Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 | 844-8208 | |
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 | 148,145,133 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
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, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 701 | $ 657 |
Money market investments: | ||
Interest-bearing deposits | 1,531 | 1,340 |
Federal funds sold and securities purchased under agreements to resell | 781 | 2,426 |
Investment securities: | ||
Held-to-maturity, at amortized cost (fair value: $10,768 and $11,239) | 10,753 | 11,126 |
Available-for-sale, at fair value | 10,832 | 11,915 |
Trading, at fair value | 32 | 465 |
Total investment securities | 21,617 | 23,506 |
Loans held for sale | 36 | 8 |
Loans and leases, net of unearned income and fees | 56,917 | 55,653 |
Less allowance for loan and lease losses | 651 | 575 |
Loans held for investment, net of allowance | 56,266 | 55,078 |
Other noninterest-bearing investments | 956 | 1,130 |
Premises, equipment and software, net | 1,414 | 1,408 |
Goodwill and intangibles | 1,062 | 1,065 |
Other real estate owned | 3 | 3 |
Other assets | 2,863 | 2,924 |
Total assets | 87,230 | 89,545 |
Deposits: | ||
Noninterest-bearing demand | 28,670 | 35,777 |
Interest-bearing: | ||
Savings and money market | 33,394 | 33,566 |
Time | 12,259 | 2,309 |
Total deposits | 74,323 | 71,652 |
Federal funds and other short-term borrowings | 5,513 | 10,417 |
Long-term debt | 538 | 651 |
Reserve for unfunded lending commitments | 60 | 61 |
Other liabilities | 1,513 | 1,871 |
Total liabilities | 81,947 | 84,652 |
Shareholders’ equity: | ||
Preferred stock, without par value; authorized 4,400 shares | 440 | 440 |
Common stock ($0.001 par value; authorized 350,000 shares; issued and outstanding 148,144 and 148,664 shares) and additional paid-in capital | 1,722 | 1,754 |
Retained earnings | 6,051 | 5,811 |
Accumulated other comprehensive income (loss) | (2,930) | (3,112) |
Total shareholders’ equity | 5,283 | 4,893 |
Total liabilities and shareholders’ equity | $ 87,230 | $ 89,545 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Investment securities: | ||
Held-to-maturity, Estimated fair value | $ 10,768 | $ 11,239 |
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) | 148,144,000 | 148,664,000 |
Common stock, outstanding shares (in shares) | 148,144,000 | 148,664,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest income: | ||||
Interest and fees on loans | $ 791 | $ 468 | $ 1,517 | $ 905 |
Interest on money market investments | 48 | 12 | 105 | 18 |
Interest on securities | 138 | 128 | 275 | 240 |
Total interest income | 977 | 608 | 1,897 | 1,163 |
Interest expense: | ||||
Interest on deposits | 220 | 7 | 302 | 13 |
Interest on short- and long-term borrowings | 166 | 8 | 325 | 13 |
Total interest expense | 386 | 15 | 627 | 26 |
Net interest income | 591 | 593 | 1,270 | 1,137 |
Provision for credit losses: | ||||
Provision for loan and lease losses | 46 | 39 | 92 | 10 |
Provision for unfunded lending commitments | 0 | 2 | (1) | (2) |
Total provision for credit losses | 46 | 41 | 91 | 8 |
Net interest income after provision for credit losses | 545 | 552 | 1,179 | 1,129 |
Noninterest income: | ||||
Commercial account fees | 45 | 37 | 88 | 78 |
Card fees | 25 | 25 | 49 | 50 |
Retail and business banking fees | 16 | 20 | 32 | 40 |
Loan-related fees and income | 19 | 21 | 40 | 43 |
Capital markets fees | 27 | 21 | 44 | 36 |
Wealth management fees | 14 | 13 | 29 | 27 |
Other customer-related fees | 16 | 17 | 31 | 31 |
Customer-related noninterest income | 162 | 154 | 313 | 305 |
Fair value and nonhedge derivative income | 1 | 10 | (2) | 16 |
Dividends and other income (loss) | 26 | 7 | 37 | 9 |
Securities gains (losses), net | 0 | 1 | 1 | (16) |
Total noninterest income | 189 | 172 | 349 | 314 |
Noninterest expense: | ||||
Salaries and employee benefits | 324 | 307 | 663 | 619 |
Technology, telecom, and information processing | 58 | 53 | 113 | 105 |
Occupancy and equipment, net | 40 | 36 | 80 | 74 |
Professional and legal services | 16 | 14 | 29 | 28 |
Marketing and business development | 13 | 9 | 25 | 17 |
Deposit insurance and regulatory expense | 22 | 13 | 40 | 23 |
Credit-related expense | 7 | 7 | 13 | 14 |
Other real estate expense, net | 0 | 0 | 0 | 1 |
Other | 28 | 25 | 57 | 47 |
Total noninterest expense | 508 | 464 | 1,020 | 928 |
Income before income taxes | 226 | 260 | 508 | 515 |
Income taxes | 51 | 57 | 129 | 109 |
Net income | 175 | 203 | 379 | 406 |
Preferred stock dividends | (9) | (8) | (15) | (16) |
Net earnings applicable to common shareholders | $ 166 | $ 195 | $ 364 | $ 390 |
Weighted average common shares outstanding during the period: | ||||
Basic shares (in shares) | 147,692 | 150,635 | 147,852 | 150,958 |
Diluted shares (in shares) | 147,696 | 150,838 | 147,865 | 151,264 |
Earnings Per Share [Abstract] | ||||
Basic (in dollars per share) | $ 1.11 | $ 1.29 | $ 2.44 | $ 2.56 |
Diluted (in dollars per share) | $ 1.11 | $ 1.29 | $ 2.44 | $ 2.56 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income for the period | $ 175 | $ 203 | $ 379 | $ 406 | |
Other comprehensive income (loss), net of tax: | |||||
Net unrealized holding gains (losses) on investment securities | [1] | (32) | (698) | 94 | (1,820) |
Net unrealized losses on other noninterest-bearing investments | 0 | (1) | 0 | (1) | |
Net unrealized holding gains (losses) on derivative instruments | (8) | (50) | 21 | (184) | |
Reclassification adjustment for decrease (increase) in interest income recognized in earnings on derivative instruments | 30 | (5) | 67 | (15) | |
Total other comprehensive income (loss), net of tax | (10) | (754) | 182 | (2,020) | |
Comprehensive income (loss) | $ 165 | $ (551) | $ 561 | $ (1,614) | |
[1]For the three and six months ended June 30, 2023, the amounts include $86 million and $9 million related to the decline in the fair value of fixed-rate AFS securities as a result of higher interest rates, offset by $54 million and $103 million in amortization of the discount on the securities transferred from AFS to HTM during the fourth quarter of 2022, respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Decline in fair value of fixed-rate AFS | $ 86 | $ 9 |
Increase in amortization of discount | $ 54 | $ 103 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity - USD ($) $ in Millions | Total | Cumulative effect adjustment, due to adoption of ASU 2022-02, net of tax | Preferred stock | Common stock | Accumulated paid-in capital | Retained earnings | Retained earnings Cumulative effect adjustment, due to adoption of ASU 2022-02, net of tax | Accumulated other comprehensive income (loss) |
Balance at beginning of period at Dec. 31, 2021 | $ 7,463 | $ 440 | $ 0 | $ 1,928 | $ 5,175 | $ (80) | ||
Balance at beginning of period (in shares) at Dec. 31, 2021 | 151,625,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income for the period | 406 | 406 | ||||||
Other comprehensive income (loss), net of tax | (2,020) | (2,020) | ||||||
Bank common stock repurchased (in shares) | (1,714,000) | |||||||
Bank common stock repurchased | (101) | (101) | ||||||
Net activity under employee plans and related tax benefits (in shares) | 560,000 | |||||||
Net activity under employee plans and related tax benefits | 18 | 18 | ||||||
Dividends on preferred stock | (16) | (16) | ||||||
Dividends on common stock | (116) | (116) | ||||||
Change in deferred compensation | (2) | (2) | ||||||
Balance at end of period at Jun. 30, 2022 | 5,632 | 440 | $ 0 | 1,845 | 5,447 | (2,100) | ||
Balance at end of period (in shares) at Jun. 30, 2022 | 150,471,000 | |||||||
Balance at beginning of period at Dec. 31, 2021 | $ 7,463 | 440 | $ 0 | 1,928 | 5,175 | (80) | ||
Balance at beginning of period (in shares) at Dec. 31, 2021 | 151,625,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect adjustment, due to adoption of ASU 2022-02, net of tax | Accounting Standards Update 2022-02 [Member] | |||||||
Balance at end of period at Dec. 31, 2022 | $ 4,893 | $ (2) | 440 | $ 0 | 1,754 | 5,811 | $ (2) | (3,112) |
Balance at end of period (in shares) at Dec. 31, 2022 | 148,664,000 | 148,664,000 | ||||||
Balance at beginning of period at Mar. 31, 2022 | $ 6,294 | 440 | $ 0 | 1,889 | 5,311 | (1,346) | ||
Balance at beginning of period (in shares) at Mar. 31, 2022 | 151,348,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income for the period | 203 | 203 | ||||||
Other comprehensive income (loss), net of tax | (754) | (754) | ||||||
Bank common stock repurchased (in shares) | (936,000) | |||||||
Bank common stock repurchased | (50) | (50) | ||||||
Net activity under employee plans and related tax benefits (in shares) | 59,000 | |||||||
Net activity under employee plans and related tax benefits | 6 | 6 | ||||||
Dividends on preferred stock | (8) | (8) | ||||||
Dividends on common stock | (58) | (58) | ||||||
Change in deferred compensation | (1) | (1) | ||||||
Balance at end of period at Jun. 30, 2022 | 5,632 | 440 | $ 0 | 1,845 | 5,447 | (2,100) | ||
Balance at end of period (in shares) at Jun. 30, 2022 | 150,471,000 | |||||||
Balance at beginning of period at Dec. 31, 2022 | $ 4,893 | $ (2) | 440 | $ 0 | 1,754 | 5,811 | $ (2) | (3,112) |
Balance at beginning of period (in shares) at Dec. 31, 2022 | 148,664,000 | 148,664,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income for the period | $ 379 | 379 | ||||||
Other comprehensive income (loss), net of tax | 182 | 182 | ||||||
Bank common stock repurchased (in shares) | (953,000) | |||||||
Bank common stock repurchased | (50) | (50) | ||||||
Net activity under employee plans and related tax benefits (in shares) | 433,000 | |||||||
Net activity under employee plans and related tax benefits | 18 | 18 | ||||||
Dividends on preferred stock | (15) | (15) | ||||||
Dividends on common stock | (122) | (122) | ||||||
Change in deferred compensation | (4) | (4) | ||||||
Balance at end of period at Jun. 30, 2023 | $ 5,283 | 440 | $ 0 | 1,722 | 6,051 | (2,930) | ||
Balance at end of period (in shares) at Jun. 30, 2023 | 148,144,000 | 148,144,000 | ||||||
Balance at beginning of period at Mar. 31, 2023 | $ 5,184 | 440 | $ 0 | 1,715 | 5,949 | (2,920) | ||
Balance at beginning of period (in shares) at Mar. 31, 2023 | 148,100,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income for the period | 175 | 175 | ||||||
Other comprehensive income (loss), net of tax | (10) | (10) | ||||||
Net activity under employee plans and related tax benefits (in shares) | 44,000 | |||||||
Net activity under employee plans and related tax benefits | 7 | 7 | ||||||
Dividends on preferred stock | (9) | (9) | ||||||
Dividends on common stock | (61) | (61) | ||||||
Change in deferred compensation | (3) | (3) | ||||||
Balance at end of period at Jun. 30, 2023 | $ 5,283 | $ 440 | $ 0 | $ 1,722 | $ 6,051 | $ (2,930) | ||
Balance at end of period (in shares) at Jun. 30, 2023 | 148,144,000 | 148,144,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends on common stock (in dollars per share) | $ 0.41 | $ 0.38 | $ 0.82 | $ 0.76 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 379 | $ 406 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 91 | 8 |
Depreciation and amortization | 72 | 45 |
Share-based compensation | 24 | 22 |
Deferred income tax expense (benefit) | (13) | 29 |
Net decrease in trading securities | 433 | 67 |
Net decrease (increase) in loans held for sale | (25) | 42 |
Change in other liabilities | (363) | 389 |
Change in other assets | 164 | (205) |
Other, net | 57 | 1 |
Net cash provided by operating activities | 819 | 804 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net decrease in money market investments | 1,454 | 8,895 |
Proceeds from maturities and paydowns of investment securities held-to-maturity | 526 | 48 |
Purchases of investment securities held-to-maturity | (21) | (220) |
Proceeds from sales, maturities, and paydowns of investment securities available-for-sale | 1,328 | 1,915 |
Purchases of investment securities available-for-sale | (301) | (5,773) |
Net change in loans and leases | (1,311) | (1,476) |
Purchases and sales of other noninterest-bearing investments | 176 | (1) |
Purchases of premises and equipment | (53) | (102) |
Other, net | (18) | 11 |
Net cash provided by investing activities | 1,780 | 3,297 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase (decrease) in deposits | 2,671 | (3,728) |
Net change in short-term borrowed funds | (4,904) | 115 |
Redemption of long-term debt | (128) | (290) |
Proceeds from the issuance of common stock | 2 | 8 |
Dividends paid on common and preferred stock | (138) | (130) |
Bank common stock repurchased | (50) | (101) |
Other, net | (8) | (11) |
Net cash used in financing activities | (2,555) | (4,137) |
Net increase (decrease) in cash and due from banks | 44 | (36) |
Cash and due from banks at beginning of period | 657 | 595 |
Cash and due from banks at end of period | 701 | 559 |
Cash paid for interest | 546 | 31 |
Net cash paid for income taxes | 231 | 4 |
Noncash activities: | ||
Loans held for investment reclassified to loans held for sale, net | $ 49 | $ 61 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
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”). The results of operations for the three and six months ended June 30, 2023 and 2022 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. For further information, refer to the consolidated financial statements and accompanying footnotes included in our 2022 Form 10-K. We evaluated events that occurred between June 30, 2023 and the date the accompanying financial statements were issued, and determined that there were no material events that would require adjustments to our consolidated financial statements or significant disclosure in the accompanying Notes. As referenced in Note 7 of the Notes to Consolidated Financial Statements, we entered into additional pay-fixed swaps with an aggregate notional amount of $1 billion that were designated as fair value hedges of a defined portfolio of fixed-rate commercial loans in July 2023. 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 bank divisions, which we refer to as “affiliates,” or “affiliate banks,” each with its own local branding and management team. These include Zions Bank, in Utah, Idaho, and Wyoming; California Bank & Trust (“CB&T”); Amegy Bank (“Amegy”), in Texas; 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 | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Standard Description Date of adoption Effect on the financial statements or other significant matters Standards not yet adopted by the Bank ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force) This Accounting Standards Update (“ASU”) expands the optional use of the proportional amortization method (“PAM”), previously limited to investments in low-income housing tax credit (“LIHTC”) structures, to any eligible equity investments made primarily for the purpose of receiving income tax credit and other tax benefits when certain criteria are met. PAM results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense (benefit). This ASU allows for an accounting policy election to apply PAM on a tax-credit-program-by-tax-credit-program basis. The ASU also includes additional disclosure requirements about equity investments accounted for using PAM. The new standard is effective for calendar year-end public companies beginning January 1, 2024, with early adoption permitted. Periods beginning after December 15, 2023 We do not currently have any additional equity investments that are eligible for PAM under the provisions of this ASU. We will continue to evaluate its use for new investments. The overall effect of the guidance is not expected to have a material impact on our financial statements. We do not plan to early adopt this new standard. ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This ASU clarifies that contractual restrictions prohibiting the sale of an equity security are not considered part of the unit of account of the equity security, and therefore, are not considered in measuring fair value. The amendments clarify that an entity cannot recognize and measure a contractual sale restriction as a separate unit of account. The amendments in this ASU also require additional qualitative and quantitative disclosures for equity securities subject to contractual sale restrictions. The new standard is effective for calendar year-end public companies beginning January 1, 2024, with early adoption permitted. Periods beginning after December 15, 2023 The requirements of this ASU are consistent with our current treatment of equity securities subject to contractual sale restrictions and are not expected to impact the fair value measurements of these securities. We are evaluating supplementary disclosure requirements and additional data needed to meet these requirements. The overall effect of this standard is not expected to have a material impact on our financial statements. We do not plan to early adopt this new standard. Standards adopted by the Bank ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures This ASU eliminated the recognition and measurement requirements for troubled debt restructurings (“TDRs”) for creditors that have adopted ASC 326 (“CECL”), eliminated certain TDR disclosures, and required enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The new standard also required public companies to present current period gross charge-offs (on a current year-to-date basis for interim-period disclosures) by year of origination in their vintage disclosures. Periods beginning after December 15, 2022 We adopted this ASU on a modified retrospective basis on January 1, 2023. It did not have a material impact on our financial statements. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE 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 2022 Form 10-K. Fair Value Hierarchy The following schedule presents assets and liabilities measured at fair value on a recurring basis: (In millions) June 30, 2023 Level 1 Level 2 Level 3 Total ASSETS Available-for-sale securities: U.S. Treasury, agencies, and corporations $ 475 $ 8,943 $ — $ 9,418 Municipal securities 1,391 1,391 Other debt securities 23 23 Total available-for-sale 475 10,357 — 10,832 Trading securities 32 32 Other noninterest-bearing investments: Bank-owned life insurance 549 549 Private equity investments 1 3 84 87 Other assets: Agriculture loan servicing and interest-only strips 17 17 Loans held for sale 20 20 Deferred compensation plan assets 114 114 Derivatives 491 491 Total assets $ 592 $ 11,449 $ 101 $ 12,142 LIABILITIES Securities sold, not yet purchased $ 347 $ — $ — $ 347 Other liabilities: Derivatives 409 409 Total liabilities $ 347 $ 409 $ — $ 756 1 The Level 1 private equity investments (“PEIs”) relate to the portion of our Small Business Investment Company (“SBIC”) investments that are publicly traded. (In millions) December 31, 2022 Level 1 Level 2 Level 3 Total ASSETS Available-for-sale securities: U.S. Treasury, agencies, and corporations $ 393 $ 9,815 $ — $ 10,208 Municipal securities 1,634 1,634 Other debt securities 73 73 Total available-for-sale 393 11,522 — 11,915 Trading securities 395 70 465 Other noninterest-bearing investments: Bank-owned life insurance 546 546 Private equity investments 1 4 81 85 Other assets: Agriculture loan servicing and interest-only strips 14 14 Deferred compensation plan assets 114 114 Derivatives 386 386 Total assets $ 906 $ 12,524 $ 95 $ 13,525 LIABILITIES Securities sold, not yet purchased $ 187 $ — $ — $ 187 Other liabilities: Derivatives 451 451 Total liabilities $ 187 $ 451 $ — $ 638 1 The Level 1 PEIs relate to the portion of our SBIC investments that are publicly traded. Level 3 Valuations Our Level 3 financial instruments include PEIs, agriculture loan servicing, and interest-only strips. For additional information regarding our Level 3 financial instruments, including the methods and significant assumptions used to estimate their fair value, see Note 3 of our 2022 Form 10-K. Rollforward of Level 3 Fair Value Measurements The following schedule presents a rollforward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs: Level 3 Instruments Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (In millions) Private equity investments Ag loan servicing & interest-only strips Private equity investments Ag loan servicing & interest-only strips Private equity investments Ag loan servicing & interest-only strips Private equity investments Ag loan servicing & interest-only strips Balance at beginning of period $ 82 $ 18 $ 74 $ 12 $ 81 $ 14 $ 66 $ 12 Unrealized securities gains (losses), net (3) — — — (3) — 5 — Other noninterest income (expense) — (1) — — — 3 — — Purchases 5 — 3 — 6 — 9 — Cost of investments sold — — — — — — (3) — Transfers out 1 — — — — — — — — Balance at end of period $ 84 $ 17 $ 77 $ 12 $ 84 $ 17 $ 77 $ 12 1 Represents the transfer of SBIC investments out of Level 3 and into Level 1 because they are publicly traded. The rollforward of Level 3 instruments includes the following realized gains and losses recognized in securities gains (losses) on the consolidated statement of income for the periods presented: (In millions) Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Securities gains (losses), net $ — $ — $ — $ (2) Nonrecurring Fair Value Measurements Certain assets and liabilities may be measured at fair value on a nonrecurring basis, including impaired loans that have been measured based on the fair value of the underlying collateral, other real estate owned (“OREO”), and equity investments without readily determinable fair values. Nonrecurring fair value adjustments generally include changes in value resulting from observable price changes for equity investments without readily determinable fair values, write-downs of individual assets, or the application of lower of cost or fair value accounting. At June 30, 2023, we had $10 million of collateral-dependent loans classified in Level 2, and we recognized $4 million of losses from fair value changes related to these loans. At December 31, 2022, we had an insignificant amount of assets or liabilities that had fair value changes measured on a nonrecurring basis. For additional information regarding the measurement of fair value for impaired loans, collateral-dependent loans, and OREO, see Note 3 of our 2022 Form 10-K. Fair Value of Certain Financial Instruments The following schedule presents the carrying values and estimated fair values of certain financial instruments: June 30, 2023 December 31, 2022 (In millions) Carrying Fair value Level Carrying Fair value Level Financial assets: Held-to-maturity investment securities $ 10,753 $ 10,768 2 $ 11,126 $ 11,239 2 Loans and leases (including loans held for sale), net of allowance 56,302 53,885 3 55,086 53,093 3 Financial liabilities: Time deposits 12,259 12,187 2 2,309 2,269 2 Long-term debt 538 460 2 651 635 2 The previous schedule does not include certain financial instruments that are recorded at fair value on a recurring basis, as well as certain financial assets and liabilities for which the carrying value approximates fair value. 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 2022 Form 10-K. Fair Value Option for Certain Loans Held for Sale During the second quarter of 2023, we elected the fair value option for certain commercial real estate loans that are intended for sale or securitization and are hedged with derivative instruments. Electing the fair value option reduces the accounting volatility that would otherwise result from the asymmetry created by accounting for the loans held for sale at the lower of cost or fair value and the derivatives at fair value without the complexity of applying hedge accounting. These loans are presented in “Loans held for sale” on the consolidated balance sheet, and associated gains and losses are presented in “Capital markets fees” on the consolidated statement of income. These commercial real estate loans measured at fair value are generally classified in Level 2 in the fair value hierarchy because their pricing is based on observable market inputs. At June 30, 2023, we had $19.8 million of loans measured at fair value ($20.0 million par value). For the second quarter of 2023, we recognized approximately $2 million of net gains from fair value changes of loans carried at fair value and the associated derivatives. |
Offsetting Assets and Liabiliti
Offsetting Assets and Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Offsetting [Abstract] | |
OFFSETTING ASSETS AND LIABILITIES | OFFSETTING ASSETS AND LIABILITIES The following schedules present gross and net information for selected financial instruments on the balance sheet. June 30, 2023 Gross amounts not offset in the balance sheet (In millions) 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 securities purchased under agreements to resell $ 868 $ (87) $ 781 $ — $ — $ 781 Derivatives (included in other assets) 491 — 491 (9) (470) 12 Total assets $ 1,359 $ (87) $ 1,272 $ (9) $ (470) $ 793 Liabilities: Federal funds and other short-term borrowings $ 5,600 $ (87) $ 5,513 $ — $ — $ 5,513 Derivatives (included in other liabilities) 409 — 409 (9) (1) 399 Total liabilities $ 6,009 $ (87) $ 5,922 $ (9) $ (1) $ 5,912 December 31, 2022 Gross amounts not offset in the balance sheet (In millions) 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 securities purchased under agreements to resell $ 2,451 $ (25) $ 2,426 $ — $ — $ 2,426 Derivatives (included in other assets) 386 — 386 (10) (367) 9 Total assets $ 2,837 $ (25) $ 2,812 $ (10) $ (367) $ 2,435 Liabilities: Federal funds and other short-term borrowings $ 10,442 $ (25) $ 10,417 $ — $ — $ 10,417 Derivatives (included in other liabilities) 451 — 451 (10) — 441 Total liabilities $ 10,893 $ (25) $ 10,868 $ (10) $ — $ 10,858 Security repurchase and reverse repurchase agreements are offset, when applicable, in the balance sheet according to master netting agreements. Security repurchase agreements are included with “Federal funds 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, 2023 | |
Investments [Abstract] | |
INVESTMENTS | INVESTMENTS Investment Securities Investment securities are classified as held-to-maturity (“HTM”), available-for-sale (“AFS”), or trading. HTM securities, which management has the intent and ability to hold until maturity, are measured at amortized cost. The amortized cost amounts represent the original cost of the investments, adjusted for related amortization or accretion of any purchase premiums or discounts, and for any impairment losses, including credit-related impairment. When a security is transferred from AFS to HTM, the difference between its amortized cost basis and fair value at the date of transfer is amortized as a yield adjustment through interest income, and the fair value at the date of transfer results in a discount to the amortized cost basis of the HTM securities. The amortization of the unrealized losses reported in accumulated other comprehensive income (“AOCI”) will offset the effect of the accretion of the discount in interest income that is created by the transfer. AFS securities are measured at fair value, and changes in fair value (unrealized gains and losses) are reported as net increases or decreases to AOCI, net of related taxes. Trading securities are measured 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 $67 million and $75 million at June 30, 2023 and December 31, 2022, respectively. These receivables are presented on the consolidated balance sheet in “Other assets.” See Notes 3 and 5 of our 2022 Form 10-K for more information regarding our process to estimate the fair value and accounting for our investment securities, respectively. The following schedule presents the amortized cost and estimated fair values of our HTM and AFS securities: June 30, 2023 (In millions) Amortized Gross unrealized gains Gross unrealized losses Estimated Held-to-maturity U.S. Government agencies and corporations: Agency securities $ 96 $ — $ 6 $ 90 Agency guaranteed mortgage-backed securities 1 10,289 116 70 10,335 Municipal securities 368 — 25 343 Total held-to-maturity 10,753 116 101 10,768 Available-for-sale U.S. Treasury securities 565 — 90 475 U.S. Government agencies and corporations: Agency securities 717 — 40 677 Agency guaranteed mortgage-backed securities 8,991 — 1,344 7,647 Small Business Administration loan-backed securities 646 — 27 619 Municipal securities 1,480 — 89 1,391 Other debt securities 25 — 2 23 Total available-for-sale 12,424 — 1,592 10,832 Total HTM and AFS investment securities $ 23,177 $ 116 $ 1,693 $ 21,600 December 31, 2022 (In millions) Amortized Gross unrealized gains Gross unrealized losses Estimated Held-to-maturity U.S. Government agencies and corporations: Agency securities $ 100 $ — $ 7 $ 93 Agency guaranteed mortgage-backed securities 1 10,621 165 14 10,772 Municipal securities 405 — 31 374 Total held-to-maturity 11,126 165 52 11,239 Available-for-sale U.S. Treasury securities 557 — 164 393 U.S. Government agencies and corporations: Agency securities 782 — 46 736 Agency guaranteed mortgage-backed securities 9,652 — 1,285 8,367 Small Business Administration loan-backed securities 740 1 29 712 Municipal securities 1,732 1 99 1,634 Other debt securities 75 — 2 73 Total available-for-sale 13,538 2 1,625 11,915 Total HTM and AFS investment securities $ 24,664 $ 167 $ 1,677 $ 23,154 1 During the fourth quarter of 2022, we transferred approximately $10.7 billion fair value ($13.1 billion amortized cost) of mortgage-backed AFS securities to the HTM category to reflect our intent for these securities. The transfer of these securities from AFS to HTM at fair value resulted in a discount to the amortized cost basis of the HTM securities equivalent to the $2.4 billion ($1.8 billion after tax) of unrealized losses in AOCI. The amortization of the unrealized losses will offset the effect of the accretion of the discount created by the transfer. At June 30, 2023, the unamortized discount on the HTM securities totaled approximately $2.2 billion ($1.7 billion after tax). Maturities The following schedule presents the amortized cost and weighted average yields of debt securities by contractual maturity of principal payments at June 30, 2023. This schedule does not reflect the duration of the portfolio, which would incorporate amortization, expected prepayments, interest rate resets, and fair value hedges. June 30, 2023 Total 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 Average yield Amortized cost Average yield Amortized cost Average yield Amortized cost Average yield Amortized cost Average yield Held-to-maturity U.S. Government agencies and corporations: Agency securities $ 96 3.54 % $ — — % $ — — % $ — — % $ 96 3.54 % Agency guaranteed mortgage-backed securities 10,289 1.84 — — — — 46 2.02 10,243 1.84 Municipal securities 1 368 3.15 27 2.77 135 2.98 168 3.33 38 3.19 Total held-to-maturity securities 10,753 1.90 27 2.77 135 2.98 214 3.05 10,377 1.86 Available-for-sale U.S. Treasury securities 565 3.12 164 5.01 — — — — 401 2.35 U.S. Government agencies and corporations: Agency securities 717 2.65 114 1.07 191 3.13 218 2.63 194 3.12 Agency guaranteed mortgage-backed securities 8,991 1.99 21 4.38 233 1.56 1,502 2.09 7,235 1.97 Small Business Administration loan-backed securities 646 5.22 — — 33 5.84 146 4.30 467 5.46 Municipal securities 1 1,480 2.18 122 2.40 500 2.62 678 1.84 180 2.08 Other debt securities 25 8.53 — — — — 10 9.50 15 7.88 Total available-for-sale securities 12,424 2.28 421 3.15 957 2.58 2,554 2.22 8,492 2.22 Total HTM and AFS investment securities $ 23,177 2.10 % $ 448 3.13 % $ 1,092 2.63 % $ 2,768 2.29 % $ 18,869 2.02 % 1 The yields on tax-exempt securities are calculated on a tax-equivalent basis. The following schedule presents gross unrealized losses for AFS securities and the estimated fair value by length of time the securities have been in an unrealized loss position. June 30, 2023 Less than 12 months 12 months or more Total (In millions) Gross Estimated Gross Estimated Gross Estimated Available-for-sale U.S. Treasury securities $ — $ 55 $ 90 $ 311 $ 90 $ 366 U.S. Government agencies and corporations: Agency securities 2 33 38 617 40 650 Agency guaranteed mortgage-backed securities 83 482 1,261 7,140 1,344 7,622 Small Business Administration loan-backed securities — 21 27 525 27 546 Municipal securities 7 495 82 871 89 1,366 Other — — 2 13 2 13 Total available-for-sale investment securities $ 92 $ 1,086 $ 1,500 $ 9,477 $ 1,592 $ 10,563 December 31, 2022 Less than 12 months 12 months or more Total (In millions) Gross Estimated Gross Estimated Gross Estimated Available-for-sale U.S. Treasury securities $ 94 $ 308 $ 70 $ 85 $ 164 $ 393 U.S. Government agencies and corporations: Agency securities 39 634 7 102 46 736 Agency guaranteed mortgage-backed securities 447 4,322 838 4,042 1,285 8,364 Small Business Administration loan-backed securities 8 101 21 524 29 625 Municipal securities 63 1,295 36 256 99 1,551 Other 2 13 — — 2 13 Total available-for-sale investment securities $ 653 $ 6,673 $ 972 $ 5,009 $ 1,625 $ 11,682 At June 30, 2023 and December 31, 2022, approximately 3,219 and 3,562 AFS investment securities were in an unrealized loss position, respectively. Impairment On a quarterly basis, we review our investment securities portfolio for the presence of impairment on an individual security basis. For additional information on our policy and impairment evaluation process for investment securities, see Note 5 of our 2022 Form 10-K. AFS Impairment We did not recognize any impairment on our AFS investment securities portfolio during the first six months of 2023. Unrealized losses primarily relate to changes in interest rates subsequent to purchase and are not attributable to credit; as such, absent any future sales, we would expect to receive the full principal value at maturity. At June 30, 2023, 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 that we would be required to sell such securities before recovery of their amortized cost basis. HTM Impairment For HTM securities, the allowance for credit losses (“ACL”) is assessed consistent with the approach described in Note 6 for loans and leases measured at amortized cost. At June 30, 2023, the ACL on HTM securities was less than $1 million, all HTM securities were risk-graded as “ Pass ” in terms of credit quality, and none were considered past due. Securities Gains and Losses Recognized in Income The following schedule presents securities gains and losses recognized in the consolidated income statement. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Gross gains Gross losses Gross gains Gross losses Gross gains Gross losses Gross gains Gross losses Available-for-sale $ 71 $ 71 $ — $ — $ 72 $ 73 $ — $ — Trading 7 7 — — 10 9 — — Other noninterest-bearing investments 10 10 1 — 13 12 5 21 Total gains 88 88 1 — 95 94 5 21 Net gains (losses) 1 $ — $ 1 $ 1 $ (16) 1 Net gains (losses) were recognized in securities gains (losses) in the income statement. The following schedule presents interest income by security type. Three Months Ended June 30, 2023 2022 (In millions) Taxable Nontaxable Total Taxable Nontaxable Total Investment securities: Held-to-maturity $ 59 $ 1 $ 60 $ 3 $ 1 $ 4 Available-for-sale 69 8 77 109 11 120 Trading — 1 1 — 4 4 Total securities $ 128 $ 10 $ 138 $ 112 $ 16 $ 128 Six Months Ended June 30, 2023 2022 (In millions) Taxable Nontaxable Total Taxable Nontaxable Total Investment securities: Held-to-maturity $ 120 $ 2 $ 122 $ 5 $ 2 $ 7 Available-for-sale 138 14 152 205 19 224 Trading — 1 1 — 9 9 Total securities $ 258 $ 17 $ 275 $ 210 $ 30 $ 240 |
Loans, Leases, and Allowance fo
Loans, Leases, and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
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 $ 36 $ 8 Commercial: Commercial and industrial 1 $ 16,622 $ 16,377 Leasing 388 386 Owner-occupied 9,328 9,371 Municipal 4,354 4,361 Total commercial 30,692 30,495 Commercial real estate: Construction and land development 2,498 2,513 Term 10,406 10,226 Total commercial real estate 12,904 12,739 Consumer: Home equity credit line 3,291 3,377 1-4 family residential 7,980 7,286 Construction and other consumer real estate 1,434 1,161 Bankcard and other revolving plans 466 471 Other 150 124 Total consumer 13,321 12,419 Total loans and leases $ 56,917 $ 55,653 1 Commercial and industrial loan balances include Paycheck Protection Program (“PPP”) loans of $126 million and $197 million for the respective periods presented. Loans and leases are measured and presented at their amortized cost basis, which includes net unamortized purchase premiums, discounts, and deferred loan fees and costs totaling $38 million and $49 million at June 30, 2023 and December 31, 2022, respectively. Amortized cost basis does not include accrued interest receivables of $263 million and $247 million at June 30, 2023 and December 31, 2022, respectively. These receivables are presented in the consolidated balance sheet within the “ Other assets 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 $229 million at June 30, 2023 and $262 million at December 31, 2022. Loans with a carrying value of $39.8 billion at June 30, 2023 and $27.6 billion at December 31, 2022 have been pledged at the Federal Reserve (“FRB”) and the Federal Home Loan Bank (“FHLB”) of Des Moines as collateral for current and potential borrowings. At the time of origination, we determine the classification of loans as either held for investment or held for sale. Loans held for sale are measured at fair value or the lower of cost or fair value and primarily consist of (1) commercial real estate loans that are sold into securitization entities, and (2) conforming residential mortgages that are generally sold to U.S. government agencies. The following schedule presents loans added to, or sold from, the held for sale category during the periods presented. Three Months Ended Six Months Ended (In millions) 2023 2022 2023 2022 Loans added to held for sale $ 220 $ 190 $ 306 $ 487 Loans sold from held for sale 188 187 277 523 Occasionally, we have continuing involvement in the sold loans in the form of servicing rights or guarantees. The principal balance of sold loans for which we retain servicing was $3.4 billion and $3.5 billion at June 30, 2023 and December 31, 2022, respectively. Income from sold loans, excluding servicing, was $2 million and $7 million for the three and six months ended June 30, 2023, and $4 million and $10 million for the three and six months ended June 30, 2022, 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 2022 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 measured at amortized cost. See Note 5 of our 2022 Form 10-K for further discussion of our methodology used to estimate the ACL on AFS and HTM debt securities. Changes in the ACL are summarized as follows: Three Months Ended June 30, 2023 (In millions) Commercial Commercial Consumer Total Allowance for loan losses Balance at beginning of period $ 313 $ 160 $ 145 $ 618 Provision for loan losses 24 21 1 46 Gross loan and lease charge-offs 20 — 2 22 Recoveries 6 — 3 9 Net loan and lease charge-offs (recoveries) 14 — (1) 13 Balance at end of period $ 323 $ 181 $ 147 $ 651 Reserve for unfunded lending commitments Balance at beginning of period $ 19 $ 28 $ 13 $ 60 Provision for unfunded lending commitments 1 1 (2) — Balance at end of period $ 20 $ 29 $ 11 $ 60 Total allowance for credit losses at end of period Allowance for loan losses $ 323 $ 181 $ 147 $ 651 Reserve for unfunded lending commitments 20 29 11 60 Total allowance for credit losses $ 343 $ 210 $ 158 $ 711 Six Months Ended June 30, 2023 (In millions) Commercial Commercial Consumer Total Allowance for loan losses Balance at December 31, 2022 $ 300 $ 156 $ 119 $ 575 Adjustment for change in accounting standard — (4) 1 (3) Balance at beginning of period $ 300 $ 152 $ 120 $ 572 Provision for loan losses 34 29 29 92 Gross loan and lease charge-offs 23 — 6 29 Recoveries 12 — 4 16 Net loan and lease charge-offs (recoveries) 11 — 2 13 Balance at end of period $ 323 $ 181 $ 147 $ 651 Reserve for unfunded lending commitments Balance at beginning of period $ 16 $ 33 $ 12 $ 61 Provision for unfunded lending commitments 4 (4) (1) (1) Balance at end of period $ 20 $ 29 $ 11 $ 60 Total allowance for credit losses at end of period Allowance for loan losses $ 323 $ 181 $ 147 $ 651 Reserve for unfunded lending commitments 20 29 11 60 Total allowance for credit losses $ 343 $ 210 $ 158 $ 711 Three Months Ended June 30, 2022 (In millions) Commercial Commercial real estate Consumer Total Allowance for loan losses Balance at beginning of period $ 282 $ 102 $ 94 $ 478 Provision for loan losses 12 12 15 39 Gross loan and lease charge-offs 15 — 3 18 Recoveries 7 — 2 9 Net loan and lease charge-offs (recoveries) 8 — 1 9 Balance at end of period $ 286 $ 114 $ 108 $ 508 Reserve for unfunded lending commitments Balance at beginning of period $ 14 $ 12 $ 10 $ 36 Provision for unfunded lending commitments (1) 3 — 2 Balance at end of period $ 13 $ 15 $ 10 $ 38 Total allowance for credit losses at end of period Allowance for loan losses $ 286 $ 114 $ 108 $ 508 Reserve for unfunded lending commitments 13 15 10 38 Total allowance for credit losses $ 299 $ 129 $ 118 $ 546 Six Months Ended June 30, 2022 (In millions) Commercial Commercial Consumer Total Allowance for loan losses Balance at beginning of period $ 311 $ 107 $ 95 $ 513 Provision for loan losses (12) 7 15 10 Gross loan and lease charge-offs 28 — 7 35 Recoveries 15 — 5 20 Net loan and lease charge-offs (recoveries) 13 — 2 15 Balance at end of period $ 286 $ 114 $ 108 $ 508 Reserve for unfunded lending commitments Balance at beginning of period $ 19 $ 11 $ 10 $ 40 Provision for unfunded lending commitments (6) 4 — (2) Balance at end of period $ 13 $ 15 $ 10 $ 38 Total allowance for credit losses at end of period Allowance for loan losses $ 286 $ 114 $ 108 $ 508 Reserve for unfunded lending commitments 13 15 10 38 Total allowance for credit losses $ 299 $ 129 $ 118 $ 546 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 the borrower's ability and willingness to maintain payments. The amortized cost basis of nonaccrual loans is summarized as follows: June 30, 2023 Amortized cost basis Total amortized cost basis (In millions) with no allowance with allowance Related allowance Commercial: Commercial and industrial $ 11 $ 60 $ 71 $ 33 Owner-occupied 20 9 29 1 Total commercial 31 69 100 34 Commercial real estate: Term 7 6 13 1 Total commercial real estate 7 6 13 1 Consumer: Home equity credit line — 12 12 3 1-4 family residential 2 35 37 5 Total consumer loans 2 47 49 8 Total $ 40 $ 122 $ 162 $ 43 December 31, 2022 Amortized cost basis Total amortized cost basis (In millions) with no allowance with allowance Related allowance Commercial: Commercial and industrial $ 8 $ 55 $ 63 $ 27 Owner-occupied 13 11 24 1 Total commercial 21 66 87 28 Commercial real estate: Term — 14 14 2 Total commercial real estate — 14 14 2 Consumer: Home equity credit line 1 10 11 2 1-4 family residential 9 28 37 3 Total consumer loans 10 38 48 5 Total $ 31 $ 118 $ 149 $ 35 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 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. When the collectability of the amortized cost basis for a nonaccrual loan is no longer in doubt, then interest payments may be recognized in interest income on a cash basis. For the three and six months ended June 30, 2023 and 2022, there was no interest income recognized on a cash basis during the period the loans were on nonaccrual. The amount of accrued interest receivables reversed from interest income during the periods presented is summarized by loan portfolio segment as follows: Three Months Ended Six Months Ended (In millions) 2023 2022 2023 2022 Commercial $ 3 $ 4 $ 5 $ 8 Commercial real estate — — — — Consumer 1 — 1 — Total $ 4 $ 4 $ 6 $ 8 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, 2023 (In millions) Current 30-89 days 90+ days Total Total Accruing Nonaccrual loans that are current 1 Commercial: Commercial and industrial $ 16,594 $ 18 $ 10 $ 28 $ 16,622 $ 3 $ 57 Leasing 388 — — — 388 — — Owner-occupied 9,320 5 3 8 9,328 — 24 Municipal 4,347 7 — 7 4,354 — — Total commercial 30,649 30 13 43 30,692 3 81 Commercial real estate: Construction and land development 2,497 1 — 1 2,498 — — Term 10,385 18 3 21 10,406 3 13 Total commercial real estate 12,882 19 3 22 12,904 3 13 Consumer: Home equity credit line 3,275 12 4 16 3,291 — 6 1-4 family residential 7,950 10 20 30 7,980 — 14 Construction and other consumer real estate 1,434 — — — 1,434 — — Bankcard and other revolving plans 463 2 1 3 466 1 — Other 149 1 — 1 150 — — Total consumer loans 13,271 25 25 50 13,321 1 20 Total $ 56,802 $ 74 $ 41 $ 115 $ 56,917 $ 7 $ 114 December 31, 2022 (In millions) Current 30-89 days 90+ days Total Total Accruing Nonaccrual loans that are current 1 Commercial: Commercial and industrial $ 16,331 $ 24 $ 22 $ 46 $ 16,377 $ 4 $ 45 Leasing 386 — — — 386 — — Owner-occupied 9,344 20 7 27 9,371 1 15 Municipal 4,361 — — — 4,361 — — Total commercial 30,422 44 29 73 30,495 5 60 Commercial real estate: Construction and land development 2,511 2 — 2 2,513 — — Term 10,179 37 10 47 10,226 — 4 Total commercial real estate 12,690 39 10 49 12,739 — 4 Consumer: Home equity credit line 3,369 5 3 8 3,377 — 6 1-4 family residential 7,258 9 19 28 7,286 — 16 Construction and other consumer real estate 1,161 — — — 1,161 — — Bankcard and other revolving plans 467 3 1 4 471 1 — Other 124 — — — 124 — — Total consumer loans 12,379 17 23 40 12,419 1 22 Total $ 55,491 $ 100 $ 62 $ 162 $ 55,653 $ 6 $ 86 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 assigned to loans follow our definition 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. There were no loans classified as Doubtful at June 30, 2023 and December 31, 2022. For consumer loans and for commercial and commercial real estate (“CRE”) loans with commitments greater than $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, Special Mention, 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 by credit quality classification as monitored by management. The schedule also summarizes the current period gross charge-offs by year of origination. June 30, 2023 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) 2023 2022 2021 2020 2019 Prior Total Commercial: Commercial and industrial Pass $ 1,442 $ 2,955 $ 1,550 $ 758 $ 600 $ 703 $ 8,039 $ 177 $ 16,224 Special Mention 1 3 7 5 1 49 88 1 155 Accruing Substandard 1 37 3 3 33 28 65 2 172 Nonaccrual 5 5 2 2 1 1 52 3 71 Total commercial and industrial 1,449 3,000 1,562 768 635 781 8,244 183 16,622 Gross charge-offs — 6 5 — — — 7 2 20 Leasing Pass 53 146 58 38 54 31 — — 380 Special Mention — 1 1 — — — — — 2 Accruing Substandard — 2 — — — 4 — — 6 Nonaccrual — — — — — — — — — Total leasing 53 149 59 38 54 35 — — 388 Gross charge-offs — — — — — — — — — Owner-occupied Pass 662 2,027 2,077 1,058 761 2,128 199 48 8,960 Special Mention 2 5 66 3 17 13 2 — 108 Accruing Substandard 5 32 51 20 17 102 4 — 231 Nonaccrual 1 — 1 12 3 11 1 — 29 Total owner-occupied 670 2,064 2,195 1,093 798 2,254 206 48 9,328 Gross charge-offs — — — — — — — — — Municipal Pass 250 1,188 1,194 688 407 575 4 — 4,306 Special Mention — 38 — — — — — — 38 Accruing Substandard — — 6 3 1 — — — 10 Nonaccrual — — — — — — — — — Total municipal 250 1,226 1,200 691 408 575 4 — 4,354 Gross charge-offs — — — — — — — — — Total commercial 2,422 6,439 5,016 2,590 1,895 3,645 8,454 231 30,692 Total commercial gross charge-offs — 6 5 — — — 7 2 20 Commercial real estate: Construction and land development Pass 182 667 667 270 36 3 490 118 2,433 Special Mention 5 — — 12 — — 15 — 32 Accruing Substandard — 10 1 — 22 — — — 33 Nonaccrual — — — — — — — — — Total construction and land development 187 677 668 282 58 3 505 118 2,498 Gross charge-offs — — — — — — — — — Term Pass 876 2,704 1,888 1,673 969 1,639 219 173 10,141 Special Mention 23 17 1 41 2 9 — — 93 Accruing Substandard 30 23 1 37 27 41 — — 159 Nonaccrual — — — — 4 9 — — 13 Total term 929 2,744 1,890 1,751 1,002 1,698 219 173 10,406 Gross charge-offs — — — — — — — — — Total commercial real estate 1,116 3,421 2,558 2,033 1,060 1,701 724 291 12,904 Total commercial real estate gross charge-offs — — — — — — — — — June 30, 2023 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) 2023 2022 2021 2020 2019 Prior Total Consumer: Home equity credit line Pass — — — — — — 3,184 93 3,277 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 2 — 2 Nonaccrual — — — — — — 10 2 12 Total home equity credit line — — — — — — 3,196 95 3,291 Gross charge-offs — — — — — — — — — 1-4 family residential Pass 651 1,970 1,664 1,011 620 2,025 — — 7,941 Special Mention — — — — — — — — — Accruing Substandard — — — — — 2 — — 2 Nonaccrual — — 2 3 4 28 — — 37 Total 1-4 family residential 651 1,970 1,666 1,014 624 2,055 — — 7,980 Gross charge-offs — — — — — — — — — Construction and other consumer real estate Pass 74 940 372 27 12 9 — — 1,434 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total construction and other consumer real estate 74 940 372 27 12 9 — — 1,434 Gross charge-offs — — — — — — — — — Bankcard and other revolving plans Pass — — — — — — 462 2 464 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 2 — 2 Nonaccrual — — — — — — — — — Total bankcard and other revolving plans — — — — — — 464 2 466 Gross charge-offs — — — — — — 2 — 2 Other consumer Pass 61 48 24 8 6 3 — — 150 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total other consumer 61 48 24 8 6 3 — — 150 Gross charge-offs — — — — — — — — — Total consumer 786 2,958 2,062 1,049 642 2,067 3,660 97 13,321 Total consumer gross charge-offs — — — — — — 2 — 2 Total loans $ 4,324 $ 12,818 $ 9,636 $ 5,672 $ 3,597 $ 7,413 $ 12,838 $ 619 $ 56,917 Total gross charge-offs $ — $ 6 $ 5 $ — $ — $ — $ 9 $ 2 $ 22 December 31, 2022 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) 2022 2021 2020 2019 2018 Prior Total Commercial: Commercial and industrial Pass $ 3,363 $ 1,874 $ 979 $ 876 $ 293 $ 264 $ 8,054 $ 182 $ 15,885 Special Mention 1 2 10 52 1 2 50 — 118 Accruing Substandard 26 7 17 78 30 67 84 2 311 Nonaccrual — 8 5 11 1 2 32 4 63 Total commercial and industrial 3,390 1,891 1,011 1,017 325 335 8,220 188 16,377 Leasing Pass 160 71 47 66 18 19 — — 381 Special Mention — — — — — — — — — Accruing Substandard — — — — — 5 — — 5 Nonaccrual — — — — — — — — — Total leasing 160 71 47 66 18 24 — — 386 Owner-occupied Pass 2,157 2,285 1,143 874 654 1,679 187 74 9,053 Special Mention 1 15 5 8 3 16 1 — 49 Accruing Substandard 16 33 48 20 55 64 9 — 245 Nonaccrual 1 1 2 4 5 10 1 — 24 Total owner-occupied 2,175 2,334 1,198 906 717 1,769 198 74 9,371 Municipal Pass 1,230 1,220 816 441 168 437 8 — 4,320 Special Mention 32 6 — — — — — — 38 Accruing Substandard — — — — — 3 — — 3 Nonaccrual — — — — — — — — — Total municipal 1,262 1,226 816 441 168 440 8 — 4,361 Total commercial 6,987 5,522 3,072 2,430 1,228 2,568 8,426 262 30,495 Commercial real estate: Construction and land development Pass 548 671 455 81 2 2 617 96 2,472 Special Mention 1 1 — — — — — — 2 Accruing Substandard 17 — — 22 — — — — 39 Nonaccrual — — — — — — — — — Total construction and land development 566 672 455 103 2 2 617 96 2,513 Term Pass 2,861 2,107 1,686 1,012 666 1,229 276 112 9,949 Special Mention 39 21 11 — 4 1 — — 76 Accruing Substandard 42 2 34 21 53 35 — — 187 Nonaccrual — — — 4 1 9 — — 14 Total term 2,942 2,130 1,731 1,037 724 1,274 276 112 10,226 Total commercial real estate 3,508 2,802 2,186 1,140 726 1,276 893 208 12,739 December 31, 2022 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) 2022 2021 2020 2019 2018 Prior Total Consumer: Home equity credit line Pass — — — — — — 3,265 98 3,363 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 3 — 3 Nonaccrual — — — — — — 8 3 11 Total home equity credit line — — — — — — 3,276 101 3,377 1-4 family residential Pass 1,913 1,503 1,024 638 381 1,788 — — 7,247 Special Mention — — — — — — — — — Accruing Substandard — — — — — 2 — — 2 Nonaccrual — 2 2 4 3 26 — — 37 Total 1-4 family residential 1,913 1,505 1,026 642 384 1,816 — — 7,286 Construction and other consumer real estate Pass 583 485 64 19 5 5 — — 1,161 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total construction and other consumer real estate 583 485 64 19 5 5 — — 1,161 Bankcard and other revolving plans Pass — — — — — — 468 2 470 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 1 — 1 Nonaccrual — — — — — — — — — Total bankcard and other revolving plans — — — — — — 469 2 471 Other consumer Pass 68 30 12 8 4 2 — — 124 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total other consumer 68 30 12 8 4 2 — — 124 Total consumer 2,564 2,020 1,102 669 393 1,823 3,745 103 12,419 Total loans $ 13,059 $ 10,344 $ 6,360 $ 4,239 $ 2,347 $ 5,667 $ 13,064 $ 573 $ 55,653 Loan Modifications On January 1, 2023, we adopted ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminated the recognition and measurement of troubled debt restructurings (“TDRs”) and their related disclosures. As a result, we no longer separately measure an allowance for credit losses for TDRs, relying instead on our credit loss estimation models. The adoption of this guidance did not have a material impact on our financial statements. ASU 2022-02 requires enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. Loans may be modified in the normal course of business for competitive reasons or to strengthen our collateral position. Loan modifications may also occur when the borrower experiences financial difficulty and needs temporary or permanent relief from the original contractual terms of the loan. For loans that have been modified with a borrower experiencing financial difficulty, we use the same credit loss estimation methods that we use for the rest of the loan portfolio. These methods incorporate the post-modification loan terms, as well as defaults and charge-offs associated with historical modified loans. All nonaccruing loans more than $1 million are evaluated individually, regardless of modification. We consider many factors in determining whether to agree to a loan modification and we seek a solution that will both minimize potential loss to us and attempt to help the borrower. We evaluate borrowers’ current and forecasted future cash flows, their ability and willingness to make current contractual or proposed modified payments, the value of the underlying collateral (if applicable), the possibility of obtaining additional security or guarantees, and the potential costs related to a repossession or foreclosure and the subsequent sale of the collateral. A modified loan on nonaccrual will generally remain on nonaccrual until the borrower has proven the ability to perform under the modified structure for a minimum of six months, and there is evidence that such payments can and are likely to continue as agreed. Performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual at the time of modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on nonaccrual. There were no loans to borrowers experiencing financial difficulty that had a payment default during the three and six months ended June 30, 2023, which were still in default at period end, and were within 12 months or less of being modified. The amortized cost of loans to borrowers experiencing financial difficulty that were modified during the period, by loan class and modification type, is summarized in the following schedule: Three Months Ended June 30, 2023 Amortized cost associated with (In millions) Interest Maturity Principal Multiple modification types 1 Total 2 Percentage of total loans 3 Commercial: Commercial and industrial $ 1 $ 27 $ — $ — $ 28 0.2 % Owner-occupied — 20 — — 20 0.2 Total commercial 1 47 — — 48 0.2 Commercial real estate: Construction and land development — 18 — — 18 0.7 Term — 34 — — 34 0.3 Total commercial real estate — 52 — — 52 0.4 Consumer: 1-4 family residential — — 1 1 2 — Bankcard and other revolving plans — 1 — — 1 0.2 Total consumer loans — 1 1 1 3 — Total $ 1 $ 100 $ 1 $ 1 $ 103 0.2 % Six Months Ended June 30, 2023 Amortized cost associated with (In millions) Interest Maturity Principal Multiple modification types 1 Total 2 Percentage of total loans 3 Commercial: Commercial and industrial $ 1 $ 42 $ — $ — $ 43 0.3 % Owner-occupied 4 22 — — 26 0.3 Total commercial 5 64 — — 69 0.2 Commercial real estate: Construction and land development — 18 — — 18 0.7 Term — 58 — — 58 0.6 Total commercial real estate — 76 — — 76 0.6 Consumer: 1-4 family residential — — 1 1 2 — Bankcard and other revolving plans — 1 — — 1 0.2 Total consumer loans — 1 1 1 3 — Total $ 5 $ 141 $ 1 $ 1 $ 148 0.3 % 1 Includes modifications that resulted from a combination of interest rate reduction, maturity or term extension, principal forgiveness, and payment deferral modifications. 2 Unfunded lending commitments related to loans modified to borrowers experiencing financial difficulty totaled $10 million at June 30, 2023. 3 Amounts less than 0.05% are rounded to zero. The financial impact of loan modifications to borrowers experiencing financial difficulty during the three and six months ended June 30, 2023, is summarized in the following schedule: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In millions) Weighted-average interest rate reduction (in percentage points) Weighted-average term extension Weighted-average interest rate reduction (in percentage points) Weighted-average term extension Commercial: Commercial and industrial 1.0 % 8 1.0 % 9 Owner-occupied — 7 4.4 7 Total commercial 1.0 8 3.7 8 Commercial real estate: Construction and land development — 6 — 6 Term — 18 — 17 Total commercial real estate — 14 — 15 Consumer: 1 1-4 family residential 1.3 110 1.3 110 Bankcard and other revolving plans — 65 — 61 Total consumer loans 1.3 87 1.3 87 Total weighted average financial impact 1.1 % 12 3.4 % 13 1 Primarily relates to one loan within each consumer loan class. Loan modifications to borrowers experiencing financial difficulty during the three and six months ended June 30, 2023, resulted in $1 million of principal forgiveness for the total loan portfolio for both periods. The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after January 1, 2023 (the date we adopted ASU 2022-02) through June 30, 2023, presented by portfolio segment and loan class. June 30, 2023 (In millions) Current 30-89 days 90+ days Total Total Commercial: Commercial and industrial $ 40 $ 3 $ — $ 3 $ 43 Owner-occupied 25 — 1 1 26 Total commercial 65 3 1 4 69 Commercial real estate: Construction and land development 18 — — — 18 Term 58 — — — 58 Total commercial real estate 76 — — — 76 Consumer: 1-4 family residential 2 — — — 2 Bankcard and other revolving plans 1 — — — 1 Total consumer loans 3 — — — 3 Total $ 144 $ 3 $ 1 $ 4 $ 148 Troubled Debt Restructuring Disclosures Prior to Our Adoption of ASU 2022-02 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 TDRs. For further discussion of our policies and processes regarding TDRs, see Note 6 of our 2022 Form 10-K. Information on TDRs, including the amortized cost on an accruing and nonaccruing basis by loan class and modification type is summarized in the following schedules: December 31, 2022 Amortized cost resulting from the following modification types: (In millions) Interest Maturity Principal Payment Other 1 Multiple modification types 2 Total Accruing Commercial: Commercial and industrial $ 1 $ 12 $ — $ — $ 9 $ 28 $ 50 Owner-occupied — 1 — 2 13 12 28 Municipal — — — — — — — Total commercial 1 13 — 2 22 40 78 Commercial real estate: Construction and land development — — — — — 8 8 Term 1 27 — 27 28 1 84 Total commercial real estate 1 27 — 27 28 9 92 Consumer: Home equity credit line — 1 4 — — 1 6 1-4 family residential 2 1 2 — 1 15 21 Total consumer loans 2 2 6 — 1 16 27 Total accruing 4 42 6 29 51 65 197 Nonaccruing Commercial: Commercial and industrial — — — 3 9 3 15 Owner-occupied 4 — — — — 4 8 Total commercial 4 — — 3 9 7 23 Commercial real estate: Term — 10 — — — — 10 Total commercial real estate — 10 — — — — 10 Consumer: Home equity credit line — — 1 — — — 1 1-4 family residential — 1 — — 1 2 4 Total consumer loans — 1 1 — 1 2 5 Total nonaccruing 4 11 1 3 10 9 38 Total $ 8 $ 53 $ 7 $ 32 $ 61 $ 74 $ 235 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 the previous modification types reflected in the schedule. Unfunded lending commitments related to TDRs totaled $7 million at December 31, 2022. The total amortized cost of all TDRs in which interest rates were modified below market was $63 million at December 31, 2022. 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 year ended December 31, 2022 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 amortized cost of TDRs that had a payment default during the year ended December 31, 2022, which were still in default at period end, and were within 12 months or less of being modified as TDRs was approximately $10 million. Collateral-Dependent Loans When a loan is individually evaluated for expected credit losses, we estimate a specific reserve for the loan based on (1) the projected present value of the loan’s future cash flows discounted at the loan’s effective interest rate, (2) the observable market price of the loan, or (3) the fair value of the loan’s underlying collateral. Select information on loans for which the borrower is experiencing financial difficulties and repayment is e |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2023 | |
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 interest rate risk. We use derivatives to stabilize forecasted interest income from variable-rate assets and to modify the coupon or the duration of fixed-rate financial assets or liabilities. We also assist clients with their risk management needs through the use of derivatives. Cash receipts and payments from derivatives designated in qualifying hedging relationships are classified in the same category as the cash flows from the items being hedged in the statement of cash flows, and cash flows from undesignated derivatives are classified as operating activities. For a more detailed discussion of the use of and accounting policies regarding derivative instruments, see Note 7 of our 2022 Form 10-K. Fair Value Hedges of Liabilities – During the second quarter of 2023, we terminated our remaining receive-fixed interest rate swap with a notional amount of $500 million that had been designated in a qualifying fair value hedge relationship of fixed-rate debt. The receive-fixed interest rate swap effectively converted the interest on our fixed-rate debt to floating until it was terminated. Prior to termination, changes in the fair value of derivatives designated as fair value hedges of debt were offset by changes in the fair value of the hedged debt instruments as shown in the schedules on the following pages. The unamortized hedge basis adjustments resulting from the terminated hedging relationship will be amortized over the remaining life of the fixed-rate debt. Fair Value Hedges of Assets – During the second quarter of 2023, we entered into new fair value hedges of a defined portfolio of AFS securities using pay-fixed, receive-floating swaps with an aggregate notional amount of $2.5 billion that are designated as hedges under the portfolio layer method described in ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method. In July 2023, we entered into additional pay-fixed swaps with an aggregate notional amount of $1 billion that were designated as fair value hedges of a defined portfolio of fixed-rate commercial loans. At June 30, 2023, we also had pay-fixed, receive-floating interest rate swaps with an aggregate notional amount of $1.1 billion designated as fair value hedges of specifically identified AFS securities. Fair value hedges of fixed-rate AFS securities effectively convert the fixed interest income to a floating rate on the hedged portion of the securities. Changes in fair value of derivatives designated as fair value hedges of fixed-rate AFS securities were largely offset by changes in the value of the hedged securities, as shown in the schedules on the following pages. Cash Flow Hedges – At June 30, 2023, we had receive-fixed interest rate swaps with an aggregate notional amount of $2.9 billion designated as cash flow hedges of pools of floating-rate commercial loans. During the second quarter of 2023, we terminated cash flow hedging relationships with an aggregate notional amount of $2.8 billion. At June 30, 2023, there was $222 million of losses deferred in AOCI related to terminated cash flow hedges that are expected to be fully amortized by October 2027. Changes in the fair value of qualifying cash flow hedges during the quarter were recorded in AOCI as shown in the schedule below. The amounts deferred in AOCI are reclassified into earnings in the periods in which the hedged interest receipts 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 more information on how we incorporate counterparty credit risk in derivative valuations, see Note 3 of our 2022 Form 10-K. For additional discussion of collateral and the associated credit risk related to our derivative contracts, see Note 7 of our 2022 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. In past situations, not all counterparties have demanded that additional collateral be pledged when provided for by the contractual terms. At June 30, 2023, the fair value of our derivative liabilities was $409 million, for which we were required to pledge cash collateral of $2 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, 2023, there would likely be no additional collateral required to be pledged. Derivative Amounts The following schedule presents information regarding notional amounts and recorded gross fair values at June 30, 2023 and December 31, 2022, and the related gain (loss) of derivative instruments. June 30, 2023 December 31, 2022 Notional amount 1 Fair value Notional Fair value (In millions) Other Other Other Other Derivatives designated as hedging instruments: Cash flow hedges of floating-rate assets: Receive-fixed interest rate swaps $ 2,850 $ — $ — $ 7,633 $ — $ 1 Cash flow hedges of floating-rate liabilities: Pay-fixed interest rate swaps 500 — — — — — Fair value hedges: Debt hedges: Receive-fixed interest rate swaps — — — 500 — — Asset hedges: Pay-fixed interest rate swaps 3,572 80 — 1,228 84 — Total derivatives designated as hedging instruments 6,922 80 — 9,361 84 1 Derivatives not designated as hedging instruments: Customer interest rate derivatives 2 13,726 406 407 13,670 296 443 Other interest rate derivatives 3,576 2 — 862 — — Foreign exchange derivatives 216 2 2 605 6 7 Purchased credit derivatives 18 1 — — — — Total derivatives not designated as hedging instruments 17,536 411 409 15,137 302 450 Total derivatives $ 24,458 $ 491 $ 409 $ 24,498 $ 386 $ 451 1 Centrally cleared swaps originally indexed to London Interbank Offered Rate (“LIBOR”) were divided into short-dated, LIBOR-indexed spot starting swaps and forward starting Secured Overnight Financing Rate (“SOFR”) swaps when the clearing houses transitioned to SOFR. The LIBOR-indexed swaps will fully mature in the third quarter of 2023. The notional amounts above reflect the economic substance of our derivatives and do not include the duplicate notional amounts during the transition period. 2 Customer interest rate derivatives include both customer-facing derivative as well as offsetting derivatives facing other dealer banks. The fair value of these derivatives include a net credit valuation adjustment (“CVA”) of $10 million, reducing the fair value of the liability at June 30, 2023, and $13 million, reducing the fair value of the liability at December 31, 2022. The amount of derivative gains (losses) from cash flow and fair value hedges that were deferred in other comprehensive income (“OCI”) or recognized in earnings for the three and six months ended June 30, 2023 and 2022 is presented in the schedules below. Three Months Ended June 30, 2023 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Interest on fair value hedges Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ — Received-fixed interest rate swaps (21) (41) — Cash flow hedges of floating-rate liabilities: Pay-fixed interest rate swaps 11 1 — Fair value hedges: Debt hedges: Receive-fixed interest rate swaps — — (8) Basis amortization on terminated hedges 2 — (1) Asset hedges: Pay-Fixed interest rate swaps — — 9 Basis amortization on terminated asset hedges 3 — — — Total derivatives designated as hedging instruments $ (10) $ (40) $ — Six Months Ended June 30, 2023 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Interest on fair value hedges Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ — Received-fixed interest rate swaps 17 (90) — Cash flow hedges of floating-rate liabilities: Pay-fixed interest rate swaps 11 1 — Fair value hedges: Debt hedges: Receive-fixed interest rate swaps — — (5) Basis amortization on terminated debt hedges 2 — — (1) Asset hedges: Pay-fixed interest rate swaps — — 16 Basis amortization on terminated asset hedges 3 — — — Total derivatives designated as hedging instruments $ 28 $ (89) $ 10 Three Months Ended June 30, 2022 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Interest on fair value hedges Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ — Interest rate swaps (66) 6 — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — 1 Basis amortization on terminated hedges 2 — — — Fair value hedges of assets: Pay-fixed interest rate swaps — — (1) Basis amortization on terminated hedges 2 — — — Total derivatives designated as hedging instruments $ (66) $ 6 $ — Six Months Ended June 30, 2022 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Interest on fair value hedges Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ 2 $ — Interest rate swaps (244) 17 — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — 3 Basis amortization on terminated hedges 2, 3 — — 1 Fair value hedges of assets: Pay-fixed interest rate swaps — — (2) Basis amortization on terminated hedges 2, 3 — — — Total derivatives designated as hedging instruments $ (244) $ 19 $ 2 1 For the 12 months following June 30, 2023, we estimate that $106 million of losses will be reclassified from AOCI into interest income, compared with an estimate of $94 million of losses at June 30, 2022. 2 At June 30, 2023, the total cumulative unamortized basis adjustment for terminated fair value hedges of debt was $50 million. We did not have any cumulative unamortized basis adjustment for terminated hedges of debt at June 30, 2022. We had $3 million and $7 million of cumulative unamortized basis adjustments from terminated fair value hedges of assets at June 30, 2023 and 2022, respectively. The amount of gains (losses) recognized from derivatives not designated as accounting hedges is summarized as follows: Other Noninterest Income/(Expense) (In millions) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Derivatives not designated as hedging instruments: Customer-facing interest rate derivatives $ 10 $ 11 $ 17 $ 30 Other interest rate derivatives 3 3 (1) — Foreign exchange derivatives 7 15 8 14 Purchased credit derivatives $ (1) $ (1) $ — $ — Total derivatives not designated as hedging instruments $ 19 $ 28 $ 24 $ 44 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, 2023 Three Months Ended June 30, 2022 (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 $ 2 $ (2) $ — $ (18) $ 18 $ — Assets: Pay-fixed interest rate swaps 1, 2 66 (67) (1) 97 (97) — Gain/(loss) recorded in income Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 (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 $ 14 $ (14) $ — $ (50) $ 50 $ — Assets: Pay-fixed interest rate swaps 1, 2 26 (27) (1) 150 (150) — 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 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, 2023 December 31, 2022 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Long-term fixed-rate debt 2 $ — $ (500) $ — $ (435) $ — $ 65 Fixed-rate assets 3 11,129 1,228 10,898 962 (231) (266) 1 Carrying amounts exclude (1) issuance and purchase discounts or premiums, (2) unamortized issuance and acquisition costs, and (3) amounts related to terminated fair value hedges. 2 We terminated the remaining fair value hedge of debt during the second quarter of 2023. The remaining hedge basis adjustments will be amortized over the life of the associated debt. 3 These amounts include the amortized cost basis of defined portfolios of AFS securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the defined portfolio anticipated to be outstanding for the designated hedged period. At June 30, 2023, the amortized cost basis of the defined portfolios used in these hedging relationships was $10.1 billion; the cumulative basis adjustment associated with these hedging relationships was $36.8 million; and the notional amounts of the designated hedging instruments were $2.5 billion. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
LEASES | LEASES We have operating and finance leases for branches, corporate offices, and data centers. At June 30, 2023, we had 412 branches, of which 277 are owned and 135 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2023 to 2062 , and some lease arrangements include options to extend or terminate the leases. All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We present ROU assets for operating leases and finance leases on the consolidated balance sheet in “ Other assets Premises, equipment and software, net Other liabilities Long-term debt The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate. (Dollar amounts in millions) June 30, December 31, 2022 Operating leases ROU assets, net of amortization $ 170 $ 173 Lease liabilities 195 198 Finance leases ROU assets, net of amortization 3 4 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.6 8.4 Finance leases 16.9 17.4 Weighted average discount rate Operating leases 3.1 % 2.9 % Finance leases 3.1 % 3.1 % Additional information related to lease expense is presented in the following schedule. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Lease expense: Operating lease expense $ 11 $ 12 $ 22 $ 24 Other expenses associated with operating leases 1 16 12 30 24 Total lease expense $ 27 $ 24 $ 52 $ 48 Related cash disbursements from operating leases $ 12 $ 12 $ 24 $ 25 1 Other expenses primarily include property taxes and building and property maintenance. The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years. (In millions) Total undiscounted lease payments 2023 1 $ 24 2024 40 2025 32 2026 27 2027 18 Thereafter 87 Total $ 228 1 Contractual maturities for the six months remaining in 2023. 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 $4 million and $3 million for the second quarter of 2023 and 2022, respectively, and $8 million and $7 million for the first six months of 2023 and 2022, respectively. We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $388 million and $386 million at June 30, 2023 and December 31, 2022, respectively. We recorded income of $4 million a nd $3 million on these leases for the second quarter of 2023 and 2022, respectively, and $8 million and $6 million for the first six months of 2023 and 2022, respectively. |
LEASES | LEASES We have operating and finance leases for branches, corporate offices, and data centers. At June 30, 2023, we had 412 branches, of which 277 are owned and 135 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2023 to 2062 , and some lease arrangements include options to extend or terminate the leases. All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We present ROU assets for operating leases and finance leases on the consolidated balance sheet in “ Other assets Premises, equipment and software, net Other liabilities Long-term debt The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate. (Dollar amounts in millions) June 30, December 31, 2022 Operating leases ROU assets, net of amortization $ 170 $ 173 Lease liabilities 195 198 Finance leases ROU assets, net of amortization 3 4 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.6 8.4 Finance leases 16.9 17.4 Weighted average discount rate Operating leases 3.1 % 2.9 % Finance leases 3.1 % 3.1 % Additional information related to lease expense is presented in the following schedule. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Lease expense: Operating lease expense $ 11 $ 12 $ 22 $ 24 Other expenses associated with operating leases 1 16 12 30 24 Total lease expense $ 27 $ 24 $ 52 $ 48 Related cash disbursements from operating leases $ 12 $ 12 $ 24 $ 25 1 Other expenses primarily include property taxes and building and property maintenance. The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years. (In millions) Total undiscounted lease payments 2023 1 $ 24 2024 40 2025 32 2026 27 2027 18 Thereafter 87 Total $ 228 1 Contractual maturities for the six months remaining in 2023. 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 $4 million and $3 million for the second quarter of 2023 and 2022, respectively, and $8 million and $7 million for the first six months of 2023 and 2022, respectively. We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $388 million and $386 million at June 30, 2023 and December 31, 2022, respectively. We recorded income of $4 million a nd $3 million on these leases for the second quarter of 2023 and 2022, respectively, and $8 million and $6 million for the first six months of 2023 and 2022, respectively. |
LEASES | . LEASES We have operating and finance leases for branches, corporate offices, and data centers. At June 30, 2023, we had 412 branches, of which 277 are owned and 135 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2023 to 2062 , and some lease arrangements include options to extend or terminate the leases. All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We present ROU assets for operating leases and finance leases on the consolidated balance sheet in “ Other assets Premises, equipment and software, net Other liabilities Long-term debt The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate. (Dollar amounts in millions) June 30, December 31, 2022 Operating leases ROU assets, net of amortization $ 170 $ 173 Lease liabilities 195 198 Finance leases ROU assets, net of amortization 3 4 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.6 8.4 Finance leases 16.9 17.4 Weighted average discount rate Operating leases 3.1 % 2.9 % Finance leases 3.1 % 3.1 % Additional information related to lease expense is presented in the following schedule. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Lease expense: Operating lease expense $ 11 $ 12 $ 22 $ 24 Other expenses associated with operating leases 1 16 12 30 24 Total lease expense $ 27 $ 24 $ 52 $ 48 Related cash disbursements from operating leases $ 12 $ 12 $ 24 $ 25 1 Other expenses primarily include property taxes and building and property maintenance. The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years. (In millions) Total undiscounted lease payments 2023 1 $ 24 2024 40 2025 32 2026 27 2027 18 Thereafter 87 Total $ 228 1 Contractual maturities for the six months remaining in 2023. 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 $4 million and $3 million for the second quarter of 2023 and 2022, respectively, and $8 million and $7 million for the first six months of 2023 and 2022, respectively. We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $388 million and $386 million at June 30, 2023 and December 31, 2022, respectively. We recorded income of $4 million a nd $3 million on these leases for the second quarter of 2023 and 2022, respectively, and $8 million and $6 million for the first six months of 2023 and 2022, respectively. |
LEASES | . LEASES We have operating and finance leases for branches, corporate offices, and data centers. At June 30, 2023, we had 412 branches, of which 277 are owned and 135 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2023 to 2062 , and some lease arrangements include options to extend or terminate the leases. All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We present ROU assets for operating leases and finance leases on the consolidated balance sheet in “ Other assets Premises, equipment and software, net Other liabilities Long-term debt The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate. (Dollar amounts in millions) June 30, December 31, 2022 Operating leases ROU assets, net of amortization $ 170 $ 173 Lease liabilities 195 198 Finance leases ROU assets, net of amortization 3 4 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.6 8.4 Finance leases 16.9 17.4 Weighted average discount rate Operating leases 3.1 % 2.9 % Finance leases 3.1 % 3.1 % Additional information related to lease expense is presented in the following schedule. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Lease expense: Operating lease expense $ 11 $ 12 $ 22 $ 24 Other expenses associated with operating leases 1 16 12 30 24 Total lease expense $ 27 $ 24 $ 52 $ 48 Related cash disbursements from operating leases $ 12 $ 12 $ 24 $ 25 1 Other expenses primarily include property taxes and building and property maintenance. The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years. (In millions) Total undiscounted lease payments 2023 1 $ 24 2024 40 2025 32 2026 27 2027 18 Thereafter 87 Total $ 228 1 Contractual maturities for the six months remaining in 2023. 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 $4 million and $3 million for the second quarter of 2023 and 2022, respectively, and $8 million and $7 million for the first six months of 2023 and 2022, respectively. We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $388 million and $386 million at June 30, 2023 and December 31, 2022, respectively. We recorded income of $4 million a nd $3 million on these leases for the second quarter of 2023 and 2022, respectively, and $8 million and $6 million for the first six months of 2023 and 2022, respectively. |
LEASES | . LEASES We have operating and finance leases for branches, corporate offices, and data centers. At June 30, 2023, we had 412 branches, of which 277 are owned and 135 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2023 to 2062 , and some lease arrangements include options to extend or terminate the leases. All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We present ROU assets for operating leases and finance leases on the consolidated balance sheet in “ Other assets Premises, equipment and software, net Other liabilities Long-term debt The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate. (Dollar amounts in millions) June 30, December 31, 2022 Operating leases ROU assets, net of amortization $ 170 $ 173 Lease liabilities 195 198 Finance leases ROU assets, net of amortization 3 4 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.6 8.4 Finance leases 16.9 17.4 Weighted average discount rate Operating leases 3.1 % 2.9 % Finance leases 3.1 % 3.1 % Additional information related to lease expense is presented in the following schedule. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Lease expense: Operating lease expense $ 11 $ 12 $ 22 $ 24 Other expenses associated with operating leases 1 16 12 30 24 Total lease expense $ 27 $ 24 $ 52 $ 48 Related cash disbursements from operating leases $ 12 $ 12 $ 24 $ 25 1 Other expenses primarily include property taxes and building and property maintenance. The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years. (In millions) Total undiscounted lease payments 2023 1 $ 24 2024 40 2025 32 2026 27 2027 18 Thereafter 87 Total $ 228 1 Contractual maturities for the six months remaining in 2023. 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 $4 million and $3 million for the second quarter of 2023 and 2022, respectively, and $8 million and $7 million for the first six months of 2023 and 2022, respectively. We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $388 million and $386 million at June 30, 2023 and December 31, 2022, respectively. We recorded income of $4 million a nd $3 million on these leases for the second quarter of 2023 and 2022, respectively, and $8 million and $6 million for the first six months of 2023 and 2022, respectively. |
Long-Term Debt and Shareholders
Long-Term Debt and Shareholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Debt And Equity [Abstract] | |
LONG-TERM DEBT AND SHAREHOLDERS' EQUITY | LONG-TERM DEBT AND SHAREHOLDERS’ EQUITY Long-Term Debt The long-term debt carrying values presented in the consolidated balance sheet 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. The following schedule presents the components of our long-term debt. LONG-TERM DEBT (In millions) June 30, December 31, 2022 Subordinated notes 1 $ 534 $ 519 Senior notes — 128 Finance lease obligations 4 4 Total $ 538 $ 651 1 The change in the subordinated notes balance is primarily due to a fair value hedge accounting adjustment. See also Note 7. The decrease in long-term debt was primarily due to the redemption of $128 million, 4.50% matured senior notes during the second quarter of 2023. Shareholders' Equity Our common stock is traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market. At June 30, 2023, there were 148.1 million shares of $0.001 par value common stock outstanding. Common stock and additional paid-in capital decreased $32 million, or 2%, to $1.7 billion at June 30, 2023, from December 31, 2022, primarily due to common stock repurchases during the first quarter of 2023. As the macroeconomic environment remained uncertain, we did not repurchase common shares during the second quarter of 2023, nor do we expect to repurchase common shares during the third quarter of 2023. AOCI was a $2.9 billion loss at June 30, 2023. The following schedule presents the changes in AOCI by component. (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, 2023 Balance at December 31, 2022 $ (2,800) $ (311) $ (1) $ (3,112) OCI before reclassifications, net of tax 1 94 21 — 115 Amounts reclassified from AOCI, net of tax — 67 — 67 Other comprehensive income 94 88 — 182 Balance at June 30, 2023 $ (2,706) $ (223) $ (1) $ (2,930) Income tax expense included in OCI $ 31 $ 28 $ — $ 59 Six Months Ended June 30, 2022 Balance at December 31, 2021 $ (78) $ — $ (2) $ (80) OCI (loss) before reclassifications, net of tax (1,820) (185) — (2,005) Amounts reclassified from AOCI, net of tax — (15) — (15) Other comprehensive loss (1,820) (200) — (2,020) Balance at June 30, 2022 $ (1,898) $ (200) $ (2) $ (2,100) Income tax benefit included in OCI (loss) $ (590) $ (65) $ — $ (655) 1 For the six months ended June 30, 2023, the OCI related to net unrealized gains/(losses) on investment securities reflected a $9 million decline in the fair value of fixed-rate AFS securities as a result of higher interest rates, offset by a $103 million increase in amortization of the discount on the securities transferred from AFS to HTM during the fourth quarter of 2022. Amounts reclassified from AOCI 1 Statement of income (SI) (In millions) Three Months Ended Six Months Ended Details about AOCI components 2023 2022 2023 2022 Affected line item Net unrealized gains (losses) on derivative instruments $ (40) $ 6 $ (89) $ 20 SI Interest and fees on loans Less: Income tax expense (benefit) (10) 2 (22) 5 Amounts reclassified from AOCI $ (30) $ 4 $ (67) $ 15 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, 2023 | |
Commitments, Guarantees, and Contingent Liabilities [Abstract] | |
COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES | COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES Commitments and Guarantees The following schedule presents the contractual amounts related to off-balance sheet financial instruments used to meet the financing needs of our customers. (In millions) June 30, December 31, Unfunded lending commitments 1 $ 29,731 $ 29,628 Standby letters of credit: Financial 579 667 Performance 178 184 Commercial letters of credit 36 11 Mortgage-backed security purchase agreements 2 51 23 Total unfunded commitments $ 30,575 $ 30,513 1 Net of participations. 2 Represents agreements with Farmer Mac to purchase securities backed by certain agricultural mortgage loans. For more information about these commitments and guarantees including their terms and collateral requirements, see Note 16 of our 2022 Form 10-K. Legal Matters We are involved in various legal proceedings, which may include litigation in court and arbitral proceedings, as well as 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, 2023, we were subject to the following material litigation or governmental inquiries: • 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 discovery phases. Trial has not been scheduled in either case. • Sipple v. Zions Bancorporation, N.A., brought against us in the District Court of Clark County, Nevada in February 2021 with respect to foreign transaction fees. This case is in the early discovery phase and 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, 2023, we estimated that the aggregate range of reasonably possible losses for those matters to be from zero to approximately $5 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, 2023 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITIONWe derive our revenue primarily from interest income on loans and securities, which represented approximately 80% of our total revenue in the second quarter of 2023. Only noninterest income is considered to be revenue from contracts with customers in scope of ASC 606. For more information about our revenue recognition from contracts, see Note 17 of our 2022 Form 10-K. Disaggregation of Revenue The schedule below presents net revenue by our operating business segments for the three months ended June 30, 2023 and 2022. Zions Bank CB&T Amegy (In millions) 2023 2022 2023 2022 2023 2022 Commercial account fees $ 14 $ 12 $ 8 $ 7 $ 14 $ 11 Card fees 13 14 5 5 8 8 Retail and business banking fees 5 6 3 3 4 4 Capital markets fees — — — — — — Wealth management fees 6 6 1 1 4 4 Other customer-related fees 2 2 2 2 2 2 Total noninterest income from contracts with customers (ASC 606) 40 40 19 18 32 29 Other noninterest income (non-ASC 606 customer-related) 6 6 14 8 8 13 Total customer-related noninterest income 46 46 33 26 40 42 Other noncustomer-related noninterest income 3 3 2 1 15 — Total noninterest income 49 49 35 27 55 42 Net interest income 178 170 152 142 116 120 Total net revenue $ 227 $ 219 $ 187 $ 169 $ 171 $ 162 NBAZ NSB Vectra (In millions) 2023 2022 2023 2022 2023 2022 Commercial account fees $ 2 $ 2 $ 3 $ 2 $ 2 $ 2 Card fees 4 4 4 4 2 2 Retail and business banking fees 2 2 3 3 1 1 Capital markets fees — — — — — — Wealth management fees 1 1 1 1 1 — Other customer-related fees — — — — 1 1 Total noninterest income from contracts with customers (ASC 606) 9 9 11 10 7 6 Other noninterest income (non-ASC 606 customer-related) 1 1 — 2 — 2 Total customer-related noninterest income 10 10 11 12 7 8 Other noncustomer-related noninterest income 1 1 — — — — Total noninterest income 11 11 11 12 7 8 Net interest income 64 55 49 39 38 35 Total net revenue $ 75 $ 66 $ 60 $ 51 $ 45 $ 43 TCBW Other Consolidated Bank (In millions) 2023 2022 2023 2022 2023 2022 Commercial account fees $ 1 $ 1 $ 1 $ — $ 45 $ 37 Card fees 1 1 — (2) 37 36 Retail and business banking fees — — (2) 1 16 20 Capital markets fees — — 1 1 1 1 Wealth management fees — — — — 14 13 Other customer-related fees — — 8 9 15 16 Total noninterest income from contracts with customers (ASC 606) 2 2 8 9 128 123 Other noninterest income (non-ASC 606 customer-related) — — 5 (1) 34 31 Total customer-related noninterest income 2 2 13 8 162 154 Other noncustomer-related noninterest income — — 6 13 27 18 Total noninterest income 2 2 19 21 189 172 Net interest income 15 15 (21) 17 591 593 Total net revenue $ 17 $ 17 $ (2) $ 38 $ 780 $ 765 The schedule below presents net revenue by our operating business segments for the six months ended June 30, 2023 and 2022. Zions Bank CB&T Amegy (In millions) 2023 2022 2023 2022 2023 2022 Commercial account fees $ 28 $ 27 $ 15 $ 14 $ 28 $ 22 Card fees 26 27 10 10 16 16 Retail and business banking fees 9 12 6 6 7 8 Capital markets fees — — — — — — Wealth management fees 12 11 2 2 8 8 Other customer-related fees 4 4 4 3 3 3 Total noninterest income from contracts with customers (ASC 606) 79 81 37 35 62 57 Other noninterest income (non-ASC 606 customer-related) 13 11 19 14 17 22 Total customer-related noninterest income 92 92 56 49 79 79 Other noncustomer-related noninterest income 7 3 3 2 17 — Total noninterest income 99 95 59 51 96 79 Net interest income 363 326 311 271 240 232 Total net revenue $ 462 $ 421 $ 370 $ 322 $ 336 $ 311 NBAZ NSB Vectra (In millions) 2023 2022 2023 2022 2023 2022 Commercial account fees $ 5 $ 4 $ 7 $ 6 $ 3 $ 4 Card fees 7 7 8 7 4 4 Retail and business banking fees 4 5 5 6 2 2 Capital markets fees — — — — — — Wealth management fees 2 2 3 2 1 1 Other customer-related fees 1 1 — — 2 1 Total noninterest income from contracts with customers (ASC 606) 19 19 23 21 12 12 Other noninterest income (non-ASC 606 customer-related) 1 3 — 4 1 4 Total customer-related noninterest income 20 22 23 25 13 16 Other noncustomer-related noninterest income 1 1 — — — — Total noninterest income 21 23 23 25 13 16 Net interest income 129 106 99 77 79 68 Total net revenue $ 150 $ 129 $ 122 $ 102 $ 92 $ 84 TCBW Other Consolidated Bank (In millions) 2023 2022 2023 2022 2023 2022 Commercial account fees $ 1 $ 1 $ 1 $ — $ 88 $ 78 Card fees 1 1 — — 72 72 Retail and business banking fees — — (1) 1 32 40 Capital markets fees — — 2 2 2 2 Wealth management fees — — (1) — 27 26 Other customer-related fees 1 — 15 18 30 30 Total noninterest income from contracts with customers (ASC 606) 3 2 16 21 251 248 Other noninterest income (non-ASC 606 customer-related) — 1 11 (2) 62 57 Total customer-related noninterest income 3 3 27 19 313 305 Other noncustomer-related noninterest income — — 8 3 36 9 Total noninterest income 3 3 35 22 349 314 Other real estate owned gain from sale — — — — — — Net interest income 31 28 18 29 1,270 1,137 Total net revenue $ 34 $ 31 $ 53 $ 51 $ 1,619 $ 1,451 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective income tax rate was 22.6% for the second quarter of 2023, compared with 21.9% for the second quarter of 2022. The effective tax rates for the first six months of 2023 and 2022 were 25.4% and 21.2%, respectively. The tax rates during both periods were reduced by nontaxable municipal interest income and nontaxable income from certain bank-owned life insurance (“BOLI”), and were increased by the non-deductibility of Federal Deposit Insurance Corporation (“FDIC”) premiums, certain executive compensation plans, and other fringe benefits. The tax rate for the first six months of 2023 was higher relative to the same prior year period, primarily as a result of a discrete item that affected the reserve for uncertain tax positions during the first quarter of 2023 . At both June 30, 2023 and December 31, 2022, we had a net deferred tax asset (“DTA”) totaling $1.1 billion. On the consolidated balance sheet, the net DTA is included in “Other assets.” We evaluate DTAs on a regular basis to determine whether a valuation allowance is required. In conducting this evaluation, we consider all available evidence, both positive and negative, based on the more-likely-than-not criteria that such assets will be realized. This evaluation includes, but is not limited to, the following: • Future reversals of existing deferred tax liabilities (“DTLs”) — These DTLs have a reversal pattern generally consistent with DTAs and are used to realize the DTAs. • Tax planning strategies — We have considered prudent and feasible tax planning strategies that we would implement to preserve the value of the DTAs, if necessary. • Future projected taxable income — We expect future taxable income will offset the reversal of remaining net DTAs. Based on this evaluation, we concluded that a valuation allowance was not required at both June 30, 2023 and December 31, 2022. |
Net Earnings Per Common Share
Net Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2023 | |
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) 2023 2022 2023 2022 Basic: Net income $ 175 $ 203 $ 379 $ 406 Less common and preferred dividends 70 66 138 132 Undistributed earnings 105 137 241 274 Less undistributed earnings applicable to nonvested shares 1 1 2 2 Undistributed earnings applicable to common shares 104 136 239 272 Distributed earnings applicable to common shares 61 57 121 115 Total earnings applicable to common shares $ 165 $ 193 $ 360 $ 387 Weighted average common shares outstanding (in thousands) 147,692 150,635 147,852 150,958 Net earnings per common share $ 1.11 $ 1.29 $ 2.44 $ 2.56 Diluted: Total earnings applicable to common shares $ 165 $ 193 $ 360 $ 387 Weighted average common shares outstanding (in thousands) 147,692 150,635 147,852 150,958 Dilutive effect of stock options (in thousands) 4 203 13 306 Weighted average diluted common shares outstanding (in thousands) 147,696 150,838 147,865 151,264 Net earnings per common share $ 1.11 $ 1.29 $ 2.44 $ 2.56 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) 2023 2022 2023 2022 Restricted stock and restricted stock units 1,421 1,251 1,378 1,289 Stock options 1,449 200 1,381 155 |
Operating Segment Information
Operating Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENT INFORMATION | OPERATING SEGMENT INFORMATION We manage our operations 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, California Bank & Trust, Amegy Bank, 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. Our affiliate banks are supported by an enterprise operating segment (referred to as the “Other” segment) that provides governance and risk management, allocates capital, establishes strategic objectives, and includes centralized technology, back-office functions, and certain lines of business not operated through our affiliate banks. 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 process to report results of operations for business segments. This process is subject to change and refinement over time. 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, 2023, Zions Bank operated 95 branches in Utah, 25 branches in Idaho, and one branch in Wyoming. CB&T operated 77 branches in California. Amegy operated 75 branches in Texas. NBAZ operated 56 branches in Arizona. NSB operated 46 branches in Nevada. Vectra operated 33 branches in Colorado and one branch in New Mexico. TCBW operated two branches in Washington and one branch in Oregon. Transactions between business segments are primarily conducted at fair value, resulting in profits that are eliminated for reporting consolidated results of operations. The following schedule presents 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, 2023 and 2022: Zions Bank CB&T Amegy (In millions) 2023 2022 2023 2022 2023 2022 SELECTED INCOME STATEMENT DATA Net interest income $ 178 $ 170 $ 152 $ 142 $ 116 $ 120 Provision for credit losses 7 1 15 16 12 5 Net interest income after provision for credit losses 171 169 137 126 104 115 Noninterest income 49 49 35 27 55 42 Noninterest expense 138 125 94 84 100 88 Income (loss) before income taxes $ 82 $ 93 $ 78 $ 69 $ 59 $ 69 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 14,250 $ 13,120 $ 14,152 $ 12,895 $ 12,880 $ 11,934 Total average deposits 19,191 25,035 13,333 16,663 11,873 16,253 NBAZ NSB Vectra (In millions) 2023 2022 2023 2022 2023 2022 SELECTED INCOME STATEMENT DATA Net interest income $ 64 $ 55 $ 49 $ 39 $ 38 $ 35 Provision for credit losses 4 6 7 3 2 10 Net interest income after provision for credit losses 60 49 42 36 36 25 Noninterest income 11 11 11 12 7 8 Noninterest expense 45 42 42 37 34 30 Income (loss) before income taxes $ 26 $ 18 $ 11 $ 11 $ 9 $ 3 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 5,243 $ 4,888 $ 3,427 $ 2,914 $ 3,998 $ 3,527 Total average deposits 6,873 8,447 6,630 7,546 3,271 4,189 TCBW Other Consolidated Bank (In millions) 2023 2022 2023 2022 2023 2022 SELECTED INCOME STATEMENT DATA Net interest income $ 15 $ 15 $ (21) $ 17 $ 591 $ 593 Provision for credit losses — 1 (1) (1) 46 41 Net interest income after provision for credit losses 15 14 (20) 18 545 552 Noninterest income 2 2 19 21 189 172 Noninterest expense 6 6 49 52 508 464 Income (loss) before income taxes $ 11 $ 10 $ (50) $ (13) $ 226 $ 260 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 1,689 $ 1,579 $ 1,040 $ 927 $ 56,679 $ 51,784 Total average deposits 1,099 1,547 7,379 1,207 69,649 80,887 The following schedule presents selected operating segment information for the six months ended June 30, 2023 and 2022: Zions Bank CB&T Amegy (In millions) 2023 2022 2023 2022 2023 2022 SELECTED INCOME STATEMENT DATA Net interest income $ 363 $ 326 $ 311 $ 271 $ 240 $ 232 Provision for credit losses 31 — 15 22 23 (22) Net interest income after provision for credit losses 332 326 296 249 217 254 Noninterest income 99 95 59 51 96 79 Noninterest expense 273 248 186 168 198 175 Income (loss) before income taxes $ 158 $ 173 $ 169 $ 132 $ 115 $ 158 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 14,115 $ 12,969 $ 14,084 $ 12,870 $ 12,862 $ 11,865 Total average deposits 20,067 25,574 13,985 16,566 12,576 16,333 NBAZ NSB Vectra (In millions) 2023 2022 2023 2022 2023 2022 SELECTED INCOME STATEMENT DATA Net interest income $ 129 $ 106 $ 99 $ 77 $ 79 $ 68 Provision for credit losses 4 2 11 — 6 6 Net interest income after provision for credit losses 125 104 88 77 73 62 Noninterest income 21 23 23 25 13 16 Noninterest expense 92 82 82 74 67 59 Income (loss) before income taxes $ 54 $ 45 $ 29 $ 28 $ 19 $ 19 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 5,197 $ 4,831 $ 3,377 $ 2,866 $ 3,990 $ 3,463 Total average deposits 7,025 8,201 6,800 7,492 3,488 4,243 TCBW Other Consolidated Bank (In millions) 2023 2022 2023 2022 2023 2022 SELECTED INCOME STATEMENT DATA Net interest income $ 31 $ 28 $ 18 $ 29 $ 1,270 $ 1,137 Provision for credit losses 2 1 (1) (1) 91 8 Net interest income after provision for credit losses 29 27 19 30 1,179 1,129 Noninterest income 3 3 35 22 349 314 Noninterest expense 13 12 109 110 1,020 928 Income (loss) before income taxes $ 19 $ 18 $ (55) $ (58) $ 508 $ 515 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 1,700 $ 1,585 $ 1,092 $ 911 $ 56,417 $ 51,360 Total average deposits 1,240 1,564 4,720 1,271 69,901 81,244 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements and Developments | Standard Description Date of adoption Effect on the financial statements or other significant matters Standards not yet adopted by the Bank ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force) This Accounting Standards Update (“ASU”) expands the optional use of the proportional amortization method (“PAM”), previously limited to investments in low-income housing tax credit (“LIHTC”) structures, to any eligible equity investments made primarily for the purpose of receiving income tax credit and other tax benefits when certain criteria are met. PAM results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense (benefit). This ASU allows for an accounting policy election to apply PAM on a tax-credit-program-by-tax-credit-program basis. The ASU also includes additional disclosure requirements about equity investments accounted for using PAM. The new standard is effective for calendar year-end public companies beginning January 1, 2024, with early adoption permitted. Periods beginning after December 15, 2023 We do not currently have any additional equity investments that are eligible for PAM under the provisions of this ASU. We will continue to evaluate its use for new investments. The overall effect of the guidance is not expected to have a material impact on our financial statements. We do not plan to early adopt this new standard. ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This ASU clarifies that contractual restrictions prohibiting the sale of an equity security are not considered part of the unit of account of the equity security, and therefore, are not considered in measuring fair value. The amendments clarify that an entity cannot recognize and measure a contractual sale restriction as a separate unit of account. The amendments in this ASU also require additional qualitative and quantitative disclosures for equity securities subject to contractual sale restrictions. The new standard is effective for calendar year-end public companies beginning January 1, 2024, with early adoption permitted. Periods beginning after December 15, 2023 The requirements of this ASU are consistent with our current treatment of equity securities subject to contractual sale restrictions and are not expected to impact the fair value measurements of these securities. We are evaluating supplementary disclosure requirements and additional data needed to meet these requirements. The overall effect of this standard is not expected to have a material impact on our financial statements. We do not plan to early adopt this new standard. Standards adopted by the Bank ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures This ASU eliminated the recognition and measurement requirements for troubled debt restructurings (“TDRs”) for creditors that have adopted ASC 326 (“CECL”), eliminated certain TDR disclosures, and required enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The new standard also required public companies to present current period gross charge-offs (on a current year-to-date basis for interim-period disclosures) by year of origination in their vintage disclosures. Periods beginning after December 15, 2022 We adopted this ASU on a modified retrospective basis on January 1, 2023. It did not have a material impact on our financial statements. |
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 2022 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 measured at amortized cost. See Note 5 of our 2022 Form 10-K for further discussion of our methodology used to estimate the ACL on AFS and HTM debt securities. |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | Standard Description Date of adoption Effect on the financial statements or other significant matters Standards not yet adopted by the Bank ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force) This Accounting Standards Update (“ASU”) expands the optional use of the proportional amortization method (“PAM”), previously limited to investments in low-income housing tax credit (“LIHTC”) structures, to any eligible equity investments made primarily for the purpose of receiving income tax credit and other tax benefits when certain criteria are met. PAM results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense (benefit). This ASU allows for an accounting policy election to apply PAM on a tax-credit-program-by-tax-credit-program basis. The ASU also includes additional disclosure requirements about equity investments accounted for using PAM. The new standard is effective for calendar year-end public companies beginning January 1, 2024, with early adoption permitted. Periods beginning after December 15, 2023 We do not currently have any additional equity investments that are eligible for PAM under the provisions of this ASU. We will continue to evaluate its use for new investments. The overall effect of the guidance is not expected to have a material impact on our financial statements. We do not plan to early adopt this new standard. ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This ASU clarifies that contractual restrictions prohibiting the sale of an equity security are not considered part of the unit of account of the equity security, and therefore, are not considered in measuring fair value. The amendments clarify that an entity cannot recognize and measure a contractual sale restriction as a separate unit of account. The amendments in this ASU also require additional qualitative and quantitative disclosures for equity securities subject to contractual sale restrictions. The new standard is effective for calendar year-end public companies beginning January 1, 2024, with early adoption permitted. Periods beginning after December 15, 2023 The requirements of this ASU are consistent with our current treatment of equity securities subject to contractual sale restrictions and are not expected to impact the fair value measurements of these securities. We are evaluating supplementary disclosure requirements and additional data needed to meet these requirements. The overall effect of this standard is not expected to have a material impact on our financial statements. We do not plan to early adopt this new standard. Standards adopted by the Bank ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures This ASU eliminated the recognition and measurement requirements for troubled debt restructurings (“TDRs”) for creditors that have adopted ASC 326 (“CECL”), eliminated certain TDR disclosures, and required enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The new standard also required public companies to present current period gross charge-offs (on a current year-to-date basis for interim-period disclosures) by year of origination in their vintage disclosures. Periods beginning after December 15, 2022 We adopted this ASU on a modified retrospective basis on January 1, 2023. It did not have a material impact on our financial statements. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis | The following schedule presents assets and liabilities measured at fair value on a recurring basis: (In millions) June 30, 2023 Level 1 Level 2 Level 3 Total ASSETS Available-for-sale securities: U.S. Treasury, agencies, and corporations $ 475 $ 8,943 $ — $ 9,418 Municipal securities 1,391 1,391 Other debt securities 23 23 Total available-for-sale 475 10,357 — 10,832 Trading securities 32 32 Other noninterest-bearing investments: Bank-owned life insurance 549 549 Private equity investments 1 3 84 87 Other assets: Agriculture loan servicing and interest-only strips 17 17 Loans held for sale 20 20 Deferred compensation plan assets 114 114 Derivatives 491 491 Total assets $ 592 $ 11,449 $ 101 $ 12,142 LIABILITIES Securities sold, not yet purchased $ 347 $ — $ — $ 347 Other liabilities: Derivatives 409 409 Total liabilities $ 347 $ 409 $ — $ 756 1 The Level 1 private equity investments (“PEIs”) relate to the portion of our Small Business Investment Company (“SBIC”) investments that are publicly traded. (In millions) December 31, 2022 Level 1 Level 2 Level 3 Total ASSETS Available-for-sale securities: U.S. Treasury, agencies, and corporations $ 393 $ 9,815 $ — $ 10,208 Municipal securities 1,634 1,634 Other debt securities 73 73 Total available-for-sale 393 11,522 — 11,915 Trading securities 395 70 465 Other noninterest-bearing investments: Bank-owned life insurance 546 546 Private equity investments 1 4 81 85 Other assets: Agriculture loan servicing and interest-only strips 14 14 Deferred compensation plan assets 114 114 Derivatives 386 386 Total assets $ 906 $ 12,524 $ 95 $ 13,525 LIABILITIES Securities sold, not yet purchased $ 187 $ — $ — $ 187 Other liabilities: Derivatives 451 451 Total liabilities $ 187 $ 451 $ — $ 638 1 The Level 1 PEIs relate to the portion of our SBIC investments that are publicly traded. |
Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis Using Level 3 Inputs | The following schedule presents a rollforward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs: Level 3 Instruments Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (In millions) Private equity investments Ag loan servicing & interest-only strips Private equity investments Ag loan servicing & interest-only strips Private equity investments Ag loan servicing & interest-only strips Private equity investments Ag loan servicing & interest-only strips Balance at beginning of period $ 82 $ 18 $ 74 $ 12 $ 81 $ 14 $ 66 $ 12 Unrealized securities gains (losses), net (3) — — — (3) — 5 — Other noninterest income (expense) — (1) — — — 3 — — Purchases 5 — 3 — 6 — 9 — Cost of investments sold — — — — — — (3) — Transfers out 1 — — — — — — — — Balance at end of period $ 84 $ 17 $ 77 $ 12 $ 84 $ 17 $ 77 $ 12 1 Represents the transfer of SBIC investments out of Level 3 and into Level 1 because they are publicly traded. |
Schedule of Rollforward of Level 3 Fair Value Measurements Including Realized Gains and Losses in the Income Statement | The rollforward of Level 3 instruments includes the following realized gains and losses recognized in securities gains (losses) on the consolidated statement of income for the periods presented: (In millions) Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Securities gains (losses), net $ — $ — $ — $ (2) |
Schedule of Carrying Values and Estimated Fair Values | The following schedule presents the carrying values and estimated fair values of certain financial instruments: June 30, 2023 December 31, 2022 (In millions) Carrying Fair value Level Carrying Fair value Level Financial assets: Held-to-maturity investment securities $ 10,753 $ 10,768 2 $ 11,126 $ 11,239 2 Loans and leases (including loans held for sale), net of allowance 56,302 53,885 3 55,086 53,093 3 Financial liabilities: Time deposits 12,259 12,187 2 2,309 2,269 2 Long-term debt 538 460 2 651 635 2 |
Offsetting Assets and Liabili_2
Offsetting Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Offsetting [Abstract] | |
Schedule of Offsetting Assets and Liabilities | The following schedules present gross and net information for selected financial instruments on the balance sheet. June 30, 2023 Gross amounts not offset in the balance sheet (In millions) 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 securities purchased under agreements to resell $ 868 $ (87) $ 781 $ — $ — $ 781 Derivatives (included in other assets) 491 — 491 (9) (470) 12 Total assets $ 1,359 $ (87) $ 1,272 $ (9) $ (470) $ 793 Liabilities: Federal funds and other short-term borrowings $ 5,600 $ (87) $ 5,513 $ — $ — $ 5,513 Derivatives (included in other liabilities) 409 — 409 (9) (1) 399 Total liabilities $ 6,009 $ (87) $ 5,922 $ (9) $ (1) $ 5,912 December 31, 2022 Gross amounts not offset in the balance sheet (In millions) 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 securities purchased under agreements to resell $ 2,451 $ (25) $ 2,426 $ — $ — $ 2,426 Derivatives (included in other assets) 386 — 386 (10) (367) 9 Total assets $ 2,837 $ (25) $ 2,812 $ (10) $ (367) $ 2,435 Liabilities: Federal funds and other short-term borrowings $ 10,442 $ (25) $ 10,417 $ — $ — $ 10,417 Derivatives (included in other liabilities) 451 — 451 (10) — 441 Total liabilities $ 10,893 $ (25) $ 10,868 $ (10) $ — $ 10,858 |
Schedule of Offsetting Assets and Liabilities | The following schedules present gross and net information for selected financial instruments on the balance sheet. June 30, 2023 Gross amounts not offset in the balance sheet (In millions) 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 securities purchased under agreements to resell $ 868 $ (87) $ 781 $ — $ — $ 781 Derivatives (included in other assets) 491 — 491 (9) (470) 12 Total assets $ 1,359 $ (87) $ 1,272 $ (9) $ (470) $ 793 Liabilities: Federal funds and other short-term borrowings $ 5,600 $ (87) $ 5,513 $ — $ — $ 5,513 Derivatives (included in other liabilities) 409 — 409 (9) (1) 399 Total liabilities $ 6,009 $ (87) $ 5,922 $ (9) $ (1) $ 5,912 December 31, 2022 Gross amounts not offset in the balance sheet (In millions) 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 securities purchased under agreements to resell $ 2,451 $ (25) $ 2,426 $ — $ — $ 2,426 Derivatives (included in other assets) 386 — 386 (10) (367) 9 Total assets $ 2,837 $ (25) $ 2,812 $ (10) $ (367) $ 2,435 Liabilities: Federal funds and other short-term borrowings $ 10,442 $ (25) $ 10,417 $ — $ — $ 10,417 Derivatives (included in other liabilities) 451 — 451 (10) — 441 Total liabilities $ 10,893 $ (25) $ 10,868 $ (10) $ — $ 10,858 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments [Abstract] | |
Summary of Investment Securities | The following schedule presents the amortized cost and estimated fair values of our HTM and AFS securities: June 30, 2023 (In millions) Amortized Gross unrealized gains Gross unrealized losses Estimated Held-to-maturity U.S. Government agencies and corporations: Agency securities $ 96 $ — $ 6 $ 90 Agency guaranteed mortgage-backed securities 1 10,289 116 70 10,335 Municipal securities 368 — 25 343 Total held-to-maturity 10,753 116 101 10,768 Available-for-sale U.S. Treasury securities 565 — 90 475 U.S. Government agencies and corporations: Agency securities 717 — 40 677 Agency guaranteed mortgage-backed securities 8,991 — 1,344 7,647 Small Business Administration loan-backed securities 646 — 27 619 Municipal securities 1,480 — 89 1,391 Other debt securities 25 — 2 23 Total available-for-sale 12,424 — 1,592 10,832 Total HTM and AFS investment securities $ 23,177 $ 116 $ 1,693 $ 21,600 December 31, 2022 (In millions) Amortized Gross unrealized gains Gross unrealized losses Estimated Held-to-maturity U.S. Government agencies and corporations: Agency securities $ 100 $ — $ 7 $ 93 Agency guaranteed mortgage-backed securities 1 10,621 165 14 10,772 Municipal securities 405 — 31 374 Total held-to-maturity 11,126 165 52 11,239 Available-for-sale U.S. Treasury securities 557 — 164 393 U.S. Government agencies and corporations: Agency securities 782 — 46 736 Agency guaranteed mortgage-backed securities 9,652 — 1,285 8,367 Small Business Administration loan-backed securities 740 1 29 712 Municipal securities 1,732 1 99 1,634 Other debt securities 75 — 2 73 Total available-for-sale 13,538 2 1,625 11,915 Total HTM and AFS investment securities $ 24,664 $ 167 $ 1,677 $ 23,154 1 During the fourth quarter of 2022, we transferred approximately $10.7 billion fair value ($13.1 billion amortized cost) of mortgage-backed AFS securities to the HTM category to reflect our intent for these securities. The transfer of these securities from AFS to HTM at fair value resulted in a discount to the amortized cost basis of the HTM securities equivalent to the $2.4 billion ($1.8 billion after tax) of unrealized losses in AOCI. The amortization of the unrealized losses will offset the effect of the accretion of the discount created by the transfer. At June 30, 2023, the unamortized discount on the HTM securities totaled approximately $2.2 billion ($1.7 billion after tax). |
Contractual Maturities Debt Securities | The following schedule presents the amortized cost and weighted average yields of debt securities by contractual maturity of principal payments at June 30, 2023. This schedule does not reflect the duration of the portfolio, which would incorporate amortization, expected prepayments, interest rate resets, and fair value hedges. June 30, 2023 Total 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 Average yield Amortized cost Average yield Amortized cost Average yield Amortized cost Average yield Amortized cost Average yield Held-to-maturity U.S. Government agencies and corporations: Agency securities $ 96 3.54 % $ — — % $ — — % $ — — % $ 96 3.54 % Agency guaranteed mortgage-backed securities 10,289 1.84 — — — — 46 2.02 10,243 1.84 Municipal securities 1 368 3.15 27 2.77 135 2.98 168 3.33 38 3.19 Total held-to-maturity securities 10,753 1.90 27 2.77 135 2.98 214 3.05 10,377 1.86 Available-for-sale U.S. Treasury securities 565 3.12 164 5.01 — — — — 401 2.35 U.S. Government agencies and corporations: Agency securities 717 2.65 114 1.07 191 3.13 218 2.63 194 3.12 Agency guaranteed mortgage-backed securities 8,991 1.99 21 4.38 233 1.56 1,502 2.09 7,235 1.97 Small Business Administration loan-backed securities 646 5.22 — — 33 5.84 146 4.30 467 5.46 Municipal securities 1 1,480 2.18 122 2.40 500 2.62 678 1.84 180 2.08 Other debt securities 25 8.53 — — — — 10 9.50 15 7.88 Total available-for-sale securities 12,424 2.28 421 3.15 957 2.58 2,554 2.22 8,492 2.22 Total HTM and AFS investment securities $ 23,177 2.10 % $ 448 3.13 % $ 1,092 2.63 % $ 2,768 2.29 % $ 18,869 2.02 % 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 presents gross unrealized losses for AFS securities and the estimated fair value by length of time the securities have been in an unrealized loss position. June 30, 2023 Less than 12 months 12 months or more Total (In millions) Gross Estimated Gross Estimated Gross Estimated Available-for-sale U.S. Treasury securities $ — $ 55 $ 90 $ 311 $ 90 $ 366 U.S. Government agencies and corporations: Agency securities 2 33 38 617 40 650 Agency guaranteed mortgage-backed securities 83 482 1,261 7,140 1,344 7,622 Small Business Administration loan-backed securities — 21 27 525 27 546 Municipal securities 7 495 82 871 89 1,366 Other — — 2 13 2 13 Total available-for-sale investment securities $ 92 $ 1,086 $ 1,500 $ 9,477 $ 1,592 $ 10,563 December 31, 2022 Less than 12 months 12 months or more Total (In millions) Gross Estimated Gross Estimated Gross Estimated Available-for-sale U.S. Treasury securities $ 94 $ 308 $ 70 $ 85 $ 164 $ 393 U.S. Government agencies and corporations: Agency securities 39 634 7 102 46 736 Agency guaranteed mortgage-backed securities 447 4,322 838 4,042 1,285 8,364 Small Business Administration loan-backed securities 8 101 21 524 29 625 Municipal securities 63 1,295 36 256 99 1,551 Other 2 13 — — 2 13 Total available-for-sale investment securities $ 653 $ 6,673 $ 972 $ 5,009 $ 1,625 $ 11,682 |
Gains and Losses, Including OTTI, Recognized in Statement of Income | The following schedule presents securities gains and losses recognized in the consolidated income statement. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In millions) Gross gains Gross losses Gross gains Gross losses Gross gains Gross losses Gross gains Gross losses Available-for-sale $ 71 $ 71 $ — $ — $ 72 $ 73 $ — $ — Trading 7 7 — — 10 9 — — Other noninterest-bearing investments 10 10 1 — 13 12 5 21 Total gains 88 88 1 — 95 94 5 21 Net gains (losses) 1 $ — $ 1 $ 1 $ (16) 1 Net gains (losses) were recognized in securities gains (losses) in the income statement. |
Interest Income by Security Type | The following schedule presents interest income by security type. Three Months Ended June 30, 2023 2022 (In millions) Taxable Nontaxable Total Taxable Nontaxable Total Investment securities: Held-to-maturity $ 59 $ 1 $ 60 $ 3 $ 1 $ 4 Available-for-sale 69 8 77 109 11 120 Trading — 1 1 — 4 4 Total securities $ 128 $ 10 $ 138 $ 112 $ 16 $ 128 Six Months Ended June 30, 2023 2022 (In millions) Taxable Nontaxable Total Taxable Nontaxable Total Investment securities: Held-to-maturity $ 120 $ 2 $ 122 $ 5 $ 2 $ 7 Available-for-sale 138 14 152 205 19 224 Trading — 1 1 — 9 9 Total securities $ 258 $ 17 $ 275 $ 210 $ 30 $ 240 |
Loans, Leases, and Allowance _2
Loans, Leases, and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 $ 36 $ 8 Commercial: Commercial and industrial 1 $ 16,622 $ 16,377 Leasing 388 386 Owner-occupied 9,328 9,371 Municipal 4,354 4,361 Total commercial 30,692 30,495 Commercial real estate: Construction and land development 2,498 2,513 Term 10,406 10,226 Total commercial real estate 12,904 12,739 Consumer: Home equity credit line 3,291 3,377 1-4 family residential 7,980 7,286 Construction and other consumer real estate 1,434 1,161 Bankcard and other revolving plans 466 471 Other 150 124 Total consumer 13,321 12,419 Total loans and leases $ 56,917 $ 55,653 1 Commercial and industrial loan balances include Paycheck Protection Program (“PPP”) loans of $126 million and $197 million for the respective periods presented. |
Loans Held For Sale | The following schedule presents loans added to, or sold from, the held for sale category during the periods presented. Three Months Ended Six Months Ended (In millions) 2023 2022 2023 2022 Loans added to held for sale $ 220 $ 190 $ 306 $ 487 Loans sold from held for sale 188 187 277 523 |
Summary of Changes in the Allowance for Credit Losses | Changes in the ACL are summarized as follows: Three Months Ended June 30, 2023 (In millions) Commercial Commercial Consumer Total Allowance for loan losses Balance at beginning of period $ 313 $ 160 $ 145 $ 618 Provision for loan losses 24 21 1 46 Gross loan and lease charge-offs 20 — 2 22 Recoveries 6 — 3 9 Net loan and lease charge-offs (recoveries) 14 — (1) 13 Balance at end of period $ 323 $ 181 $ 147 $ 651 Reserve for unfunded lending commitments Balance at beginning of period $ 19 $ 28 $ 13 $ 60 Provision for unfunded lending commitments 1 1 (2) — Balance at end of period $ 20 $ 29 $ 11 $ 60 Total allowance for credit losses at end of period Allowance for loan losses $ 323 $ 181 $ 147 $ 651 Reserve for unfunded lending commitments 20 29 11 60 Total allowance for credit losses $ 343 $ 210 $ 158 $ 711 Six Months Ended June 30, 2023 (In millions) Commercial Commercial Consumer Total Allowance for loan losses Balance at December 31, 2022 $ 300 $ 156 $ 119 $ 575 Adjustment for change in accounting standard — (4) 1 (3) Balance at beginning of period $ 300 $ 152 $ 120 $ 572 Provision for loan losses 34 29 29 92 Gross loan and lease charge-offs 23 — 6 29 Recoveries 12 — 4 16 Net loan and lease charge-offs (recoveries) 11 — 2 13 Balance at end of period $ 323 $ 181 $ 147 $ 651 Reserve for unfunded lending commitments Balance at beginning of period $ 16 $ 33 $ 12 $ 61 Provision for unfunded lending commitments 4 (4) (1) (1) Balance at end of period $ 20 $ 29 $ 11 $ 60 Total allowance for credit losses at end of period Allowance for loan losses $ 323 $ 181 $ 147 $ 651 Reserve for unfunded lending commitments 20 29 11 60 Total allowance for credit losses $ 343 $ 210 $ 158 $ 711 Three Months Ended June 30, 2022 (In millions) Commercial Commercial real estate Consumer Total Allowance for loan losses Balance at beginning of period $ 282 $ 102 $ 94 $ 478 Provision for loan losses 12 12 15 39 Gross loan and lease charge-offs 15 — 3 18 Recoveries 7 — 2 9 Net loan and lease charge-offs (recoveries) 8 — 1 9 Balance at end of period $ 286 $ 114 $ 108 $ 508 Reserve for unfunded lending commitments Balance at beginning of period $ 14 $ 12 $ 10 $ 36 Provision for unfunded lending commitments (1) 3 — 2 Balance at end of period $ 13 $ 15 $ 10 $ 38 Total allowance for credit losses at end of period Allowance for loan losses $ 286 $ 114 $ 108 $ 508 Reserve for unfunded lending commitments 13 15 10 38 Total allowance for credit losses $ 299 $ 129 $ 118 $ 546 Six Months Ended June 30, 2022 (In millions) Commercial Commercial Consumer Total Allowance for loan losses Balance at beginning of period $ 311 $ 107 $ 95 $ 513 Provision for loan losses (12) 7 15 10 Gross loan and lease charge-offs 28 — 7 35 Recoveries 15 — 5 20 Net loan and lease charge-offs (recoveries) 13 — 2 15 Balance at end of period $ 286 $ 114 $ 108 $ 508 Reserve for unfunded lending commitments Balance at beginning of period $ 19 $ 11 $ 10 $ 40 Provision for unfunded lending commitments (6) 4 — (2) Balance at end of period $ 13 $ 15 $ 10 $ 38 Total allowance for credit losses at end of period Allowance for loan losses $ 286 $ 114 $ 108 $ 508 Reserve for unfunded lending commitments 13 15 10 38 Total allowance for credit losses $ 299 $ 129 $ 118 $ 546 |
Summary of Nonaccrual Loans | The amortized cost basis of nonaccrual loans is summarized as follows: June 30, 2023 Amortized cost basis Total amortized cost basis (In millions) with no allowance with allowance Related allowance Commercial: Commercial and industrial $ 11 $ 60 $ 71 $ 33 Owner-occupied 20 9 29 1 Total commercial 31 69 100 34 Commercial real estate: Term 7 6 13 1 Total commercial real estate 7 6 13 1 Consumer: Home equity credit line — 12 12 3 1-4 family residential 2 35 37 5 Total consumer loans 2 47 49 8 Total $ 40 $ 122 $ 162 $ 43 December 31, 2022 Amortized cost basis Total amortized cost basis (In millions) with no allowance with allowance Related allowance Commercial: Commercial and industrial $ 8 $ 55 $ 63 $ 27 Owner-occupied 13 11 24 1 Total commercial 21 66 87 28 Commercial real estate: Term — 14 14 2 Total commercial real estate — 14 14 2 Consumer: Home equity credit line 1 10 11 2 1-4 family residential 9 28 37 3 Total consumer loans 10 38 48 5 Total $ 31 $ 118 $ 149 $ 35 The amount of accrued interest receivables reversed from interest income during the periods presented is summarized by loan portfolio segment as follows: Three Months Ended Six Months Ended (In millions) 2023 2022 2023 2022 Commercial $ 3 $ 4 $ 5 $ 8 Commercial real estate — — — — Consumer 1 — 1 — Total $ 4 $ 4 $ 6 $ 8 |
Summary of Past Due Loans (Accruing and Nonaccruing) | Past due loans (accruing and nonaccruing) are summarized as follows: June 30, 2023 (In millions) Current 30-89 days 90+ days Total Total Accruing Nonaccrual loans that are current 1 Commercial: Commercial and industrial $ 16,594 $ 18 $ 10 $ 28 $ 16,622 $ 3 $ 57 Leasing 388 — — — 388 — — Owner-occupied 9,320 5 3 8 9,328 — 24 Municipal 4,347 7 — 7 4,354 — — Total commercial 30,649 30 13 43 30,692 3 81 Commercial real estate: Construction and land development 2,497 1 — 1 2,498 — — Term 10,385 18 3 21 10,406 3 13 Total commercial real estate 12,882 19 3 22 12,904 3 13 Consumer: Home equity credit line 3,275 12 4 16 3,291 — 6 1-4 family residential 7,950 10 20 30 7,980 — 14 Construction and other consumer real estate 1,434 — — — 1,434 — — Bankcard and other revolving plans 463 2 1 3 466 1 — Other 149 1 — 1 150 — — Total consumer loans 13,271 25 25 50 13,321 1 20 Total $ 56,802 $ 74 $ 41 $ 115 $ 56,917 $ 7 $ 114 December 31, 2022 (In millions) Current 30-89 days 90+ days Total Total Accruing Nonaccrual loans that are current 1 Commercial: Commercial and industrial $ 16,331 $ 24 $ 22 $ 46 $ 16,377 $ 4 $ 45 Leasing 386 — — — 386 — — Owner-occupied 9,344 20 7 27 9,371 1 15 Municipal 4,361 — — — 4,361 — — Total commercial 30,422 44 29 73 30,495 5 60 Commercial real estate: Construction and land development 2,511 2 — 2 2,513 — — Term 10,179 37 10 47 10,226 — 4 Total commercial real estate 12,690 39 10 49 12,739 — 4 Consumer: Home equity credit line 3,369 5 3 8 3,377 — 6 1-4 family residential 7,258 9 19 28 7,286 — 16 Construction and other consumer real estate 1,161 — — — 1,161 — — Bankcard and other revolving plans 467 3 1 4 471 1 — Other 124 — — — 124 — — Total consumer loans 12,379 17 23 40 12,419 1 22 Total $ 55,491 $ 100 $ 62 $ 162 $ 55,653 $ 6 $ 86 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 by credit quality classification as monitored by management. The schedule also summarizes the current period gross charge-offs by year of origination. June 30, 2023 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) 2023 2022 2021 2020 2019 Prior Total Commercial: Commercial and industrial Pass $ 1,442 $ 2,955 $ 1,550 $ 758 $ 600 $ 703 $ 8,039 $ 177 $ 16,224 Special Mention 1 3 7 5 1 49 88 1 155 Accruing Substandard 1 37 3 3 33 28 65 2 172 Nonaccrual 5 5 2 2 1 1 52 3 71 Total commercial and industrial 1,449 3,000 1,562 768 635 781 8,244 183 16,622 Gross charge-offs — 6 5 — — — 7 2 20 Leasing Pass 53 146 58 38 54 31 — — 380 Special Mention — 1 1 — — — — — 2 Accruing Substandard — 2 — — — 4 — — 6 Nonaccrual — — — — — — — — — Total leasing 53 149 59 38 54 35 — — 388 Gross charge-offs — — — — — — — — — Owner-occupied Pass 662 2,027 2,077 1,058 761 2,128 199 48 8,960 Special Mention 2 5 66 3 17 13 2 — 108 Accruing Substandard 5 32 51 20 17 102 4 — 231 Nonaccrual 1 — 1 12 3 11 1 — 29 Total owner-occupied 670 2,064 2,195 1,093 798 2,254 206 48 9,328 Gross charge-offs — — — — — — — — — Municipal Pass 250 1,188 1,194 688 407 575 4 — 4,306 Special Mention — 38 — — — — — — 38 Accruing Substandard — — 6 3 1 — — — 10 Nonaccrual — — — — — — — — — Total municipal 250 1,226 1,200 691 408 575 4 — 4,354 Gross charge-offs — — — — — — — — — Total commercial 2,422 6,439 5,016 2,590 1,895 3,645 8,454 231 30,692 Total commercial gross charge-offs — 6 5 — — — 7 2 20 Commercial real estate: Construction and land development Pass 182 667 667 270 36 3 490 118 2,433 Special Mention 5 — — 12 — — 15 — 32 Accruing Substandard — 10 1 — 22 — — — 33 Nonaccrual — — — — — — — — — Total construction and land development 187 677 668 282 58 3 505 118 2,498 Gross charge-offs — — — — — — — — — Term Pass 876 2,704 1,888 1,673 969 1,639 219 173 10,141 Special Mention 23 17 1 41 2 9 — — 93 Accruing Substandard 30 23 1 37 27 41 — — 159 Nonaccrual — — — — 4 9 — — 13 Total term 929 2,744 1,890 1,751 1,002 1,698 219 173 10,406 Gross charge-offs — — — — — — — — — Total commercial real estate 1,116 3,421 2,558 2,033 1,060 1,701 724 291 12,904 Total commercial real estate gross charge-offs — — — — — — — — — June 30, 2023 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) 2023 2022 2021 2020 2019 Prior Total Consumer: Home equity credit line Pass — — — — — — 3,184 93 3,277 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 2 — 2 Nonaccrual — — — — — — 10 2 12 Total home equity credit line — — — — — — 3,196 95 3,291 Gross charge-offs — — — — — — — — — 1-4 family residential Pass 651 1,970 1,664 1,011 620 2,025 — — 7,941 Special Mention — — — — — — — — — Accruing Substandard — — — — — 2 — — 2 Nonaccrual — — 2 3 4 28 — — 37 Total 1-4 family residential 651 1,970 1,666 1,014 624 2,055 — — 7,980 Gross charge-offs — — — — — — — — — Construction and other consumer real estate Pass 74 940 372 27 12 9 — — 1,434 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total construction and other consumer real estate 74 940 372 27 12 9 — — 1,434 Gross charge-offs — — — — — — — — — Bankcard and other revolving plans Pass — — — — — — 462 2 464 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 2 — 2 Nonaccrual — — — — — — — — — Total bankcard and other revolving plans — — — — — — 464 2 466 Gross charge-offs — — — — — — 2 — 2 Other consumer Pass 61 48 24 8 6 3 — — 150 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total other consumer 61 48 24 8 6 3 — — 150 Gross charge-offs — — — — — — — — — Total consumer 786 2,958 2,062 1,049 642 2,067 3,660 97 13,321 Total consumer gross charge-offs — — — — — — 2 — 2 Total loans $ 4,324 $ 12,818 $ 9,636 $ 5,672 $ 3,597 $ 7,413 $ 12,838 $ 619 $ 56,917 Total gross charge-offs $ — $ 6 $ 5 $ — $ — $ — $ 9 $ 2 $ 22 December 31, 2022 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) 2022 2021 2020 2019 2018 Prior Total Commercial: Commercial and industrial Pass $ 3,363 $ 1,874 $ 979 $ 876 $ 293 $ 264 $ 8,054 $ 182 $ 15,885 Special Mention 1 2 10 52 1 2 50 — 118 Accruing Substandard 26 7 17 78 30 67 84 2 311 Nonaccrual — 8 5 11 1 2 32 4 63 Total commercial and industrial 3,390 1,891 1,011 1,017 325 335 8,220 188 16,377 Leasing Pass 160 71 47 66 18 19 — — 381 Special Mention — — — — — — — — — Accruing Substandard — — — — — 5 — — 5 Nonaccrual — — — — — — — — — Total leasing 160 71 47 66 18 24 — — 386 Owner-occupied Pass 2,157 2,285 1,143 874 654 1,679 187 74 9,053 Special Mention 1 15 5 8 3 16 1 — 49 Accruing Substandard 16 33 48 20 55 64 9 — 245 Nonaccrual 1 1 2 4 5 10 1 — 24 Total owner-occupied 2,175 2,334 1,198 906 717 1,769 198 74 9,371 Municipal Pass 1,230 1,220 816 441 168 437 8 — 4,320 Special Mention 32 6 — — — — — — 38 Accruing Substandard — — — — — 3 — — 3 Nonaccrual — — — — — — — — — Total municipal 1,262 1,226 816 441 168 440 8 — 4,361 Total commercial 6,987 5,522 3,072 2,430 1,228 2,568 8,426 262 30,495 Commercial real estate: Construction and land development Pass 548 671 455 81 2 2 617 96 2,472 Special Mention 1 1 — — — — — — 2 Accruing Substandard 17 — — 22 — — — — 39 Nonaccrual — — — — — — — — — Total construction and land development 566 672 455 103 2 2 617 96 2,513 Term Pass 2,861 2,107 1,686 1,012 666 1,229 276 112 9,949 Special Mention 39 21 11 — 4 1 — — 76 Accruing Substandard 42 2 34 21 53 35 — — 187 Nonaccrual — — — 4 1 9 — — 14 Total term 2,942 2,130 1,731 1,037 724 1,274 276 112 10,226 Total commercial real estate 3,508 2,802 2,186 1,140 726 1,276 893 208 12,739 December 31, 2022 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) 2022 2021 2020 2019 2018 Prior Total Consumer: Home equity credit line Pass — — — — — — 3,265 98 3,363 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 3 — 3 Nonaccrual — — — — — — 8 3 11 Total home equity credit line — — — — — — 3,276 101 3,377 1-4 family residential Pass 1,913 1,503 1,024 638 381 1,788 — — 7,247 Special Mention — — — — — — — — — Accruing Substandard — — — — — 2 — — 2 Nonaccrual — 2 2 4 3 26 — — 37 Total 1-4 family residential 1,913 1,505 1,026 642 384 1,816 — — 7,286 Construction and other consumer real estate Pass 583 485 64 19 5 5 — — 1,161 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total construction and other consumer real estate 583 485 64 19 5 5 — — 1,161 Bankcard and other revolving plans Pass — — — — — — 468 2 470 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 1 — 1 Nonaccrual — — — — — — — — — Total bankcard and other revolving plans — — — — — — 469 2 471 Other consumer Pass 68 30 12 8 4 2 — — 124 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total other consumer 68 30 12 8 4 2 — — 124 Total consumer 2,564 2,020 1,102 669 393 1,823 3,745 103 12,419 Total loans $ 13,059 $ 10,344 $ 6,360 $ 4,239 $ 2,347 $ 5,667 $ 13,064 $ 573 $ 55,653 |
Summary of TDRs (Accruing and Nonaccruing) Categorized by Loan Class and Modification Type | The amortized cost of loans to borrowers experiencing financial difficulty that were modified during the period, by loan class and modification type, is summarized in the following schedule: Three Months Ended June 30, 2023 Amortized cost associated with (In millions) Interest Maturity Principal Multiple modification types 1 Total 2 Percentage of total loans 3 Commercial: Commercial and industrial $ 1 $ 27 $ — $ — $ 28 0.2 % Owner-occupied — 20 — — 20 0.2 Total commercial 1 47 — — 48 0.2 Commercial real estate: Construction and land development — 18 — — 18 0.7 Term — 34 — — 34 0.3 Total commercial real estate — 52 — — 52 0.4 Consumer: 1-4 family residential — — 1 1 2 — Bankcard and other revolving plans — 1 — — 1 0.2 Total consumer loans — 1 1 1 3 — Total $ 1 $ 100 $ 1 $ 1 $ 103 0.2 % Six Months Ended June 30, 2023 Amortized cost associated with (In millions) Interest Maturity Principal Multiple modification types 1 Total 2 Percentage of total loans 3 Commercial: Commercial and industrial $ 1 $ 42 $ — $ — $ 43 0.3 % Owner-occupied 4 22 — — 26 0.3 Total commercial 5 64 — — 69 0.2 Commercial real estate: Construction and land development — 18 — — 18 0.7 Term — 58 — — 58 0.6 Total commercial real estate — 76 — — 76 0.6 Consumer: 1-4 family residential — — 1 1 2 — Bankcard and other revolving plans — 1 — — 1 0.2 Total consumer loans — 1 1 1 3 — Total $ 5 $ 141 $ 1 $ 1 $ 148 0.3 % 1 Includes modifications that resulted from a combination of interest rate reduction, maturity or term extension, principal forgiveness, and payment deferral modifications. 2 Unfunded lending commitments related to loans modified to borrowers experiencing financial difficulty totaled $10 million at June 30, 2023. 3 Amounts less than 0.05% are rounded to zero. The financial impact of loan modifications to borrowers experiencing financial difficulty during the three and six months ended June 30, 2023, is summarized in the following schedule: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In millions) Weighted-average interest rate reduction (in percentage points) Weighted-average term extension Weighted-average interest rate reduction (in percentage points) Weighted-average term extension Commercial: Commercial and industrial 1.0 % 8 1.0 % 9 Owner-occupied — 7 4.4 7 Total commercial 1.0 8 3.7 8 Commercial real estate: Construction and land development — 6 — 6 Term — 18 — 17 Total commercial real estate — 14 — 15 Consumer: 1 1-4 family residential 1.3 110 1.3 110 Bankcard and other revolving plans — 65 — 61 Total consumer loans 1.3 87 1.3 87 Total weighted average financial impact 1.1 % 12 3.4 % 13 1 Primarily relates to one loan within each consumer loan class. The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after January 1, 2023 (the date we adopted ASU 2022-02) through June 30, 2023, presented by portfolio segment and loan class. June 30, 2023 (In millions) Current 30-89 days 90+ days Total Total Commercial: Commercial and industrial $ 40 $ 3 $ — $ 3 $ 43 Owner-occupied 25 — 1 1 26 Total commercial 65 3 1 4 69 Commercial real estate: Construction and land development 18 — — — 18 Term 58 — — — 58 Total commercial real estate 76 — — — 76 Consumer: 1-4 family residential 2 — — — 2 Bankcard and other revolving plans 1 — — — 1 Total consumer loans 3 — — — 3 Total $ 144 $ 3 $ 1 $ 4 $ 148 Information on TDRs, including the amortized cost on an accruing and nonaccruing basis by loan class and modification type is summarized in the following schedules: December 31, 2022 Amortized cost resulting from the following modification types: (In millions) Interest Maturity Principal Payment Other 1 Multiple modification types 2 Total Accruing Commercial: Commercial and industrial $ 1 $ 12 $ — $ — $ 9 $ 28 $ 50 Owner-occupied — 1 — 2 13 12 28 Municipal — — — — — — — Total commercial 1 13 — 2 22 40 78 Commercial real estate: Construction and land development — — — — — 8 8 Term 1 27 — 27 28 1 84 Total commercial real estate 1 27 — 27 28 9 92 Consumer: Home equity credit line — 1 4 — — 1 6 1-4 family residential 2 1 2 — 1 15 21 Total consumer loans 2 2 6 — 1 16 27 Total accruing 4 42 6 29 51 65 197 Nonaccruing Commercial: Commercial and industrial — — — 3 9 3 15 Owner-occupied 4 — — — — 4 8 Total commercial 4 — — 3 9 7 23 Commercial real estate: Term — 10 — — — — 10 Total commercial real estate — 10 — — — — 10 Consumer: Home equity credit line — — 1 — — — 1 1-4 family residential — 1 — — 1 2 4 Total consumer loans — 1 1 — 1 2 5 Total nonaccruing 4 11 1 3 10 9 38 Total $ 8 $ 53 $ 7 $ 32 $ 61 $ 74 $ 235 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 the previous modification types reflected in the schedule. |
Summary of Collateral-Dependent Loans | Select information on loans for which the borrower is experiencing financial difficulties and repayment is expected to be provided substantially through the operation or sale of the underlying collateral, including the type of collateral and the extent to which the collateral secures the loans, is summarized as follows: June 30, 2023 (Dollar amounts in millions) Amortized cost Major types of collateral Weighted average LTV 1 Commercial: Commercial and industrial $ 10 Accounts Receivable 81% Owner-occupied 12 Hospital 29% Commercial real estate: Term 3 Hotel, Multi-family 89% Total $ 25 December 31, 2022 (Dollar amounts in millions) Amortized cost Major types of collateral Weighted average LTV 1 Commercial: Owner-occupied $ 2 Land, Warehouse 29% Commercial real estate: Term 1 Multi-family 55% Consumer: Home equity credit line 1 Single family residential 13% 1-4 family residential 3 Single family residential 41% Total $ 7 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, 2023 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Derivative Amounts | The following schedule presents information regarding notional amounts and recorded gross fair values at June 30, 2023 and December 31, 2022, and the related gain (loss) of derivative instruments. June 30, 2023 December 31, 2022 Notional amount 1 Fair value Notional Fair value (In millions) Other Other Other Other Derivatives designated as hedging instruments: Cash flow hedges of floating-rate assets: Receive-fixed interest rate swaps $ 2,850 $ — $ — $ 7,633 $ — $ 1 Cash flow hedges of floating-rate liabilities: Pay-fixed interest rate swaps 500 — — — — — Fair value hedges: Debt hedges: Receive-fixed interest rate swaps — — — 500 — — Asset hedges: Pay-fixed interest rate swaps 3,572 80 — 1,228 84 — Total derivatives designated as hedging instruments 6,922 80 — 9,361 84 1 Derivatives not designated as hedging instruments: Customer interest rate derivatives 2 13,726 406 407 13,670 296 443 Other interest rate derivatives 3,576 2 — 862 — — Foreign exchange derivatives 216 2 2 605 6 7 Purchased credit derivatives 18 1 — — — — Total derivatives not designated as hedging instruments 17,536 411 409 15,137 302 450 Total derivatives $ 24,458 $ 491 $ 409 $ 24,498 $ 386 $ 451 1 Centrally cleared swaps originally indexed to London Interbank Offered Rate (“LIBOR”) were divided into short-dated, LIBOR-indexed spot starting swaps and forward starting Secured Overnight Financing Rate (“SOFR”) swaps when the clearing houses transitioned to SOFR. The LIBOR-indexed swaps will fully mature in the third quarter of 2023. The notional amounts above reflect the economic substance of our derivatives and do not include the duplicate notional amounts during the transition period. 2 Customer interest rate derivatives include both customer-facing derivative as well as offsetting derivatives facing other dealer banks. The fair value of these derivatives include a net credit valuation adjustment (“CVA”) of $10 million, reducing the fair value of the liability at June 30, 2023, and $13 million, reducing the fair value of the liability at December 31, 2022. |
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 were deferred in other comprehensive income (“OCI”) or recognized in earnings for the three and six months ended June 30, 2023 and 2022 is presented in the schedules below. Three Months Ended June 30, 2023 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Interest on fair value hedges Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ — Received-fixed interest rate swaps (21) (41) — Cash flow hedges of floating-rate liabilities: Pay-fixed interest rate swaps 11 1 — Fair value hedges: Debt hedges: Receive-fixed interest rate swaps — — (8) Basis amortization on terminated hedges 2 — (1) Asset hedges: Pay-Fixed interest rate swaps — — 9 Basis amortization on terminated asset hedges 3 — — — Total derivatives designated as hedging instruments $ (10) $ (40) $ — Six Months Ended June 30, 2023 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Interest on fair value hedges Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ — Received-fixed interest rate swaps 17 (90) — Cash flow hedges of floating-rate liabilities: Pay-fixed interest rate swaps 11 1 — Fair value hedges: Debt hedges: Receive-fixed interest rate swaps — — (5) Basis amortization on terminated debt hedges 2 — — (1) Asset hedges: Pay-fixed interest rate swaps — — 16 Basis amortization on terminated asset hedges 3 — — — Total derivatives designated as hedging instruments $ 28 $ (89) $ 10 Three Months Ended June 30, 2022 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Interest on fair value hedges Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ — Interest rate swaps (66) 6 — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — 1 Basis amortization on terminated hedges 2 — — — Fair value hedges of assets: Pay-fixed interest rate swaps — — (1) Basis amortization on terminated hedges 2 — — — Total derivatives designated as hedging instruments $ (66) $ 6 $ — Six Months Ended June 30, 2022 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Interest on fair value hedges Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ 2 $ — Interest rate swaps (244) 17 — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — 3 Basis amortization on terminated hedges 2, 3 — — 1 Fair value hedges of assets: Pay-fixed interest rate swaps — — (2) Basis amortization on terminated hedges 2, 3 — — — Total derivatives designated as hedging instruments $ (244) $ 19 $ 2 1 For the 12 months following June 30, 2023, we estimate that $106 million of losses will be reclassified from AOCI into interest income, compared with an estimate of $94 million of losses at June 30, 2022. 2 At June 30, 2023, the total cumulative unamortized basis adjustment for terminated fair value hedges of debt was $50 million. We did not have any cumulative unamortized basis adjustment for terminated hedges of debt at June 30, 2022. We had $3 million and $7 million of cumulative unamortized basis adjustments from terminated fair value hedges of assets at June 30, 2023 and 2022, respectively. |
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 summarized as follows: Other Noninterest Income/(Expense) (In millions) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Derivatives not designated as hedging instruments: Customer-facing interest rate derivatives $ 10 $ 11 $ 17 $ 30 Other interest rate derivatives 3 3 (1) — Foreign exchange derivatives 7 15 8 14 Purchased credit derivatives $ (1) $ (1) $ — $ — Total derivatives not designated as hedging instruments $ 19 $ 28 $ 24 $ 44 |
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, 2023 Three Months Ended June 30, 2022 (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 $ 2 $ (2) $ — $ (18) $ 18 $ — Assets: Pay-fixed interest rate swaps 1, 2 66 (67) (1) 97 (97) — Gain/(loss) recorded in income Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 (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 $ 14 $ (14) $ — $ (50) $ 50 $ — Assets: Pay-fixed interest rate swaps 1, 2 26 (27) (1) 150 (150) — 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 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, 2023 December 31, 2022 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Long-term fixed-rate debt 2 $ — $ (500) $ — $ (435) $ — $ 65 Fixed-rate assets 3 11,129 1,228 10,898 962 (231) (266) 1 Carrying amounts exclude (1) issuance and purchase discounts or premiums, (2) unamortized issuance and acquisition costs, and (3) amounts related to terminated fair value hedges. 2 We terminated the remaining fair value hedge of debt during the second quarter of 2023. The remaining hedge basis adjustments will be amortized over the life of the associated debt. 3 These amounts include the amortized cost basis of defined portfolios of AFS securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the defined portfolio anticipated to be outstanding for the designated hedged period. At June 30, 2023, the amortized cost basis of the defined portfolios used in these hedging relationships was $10.1 billion; the cumulative basis adjustment associated with these hedging relationships was $36.8 million; and the notional amounts of the designated hedging instruments were $2.5 billion. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Lease Related Assets and Liabilities | The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate. (Dollar amounts in millions) June 30, December 31, 2022 Operating leases ROU assets, net of amortization $ 170 $ 173 Lease liabilities 195 198 Finance leases ROU assets, net of amortization 3 4 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.6 8.4 Finance leases 16.9 17.4 Weighted average discount rate Operating leases 3.1 % 2.9 % Finance leases 3.1 % 3.1 % |
Lease Expense | Additional information related to lease expense is presented in the following schedule. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Lease expense: Operating lease expense $ 11 $ 12 $ 22 $ 24 Other expenses associated with operating leases 1 16 12 30 24 Total lease expense $ 27 $ 24 $ 52 $ 48 Related cash disbursements from operating leases $ 12 $ 12 $ 24 $ 25 1 Other expenses primarily include property taxes and building and property maintenance. |
Lease Maturity Analysis | The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years. (In millions) Total undiscounted lease payments 2023 1 $ 24 2024 40 2025 32 2026 27 2027 18 Thereafter 87 Total $ 228 1 Contractual maturities for the six months remaining in 2023. |
Long-Term Debt and Shareholde_2
Long-Term Debt and Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt And Equity [Abstract] | |
Schedule of Long-term Debt | The following schedule presents the components of our long-term debt. LONG-TERM DEBT (In millions) June 30, December 31, 2022 Subordinated notes 1 $ 534 $ 519 Senior notes — 128 Finance lease obligations 4 4 Total $ 538 $ 651 1 The change in the subordinated notes balance is primarily due to a fair value hedge accounting adjustment. See also Note 7. |
Schedule of Changes in Accumulated Other Comprehensive Income | The following schedule presents the changes in AOCI by component. (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, 2023 Balance at December 31, 2022 $ (2,800) $ (311) $ (1) $ (3,112) OCI before reclassifications, net of tax 1 94 21 — 115 Amounts reclassified from AOCI, net of tax — 67 — 67 Other comprehensive income 94 88 — 182 Balance at June 30, 2023 $ (2,706) $ (223) $ (1) $ (2,930) Income tax expense included in OCI $ 31 $ 28 $ — $ 59 Six Months Ended June 30, 2022 Balance at December 31, 2021 $ (78) $ — $ (2) $ (80) OCI (loss) before reclassifications, net of tax (1,820) (185) — (2,005) Amounts reclassified from AOCI, net of tax — (15) — (15) Other comprehensive loss (1,820) (200) — (2,020) Balance at June 30, 2022 $ (1,898) $ (200) $ (2) $ (2,100) Income tax benefit included in OCI (loss) $ (590) $ (65) $ — $ (655) 1 For the six months ended June 30, 2023, the OCI related to net unrealized gains/(losses) on investment securities reflected a $9 million decline in the fair value of fixed-rate AFS securities as a result of higher interest rates, offset by a $103 million increase in amortization of the discount on the securities transferred from AFS to HTM during the fourth quarter of 2022. |
Reclassification out of Accumulated Other Comprehensive Income | Amounts reclassified from AOCI 1 Statement of income (SI) (In millions) Three Months Ended Six Months Ended Details about AOCI components 2023 2022 2023 2022 Affected line item Net unrealized gains (losses) on derivative instruments $ (40) $ 6 $ (89) $ 20 SI Interest and fees on loans Less: Income tax expense (benefit) (10) 2 (22) 5 Amounts reclassified from AOCI $ (30) $ 4 $ (67) $ 15 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, 2023 | |
Commitments, Guarantees, and Contingent Liabilities [Abstract] | |
Schedule of Off Balance Sheet Financial Instruments | The following schedule presents the contractual amounts related to off-balance sheet financial instruments used to meet the financing needs of our customers. (In millions) June 30, December 31, Unfunded lending commitments 1 $ 29,731 $ 29,628 Standby letters of credit: Financial 579 667 Performance 178 184 Commercial letters of credit 36 11 Mortgage-backed security purchase agreements 2 51 23 Total unfunded commitments $ 30,575 $ 30,513 1 Net of participations. 2 Represents agreements with Farmer Mac to purchase securities backed by certain agricultural mortgage loans. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue | The schedule below presents net revenue by our operating business segments for the three months ended June 30, 2023 and 2022. Zions Bank CB&T Amegy (In millions) 2023 2022 2023 2022 2023 2022 Commercial account fees $ 14 $ 12 $ 8 $ 7 $ 14 $ 11 Card fees 13 14 5 5 8 8 Retail and business banking fees 5 6 3 3 4 4 Capital markets fees — — — — — — Wealth management fees 6 6 1 1 4 4 Other customer-related fees 2 2 2 2 2 2 Total noninterest income from contracts with customers (ASC 606) 40 40 19 18 32 29 Other noninterest income (non-ASC 606 customer-related) 6 6 14 8 8 13 Total customer-related noninterest income 46 46 33 26 40 42 Other noncustomer-related noninterest income 3 3 2 1 15 — Total noninterest income 49 49 35 27 55 42 Net interest income 178 170 152 142 116 120 Total net revenue $ 227 $ 219 $ 187 $ 169 $ 171 $ 162 NBAZ NSB Vectra (In millions) 2023 2022 2023 2022 2023 2022 Commercial account fees $ 2 $ 2 $ 3 $ 2 $ 2 $ 2 Card fees 4 4 4 4 2 2 Retail and business banking fees 2 2 3 3 1 1 Capital markets fees — — — — — — Wealth management fees 1 1 1 1 1 — Other customer-related fees — — — — 1 1 Total noninterest income from contracts with customers (ASC 606) 9 9 11 10 7 6 Other noninterest income (non-ASC 606 customer-related) 1 1 — 2 — 2 Total customer-related noninterest income 10 10 11 12 7 8 Other noncustomer-related noninterest income 1 1 — — — — Total noninterest income 11 11 11 12 7 8 Net interest income 64 55 49 39 38 35 Total net revenue $ 75 $ 66 $ 60 $ 51 $ 45 $ 43 TCBW Other Consolidated Bank (In millions) 2023 2022 2023 2022 2023 2022 Commercial account fees $ 1 $ 1 $ 1 $ — $ 45 $ 37 Card fees 1 1 — (2) 37 36 Retail and business banking fees — — (2) 1 16 20 Capital markets fees — — 1 1 1 1 Wealth management fees — — — — 14 13 Other customer-related fees — — 8 9 15 16 Total noninterest income from contracts with customers (ASC 606) 2 2 8 9 128 123 Other noninterest income (non-ASC 606 customer-related) — — 5 (1) 34 31 Total customer-related noninterest income 2 2 13 8 162 154 Other noncustomer-related noninterest income — — 6 13 27 18 Total noninterest income 2 2 19 21 189 172 Net interest income 15 15 (21) 17 591 593 Total net revenue $ 17 $ 17 $ (2) $ 38 $ 780 $ 765 The schedule below presents net revenue by our operating business segments for the six months ended June 30, 2023 and 2022. Zions Bank CB&T Amegy (In millions) 2023 2022 2023 2022 2023 2022 Commercial account fees $ 28 $ 27 $ 15 $ 14 $ 28 $ 22 Card fees 26 27 10 10 16 16 Retail and business banking fees 9 12 6 6 7 8 Capital markets fees — — — — — — Wealth management fees 12 11 2 2 8 8 Other customer-related fees 4 4 4 3 3 3 Total noninterest income from contracts with customers (ASC 606) 79 81 37 35 62 57 Other noninterest income (non-ASC 606 customer-related) 13 11 19 14 17 22 Total customer-related noninterest income 92 92 56 49 79 79 Other noncustomer-related noninterest income 7 3 3 2 17 — Total noninterest income 99 95 59 51 96 79 Net interest income 363 326 311 271 240 232 Total net revenue $ 462 $ 421 $ 370 $ 322 $ 336 $ 311 NBAZ NSB Vectra (In millions) 2023 2022 2023 2022 2023 2022 Commercial account fees $ 5 $ 4 $ 7 $ 6 $ 3 $ 4 Card fees 7 7 8 7 4 4 Retail and business banking fees 4 5 5 6 2 2 Capital markets fees — — — — — — Wealth management fees 2 2 3 2 1 1 Other customer-related fees 1 1 — — 2 1 Total noninterest income from contracts with customers (ASC 606) 19 19 23 21 12 12 Other noninterest income (non-ASC 606 customer-related) 1 3 — 4 1 4 Total customer-related noninterest income 20 22 23 25 13 16 Other noncustomer-related noninterest income 1 1 — — — — Total noninterest income 21 23 23 25 13 16 Net interest income 129 106 99 77 79 68 Total net revenue $ 150 $ 129 $ 122 $ 102 $ 92 $ 84 TCBW Other Consolidated Bank (In millions) 2023 2022 2023 2022 2023 2022 Commercial account fees $ 1 $ 1 $ 1 $ — $ 88 $ 78 Card fees 1 1 — — 72 72 Retail and business banking fees — — (1) 1 32 40 Capital markets fees — — 2 2 2 2 Wealth management fees — — (1) — 27 26 Other customer-related fees 1 — 15 18 30 30 Total noninterest income from contracts with customers (ASC 606) 3 2 16 21 251 248 Other noninterest income (non-ASC 606 customer-related) — 1 11 (2) 62 57 Total customer-related noninterest income 3 3 27 19 313 305 Other noncustomer-related noninterest income — — 8 3 36 9 Total noninterest income 3 3 35 22 349 314 Other real estate owned gain from sale — — — — — — Net interest income 31 28 18 29 1,270 1,137 Total net revenue $ 34 $ 31 $ 53 $ 51 $ 1,619 $ 1,451 |
Net Earnings Per Common Share (
Net Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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) 2023 2022 2023 2022 Basic: Net income $ 175 $ 203 $ 379 $ 406 Less common and preferred dividends 70 66 138 132 Undistributed earnings 105 137 241 274 Less undistributed earnings applicable to nonvested shares 1 1 2 2 Undistributed earnings applicable to common shares 104 136 239 272 Distributed earnings applicable to common shares 61 57 121 115 Total earnings applicable to common shares $ 165 $ 193 $ 360 $ 387 Weighted average common shares outstanding (in thousands) 147,692 150,635 147,852 150,958 Net earnings per common share $ 1.11 $ 1.29 $ 2.44 $ 2.56 Diluted: Total earnings applicable to common shares $ 165 $ 193 $ 360 $ 387 Weighted average common shares outstanding (in thousands) 147,692 150,635 147,852 150,958 Dilutive effect of stock options (in thousands) 4 203 13 306 Weighted average diluted common shares outstanding (in thousands) 147,696 150,838 147,865 151,264 Net earnings per common share $ 1.11 $ 1.29 $ 2.44 $ 2.56 |
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) 2023 2022 2023 2022 Restricted stock and restricted stock units 1,421 1,251 1,378 1,289 Stock options 1,449 200 1,381 155 |
Operating Segment Information (
Operating Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and 2022: Zions Bank CB&T Amegy (In millions) 2023 2022 2023 2022 2023 2022 SELECTED INCOME STATEMENT DATA Net interest income $ 178 $ 170 $ 152 $ 142 $ 116 $ 120 Provision for credit losses 7 1 15 16 12 5 Net interest income after provision for credit losses 171 169 137 126 104 115 Noninterest income 49 49 35 27 55 42 Noninterest expense 138 125 94 84 100 88 Income (loss) before income taxes $ 82 $ 93 $ 78 $ 69 $ 59 $ 69 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 14,250 $ 13,120 $ 14,152 $ 12,895 $ 12,880 $ 11,934 Total average deposits 19,191 25,035 13,333 16,663 11,873 16,253 NBAZ NSB Vectra (In millions) 2023 2022 2023 2022 2023 2022 SELECTED INCOME STATEMENT DATA Net interest income $ 64 $ 55 $ 49 $ 39 $ 38 $ 35 Provision for credit losses 4 6 7 3 2 10 Net interest income after provision for credit losses 60 49 42 36 36 25 Noninterest income 11 11 11 12 7 8 Noninterest expense 45 42 42 37 34 30 Income (loss) before income taxes $ 26 $ 18 $ 11 $ 11 $ 9 $ 3 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 5,243 $ 4,888 $ 3,427 $ 2,914 $ 3,998 $ 3,527 Total average deposits 6,873 8,447 6,630 7,546 3,271 4,189 TCBW Other Consolidated Bank (In millions) 2023 2022 2023 2022 2023 2022 SELECTED INCOME STATEMENT DATA Net interest income $ 15 $ 15 $ (21) $ 17 $ 591 $ 593 Provision for credit losses — 1 (1) (1) 46 41 Net interest income after provision for credit losses 15 14 (20) 18 545 552 Noninterest income 2 2 19 21 189 172 Noninterest expense 6 6 49 52 508 464 Income (loss) before income taxes $ 11 $ 10 $ (50) $ (13) $ 226 $ 260 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 1,689 $ 1,579 $ 1,040 $ 927 $ 56,679 $ 51,784 Total average deposits 1,099 1,547 7,379 1,207 69,649 80,887 The following schedule presents selected operating segment information for the six months ended June 30, 2023 and 2022: Zions Bank CB&T Amegy (In millions) 2023 2022 2023 2022 2023 2022 SELECTED INCOME STATEMENT DATA Net interest income $ 363 $ 326 $ 311 $ 271 $ 240 $ 232 Provision for credit losses 31 — 15 22 23 (22) Net interest income after provision for credit losses 332 326 296 249 217 254 Noninterest income 99 95 59 51 96 79 Noninterest expense 273 248 186 168 198 175 Income (loss) before income taxes $ 158 $ 173 $ 169 $ 132 $ 115 $ 158 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 14,115 $ 12,969 $ 14,084 $ 12,870 $ 12,862 $ 11,865 Total average deposits 20,067 25,574 13,985 16,566 12,576 16,333 NBAZ NSB Vectra (In millions) 2023 2022 2023 2022 2023 2022 SELECTED INCOME STATEMENT DATA Net interest income $ 129 $ 106 $ 99 $ 77 $ 79 $ 68 Provision for credit losses 4 2 11 — 6 6 Net interest income after provision for credit losses 125 104 88 77 73 62 Noninterest income 21 23 23 25 13 16 Noninterest expense 92 82 82 74 67 59 Income (loss) before income taxes $ 54 $ 45 $ 29 $ 28 $ 19 $ 19 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 5,197 $ 4,831 $ 3,377 $ 2,866 $ 3,990 $ 3,463 Total average deposits 7,025 8,201 6,800 7,492 3,488 4,243 TCBW Other Consolidated Bank (In millions) 2023 2022 2023 2022 2023 2022 SELECTED INCOME STATEMENT DATA Net interest income $ 31 $ 28 $ 18 $ 29 $ 1,270 $ 1,137 Provision for credit losses 2 1 (1) (1) 91 8 Net interest income after provision for credit losses 29 27 19 30 1,179 1,129 Noninterest income 3 3 35 22 349 314 Noninterest expense 13 12 109 110 1,020 928 Income (loss) before income taxes $ 19 $ 18 $ (55) $ (58) $ 508 $ 515 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 1,700 $ 1,585 $ 1,092 $ 911 $ 56,417 $ 51,360 Total average deposits 1,240 1,564 4,720 1,271 69,901 81,244 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 USD ($) state segment | Jul. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | |||
Notional amount | $ 24,458 | $ 24,498 | |
Number of states in which entity operates | state | 11 | ||
Number of bank operating segments | segment | 7 | ||
Derivatives designated as hedging instruments: | |||
Derivative [Line Items] | |||
Notional amount | $ 6,922 | 9,361 | |
Asset hedges: Pay-fixed interest rate swaps | Fair Value Hedging | Derivatives designated as hedging instruments: | |||
Derivative [Line Items] | |||
Notional amount | $ 3,572 | $ 1,228 | |
Subsequent Event | Asset hedges: Pay-fixed interest rate swaps | Fair Value Hedging | Derivatives designated as hedging instruments: | |||
Derivative [Line Items] | |||
Notional amount | $ 1,000 |
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, 2023 | Dec. 31, 2022 |
ASSETS | ||
Investment securities, available-for-sale | $ 10,832 | $ 11,915 |
Trading securities | 32 | 465 |
Total assets | 12,142 | 13,525 |
LIABILITIES | ||
Securities sold, not yet purchased | 347 | 187 |
Total liabilities | 756 | 638 |
U.S. Treasury, agencies, and corporations | ||
ASSETS | ||
Investment securities, available-for-sale | 9,418 | 10,208 |
Municipal securities | ||
ASSETS | ||
Investment securities, available-for-sale | 1,391 | 1,634 |
Other debt securities | ||
ASSETS | ||
Investment securities, available-for-sale | 23 | 73 |
Bank-owned life insurance | ||
ASSETS | ||
Other noninterest-bearing investments | 549 | 546 |
Private equity investments | ||
ASSETS | ||
Other noninterest-bearing investments | 87 | 85 |
Agriculture loan servicing and interest-only strips | ||
ASSETS | ||
Other assets | 17 | 14 |
Loans held for sale | ||
ASSETS | ||
Other assets | 20 | |
Derivatives | ||
ASSETS | ||
Other assets | 491 | 386 |
LIABILITIES | ||
Other liabilities | 409 | 451 |
Level 1 | ||
ASSETS | ||
Investment securities, available-for-sale | 475 | 393 |
Trading securities | 395 | |
Total assets | 592 | 906 |
LIABILITIES | ||
Securities sold, not yet purchased | 347 | 187 |
Total liabilities | 347 | 187 |
Level 1 | U.S. Treasury, agencies, and corporations | ||
ASSETS | ||
Investment securities, available-for-sale | 475 | 393 |
Level 1 | Municipal securities | ||
ASSETS | ||
Investment securities, available-for-sale | ||
Level 1 | Other debt securities | ||
ASSETS | ||
Investment securities, available-for-sale | ||
Level 1 | Bank-owned life insurance | ||
ASSETS | ||
Other noninterest-bearing investments | ||
Level 1 | Private equity investments | ||
ASSETS | ||
Other noninterest-bearing investments | 3 | 4 |
Level 1 | Agriculture loan servicing and interest-only strips | ||
ASSETS | ||
Other assets | ||
Level 1 | Loans held for sale | ||
ASSETS | ||
Other assets | ||
Level 1 | Derivatives | ||
ASSETS | ||
Other assets | ||
LIABILITIES | ||
Other liabilities | ||
Level 2 | ||
ASSETS | ||
Investment securities, available-for-sale | 10,357 | 11,522 |
Trading securities | 32 | 70 |
Total assets | 11,449 | 12,524 |
LIABILITIES | ||
Securities sold, not yet purchased | 0 | 0 |
Total liabilities | 409 | 451 |
Level 2 | U.S. Treasury, agencies, and corporations | ||
ASSETS | ||
Investment securities, available-for-sale | 8,943 | 9,815 |
Level 2 | Municipal securities | ||
ASSETS | ||
Investment securities, available-for-sale | 1,391 | 1,634 |
Level 2 | Other debt securities | ||
ASSETS | ||
Investment securities, available-for-sale | 23 | 73 |
Level 2 | Bank-owned life insurance | ||
ASSETS | ||
Other noninterest-bearing investments | 549 | 546 |
Level 2 | Private equity investments | ||
ASSETS | ||
Other noninterest-bearing investments | ||
Level 2 | Agriculture loan servicing and interest-only strips | ||
ASSETS | ||
Other assets | ||
Level 2 | Loans held for sale | ||
ASSETS | ||
Other assets | 20 | |
Level 2 | Derivatives | ||
ASSETS | ||
Other assets | 491 | 386 |
LIABILITIES | ||
Other liabilities | 409 | 451 |
Level 3 | ||
ASSETS | ||
Investment securities, available-for-sale | 0 | 0 |
Trading securities | ||
Total assets | 101 | 95 |
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 | Municipal securities | ||
ASSETS | ||
Investment securities, available-for-sale | ||
Level 3 | Other debt securities | ||
ASSETS | ||
Investment securities, available-for-sale | ||
Level 3 | Bank-owned life insurance | ||
ASSETS | ||
Other noninterest-bearing investments | ||
Level 3 | Private equity investments | ||
ASSETS | ||
Other noninterest-bearing investments | 84 | 81 |
Level 3 | Agriculture loan servicing and interest-only strips | ||
ASSETS | ||
Other assets | 17 | 14 |
Level 3 | Loans held for sale | ||
ASSETS | ||
Other assets | ||
Level 3 | Derivatives | ||
ASSETS | ||
Other assets | ||
LIABILITIES | ||
Other liabilities | ||
Deferred compensation plan assets | Deferred compensation plan assets | ||
ASSETS | ||
Other assets | 114 | 114 |
Deferred compensation plan assets | Level 1 | Deferred compensation plan assets | ||
ASSETS | ||
Other assets | 114 | 114 |
Deferred compensation plan assets | Level 2 | Deferred compensation plan assets | ||
ASSETS | ||
Other assets | ||
Deferred compensation plan assets | Level 3 | Deferred compensation plan assets | ||
ASSETS | ||
Other assets |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Private equity investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of assets, Beginning balance | $ 82 | $ 74 | $ 81 | $ 66 |
Unrealized securities gains (losses), net | (3) | 0 | (3) | 5 |
Other noninterest income (expense) | 0 | 0 | 0 | 0 |
Purchases | 5 | 3 | 6 | 9 |
Cost of investments sold | 0 | 0 | 0 | (3) |
Transfers out | 0 | 0 | 0 | 0 |
Fair value of assets, Ending balance | 84 | 77 | 84 | 77 |
Ag loan servicing & interest-only strips | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of assets, Beginning balance | 18 | 12 | 14 | 12 |
Unrealized securities gains (losses), net | 0 | 0 | 0 | 0 |
Other noninterest income (expense) | (1) | 0 | 3 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Cost of investments sold | 0 | 0 | 0 | 0 |
Transfers out | 0 | 0 | 0 | 0 |
Fair value of assets, Ending balance | $ 17 | $ 12 | $ 17 | $ 12 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Level 3 | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Securities gains (losses), net | $ 0 | $ 0 | $ 0 | $ (2) |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total assets | $ 12,142,000,000 | $ 12,142,000,000 | $ 13,525,000,000 |
Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total assets | 11,449,000,000 | 11,449,000,000 | 12,524,000,000 |
Loan, held for sale | 19,800,000 | 19,800,000 | |
Financing receivable, held for sale | 20,000,000 | 20,000,000 | |
Gains (losses) from fair value changes | 2,000,000 | ||
Level 2 | Fair Value, Nonrecurring | Collateral Dependent Loans | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total assets | $ 10,000,000 | 10,000,000 | |
Gains (losses) from fair value changes | $ 4,000,000 | $ 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, 2023 | Dec. 31, 2022 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Held-to-maturity investment securities | $ 10,768 | $ 11,239 |
Time deposits | 12,259 | 2,309 |
Long-term debt | 538 | 651 |
Level 2 | Carrying value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Held-to-maturity investment securities | 10,753 | 11,126 |
Time deposits | 12,259 | 2,309 |
Long-term debt | 538 | 651 |
Level 2 | Fair value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Held-to-maturity investment securities | 10,768 | 11,239 |
Time deposits | 12,187 | 2,269 |
Long-term debt | 460 | 635 |
Level 3 | Carrying value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases (including loans held for sale), net of allowance | 56,302 | 55,086 |
Level 3 | Fair value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases (including loans held for sale), net of allowance | $ 53,885 | $ 53,093 |
Offsetting Assets and Liabili_3
Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Gross amounts recognized | ||
Federal funds sold and securities purchased under agreements to resell | $ 868 | $ 2,451 |
Derivatives (included in other assets) | 491 | 386 |
Total assets | 1,359 | 2,837 |
Federal funds and other short-term borrowings | 5,600 | 10,442 |
Derivatives (included in other liabilities) | 409 | 451 |
Total liabilities | 6,009 | 10,893 |
Gross amounts offset in the balance sheet | ||
Federal funds sold and securities purchased under agreements to resell | (87) | (25) |
Derivatives (included in other assets) | 0 | 0 |
Total assets | (87) | (25) |
Federal funds and other short-term borrowings | (87) | (25) |
Derivatives (included in other liabilities) | 0 | 0 |
Total liabilities | (87) | (25) |
Net amounts presented in the balance sheet | ||
Federal funds sold and securities purchased under agreements to resell | 781 | 2,426 |
Derivatives (included in other assets) | 491 | 386 |
Total assets | 1,272 | 2,812 |
Federal funds and other short-term borrowings | 5,513 | 10,417 |
Derivatives (included in other liabilities) | 409 | 451 |
Total liabilities | 5,922 | 10,868 |
Gross amounts not offset in the balance sheet, Financial Instruments | ||
Federal funds sold and securities purchased under agreements to resell | 0 | 0 |
Derivatives (included in other assets) | (9) | (10) |
Total assets | (9) | (10) |
Federal funds and other short-term borrowings | 0 | 0 |
Derivatives (included in other liabilities) | (9) | (10) |
Total liabilities | (9) | (10) |
Gross amounts not offset in the balance sheet, Cash collateral received/ pledged | ||
Federal funds sold and securities purchased under agreements to resell | 0 | 0 |
Derivatives (included in other assets) | (470) | (367) |
Total assets | (470) | (367) |
Federal funds and other short-term borrowings | 0 | 0 |
Derivatives (included in other liabilities) | (1) | 0 |
Total liabilities | (1) | 0 |
Net amount | ||
Federal funds sold and securities purchased under agreements to resell | 781 | 2,426 |
Derivatives (included in other assets) | 12 | 9 |
Total assets | 793 | 2,435 |
Federal funds and other short-term borrowings | 5,513 | 10,417 |
Derivatives (included in other liabilities) | 399 | 441 |
Total liabilities | $ 5,912 | $ 10,858 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | Jun. 30, 2023 USD ($) security | Dec. 31, 2022 USD ($) security |
Debt and Equity Securities, FV-NI [Line Items] | ||
Transfer from available for sale to held-to-maturity, amortized cost | $ 13,100 | |
Transfer from available for sale to held-to-maturity, fair value | 10,700 | |
Amortized basis of held-to-maturity securities | 2,400 | |
Amortized basis of held-to-maturity securities, after tax | $ 1,800 | |
Unamortized discount of held-to-maturity securities | $ 2,200 | |
Unamortized discount of held-to-maturity securities, after tax | $ 1,700 | |
Number of AFS investment securities in an unrealized loss position | security | 3,219 | 3,562 |
Allowance for credit loss on HTM securities (less than) | $ 1 | |
Available-for-sale, at fair value | 10,832 | $ 11,915 |
Securities Investment | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Accrued interest receivable | $ 67 | $ 75 |
Investments (Summary of Investm
Investments (Summary of Investment Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Amortized cost | ||
Held-to-maturity | $ 10,753 | $ 11,126 |
Available-for-sale | 12,424 | 13,538 |
Total HTM and AFS investment securities | 23,177 | 24,664 |
Gross unrealized gains | ||
Held-to-maturity | 116 | 165 |
Available-for-sale | 0 | 2 |
Total HTM and AFS investment securities | 116 | 167 |
Gross unrealized losses | ||
Held-to-maturity | 101 | 52 |
Available-for-sale | 1,592 | 1,625 |
Estimated fair value | ||
Held-to-maturity, Estimated fair value | 10,768 | 11,239 |
Available-for-sale | 10,832 | 11,915 |
Total HTM and AFS investment securities | 21,600 | 23,154 |
Total HTM and AFS investment securities | 1,693 | 1,677 |
Agency securities | ||
Amortized cost | ||
Held-to-maturity | 96 | 100 |
Available-for-sale | 717 | 782 |
Gross unrealized gains | ||
Held-to-maturity | 0 | 0 |
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Held-to-maturity | 6 | 7 |
Available-for-sale | 40 | 46 |
Estimated fair value | ||
Held-to-maturity, Estimated fair value | 90 | 93 |
Available-for-sale | 677 | 736 |
Agency guaranteed mortgage-backed securities | ||
Amortized cost | ||
Held-to-maturity | 10,289 | 10,621 |
Available-for-sale | 8,991 | 9,652 |
Gross unrealized gains | ||
Held-to-maturity | 116 | 165 |
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Held-to-maturity | 70 | 14 |
Available-for-sale | 1,344 | 1,285 |
Estimated fair value | ||
Held-to-maturity, Estimated fair value | 10,335 | 10,772 |
Available-for-sale | 7,647 | 8,367 |
Municipal securities | ||
Amortized cost | ||
Held-to-maturity | 368 | 405 |
Available-for-sale | 1,480 | 1,732 |
Gross unrealized gains | ||
Held-to-maturity | 0 | 0 |
Available-for-sale | 0 | 1 |
Gross unrealized losses | ||
Held-to-maturity | 25 | 31 |
Available-for-sale | 89 | 99 |
Estimated fair value | ||
Held-to-maturity, Estimated fair value | 343 | 374 |
Available-for-sale | 1,391 | 1,634 |
U.S. Treasury securities | ||
Amortized cost | ||
Available-for-sale | 565 | 557 |
Gross unrealized gains | ||
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Available-for-sale | 90 | 164 |
Estimated fair value | ||
Available-for-sale | 475 | 393 |
Small Business Administration loan-backed securities | ||
Amortized cost | ||
Available-for-sale | 646 | 740 |
Gross unrealized gains | ||
Available-for-sale | 0 | 1 |
Gross unrealized losses | ||
Available-for-sale | 27 | 29 |
Estimated fair value | ||
Available-for-sale | 619 | 712 |
Other debt securities | ||
Amortized cost | ||
Available-for-sale | 25 | 75 |
Gross unrealized gains | ||
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Available-for-sale | 2 | 2 |
Estimated fair value | ||
Available-for-sale | $ 23 | $ 73 |
Investments (Contractual Maturi
Investments (Contractual Maturities Debt Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Amortized cost | ||
Total debt securities | $ 10,753 | |
Due in one year or less | 27 | |
Due after one year through five years | 135 | |
Due after five years through ten years | 214 | |
Due after ten years | $ 10,377 | |
Average yield | ||
Total debt securities | 1.90% | |
Due in one year or less | 2.77% | |
Due after one year through five years | 2.98% | |
Due after five years through ten years | 3.05% | |
Due after ten years | 1.86% | |
Amortized cost | ||
Available-for-sale | $ 12,424 | $ 13,538 |
Due in one year or less | 421 | |
Due after one year through five years | 957 | |
Due after five years through ten years | 2,554 | |
Due after ten years | $ 8,492 | |
Average yield | ||
Total debt securities | 2.28% | |
Due in one year or less | 3.15% | |
Due after one year through five years | 2.58% | |
Due after five years through ten years | 2.22% | |
Due after ten years | 2.22% | |
Amortized cost | ||
Total HTM and AFS investment securities | $ 23,177 | 24,664 |
Due in one year or less | 448 | |
Due after one year through five years | 1,092 | |
Due after five years through ten years | 2,768 | |
Due after ten years | $ 18,869 | |
Average yield | ||
Total debt securities | 2.10% | |
Due in one year or less | 3.13% | |
Due after one year through five years | 2.63% | |
Due after five years through ten years | 2.29% | |
Due after ten years | 2.02% | |
Agency securities | ||
Amortized cost | ||
Total debt securities | $ 96 | |
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 | $ 96 | |
Average yield | ||
Total debt securities | 3.54% | |
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 | 3.54% | |
Amortized cost | ||
Available-for-sale | $ 717 | 782 |
Due in one year or less | 114 | |
Due after one year through five years | 191 | |
Due after five years through ten years | 218 | |
Due after ten years | $ 194 | |
Average yield | ||
Total debt securities | 2.65% | |
Due in one year or less | 1.07% | |
Due after one year through five years | 3.13% | |
Due after five years through ten years | 2.63% | |
Due after ten years | 3.12% | |
Agency guaranteed mortgage-backed securities | ||
Amortized cost | ||
Total debt securities | $ 10,289 | |
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 46 | |
Due after ten years | $ 10,243 | |
Average yield | ||
Total debt securities | 1.84% | |
Due in one year or less | 0% | |
Due after one year through five years | 0% | |
Due after five years through ten years | 2.02% | |
Due after ten years | 1.84% | |
Amortized cost | ||
Available-for-sale | $ 8,991 | 9,652 |
Due in one year or less | 21 | |
Due after one year through five years | 233 | |
Due after five years through ten years | 1,502 | |
Due after ten years | $ 7,235 | |
Average yield | ||
Total debt securities | 1.99% | |
Due in one year or less | 4.38% | |
Due after one year through five years | 1.56% | |
Due after five years through ten years | 2.09% | |
Due after ten years | 1.97% | |
Municipal securities | ||
Amortized cost | ||
Total debt securities | $ 368 | |
Due in one year or less | 27 | |
Due after one year through five years | 135 | |
Due after five years through ten years | 168 | |
Due after ten years | $ 38 | |
Average yield | ||
Total debt securities | 3.15% | |
Due in one year or less | 2.77% | |
Due after one year through five years | 2.98% | |
Due after five years through ten years | 3.33% | |
Due after ten years | 3.19% | |
Amortized cost | ||
Available-for-sale | $ 1,480 | 1,732 |
Due in one year or less | 122 | |
Due after one year through five years | 500 | |
Due after five years through ten years | 678 | |
Due after ten years | $ 180 | |
Average yield | ||
Total debt securities | 2.18% | |
Due in one year or less | 2.40% | |
Due after one year through five years | 2.62% | |
Due after five years through ten years | 1.84% | |
Due after ten years | 2.08% | |
Small Business Administration loan-backed securities | ||
Amortized cost | ||
Available-for-sale | $ 646 | 740 |
Due in one year or less | 0 | |
Due after one year through five years | 33 | |
Due after five years through ten years | 146 | |
Due after ten years | $ 467 | |
Average yield | ||
Total debt securities | 5.22% | |
Due in one year or less | 0% | |
Due after one year through five years | 5.84% | |
Due after five years through ten years | 4.30% | |
Due after ten years | 5.46% | |
U.S. Treasury securities | ||
Amortized cost | ||
Available-for-sale | $ 565 | 557 |
Due in one year or less | 164 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | $ 401 | |
Average yield | ||
Total debt securities | 3.12% | |
Due in one year or less | 5.01% | |
Due after one year through five years | 0% | |
Due after five years through ten years | 0% | |
Due after ten years | 2.35% | |
Other debt securities | ||
Amortized cost | ||
Available-for-sale | $ 25 | $ 75 |
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 10 | |
Due after ten years | $ 15 | |
Average yield | ||
Total debt securities | 8.53% | |
Due in one year or less | 0% | |
Due after one year through five years | 0% | |
Due after five years through ten years | 9.50% | |
Due after ten years | 7.88% |
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, 2023 | Dec. 31, 2022 |
Gross unrealized losses | ||
Total investment securities, less than 12 months | $ 92 | $ 653 |
Total investment securities, 12 months or more | 1,500 | 972 |
Total investment securities, total | 1,592 | 1,625 |
Estimated fair value | ||
Total investment securities, less than 12 months | 1,086 | 6,673 |
Total investment securities, 12 months or more | 9,477 | 5,009 |
Total investment securities, total | 10,563 | 11,682 |
Municipal securities | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 7 | 63 |
Available-for-sale, 12 Months or more | 82 | 36 |
Available-for-sale, total | 89 | 99 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 495 | 1,295 |
Available-for-sale, 12 months or more | 871 | 256 |
Available-for-sale, total | 1,366 | 1,551 |
U.S. Treasury securities | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 0 | 94 |
Available-for-sale, 12 Months or more | 90 | 70 |
Available-for-sale, total | 90 | 164 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 55 | 308 |
Available-for-sale, 12 months or more | 311 | 85 |
Available-for-sale, total | 366 | 393 |
Agency securities | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 2 | 39 |
Available-for-sale, 12 Months or more | 38 | 7 |
Available-for-sale, total | 40 | 46 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 33 | 634 |
Available-for-sale, 12 months or more | 617 | 102 |
Available-for-sale, total | 650 | 736 |
Agency guaranteed mortgage-backed securities | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 83 | 447 |
Available-for-sale, 12 Months or more | 1,261 | 838 |
Available-for-sale, total | 1,344 | 1,285 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 482 | 4,322 |
Available-for-sale, 12 months or more | 7,140 | 4,042 |
Available-for-sale, total | 7,622 | 8,364 |
Small Business Administration loan-backed securities | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 0 | 8 |
Available-for-sale, 12 Months or more | 27 | 21 |
Available-for-sale, total | 27 | 29 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 21 | 101 |
Available-for-sale, 12 months or more | 525 | 524 |
Available-for-sale, total | 546 | 625 |
Other | ||
Gross unrealized losses | ||
Available-for-sale, less than 12 Months | 0 | 2 |
Available-for-sale, 12 Months or more | 2 | 0 |
Available-for-sale, total | 2 | 2 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 0 | 13 |
Available-for-sale, 12 months or more | 13 | 0 |
Available-for-sale, total | $ 13 | $ 13 |
Investments (Securities Gains a
Investments (Securities Gains and Losses Recognized in Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investments [Abstract] | ||||
Available-for-sale, gross gains | $ 71 | $ 0 | $ 72 | $ 0 |
Available-for-sale, gross losses | 71 | 0 | 73 | 0 |
Trading, gross gains | 7 | 0 | 10 | 0 |
Trading, gross losses | 7 | 0 | 9 | 0 |
Other noninterest-bearing investments, Nonmarketable equity securities, Gross gains | 10 | 1 | 13 | 5 |
Other noninterest-bearing investments, Nonmarketable equity securities, Gross losses | 10 | 0 | 12 | 21 |
Gross gains | 88 | 1 | 95 | 5 |
Gross losses | 88 | 0 | 94 | 21 |
Securities gains (losses), net | $ 0 | $ 1 | $ 1 | $ (16) |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Investment Income [Line Items] | ||||
Held-to-maturity | $ 60 | $ 4 | $ 122 | $ 7 |
Available-for-sale | 77 | 120 | 152 | 224 |
Trading | 1 | 4 | 1 | 9 |
Total securities | 138 | 128 | 275 | 240 |
Taxable | ||||
Net Investment Income [Line Items] | ||||
Held-to-maturity | 59 | 3 | 120 | 5 |
Available-for-sale | 69 | 109 | 138 | 205 |
Trading | 0 | 0 | 0 | 0 |
Total securities | 128 | 112 | 258 | 210 |
Nontaxable | ||||
Net Investment Income [Line Items] | ||||
Held-to-maturity | 1 | 1 | 2 | 2 |
Available-for-sale | 8 | 11 | 14 | 19 |
Trading | 1 | 4 | 1 | 9 |
Total securities | $ 10 | $ 16 | $ 17 | $ 30 |
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, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans held for sale | $ 36 | $ 8 |
Total loans and leases | 56,917 | 55,653 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 30,692 | 30,495 |
Commercial | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 16,622 | 16,377 |
Commercial | Leasing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 388 | 386 |
Commercial | Owner-occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 9,328 | 9,371 |
Commercial | Municipal | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 4,354 | 4,361 |
Commercial | PPP | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 126 | 197 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 12,904 | 12,739 |
Commercial real estate | Construction and land development | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 2,498 | 2,513 |
Commercial real estate | Term | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 10,406 | 10,226 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 13,321 | 12,419 |
Consumer | Home equity credit line | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 3,291 | 3,377 |
Consumer | 1-4 family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 7,980 | 7,286 |
Consumer | Construction and other consumer real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 1,434 | 1,161 |
Consumer | Bankcard and other revolving plans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 466 | 471 |
Consumer | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | $ 150 | $ 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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Net unamortized purchase premiums, discounts, and deferred loan fees and cost | $ 38,000,000 | $ 38,000,000 | $ 49,000,000 | ||
Accrued interest receivable | $ 263,000,000 | $ 263,000,000 | $ 247,000,000 | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | Other assets | ||
Total loans | $ 56,917,000,000 | $ 56,917,000,000 | $ 55,653,000,000 | ||
Loans held for sale | 36,000,000 | 36,000,000 | 8,000,000 | ||
Principal balance of loans sold, serviced loans | 3,400,000,000 | 3,400,000,000 | 3,500,000,000 | ||
Total income from loans sold | 2,000,000 | $ 4,000,000 | 7,000,000 | $ 10,000,000 | |
Interest income | 0 | $ 0 | 0 | $ 0 | |
Financing receivable, commitments threshold for evaluating collectively or individually | 1,000,000 | 1,000,000 | |||
Amortized cost basis | 103,000,000 | 148,000,000 | 235,000,000 | ||
Unfunded lending commitments on troubled debt restructuring | 10,000,000 | 10,000,000 | 7,000,000 | ||
Loans and leases, net of unearned income and fees | 56,917,000,000 | 56,917,000,000 | 55,653,000,000 | ||
Financing receivable, modifications, subsequent default, recorded investment | 10,000,000 | ||||
Real estate acquired through foreclosure | 0 | 0 | 0 | ||
Mortgage loans in process of foreclosure | 8,000,000 | 8,000,000 | 10,000,000 | ||
Principal forgiveness | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis | 1,000,000 | 1,000,000 | 7,000,000 | ||
Interest Rate Below Market Reduction | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost of TDRs | 63,000,000 | ||||
Asset Pledged as Collateral without Right | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans held for sale | 39,800,000,000 | 39,800,000,000 | 27,600,000,000 | ||
Nonaccruing | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis | 38,000,000 | ||||
Nonaccruing | Principal forgiveness | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis | 1,000,000 | ||||
Commercial | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total loans | 30,692,000,000 | 30,692,000,000 | 30,495,000,000 | ||
Amortized cost basis | 48,000,000 | 69,000,000 | |||
Commercial | Principal forgiveness | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis | 0 | ||||
Commercial | Nonaccruing | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis | 23,000,000 | ||||
Commercial | Nonaccruing | Principal forgiveness | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis | 0 | ||||
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total loans | 12,904,000,000 | 12,904,000,000 | 12,739,000,000 | ||
Amortized cost basis | 52,000,000 | 76,000,000 | |||
Commercial real estate | Principal forgiveness | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis | 0 | ||||
Commercial real estate | Nonaccruing | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis | 10,000,000 | ||||
Commercial real estate | Nonaccruing | Principal forgiveness | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis | 0 | ||||
Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total loans | 13,321,000,000 | 13,321,000,000 | 12,419,000,000 | ||
Amortized cost basis | 3,000,000 | 3,000,000 | |||
Consumer | Principal forgiveness | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis | 1,000,000 | ||||
Consumer | Nonaccruing | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis | 5,000,000 | ||||
Consumer | Nonaccruing | Principal forgiveness | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis | 1,000,000 | ||||
Land Acquisition and Development | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total loans | 229,000,000 | 229,000,000 | 262,000,000 | ||
Commercial and industrial | Commercial | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total loans | 16,622,000,000 | 16,622,000,000 | 16,377,000,000 | ||
Amortized cost basis | $ 28,000,000 | 43,000,000 | |||
Commercial and industrial | Commercial | Principal forgiveness | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis | $ 0 | ||||
Commercial and industrial | Commercial | Nonaccruing | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis | 15,000,000 | ||||
Commercial and industrial | Commercial | Nonaccruing | Principal forgiveness | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Amortized cost basis | $ 0 |
Loans, Leases, and Allowance _5
Loans, Leases, and Allowance for Credit Losses (Loans Held For Sale) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Receivables [Abstract] | ||||
Loans added to held for sale | $ 220 | $ 190 | $ 306 | $ 487 |
Loans sold from held for sale | $ 188 | $ 187 | $ 277 | $ 523 |
Loans, Leases, and Allowance _6
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Allowance for loan losses | ||||
Balance at beginning of period | $ 618 | $ 478 | $ 575 | $ 513 |
Provision for loan and lease losses | 46 | 39 | 92 | 10 |
Total | 22 | 18 | 29 | 35 |
Recoveries | 9 | 9 | 16 | 20 |
Net loan and lease charge-offs (recoveries) | 13 | 9 | 13 | 15 |
Balance at end of period | 651 | 508 | 651 | 508 |
Reserve for unfunded lending commitments | ||||
Balance at beginning of period | 60 | 36 | 61 | 40 |
Provision for unfunded lending commitments | 0 | 2 | (1) | (2) |
Balance at end of period | 60 | 38 | 60 | 38 |
Total allowance for credit losses | 711 | 546 | 711 | 546 |
Adjustment for change in accounting standard | ||||
Allowance for loan losses | ||||
Balance at beginning of period | (3) | |||
Adjusted balance | ||||
Allowance for loan losses | ||||
Balance at beginning of period | 572 | |||
Commercial | ||||
Allowance for loan losses | ||||
Balance at beginning of period | 313 | 282 | 300 | 311 |
Provision for loan and lease losses | 24 | 12 | 34 | (12) |
Total | 20 | 15 | 23 | 28 |
Recoveries | 6 | 7 | 12 | 15 |
Net loan and lease charge-offs (recoveries) | 14 | 8 | 11 | 13 |
Balance at end of period | 323 | 286 | 323 | 286 |
Reserve for unfunded lending commitments | ||||
Balance at beginning of period | 19 | 14 | 16 | 19 |
Provision for unfunded lending commitments | 1 | (1) | 4 | (6) |
Balance at end of period | 20 | 13 | 20 | 13 |
Total allowance for credit losses | 343 | 299 | 343 | 299 |
Commercial | Adjustment for change in accounting standard | ||||
Allowance for loan losses | ||||
Balance at beginning of period | 0 | |||
Commercial | Adjusted balance | ||||
Allowance for loan losses | ||||
Balance at beginning of period | 300 | |||
Commercial real estate | ||||
Allowance for loan losses | ||||
Balance at beginning of period | 160 | 102 | 156 | 107 |
Provision for loan and lease losses | 21 | 12 | 29 | 7 |
Total | 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 | 181 | 114 | 181 | 114 |
Reserve for unfunded lending commitments | ||||
Balance at beginning of period | 28 | 12 | 33 | 11 |
Provision for unfunded lending commitments | 1 | 3 | (4) | 4 |
Balance at end of period | 29 | 15 | 29 | 15 |
Total allowance for credit losses | 210 | 129 | 210 | 129 |
Commercial real estate | Adjustment for change in accounting standard | ||||
Allowance for loan losses | ||||
Balance at beginning of period | (4) | |||
Commercial real estate | Adjusted balance | ||||
Allowance for loan losses | ||||
Balance at beginning of period | 152 | |||
Consumer | ||||
Allowance for loan losses | ||||
Balance at beginning of period | 145 | 94 | 119 | 95 |
Provision for loan and lease losses | 1 | 15 | 29 | 15 |
Total | 2 | 3 | 6 | 7 |
Recoveries | 3 | 2 | 4 | 5 |
Net loan and lease charge-offs (recoveries) | (1) | 1 | 2 | 2 |
Balance at end of period | 147 | 108 | 147 | 108 |
Reserve for unfunded lending commitments | ||||
Balance at beginning of period | 13 | 10 | 12 | 10 |
Provision for unfunded lending commitments | (2) | 0 | (1) | 0 |
Balance at end of period | 11 | 10 | 11 | 10 |
Total allowance for credit losses | $ 158 | $ 118 | 158 | $ 118 |
Consumer | Adjustment for change in accounting standard | ||||
Allowance for loan losses | ||||
Balance at beginning of period | 1 | |||
Consumer | Adjusted balance | ||||
Allowance for loan losses | ||||
Balance at beginning of period | $ 120 |
Loans, Leases, and Allowance _7
Loans, Leases, and Allowance for Credit Losses (Summary of Nonaccrual Loans) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | $ 40 | $ 31 |
Amortized cost basis with allowance | 122 | 118 |
Nonaccrual loans that are current | 162 | 149 |
Related allowance | 43 | 35 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 31 | 21 |
Amortized cost basis with allowance | 69 | 66 |
Nonaccrual loans that are current | 100 | 87 |
Related allowance | 34 | 28 |
Commercial | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 11 | 8 |
Amortized cost basis with allowance | 60 | 55 |
Nonaccrual loans that are current | 71 | 63 |
Related allowance | 33 | 27 |
Commercial | Owner-occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 20 | 13 |
Amortized cost basis with allowance | 9 | 11 |
Nonaccrual loans that are current | 29 | 24 |
Related allowance | 1 | 1 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 7 | 0 |
Amortized cost basis with allowance | 6 | 14 |
Nonaccrual loans that are current | 13 | 14 |
Related allowance | 1 | 2 |
Commercial real estate | Term | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 7 | 0 |
Amortized cost basis with allowance | 6 | 14 |
Nonaccrual loans that are current | 13 | 14 |
Related allowance | 1 | 2 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 2 | 10 |
Amortized cost basis with allowance | 47 | 38 |
Nonaccrual loans that are current | 49 | 48 |
Related allowance | 8 | 5 |
Consumer | Home equity credit line | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 0 | 1 |
Amortized cost basis with allowance | 12 | 10 |
Nonaccrual loans that are current | 12 | 11 |
Related allowance | 3 | 2 |
Consumer | 1-4 family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 2 | 9 |
Amortized cost basis with allowance | 35 | 28 |
Nonaccrual loans that are current | 37 | 37 |
Related allowance | $ 5 | $ 3 |
Loans, Leases, and Allowance _8
Loans, Leases, and Allowance for Credit Losses (Summary of Accrued Interest Receivables Reversed) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | |||||
Accrued interest receivable written off | $ 4 | $ 4 | $ 6 | $ 8 | |
Amortized cost basis | 103 | 148 | $ 235 | ||
Interest rate reduction | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | 1 | 5 | |||
Maturity or term extension | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | 100 | 141 | |||
Multiple modification types | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | 1 | 1 | $ 74 | ||
Commercial | |||||
Financing Receivable, Past Due [Line Items] | |||||
Accrued interest receivable written off | 3 | 4 | 5 | 8 | |
Amortized cost basis | 48 | 69 | |||
Commercial | Interest rate reduction | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | 1 | 5 | |||
Commercial | Maturity or term extension | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | 47 | 64 | |||
Commercial | Multiple modification types | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | 0 | 0 | |||
Commercial | Commercial and industrial | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | 28 | 43 | |||
Commercial | Commercial and industrial | Interest rate reduction | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | 1 | 1 | |||
Commercial | Commercial and industrial | Maturity or term extension | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | 27 | 42 | |||
Commercial | Commercial and industrial | Multiple modification types | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | 0 | 0 | |||
Commercial real estate | |||||
Financing Receivable, Past Due [Line Items] | |||||
Accrued interest receivable written off | 0 | 0 | 0 | 0 | |
Amortized cost basis | 52 | 76 | |||
Commercial real estate | Interest rate reduction | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | 0 | 0 | |||
Commercial real estate | Maturity or term extension | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | 52 | 76 | |||
Commercial real estate | Multiple modification types | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | 0 | 0 | |||
Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Accrued interest receivable written off | 1 | $ 0 | 1 | $ 0 | |
Amortized cost basis | 3 | 3 | |||
Consumer | Interest rate reduction | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | 0 | 0 | |||
Consumer | Maturity or term extension | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | 1 | 1 | |||
Consumer | Multiple modification types | |||||
Financing Receivable, Past Due [Line Items] | |||||
Amortized cost basis | $ 1 | $ 1 |
Loans, Leases, and Allowance _9
Loans, Leases, and Allowance for Credit Losses (Summary of Past Due Loans (Accruing and Nonaccruing)) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 56,917 | $ 55,653 |
90+ days past due | 7 | 6 |
Nonaccrual loans that are current | 162 | 149 |
Loans and leases, net of unearned income and fees | 56,917 | 55,653 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 30,692 | 30,495 |
90+ days past due | 3 | 5 |
Nonaccrual loans that are current | 100 | 87 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 12,904 | 12,739 |
90+ days past due | 3 | 0 |
Nonaccrual loans that are current | 13 | 14 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 13,321 | 12,419 |
90+ days past due | 1 | 1 |
Nonaccrual loans that are current | 49 | 48 |
Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 16,622 | 16,377 |
90+ days past due | 3 | 4 |
Nonaccrual loans that are current | 71 | 63 |
Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 388 | 386 |
90+ days past due | 0 | 0 |
Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 9,328 | 9,371 |
90+ days past due | 0 | 1 |
Nonaccrual loans that are current | 29 | 24 |
Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 4,354 | 4,361 |
90+ days past due | 0 | 0 |
Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2,498 | 2,513 |
90+ days past due | 0 | 0 |
Loans and leases, net of unearned income and fees | 18 | |
Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 10,406 | 10,226 |
90+ days past due | 3 | 0 |
Nonaccrual loans that are current | 13 | 14 |
Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3,291 | 3,377 |
90+ days past due | 0 | 0 |
Nonaccrual loans that are current | 12 | 11 |
1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 7,980 | 7,286 |
90+ days past due | 0 | 0 |
Nonaccrual loans that are current | 37 | 37 |
Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,434 | 1,161 |
90+ days past due | 0 | 0 |
Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 466 | 471 |
90+ days past due | 1 | 1 |
Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 150 | 124 |
90+ days past due | 0 | 0 |
Current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 56,802 | 55,491 |
Current | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 30,649 | 30,422 |
Current | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 12,882 | 12,690 |
Current | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 13,271 | 12,379 |
Current | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 16,594 | 16,331 |
Current | Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 388 | 386 |
Current | Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 9,320 | 9,344 |
Current | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 4,347 | 4,361 |
Current | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2,497 | 2,511 |
Loans and leases, net of unearned income and fees | 18 | |
Current | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 10,385 | 10,179 |
Current | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3,275 | 3,369 |
Current | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 7,950 | 7,258 |
Current | Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,434 | 1,161 |
Current | Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 463 | 467 |
Current | Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 149 | 124 |
Total past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 115 | 162 |
Total past due | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 43 | 73 |
Total past due | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 22 | 49 |
Total past due | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 50 | 40 |
Total past due | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 28 | 46 |
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 | 8 | 27 |
Total past due | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 7 | 0 |
Total past due | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1 | 2 |
Loans and leases, net of unearned income and fees | 0 | |
Total past due | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 21 | 47 |
Total past due | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 16 | 8 |
Total past due | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 30 | 28 |
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 | 1 | 0 |
30-89 days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 74 | 100 |
30-89 days past due | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 30 | 44 |
30-89 days past due | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 19 | 39 |
30-89 days past due | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 25 | 17 |
30-89 days past due | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 18 | 24 |
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 | 5 | 20 |
30-89 days past due | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 7 | 0 |
30-89 days past due | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1 | 2 |
Loans and leases, net of unearned income and fees | 0 | |
30-89 days past due | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 18 | 37 |
30-89 days past due | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 12 | 5 |
30-89 days past due | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 10 | 9 |
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 | 3 |
30-89 days past due | Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1 | 0 |
90+ days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 41 | 62 |
90+ days past due | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 13 | 29 |
90+ days past due | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3 | 10 |
90+ days past due | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 25 | 23 |
90+ days past due | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 10 | 22 |
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 | 3 | 7 |
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 | 0 |
Loans and leases, net of unearned income and fees | 0 | |
90+ days past due | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3 | 10 |
90+ days past due | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 4 | 3 |
90+ days past due | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 20 | 19 |
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 | 1 |
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 | 114 | 86 |
Nonaccrual loans that are current | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 81 | 60 |
Nonaccrual loans that are current | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 13 | 4 |
Nonaccrual loans that are current | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 20 | 22 |
Nonaccrual loans that are current | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 57 | 45 |
Nonaccrual loans that are current | Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 0 | 0 |
Nonaccrual loans that are current | Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 24 | 15 |
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 | 13 | 4 |
Nonaccrual loans that are current | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 6 | 6 |
Nonaccrual loans that are current | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 14 | 16 |
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 | 0 |
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_10
Loans, Leases, and Allowance for Credit Losses (Summary of Outstanding Loan Balances (Accruing and Nonaccruing) Categorized by Credit Quality Indicators) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Total loans | |||||
2023/2022 | $ 4,324 | $ 4,324 | $ 13,059 | ||
2022/2021 | 12,818 | 12,818 | 10,344 | ||
2021/2020 | 9,636 | 9,636 | 6,360 | ||
2020/2019 | 5,672 | 5,672 | 4,239 | ||
2019/2018 | 3,597 | 3,597 | 2,347 | ||
Prior | 7,413 | 7,413 | 5,667 | ||
Revolving loans amortized cost basis | 12,838 | 12,838 | 13,064 | ||
Revolving loans converted to term loans amortized cost basis | 619 | 619 | 573 | ||
Total loans | 56,917 | 56,917 | 55,653 | ||
Gross charge-offs | |||||
2023/2022 | 0 | ||||
2022/2021 | 6 | ||||
2021/2020 | 5 | ||||
2020/2019 | 0 | ||||
2019/2018 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 9 | ||||
Revolving loans converted to term loans amortized cost basis | 2 | ||||
Total | 22 | $ 18 | 29 | $ 35 | |
Commercial | |||||
Total loans | |||||
2023/2022 | 2,422 | 2,422 | 6,987 | ||
2022/2021 | 6,439 | 6,439 | 5,522 | ||
2021/2020 | 5,016 | 5,016 | 3,072 | ||
2020/2019 | 2,590 | 2,590 | 2,430 | ||
2019/2018 | 1,895 | 1,895 | 1,228 | ||
Prior | 3,645 | 3,645 | 2,568 | ||
Revolving loans amortized cost basis | 8,454 | 8,454 | 8,426 | ||
Revolving loans converted to term loans amortized cost basis | 231 | 231 | 262 | ||
Total loans | 30,692 | 30,692 | 30,495 | ||
Gross charge-offs | |||||
2023/2022 | 0 | ||||
2022/2021 | 6 | ||||
2021/2020 | 5 | ||||
2020/2019 | 0 | ||||
2019/2018 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 7 | ||||
Revolving loans converted to term loans amortized cost basis | 2 | ||||
Total | 20 | 15 | 23 | 28 | |
Commercial real estate | |||||
Total loans | |||||
2023/2022 | 1,116 | 1,116 | 3,508 | ||
2022/2021 | 3,421 | 3,421 | 2,802 | ||
2021/2020 | 2,558 | 2,558 | 2,186 | ||
2020/2019 | 2,033 | 2,033 | 1,140 | ||
2019/2018 | 1,060 | 1,060 | 726 | ||
Prior | 1,701 | 1,701 | 1,276 | ||
Revolving loans amortized cost basis | 724 | 724 | 893 | ||
Revolving loans converted to term loans amortized cost basis | 291 | 291 | 208 | ||
Total loans | 12,904 | 12,904 | 12,739 | ||
Gross charge-offs | |||||
2023/2022 | 0 | ||||
2022/2021 | 0 | ||||
2021/2020 | 0 | ||||
2020/2019 | 0 | ||||
2019/2018 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term loans amortized cost basis | 0 | ||||
Total | 0 | 0 | 0 | 0 | |
Consumer | |||||
Total loans | |||||
2023/2022 | 786 | 786 | 2,564 | ||
2022/2021 | 2,958 | 2,958 | 2,020 | ||
2021/2020 | 2,062 | 2,062 | 1,102 | ||
2020/2019 | 1,049 | 1,049 | 669 | ||
2019/2018 | 642 | 642 | 393 | ||
Prior | 2,067 | 2,067 | 1,823 | ||
Revolving loans amortized cost basis | 3,660 | 3,660 | 3,745 | ||
Revolving loans converted to term loans amortized cost basis | 97 | 97 | 103 | ||
Total loans | 13,321 | 13,321 | 12,419 | ||
Gross charge-offs | |||||
2023/2022 | 0 | ||||
2022/2021 | 0 | ||||
2021/2020 | 0 | ||||
2020/2019 | 0 | ||||
2019/2018 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 2 | ||||
Revolving loans converted to term loans amortized cost basis | 0 | ||||
Total | 2 | $ 3 | 6 | $ 7 | |
Commercial and industrial | Commercial | |||||
Total loans | |||||
2023/2022 | 1,449 | 1,449 | 3,390 | ||
2022/2021 | 3,000 | 3,000 | 1,891 | ||
2021/2020 | 1,562 | 1,562 | 1,011 | ||
2020/2019 | 768 | 768 | 1,017 | ||
2019/2018 | 635 | 635 | 325 | ||
Prior | 781 | 781 | 335 | ||
Revolving loans amortized cost basis | 8,244 | 8,244 | 8,220 | ||
Revolving loans converted to term loans amortized cost basis | 183 | 183 | 188 | ||
Total loans | 16,622 | 16,622 | 16,377 | ||
Gross charge-offs | |||||
2023/2022 | 0 | ||||
2022/2021 | 6 | ||||
2021/2020 | 5 | ||||
2020/2019 | 0 | ||||
2019/2018 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 7 | ||||
Revolving loans converted to term loans amortized cost basis | 2 | ||||
Total | 20 | ||||
Leasing | Commercial | |||||
Total loans | |||||
2023/2022 | 53 | 53 | 160 | ||
2022/2021 | 149 | 149 | 71 | ||
2021/2020 | 59 | 59 | 47 | ||
2020/2019 | 38 | 38 | 66 | ||
2019/2018 | 54 | 54 | 18 | ||
Prior | 35 | 35 | 24 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 388 | 388 | 386 | ||
Gross charge-offs | |||||
2023/2022 | 0 | ||||
2022/2021 | 0 | ||||
2021/2020 | 0 | ||||
2020/2019 | 0 | ||||
2019/2018 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term loans amortized cost basis | 0 | ||||
Total | 0 | ||||
Owner-occupied | Commercial | |||||
Total loans | |||||
2023/2022 | 670 | 670 | 2,175 | ||
2022/2021 | 2,064 | 2,064 | 2,334 | ||
2021/2020 | 2,195 | 2,195 | 1,198 | ||
2020/2019 | 1,093 | 1,093 | 906 | ||
2019/2018 | 798 | 798 | 717 | ||
Prior | 2,254 | 2,254 | 1,769 | ||
Revolving loans amortized cost basis | 206 | 206 | 198 | ||
Revolving loans converted to term loans amortized cost basis | 48 | 48 | 74 | ||
Total loans | 9,328 | 9,328 | 9,371 | ||
Gross charge-offs | |||||
2023/2022 | 0 | ||||
2022/2021 | 0 | ||||
2021/2020 | 0 | ||||
2020/2019 | 0 | ||||
2019/2018 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term loans amortized cost basis | 0 | ||||
Total | 0 | ||||
Municipal | Commercial | |||||
Total loans | |||||
2023/2022 | 250 | 250 | 1,262 | ||
2022/2021 | 1,226 | 1,226 | 1,226 | ||
2021/2020 | 1,200 | 1,200 | 816 | ||
2020/2019 | 691 | 691 | 441 | ||
2019/2018 | 408 | 408 | 168 | ||
Prior | 575 | 575 | 440 | ||
Revolving loans amortized cost basis | 4 | 4 | 8 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 4,354 | 4,354 | 4,361 | ||
Gross charge-offs | |||||
2023/2022 | 0 | ||||
2022/2021 | 0 | ||||
2021/2020 | 0 | ||||
2020/2019 | 0 | ||||
2019/2018 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term loans amortized cost basis | 0 | ||||
Total | 0 | ||||
Construction and land development | Commercial real estate | |||||
Total loans | |||||
2023/2022 | 187 | 187 | 566 | ||
2022/2021 | 677 | 677 | 672 | ||
2021/2020 | 668 | 668 | 455 | ||
2020/2019 | 282 | 282 | 103 | ||
2019/2018 | 58 | 58 | 2 | ||
Prior | 3 | 3 | 2 | ||
Revolving loans amortized cost basis | 505 | 505 | 617 | ||
Revolving loans converted to term loans amortized cost basis | 118 | 118 | 96 | ||
Total loans | 2,498 | 2,498 | 2,513 | ||
Gross charge-offs | |||||
2023/2022 | 0 | ||||
2022/2021 | 0 | ||||
2021/2020 | 0 | ||||
2020/2019 | 0 | ||||
2019/2018 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term loans amortized cost basis | 0 | ||||
Total | 0 | ||||
Term | Commercial real estate | |||||
Total loans | |||||
2023/2022 | 929 | 929 | 2,942 | ||
2022/2021 | 2,744 | 2,744 | 2,130 | ||
2021/2020 | 1,890 | 1,890 | 1,731 | ||
2020/2019 | 1,751 | 1,751 | 1,037 | ||
2019/2018 | 1,002 | 1,002 | 724 | ||
Prior | 1,698 | 1,698 | 1,274 | ||
Revolving loans amortized cost basis | 219 | 219 | 276 | ||
Revolving loans converted to term loans amortized cost basis | 173 | 173 | 112 | ||
Total loans | 10,406 | 10,406 | 10,226 | ||
Gross charge-offs | |||||
2023/2022 | 0 | ||||
2022/2021 | 0 | ||||
2021/2020 | 0 | ||||
2020/2019 | 0 | ||||
2019/2018 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term loans amortized cost basis | 0 | ||||
Total | 0 | ||||
Home equity credit line | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 3,196 | 3,196 | 3,276 | ||
Revolving loans converted to term loans amortized cost basis | 95 | 95 | 101 | ||
Total loans | 3,291 | 3,291 | 3,377 | ||
Gross charge-offs | |||||
2023/2022 | 0 | ||||
2022/2021 | 0 | ||||
2021/2020 | 0 | ||||
2020/2019 | 0 | ||||
2019/2018 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term loans amortized cost basis | 0 | ||||
Total | 0 | ||||
1-4 family residential | Consumer | |||||
Total loans | |||||
2023/2022 | 651 | 651 | 1,913 | ||
2022/2021 | 1,970 | 1,970 | 1,505 | ||
2021/2020 | 1,666 | 1,666 | 1,026 | ||
2020/2019 | 1,014 | 1,014 | 642 | ||
2019/2018 | 624 | 624 | 384 | ||
Prior | 2,055 | 2,055 | 1,816 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 7,980 | 7,980 | 7,286 | ||
Gross charge-offs | |||||
2023/2022 | 0 | ||||
2022/2021 | 0 | ||||
2021/2020 | 0 | ||||
2020/2019 | 0 | ||||
2019/2018 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term loans amortized cost basis | 0 | ||||
Total | 0 | ||||
Construction and other consumer real estate | Consumer | |||||
Total loans | |||||
2023/2022 | 74 | 74 | 583 | ||
2022/2021 | 940 | 940 | 485 | ||
2021/2020 | 372 | 372 | 64 | ||
2020/2019 | 27 | 27 | 19 | ||
2019/2018 | 12 | 12 | 5 | ||
Prior | 9 | 9 | 5 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 1,434 | 1,434 | 1,161 | ||
Gross charge-offs | |||||
2023/2022 | 0 | ||||
2022/2021 | 0 | ||||
2021/2020 | 0 | ||||
2020/2019 | 0 | ||||
2019/2018 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term loans amortized cost basis | 0 | ||||
Total | 0 | ||||
Bankcard and other revolving plans | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 464 | 464 | 469 | ||
Revolving loans converted to term loans amortized cost basis | 2 | 2 | 2 | ||
Total loans | 466 | 466 | 471 | ||
Gross charge-offs | |||||
2023/2022 | 0 | ||||
2022/2021 | 0 | ||||
2021/2020 | 0 | ||||
2020/2019 | 0 | ||||
2019/2018 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 2 | ||||
Revolving loans converted to term loans amortized cost basis | 0 | ||||
Total | 2 | ||||
Other | Consumer | |||||
Total loans | |||||
2023/2022 | 61 | 61 | 68 | ||
2022/2021 | 48 | 48 | 30 | ||
2021/2020 | 24 | 24 | 12 | ||
2020/2019 | 8 | 8 | 8 | ||
2019/2018 | 6 | 6 | 4 | ||
Prior | 3 | 3 | 2 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 150 | 150 | 124 | ||
Gross charge-offs | |||||
2023/2022 | 0 | ||||
2022/2021 | 0 | ||||
2021/2020 | 0 | ||||
2020/2019 | 0 | ||||
2019/2018 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term loans amortized cost basis | 0 | ||||
Total | 0 | ||||
Pass | Commercial and industrial | Commercial | |||||
Total loans | |||||
2023/2022 | 1,442 | 1,442 | 3,363 | ||
2022/2021 | 2,955 | 2,955 | 1,874 | ||
2021/2020 | 1,550 | 1,550 | 979 | ||
2020/2019 | 758 | 758 | 876 | ||
2019/2018 | 600 | 600 | 293 | ||
Prior | 703 | 703 | 264 | ||
Revolving loans amortized cost basis | 8,039 | 8,039 | 8,054 | ||
Revolving loans converted to term loans amortized cost basis | 177 | 177 | 182 | ||
Total loans | 16,224 | 16,224 | 15,885 | ||
Pass | Leasing | Commercial | |||||
Total loans | |||||
2023/2022 | 53 | 53 | 160 | ||
2022/2021 | 146 | 146 | 71 | ||
2021/2020 | 58 | 58 | 47 | ||
2020/2019 | 38 | 38 | 66 | ||
2019/2018 | 54 | 54 | 18 | ||
Prior | 31 | 31 | 19 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 380 | 380 | 381 | ||
Pass | Owner-occupied | Commercial | |||||
Total loans | |||||
2023/2022 | 662 | 662 | 2,157 | ||
2022/2021 | 2,027 | 2,027 | 2,285 | ||
2021/2020 | 2,077 | 2,077 | 1,143 | ||
2020/2019 | 1,058 | 1,058 | 874 | ||
2019/2018 | 761 | 761 | 654 | ||
Prior | 2,128 | 2,128 | 1,679 | ||
Revolving loans amortized cost basis | 199 | 199 | 187 | ||
Revolving loans converted to term loans amortized cost basis | 48 | 48 | 74 | ||
Total loans | 8,960 | 8,960 | 9,053 | ||
Pass | Municipal | Commercial | |||||
Total loans | |||||
2023/2022 | 250 | 250 | 1,230 | ||
2022/2021 | 1,188 | 1,188 | 1,220 | ||
2021/2020 | 1,194 | 1,194 | 816 | ||
2020/2019 | 688 | 688 | 441 | ||
2019/2018 | 407 | 407 | 168 | ||
Prior | 575 | 575 | 437 | ||
Revolving loans amortized cost basis | 4 | 4 | 8 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 4,306 | 4,306 | 4,320 | ||
Pass | Construction and land development | Commercial real estate | |||||
Total loans | |||||
2023/2022 | 182 | 182 | 548 | ||
2022/2021 | 667 | 667 | 671 | ||
2021/2020 | 667 | 667 | 455 | ||
2020/2019 | 270 | 270 | 81 | ||
2019/2018 | 36 | 36 | 2 | ||
Prior | 3 | 3 | 2 | ||
Revolving loans amortized cost basis | 490 | 490 | 617 | ||
Revolving loans converted to term loans amortized cost basis | 118 | 118 | 96 | ||
Total loans | 2,433 | 2,433 | 2,472 | ||
Pass | Term | Commercial real estate | |||||
Total loans | |||||
2023/2022 | 876 | 876 | 2,861 | ||
2022/2021 | 2,704 | 2,704 | 2,107 | ||
2021/2020 | 1,888 | 1,888 | 1,686 | ||
2020/2019 | 1,673 | 1,673 | 1,012 | ||
2019/2018 | 969 | 969 | 666 | ||
Prior | 1,639 | 1,639 | 1,229 | ||
Revolving loans amortized cost basis | 219 | 219 | 276 | ||
Revolving loans converted to term loans amortized cost basis | 173 | 173 | 112 | ||
Total loans | 10,141 | 10,141 | 9,949 | ||
Pass | Home equity credit line | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 3,184 | 3,184 | 3,265 | ||
Revolving loans converted to term loans amortized cost basis | 93 | 93 | 98 | ||
Total loans | 3,277 | 3,277 | 3,363 | ||
Pass | 1-4 family residential | Consumer | |||||
Total loans | |||||
2023/2022 | 651 | 651 | 1,913 | ||
2022/2021 | 1,970 | 1,970 | 1,503 | ||
2021/2020 | 1,664 | 1,664 | 1,024 | ||
2020/2019 | 1,011 | 1,011 | 638 | ||
2019/2018 | 620 | 620 | 381 | ||
Prior | 2,025 | 2,025 | 1,788 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 7,941 | 7,941 | 7,247 | ||
Pass | Construction and other consumer real estate | Consumer | |||||
Total loans | |||||
2023/2022 | 74 | 74 | 583 | ||
2022/2021 | 940 | 940 | 485 | ||
2021/2020 | 372 | 372 | 64 | ||
2020/2019 | 27 | 27 | 19 | ||
2019/2018 | 12 | 12 | 5 | ||
Prior | 9 | 9 | 5 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 1,434 | 1,434 | 1,161 | ||
Pass | Bankcard and other revolving plans | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 462 | 462 | 468 | ||
Revolving loans converted to term loans amortized cost basis | 2 | 2 | 2 | ||
Total loans | 464 | 464 | 470 | ||
Pass | Other | Consumer | |||||
Total loans | |||||
2023/2022 | 61 | 61 | 68 | ||
2022/2021 | 48 | 48 | 30 | ||
2021/2020 | 24 | 24 | 12 | ||
2020/2019 | 8 | 8 | 8 | ||
2019/2018 | 6 | 6 | 4 | ||
Prior | 3 | 3 | 2 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 150 | 150 | 124 | ||
Special Mention | Commercial and industrial | Commercial | |||||
Total loans | |||||
2023/2022 | 1 | 1 | 1 | ||
2022/2021 | 3 | 3 | 2 | ||
2021/2020 | 7 | 7 | 10 | ||
2020/2019 | 5 | 5 | 52 | ||
2019/2018 | 1 | 1 | 1 | ||
Prior | 49 | 49 | 2 | ||
Revolving loans amortized cost basis | 88 | 88 | 50 | ||
Revolving loans converted to term loans amortized cost basis | 1 | 1 | 0 | ||
Total loans | 155 | 155 | 118 | ||
Special Mention | Leasing | Commercial | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 1 | 1 | 0 | ||
2021/2020 | 1 | 1 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 2 | 2 | 0 | ||
Special Mention | Owner-occupied | Commercial | |||||
Total loans | |||||
2023/2022 | 2 | 2 | 1 | ||
2022/2021 | 5 | 5 | 15 | ||
2021/2020 | 66 | 66 | 5 | ||
2020/2019 | 3 | 3 | 8 | ||
2019/2018 | 17 | 17 | 3 | ||
Prior | 13 | 13 | 16 | ||
Revolving loans amortized cost basis | 2 | 2 | 1 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 108 | 108 | 49 | ||
Special Mention | Municipal | Commercial | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 32 | ||
2022/2021 | 38 | 38 | 6 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 38 | 38 | 38 | ||
Special Mention | Construction and land development | Commercial real estate | |||||
Total loans | |||||
2023/2022 | 5 | 5 | 1 | ||
2022/2021 | 0 | 0 | 1 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 12 | 12 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 15 | 15 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 32 | 32 | 2 | ||
Special Mention | Term | Commercial real estate | |||||
Total loans | |||||
2023/2022 | 23 | 23 | 39 | ||
2022/2021 | 17 | 17 | 21 | ||
2021/2020 | 1 | 1 | 11 | ||
2020/2019 | 41 | 41 | 0 | ||
2019/2018 | 2 | 2 | 4 | ||
Prior | 9 | 9 | 1 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 93 | 93 | 76 | ||
Special Mention | Home equity credit line | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Special Mention | 1-4 family residential | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Special Mention | Construction and other consumer real estate | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Special Mention | Bankcard and other revolving plans | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Special Mention | Other | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Accruing Substandard | Commercial and industrial | Commercial | |||||
Total loans | |||||
2023/2022 | 1 | 1 | 26 | ||
2022/2021 | 37 | 37 | 7 | ||
2021/2020 | 3 | 3 | 17 | ||
2020/2019 | 3 | 3 | 78 | ||
2019/2018 | 33 | 33 | 30 | ||
Prior | 28 | 28 | 67 | ||
Revolving loans amortized cost basis | 65 | 65 | 84 | ||
Revolving loans converted to term loans amortized cost basis | 2 | 2 | 2 | ||
Total loans | 172 | 172 | 311 | ||
Accruing Substandard | Leasing | Commercial | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 2 | 2 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 4 | 4 | 5 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 6 | 6 | 5 | ||
Accruing Substandard | Owner-occupied | Commercial | |||||
Total loans | |||||
2023/2022 | 5 | 5 | 16 | ||
2022/2021 | 32 | 32 | 33 | ||
2021/2020 | 51 | 51 | 48 | ||
2020/2019 | 20 | 20 | 20 | ||
2019/2018 | 17 | 17 | 55 | ||
Prior | 102 | 102 | 64 | ||
Revolving loans amortized cost basis | 4 | 4 | 9 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 231 | 231 | 245 | ||
Accruing Substandard | Municipal | Commercial | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 6 | 6 | 0 | ||
2020/2019 | 3 | 3 | 0 | ||
2019/2018 | 1 | 1 | 0 | ||
Prior | 0 | 0 | 3 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 10 | 10 | 3 | ||
Accruing Substandard | Construction and land development | Commercial real estate | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 17 | ||
2022/2021 | 10 | 10 | 0 | ||
2021/2020 | 1 | 1 | 0 | ||
2020/2019 | 0 | 0 | 22 | ||
2019/2018 | 22 | 22 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 33 | 33 | 39 | ||
Accruing Substandard | Term | Commercial real estate | |||||
Total loans | |||||
2023/2022 | 30 | 30 | 42 | ||
2022/2021 | 23 | 23 | 2 | ||
2021/2020 | 1 | 1 | 34 | ||
2020/2019 | 37 | 37 | 21 | ||
2019/2018 | 27 | 27 | 53 | ||
Prior | 41 | 41 | 35 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 159 | 159 | 187 | ||
Accruing Substandard | Home equity credit line | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 2 | 2 | 3 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 2 | 2 | 3 | ||
Accruing Substandard | 1-4 family residential | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 2 | 2 | 2 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 2 | 2 | 2 | ||
Accruing Substandard | Construction and other consumer real estate | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Accruing Substandard | Bankcard and other revolving plans | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 2 | 2 | 1 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 2 | 2 | 1 | ||
Accruing Substandard | Other | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Nonaccrual | Commercial and industrial | Commercial | |||||
Total loans | |||||
2023/2022 | 5 | 5 | 0 | ||
2022/2021 | 5 | 5 | 8 | ||
2021/2020 | 2 | 2 | 5 | ||
2020/2019 | 2 | 2 | 11 | ||
2019/2018 | 1 | 1 | 1 | ||
Prior | 1 | 1 | 2 | ||
Revolving loans amortized cost basis | 52 | 52 | 32 | ||
Revolving loans converted to term loans amortized cost basis | 3 | 3 | 4 | ||
Total loans | 71 | 71 | 63 | ||
Nonaccrual | Leasing | Commercial | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Nonaccrual | Owner-occupied | Commercial | |||||
Total loans | |||||
2023/2022 | 1 | 1 | 1 | ||
2022/2021 | 0 | 0 | 1 | ||
2021/2020 | 1 | 1 | 2 | ||
2020/2019 | 12 | 12 | 4 | ||
2019/2018 | 3 | 3 | 5 | ||
Prior | 11 | 11 | 10 | ||
Revolving loans amortized cost basis | 1 | 1 | 1 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 29 | 29 | 24 | ||
Nonaccrual | Municipal | Commercial | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Nonaccrual | Construction and land development | Commercial real estate | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Nonaccrual | Term | Commercial real estate | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 4 | ||
2019/2018 | 4 | 4 | 1 | ||
Prior | 9 | 9 | 9 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 13 | 13 | 14 | ||
Nonaccrual | Home equity credit line | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 10 | 10 | 8 | ||
Revolving loans converted to term loans amortized cost basis | 2 | 2 | 3 | ||
Total loans | 12 | 12 | 11 | ||
Nonaccrual | 1-4 family residential | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 2 | ||
2021/2020 | 2 | 2 | 2 | ||
2020/2019 | 3 | 3 | 4 | ||
2019/2018 | 4 | 4 | 3 | ||
Prior | 28 | 28 | 26 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 37 | 37 | 37 | ||
Nonaccrual | Construction and other consumer real estate | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Nonaccrual | Bankcard and other revolving plans | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 0 | ||
Nonaccrual | Other | Consumer | |||||
Total loans | |||||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
2019/2018 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving loans amortized cost basis | 0 | 0 | 0 | ||
Revolving loans converted to term loans amortized cost basis | 0 | 0 | 0 | ||
Total loans | $ 0 | $ 0 | $ 0 |
Loans, Leases, and Allowance_11
Loans, Leases, and Allowance for Credit Losses (Summary of Selected Information on TDRs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 103 | $ 148 | $ 235 |
Percentage of total loans | 0.20% | 0.30% | |
Unfunded lending commitments on troubled debt restructuring | $ 10 | $ 10 | 7 |
Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 197 | ||
Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | 5 | |
Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 100 | 141 | |
Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | 1 | 74 |
Multiple modification types | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 65 | ||
Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 32 | ||
Payment deferral | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 29 | ||
Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | 1 | 7 |
Principal forgiveness | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 6 | ||
Financing Receivable, Modified in Period, Amount | 1 | ||
Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 48 | $ 69 | |
Percentage of total loans | 0.20% | 0.20% | |
Commercial | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 78 | ||
Commercial | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 1 | $ 5 | |
Commercial | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 47 | 64 | |
Commercial | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Commercial | Multiple modification types | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 40 | ||
Commercial | Payment deferral | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 2 | ||
Commercial | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial | Principal forgiveness | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Financing Receivable, Modified in Period, Amount | 0 | ||
Commercial | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 28 | $ 43 | |
Percentage of total loans | 0.20% | 0.30% | |
Commercial | Commercial and industrial | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 50 | ||
Commercial | Commercial and industrial | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 1 | $ 1 | |
Commercial | Commercial and industrial | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 27 | 42 | |
Commercial | Commercial and industrial | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Commercial | Commercial and industrial | Multiple modification types | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 28 | ||
Commercial | Commercial and industrial | Payment deferral | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial | Commercial and industrial | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial | Commercial and industrial | Principal forgiveness | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Financing Receivable, Modified in Period, Amount | 0 | ||
Commercial | Owner-occupied | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 20 | $ 26 | |
Percentage of total loans | 0.20% | 0.30% | |
Commercial | Owner-occupied | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 28 | ||
Commercial | Owner-occupied | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 0 | $ 4 | |
Commercial | Owner-occupied | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 20 | 22 | |
Commercial | Owner-occupied | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Commercial | Owner-occupied | Multiple modification types | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 12 | ||
Commercial | Owner-occupied | Payment deferral | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 2 | ||
Commercial | Owner-occupied | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial | Owner-occupied | Principal forgiveness | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Financing Receivable, Modified in Period, Amount | 0 | ||
Commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 52 | $ 76 | |
Percentage of total loans | 0.40% | 0.60% | |
Commercial real estate | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 92 | ||
Commercial real estate | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 0 | $ 0 | |
Commercial real estate | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 52 | 76 | |
Commercial real estate | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Commercial real estate | Multiple modification types | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 9 | ||
Commercial real estate | Payment deferral | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 27 | ||
Commercial real estate | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial real estate | Principal forgiveness | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Financing Receivable, Modified in Period, Amount | 0 | ||
Commercial real estate | Term | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 34 | $ 58 | |
Percentage of total loans | 0.30% | 0.60% | |
Commercial real estate | Term | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 84 | ||
Commercial real estate | Term | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 0 | $ 0 | |
Commercial real estate | Term | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 34 | 58 | |
Commercial real estate | Term | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Commercial real estate | Term | Multiple modification types | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Commercial real estate | Term | Payment deferral | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 27 | ||
Commercial real estate | Term | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial real estate | Term | Principal forgiveness | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Financing Receivable, Modified in Period, Amount | 0 | ||
Commercial real estate | Construction and land development | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 18 | $ 18 | |
Percentage of total loans | 0.70% | 0.70% | |
Commercial real estate | Construction and land development | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 8 | ||
Commercial real estate | Construction and land development | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 0 | $ 0 | |
Commercial real estate | Construction and land development | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 18 | 18 | |
Commercial real estate | Construction and land development | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Commercial real estate | Construction and land development | Multiple modification types | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 8 | ||
Commercial real estate | Construction and land development | Payment deferral | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial real estate | Construction and land development | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial real estate | Construction and land development | Principal forgiveness | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Financing Receivable, Modified in Period, Amount | 0 | ||
Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 3 | $ 3 | |
Percentage of total loans | 0% | 0% | |
Consumer | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 27 | ||
Consumer | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 0 | $ 0 | |
Consumer | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | 1 | |
Consumer | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | 1 | |
Consumer | Multiple modification types | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 16 | ||
Consumer | Payment deferral | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Consumer | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Consumer | Principal forgiveness | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 6 | ||
Financing Receivable, Modified in Period, Amount | 1 | ||
Consumer | 1-4 family residential | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 2 | $ 2 | |
Percentage of total loans | 0% | 0% | |
Consumer | 1-4 family residential | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 21 | ||
Consumer | 1-4 family residential | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 0 | $ 0 | |
Consumer | 1-4 family residential | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Consumer | 1-4 family residential | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | 1 | |
Consumer | 1-4 family residential | Multiple modification types | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 15 | ||
Consumer | 1-4 family residential | Payment deferral | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Consumer | 1-4 family residential | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Consumer | 1-4 family residential | Principal forgiveness | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 2 | ||
Financing Receivable, Modified in Period, Amount | 1 | ||
Consumer | Bankcard and other revolving plans | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 1 | $ 1 | |
Percentage of total loans | 0.20% | 0.20% | |
Consumer | Bankcard and other revolving plans | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 0 | $ 0 | |
Consumer | Bankcard and other revolving plans | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | 1 | |
Consumer | Bankcard and other revolving plans | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 0 | 0 | |
Consumer | Bankcard and other revolving plans | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Consumer | Bankcard and other revolving plans | Principal forgiveness | Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modified in Period, Amount | $ 0 |
Loans, Leases, and Allowance_12
Loans, Leases, and Allowance for Credit Losses (Summary of Financial Impact of Loan Modifications) (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 1.10% | 3.40% |
Weighted-average term extension (in months) | 12 months | 13 months |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 1% | 3.70% |
Weighted-average term extension (in months) | 8 months | 8 months |
Commercial | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 1% | 1% |
Weighted-average term extension (in months) | 8 months | 9 months |
Commercial | Owner-occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 0% | 4.40% |
Weighted-average term extension (in months) | 7 months | 7 months |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 0% | 0% |
Weighted-average term extension (in months) | 14 months | 15 months |
Commercial real estate | Construction and land development | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 0% | 0% |
Weighted-average term extension (in months) | 6 months | 6 months |
Commercial real estate | Term | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 0% | 0% |
Weighted-average term extension (in months) | 18 months | 17 months |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 1.30% | 1.30% |
Weighted-average term extension (in months) | 87 months | 87 months |
Consumer | 1-4 family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 1.30% | 1.30% |
Weighted-average term extension (in months) | 110 months | 110 months |
Consumer | Bankcard and other revolving plans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted-average interest rate reduction (in percentage points) | 0% | 0% |
Weighted-average term extension (in months) | 65 months | 61 months |
Loans, Leases, and Allowance_13
Loans, Leases, and Allowance for Credit Losses (Summary Aging Analysis, Modified) (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 148 |
Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 144 |
30-89 days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 3 |
90+ days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 1 |
Total past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 4 |
Commercial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 69 |
Commercial | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 65 |
Commercial | 30-89 days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 3 |
Commercial | 90+ days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 1 |
Commercial | Total past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 4 |
Commercial | Commercial and industrial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 43 |
Commercial | Commercial and industrial | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 40 |
Commercial | Commercial and industrial | 30-89 days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 3 |
Commercial | Commercial and industrial | 90+ days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial | Commercial and industrial | Total past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 3 |
Commercial | Owner-occupied | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 26 |
Commercial | Owner-occupied | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 25 |
Commercial | Owner-occupied | 30-89 days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial | Owner-occupied | 90+ days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 1 |
Commercial | Owner-occupied | Total past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 1 |
Commercial real estate | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 76 |
Commercial real estate | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 76 |
Commercial real estate | 30-89 days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial real estate | 90+ days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial real estate | Total past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial real estate | Term | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 58 |
Commercial real estate | Term | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 58 |
Commercial real estate | Term | 30-89 days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial real estate | Term | 90+ days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial real estate | Term | Total past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Consumer | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 3 |
Consumer | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 3 |
Consumer | 30-89 days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Consumer | 90+ days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Consumer | Total past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Consumer | 1-4 family residential | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 2 |
Consumer | 1-4 family residential | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 2 |
Consumer | 1-4 family residential | 30-89 days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Consumer | 1-4 family residential | 90+ days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Consumer | 1-4 family residential | Total past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Consumer | Bankcard and other revolving plans | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 1 |
Consumer | Bankcard and other revolving plans | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 1 |
Consumer | Bankcard and other revolving plans | 30-89 days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Consumer | Bankcard and other revolving plans | 90+ days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Consumer | Bankcard and other revolving plans | Total past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 0 |
Loans, Leases, and Allowance_14
Loans, Leases, and Allowance for Credit Losses (Summary of Accrual and Nonaccrual) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 103 | $ 148 | $ 235 |
Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 8 | ||
Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 53 | ||
Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | 1 | 7 |
Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 32 | ||
Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 61 | ||
Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | 1 | 74 |
Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 48 | 69 | |
Commercial | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Commercial | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 28 | 43 | |
Commercial | Commercial and industrial | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial | Commercial and industrial | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Commercial | Owner-occupied | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 20 | 26 | |
Commercial | Owner-occupied | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial | Owner-occupied | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 52 | 76 | |
Commercial real estate | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial real estate | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Commercial real estate | Construction and land development | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 18 | 18 | |
Commercial real estate | Construction and land development | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial real estate | Construction and land development | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Commercial real estate | Term | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 34 | 58 | |
Commercial real estate | Term | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial real estate | Term | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | 0 | |
Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 3 | 3 | |
Consumer | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Consumer | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | 1 | |
Consumer | 1-4 family residential | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 2 | 2 | |
Consumer | 1-4 family residential | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Consumer | 1-4 family residential | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 1 | $ 1 | |
Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 197 | ||
Accruing | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 4 | ||
Accruing | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 42 | ||
Accruing | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 6 | ||
Accruing | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 29 | ||
Accruing | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 51 | ||
Accruing | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 65 | ||
Accruing | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 78 | ||
Accruing | Commercial | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Accruing | Commercial | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 13 | ||
Accruing | Commercial | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 2 | ||
Accruing | Commercial | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 22 | ||
Accruing | Commercial | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 40 | ||
Accruing | Commercial | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 50 | ||
Accruing | Commercial | Commercial and industrial | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Accruing | Commercial | Commercial and industrial | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 12 | ||
Accruing | Commercial | Commercial and industrial | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial | Commercial and industrial | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial | Commercial and industrial | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 9 | ||
Accruing | Commercial | Commercial and industrial | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 28 | ||
Accruing | Commercial | Owner-occupied | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 28 | ||
Accruing | Commercial | Owner-occupied | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial | Owner-occupied | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Accruing | Commercial | Owner-occupied | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial | Owner-occupied | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 2 | ||
Accruing | Commercial | Owner-occupied | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 13 | ||
Accruing | Commercial | Owner-occupied | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 12 | ||
Accruing | Commercial | Municipal | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial | Municipal | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial | Municipal | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial | Municipal | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial | Municipal | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial | Municipal | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial | Municipal | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 92 | ||
Accruing | Commercial real estate | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Accruing | Commercial real estate | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 27 | ||
Accruing | Commercial real estate | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial real estate | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 27 | ||
Accruing | Commercial real estate | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 28 | ||
Accruing | Commercial real estate | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 9 | ||
Accruing | Commercial real estate | Construction and land development | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 8 | ||
Accruing | Commercial real estate | Construction and land development | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial real estate | Construction and land development | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial real estate | Construction and land development | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial real estate | Construction and land development | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial real estate | Construction and land development | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial real estate | Construction and land development | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 8 | ||
Accruing | Commercial real estate | Term | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 84 | ||
Accruing | Commercial real estate | Term | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Accruing | Commercial real estate | Term | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 27 | ||
Accruing | Commercial real estate | Term | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Commercial real estate | Term | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 27 | ||
Accruing | Commercial real estate | Term | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 28 | ||
Accruing | Commercial real estate | Term | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Accruing | Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 27 | ||
Accruing | Consumer | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 2 | ||
Accruing | Consumer | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 2 | ||
Accruing | Consumer | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 6 | ||
Accruing | Consumer | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Consumer | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Accruing | Consumer | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 16 | ||
Accruing | Consumer | Home equity credit line | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 6 | ||
Accruing | Consumer | Home equity credit line | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Consumer | Home equity credit line | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Accruing | Consumer | Home equity credit line | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 4 | ||
Accruing | Consumer | Home equity credit line | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Consumer | Home equity credit line | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Consumer | Home equity credit line | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Accruing | Consumer | 1-4 family residential | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 21 | ||
Accruing | Consumer | 1-4 family residential | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 2 | ||
Accruing | Consumer | 1-4 family residential | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Accruing | Consumer | 1-4 family residential | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 2 | ||
Accruing | Consumer | 1-4 family residential | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Accruing | Consumer | 1-4 family residential | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Accruing | Consumer | 1-4 family residential | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 15 | ||
Nonaccruing | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 38 | ||
Nonaccruing | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 4 | ||
Nonaccruing | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 11 | ||
Nonaccruing | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Nonaccruing | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 3 | ||
Nonaccruing | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 10 | ||
Nonaccruing | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 9 | ||
Nonaccruing | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 23 | ||
Nonaccruing | Commercial | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 4 | ||
Nonaccruing | Commercial | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 3 | ||
Nonaccruing | Commercial | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 9 | ||
Nonaccruing | Commercial | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 7 | ||
Nonaccruing | Commercial | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 15 | ||
Nonaccruing | Commercial | Commercial and industrial | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial | Commercial and industrial | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial | Commercial and industrial | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial | Commercial and industrial | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 3 | ||
Nonaccruing | Commercial | Commercial and industrial | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 9 | ||
Nonaccruing | Commercial | Commercial and industrial | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 3 | ||
Nonaccruing | Commercial | Owner-occupied | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 8 | ||
Nonaccruing | Commercial | Owner-occupied | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 4 | ||
Nonaccruing | Commercial | Owner-occupied | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial | Owner-occupied | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial | Owner-occupied | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial | Owner-occupied | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial | Owner-occupied | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 4 | ||
Nonaccruing | Commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 10 | ||
Nonaccruing | Commercial real estate | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial real estate | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 10 | ||
Nonaccruing | Commercial real estate | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial real estate | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial real estate | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial real estate | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial real estate | Term | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 10 | ||
Nonaccruing | Commercial real estate | Term | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial real estate | Term | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 10 | ||
Nonaccruing | Commercial real estate | Term | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial real estate | Term | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial real estate | Term | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Commercial real estate | Term | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 5 | ||
Nonaccruing | Consumer | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Consumer | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Nonaccruing | Consumer | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Nonaccruing | Consumer | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Consumer | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Nonaccruing | Consumer | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 2 | ||
Nonaccruing | Consumer | Home equity credit line | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Nonaccruing | Consumer | Home equity credit line | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Consumer | Home equity credit line | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Consumer | Home equity credit line | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Nonaccruing | Consumer | Home equity credit line | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Consumer | Home equity credit line | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Consumer | Home equity credit line | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Consumer | 1-4 family residential | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 4 | ||
Nonaccruing | Consumer | 1-4 family residential | Interest rate reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Consumer | 1-4 family residential | Maturity or term extension | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Nonaccruing | Consumer | 1-4 family residential | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Consumer | 1-4 family residential | Payment deferral | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 0 | ||
Nonaccruing | Consumer | 1-4 family residential | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | 1 | ||
Nonaccruing | Consumer | 1-4 family residential | Multiple modification types | |||
Financing Receivable, Modifications [Line Items] | |||
Amortized cost basis | $ 2 |
Loans, Leases, and Allowance_15
Loans, Leases, and Allowance for Credit Losses (Collateral-Dependent Loans) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 25 | $ 7 |
Commercial and industrial | Commercial | Accounts Receivable | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 10 | |
Weighted average LTV | 81% | |
Owner-occupied | Commercial | Hospital | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 12 | |
Weighted average LTV | 29% | |
Owner-occupied | Commercial | Land, Warehouse | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 2 | |
Weighted average LTV | 29% | |
Term | Commercial real estate | Hotel, Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 3 | |
Weighted average LTV | 89% | |
Term | Commercial real estate | Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 1 | |
Weighted average LTV | 55% | |
Home equity credit line | Consumer | Single family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 1 | |
Weighted average LTV | 13% | |
1-4 family residential | Consumer | Single family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost | $ 3 | |
Weighted average LTV | 41% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2023 | Jul. 31, 2023 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | $ 24,458 | $ 24,498 | |
AOCI, cash flow hedge, deferred losses | 222 | ||
Derivatives (included in other liabilities) | 409 | 451 | |
Cash collateral pledged for derivative liabilities | 2 | ||
Additional collateral that would be required to be pledge if credit rating was downgraded by one notch | 0 | ||
Derivatives designated as hedging instruments: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | 6,922 | 9,361 | |
Parent | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives (included in other liabilities) | 409 | ||
Other liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives (included in other liabilities) | 409 | 451 | |
Other liabilities | Derivatives designated as hedging instruments: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives (included in other liabilities) | 0 | 1 | |
Fair Value Hedging | Received-fixed interest rate swaps | Derivatives designated as hedging instruments: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | 0 | 500 | |
Fair Value Hedging | Asset hedges: Pay-floating interest rate swaps | Derivatives designated as hedging instruments: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | 1,100 | ||
Fair Value Hedging | Asset hedges: Pay-fixed interest rate swaps | Derivatives designated as hedging instruments: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | 3,572 | 1,228 | |
Fair Value Hedging | Asset hedges: Pay-fixed interest rate swaps | Derivatives designated as hedging instruments: | Subsequent Event | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | $ 1,000 | ||
Fair Value Hedging | Pay-Fixed, receive-floating swap | Derivatives designated as hedging instruments: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | 2,500 | ||
Fair Value Hedging | Pay-Fixed, receive-floating swap | Derivatives designated as hedging instruments: | Subsequent Event | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | $ 1,000 | ||
Fair Value Hedging | Other liabilities | Received-fixed interest rate swaps | Derivatives designated as hedging instruments: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives (included in other liabilities) | 0 | 0 | |
Fair Value Hedging | Other liabilities | Asset hedges: Pay-fixed interest rate swaps | Derivatives designated as hedging instruments: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives (included in other liabilities) | 0 | 0 | |
Cash Flow Hedging | Received-fixed interest rate swaps | Derivatives designated as hedging instruments: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | 2,850 | 7,633 | |
Derivative, terminated | 2,800 | ||
Cash Flow Hedging | Other liabilities | Received-fixed interest rate swaps | Derivatives designated as hedging instruments: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives (included in other liabilities) | $ 0 | $ 1 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Notional and Recorded Fair Values) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Notional amount | $ 24,458 | $ 24,498 |
Other assets | 491 | 386 |
Other liabilities | 409 | 451 |
Net credit valuation adjustment reducing fair value | 10 | 13 |
Other assets | ||
Derivative [Line Items] | ||
Other assets | 491 | 386 |
Other liabilities | ||
Derivative [Line Items] | ||
Other liabilities | 409 | 451 |
Derivatives designated as hedging instruments: | ||
Derivative [Line Items] | ||
Notional amount | 6,922 | 9,361 |
Derivatives designated as hedging instruments: | Other assets | ||
Derivative [Line Items] | ||
Other assets | 80 | 84 |
Derivatives designated as hedging instruments: | Other liabilities | ||
Derivative [Line Items] | ||
Other liabilities | 0 | 1 |
Derivatives designated as hedging instruments: | Received-fixed interest rate swaps | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Notional amount | 2,850 | 7,633 |
Derivatives designated as hedging instruments: | Received-fixed interest rate swaps | Fair Value Hedging | ||
Derivative [Line Items] | ||
Notional amount | 0 | 500 |
Derivatives designated as hedging instruments: | Received-fixed interest rate swaps | Other assets | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Other assets | 0 | 0 |
Derivatives designated as hedging instruments: | Received-fixed interest rate swaps | Other assets | Fair Value Hedging | ||
Derivative [Line Items] | ||
Other assets | 0 | 0 |
Derivatives designated as hedging instruments: | Received-fixed interest rate swaps | Other liabilities | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Other liabilities | 0 | 1 |
Derivatives designated as hedging instruments: | Received-fixed interest rate swaps | Other liabilities | Fair Value Hedging | ||
Derivative [Line Items] | ||
Other liabilities | 0 | 0 |
Derivatives designated as hedging instruments: | Pay-fixed interest rate swaps | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Notional amount | 500 | 0 |
Derivatives designated as hedging instruments: | Pay-fixed interest rate swaps | Other assets | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Other assets | 0 | 0 |
Derivatives designated as hedging instruments: | Pay-fixed interest rate swaps | Other liabilities | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Other liabilities | 0 | 0 |
Derivatives designated as hedging instruments: | Asset hedges: Pay-fixed interest rate swaps | Fair Value Hedging | ||
Derivative [Line Items] | ||
Notional amount | 3,572 | 1,228 |
Derivatives designated as hedging instruments: | Asset hedges: Pay-fixed interest rate swaps | Other assets | Fair Value Hedging | ||
Derivative [Line Items] | ||
Other assets | 80 | 84 |
Derivatives designated as hedging instruments: | 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 | 17,536 | 15,137 |
Derivatives not designated as hedging instruments | Other assets | ||
Derivative [Line Items] | ||
Other assets | 411 | 302 |
Derivatives not designated as hedging instruments | Other liabilities | ||
Derivative [Line Items] | ||
Other liabilities | 409 | 450 |
Derivatives not designated as hedging instruments | Customer-facing interest rate derivatives | ||
Derivative [Line Items] | ||
Notional amount | 13,726 | 13,670 |
Derivatives not designated as hedging instruments | Customer-facing interest rate derivatives | Other assets | ||
Derivative [Line Items] | ||
Other assets | 406 | 296 |
Derivatives not designated as hedging instruments | Customer-facing interest rate derivatives | Other liabilities | ||
Derivative [Line Items] | ||
Other liabilities | 407 | 443 |
Derivatives not designated as hedging instruments | Other interest rate derivatives | ||
Derivative [Line Items] | ||
Notional amount | 3,576 | 862 |
Derivatives not designated as hedging instruments | Other interest rate derivatives | Other assets | ||
Derivative [Line Items] | ||
Other assets | 2 | 0 |
Derivatives not designated as hedging instruments | Other interest rate derivatives | Other liabilities | ||
Derivative [Line Items] | ||
Other liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | Foreign exchange derivatives | ||
Derivative [Line Items] | ||
Notional amount | 216 | 605 |
Derivatives not designated as hedging instruments | Foreign exchange derivatives | Other assets | ||
Derivative [Line Items] | ||
Other assets | 2 | 6 |
Derivatives not designated as hedging instruments | Foreign exchange derivatives | Other liabilities | ||
Derivative [Line Items] | ||
Other liabilities | 2 | 7 |
Derivatives not designated as hedging instruments | Purchased credit derivatives | ||
Derivative [Line Items] | ||
Notional amount | 18 | 0 |
Derivatives not designated as hedging instruments | Purchased credit derivatives | Other assets | ||
Derivative [Line Items] | ||
Other assets | 1 | 0 |
Derivatives not designated as hedging instruments | Purchased credit derivatives | Other liabilities | ||
Derivative [Line Items] | ||
Other liabilities | $ 0 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Derivative Gain (Loss) Recognized/Reclassified) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss) reclassified from AOCI into income | $ (30,000,000) | $ 5,000,000 | $ (67,000,000) | $ 15,000,000 |
Loss to be reclassified within the next 12 months into interest income | 106,000,000 | 94,000,000 | ||
Derivatives designated as hedging instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivative gain/(loss) deferred in AOCI | (10,000,000) | (66,000,000) | 28,000,000 | (244,000,000) |
Amount of gain/(loss) reclassified from AOCI into income | (40,000,000) | 6,000,000 | (89,000,000) | 19,000,000 |
Interest on fair value hedges | 0 | 0 | 10,000,000 | 2,000,000 |
Derivatives designated as hedging instruments: | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Terminated or redesignated, unamortized basis adjustments, debt | 50,000,000 | 0 | 50,000,000 | 0 |
Terminated or redesignated, unamortized basis adjustments,assets | 3,000,000 | 7,000,000 | 3,000,000 | 7,000,000 |
Derivatives designated as hedging instruments: | Cash Flow Hedging | Purchased interest rate floors | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivative gain/(loss) deferred in AOCI | 0 | 0 | 0 | 0 |
Amount of gain/(loss) reclassified from AOCI into income | 0 | 0 | 0 | 2,000,000 |
Interest on fair value hedges | 0 | 0 | 0 | 0 |
Derivatives designated as hedging instruments: | Cash Flow Hedging | Received-fixed interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivative gain/(loss) deferred in AOCI | (21,000,000) | (66,000,000) | 17,000,000 | (244,000,000) |
Amount of gain/(loss) reclassified from AOCI into income | (41,000,000) | 6,000,000 | (90,000,000) | 17,000,000 |
Interest on fair value hedges | 0 | 0 | 0 | 0 |
Derivatives designated as hedging instruments: | Fair Value Hedging | Pay-fixed interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivative gain/(loss) deferred in AOCI | 11,000,000 | 0 | 11,000,000 | 0 |
Amount of gain/(loss) reclassified from AOCI into income | 1,000,000 | 0 | 1,000,000 | 0 |
Interest on fair value hedges | 0 | 1,000,000 | 0 | 3,000,000 |
Derivatives designated as hedging instruments: | Fair Value Hedging | Debt hedges: Receive-fixed interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivative gain/(loss) deferred in AOCI | 0 | 0 | ||
Amount of gain/(loss) reclassified from AOCI into income | 0 | 0 | ||
Interest on fair value hedges | (8,000,000) | (5,000,000) | ||
Derivatives designated as hedging instruments: | Fair Value Hedging | Asset hedges: Pay-Fixed interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivative gain/(loss) deferred in AOCI | 0 | 0 | 0 | 0 |
Amount of gain/(loss) reclassified from AOCI into income | 0 | 0 | 0 | 0 |
Interest on fair value hedges | 9,000,000 | (1,000,000) | 16,000,000 | (2,000,000) |
Derivatives designated as hedging instruments: | Fair Value Hedging | Basis Amortization On Terminated Debt Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivative gain/(loss) deferred in AOCI | 0 | 0 | 0 | 0 |
Amount of gain/(loss) reclassified from AOCI into income | 0 | 0 | 0 | |
Interest on fair value hedges | (1,000,000) | 0 | (1,000,000) | 1,000,000 |
Derivatives designated as hedging instruments: | Fair Value Hedging | Basis Amortization On Terminated Asset Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion of derivative gain/(loss) deferred in AOCI | 0 | 0 | 0 | 0 |
Amount of gain/(loss) reclassified from AOCI into income | 0 | 0 | 0 | 0 |
Interest on fair value hedges | $ 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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Noninterest Income/(Expense) | $ 19 | $ 24 | $ 28 | $ 44 |
Customer-facing interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Noninterest Income/(Expense) | 10 | 17 | 11 | 30 |
Other interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Noninterest Income/(Expense) | 3 | (1) | 3 | 0 |
Foreign exchange derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Noninterest Income/(Expense) | 7 | 8 | 15 | 14 |
Purchased credit derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Noninterest Income/(Expense) | $ (1) | $ 0 | $ (1) | $ 0 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total income statement impact | $ 1 | $ 10 | $ (2) | $ 16 |
Received-fixed interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives | 2 | (18) | 14 | (50) |
Hedged items | (2) | 18 | (14) | 50 |
Total income statement impact | 0 | 0 | 0 | 0 |
Asset hedges: Pay-fixed interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives | 66 | 97 | 26 | 150 |
Hedged items | (67) | (97) | (27) | (150) |
Total income statement impact | $ (1) | $ 0 | $ (1) | $ 0 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities (Basis Adjustments for Hedged Items) (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total debt securities | $ 12,424,000,000 | $ 13,538,000,000 |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets | 36,800,000 | |
Amount of hedging | 2,500,000,000 | |
Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Par value of hedged liabilities | 0 | (500,000,000) |
Carrying amount of hedged liabilities | 0 | (435,000,000) |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities | 0 | 65,000,000 |
Par value of hedged assets | 11,129,000,000 | 1,228,000,000 |
Carrying amount of hedged assets | 10,898,000,000 | 962,000,000 |
Total debt securities | 10,100,000,000 | |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets | $ (231,000,000) | $ (266,000,000) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) branch | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) branch | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Leases [Abstract] | |||||
Number of branches | branch | 412 | 412 | |||
Number of branches owned | branch | 277 | 277 | |||
Number of branches leased | branch | 135 | 135 | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | Other assets | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Premises, equipment and software, net | Premises, equipment and software, net | Premises, equipment and software, net | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities | Other liabilities | ||
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt | Long-term debt | ||
Operating lease income | $ | $ 4 | $ 3 | $ 8 | $ 7 | |
Sales-type or direct financing leases | $ | 388 | 388 | $ 386 | ||
Sales-type or direct financing leases income | $ | $ 4 | $ 3 | $ 8 | $ 6 |
Leases (Assets and Liabilities)
Leases (Assets and Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
ROU assets, net of amortization | $ 170 | $ 173 |
Lease liabilities | 195 | 198 |
ROU assets, net of amortization | 3 | 4 |
Finance lease obligations | $ 4 | $ 4 |
Weighted average remaining lease term, operating leases | 8 years 7 months 6 days | 8 years 4 months 24 days |
Weighted average remaining lease term, finance leases | 16 years 10 months 24 days | 17 years 4 months 24 days |
Weighted average discount rate, operating leases | 3.10% | 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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease expense | $ 11 | $ 12 | $ 22 | $ 24 |
Other expenses associated with operating leases | 16 | 12 | 30 | 24 |
Total lease expense | 27 | 24 | 52 | 48 |
Related cash disbursements from operating leases | $ 12 | $ 12 | $ 24 | $ 25 |
Leases (Maturities Analysis) (D
Leases (Maturities Analysis) (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Leases [Abstract] | |
2023 | $ 24 |
2024 | 40 |
2025 | 32 |
2026 | 27 |
2027 | 18 |
Thereafter | 87 |
Total | $ 228 |
Long-Term Debt and Shareholde_3
Long-Term Debt and Shareholders' Equity (Long-term Debt) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt And Equity [Abstract] | ||
Subordinated notes | $ 534 | $ 519 |
Senior notes | 0 | 128 |
Finance lease obligations | 4 | 4 |
Total | $ 538 | $ 651 |
Long-Term Debt and Shareholde_4
Long-Term Debt and Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Redemption of long-term debt | $ 128 | $ 290 | ||
Shares outstanding (in shares) | 148.1 | 148.1 | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |
Common stock and additional paid-in capital change | $ 32 | $ 32 | ||
Common stock and additional paid-in capital percentage change | 2% | 2% | ||
Common stock and additional paid-in capital | $ 1,700 | $ 1,700 | ||
Accumulated other comprehensive income (loss) | (2,930) | $ (2,930) | $ (3,112) | |
Senior notes | 4.5% interest rate, senior note | ||||
Debt Instrument [Line Items] | ||||
Redemption of long-term debt | $ 128 | |||
Debt interest rate | 4.50% | 4.50% |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 5,184 | $ 6,294 | $ 4,893 | $ 7,463 |
OCI before reclassifications, net of tax 1 | 115 | (2,005) | ||
Amounts reclassified from AOCI, net of tax | 67 | (15) | ||
Total other comprehensive income (loss), net of tax | (10) | (754) | 182 | (2,020) |
Balance at end of period | 5,283 | 5,632 | 5,283 | 5,632 |
Income tax expense included in OCI | 59 | (655) | ||
Decline in fair value of fixed-rate AFS | 86 | 9 | ||
Increase in amortization of discount | 54 | 103 | ||
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (2,920) | (1,346) | (3,112) | (80) |
Balance at end of period | (2,930) | (2,100) | (2,930) | (2,100) |
Net unrealized gains/(losses) on investment securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (2,800) | (78) | ||
OCI before reclassifications, net of tax 1 | 94 | (1,820) | ||
Amounts reclassified from AOCI, net of tax | 0 | 0 | ||
Total other comprehensive income (loss), net of tax | 94 | (1,820) | ||
Balance at end of period | (2,706) | (1,898) | (2,706) | (1,898) |
Income tax expense included in OCI | 31 | (590) | ||
Net unrealized gains/(losses) on derivatives and other | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (311) | 0 | ||
OCI before reclassifications, net of tax 1 | 21 | (185) | ||
Amounts reclassified from AOCI, net of tax | 67 | (15) | ||
Total other comprehensive income (loss), net of tax | 88 | (200) | ||
Balance at end of period | (223) | (200) | (223) | (200) |
Income tax expense included in OCI | 28 | (65) | ||
Pension and post-retirement | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (1) | (2) | ||
OCI before reclassifications, net of tax 1 | 0 | 0 | ||
Amounts reclassified from AOCI, net of tax | 0 | 0 | ||
Total other comprehensive income (loss), net of tax | 0 | 0 | ||
Balance at end of period | $ (1) | $ (2) | (1) | (2) |
Income tax expense included in OCI | $ 0 | $ 0 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest and fees on loans | $ 791 | $ 468 | $ 1,517 | $ 905 |
Less: Income tax expense (benefit) | 51 | 57 | 129 | 109 |
Net income | 175 | 203 | 379 | 406 |
Net unrealized gains/(losses) on derivatives and other | Amounts reclassified from AOCI | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest and fees on loans | (40) | 6 | (89) | 20 |
Less: Income tax expense (benefit) | (10) | 2 | (22) | 5 |
Net income | $ (30) | $ 4 | $ (67) | $ 15 |
Commitments, Guarantees, and _3
Commitments, Guarantees, and Contingent Liabilities (Schedule of Off Balance Sheet Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Unfunded lending commitments | $ 29,731 | $ 29,628 |
Commercial letters of credit | 36 | 11 |
Mortgage-backed security purchase agreement | 51 | 23 |
Total unfunded lending commitments | 30,575 | 30,513 |
Financial | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Standby letters of credit | 579 | 667 |
Performance | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Standby letters of credit | $ 178 | $ 184 |
Commitments, Guarantees, and _4
Commitments, Guarantees, and Contingent Liabilities (Narrative) (Details) $ in Millions | Jun. 30, 2023 USD ($) case |
Guarantor Obligations [Line Items] | |
Number of civil cases | case | 2 |
Minimum | |
Guarantor Obligations [Line Items] | |
Estimate of possible losses | $ 0 |
Maximum | |
Guarantor Obligations [Line Items] | |
Estimate of possible losses | $ 5 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | $ 128 | $ 123 | $ 251 | $ 248 |
Other noninterest income (non-ASC 606 customer-related) | 34 | 31 | 62 | 57 |
Total customer-related noninterest income | 162 | 154 | 313 | 305 |
Other noncustomer-related noninterest income | 27 | 18 | 36 | 9 |
Total noninterest income | 189 | 172 | 349 | 314 |
Other real estate owned gain from sale | 0 | 0 | ||
Net interest income | 591 | 593 | 1,270 | 1,137 |
Total net revenue | 780 | 765 | 1,619 | 1,451 |
Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 45 | 37 | 88 | 78 |
Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 37 | 36 | 72 | 72 |
Retail and business banking fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 16 | 20 | 32 | 40 |
Capital markets fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 | 2 | 2 |
Wealth management fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 14 | 13 | 27 | 26 |
Other customer-related fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | $ 15 | 16 | 30 | 30 |
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 | 80% | |||
Other | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | $ 8 | 9 | 16 | 21 |
Other noninterest income (non-ASC 606 customer-related) | 5 | (1) | 11 | (2) |
Total customer-related noninterest income | 13 | 8 | 27 | 19 |
Other noncustomer-related noninterest income | 6 | 13 | 8 | 3 |
Total noninterest income | 19 | 21 | 35 | 22 |
Other real estate owned gain from sale | 0 | 0 | ||
Net interest income | (21) | 17 | 18 | 29 |
Total net revenue | (2) | 38 | 53 | 51 |
Other | Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 0 | 1 | 0 |
Other | Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | (2) | 0 | 0 |
Other | Retail and business banking fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | (2) | 1 | (1) | 1 |
Other | Capital markets fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 | 2 | 2 |
Other | Wealth management fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | (1) | 0 |
Other | Other customer-related fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 8 | 9 | 15 | 18 |
Zions Bank | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 40 | 40 | 79 | 81 |
Other noninterest income (non-ASC 606 customer-related) | 6 | 6 | 13 | 11 |
Total customer-related noninterest income | 46 | 46 | 92 | 92 |
Other noncustomer-related noninterest income | 3 | 3 | 7 | 3 |
Total noninterest income | 49 | 49 | 99 | 95 |
Net interest income | 178 | 170 | 363 | 326 |
Total net revenue | 227 | 219 | 462 | 421 |
Zions Bank | Operating Segments | Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 14 | 12 | 28 | 27 |
Zions Bank | Operating Segments | Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 13 | 14 | 26 | 27 |
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) | 5 | 6 | 9 | 12 |
Zions Bank | Operating Segments | Capital markets fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 0 | 0 |
Zions Bank | Operating Segments | Wealth management fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 6 | 6 | 12 | 11 |
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 |
CB&T | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 19 | 18 | 37 | 35 |
Other noninterest income (non-ASC 606 customer-related) | 14 | 8 | 19 | 14 |
Total customer-related noninterest income | 33 | 26 | 56 | 49 |
Other noncustomer-related noninterest income | 2 | 1 | 3 | 2 |
Total noninterest income | 35 | 27 | 59 | 51 |
Net interest income | 152 | 142 | 311 | 271 |
Total net revenue | 187 | 169 | 370 | 322 |
CB&T | Operating Segments | Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 8 | 7 | 15 | 14 |
CB&T | Operating Segments | Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 5 | 5 | 10 | 10 |
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 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) | 2 | 2 | 4 | 3 |
Amegy | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 32 | 29 | 62 | 57 |
Other noninterest income (non-ASC 606 customer-related) | 8 | 13 | 17 | 22 |
Total customer-related noninterest income | 40 | 42 | 79 | 79 |
Other noncustomer-related noninterest income | 15 | 0 | 17 | 0 |
Total noninterest income | 55 | 42 | 96 | 79 |
Net interest income | 116 | 120 | 240 | 232 |
Total net revenue | 171 | 162 | 336 | 311 |
Amegy | Operating Segments | Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 14 | 11 | 28 | 22 |
Amegy | Operating Segments | Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 8 | 8 | 16 | 16 |
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 | 4 | 7 | 8 |
Amegy | Operating Segments | Capital markets fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 0 | 0 |
Amegy | Operating Segments | Wealth management fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 4 | 4 | 8 | 8 |
Amegy | Operating Segments | Other customer-related fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 2 | 2 | 3 | 3 |
NBAZ | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 9 | 9 | 19 | 19 |
Other noninterest income (non-ASC 606 customer-related) | 1 | 1 | 1 | 3 |
Total customer-related noninterest income | 10 | 10 | 20 | 22 |
Other noncustomer-related noninterest income | 1 | 1 | 1 | 1 |
Total noninterest income | 11 | 11 | 21 | 23 |
Net interest income | 64 | 55 | 129 | 106 |
Total net revenue | 75 | 66 | 150 | 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 | 5 | 4 |
NBAZ | Operating Segments | Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 4 | 4 | 7 | 7 |
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 | 5 |
NBAZ | Operating Segments | Capital markets 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 | 1 | 2 | 2 |
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 | 1 |
NSB | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 11 | 10 | 23 | 21 |
Other noninterest income (non-ASC 606 customer-related) | 0 | 2 | 0 | 4 |
Total customer-related noninterest income | 11 | 12 | 23 | 25 |
Other noncustomer-related noninterest income | 0 | 0 | 0 | 0 |
Total noninterest income | 11 | 12 | 23 | 25 |
Net interest income | 49 | 39 | 99 | 77 |
Total net revenue | 60 | 51 | 122 | 102 |
NSB | Operating Segments | Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 3 | 2 | 7 | 6 |
NSB | Operating Segments | Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 4 | 4 | 8 | 7 |
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 | 3 | 5 | 6 |
NSB | Operating Segments | Capital markets 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 | 3 | 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) | 7 | 6 | 12 | 12 |
Other noninterest income (non-ASC 606 customer-related) | 0 | 2 | 1 | 4 |
Total customer-related noninterest income | 7 | 8 | 13 | 16 |
Other noncustomer-related noninterest income | 0 | 0 | 0 | 0 |
Total noninterest income | 7 | 8 | 13 | 16 |
Net interest income | 38 | 35 | 79 | 68 |
Total net revenue | 45 | 43 | 92 | 84 |
Vectra | Operating Segments | Commercial account fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 2 | 2 | 3 | 4 |
Vectra | Operating Segments | Card fees | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 2 | 2 | 4 | 4 |
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 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) | 1 | 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 | 2 | 1 |
TCBW | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total noninterest income from contracts with customers (ASC 606) | 2 | 2 | 3 | 2 |
Other noninterest income (non-ASC 606 customer-related) | 0 | 0 | 0 | 1 |
Total customer-related noninterest income | 2 | 2 | 3 | 3 |
Other noncustomer-related noninterest income | 0 | 0 | 0 | 0 |
Total noninterest income | 2 | 2 | 3 | 3 |
Other real estate owned gain from sale | 0 | 0 | ||
Net interest income | 15 | 15 | 31 | 28 |
Total net revenue | 17 | 17 | 34 | 31 |
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) | 1 | 1 | 1 | 1 |
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 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 | $ 1 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Billions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | 22.60% | 21.90% | 25.40% | 21.20% | |
Deferred tax assets | $ 1.1 | $ 1.1 | $ 1.1 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Basic: | ||||
Net income | $ 175 | $ 203 | $ 379 | $ 406 |
Less common and preferred dividends | 70 | 66 | 138 | 132 |
Undistributed earnings | 105 | 137 | 241 | 274 |
Less undistributed earnings applicable to nonvested shares | 1 | 1 | 2 | 2 |
Undistributed earnings applicable to common shares | 104 | 136 | 239 | 272 |
Distributed earnings applicable to common shares | 61 | 57 | 121 | 115 |
Total earnings applicable to common shares | $ 165 | $ 193 | $ 360 | $ 387 |
Weighted average common shares outstanding (in shares) | 147,692 | 150,635 | 147,852 | 150,958 |
Net earnings per common share (in dollars per share) | $ 1.11 | $ 1.29 | $ 2.44 | $ 2.56 |
Diluted: | ||||
Dilutive effect of stock options (in shares) | 4 | 203 | 13 | 306 |
Weighted average diluted common shares outstanding (in shares) | 147,696 | 150,838 | 147,865 | 151,264 |
Net earnings per common share (in dollars per share) | $ 1.11 | $ 1.29 | $ 2.44 | $ 2.56 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
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) | 1,421 | 1,251 | 1,378 | 1,289 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,449 | 200 | 1,381 | 155 |
Operating Segment Information_2
Operating Segment Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) branch | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment branch | Jun. 30, 2022 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of bank operating segments | segment | 7 | |||
Number of branches | branch | 412 | 412 | ||
Net interest income | $ 591 | $ 593 | $ 1,270 | $ 1,137 |
Provision for credit losses | 46 | 41 | 91 | 8 |
Net interest income after provision for credit losses | 545 | 552 | 1,179 | 1,129 |
Total noninterest income | 189 | 172 | 349 | 314 |
Total noninterest expense | 508 | 464 | 1,020 | 928 |
Income before income taxes | 226 | 260 | 508 | 515 |
Total average loans | 56,679 | 51,784 | 56,417 | 51,360 |
Total average deposits | 69,649 | 80,887 | 69,901 | 81,244 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | (21) | 17 | 18 | 29 |
Provision for credit losses | (1) | (1) | (1) | (1) |
Net interest income after provision for credit losses | (20) | 18 | 19 | 30 |
Total noninterest income | 19 | 21 | 35 | 22 |
Total noninterest expense | 49 | 52 | 109 | 110 |
Income before income taxes | (50) | (13) | (55) | (58) |
Total average loans | 1,040 | 927 | 1,092 | 911 |
Total average deposits | 7,379 | 1,207 | 4,720 | 1,271 |
Zions Bank | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 178 | 170 | 363 | 326 |
Provision for credit losses | 7 | 1 | 31 | 0 |
Net interest income after provision for credit losses | 171 | 169 | 332 | 326 |
Total noninterest income | 49 | 49 | 99 | 95 |
Total noninterest expense | 138 | 125 | 273 | 248 |
Income before income taxes | 82 | 93 | 158 | 173 |
Total average loans | 14,250 | 13,120 | 14,115 | 12,969 |
Total average deposits | 19,191 | 25,035 | 20,067 | 25,574 |
CB&T | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 152 | 142 | 311 | 271 |
Provision for credit losses | 15 | 16 | 15 | 22 |
Net interest income after provision for credit losses | 137 | 126 | 296 | 249 |
Total noninterest income | 35 | 27 | 59 | 51 |
Total noninterest expense | 94 | 84 | 186 | 168 |
Income before income taxes | 78 | 69 | 169 | 132 |
Total average loans | 14,152 | 12,895 | 14,084 | 12,870 |
Total average deposits | 13,333 | 16,663 | 13,985 | 16,566 |
Amegy | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 116 | 120 | 240 | 232 |
Provision for credit losses | 12 | 5 | 23 | (22) |
Net interest income after provision for credit losses | 104 | 115 | 217 | 254 |
Total noninterest income | 55 | 42 | 96 | 79 |
Total noninterest expense | 100 | 88 | 198 | 175 |
Income before income taxes | 59 | 69 | 115 | 158 |
Total average loans | 12,880 | 11,934 | 12,862 | 11,865 |
Total average deposits | 11,873 | 16,253 | 12,576 | 16,333 |
NBAZ | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 64 | 55 | 129 | 106 |
Provision for credit losses | 4 | 6 | 4 | 2 |
Net interest income after provision for credit losses | 60 | 49 | 125 | 104 |
Total noninterest income | 11 | 11 | 21 | 23 |
Total noninterest expense | 45 | 42 | 92 | 82 |
Income before income taxes | 26 | 18 | 54 | 45 |
Total average loans | 5,243 | 4,888 | 5,197 | 4,831 |
Total average deposits | 6,873 | 8,447 | 7,025 | 8,201 |
NSB | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 49 | 39 | 99 | 77 |
Provision for credit losses | 7 | 3 | 11 | 0 |
Net interest income after provision for credit losses | 42 | 36 | 88 | 77 |
Total noninterest income | 11 | 12 | 23 | 25 |
Total noninterest expense | 42 | 37 | 82 | 74 |
Income before income taxes | 11 | 11 | 29 | 28 |
Total average loans | 3,427 | 2,914 | 3,377 | 2,866 |
Total average deposits | 6,630 | 7,546 | 6,800 | 7,492 |
Vectra | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 38 | 35 | 79 | 68 |
Provision for credit losses | 2 | 10 | 6 | 6 |
Net interest income after provision for credit losses | 36 | 25 | 73 | 62 |
Total noninterest income | 7 | 8 | 13 | 16 |
Total noninterest expense | 34 | 30 | 67 | 59 |
Income before income taxes | 9 | 3 | 19 | 19 |
Total average loans | 3,998 | 3,527 | 3,990 | 3,463 |
Total average deposits | 3,271 | 4,189 | 3,488 | 4,243 |
TCBW | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 15 | 15 | 31 | 28 |
Provision for credit losses | 0 | 1 | 2 | 1 |
Net interest income after provision for credit losses | 15 | 14 | 29 | 27 |
Total noninterest income | 2 | 2 | 3 | 3 |
Total noninterest expense | 6 | 6 | 13 | 12 |
Income before income taxes | 11 | 10 | 19 | 18 |
Total average loans | 1,689 | 1,579 | 1,700 | 1,585 |
Total average deposits | $ 1,099 | $ 1,547 | $ 1,240 | $ 1,564 |
Utah | Zions Bank | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 95 | 95 | ||
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 | 77 | 77 | ||
Arizona | NBAZ | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 56 | 56 | ||
Nevada | NSB | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 46 | 46 | ||
Colorado | Vectra | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 33 | 33 | ||
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 |