interest rate | Derivatives not designated as hedging instruments | ||
ASSETS | ||
Other assets | 272 | 411 |
LIABILITIES | ||
Other liabilities | 40 | 34 |
Foreign exchange | Derivatives not designated as hedging instruments | ||
ASSETS | ||
Other assets | 4 | 4 |
LIABILITIES | ||
Other liabilities | 4 | 4 |
Level 1 | ||
ASSETS | ||
Investment securities, available-for-sale | 128 | 192 |
Trading account | 15 | 111 |
Total Assets | 359 | 427 |
LIABILITIES | ||
Securities sold, not yet purchased | 62 | 61 |
Total Liabilities | 66 | 65 |
Level 1 | U.S. Treasury, agencies and corporations | ||
ASSETS | ||
Investment securities, available-for-sale | 128 | 192 |
Level 1 | Private equity investments | ||
ASSETS | ||
Other noninterest-bearing investments | 77 | |
Level 1 | Foreign exchange | Derivatives not designated as hedging instruments | ||
ASSETS | ||
Other assets | 4 | 4 |
LIABILITIES | ||
Other liabilities | 4 | 4 |
Level 2 | ||
ASSETS | ||
Investment securities, available-for-sale | 18,042 | 15,539 |
Trading account | 166 | 155 |
Total Assets | 19,024 | 16,640 |
LIABILITIES | ||
Securities sold, not yet purchased | 0 | 0 |
Total Liabilities | 40 | 34 |
Level 2 | U.S. Treasury, agencies and corporations | ||
ASSETS | ||
Investment securities, available-for-sale | 16,393 | 13,944 |
Level 2 | Municipal securities | ||
ASSETS | ||
Investment securities, available-for-sale | 1,574 | 1,420 |
Level 2 | Other debt securities | ||
ASSETS | ||
Investment securities, available-for-sale | 75 | 175 |
Level 2 | Bank-owned life insurance | ||
ASSETS | ||
Other noninterest-bearing investments | 535 | 532 |
Level 2 | Derivatives | Derivatives designated as hedges | ||
ASSETS | ||
Other assets | 9 | 3 |
Level 2 | Interest rate | Derivatives not designated as hedging instruments | ||
ASSETS | ||
Other assets | 272 | 411 |
LIABILITIES | ||
Other liabilities | 40 | 34 |
Level 3 | ||
ASSETS | ||
Investment securities, available-for-sale | 0 | 0 |
Total Assets | 87 | 96 |
LIABILITIES | ||
Securities sold, not yet purchased | 0 | 0 |
Total Liabilities | 0 | 0 |
Level 3 | U.S. Treasury, agencies and corporations | ||
ASSETS | ||
Investment securities, available-for-sale | 0 | 0 |
Level 3 | Private equity investments | ||
ASSETS | ||
Other noninterest-bearing investments | 72 | 80 |
Level 3 | Agriculture loan servicing and interest-only strips | ||
ASSETS | ||
Other assets | 15 | 16 |
Deferred compensation plan assets | Deferred compensation plan assets | ||
ASSETS | ||
Other assets | 135 | 120 |
Deferred compensation plan assets | Level 1 | Deferred compensation plan assets | ||
ASSETS | ||
Other assets | $ 135 | $ 120 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||||
Lock-up period (in days) | 180 days | ||||
Private equity investments carried at cost | $ 16,000,000 | $ 16,000,000 | $ 8,000,000 | ||
Federal Reserve and Federal Home Loan Bank stock | 108,000,000 | 108,000,000 | 109,000,000 | ||
Private equity investments accounted for under the equity method | 66,000,000 | 66,000,000 | $ 61,000,000 | ||
Fair Value, Nonrecurring | |||||
Derivatives, Fair Value [Line Items] | |||||
Gains (losses) from fair value changes (less than) | 1,000,000 | $ 1,000,000 | 1,000,000 | $ 1,000,000 | |
Recursion Pharmaceuticals, Inc. | |||||
Derivatives, Fair Value [Line Items] | |||||
Unrealized gain for investment | 63,000,000 | ||||
Other real estate owned properties | |||||
Derivatives, Fair Value [Line Items] | |||||
Net gains on sale of OREO properties (less than) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |
Carrying value of OREO properties | 2,000,000 | 3,000,000 | 2,000,000 | 3,000,000 | |
Impairments of OREO properties (less than during the six months ended June 30, 2020) | $ 0 | $ 1,000,000 | $ 0 | $ 1,000,000 |
Fair Value (Schedule of Asset_2
Fair Value (Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis Using Level 3 Inputs) (Details) - Level 3 - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Private equity investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of assets, Beginning balance | $ 83 | $ 79 | $ 80 | $ 107 |
Unrealized securities gains (losses), net | 68 | (4) | 69 | (24) |
Other noninterest income (expense) | 0 | 0 | 0 | |
Purchases | 2 | 2 | 6 | 3 |
Cost of investments sold | (4) | 0 | (6) | (9) |
Redemptions and paydowns | 0 | 0 | ||
Transfers out | (77) | 0 | (77) | 0 |
Fair value of assets, Ending balance | 72 | 77 | 72 | 77 |
Ag loan svcg and int-only strips | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of assets, Beginning balance | 15 | 17 | 16 | 18 |
Unrealized securities gains (losses), net | 0 | 0 | 0 | 0 |
Other noninterest income (expense) | 0 | 0 | (1) | (1) |
Purchases | 0 | 0 | 0 | 0 |
Cost of investments sold | 0 | 0 | 0 | 0 |
Redemptions and paydowns | 0 | 0 | 0 | |
Transfers out | 0 | 0 | 0 | 0 |
Fair value of assets, Ending balance | $ 15 | $ 17 | $ 15 | $ 17 |
Fair Value - (Schedule of Rollf
Fair Value - (Schedule of Rollforward of Level 3 Fair Value Measurements Including Realized Gains and Losses in the Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Level 3 | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Securities gains (losses), net | $ (4) | $ 0 | $ (5) | $ 15 |
Fair Value (Schedule of Asset_3
Fair Value (Schedule of Assets with Fair Value Changes on Nonrecurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | $ 19,470 | $ 17,163 |
Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 9 | 16 |
Private equity investments | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 0 | 1 |
Collateral-dependent loans | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 9 | 14 |
Other real estate owned | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 0 | 1 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 359 | 427 |
Level 1 | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 0 | 0 |
Level 1 | Private equity investments | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 0 | 0 |
Level 1 | Collateral-dependent loans | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 0 | 0 |
Level 1 | Other real estate owned | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 19,024 | 16,640 |
Level 2 | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 9 | 15 |
Level 2 | Private equity investments | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 0 | 0 |
Level 2 | Collateral-dependent loans | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 9 | 14 |
Level 2 | Other real estate owned | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 0 | 1 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 87 | 96 |
Level 3 | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 0 | 1 |
Level 3 | Private equity investments | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 0 | 1 |
Level 3 | Collateral-dependent loans | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | 0 | 0 |
Level 3 | Other real estate owned | Fair Value, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, fair value | $ 0 | $ 0 |
Fair Value (Schedule of Carryin
Fair Value (Schedule of Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
HTM investment securities | $ 622 | $ 640 |
Time deposits | 1,940 | 2,588 |
Long-term debt | 1,308 | 1,336 |
Level 2 | Carrying value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
HTM investment securities | 620 | 636 |
Time deposits | 1,940 | 2,588 |
Long-term debt | 1,308 | 1,336 |
Level 2 | Estimated fair value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
HTM investment securities | 622 | 640 |
Time deposits | 1,949 | 2,603 |
Long-term debt | 1,338 | 1,346 |
Level 3 | Carrying value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases (including loans held for sale), net of allowance | 50,929 | 52,780 |
Level 3 | Estimated fair value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases (including loans held for sale), net of allowance | $ 51,436 | $ 53,221 |
Offsetting Assets and Liabili_3
Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Gross amounts recognized | ||
Federal funds sold and security resell agreements | $ 1,714 | $ 6,457 |
Derivatives (included in other assets) | 285 | 418 |
Total assets | 1,999 | 6,875 |
Federal funds purchased and other short-term borrowings | 741 | 2,264 |
Derivatives (included in other liabilities) | 44 | 38 |
Total liabilities | 785 | 2,302 |
Gross amounts offset in the balance sheet | ||
Federal funds sold and security resell agreements | 0 | (692) |
Derivatives (included in other assets) | 0 | 0 |
Total assets | 0 | (692) |
Federal funds purchased and other short-term borrowings | 0 | (692) |
Derivatives (included in other liabilities) | 0 | 0 |
Total liabilities | 0 | (692) |
Net amounts presented in the balance sheet | ||
Federal funds sold and security resell agreements | 1,714 | 5,765 |
Derivatives (included in other assets) | 285 | 418 |
Total assets | 1,999 | 6,183 |
Federal funds purchased and other short-term borrowings | 741 | 1,572 |
Derivatives (included in other liabilities) | 44 | 38 |
Total liabilities | 785 | 1,610 |
Gross amounts not offset in the balance sheet, Financial Instruments | ||
Federal funds sold and security resell agreements | 0 | 0 |
Derivatives (included in other assets) | (15) | (4) |
Total assets | (15) | (4) |
Federal funds purchased and other short-term borrowings | 0 | 0 |
Derivatives (included in other liabilities) | (15) | (4) |
Total liabilities | (15) | (4) |
Gross amounts not offset in the balance sheet, Cash collateral received/ pledged | ||
Federal funds sold and security resell agreements | 0 | 0 |
Derivatives (included in other assets) | (2) | (3) |
Total assets | (2) | (3) |
Federal funds purchased and other short-term borrowings | 0 | 0 |
Derivatives (included in other liabilities) | (6) | (26) |
Total liabilities | (6) | (26) |
Net amount | ||
Federal funds sold and security resell agreements | 1,714 | 5,765 |
Derivatives (included in other assets) | 268 | 411 |
Total assets | 1,982 | 6,176 |
Federal funds purchased and other short-term borrowings | 741 | 1,572 |
Derivatives (included in other liabilities) | 23 | 8 |
Total liabilities | $ 764 | $ 1,580 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | Jun. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Debt and Equity Securities, FV-NI [Line Items] | ||
Accrued interest receivable | $ 180 | $ 200 |
Number of HTM investment securities in an unrealized loss position | security | 148 | 119 |
Number of AFS investment securities in an unrealized loss position | security | 960 | 549 |
Allowance for credit loss on HTM securities (less than) | $ 1 | |
Carrying value of pledged securities | 1,900 | $ 2,300 |
Securities Investment | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Accrued interest receivable | $ 55 | $ 54 |
Investments (Summary of Investm
Investments (Summary of Investment Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Amortized cost | ||
Available-for-sale | $ 18,052 | $ 15,417 |
Total investment securities | 18,672 | 16,053 |
Gross unrealized gains | ||
Available-for-sale | 275 | 370 |
Total investment securities | 279 | 375 |
Gross unrealized losses | ||
Available-for-sale, Gross unrealized losses | 157 | 56 |
Total investment securities, Gross unrealized losses | 159 | 57 |
Estimated fair value | ||
Held-to-maturity, Estimated fair value | 622 | 640 |
Available-for-sale, Estimated fair value | 18,170 | 15,731 |
Total investment securities, Estimated fair value | 18,792 | 16,371 |
Municipal securities | ||
Amortized cost | ||
Held-to-maturity | 620 | 636 |
Available-for-sale | 1,522 | 1,352 |
Gross unrealized gains | ||
Held-to-maturity | 4 | 5 |
Available-for-sale | 55 | 68 |
Gross unrealized losses | ||
Held-to-maturity, Gross unrealized losses | 2 | 1 |
Available-for-sale, Gross unrealized losses | 3 | 0 |
Estimated fair value | ||
Held-to-maturity, Estimated fair value | 622 | 640 |
Available-for-sale, Estimated fair value | 1,574 | 1,420 |
U.S. Treasury securities | ||
Amortized cost | ||
Available-for-sale | 155 | 205 |
Gross unrealized gains | ||
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Available-for-sale, Gross unrealized losses | 27 | 13 |
Estimated fair value | ||
Available-for-sale, Estimated fair value | 128 | 192 |
Agency securities | ||
Amortized cost | ||
Available-for-sale | 991 | 1,051 |
Gross unrealized gains | ||
Available-for-sale | 31 | 40 |
Gross unrealized losses | ||
Available-for-sale, Gross unrealized losses | 0 | 0 |
Estimated fair value | ||
Available-for-sale, Estimated fair value | 1,022 | 1,091 |
Agency guaranteed mortgage-backed securities | ||
Amortized cost | ||
Available-for-sale | 14,233 | 11,439 |
Gross unrealized gains | ||
Available-for-sale | 186 | 262 |
Gross unrealized losses | ||
Available-for-sale, Gross unrealized losses | 96 | 8 |
Estimated fair value | ||
Available-for-sale, Estimated fair value | 14,323 | 11,693 |
Small Business Administration loan-backed securities | ||
Amortized cost | ||
Available-for-sale | 1,076 | 1,195 |
Gross unrealized gains | ||
Available-for-sale | 3 | 0 |
Gross unrealized losses | ||
Available-for-sale, Gross unrealized losses | 31 | 35 |
Estimated fair value | ||
Available-for-sale, Estimated fair value | 1,048 | 1,160 |
Other debt securities | ||
Amortized cost | ||
Available-for-sale | 75 | 175 |
Gross unrealized gains | ||
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Available-for-sale, Gross unrealized losses | 0 | 0 |
Estimated fair value | ||
Available-for-sale, Estimated fair value | $ 75 | $ 175 |
Investments (Contractual Maturi
Investments (Contractual Maturities Debt Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Amortized cost | ||
Total debt investment securities | $ 18,052 | $ 15,417 |
Due in one year or less | 104 | |
Due after one year through five years | 1,448 | |
Due after five years through ten years | 1,691 | |
Due after ten years | $ 14,809 | |
Avg yield | ||
Total debt investment securities | 1.72% | |
Due in one year or less | 1.92% | |
Due after one year through five years | 1.85% | |
Due after five years through ten years | 1.98% | |
Due after ten years | 1.67% | |
Amortized cost | ||
Total investment securities | $ 18,672 | $ 16,053 |
Due in one year or less | 275 | |
Due after one year through five years | 1,608 | |
Due after five years through ten years | 1,863 | |
Due after ten years | $ 14,926 | |
Avg yield | ||
Total debt investment securities | 1.75% | |
Due in one year or less | 1.76% | |
Due after one year through five years | 2.00% | |
Due after five years through ten years | 2.05% | |
Due after ten years | 1.68% | |
Municipal securities | ||
Amortized cost | ||
Total debt investment securities | $ 620 | |
Due in one year or less | 171 | |
Due after one year through five years | 160 | |
Due after five years through ten years | 172 | |
Due after ten years | $ 117 | |
Avg yield | ||
Total debt investment securities | 2.75% | |
Due in one year or less | 1.67% | |
Due after one year through five years | 3.37% | |
Due after five years through ten years | 2.81% | |
Due after ten years | 3.36% | |
Amortized cost | ||
Total debt investment securities | $ 1,522 | |
Due in one year or less | 104 | |
Due after one year through five years | 643 | |
Due after five years through ten years | 506 | |
Due after ten years | $ 269 | |
Avg yield | ||
Total debt investment securities | 2.33% | |
Due in one year or less | 1.92% | |
Due after one year through five years | 2.43% | |
Due after five years through ten years | 2.30% | |
Due after ten years | 2.31% | |
U.S. Treasury securities | ||
Amortized cost | ||
Total debt investment securities | $ 155 | |
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | $ 155 | |
Avg yield | ||
Total debt investment securities | 1.28% | |
Due in one year or less | 0.00% | |
Due after one year through five years | 0.00% | |
Due after five years through ten years | 0.00% | |
Due after ten years | 1.28% | |
Agency securities | ||
Amortized cost | ||
Total debt investment securities | $ 991 | |
Due in one year or less | 0 | |
Due after one year through five years | 361 | |
Due after five years through ten years | 267 | |
Due after ten years | $ 363 | |
Avg yield | ||
Total debt investment securities | 2.12% | |
Due in one year or less | 0.00% | |
Due after one year through five years | 1.36% | |
Due after five years through ten years | 2.52% | |
Due after ten years | 2.59% | |
Agency guaranteed mortgage-backed securities | ||
Amortized cost | ||
Total debt investment securities | $ 14,233 | |
Due in one year or less | 0 | |
Due after one year through five years | 391 | |
Due after five years through ten years | 725 | |
Due after ten years | $ 13,117 | |
Avg yield | ||
Total debt investment securities | 1.65% | |
Due in one year or less | 0.00% | |
Due after one year through five years | 1.41% | |
Due after five years through ten years | 1.63% | |
Due after ten years | 1.66% | |
Small Business Administration loan-backed securities | ||
Amortized cost | ||
Total debt investment securities | $ 1,076 | |
Due in one year or less | 0 | |
Due after one year through five years | 53 | |
Due after five years through ten years | 133 | |
Due after ten years | $ 890 | |
Avg yield | ||
Total debt investment securities | 1.37% | |
Due in one year or less | 0.00% | |
Due after one year through five years | 1.42% | |
Due after five years through ten years | 1.56% | |
Due after ten years | 1.34% | |
Other debt securities | ||
Amortized cost | ||
Total debt investment securities | $ 75 | |
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 60 | |
Due after ten years | $ 15 | |
Avg yield | ||
Total debt investment securities | 2.15% | |
Due in one year or less | 0.00% | |
Due after one year through five years | 0.00% | |
Due after five years through ten years | 1.96% | |
Due after ten years | 2.90% |
Investments (Summary of Amount
Investments (Summary of Amount of Gross Unrealized Losses for Debt Securities and Estimated Fair Value) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Gross unrealized losses | ||
Total investment securities, less than 12 months | $ 127 | $ 21 |
Total investment securities, 12 months or more | 32 | 36 |
Total investment securities, total | 159 | 57 |
Estimated fair value | ||
Total investment securities, less than 12 months | 6,952 | 1,625 |
Total investment securities, 12 months or more | 1,000 | 1,261 |
Total investment securities, total | 7,952 | 2,886 |
Municipal securities | ||
Gross unrealized losses | ||
Held-to-maturity, less than 12 Months | 2 | 1 |
Available-for-sale, less than 12 Months | 3 | 0 |
Held-to-maturity, 12 months or more | 0 | 0 |
Available-for-sale, 12 Months or more | 0 | 0 |
Held-to-maturity, total | 2 | 1 |
Available-for-sale, total | 3 | 0 |
Estimated fair value | ||
Held-to-maturity, less than 12 Months | 149 | 96 |
Available-for-sale, less than 12 Months | 217 | 19 |
Held-to-maturity, 12 months or more | 14 | 12 |
Available-for-sale, 12 months or more | 0 | 0 |
Held-to-maturity, total | 163 | 108 |
Available-for-sale, total | 217 | 19 |
U.S. Treasury, agencies and corporations | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 27 | 13 |
Available-for-sale, 12 Months or more | 0 | 0 |
Available-for-sale, total | 27 | 13 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 128 | 142 |
Available-for-sale, 12 months or more | 0 | 0 |
Available-for-sale, total | 128 | 142 |
Agency securities | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 0 | 0 |
Available-for-sale, 12 Months or more | 0 | 0 |
Available-for-sale, total | 0 | 0 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 105 | 6 |
Available-for-sale, 12 months or more | 1 | 2 |
Available-for-sale, total | 106 | 8 |
Agency guaranteed mortgage-backed securities | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 95 | 7 |
Available-for-sale, 12 Months or more | 1 | 1 |
Available-for-sale, total | 96 | 8 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 6,353 | 1,197 |
Available-for-sale, 12 months or more | 125 | 179 |
Available-for-sale, total | 6,478 | 1,376 |
Small Business Administration loan-backed securities | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 0 | 0 |
Available-for-sale, 12 Months or more | 31 | 35 |
Available-for-sale, total | 31 | 35 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 0 | 15 |
Available-for-sale, 12 months or more | 860 | 1,068 |
Available-for-sale, total | 860 | 1,083 |
Other | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 0 | 0 |
Available-for-sale, 12 Months or more | 0 | 0 |
Available-for-sale, total | 0 | 0 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 0 | 150 |
Available-for-sale, 12 months or more | 0 | 0 |
Available-for-sale, total | 0 | 150 |
Available-for-sale | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 125 | 20 |
Available-for-sale, 12 Months or more | 32 | 36 |
Available-for-sale, total | 157 | 56 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 6,803 | 1,529 |
Available-for-sale, 12 months or more | 986 | 1,249 |
Available-for-sale, total | $ 7,789 | $ 2,778 |
Investments (HTM Year of Issuan
Investments (HTM Year of Issuance and Risk Grade) (Details) $ in Millions | Jun. 30, 2021USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
2021 | $ 209 |
2020 | 124 |
2019 | 10 |
2018 | 0 |
2017 | 8 |
Prior | 269 |
Total Securities | 620 |
Pass | |
Schedule of Held-to-maturity Securities [Line Items] | |
2021 | 209 |
2020 | 124 |
2019 | 10 |
2018 | 0 |
2017 | 8 |
Prior | 268 |
Total Securities | 619 |
Accruing substandard | |
Schedule of Held-to-maturity Securities [Line Items] | |
2021 | 0 |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
Prior | 1 |
Total Securities | $ 1 |
Investments (Gains and Losses,
Investments (Gains and Losses, Including OTTI, Recognized In Statement of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments [Abstract] | ||||
Other noninterest-bearing investments, Nonmarketable equity securities, Gross gains | $ 66 | $ 3 | $ 80 | $ 8 |
Other noninterest-bearing investments, Nonmarketable equity securities, Gross losses | 3 | 7 | 6 | 17 |
Net gains (losses) | $ 63 | $ (4) | $ 74 | $ (9) |
Investments (Rollforward of Tot
Investments (Rollforward of Total Amount of Credit-Related OTTI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net Investment Income [Line Items] | ||||
Interest income | $ 74 | $ 80 | $ 145 | $ 161 |
Taxable | ||||
Net Investment Income [Line Items] | ||||
Interest income | 63 | 70 | 123 | 140 |
Nontaxable | ||||
Net Investment Income [Line Items] | ||||
Interest income | 11 | 10 | 22 | 21 |
Held-to-maturity | ||||
Net Investment Income [Line Items] | ||||
Interest income | 3 | 5 | 8 | 10 |
Held-to-maturity | Taxable | ||||
Net Investment Income [Line Items] | ||||
Interest income | 2 | 3 | 5 | 5 |
Held-to-maturity | Nontaxable | ||||
Net Investment Income [Line Items] | ||||
Interest income | 1 | 2 | 3 | 5 |
Available-for-sale | ||||
Net Investment Income [Line Items] | ||||
Interest income | 68 | 74 | 132 | 148 |
Available-for-sale | Taxable | ||||
Net Investment Income [Line Items] | ||||
Interest income | 61 | 67 | 118 | 135 |
Available-for-sale | Nontaxable | ||||
Net Investment Income [Line Items] | ||||
Interest income | 7 | 7 | 14 | 13 |
Trading | ||||
Net Investment Income [Line Items] | ||||
Interest income | 3 | 1 | 5 | 3 |
Trading | Taxable | ||||
Net Investment Income [Line Items] | ||||
Interest income | 0 | 0 | 0 | 0 |
Trading | Nontaxable | ||||
Net Investment Income [Line Items] | ||||
Interest income | $ 3 | $ 1 | $ 5 | $ 3 |
Loans, Leases, and Allowance _3
Loans, Leases, and Allowance for Credit Losses (Summary of Major Portfolio Segment and Specific Loan Class) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans held for sale | $ 66 | $ 81 |
Total loans and leases | 51,398 | 53,476 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 29,161 | 30,472 |
Commercial | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 12,947 | 13,444 |
Commercial | PPP | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 4,461 | 5,572 |
Commercial | Leasing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 307 | 320 |
Commercial | Owner-occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 8,231 | 8,185 |
Commercial | Municipal | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 3,215 | 2,951 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 12,108 | 12,104 |
Commercial real estate | Construction and land development | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 2,576 | 2,345 |
Commercial real estate | Term | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 9,532 | 9,759 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 10,129 | 10,900 |
Consumer | Home equity credit line | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 2,727 | 2,745 |
Consumer | 1-4 family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 6,269 | 6,969 |
Consumer | Construction and other consumer real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 593 | 630 |
Consumer | Bankcard and other revolving plans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 415 | 432 |
Consumer | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | $ 125 | $ 124 |
Loans, Leases, and Allowance _4
Loans, Leases, and Allowance for Credit Losses (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Net unamortized purchase premiums, discounts, and deferred loan fees and cost | $ 176,000,000 | $ 176,000,000 | $ 149,000,000 | ||
Accrued interest receivable | 180,000,000 | 180,000,000 | 200,000,000 | ||
Total loans | 51,398,000,000 | 51,398,000,000 | 53,476,000,000 | ||
Carrying values of loans that have been pledged as collateral | 23,100,000,000 | 23,100,000,000 | 24,700,000,000 | ||
Held-for-sale loans sold | 436,000,000 | $ 608,000,000 | 859,000,000 | $ 907,000,000 | |
Payments for origination and purchases of loans held-for-sale | 428,000,000 | 602,000,000 | 855,000,000 | 917,000,000 | |
Principal balance of loans sold, serviced loans | 3,000,000,000 | 3,000,000,000 | 2,700,000,000 | ||
Income from loans sold | 7,000,000 | 13,000,000 | 18,000,000 | 26,000,000 | |
Loans balance (less than as of June 30, 2021) | 51,398,000,000 | 51,398,000,000 | 53,476,000,000 | ||
Financing receivable, commitments threshold for evaluating collectively or individually | 1,000,000 | 1,000,000 | |||
Total allowance for credit losses | 574,000,000 | 914,000,000 | 574,000,000 | 914,000,000 | |
Unfunded lending commitments on troubled debt restructuring | 27,000,000 | 27,000,000 | 3,000,000 | ||
Recorded investment in TDR loans modified with interest rates below market | 458,000,000 | 311,000,000 | |||
Real estate acquired through foreclosure | 0 | 0 | 0 | ||
Mortgage loans in process of foreclosure | 11,000,000 | 11,000,000 | 10,000,000 | ||
Nonaccruing | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Recorded investment in TDR loans modified with interest rates below market | 128,000,000 | 113,000,000 | |||
Financing receivable, modifications, subsequent default, recorded investment | 3,000,000 | 2,000,000 | 5,000,000 | 3,000,000 | |
Doubtful | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total loans | 1,000,000 | 1,000,000 | 4,000,000 | ||
Loans balance (less than as of June 30, 2021) | 1,000,000 | 1,000,000 | 4,000,000 | ||
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total loans | 12,108,000,000 | 12,108,000,000 | 12,104,000,000 | ||
Loans balance (less than as of June 30, 2021) | 12,108,000,000 | 12,108,000,000 | 12,104,000,000 | ||
Total allowance for credit losses | 121,000,000 | 164,000,000 | 121,000,000 | 164,000,000 | |
Commercial real estate | Nonaccruing | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Recorded investment in TDR loans modified with interest rates below market | 22,000,000 | 20,000,000 | |||
Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total loans | 10,129,000,000 | 10,129,000,000 | 10,900,000,000 | ||
Loans balance (less than as of June 30, 2021) | 10,129,000,000 | 10,129,000,000 | 10,900,000,000 | ||
Total allowance for credit losses | 111,000,000 | 152,000,000 | 111,000,000 | 152,000,000 | |
Consumer | Nonaccruing | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Recorded investment in TDR loans modified with interest rates below market | 8,000,000 | 10,000,000 | |||
Commercial | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total loans | 29,161,000,000 | 29,161,000,000 | 30,472,000,000 | ||
Loans balance (less than as of June 30, 2021) | 29,161,000,000 | 29,161,000,000 | 30,472,000,000 | ||
Total allowance for credit losses | 342,000,000 | $ 598,000,000 | 342,000,000 | $ 598,000,000 | |
Commercial | Nonaccruing | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Recorded investment in TDR loans modified with interest rates below market | 98,000,000 | 83,000,000 | |||
Interest Rate Below Market, Including Multiple Modification Types | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Recorded investment in TDR loans modified with interest rates below market | 107,000,000 | 76,000,000 | |||
Land Acquisition and Development | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total loans | 171,000,000 | 171,000,000 | 156,000,000 | ||
Loans balance (less than as of June 30, 2021) | 171,000,000 | 171,000,000 | 156,000,000 | ||
Commercial and industrial | Commercial | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total loans | 12,947,000,000 | 12,947,000,000 | 13,444,000,000 | ||
Loans balance (less than as of June 30, 2021) | $ 12,947,000,000 | 12,947,000,000 | 13,444,000,000 | ||
Commercial and industrial | Commercial | Nonaccruing | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Recorded investment in TDR loans modified with interest rates below market | $ 73,000,000 | $ 65,000,000 |
Loans, Leases, and Allowance _5
Loans, Leases, and Allowance for Credit Losses (Summary of Changes in the Allowance for Credit Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Allowance for loan losses | ||||
Balance at beginning of period | $ 646 | $ 730 | $ 777 | $ 497 |
Provision for loan losses | (113) | 161 | (236) | 401 |
Gross loan and lease charge-offs | 8 | 36 | 29 | 49 |
Recoveries | 10 | 5 | 23 | 11 |
Net loan and lease charge-offs (recoveries) | (2) | 31 | 6 | 38 |
Balance at end of period | 535 | 860 | 535 | 860 |
Reserve for unfunded lending commitments | ||||
Balance at beginning of period | 49 | 47 | 58 | 29 |
Provision for unfunded lending commitments | (10) | 7 | (19) | 25 |
Balance at end of period | 39 | 54 | 39 | 54 |
Total allowance for credit losses | 574 | 914 | 574 | 914 |
Commercial | ||||
Allowance for loan losses | ||||
Balance at beginning of period | 362 | 413 | 464 | 282 |
Provision for loan losses | (43) | 186 | (137) | 323 |
Gross loan and lease charge-offs | 5 | 31 | 23 | 41 |
Recoveries | 7 | 3 | 17 | 7 |
Net loan and lease charge-offs (recoveries) | (2) | 28 | 6 | 34 |
Balance at end of period | 321 | 571 | 321 | 571 |
Reserve for unfunded lending commitments | ||||
Balance at beginning of period | 24 | 16 | 30 | 11 |
Provision for unfunded lending commitments | (3) | 11 | (9) | 16 |
Balance at end of period | 21 | 27 | 21 | 27 |
Total allowance for credit losses | 342 | 598 | 342 | 598 |
Commercial real estate | ||||
Allowance for loan losses | ||||
Balance at beginning of period | 152 | 128 | 171 | 69 |
Provision for loan losses | (41) | 16 | (60) | 75 |
Gross loan and lease charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net loan and lease charge-offs (recoveries) | 0 | 0 | 0 | 0 |
Balance at end of period | 111 | 144 | 111 | 144 |
Reserve for unfunded lending commitments | ||||
Balance at beginning of period | 17 | 23 | 20 | 12 |
Provision for unfunded lending commitments | (7) | (3) | (10) | 8 |
Balance at end of period | 10 | 20 | 10 | 20 |
Total allowance for credit losses | 121 | 164 | 121 | 164 |
Consumer | ||||
Allowance for loan losses | ||||
Balance at beginning of period | 132 | 189 | 142 | 146 |
Provision for loan losses | (29) | (41) | (39) | 3 |
Gross loan and lease charge-offs | 3 | 5 | 6 | 8 |
Recoveries | 3 | 2 | 6 | 4 |
Net loan and lease charge-offs (recoveries) | 0 | 3 | 0 | 4 |
Balance at end of period | 103 | 145 | 103 | 145 |
Reserve for unfunded lending commitments | ||||
Balance at beginning of period | 8 | 8 | 8 | 6 |
Provision for unfunded lending commitments | 0 | (1) | 0 | 1 |
Balance at end of period | 8 | 7 | 8 | 7 |
Total allowance for credit losses | $ 111 | $ 152 | $ 111 | $ 152 |
Loans, Leases, and Allowance _6
Loans, Leases, and Allowance for Credit Losses (Summary of Nonaccrual Loans) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans held for sale, Amortized cost basis with no allowance | $ 1,000,000 | $ 1,000,000 | |||
Loans held for sale, Amortized cost basis with allowance | 0 | 0 | |||
Loans held for sale, Total amortized cost basis | 1,000,000 | 1,000,000 | |||
Loans held for sale, Related allowance | 0 | 0 | |||
Amortized cost basis with no allowance | 100,000,000 | 100,000,000 | $ 139,000,000 | ||
Amortized cost basis with allowance | 206,000,000 | 206,000,000 | 228,000,000 | ||
Total amortized cost basis | 306,000,000 | 306,000,000 | 367,000,000 | ||
Related allowance | 33,000,000 | 33,000,000 | 42,000,000 | ||
Interest income | 0 | $ 0 | 0 | $ 0 | |
Accrued interest receivable written off | 5,000,000 | 5,000,000 | 8,000,000 | 9,000,000 | |
Commercial | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis with no allowance | 68,000,000 | 68,000,000 | 111,000,000 | ||
Amortized cost basis with allowance | 113,000,000 | 113,000,000 | 105,000,000 | ||
Total amortized cost basis | 181,000,000 | 181,000,000 | 216,000,000 | ||
Related allowance | 23,000,000 | 23,000,000 | 26,000,000 | ||
Accrued interest receivable written off | 4,000,000 | 4,000,000 | 7,000,000 | 8,000,000 | |
Commercial | Commercial and industrial | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis with no allowance | 32,000,000 | 32,000,000 | 73,000,000 | ||
Amortized cost basis with allowance | 79,000,000 | 79,000,000 | 67,000,000 | ||
Total amortized cost basis | 111,000,000 | 111,000,000 | 140,000,000 | ||
Related allowance | 20,000,000 | 20,000,000 | 22,000,000 | ||
Commercial | PPP | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis with no allowance | 0 | 0 | |||
Amortized cost basis with allowance | 1,000,000 | 1,000,000 | |||
Total amortized cost basis | 1,000,000 | 1,000,000 | |||
Related allowance | 0 | 0 | |||
Commercial | Owner-occupied | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis with no allowance | 36,000,000 | 36,000,000 | 38,000,000 | ||
Amortized cost basis with allowance | 33,000,000 | 33,000,000 | 38,000,000 | ||
Total amortized cost basis | 69,000,000 | 69,000,000 | 76,000,000 | ||
Related allowance | 3,000,000 | 3,000,000 | 4,000,000 | ||
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis with no allowance | 13,000,000 | 13,000,000 | 12,000,000 | ||
Amortized cost basis with allowance | 15,000,000 | 15,000,000 | 19,000,000 | ||
Total amortized cost basis | 28,000,000 | 28,000,000 | 31,000,000 | ||
Related allowance | 2,000,000 | 2,000,000 | 3,000,000 | ||
Accrued interest receivable written off | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |
Commercial real estate | Term | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis with no allowance | 13,000,000 | 13,000,000 | 12,000,000 | ||
Amortized cost basis with allowance | 15,000,000 | 15,000,000 | 19,000,000 | ||
Total amortized cost basis | 28,000,000 | 28,000,000 | 31,000,000 | ||
Related allowance | 2,000,000 | 2,000,000 | 3,000,000 | ||
Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis with no allowance | 19,000,000 | 19,000,000 | 16,000,000 | ||
Amortized cost basis with allowance | 78,000,000 | 78,000,000 | 104,000,000 | ||
Total amortized cost basis | 97,000,000 | 97,000,000 | 120,000,000 | ||
Related allowance | 8,000,000 | 8,000,000 | 13,000,000 | ||
Accrued interest receivable written off | 0 | $ 0 | 0 | $ 0 | |
Consumer | Home equity credit line | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis with no allowance | 6,000,000 | 6,000,000 | 2,000,000 | ||
Amortized cost basis with allowance | 12,000,000 | 12,000,000 | 14,000,000 | ||
Total amortized cost basis | 18,000,000 | 18,000,000 | 16,000,000 | ||
Related allowance | 3,000,000 | 3,000,000 | 3,000,000 | ||
Consumer | 1-4 family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis with no allowance | 13,000,000 | 13,000,000 | 14,000,000 | ||
Amortized cost basis with allowance | 65,000,000 | 65,000,000 | 89,000,000 | ||
Total amortized cost basis | 78,000,000 | 78,000,000 | 103,000,000 | ||
Related allowance | 5,000,000 | 5,000,000 | 9,000,000 | ||
Consumer | Bankcard and other revolving plans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis with no allowance | 0 | 0 | 0 | ||
Amortized cost basis with allowance | 1,000,000 | 1,000,000 | 1,000,000 | ||
Total amortized cost basis | 1,000,000 | 1,000,000 | 1,000,000 | ||
Related allowance | $ 0 | $ 0 | $ 1,000,000 |
Loans, Leases, and Allowance _7
Loans, Leases, and Allowance for Credit Losses (Summary of Past Due Loans (Accruing and Nonaccruing)) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 51,398 | $ 53,476 |
Accruing loans 90+ days past due | 6 | 12 |
Nonaccrual loans that are current | 306 | 367 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 29,161 | 30,472 |
Accruing loans 90+ days past due | 4 | 2 |
Nonaccrual loans that are current | 181 | 216 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 12,108 | 12,104 |
Accruing loans 90+ days past due | 2 | 8 |
Nonaccrual loans that are current | 28 | 31 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 10,129 | 10,900 |
Accruing loans 90+ days past due | 0 | 2 |
Nonaccrual loans that are current | 97 | 120 |
Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 12,947 | 13,444 |
Accruing loans 90+ days past due | 1 | 2 |
Nonaccrual loans that are current | 111 | 140 |
PPP | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 4,461 | 5,572 |
Accruing loans 90+ days past due | 0 | 0 |
Nonaccrual loans that are current | 1 | |
Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 307 | 320 |
Accruing loans 90+ days past due | 0 | 0 |
Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 8,231 | 8,185 |
Accruing loans 90+ days past due | 3 | 0 |
Nonaccrual loans that are current | 69 | 76 |
Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3,215 | 2,951 |
Accruing loans 90+ days past due | 0 | 0 |
Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2,576 | 2,345 |
Accruing loans 90+ days past due | 0 | 4 |
Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 9,532 | 9,759 |
Accruing loans 90+ days past due | 2 | 4 |
Nonaccrual loans that are current | 28 | 31 |
Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2,727 | 2,745 |
Accruing loans 90+ days past due | 0 | 0 |
Nonaccrual loans that are current | 18 | 16 |
1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 6,269 | 6,969 |
Accruing loans 90+ days past due | 0 | 0 |
Nonaccrual loans that are current | 78 | 103 |
Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 593 | 630 |
Accruing loans 90+ days past due | 0 | |
Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 415 | 432 |
Accruing loans 90+ days past due | 0 | 2 |
Nonaccrual loans that are current | 1 | 1 |
Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 125 | 124 |
Accruing loans 90+ days past due | 0 | 0 |
Current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 51,255 | 53,198 |
Current | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 29,087 | 30,360 |
Current | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 12,097 | 12,033 |
Current | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 10,071 | 10,805 |
Current | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 12,907 | 13,388 |
Current | PPP | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 4,461 | 5,572 |
Current | Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 307 | 320 |
Current | Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 8,197 | 8,129 |
Current | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3,215 | 2,951 |
Current | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2,576 | 2,341 |
Current | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 9,521 | 9,692 |
Current | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2,718 | 2,733 |
Current | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 6,223 | 6,891 |
Current | Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 593 | 630 |
Current | Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 412 | 428 |
Current | Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 125 | 123 |
Total past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 143 | 278 |
Total past due | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 74 | 112 |
Total past due | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 11 | 71 |
Total past due | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 58 | 95 |
Total past due | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 40 | 56 |
Total past due | PPP | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Total past due | Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Total past due | Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 34 | 56 |
Total past due | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Total past due | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 4 |
Total past due | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 11 | 67 |
Total past due | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 9 | 12 |
Total past due | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 46 | 78 |
Total past due | Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Total past due | Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3 | 4 |
Total past due | Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 1 |
30-89 days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 41 | 140 |
30-89 days past due | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 26 | 60 |
30-89 days past due | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2 | 57 |
30-89 days past due | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 13 | 23 |
30-89 days past due | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 15 | 26 |
30-89 days past due | PPP | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
30-89 days past due | Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
30-89 days past due | Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 11 | 34 |
30-89 days past due | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
30-89 days past due | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
30-89 days past due | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2 | 57 |
30-89 days past due | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 4 | 8 |
30-89 days past due | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 7 | 12 |
30-89 days past due | Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
30-89 days past due | Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2 | 2 |
30-89 days past due | Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 1 |
90+ days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 102 | 138 |
90+ days past due | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 48 | 52 |
90+ days past due | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 9 | 14 |
90+ days past due | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 45 | 72 |
90+ days past due | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 25 | 30 |
90+ days past due | PPP | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
90+ days past due | Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
90+ days past due | Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 23 | 22 |
90+ days past due | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
90+ days past due | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 4 |
90+ days past due | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 9 | 10 |
90+ days past due | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 5 | 4 |
90+ days past due | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 39 | 66 |
90+ days past due | Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
90+ days past due | Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1 | 2 |
90+ days past due | Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Nonaccrual loans that are current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 198 | 214 |
Nonaccrual loans that are current | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 131 | 158 |
Nonaccrual loans that are current | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 21 | 13 |
Nonaccrual loans that are current | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 46 | 43 |
Nonaccrual loans that are current | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 86 | 109 |
Nonaccrual loans that are current | PPP | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 0 | 0 |
Nonaccrual loans that are current | Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 0 | 1 |
Nonaccrual loans that are current | Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 45 | 48 |
Nonaccrual loans that are current | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 0 | 0 |
Nonaccrual loans that are current | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 0 | 0 |
Nonaccrual loans that are current | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 21 | 13 |
Nonaccrual loans that are current | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 10 | 9 |
Nonaccrual loans that are current | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 36 | 33 |
Nonaccrual loans that are current | Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 0 | 0 |
Nonaccrual loans that are current | Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 0 | 1 |
Nonaccrual loans that are current | Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | $ 0 | $ 0 |
Loans, Leases, and Allowance _8
Loans, Leases, and Allowance for Credit Losses (Summary of Outstanding Loan Balances (Accruing and Nonaccruing) Categorized by Credit Quality Indicators) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | $ 7,206 | $ 15,931 |
2020 | 10,492 | 9,700 |
2019 | 7,239 | 7,093 |
2018 | 5,016 | 4,439 |
2017 | 3,397 | 3,104 |
Prior | 7,071 | 5,596 |
Revolving loans amortized cost basis | 10,322 | 7,321 |
Revolving loans converted to term loans amortized cost basis | 655 | 292 |
Total loans | 51,398 | 53,476 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 5,057 | 11,233 |
2020 | 6,181 | 5,348 |
2019 | 3,605 | 3,934 |
2018 | 2,654 | 2,437 |
2017 | 1,829 | 1,087 |
Prior | 2,995 | 2,526 |
Revolving loans amortized cost basis | 6,564 | 3,766 |
Revolving loans converted to term loans amortized cost basis | 276 | 141 |
Total loans | 29,161 | 30,472 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 1,440 | 3,260 |
2020 | 2,889 | 2,992 |
2019 | 2,592 | 2,190 |
2018 | 1,659 | 876 |
2017 | 695 | 821 |
Prior | 1,838 | 1,436 |
Revolving loans amortized cost basis | 732 | 501 |
Revolving loans converted to term loans amortized cost basis | 263 | 28 |
Total loans | 12,108 | 12,104 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 709 | 1,438 |
2020 | 1,422 | 1,360 |
2019 | 1,042 | 969 |
2018 | 703 | 1,126 |
2017 | 873 | 1,196 |
Prior | 2,238 | 1,634 |
Revolving loans amortized cost basis | 3,026 | 3,054 |
Revolving loans converted to term loans amortized cost basis | 116 | 123 |
Total loans | 10,129 | 10,900 |
Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 1,075 | 2,844 |
2020 | 1,580 | 3,054 |
2019 | 1,683 | 2,225 |
2018 | 1,082 | 979 |
2017 | 492 | 328 |
Prior | 435 | 303 |
Revolving loans amortized cost basis | 6,408 | 3,585 |
Revolving loans converted to term loans amortized cost basis | 192 | 126 |
Total loans | 12,947 | 13,444 |
PPP | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 2,556 | 5,572 |
2020 | 1,905 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 4,461 | 5,572 |
Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 11 | 90 |
2020 | 54 | 122 |
2019 | 85 | 47 |
2018 | 76 | 36 |
2017 | 49 | 14 |
Prior | 32 | 11 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 307 | 320 |
Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 867 | 1,696 |
2020 | 1,641 | 1,345 |
2019 | 1,190 | 1,303 |
2018 | 1,183 | 1,003 |
2017 | 893 | 677 |
Prior | 2,217 | 1,968 |
Revolving loans amortized cost basis | 156 | 178 |
Revolving loans converted to term loans amortized cost basis | 84 | 15 |
Total loans | 8,231 | 8,185 |
Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 548 | 1,031 |
2020 | 1,001 | 827 |
2019 | 647 | 359 |
2018 | 313 | 419 |
2017 | 395 | 68 |
Prior | 311 | 244 |
Revolving loans amortized cost basis | 0 | 3 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 3,215 | 2,951 |
Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 310 | 582 |
2020 | 745 | 1,006 |
2019 | 735 | 278 |
2018 | 160 | 41 |
2017 | 43 | 1 |
Prior | 3 | 6 |
Revolving loans amortized cost basis | 524 | 428 |
Revolving loans converted to term loans amortized cost basis | 56 | 3 |
Total loans | 2,576 | 2,345 |
Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 1,130 | 2,678 |
2020 | 2,144 | 1,986 |
2019 | 1,857 | 1,912 |
2018 | 1,499 | 835 |
2017 | 652 | 820 |
Prior | 1,835 | 1,430 |
Revolving loans amortized cost basis | 208 | 73 |
Revolving loans converted to term loans amortized cost basis | 207 | 25 |
Total loans | 9,532 | 9,759 |
Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 2,614 | 2,625 |
Revolving loans converted to term loans amortized cost basis | 113 | 120 |
Total loans | 2,727 | 2,745 |
1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 591 | 1,187 |
2020 | 1,109 | 1,029 |
2019 | 842 | 841 |
2018 | 640 | 1,100 |
2017 | 860 | 1,191 |
Prior | 2,227 | 1,621 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 6,269 | 6,969 |
Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 71 | 200 |
2020 | 283 | 296 |
2019 | 176 | 106 |
2018 | 49 | 16 |
2017 | 6 | 1 |
Prior | 8 | 11 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 593 | 630 |
Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 412 | 429 |
Revolving loans converted to term loans amortized cost basis | 3 | 3 |
Total loans | 415 | 432 |
Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 47 | 51 |
2020 | 30 | 35 |
2019 | 24 | 22 |
2018 | 14 | 10 |
2017 | 7 | 4 |
Prior | 3 | 2 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 125 | 124 |
Pass | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 1,052 | 2,585 |
2020 | 1,476 | 2,743 |
2019 | 1,478 | 1,903 |
2018 | 912 | 829 |
2017 | 418 | 296 |
Prior | 315 | 228 |
Revolving loans amortized cost basis | 5,966 | 3,298 |
Revolving loans converted to term loans amortized cost basis | 169 | 109 |
Total loans | 11,786 | 11,991 |
Pass | PPP | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 2,556 | 5,572 |
2020 | 1,904 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 4,460 | 5,572 |
Pass | Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 11 | 87 |
2020 | 53 | 121 |
2019 | 79 | 44 |
2018 | 74 | 34 |
2017 | 48 | 14 |
Prior | 26 | 5 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 291 | 305 |
Pass | Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 804 | 1,588 |
2020 | 1,568 | 1,205 |
2019 | 1,060 | 1,167 |
2018 | 1,059 | 895 |
2017 | 824 | 585 |
Prior | 2,001 | 1,806 |
Revolving loans amortized cost basis | 132 | 161 |
Revolving loans converted to term loans amortized cost basis | 76 | 11 |
Total loans | 7,524 | 7,418 |
Pass | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 548 | 1,031 |
2020 | 992 | 827 |
2019 | 647 | 359 |
2018 | 313 | 419 |
2017 | 395 | 68 |
Prior | 272 | 227 |
Revolving loans amortized cost basis | 0 | 3 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 3,167 | 2,934 |
Pass | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 298 | 558 |
2020 | 745 | 933 |
2019 | 708 | 267 |
2018 | 160 | 41 |
2017 | 43 | 1 |
Prior | 3 | 6 |
Revolving loans amortized cost basis | 524 | 423 |
Revolving loans converted to term loans amortized cost basis | 56 | 3 |
Total loans | 2,537 | 2,232 |
Pass | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 1,115 | 2,524 |
2020 | 2,047 | 1,858 |
2019 | 1,796 | 1,639 |
2018 | 1,318 | 761 |
2017 | 620 | 778 |
Prior | 1,701 | 1,291 |
Revolving loans amortized cost basis | 207 | 73 |
Revolving loans converted to term loans amortized cost basis | 202 | 20 |
Total loans | 9,006 | 8,944 |
Pass | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 2,601 | 2,606 |
Revolving loans converted to term loans amortized cost basis | 105 | 115 |
Total loans | 2,706 | 2,721 |
Pass | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 591 | 1,185 |
2020 | 1,103 | 1,017 |
2019 | 834 | 833 |
2018 | 636 | 1,081 |
2017 | 846 | 1,174 |
Prior | 2,178 | 1,570 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 6,188 | 6,860 |
Pass | Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 71 | 200 |
2020 | 282 | 296 |
2019 | 176 | 106 |
2018 | 49 | 16 |
2017 | 6 | 1 |
Prior | 8 | 11 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 592 | 630 |
Pass | Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 410 | 426 |
Revolving loans converted to term loans amortized cost basis | 2 | 2 |
Total loans | 412 | 428 |
Pass | Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 47 | 51 |
2020 | 30 | 35 |
2019 | 24 | 22 |
2018 | 14 | 10 |
2017 | 7 | 4 |
Prior | 3 | 2 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 125 | 124 |
Special Mention | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 2 | 79 |
2020 | 56 | 152 |
2019 | 64 | 183 |
2018 | 74 | 98 |
2017 | 32 | 4 |
Prior | 29 | 43 |
Revolving loans amortized cost basis | 186 | 110 |
Revolving loans converted to term loans amortized cost basis | 1 | 1 |
Total loans | 444 | 670 |
Special Mention | Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 1 |
2020 | 1 | 0 |
2019 | 6 | 2 |
2018 | 2 | 1 |
2017 | 1 | 0 |
Prior | 6 | 6 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 16 | 10 |
Special Mention | Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 8 | 72 |
2020 | 56 | 65 |
2019 | 57 | 60 |
2018 | 55 | 60 |
2017 | 23 | 51 |
Prior | 68 | 41 |
Revolving loans amortized cost basis | 8 | 9 |
Revolving loans converted to term loans amortized cost basis | 7 | 3 |
Total loans | 282 | 361 |
Special Mention | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 34 | 8 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 34 | 8 |
Special Mention | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 24 |
2020 | 0 | 43 |
2019 | 1 | 11 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 5 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 1 | 83 |
Special Mention | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 7 | 110 |
2020 | 87 | 89 |
2019 | 26 | 177 |
2018 | 82 | 42 |
2017 | 11 | 23 |
Prior | 36 | 85 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 3 | 5 |
Total loans | 252 | 531 |
Special Mention | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 1 | 2 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 1 | 2 |
Special Mention | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 1 | 2 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 1 | 2 |
Special Mention | Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Special Mention | Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Special Mention | Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Accruing Substandard | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 20 | 123 |
2020 | 38 | 157 |
2019 | 139 | 129 |
2018 | 92 | 44 |
2017 | 34 | 26 |
Prior | 64 | 17 |
Revolving loans amortized cost basis | 217 | 141 |
Revolving loans converted to term loans amortized cost basis | 2 | 6 |
Total loans | 606 | 643 |
Accruing Substandard | Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 2 |
2020 | 0 | 1 |
2019 | 0 | 1 |
2018 | 0 | 1 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 5 |
Accruing Substandard | Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 55 | 28 |
2020 | 12 | 64 |
2019 | 59 | 61 |
2018 | 54 | 37 |
2017 | 37 | 35 |
Prior | 125 | 98 |
Revolving loans amortized cost basis | 13 | 6 |
Revolving loans converted to term loans amortized cost basis | 1 | 1 |
Total loans | 356 | 330 |
Accruing Substandard | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 9 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 5 | 9 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 14 | 9 |
Accruing Substandard | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 12 | 0 |
2020 | 0 | 30 |
2019 | 26 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 38 | 30 |
Accruing Substandard | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 8 | 41 |
2020 | 10 | 34 |
2019 | 30 | 96 |
2018 | 99 | 30 |
2017 | 20 | 18 |
Prior | 76 | 34 |
Revolving loans amortized cost basis | 1 | 0 |
Revolving loans converted to term loans amortized cost basis | 2 | 0 |
Total loans | 246 | 253 |
Accruing Substandard | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 2 | 6 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 2 | 6 |
Accruing Substandard | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 1 |
2018 | 0 | 0 |
2017 | 0 | 2 |
Prior | 2 | 1 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 2 | 4 |
Accruing Substandard | Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 1 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 1 | 0 |
Accruing Substandard | Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 2 | 3 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 2 | 3 |
Accruing Substandard | Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Nonaccrual | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 1 | 57 |
2020 | 10 | 2 |
2019 | 2 | 10 |
2018 | 4 | 8 |
2017 | 8 | 2 |
Prior | 27 | 15 |
Revolving loans amortized cost basis | 39 | 36 |
Revolving loans converted to term loans amortized cost basis | 20 | 10 |
Total loans | 111 | 140 |
Nonaccrual | PPP | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | |
2020 | 1 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | |
Total loans | 1 | |
Nonaccrual | Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Nonaccrual | Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 8 |
2020 | 5 | 11 |
2019 | 14 | 15 |
2018 | 15 | 11 |
2017 | 9 | 6 |
Prior | 23 | 23 |
Revolving loans amortized cost basis | 3 | 2 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 69 | 76 |
Nonaccrual | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Nonaccrual | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Nonaccrual | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 3 |
2020 | 0 | 5 |
2019 | 5 | 0 |
2018 | 0 | 2 |
2017 | 1 | 1 |
Prior | 22 | 20 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 28 | 31 |
Nonaccrual | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 10 | 11 |
Revolving loans converted to term loans amortized cost basis | 8 | 5 |
Total loans | 18 | 16 |
Nonaccrual | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 2 |
2020 | 6 | 12 |
2019 | 8 | 7 |
2018 | 4 | 19 |
2017 | 14 | 15 |
Prior | 46 | 48 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 78 | 103 |
Nonaccrual | Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Nonaccrual | Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 1 | 1 |
Total loans | 1 | 1 |
Nonaccrual | Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | $ 0 | $ 0 |
Loans, Leases, and Allowance _9
Loans, Leases, and Allowance for Credit Losses (Summary of Selected Information on TDRs) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | $ 458 | $ 311 |
Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 39 | 18 |
Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 42 | 4 |
Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 12 | 12 |
Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 61 | 39 |
Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 134 | 116 |
Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 170 | 122 |
Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 330 | 198 |
Accruing | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 14 | 10 |
Accruing | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 40 | 3 |
Accruing | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 9 | 10 |
Accruing | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 43 | 20 |
Accruing | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 124 | 103 |
Accruing | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 100 | 52 |
Accruing | Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 106 | 29 |
Accruing | Commercial | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 7 | 5 |
Accruing | Commercial | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 4 | 1 |
Accruing | Commercial | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Accruing | Commercial | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 8 | 4 |
Accruing | Commercial | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 27 | 7 |
Accruing | Commercial | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 60 | 12 |
Accruing | Commercial | Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 35 | 7 |
Accruing | Commercial | Commercial and industrial | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 2 | 0 |
Accruing | Commercial | Commercial and industrial | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Accruing | Commercial | Commercial and industrial | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Accruing | Commercial | Commercial and industrial | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Accruing | Commercial | Commercial and industrial | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 12 | 3 |
Accruing | Commercial | Commercial and industrial | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 21 | 4 |
Accruing | Commercial | Owner-occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 71 | 22 |
Accruing | Commercial | Owner-occupied | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 5 | 5 |
Accruing | Commercial | Owner-occupied | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 4 | 1 |
Accruing | Commercial | Owner-occupied | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Accruing | Commercial | Owner-occupied | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 8 | 4 |
Accruing | Commercial | Owner-occupied | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 15 | 4 |
Accruing | Commercial | Owner-occupied | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 39 | 8 |
Accruing | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 188 | 134 |
Accruing | Commercial real estate | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 1 | 1 |
Accruing | Commercial real estate | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 34 | 0 |
Accruing | Commercial real estate | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Accruing | Commercial real estate | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 35 | 16 |
Accruing | Commercial real estate | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 96 | 94 |
Accruing | Commercial real estate | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 22 | 23 |
Accruing | Commercial real estate | Construction and land development | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 8 | |
Accruing | Commercial real estate | Construction and land development | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | |
Accruing | Commercial real estate | Construction and land development | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 8 | |
Accruing | Commercial real estate | Construction and land development | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | |
Accruing | Commercial real estate | Construction and land development | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | |
Accruing | Commercial real estate | Construction and land development | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | |
Accruing | Commercial real estate | Construction and land development | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | |
Accruing | Commercial real estate | Term | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 180 | 134 |
Accruing | Commercial real estate | Term | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 1 | 1 |
Accruing | Commercial real estate | Term | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 26 | 0 |
Accruing | Commercial real estate | Term | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Accruing | Commercial real estate | Term | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 35 | 16 |
Accruing | Commercial real estate | Term | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 96 | 94 |
Accruing | Commercial real estate | Term | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 22 | 23 |
Accruing | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 36 | 35 |
Accruing | Consumer | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 6 | 4 |
Accruing | Consumer | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 2 | 2 |
Accruing | Consumer | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 9 | 10 |
Accruing | Consumer | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Accruing | Consumer | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 1 | 2 |
Accruing | Consumer | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 18 | 17 |
Accruing | Consumer | Home equity credit line | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 9 | 10 |
Accruing | Consumer | Home equity credit line | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Accruing | Consumer | Home equity credit line | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 1 | 1 |
Accruing | Consumer | Home equity credit line | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 6 | 7 |
Accruing | Consumer | Home equity credit line | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Accruing | Consumer | Home equity credit line | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Accruing | Consumer | Home equity credit line | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 2 | 2 |
Accruing | Consumer | 1-4 family residential | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 27 | 25 |
Accruing | Consumer | 1-4 family residential | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 6 | 4 |
Accruing | Consumer | 1-4 family residential | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 1 | 1 |
Accruing | Consumer | 1-4 family residential | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 3 | 3 |
Accruing | Consumer | 1-4 family residential | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Accruing | Consumer | 1-4 family residential | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 1 | 2 |
Accruing | Consumer | 1-4 family residential | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 16 | 15 |
Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 128 | 113 |
Nonaccruing | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 25 | 8 |
Nonaccruing | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 2 | 1 |
Nonaccruing | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 3 | 2 |
Nonaccruing | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 18 | 19 |
Nonaccruing | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 10 | 13 |
Nonaccruing | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 70 | 70 |
Nonaccruing | Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 98 | 83 |
Nonaccruing | Commercial | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 22 | 5 |
Nonaccruing | Commercial | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 1 | 0 |
Nonaccruing | Commercial | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Commercial | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 5 | 6 |
Nonaccruing | Commercial | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 8 | 10 |
Nonaccruing | Commercial | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 62 | 62 |
Nonaccruing | Commercial | Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 73 | 65 |
Nonaccruing | Commercial | Commercial and industrial | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 17 | 0 |
Nonaccruing | Commercial | Commercial and industrial | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 1 | 0 |
Nonaccruing | Commercial | Commercial and industrial | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Commercial | Commercial and industrial | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 2 | 3 |
Nonaccruing | Commercial | Commercial and industrial | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 8 | 10 |
Nonaccruing | Commercial | Commercial and industrial | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 45 | 52 |
Nonaccruing | Commercial | Owner-occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 25 | 18 |
Nonaccruing | Commercial | Owner-occupied | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 5 | 5 |
Nonaccruing | Commercial | Owner-occupied | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Commercial | Owner-occupied | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Commercial | Owner-occupied | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 3 | 3 |
Nonaccruing | Commercial | Owner-occupied | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Commercial | Owner-occupied | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 17 | 10 |
Nonaccruing | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 22 | 20 |
Nonaccruing | Commercial real estate | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 2 | 2 |
Nonaccruing | Commercial real estate | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Commercial real estate | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Commercial real estate | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 13 | 13 |
Nonaccruing | Commercial real estate | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 2 | 3 |
Nonaccruing | Commercial real estate | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 5 | 2 |
Nonaccruing | Commercial real estate | Term | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 22 | 20 |
Nonaccruing | Commercial real estate | Term | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 2 | 2 |
Nonaccruing | Commercial real estate | Term | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Commercial real estate | Term | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Commercial real estate | Term | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 13 | 13 |
Nonaccruing | Commercial real estate | Term | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 2 | 3 |
Nonaccruing | Commercial real estate | Term | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 5 | 2 |
Nonaccruing | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 8 | 10 |
Nonaccruing | Consumer | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 1 | 1 |
Nonaccruing | Consumer | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 1 | 1 |
Nonaccruing | Consumer | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 3 | 2 |
Nonaccruing | Consumer | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Consumer | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Consumer | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 3 | 6 |
Nonaccruing | Consumer | Home equity credit line | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 2 | 2 |
Nonaccruing | Consumer | Home equity credit line | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Consumer | Home equity credit line | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Consumer | Home equity credit line | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 2 | 2 |
Nonaccruing | Consumer | Home equity credit line | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Consumer | Home equity credit line | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Consumer | Home equity credit line | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Consumer | 1-4 family residential | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 6 | 8 |
Nonaccruing | Consumer | 1-4 family residential | Interest rate below market | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 1 | 1 |
Nonaccruing | Consumer | 1-4 family residential | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 1 | 1 |
Nonaccruing | Consumer | 1-4 family residential | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 1 | 0 |
Nonaccruing | Consumer | 1-4 family residential | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Consumer | 1-4 family residential | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | 0 | 0 |
Nonaccruing | Consumer | 1-4 family residential | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment resulting from the following modification types | $ 3 | $ 6 |
Loans, Leases, and Allowance_10
Loans, Leases, and Allowance for Credit Losses (Collateral-Dependent Loans) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 50 | $ 47 |
Commercial and industrial | Commercial | Single family residential, Agriculture | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 21 | $ 20 |
Weighted average LTV | 49.00% | 55.00% |
Owner-occupied | Commercial | Office building | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 10 | $ 10 |
Weighted average LTV | 46.00% | 47.00% |
Term | Commercial real estate | Multi-family, Hotel/Motel, Retail | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 11 | $ 12 |
Weighted average LTV | 46.00% | 58.00% |
Home equity credit line | Consumer | Single family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 6 | $ 3 |
Weighted average LTV | 41.00% | 34.00% |
1-4 family residential | Consumer | Single family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 2 | $ 2 |
Weighted average LTV | 49.00% | 60.00% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)derivative_instrument | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)derivative_instrument | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, notional amount | $ 19,073,000,000 | $ 19,073,000,000 | $ 17,877,000,000 | ||
Amortization of cumulative debt basis adjustments | 3,000,000 | ||||
Redesignated swaps, unamortized basis adjustments | 7,000,000 | 7,000,000 | |||
Decrease in cash flow hedge portfolio | 12,000,000 | ||||
Other liabilities | 44,000,000 | 44,000,000 | 38,000,000 | ||
Cash collateral pledged for derivative liabilities | 61,000,000 | 61,000,000 | |||
Additional collateral that would be required to be pledge if credit rating was downgraded by one notch | 2,000,000 | 2,000,000 | |||
Other liabilities | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Other liabilities | 295,000,000 | 295,000,000 | 418,000,000 | ||
Derivatives designated as hedges | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, notional amount | 4,833,000,000 | 4,833,000,000 | 4,033,000,000 | ||
Decrease in cash flow hedge portfolio | 4,000,000 | $ (10,000,000) | 9,000,000 | $ (102,000,000) | |
Derivatives designated as hedges | Other liabilities | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Other liabilities | $ 0 | $ 0 | 0 | ||
Fair Value Hedging | Derivatives designated as hedges | Interest rate swaps | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Number of interest rate derivatives remaining | derivative_instrument | 1 | 1 | |||
Derivative, notional amount | $ 500,000,000 | $ 500,000,000 | 500,000,000 | ||
Increase (decrease) in fair value hedges | 12,000,000 | ||||
Unamortized debt basis adjustments | 5,000,000 | 5,000,000 | |||
Fair Value Hedging | Derivatives designated as hedges | Asset hedges: Pay-fixed interest rate swaps | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, notional amount | 383,000,000 | 383,000,000 | 383,000,000 | ||
Increase (decrease) in fair value hedges | (25,000,000) | ||||
Decrease in cash flow hedge portfolio | 0 | 0 | 0 | 0 | |
Fair Value Hedging | Derivatives designated as hedges | Other liabilities | Interest rate swaps | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Other liabilities | 0 | 0 | 0 | ||
Fair Value Hedging | Derivatives designated as hedges | Other liabilities | Asset hedges: Pay-fixed interest rate swaps | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Other liabilities | 0 | 0 | 0 | ||
Cash Flow Hedging | Derivatives designated as hedges | Interest rate swaps | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, notional amount | 3,950,000,000 | 3,950,000,000 | 3,150,000,000 | ||
Decrease in cash flow hedge portfolio | 4,000,000 | $ (10,000,000) | 9,000,000 | $ (102,000,000) | |
Cash Flow Hedging | Derivatives designated as hedges | Other liabilities | Interest rate swaps | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Other liabilities | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Notional and Recorded Fair Values) (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Notional amount | $ 19,073,000,000 | $ 17,877,000,000 |
Other assets | 285,000,000 | 418,000,000 |
Other liabilities | 44,000,000 | 38,000,000 |
Net credit valuation adjustment reducing fair value | 5,000,000 | 18,000,000 |
Other assets | ||
Derivative [Line Items] | ||
Other assets | 306,000,000 | 420,000,000 |
Other liabilities | ||
Derivative [Line Items] | ||
Other liabilities | 295,000,000 | 418,000,000 |
Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Notional amount | 4,833,000,000 | 4,033,000,000 |
Derivatives designated as hedges | Other assets | ||
Derivative [Line Items] | ||
Other assets | 9,000,000 | 3,000,000 |
Derivatives designated as hedges | Other liabilities | ||
Derivative [Line Items] | ||
Other liabilities | 0 | 0 |
Derivatives designated as hedges | Purchased interest rate floors | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Notional amount | 0 | 0 |
Derivatives designated as hedges | Purchased interest rate floors | Other assets | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Other assets | 0 | 0 |
Derivatives designated as hedges | Purchased interest rate floors | Other liabilities | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Other liabilities | 0 | 0 |
Derivatives designated as hedges | Interest rate swaps | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Notional amount | 3,950,000,000 | 3,150,000,000 |
Derivatives designated as hedges | Interest rate swaps | Fair Value Hedging | ||
Derivative [Line Items] | ||
Notional amount | 500,000,000 | 500,000,000 |
Derivatives designated as hedges | Interest rate swaps | Other assets | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Other assets | 0 | 0 |
Derivatives designated as hedges | Interest rate swaps | Other assets | Fair Value Hedging | ||
Derivative [Line Items] | ||
Other assets | 0 | 0 |
Derivatives designated as hedges | Interest rate swaps | Other liabilities | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Other liabilities | 0 | 0 |
Derivatives designated as hedges | Interest rate swaps | Other liabilities | Fair Value Hedging | ||
Derivative [Line Items] | ||
Other liabilities | 0 | 0 |
Derivatives designated as hedges | Asset hedges: Pay-fixed interest rate swaps | Fair Value Hedging | ||
Derivative [Line Items] | ||
Notional amount | 383,000,000 | 383,000,000 |
Derivatives designated as hedges | Asset hedges: Pay-fixed interest rate swaps | Other assets | Fair Value Hedging | ||
Derivative [Line Items] | ||
Other assets | 9,000,000 | 3,000,000 |
Derivatives designated as hedges | Asset hedges: Pay-fixed interest rate swaps | Other liabilities | Fair Value Hedging | ||
Derivative [Line Items] | ||
Other liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 14,240,000,000 | 13,844,000,000 |
Derivatives not designated as hedging instruments | Other assets | ||
Derivative [Line Items] | ||
Other assets | 297,000,000 | 417,000,000 |
Derivatives not designated as hedging instruments | Other liabilities | ||
Derivative [Line Items] | ||
Other liabilities | 295,000,000 | 418,000,000 |
Derivatives not designated as hedging instruments | Customer-facing interest rate derivatives | ||
Derivative [Line Items] | ||
Notional amount | 6,278,000,000 | 5,986,000,000 |
Derivatives not designated as hedging instruments | Customer-facing interest rate derivatives | Other assets | ||
Derivative [Line Items] | ||
Other assets | 261,000,000 | 390,000,000 |
Derivatives not designated as hedging instruments | Customer-facing interest rate derivatives | Other assets | Fair Value Hedging | ||
Derivative [Line Items] | ||
Other assets | 261,000,000 | 390,000,000 |
Derivatives not designated as hedging instruments | Customer-facing interest rate derivatives | Other liabilities | ||
Derivative [Line Items] | ||
Other liabilities | 21,000,000 | 2,000,000 |
Derivatives not designated as hedging instruments | Customer-facing interest rate derivatives | Other liabilities | Fair Value Hedging | ||
Derivative [Line Items] | ||
Other liabilities | 21,000,000 | 2,000,000 |
Derivatives not designated as hedging instruments | Offsetting interest rate derivatives | ||
Derivative [Line Items] | ||
Notional amount | 6,278,000,000 | 5,986,000,000 |
Derivatives not designated as hedging instruments | Offsetting interest rate derivatives | Other assets | ||
Derivative [Line Items] | ||
Other assets | 24,000,000 | 3,000,000 |
Derivatives not designated as hedging instruments | Offsetting interest rate derivatives | Other assets | Fair Value Hedging | ||
Derivative [Line Items] | ||
Other assets | 3,000,000 | 1,000,000 |
Derivatives not designated as hedging instruments | Offsetting interest rate derivatives | Other liabilities | ||
Derivative [Line Items] | ||
Other liabilities | 269,000,000 | 409,000,000 |
Derivatives not designated as hedging instruments | Offsetting interest rate derivatives | Other liabilities | Fair Value Hedging | ||
Derivative [Line Items] | ||
Other liabilities | 18,000,000 | 29,000,000 |
Derivatives not designated as hedging instruments | Other interest rate derivatives | ||
Derivative [Line Items] | ||
Notional amount | 1,325,000,000 | 1,649,000,000 |
Derivatives not designated as hedging instruments | Other interest rate derivatives | Other assets | ||
Derivative [Line Items] | ||
Other assets | 8,000,000 | 20,000,000 |
Derivatives not designated as hedging instruments | Other interest rate derivatives | Other liabilities | ||
Derivative [Line Items] | ||
Other liabilities | 1,000,000 | 3,000,000 |
Derivatives not designated as hedging instruments | Foreign exchange derivatives | ||
Derivative [Line Items] | ||
Notional amount | 359,000,000 | 223,000,000 |
Derivatives not designated as hedging instruments | Foreign exchange derivatives | Other assets | ||
Derivative [Line Items] | ||
Other assets | 4,000,000 | 4,000,000 |
Derivatives not designated as hedging instruments | Foreign exchange derivatives | Other liabilities | ||
Derivative [Line Items] | ||
Other liabilities | $ 4,000,000 | $ 4,000,000 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Derivative Gain (Loss) Recognized/Reclassified) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivatives gain/(loss) deferred in OCI | $ (12) | |||
Amount of gain/(loss) reclassified from OCI into income | 11 | $ 10 | $ 23 | $ 13 |
Gains to be reclassified within the next 12 months into interest income | 48 | |||
Derivatives designated as hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivatives gain/(loss) deferred in OCI | (4) | 10 | (9) | 102 |
Excluded components deferred in OCI (amortization approach) | 0 | 0 | 0 | 0 |
Amount of gain/(loss) reclassified from OCI into income | 15 | 13 | 31 | 17 |
Interest on fair value hedges | 4 | 7 | 9 | 10 |
Hedge ineffectiveness/OCI reclass due to missed forecast | 0 | 0 | 0 | 0 |
Derivatives designated as hedges | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Terminated or redesignated, unamortized basis adjustments | 7 | 7 | ||
Derivatives designated as hedges | Cash Flow Hedging | Purchased interest rate floors | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivatives gain/(loss) deferred in OCI | 0 | 0 | 0 | 0 |
Excluded components deferred in OCI (amortization approach) | 0 | 0 | 0 | 0 |
Amount of gain/(loss) reclassified from OCI into income | 2 | 3 | 6 | 6 |
Interest on fair value hedges | 0 | 0 | 0 | 0 |
Hedge ineffectiveness/OCI reclass due to missed forecast | 0 | 0 | 0 | 0 |
Derivatives designated as hedges | Cash Flow Hedging | Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivatives gain/(loss) deferred in OCI | (4) | 10 | (9) | 102 |
Excluded components deferred in OCI (amortization approach) | 0 | 0 | 0 | 0 |
Amount of gain/(loss) reclassified from OCI into income | 13 | 10 | 25 | 11 |
Interest on fair value hedges | 0 | 0 | 0 | 0 |
Hedge ineffectiveness/OCI reclass due to missed forecast | 0 | 0 | 0 | 0 |
Derivatives designated as hedges | Fair Value Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Terminated or redesignated, unamortized basis adjustments | 5 | 5 | ||
Derivatives designated as hedges | Fair Value Hedging | Receive-fixed interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivatives gain/(loss) deferred in OCI | 0 | 0 | 0 | 0 |
Excluded components deferred in OCI (amortization approach) | 0 | 0 | 0 | 0 |
Amount of gain/(loss) reclassified from OCI into income | 0 | 0 | 0 | 0 |
Interest on fair value hedges | 2 | 1 | 4 | 3 |
Hedge ineffectiveness/OCI reclass due to missed forecast | 0 | 0 | 0 | 0 |
Derivatives designated as hedges | Fair Value Hedging | Basis amortization on terminated hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivatives gain/(loss) deferred in OCI | 0 | 0 | 0 | 0 |
Excluded components deferred in OCI (amortization approach) | 0 | 0 | 0 | 0 |
Amount of gain/(loss) reclassified from OCI into income | 0 | 0 | 0 | 0 |
Interest on fair value hedges | 3 | 6 | 6 | 7 |
Hedge ineffectiveness/OCI reclass due to missed forecast | 0 | 0 | 0 | 0 |
Derivatives designated as hedges | Fair Value Hedging | Pay-fixed interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivatives gain/(loss) deferred in OCI | 0 | 0 | 0 | 0 |
Excluded components deferred in OCI (amortization approach) | 0 | 0 | 0 | 0 |
Amount of gain/(loss) reclassified from OCI into income | 0 | 0 | 0 | 0 |
Interest on fair value hedges | (1) | 0 | (1) | 0 |
Hedge ineffectiveness/OCI reclass due to missed forecast | 0 | 0 | 0 | 0 |
Derivatives designated as hedges | Fair Value Hedging | Basis amortization on terminated hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivatives gain/(loss) deferred in OCI | 0 | 0 | 0 | 0 |
Excluded components deferred in OCI (amortization approach) | 0 | 0 | 0 | 0 |
Amount of gain/(loss) reclassified from OCI into income | 0 | 0 | 0 | 0 |
Interest on fair value hedges | 0 | 0 | 0 | 0 |
Hedge ineffectiveness/OCI reclass due to missed forecast | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Derivatives Not Designated as Hedges) (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Noninterest Income/(Expense) | $ (2) | $ 2 | $ 23 | $ 17 |
Customer-facing interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Noninterest Income/(Expense) | 87 | 34 | (95) | 346 |
Offsetting interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Noninterest Income/(Expense) | (89) | (39) | 117 | (352) |
Other interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Noninterest Income/(Expense) | (6) | 2 | (10) | 11 |
Foreign exchange derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Noninterest Income/(Expense) | $ 6 | $ 5 | $ 11 | $ 12 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities (Gain (Loss) Recorded in Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total income statement impact | $ (5) | $ (12) | $ 13 | $ (23) |
Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives | 12 | 4 | (23) | 75 |
Hedged items | (12) | (4) | 23 | (75) |
Total income statement impact | 0 | 0 | 0 | 0 |
Asset hedges: Pay-fixed interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives | (25) | 0 | 23 | 0 |
Hedged items | 25 | 0 | (23) | 0 |
Total income statement impact | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities (Basis Adjustments for Hedged Items) (Details) - Fair Value Hedging - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Par value of hedged liabilities | $ (500,000,000) | $ (500,000,000) |
Carrying amount of hedged liabilities | (514,000,000) | (537,000,000) |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities | (14,000,000) | (37,000,000) |
Par value of hedged assets | 383,000,000 | 383,000,000 |
Carrying amount of hedged assets | 339,000,000 | 362,000,000 |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets | $ (44,000,000) | $ (21,000,000) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)branch | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)branch | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Leases [Abstract] | |||||
Number of branches | branch | 419 | 419 | |||
Number of branches owned | branch | 273 | 273 | |||
Number of branches leased | branch | 146 | 146 | |||
Operating right-of-use assets, net of amortization | $ 202 | $ 202 | $ 213 | ||
Finance lease assets | 4 | 4 | 4 | ||
Operating lease income | 3 | $ 3 | 7 | $ 6 | |
Sales-type or direct financing leases | 307 | 307 | $ 320 | ||
Sales-type or direct financing leases income | $ 3 | $ 3 | $ 6 | $ 7 |
Leases (Assets and Liabilities)
Leases (Assets and Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating right-of-use assets, net of amortization | $ 202 | $ 213 |
Operating lease liabilities | $ 229 | $ 240 |
Weighted average remaining lease term, operating leases | 8 years 8 months 12 days | 8 years 10 months 24 days |
Weighted average remaining lease term, finance leases | 18 years 9 months 18 days | 19 years 2 months 12 days |
Weighted average discount rate, operating leases | 2.80% | 2.90% |
Weighted average discount rate, finance leases | 3.10% | 3.10% |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease costs | $ 12 | $ 12 | $ 24 | $ 24 |
Variable lease costs | 12 | 12 | 25 | 24 |
Total lease cost | $ 24 | $ 24 | $ 49 | $ 48 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating cash disbursements from operating leases | $ 12 | $ 13 | $ 25 | $ 25 |
New operating lease liabilities | $ 0 | $ 3 | $ 0 | $ 6 |
Leases (Maturities Analysis) (D
Leases (Maturities Analysis) (Details) $ in Millions | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
2021 | $ 25 |
2022 | 47 |
2023 | 41 |
2024 | 32 |
2025 | 23 |
Thereafter | 97 |
Total | $ 265 |
Long-Term Debt and Shareholde_3
Long-Term Debt and Shareholders' Equity (Long-term Debt) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt And Equity [Abstract] | ||
Subordinated notes | $ 596 | $ 619 |
Senior notes | 708 | 713 |
Finance lease obligations | 4 | 4 |
Total | $ 1,308 | $ 1,336 |
Long-Term Debt and Shareholde_4
Long-Term Debt and Shareholders' Equity (Shareholders' Equity Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Shares outstanding (in shares) | 162.2 | 162.2 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock and additional paid-in capital | $ 2,600 | $ 2,600 | |
Common stock and additional paid-in capital change | $ 121 | $ 121 | |
Common stock and additional paid-in capital percentage change | 5.00% | 5.00% | |
Common stock repurchased (in shares) | 2.7 | ||
Fair value of stock repurchased | $ 150 | ||
Average price per share of stock repurchased (in dollars per share) | $ 54.94 | ||
Preferred stock redeemed | $ 126 | $ 126 | |
Accumulated other comprehensive income | $ 175 | $ 175 | $ 325 |
Series H Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock dividend rate | 5.75% | ||
Preferred stock redeemed | $ 126 |
Long-Term Debt and Shareholde_5
Long-Term Debt and Shareholders' Equity (Changes In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 7,933 | $ 7,472 | $ 7,886 | $ 7,353 |
OCI (loss) before reclassifications, net of tax | (127) | 325 | ||
Amounts reclassified from AOCI, net of tax | (23) | (13) | ||
Other comprehensive income (loss) | 27 | 96 | (150) | 312 |
Balance at end of period | 8,033 | 7,575 | 8,033 | 7,575 |
Income tax (benefit) expense included in other comprehensive income (loss) | (48) | 102 | ||
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 148 | 259 | 325 | 43 |
Balance at end of period | 175 | 355 | 175 | 355 |
Net unrealized gains (losses) on investment securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 258 | 29 | ||
OCI (loss) before reclassifications, net of tax | (130) | 241 | ||
Amounts reclassified from AOCI, net of tax | 0 | 0 | ||
Other comprehensive income (loss) | (130) | 241 | ||
Balance at end of period | 128 | 270 | 128 | 270 |
Income tax (benefit) expense included in other comprehensive income (loss) | (42) | 79 | ||
Net unrealized gains (losses) on derivatives and other | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 69 | 28 | ||
OCI (loss) before reclassifications, net of tax | 3 | 71 | ||
Amounts reclassified from AOCI, net of tax | (23) | (13) | ||
Other comprehensive income (loss) | (20) | 58 | ||
Balance at end of period | 49 | 86 | 49 | 86 |
Income tax (benefit) expense included in other comprehensive income (loss) | (6) | 19 | ||
Pension and post-retirement | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (2) | (14) | ||
OCI (loss) before reclassifications, net of tax | 0 | 13 | ||
Amounts reclassified from AOCI, net of tax | 0 | 0 | ||
Other comprehensive income (loss) | 0 | 13 | ||
Balance at end of period | $ (2) | $ (1) | (2) | (1) |
Income tax (benefit) expense included in other comprehensive income (loss) | $ 0 | $ 4 |
Long-Term Debt and Shareholde_6
Long-Term Debt and Shareholders' Equity (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest and fees on loans | $ 492 | $ 514 | $ 980 | $ 1,046 |
Income tax expense | 101 | 16 | 190 | 18 |
Net income | 354 | 66 | 676 | 80 |
Net unrealized gains (losses) on derivatives and other | Amounts reclassified from AOCI | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest and fees on loans | 15 | 13 | 31 | 17 |
Income tax expense | 4 | 3 | 8 | 4 |
Net income | $ 11 | $ 10 | $ 23 | $ 13 |
Commitments, Guarantees, and _3
Commitments, Guarantees, and Contingent Liabilities (Schedule of Off Balance Sheet Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Net unfunded commitments to extend credit | $ 24,808 | $ 24,217 |
Commercial letters of credit | 31 | 34 |
Total unfunded lending commitments | 25,689 | 24,949 |
Financial | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Standby letters of credit | 617 | 531 |
Performance | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Standby letters of credit | $ 233 | $ 167 |
Commitments, Guarantees, and _4
Commitments, Guarantees, and Contingent Liabilities (Narrative) (Details) $ in Millions | Jun. 30, 2021USD ($) |
Guarantor Obligations [Line Items] | |
Letters of credit, accrued liability | $ 4 |
Reserve for unfunded lending commitments | 2 |
Deferred commitment fees | 2 |
Minimum | |
Guarantor Obligations [Line Items] | |
Estimate of possible losses | 0 |
Maximum | |
Guarantor Obligations [Line Items] | |
Estimate of possible losses | $ 40 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | $ 111 | $ 94 | $ 213 | $ 196 |
Other noninterest income (Non-ASC 606 customer-related) | 28 | 36 | 59 | 75 |
Total customer-related fees | 139 | 130 | 272 | 271 |
Other noninterest income (noncustomer-related) | 66 | (13) | 102 | (21) |
Total noninterest income | 205 | 117 | 374 | 250 |
Net interest income | 555 | 563 | 1,100 | 1,111 |
Total income less interest expense | $ 760 | 680 | 1,474 | 1,361 |
Interest Income on loans and securities | Revenue from Contract with Customer Benchmark | Product Concentration Risk | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Percentage of revenue | 73.00% | |||
Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | $ 34 | 30 | 66 | 61 |
Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 33 | 25 | 63 | 55 |
Retail and business banking fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 18 | 15 | 35 | 33 |
Capital markets and foreign exchange fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 2 | 3 | 4 | 6 |
Wealth management fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 11 | 9 | 21 | 19 |
Other customer-related fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 13 | 12 | 24 | 22 |
Other | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 9 | 9 | 16 | 14 |
Other noninterest income (Non-ASC 606 customer-related) | (6) | 3 | (7) | 10 |
Total customer-related fees | 3 | 12 | 9 | 24 |
Other noninterest income (noncustomer-related) | 63 | (12) | 98 | (21) |
Total noninterest income | 66 | 0 | 107 | 3 |
Net interest income | 7 | 6 | 13 | 10 |
Total income less interest expense | 73 | 6 | 120 | 13 |
Other | Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 1 | (1) |
Other | Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 0 | 2 |
Other | Retail and business banking fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | (1) | (1) | 1 | 0 |
Other | Capital markets and foreign exchange fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 2 | 3 | 2 | 4 |
Other | Wealth management fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 1 | (1) | (1) |
Other | Other customer-related fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 8 | 6 | 13 | 10 |
Zions Bank | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 39 | 31 | 73 | 65 |
Other noninterest income (Non-ASC 606 customer-related) | 7 | 7 | 12 | 12 |
Total customer-related fees | 46 | 38 | 85 | 77 |
Other noninterest income (noncustomer-related) | 0 | 0 | 0 | (1) |
Total noninterest income | 46 | 38 | 85 | 76 |
Net interest income | 159 | 165 | 316 | 329 |
Total income less interest expense | 205 | 203 | 401 | 405 |
Zions Bank | Operating Segments | Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 11 | 10 | 22 | 21 |
Zions Bank | Operating Segments | Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 15 | 11 | 27 | 23 |
Zions Bank | Operating Segments | Retail and business banking fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 6 | 5 | 10 | 10 |
Zions Bank | Operating Segments | Capital markets and foreign exchange fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | (1) | 0 | (1) |
Zions Bank | Operating Segments | Wealth management fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 5 | 4 | 10 | 8 |
Zions Bank | Operating Segments | Other customer-related fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 2 | 2 | 4 | 4 |
Amegy | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 25 | 24 | 50 | 50 |
Other noninterest income (Non-ASC 606 customer-related) | 9 | 8 | 16 | 17 |
Total customer-related fees | 34 | 32 | 66 | 67 |
Other noninterest income (noncustomer-related) | 1 | (1) | 1 | 0 |
Total noninterest income | 35 | 31 | 67 | 67 |
Net interest income | 117 | 126 | 233 | 246 |
Total income less interest expense | 152 | 157 | 300 | 313 |
Amegy | Operating Segments | Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 10 | 10 | 19 | 18 |
Amegy | Operating Segments | Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 7 | 6 | 13 | 12 |
Amegy | Operating Segments | Retail and business banking fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 4 | 3 | 7 | 7 |
Amegy | Operating Segments | Capital markets and foreign exchange fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 1 | 2 | 3 |
Amegy | Operating Segments | Wealth management fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 3 | 2 | 6 | 6 |
Amegy | Operating Segments | Other customer-related fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 2 | 3 | 4 |
CB&T | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 15 | 13 | 30 | 28 |
Other noninterest income (Non-ASC 606 customer-related) | 9 | 6 | 17 | 15 |
Total customer-related fees | 24 | 19 | 47 | 43 |
Other noninterest income (noncustomer-related) | 1 | 0 | 2 | 1 |
Total noninterest income | 25 | 19 | 49 | 44 |
Net interest income | 133 | 127 | 264 | 252 |
Total income less interest expense | 158 | 146 | 313 | 296 |
CB&T | Operating Segments | Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 6 | 5 | 12 | 11 |
CB&T | Operating Segments | Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 4 | 3 | 8 | 6 |
CB&T | Operating Segments | Retail and business banking fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 3 | 3 | 6 | 6 |
CB&T | Operating Segments | Capital markets and foreign exchange fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 0 | 0 |
CB&T | Operating Segments | Wealth management fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 | 2 | 2 |
CB&T | Operating Segments | Other customer-related fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 | 2 | 3 |
NBAZ | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 8 | 6 | 15 | 14 |
Other noninterest income (Non-ASC 606 customer-related) | 2 | 4 | 6 | 7 |
Total customer-related fees | 10 | 10 | 21 | 21 |
Other noninterest income (noncustomer-related) | 1 | 0 | 1 | 0 |
Total noninterest income | 11 | 10 | 22 | 21 |
Net interest income | 53 | 54 | 105 | 108 |
Total income less interest expense | 64 | 64 | 127 | 129 |
NBAZ | Operating Segments | Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 2 | 2 | 4 | 4 |
NBAZ | Operating Segments | Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 3 | 2 | 5 | 5 |
NBAZ | Operating Segments | Retail and business banking fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 2 | 2 | 4 | 4 |
NBAZ | Operating Segments | Capital markets and foreign exchange fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 0 | 0 |
NBAZ | Operating Segments | Wealth management fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 0 | 1 | 1 |
NBAZ | Operating Segments | Other customer-related fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 1 | 0 |
NSB | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 9 | 6 | 17 | 15 |
Other noninterest income (Non-ASC 606 customer-related) | 3 | 4 | 8 | 6 |
Total customer-related fees | 12 | 10 | 25 | 21 |
Other noninterest income (noncustomer-related) | 0 | 0 | 0 | 0 |
Total noninterest income | 12 | 10 | 25 | 21 |
Net interest income | 37 | 37 | 74 | 73 |
Total income less interest expense | 49 | 47 | 99 | 94 |
NSB | Operating Segments | Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 2 | 1 | 4 | 4 |
NSB | Operating Segments | Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 3 | 2 | 6 | 5 |
NSB | Operating Segments | Retail and business banking fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 3 | 2 | 5 | 4 |
NSB | Operating Segments | Capital markets and foreign exchange fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 0 | 0 |
NSB | Operating Segments | Wealth management fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 | 2 | 2 |
NSB | Operating Segments | Other customer-related fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 0 | 0 |
Vectra | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 5 | 4 | 10 | 9 |
Other noninterest income (Non-ASC 606 customer-related) | 3 | 4 | 6 | 7 |
Total customer-related fees | 8 | 8 | 16 | 16 |
Other noninterest income (noncustomer-related) | 0 | 0 | 0 | 0 |
Total noninterest income | 8 | 8 | 16 | 16 |
Net interest income | 35 | 34 | 68 | 67 |
Total income less interest expense | 43 | 42 | 84 | 83 |
Vectra | Operating Segments | Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 2 | 1 | 3 | 3 |
Vectra | Operating Segments | Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 | 3 | 2 |
Vectra | Operating Segments | Retail and business banking fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 | 2 | 2 |
Vectra | Operating Segments | Capital markets and foreign exchange fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 0 | 0 |
Vectra | Operating Segments | Wealth management fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 1 | 1 |
Vectra | Operating Segments | Other customer-related fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 | 1 | 1 |
TCBW | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 | 2 | 1 |
Other noninterest income (Non-ASC 606 customer-related) | 1 | 0 | 1 | 1 |
Total customer-related fees | 2 | 1 | 3 | 2 |
Other noninterest income (noncustomer-related) | 0 | 0 | 0 | 0 |
Total noninterest income | 2 | 1 | 3 | 2 |
Net interest income | 14 | 14 | 27 | 26 |
Total income less interest expense | 16 | 15 | 30 | 28 |
TCBW | Operating Segments | Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 | 1 | 1 |
TCBW | Operating Segments | Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 1 | 0 |
TCBW | Operating Segments | Retail and business banking fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 0 | 0 |
TCBW | Operating Segments | Capital markets and foreign exchange fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 0 | 0 |
TCBW | Operating Segments | Wealth management fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 0 | 0 |
TCBW | Operating Segments | Other customer-related fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | 22.20% | 19.50% | 21.90% | 18.40% | |
Deferred tax liabilities | $ 63,000,000 | $ 63,000,000 | $ 3,000,000 | ||
Valuation allowance | $ 0 | $ 0 | $ 0 |
Net Earnings Per Common Share -
Net Earnings Per Common Share - Basic and Diluted Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Basic: | ||||
Net income | $ 354 | $ 66 | $ 676 | $ 80 |
Less common and preferred dividends | 65 | 66 | 129 | 130 |
Less impact from redemption of preferred stock | 3 | 0 | 3 | 0 |
Undistributed earnings | 286 | 0 | 544 | (50) |
Less undistributed earnings applicable to nonvested shares | 2 | 0 | 5 | 0 |
Undistributed earnings applicable to common shares | 284 | 0 | 539 | (50) |
Distributed earnings applicable to common shares | 56 | 56 | 111 | 112 |
Total earnings applicable to common shares | $ 340 | $ 56 | $ 650 | $ 62 |
Weighted average common shares outstanding (in shares) | 162,742 | 163,542 | 163,144 | 163,843 |
Net earnings per common share (in dollars per share) | $ 2.08 | $ 0.34 | $ 3.98 | $ 0.38 |
Diluted: | ||||
Dilutive effect of common stock warrants (in shares) | 0 | 723 | 0 | 4,012 |
Dilutive effect of stock options (in shares) | 312 | 160 | 324 | 277 |
Weighted average diluted common shares outstanding (in shares) | 163,054 | 164,425 | 163,468 | 168,132 |
Net earnings per common share (in dollars per share) | $ 2.08 | $ 0.34 | $ 3.98 | $ 0.37 |
Net Earnings Per Common Share_2
Net Earnings Per Common Share - Stock Awards that were Anti-Dilutive (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restricted stock and restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,374 | 1,321 | 1,394 | 1,357 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 7 | 938 | 234 | 855 |
Operating Segment Information_2
Operating Segment Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)branch | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)branchsegment | Jun. 30, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of bank operating segments | segment | 7 | |||
Number of branches | branch | 419 | 419 | ||
Net interest income | $ 555 | $ 563 | $ 1,100 | $ 1,111 |
Provision for credit losses | (123) | 168 | (255) | 426 |
Net interest income after provision for credit losses | 678 | 395 | 1,355 | 685 |
Total noninterest income | 205 | 117 | 374 | 250 |
Total noninterest expense | 428 | 430 | 863 | 837 |
Income before income taxes | 455 | 82 | 866 | 98 |
Total average loans | 52,770 | 54,268 | 53,215 | 51,532 |
Total average deposits | 74,640 | 63,000 | 73,052 | 59,954 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 7 | 6 | 13 | 10 |
Provision for credit losses | 0 | (3) | (1) | 1 |
Net interest income after provision for credit losses | 7 | 9 | 14 | 9 |
Total noninterest income | 66 | 0 | 107 | 3 |
Total noninterest expense | 48 | 65 | 92 | 98 |
Income before income taxes | 25 | (56) | 29 | (86) |
Total average loans | 865 | 561 | 833 | 563 |
Total average deposits | 1,350 | 2,410 | 1,684 | 2,814 |
Zions Bank | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 159 | 165 | 316 | 329 |
Provision for credit losses | (8) | 40 | (19) | 94 |
Net interest income after provision for credit losses | 167 | 125 | 335 | 235 |
Total noninterest income | 46 | 38 | 85 | 76 |
Total noninterest expense | 113 | 111 | 231 | 221 |
Income before income taxes | 100 | 52 | 189 | 90 |
Total average loans | 13,248 | 14,222 | 13,488 | 13,611 |
Total average deposits | 22,862 | 17,977 | 22,289 | 16,953 |
Amegy | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 117 | 126 | 233 | 246 |
Provision for credit losses | (45) | 25 | (98) | 127 |
Net interest income after provision for credit losses | 162 | 101 | 331 | 119 |
Total noninterest income | 35 | 31 | 67 | 67 |
Total noninterest expense | 84 | 79 | 169 | 161 |
Income before income taxes | 113 | 53 | 229 | 25 |
Total average loans | 12,452 | 13,570 | 12,577 | 12,984 |
Total average deposits | 15,350 | 13,023 | 14,800 | 12,344 |
CB&T | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 133 | 127 | 264 | 252 |
Provision for credit losses | (32) | 46 | (69) | 84 |
Net interest income after provision for credit losses | 165 | 81 | 333 | 168 |
Total noninterest income | 25 | 19 | 49 | 44 |
Total noninterest expense | 76 | 74 | 156 | 151 |
Income before income taxes | 114 | 26 | 226 | 61 |
Total average loans | 13,053 | 12,524 | 13,052 | 11,773 |
Total average deposits | 15,602 | 13,522 | 15,393 | 12,825 |
NBAZ | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 53 | 54 | 105 | 108 |
Provision for credit losses | (14) | 16 | (24) | 35 |
Net interest income after provision for credit losses | 67 | 38 | 129 | 73 |
Total noninterest income | 11 | 10 | 22 | 21 |
Total noninterest expense | 37 | 35 | 75 | 72 |
Income before income taxes | 41 | 13 | 76 | 22 |
Total average loans | 4,950 | 5,247 | 5,029 | 4,991 |
Total average deposits | 7,036 | 5,722 | 6,791 | 5,413 |
NSB | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 37 | 37 | 74 | 73 |
Provision for credit losses | (12) | 40 | (30) | 52 |
Net interest income after provision for credit losses | 49 | (3) | 104 | 21 |
Total noninterest income | 12 | 10 | 25 | 21 |
Total noninterest expense | 36 | 34 | 72 | 70 |
Income before income taxes | 25 | (27) | 57 | (28) |
Total average loans | 3,120 | 3,169 | 3,183 | 2,942 |
Total average deposits | 6,552 | 5,402 | 6,312 | 5,115 |
Vectra | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 35 | 34 | 68 | 67 |
Provision for credit losses | (11) | (1) | (11) | 23 |
Net interest income after provision for credit losses | 46 | 35 | 79 | 44 |
Total noninterest income | 8 | 8 | 16 | 16 |
Total noninterest expense | 29 | 27 | 57 | 53 |
Income before income taxes | 25 | 16 | 38 | 7 |
Total average loans | 3,476 | 3,490 | 3,463 | 3,296 |
Total average deposits | 4,388 | 3,662 | 4,334 | 3,325 |
TCBW | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 14 | 14 | 27 | 26 |
Provision for credit losses | (1) | 5 | (3) | 10 |
Net interest income after provision for credit losses | 15 | 9 | 30 | 16 |
Total noninterest income | 2 | 1 | 3 | 2 |
Total noninterest expense | 5 | 5 | 11 | 11 |
Income before income taxes | 12 | 5 | 22 | 7 |
Total average loans | 1,606 | 1,485 | 1,590 | 1,372 |
Total average deposits | $ 1,500 | $ 1,282 | $ 1,449 | $ 1,165 |
Utah | Zions Bank | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 96 | 96 | ||
Idaho | Zions Bank | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 25 | 25 | ||
Wyoming | Zions Bank | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 1 | 1 | ||
Texas | Amegy | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 75 | 75 | ||
California | CB&T | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 83 | 83 | ||
Arizona | NBAZ | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 56 | 56 | ||
Nevada | NSB | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 45 | 45 | ||
Colorado | Vectra | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 34 | 34 | ||
New Mexico | Vectra | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 1 | 1 | ||
Washington | TCBW | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 2 | 2 | ||
Oregon | TCBW | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 1 | 1 |
Uncategorized Items - zions-202
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |