Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 05, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,892,923,377 | ||
Entity Common Stock, Shares Outstanding | 148,155,311 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference: Part III: Items 10-14 — Proxy Statement for the 2024 Annual Meeting of Shareholders to be held April 26, 2024. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000109380 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Common stock shares (in thousands) | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.001 | ||
Trading Symbol | ZION | ||
Security Exchange Name | NASDAQ | ||
Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock | ||
Trading Symbol | ZIONP | ||
Security Exchange Name | NASDAQ | ||
Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock | ||
Trading Symbol | ZIONO | ||
Security Exchange Name | NASDAQ | ||
6.95% Fixed-to-Floating Rate Subordinated Notes due September 15, 2028 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 6.95% Fixed-to-Floating Rate Subordinated Notes due September 15, 2028 | ||
Trading Symbol | ZIONL | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Salt Lake City, Utah |
Auditor Firm ID | 42 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 716 | $ 657 |
Money market investments: | ||
Interest-bearing deposits | 1,488 | 1,340 |
Federal funds sold and securities purchased under agreements to resell | 937 | 2,426 |
Investment securities: | ||
Total debt securities | 10,382 | 11,126 |
Available-for-sale, at fair value | 10,300 | 11,915 |
Trading account, at fair value | 48 | 465 |
Total investment securities | 20,730 | 23,506 |
Loans held for sale | 53 | 8 |
Loans, net of allowance | ||
Loans and leases, net of unearned income and fees | 57,779 | 55,653 |
Less allowance for loan and lease losses | 684 | 575 |
Loans, net of allowance | 57,095 | 55,078 |
Other noninterest-bearing investments | 950 | 1,130 |
Premises, equipment and software, net | 1,400 | 1,408 |
Goodwill and intangibles | 1,059 | 1,065 |
Other real estate owned | 6 | 3 |
Other assets | 2,769 | 2,924 |
Total assets | 87,203 | 89,545 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Noninterest-bearing demand | 26,244 | 35,777 |
Interest-bearing: | ||
Savings and money market | 38,721 | 33,566 |
Time | 9,996 | 2,309 |
Total deposits | 74,961 | 71,652 |
Federal funds and other short-term borrowings | 4,379 | 10,417 |
Long-term debt | 542 | 651 |
Reserve for unfunded lending commitments | 45 | 61 |
Other liabilities | 1,585 | 1,871 |
Total liabilities | 81,512 | 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 148,153 and 148,664 shares and additional paid-in capital) | 1,731 | 1,754 |
Retained earnings | 6,212 | 5,811 |
Accumulated other comprehensive income | (2,692) | (3,112) |
Total shareholders’ equity | 5,691 | 4,893 |
Total liabilities and shareholders’ equity | $ 87,203 | $ 89,545 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investment securities: | ||
Held-to-maturity investment securities | $ 10,466 | $ 11,239 |
Shareholders’ equity: | ||
Preferred stock, authorized shares (in shares) | 4,400,000 | 4,400,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized shares (in shares) | 350,000,000 | 350,000,000 |
Common stock, issued shares (in shares) | 148,153,000 | 148,664,000 |
Common stock, outstanding shares (in shares) | 148,153,000 | 148,664,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income: | |||
Interest and fees on loans | $ 3,196 | $ 2,112 | $ 1,935 |
Interest on money market investments | 188 | 81 | 21 |
Interest on securities | 563 | 512 | 311 |
Total interest income | 3,947 | 2,705 | 2,267 |
Interest expense: | |||
Interest on deposits | 1,063 | 70 | 30 |
Interest on short- and long-term borrowings | 446 | 115 | 29 |
Total interest expense | 1,509 | 185 | 59 |
Net interest income | 2,438 | 2,520 | 2,208 |
Provision for loan losses | 148 | 101 | (258) |
Provision for unfunded lending commitments | (16) | 21 | (18) |
Total provision for credit losses | 132 | 122 | (276) |
Net interest income after provision for credit losses | 2,306 | 2,398 | 2,484 |
Noninterest income: | |||
Commercial account fees | 174 | 159 | 137 |
Card fees | 101 | 104 | 95 |
Retail and business banking fees | 66 | 73 | 74 |
Loan-related fees and income | 79 | 80 | 95 |
Capital markets fees | 81 | 83 | 70 |
Wealth management fees | 58 | 55 | 50 |
Other customer-related fees | 61 | 60 | 54 |
Customer-related noninterest income | 620 | 614 | 575 |
Fair value and nonhedge derivative income (loss) | (4) | 16 | 14 |
Dividends and other income | 57 | 17 | 43 |
Securities gains (losses), net | 4 | (15) | 71 |
Total noninterest income | 677 | 632 | 703 |
Noninterest expense: | |||
Salaries and employee benefits | 1,275 | 1,235 | 1,127 |
Technology, telecom, and information processing | 240 | 209 | 199 |
Occupancy and equipment, net | 160 | 152 | 153 |
Professional and legal services | 62 | 57 | 72 |
Marketing and business development | 46 | 39 | 43 |
Deposit insurance and regulatory expense | 169 | 50 | 34 |
Credit-related expense | 26 | 30 | 26 |
Other real estate expense, net | 0 | 1 | 0 |
Other | 119 | 105 | 87 |
Total noninterest expense | 2,097 | 1,878 | 1,741 |
Income before income taxes | 886 | 1,152 | 1,446 |
Income taxes | 206 | 245 | 317 |
Net income | 680 | 907 | 1,129 |
Preferred stock dividends | (32) | (29) | (29) |
Net earnings applicable to common shareholders | $ 648 | $ 878 | $ 1,100 |
Weighted average common shares outstanding during the year: | |||
Basic shares (in shares) | 147,748 | 150,064 | 159,913 |
Diluted shares (in shares) | 147,756 | 150,271 | 160,234 |
Net earnings per common share: | |||
Basic (in dollars per share) | $ 4.35 | $ 5.80 | $ 6.80 |
Diluted (in dollars per share) | $ 4.35 | $ 5.79 | $ 6.79 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 284 | $ 680 | $ 907 | $ 1,129 |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized holding gains (losses) on investment securities | 66 | (2,762) | (336) | |
Unrealized loss amortization associated with the securities transferred from AFS to HTM | $ (1,800) | 208 | 40 | 0 |
Net unrealized gains (losses) on other noninterest-bearing investments | 1 | (2) | 3 | |
Net unrealized holding gains (losses) on derivative instruments | 21 | (330) | (26) | |
Reclassification adjustment for decrease (increase) in interest income recognized in earnings on derivative instruments | 124 | 21 | (46) | |
Pension and post-retirement | 0 | 1 | 0 | |
Other comprehensive income (loss), net of tax | 420 | (3,032) | (405) | |
Comprehensive income (loss) | $ 1,100 | $ (2,125) | $ 724 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred stock | Common stock shares (in thousands) | Accumulated paid-in capital | Retained earnings | Retained earnings Cumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive income (loss) |
Beginning balance at Dec. 31, 2020 | $ 7,886 | $ 566 | $ 2,686 | $ 4,309 | $ 325 | |||
Beginning balance (in shares) at Dec. 31, 2020 | 164,090,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 1,129 | 1,129 | ||||||
Other comprehensive income (loss), net of tax | (405) | (405) | ||||||
Bank common stock repurchased (in shares) | (13,521,000) | |||||||
Bank common stock repurchased | (800) | (800) | ||||||
Preferred stock redemption (in shares) | (126,000,000) | |||||||
Preferred stock redemption | (126) | 3 | (3) | |||||
Net activity under employee plans and related tax benefits (in shares) | 1,056,000 | |||||||
Net activity under employee plans and related tax benefits | 39 | 39 | ||||||
Dividends on preferred stock | (29) | (29) | ||||||
Dividends on common stock | (232) | (232) | ||||||
Change in deferred compensation | 1 | 1 | ||||||
Ending balance at Dec. 31, 2021 | 7,463 | $ 440 | 1,928 | 5,175 | (80) | |||
Ending balance (in shares) at Dec. 31, 2021 | 151,625,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 907 | 907 | ||||||
Cumulative effect adjustment, adoption of ASU 2022-02, Financial Instruments - Credit Losses: Troubled Debt Restructurings | Accounting Standards Update 2022-02 [Member] | |||||||
Other comprehensive income (loss), net of tax | $ (3,032) | (3,032) | ||||||
Bank common stock repurchased (in shares) | (3,600,000) | (3,581,000) | ||||||
Bank common stock repurchased | $ (202) | (202) | ||||||
Net activity under employee plans and related tax benefits (in shares) | 620,000 | |||||||
Net activity under employee plans and related tax benefits | 28 | 28 | ||||||
Dividends on preferred stock | (29) | (29) | ||||||
Dividends on common stock | (240) | (240) | ||||||
Change in deferred compensation | (2) | (2) | ||||||
Ending balance at Dec. 31, 2022 | $ 4,893 | $ 2 | 440 | 1,754 | 5,811 | $ 2 | (3,112) | |
Ending balance (in shares) at Dec. 31, 2022 | 148,664,000 | 148,664,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 680 | 680 | ||||||
Other comprehensive income (loss), net of tax | 420 | 420 | ||||||
Bank common stock repurchased (in shares) | (972,000) | |||||||
Bank common stock repurchased | (51) | (51) | ||||||
Net activity under employee plans and related tax benefits (in shares) | 461,000 | |||||||
Net activity under employee plans and related tax benefits | 28 | 28 | ||||||
Dividends on preferred stock | (32) | (32) | ||||||
Dividends on common stock | (245) | (245) | ||||||
Change in deferred compensation | (4) | (4) | ||||||
Ending balance at Dec. 31, 2023 | $ 5,691 | $ 440 | $ 1,731 | $ 6,212 | $ (2,692) | |||
Ending balance (in shares) at Dec. 31, 2023 | 148,153,000 | 148,153,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends on common stock (in dollars per share) | $ 1.64 | $ 1.58 | $ 1.44 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 680 | $ 907 | $ 1,129 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 132 | 122 | (276) |
Depreciation and amortization | 140 | 110 | (14) |
Share-based compensation | 33 | 30 | 28 |
Deferred income tax expense (benefit) | (9) | (43) | 32 |
Net decrease (increase) in trading securities | 22 | (93) | (107) |
Net decrease (increase) in loans held for sale | (40) | 48 | 14 |
Change in other liabilities | (299) | 892 | 13 |
Change in other assets | 169 | (457) | (78) |
Other, net | 57 | (46) | (112) |
Net cash provided by operating activities | 885 | 1,470 | 629 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net decrease (increase) in money market investments | 1,736 | 8,650 | (5,577) |
Proceeds from maturities and paydowns of investment securities held-to-maturity | 1,052 | 445 | 457 |
Purchases of investment securities held-to-maturity | (41) | (399) | (262) |
Proceeds from sales, maturities, and paydowns of investment securities available-for-sale | 2,337 | 3,309 | 4,748 |
Purchases of investment securities available-for-sale | (666) | (5,829) | (13,647) |
Net change in loans and leases | (2,103) | (4,628) | 2,814 |
Purchases and sales of other noninterest-bearing investments | 183 | (298) | 63 |
Purchases of premises and equipment | (113) | (190) | (206) |
Acquisition of Nevada branches, net of cash acquired | 0 | 318 | 0 |
Other, net | (15) | 27 | 31 |
Net cash provided by (used in) investing activities | 2,370 | 1,405 | (11,579) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase (decrease) in deposits | 3,309 | (11,567) | 13,136 |
Net change in short-term funds borrowed | (6,038) | 9,514 | (669) |
Cash paid for preferred stock redemption | 0 | 0 | (126) |
Redemption of long-term debt | (128) | (290) | (286) |
Proceeds from the issuance of common stock | 3 | 9 | 21 |
Dividends paid on common and preferred stock | (282) | (269) | (261) |
Bank common stock repurchased | (51) | (202) | (800) |
Other, net | (9) | (8) | (13) |
Net cash provided by (used in) financing activities | (3,196) | (2,813) | 11,002 |
Net increase in cash and due from banks | 59 | 62 | 52 |
Cash and due from banks at beginning of year | 657 | 595 | 543 |
Cash and due from banks at end of year | 716 | 657 | 595 |
Cash paid for interest | 1,368 | 160 | 81 |
Net cash paid for income taxes | 255 | 21 | 442 |
Noncash activities: | |||
Loans held for investment transferred to other real estate owned | 0 | 0 | 25 |
Loans held for investment reclassified to loans held for sale, net | 68 | 114 | 120 |
Trading securities reclassified to money market investments | 395 | 0 | 0 |
Investment securities available-for-sale transferred to held-to-maturity, at amortized cost (fair value $10,691) | 0 | 13,097 | 0 |
Deposits acquired in purchase of Nevada branches | 0 | 430 | 0 |
Loans acquired in purchase of Nevada branches, net | $ 0 | $ 95 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Dec. 31, 2023 | |
Statement of Cash Flows [Abstract] | ||
Transfer from available for sale to held-to-maturity, fair value | $ 10,700 | $ 10,691 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Zions Bancorporation, National Association (“Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”) is a bank headquartered in Salt Lake City, Utah. We provide a wide range of banking products and related services in 11 Western and Southwestern states through seven separately managed affiliates: 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 Commerce Bank of Oregon in Oregon. Basis of Financial Statement Presentation and Principles of Consolidation The consolidated financial statements include our accounts and those of our majority-owned, consolidated subsidiaries. Unconsolidated investments where we have the ability to exercise significant influence over the operating and financial policies of the respective investee are accounted for using the equity method of accounting. All intercompany accounts and transactions have been eliminated in consolidation. Assets held in an agency or fiduciary capacity are not included in the consolidated financial statements. The consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and prevailing practices within the financial services industry. References to GAAP, including standards promulgated by the Financial Accounting Standards Board (“FASB”), are made according to sections of the Accounting Standards Codification (“ASC”). 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. Subsequent Events We evaluated events that occurred between December 31, 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. Variable Interest Entities A variable interest entity (“VIE”) is consolidated when we are the primary beneficiary of the VIE. Current accounting guidance requires continuous analysis to determine the primary beneficiary of a VIE. At the commencement of our involvement, and periodically thereafter, we consider our consolidation conclusions for all entities with which we are involved. At December 31, 2023, and 2022, we had no VIEs that have been consolidated in our financial statements. Statement of Cash Flows For purposes of presentation on the consolidated statements of cash flows, “cash and cash equivalents” are defined as those amounts included in “Cash and due from banks” on the consolidated balance sheets. Fair Value Estimates We measure many of our assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. To increase consistency and comparability in fair value measurements, we prioritize valuation inputs in accordance with a three-level hierarchy. We prioritize quoted prices in active markets and minimize reliance on unobservable inputs when possible. When observable market prices are not available, fair value is estimated using modeling techniques requiring professional judgment to estimate the appropriate fair value. We believe we use assumptions that market participants would consider in pricing the asset or the liability. Changes in market conditions may reduce the availability of quoted prices or observable data. See Note 3 for further information regarding the use of fair value estimates. Securities Purchased Under Agreements to Resell Securities purchased under agreements to resell represent overnight and term agreements with the majority maturing within 30 days. These agreements are generally treated as collateralized financing transactions and are carried at amounts at which the securities were acquired plus accrued interest. We, or in some instances third parties on our behalf, take possession of the underlying securities. The fair value of such securities is monitored throughout the contract term to ensure that asset values remain sufficient to protect against counterparty default. We are permitted by contract to sell or repledge certain securities that we accept as collateral for securities purchased under agreements to resell. If sold, our obligation to return the collateral is recorded as “securities sold, not yet purchased” and included as a liability in “Federal funds and other short-term borrowings” on the consolidated balance sheet. At December 31, 2023, and 2022, we held $877 million and $2.3 billion of securities for which we were permitted by contract to sell or repledge, respectively. Securities purchased under agreements to resell averaged $1.3 billion and $2.4 billion during 2023 and 2022, and the maximum amount outstanding at any month-end during those same time periods was $2.0 billion and $2.7 billion, respectively. Investment Securities We classify our investment securities according to their purpose and holding period. Gains or losses on the sale of securities are recognized using the specific identification method and recorded in noninterest income. Held-to-maturity (“HTM”) debt securities are carried at amortized cost with purchase discounts or premiums accreted or amortized into interest income over the contractual life of the security. We have the intent and ability to hold such securities until maturity. For HTM securities, the allowance for credit losses (“ACL”) is assessed consistent with the approach described in Note 6 for loans carried at amortized cost. Available-for-sale (“AFS”) securities are measured at fair value and generally consist of debt securities held for investment. Unrealized gains and losses of AFS securities, after applicable taxes, are recorded as a component of other comprehensive income (“OCI”). AFS securities in an unrealized loss position are formally reviewed on a quarterly basis for the presence of credit impairment. If we have the intent to sell an identified security, or it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, we write the amortized cost down to the security’s fair value at the reporting date through earnings. If we have the intent and ability to hold the securities, they are analyzed to determine whether any impairment was attributable to credit-related factors. If a credit impairment is determined to exist, then we measure the amount of credit loss and recognize an allowance for the credit loss. In measuring the credit loss, we generally compare the present value of cash flows expected to be collected from the security to the amortized cost basis of the security. These cash flows are credit adjusted using, among other things, assumptions for default probability and loss severity. Certain other inputs, such as prepayment rate assumptions, are also utilized. In addition, certain internal models may be utilized. To determine the credit-related portion of impairment, we use the security-specific effective interest rate when estimating the present value of cash flows. If the present value of cash flows is less than the amortized cost basis of the security, then this amount is recorded as an allowance for credit loss, limited to the amount that the fair value is less than the amortized cost basis (i.e., the credit impairment cannot result in the security being carried at an amount lower than its fair value). The process, methodology, and factors considered to evaluate securities for impairment are described further in Note 5. See also Note 3 for further information regarding the measurement of our investment securities at fair value. 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 either a premium or discount to the amortized cost basis of the HTM securities. The amortization of unrealized losses reported in accumulated other comprehensive income (“AOCI”) will offset the effect of the amortization of the premium or discount in interest income that is created by the transfer. 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 include ROU assets for operating leases and finance leases in “Other assets,” and “Premises, equipment and software, net” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “Other liabilities,” and “Long-term debt” on the consolidated balance sheet, respectively. See Note 8 for further information regarding the accounting for leases. Loans Loans are reported at their amortized cost basis, which includes the principal amount outstanding, net of unamortized purchase premiums, discounts, and deferred loan fees and costs, which are amortized into interest income over the life of the loan using the interest method. At the time of origination, we generally determine whether loans are held for investment or held for sale. We may subsequently change our intent for a loan or group of loans and reclassify them accordingly. Loans held for sale are carried at the lower of aggregate cost or fair value. A valuation allowance is recorded when cost exceeds fair value based on reviews at the time of reclassification and periodically thereafter. Associated gains and losses are calculated based on the difference between sales proceeds and carrying value, and are included in “Loan-related fees and income” on the consolidated statement of income. We evaluate loans throughout their lives for indications of credit deterioration, which may impact the loan status, risk-grading, and potentially impact the accounting for that loan. Loan status categories include past due as to contractual payments, accruing or nonaccruing, and modified or restructured, including troubled debt restructurings (“TDRs”), which were no longer identified after the adoption of Accounting Standards Update (“ASU”) 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , beginning January 1, 2023 as discussed in Note 2. Our accounting policies for loans and our estimation of the related ACL are described further in Note 6. In the ordinary course of business, we may syndicate portions of loans or transfer portions of loans under participation agreements to manage credit risk and our portfolio concentration. We evaluate the loan participations to determine if they meet the appropriate accounting guidance to qualify as sales. Certain purchased loans require separate accounting procedures that are also described in Note 6. We elect the fair value option for certain commercial real estate (“CRE”) loans that are intended for sale or securitization and are hedged with derivative instruments, as described further in Note 3. Allowance for Credit Losses The 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. The ACL for debt securities is estimated separately from loans. See Note 6 for further discussion of our estimation process for the ACL. Other Noninterest-bearing Investments These investments include private equity investments (“PEIs”), venture capital securities, securities acquired for various debt and regulatory requirements, bank-owned life insurance (“BOLI”), and certain other noninterest-bearing investments. See further discussion in Note 3. Certain PEIs and venture capital securities are accounted for under the equity method when we are able to exercise significant influence over the operating and financial policies of the investee. Equity investments in PEIs that do not give us significant influence are reported at fair value, unless there is not a readily determinable fair value. We have elected to measure PEIs without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer, referred to as the “measurement alternative.” Periodic reviews are conducted for impairment by comparing carrying values with estimates of fair value. Changes in fair value, impairment losses, and gains and losses from sales are included in “Securities gains (losses), net” on the consolidated statement of income. BOLI is accounted for at fair value based on the cash surrender values (“CSVs”) of the general account insurance policies. Premises, Equipment, and Software Premises, equipment, and software are reported at cost, net of accumulated depreciation and amortization. Depreciation, computed primarily on the straight-line method, is charged to operations over the estimated useful lives of the properties, generally 25 to 40 years for buildings, three three to 10 years for software, including capitalized costs related to our technology initiatives. Leasehold improvements are amortized over the terms of the respective leases (including any extension options that are reasonably certain to be exercised) or the estimated useful lives of the improvements, whichever is shorter. Premises, equipment, and software are evaluated for impairment on a periodic basis. Goodwill and Intangible Assets Goodwill is recorded at fair value at the time of its acquisition and is subsequently evaluated for impairment annually, or more frequently if conditions warrant. Business Combinations Business combinations are accounted for under the acquisition method of accounting. Upon initially obtaining control, we recognize 100% of all acquired assets and all assumed liabilities, regardless of the percentage owned. The assets and liabilities are recorded at their estimated fair values, with goodwill being recorded when such fair values are less than the cost of acquisition. Certain transaction and restructuring costs are expensed as incurred. Changes to estimated fair values from a business combination are recognized as an adjustment to goodwill over the measurement period, which cannot exceed one year from the acquisition date. Results of operations of acquired businesses are included on our statement of income from the date of acquisition. Other Real Estate Owned Other real estate owned (“OREO”) consists primarily of commercial and residential real estate acquired in partial or total satisfaction of loan obligations. Amounts are recorded initially at fair value (less estimated selling costs) based on recent property appraisals at the time of transfer and subsequently at the lower of cost or fair value (less estimated selling costs). Derivative Instruments We use derivative instruments such as swaps and purchased and sold options as an important tool in managing our asset and liability sensitivities to remain within our stated interest rate risk thresholds. Their use allows us to adjust and align our mix of fixed- and floating-rate assets and liabilities to manage interest income and expense volatility, the duration of our assets and liabilities, and other metrics, such as the economic value of equity, by synthetically converting variable-rate assets to fixed-rate, or synthetically converting variable-rate assets and liabilities to fixed rate, or synthetically converting fixed-rate assets and funding instruments to floating rates. We also execute both interest rate and short-term foreign currency derivative instruments with our commercial banking customers to facilitate their risk management objectives. These derivatives are hedged by entering into offsetting derivatives with third parties such that we minimize our net risk exposure as a result of such transactions. We record all derivatives at fair value, and they are included in “Other assets” or “Other liabilities” on the consolidated balance sheet. The accounting for the change in value of a derivative depends on whether or not the transaction has been designated and qualifies for hedge accounting. Derivatives that are not designated as hedges are reported and measured at fair value through earnings. See Note 7 for more information. Derivatives Designated in Qualifying Hedging Relationships We apply hedge accounting to certain derivatives executed for risk management purposes, primarily interest rate risk. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged and the hedging relationship must be formally documented. We primarily use regression analysis to assess the effectiveness of each hedging relationship, unless the hedge qualifies for other methods of assessing effectiveness (e.g., shortcut or critical terms match), both at inception and on an ongoing basis. We designate derivatives as fair value and cash flow hedges for accounting purposes. See Note 7 for more information regarding the accounting for derivatives designated as hedging instruments. Commitments and Letters of Credit In the ordinary course of business, we enter into loan commitments, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they are funded. The credit risk associated with these commitments is evaluated in a manner similar to the ALLL. The RULC is presented separately on the consolidated balance sheet. Revenue Recognition Revenue from contracts with customers is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. See Note 17 for further information regarding how we recognize revenue for contracts with customers. Share-based Compensation Share-based compensation generally includes grants of stock options, restricted stock, restricted stock units (“RSUs”), and other awards to employees and nonemployee directors. We record compensation expense based on the grant-date value of the associated share-based awards. See further discussion in Note 19. Income Taxes Deferred tax assets (“DTAs”) and deferred tax liabilities (“DTLs”) are determined based on temporary differences between financial statement asset and liability amounts and their respective tax basis, and are measured using enacted tax laws and rates. The effect of a change in tax rates on DTAs and DTLs is recognized into income in the period that includes the enactment date. DTAs are recognized insofar that management deems it more likely than not that they will be realized. Unrecognized tax benefits for uncertain tax positions primarily relate to tax credits on technology initiatives. See Note 20 for more information about the factors that impacted our effective tax rate, significant components of our DTAs and DTLs, including our assessment regarding valuation allowances and unrecognized tax benefits for uncertain tax positions. Net Earnings Per Common Share Net earnings per common share is based on net earnings applicable to common shareholders, which is net of preferred stock dividends. Basic net earnings per common share is based on the weighted average outstanding common shares during each year. Unvested share-based awards with rights to receive nonforfeitable dividends are considered participating securities and are included in the computation of basic earnings per share. Diluted net earnings per common share is based on the weighted average outstanding common shares during each year, including common stock equivalents. Stock options, restricted stock, RSUs, and stock warrants are converted to common stock equivalents using the more dilutive of the treasury stock method or the two-class method. Diluted net earnings per common share excludes common stock equivalents whose effect is antidilutive. See further discussion in Note 21. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Standard Description Effective date Effect on the financial statements or other significant matters Standards not yet adopted by the Bank as of December 31, 2023 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. January 1, 2024 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. The overall effect of this standard is not expected to have a material impact on our financial statements. 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 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 on the consolidated statement of income 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. January 1, 2024 We do not currently have any additional equity investments that are eligible for PAM under the provisions of this ASU. The overall effect of this standard is not expected to have a material impact on our financial statements. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures This ASU expands operating segment disclosures and requires all segment disclosures to be reported in both annual and interim periods. The new standard requires disclosure of the following: • Significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) for reportable segments; • The title and position of the CODM as well as how the CODM uses the reported measure(s) of profit and loss to assess segment performance; and • “Other segment items” by reportable segment and a description of its composition. Annual periods beginning January 1, 2024; Interim periods beginning January 1, 2025 The overall effect of this standard is not expected to have a material impact on our financial statements. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures This ASU expands tax disclosures to provide more information to better assess how an entity’s operations and related tax risks and tax planning and opportunities affect its tax rate and prospects for future cash flows. The enhancements in this ASU require that an entity disaggregate income taxes paid and income (or loss) from continuing operations before tax expense (or benefit), and income tax expense (or benefit) from continuing operations. The new standard requires disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. January 1, 2025 We are evaluating the disclosure requirements. The overall effect of this standard is not expected to have a material impact on our financial statements. Standards adopted by the Bank in 2023 ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures This ASU eliminated the recognition and measurement guidance on troubled debt restructurings for creditors that have adopted ASC 326 (“CECL”), and eliminated certain previously required TDR disclosures while expanding disclosures about loan modifications for borrowers experiencing financial difficulty. The new standard also required public companies to present gross write-offs (on a year-to-date basis for interim-period disclosures) by year of origination in their vintage disclosures. January 1, 2023 We adopted the guidance in the new standard on January 1, 2023. The adoption of this standard did not have a material effect on our financial statements. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE Fair Value Measurement 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. To measure fair value, a hierarchy has been established that prioritizes the use of observable inputs over unobservable inputs. This hierarchy uses the following three levels of inputs to measure the fair value of assets and liabilities: • Level 1 — Quoted prices in active markets for identical assets or liabilities that we have the ability to access; • Level 2 — Observable inputs other than Level 1, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in less active markets, observable inputs other than quoted prices that are used in the valuation of an asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and • Level 3 — Unobservable inputs supported by little or no market activity for financial instruments whose value is determined by pricing models, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Market activity is presumed to be orderly in the absence of evidence of forced or disorderly sales. Applicable accounting guidance precludes the use of blockage factors or liquidity adjustments due to the quantity of securities held by an entity. We measure certain assets and liabilities at fair value on a recurring basis when fair value is the primary measure for accounting. Fair value is used on a nonrecurring basis to measure certain assets, such as the application of lower of cost or fair value accounting and the recognition of impairment on assets. Fair value is also used when providing required disclosures for certain financial instruments. Fair Value Policies and Procedures We have various policies, processes, and controls in place to ensure that fair values are reasonably developed, reviewed, and approved for use. Our Securities Valuation Committee, comprised of executive management, reviews and approves on a quarterly basis the key components of fair value measurements, including critical valuation assumptions for Level 3 measurements. Our Model Risk Management Group conducts model validations, including internal models, and sets policies and procedures for revalidation, including the timing of revalidation. Third-party Service Providers We use a third-party pricing service to measure fair value for substantially all of our Level 2 AFS securities. Fair value measurements for other Level 2 AFS securities generally use inputs corroborated by market data and include standard discounted cash flow analyses. For Level 2 securities, the third-party pricing service provides documentation on an ongoing basis that presents market data, including detailed pricing information and market reference data. The documentation includes benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data, including information from the vendor trading platform. We review, test, and validate this information on a regular basis. The following describes the hierarchy designations, valuation methodologies and key inputs to measure fair value on a recurring basis for designated financial instruments: Available-for-Sale • U.S. Treasury, Agencies and Corporations — U.S. Treasury securities measured using quoted market prices are classified in Level 1. U.S. agency and corporate securities measured using observable market inputs are classified in Level 2. • Municipal Securities — Municipal securities are measured using observable market inputs and are classified in Level 2. • Other Debt Securities — Other debt securities are measured using quoted prices for similar securities and are classified in Level 2. Trading Trading securities are measured using observable market inputs and are classified in Level 1 and Level 2. Bank-owned Life Insurance BOLI is measured according to the CSV of the insurance policies. Nearly all policies are general account policies with CSVs based on our claims on the assets of the insurance companies. The insurance companies’ investments include predominantly fixed-income securities consisting of investment-grade corporate bonds and various types of mortgage instruments. Management regularly reviews its BOLI investment performance, including concentrations among insurance providers and classifies BOLI balances in Level 2. Private Equity Investments PEIs measured at fair value on a recurring basis are generally classified in Level 3 because related measurements include unobservable inputs. Key assumptions and considerations include current and projected financial performance, recent financing activities, economic and market conditions, market comparable companies, market liquidity, and other factors. The majority of these PEIs are held in our Small Business Investment Company (“SBIC”) and are early-stage venture investments. These investments are reviewed at least quarterly by the Securities Valuation Committee and whenever a new round of financing occurs. Some of these investments may be measured using multiples of operating performance. The Equity Investments Committee reviews periodic financial information for these investments, including audited financial statements when available. On occasion, PEIs may become publicly traded and are measured in Level 1. Certain restrictions may apply for the redemption of these investments. Agriculture Loan Servicing We service agriculture loans approved and funded by Federal Agricultural Mortgage Corporation (“FAMC”), and provide this servicing under an agreement with FAMC for the loans it owns. The servicing assets are measured at fair value, which represents our projection of the present value of net future cash flows. Because related measurements include unobservable inputs, these assets are classified in Level 3. Loans held for sale We have elected the fair value option for certain commercial real estate loans that are intended for sale to a third-party conduit for securitization. These loans are measured at fair value using observable market prices for mortgage-backed securities with similar collateral. The value of the loans incorporates adjustments for differences between the securities and the value of the underlying loans due to credit quality, portfolio composition, and liquidity. Valuations of loans measured at fair value are generally classified in Level 2 in the fair value hierarchy because their pricing is largely based on observable market inputs. Deferred Compensation Plan Assets Invested assets in the deferred compensation plan consist of shares of registered investment companies. These mutual funds are valued using quoted market prices, which represents the net asset value (“NAV”) of shares held by the plan at the end of the period. As such, these assets are classified in Level 1. Derivatives Exchange-traded derivatives, including foreign currency exchange contracts, are generally classified in Level 1 because they are traded in active markets. Over-the-counter derivatives, consisting primarily of interest rate swaps and options, are generally classified in Level 2 as the related fair values are obtained from third-party services that utilize observable market inputs. Observable market inputs include yield curves, foreign exchange rates, commodity prices, option volatility, counterparty credit risk, and other related data. Valuations include credit valuation adjustments (“CVAs”) to reflect nonperformance risk for both us and our counterparties. CVAs are determined generally by applying a credit spread to the total expected exposure (net of any collateral) of the derivative. Securities Sold, Not Yet Purchased Securities sold, not yet purchased, are included in “Federal funds and other short-term borrowings” on the consolidated balance sheet, and are measured using quoted market prices and are generally classified in Level 1. If market prices for identical securities are not available, quoted prices for similar securities are used with the related balances classified in Level 2. Fair Value Hierarchy The following schedule presents assets and liabilities measured at fair value on a recurring basis: (In millions) December 31, 2023 Level 1 Level 2 Level 3 Total ASSETS Available-for-sale securities: U.S. Treasury, agencies, and corporations $ 492 $ 8,467 $ — $ 8,959 Municipal securities 1,318 1,318 Other debt securities 23 23 Total available-for-sale 492 9,808 — 10,300 Trading securities 48 48 Other noninterest-bearing investments: Bank-owned life insurance 553 553 Private equity investments 1 3 92 95 Other assets: Agriculture loan servicing 19 19 Loans held for sale 43 43 Deferred compensation plan assets 124 124 Derivatives 420 420 Total assets $ 619 $ 10,872 $ 111 $ 11,602 LIABILITIES Securities sold, not yet purchased $ 65 $ — $ — $ 65 Other liabilities: Derivatives 333 333 Total liabilities $ 65 $ 333 $ — $ 398 1 The level 1 PEIs relate to the portion of our 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 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. Roll-forward of Level 3 Fair Value Measurements The following schedule presents a roll-forward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs: Level 3 Instruments December 31, 2023 December 31, 2022 December 31, 2021 (In millions) Private Ag loan servicing Private Ag loan servicing Private Ag loan servicing Balance at beginning of year $ 81 $ 14 $ 66 $ 12 $ 80 $ 16 Unrealized securities gains (losses), net (2) — 3 — 71 — Other noninterest income (expense) 1 — 5 — 2 — (3) Purchases 14 — 16 — 17 — Cost of investments sold (1) — (3) — (24) — Redemptions and paydowns — — — — — (1) Transfers out 2 — — (1) — (78) — Balance at end of year $ 92 $ 19 $ 81 $ 14 $ 66 $ 12 1 Represents the valuation adjustments related to the agricultural loan servicing asset. 2 Represents the transfer of SBIC investments out of Level 3 and into Level 1 because they are publicly traded. The roll-forward of Level 3 instruments includes the following realized gains and losses included in “Securities gains (losses), net” on the consolidated statement of income for the periods presented: (In millions) Year Ended December 31, 2023 2022 2021 Securities gains (losses), net $ (1) $ (2) $ 31 Nonrecurring Fair Value Measurements Certain assets and liabilities may be recorded at fair value on a nonrecurring basis, including impaired loans that have been measured based on the fair value of the underlying collateral, 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 December 31, 2023, we had an insignificant amount of assets or liabilities that had fair value changes measured on a nonrecurring basis. Loans that are collateral dependent were measured at the lower of amortized cost or the fair value of the collateral. OREO was measured initially at fair value based on collateral appraisals at the time of transfer and subsequently at the lower of cost or fair value (less any selling costs). Measurement of fair value for collateral-dependent loans and OREO was based on third-party appraisals that utilize one or more valuation techniques (income, market and/or cost approaches). Any adjustments to calculated fair value were made based on recently completed and validated third-party appraisals, third-party appraisal services, automated valuation services, or our informed judgment. Automated valuation services may be used primarily for residential properties when values from any of the previous methods were not available within 90 days of the balance sheet date. These services use models based on market, economic, and demographic values. At December 31, 2023, we had less than $1 million of collateral-dependent loans classified in Level 2, and we recognized an insignificant amount of losses from fair value changes related to these loans. Fair Value of Certain Financial Instruments The following schedule presents the carrying values and estimated fair values of certain financial instruments: December 31, 2023 December 31, 2022 (In millions) Carrying Fair value Level Carrying Fair value Level Financial assets: Held-to-maturity investment securities $ 10,382 $ 10,466 2 $ 11,126 $ 11,239 2 Loans and leases (including loans held for sale), net of allowance 57,148 54,832 3 55,086 53,093 3 Financial liabilities: Time deposits 9,996 9,964 2 2,309 2,269 2 Long-term debt 542 494 2 651 635 2 The preceding 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, such as cash and due from banks; money market investments; demand, savings, and money market deposits; federal funds purchased and other short-term borrowings; and security repurchase agreements. The estimated fair value of demand, savings and money market deposits is the amount payable on demand at the reporting date. Carrying value is used because the accounts have no stated maturity, the customer has the ability to withdraw funds immediately, and there is generally negligible credit risk. Instruments for which carrying value approximates fair value are generally classified in Level 2 in the fair value hierarchy because their pricing is largely based on observable market inputs. Time and foreign deposits are measured at fair value by discounting future cash flows using the applicable yield curve to the given maturity dates. Long-term debt is measured at fair value based on actual market trades (i.e., an asset value) when available, or discounting cash flows to maturity using the applicable yield curve adjusted for credit spreads. For loans measured at amortized cost, fair value is estimated for disclosure purposes by discounting future cash flows using the applicable yield curve adjusted by a factor that is derived from analyzing recent loan originations and combined with a liquidity premium inherent in the loan. These future cash flows are then reduced by the estimated life-of-the-loan aggregate credit losses in the loan portfolio. The methods used to measure fair value for HTM securities was previously described. These fair value disclosures represent our best estimates based on relevant market information. Fair value estimates are based on judgments regarding current economic conditions, future expected loss experience, risk characteristics of the various instruments, and other factors. These estimates are subjective in nature, involve uncertainties and matters of significant judgment, and cannot be determined with precision. Changes in these methodologies and assumptions would significantly affect the estimates. 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 to a third-party conduit for 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 included in “Loans held for sale” on the consolidated balance sheet, and associated gains and losses are included in “Capital markets fees” on the consolidated statement of income. At December 31, 2023, we had $43 million of loans measured at fair value ($43 million par value). During 2023, we recognized approximately $4 million of net gains from valuation adjustments of loans carried at fair value and the associated derivatives. |
Offsetting Assets and Liabiliti
Offsetting Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Offsetting [Abstract] | |
OFFSETTING ASSETS AND LIABILITIES | OFFSETTING ASSETS AND LIABILITIES The following schedule presents gross and net information for selected financial instruments on the balance sheet: December 31, 2023 (In millions) Gross amounts not offset on the balance sheet Description Gross amounts recognized Gross amounts offset on the balance sheet Net amounts presented on the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and securities purchased under agreements to resell $ 1,170 $ (233) $ 937 $ — $ — $ 937 Derivatives (included in Other assets 420 — 420 (31) (357) 32 Total assets $ 1,590 $ (233) $ 1,357 $ (31) $ (357) $ 969 Liabilities: Federal funds and other short-term borrowings $ 4,612 $ (233) $ 4,379 $ — $ — $ 4,379 Derivatives (included in Other liabilities 333 — 333 (31) (1) 301 Total liabilities $ 4,945 $ (233) $ 4,712 $ (31) $ (1) $ 4,680 December 31, 2022 (In millions) Gross amounts not offset on the balance sheet Description Gross amounts recognized Gross amounts offset on the balance sheet Net amounts presented on 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, on the balance sheet according to master netting agreements. Security repurchase agreements are included in “Federal funds and other short-term borrowings.” on the consolidated balance sheet. Derivative instruments may be offset under their master netting agreements; however, for accounting purposes, we present these items on a gross basis on our balance sheet. See Note 7 for further information regarding derivative instruments. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
INVESTMENTS | INVESTMENTS Investment Securities Investment securities are classified as HTM, AFS, or trading. HTM securities, which management has the intent and ability to hold until maturity, are carried at amortized cost. 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. AFS securities are carried 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 $65 million and $75 million at December 31, 2023, and 2022, respectively. These receivables are included in “Other assets” on the consolidated balance sheet. The purchase premiums for callable debt securities classified as HTM or AFS are amortized into interest income at an effective yield to the earliest call date. The purchase premiums and discounts for all other HTM and AFS securities are recorded as interest income over the contractual life of the security using the effective yield method. As principal prepayments are received on securities, a proportionate amount of the related premium or discount is recognized in income so that the effective yield on the remaining portion of the security continues unchanged. See Note 3 for more information about the process to estimate fair value for investment securities. 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 either a premium or discount to the amortized cost basis of the HTM securities. The amortization of unrealized gains or losses reported in AOCI will offset the effect of the amortization of the premium or discount in interest income that is created by the transfer. The following schedules present the amortized cost and estimated fair values of our HTM and AFS securities: December 31, 2023 (In millions) Amortized Gross unrealized gains 1 Gross Estimated Held-to-maturity U.S. Government agencies and corporations: Agency securities $ 93 $ — $ 6 $ 87 Agency guaranteed mortgage-backed securities 9,935 156 50 10,041 Municipal securities 354 — 16 338 Total held-to-maturity 10,382 156 72 10,466 Available-for-sale U.S. Treasury securities 585 — 93 492 U.S. Government agencies and corporations: Agency securities 663 — 33 630 Agency guaranteed mortgage-backed securities 8,530 — 1,239 7,291 Small Business Administration loan-backed securities 571 — 25 546 Municipal securities 1,385 — 67 1,318 Other 25 — 2 23 Total available-for-sale 11,759 — 1,459 10,300 Total HTM and AFS investment securities $ 22,141 $ 156 $ 1,531 $ 20,766 1 Gross unrealized gains for the respective AFS security categories were individually less than $1 million. 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 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 1 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 1 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 Gross unrealized gains for these security categories were less than $1 million. 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 HTM. The transfer of these securities 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 attributable to these securities. The amortization of the unrealized losses will offset the effect of the accretion of the discount created by the transfer. At December 31, 2023, the unamortized discount on the HTM securities totaled approximately $2.1 billion ($1.5 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 December 31, 2023. This schedule does not reflect the duration of the portfolio, which would incorporate amortization, expected prepayments, interest rate resets, and fair value hedges; the effects of which result in measured durations shorter than contractual maturities. December 31, 2023 Total debt securities Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years (Dollar amounts in millions) Amortized cost 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 $ 93 3.55 % $ — — % $ — — % $ — — % $ 93 3.55 % Agency guaranteed mortgage-backed securities 9,935 1.85 — — — — 45 1.94 9,890 1.85 Municipal securities 1 354 3.15 26 2.70 127 3.00 166 3.36 35 3.08 Total held-to-maturity securities 10,382 1.91 26 2.70 127 3.00 211 3.06 10,018 1.87 Available-for-sale U.S. Treasury securities 585 3.26 184 5.24 — — — — 401 2.35 U.S. Government agencies and corporations: Agency securities 663 2.63 116 0.93 154 3.16 207 2.73 186 3.15 Agency guaranteed mortgage-backed securities 8,530 2.01 3 1.40 174 1.63 1,459 2.11 6,894 2.00 Small Business Administration loan-backed securities 571 5.54 1 5.33 22 6.33 141 4.40 407 5.89 Municipal securities 1 1,385 2.18 138 2.54 432 2.63 717 1.84 98 2.22 Other debt securities 25 8.77 — — — — 10 9.50 15 8.28 Total available-for-sale securities 11,759 2.32 442 3.24 782 2.61 2,534 2.24 8,001 2.26 Total HTM and AFS investment securities $ 22,141 2.13 % $ 468 3.21 % $ 909 2.67 % $ 2,745 2.30 % $ 18,019 2.04 % 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: December 31, 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 $ — $ — $ 93 $ 308 $ 93 $ 308 U.S. Government agencies and corporations: Agency securities — 5 33 605 33 610 Agency guaranteed mortgage-backed securities 71 312 1,168 6,902 1,239 7,214 Small Business Administration loan-backed securities — 4 25 484 25 488 Municipal securities 2 229 65 1,061 67 1,290 Other — — 2 13 2 13 Total available-for-sale investment securities $ 73 $ 550 $ 1,386 $ 9,373 $ 1,459 $ 9,923 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 December 31, 2023, and 2022, approximately 2,998 and 3,562 AFS investment securities were in an unrealized loss position, respectively. Impairment Ongoing Policy On a quarterly basis, we review our investment securities portfolio for the presence of impairment on an individual security basis. For AFS securities, when the fair value of a debt security is less than its amortized cost basis at the balance sheet date, we assess for the presence of credit impairment. When determining if the fair value of an investment is less than the amortized cost basis, we have elected to exclude accrued interest from the amortized cost basis of the investment. If we have the intent to sell an identified security, or if it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, we write the amortized cost down to the security’s fair value at the reporting date through earnings. If we have the intent and ability to hold the securities, we determine whether there is any impairment attributable to credit-related factors. We analyze certain factors, primarily internal and external credit ratings, to determine if the decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. If a credit impairment is determined to exist, then we measure the amount of credit loss and recognize an allowance for the credit loss. In measuring the credit loss, we generally compare the present value of cash flows expected to be collected from the security to the amortized cost basis of the security. These cash flows are credit adjusted using, among other things, assumptions for default probability and loss severity. Certain other inputs, such as prepayment rate assumptions, are also utilized. In addition, certain internal models may be utilized. To determine the credit-related portion of impairment, we use the security-specific effective interest rate when estimating the present value of cash flows. If the present value of cash flows is less than the amortized cost basis of the security, then this amount is recorded as an allowance for credit loss, limited to the amount that the fair value is less than the amortized cost basis (i.e., the credit impairment cannot result in the security being carried at an amount lower than its fair value). The assumptions used to estimate the expected cash flows depend on the particular asset class, structure, and credit rating of the security. Declines in fair value that are not recorded in the allowance are recorded in other comprehensive income, net of applicable taxes. AFS Impairment We did not recognize any impairment on our AFS investment securities portfolio during 2023 or 2022. 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 December 31, 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 ACL is assessed consistent with the approach described in Note 6 for loans and leases measured at amortized cost. At December 31, 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 income: 2023 2022 2021 (In millions) Gross Gross Gross Gross Gross Gross Available-for-sale 72 72 — — — — Trading 13 11 — — — — Other noninterest-bearing investments $ 27 $ 25 $ 11 $ 26 $ 119 $ 48 Total 112 108 11 26 119 48 Net gains (losses) 1 $ 4 $ (15) $ 71 1 Net gains (losses) are included in “S ecurities gains (losses), net ” on the consolidated statement of income. The following schedule presents interest income by security type: (In millions) 2023 2022 2021 Taxable Nontaxable Total Taxable Nontaxable Total Taxable Nontaxable Total Investment securities: Held-to-maturity $ 236 $ 3 $ 239 $ 42 $ 4 $ 46 $ 10 $ 5 $ 15 Available-for-sale 291 31 322 411 40 451 256 29 285 Trading — 2 2 — 15 15 — 11 11 Total securities $ 527 $ 36 $ 563 $ 453 $ 59 $ 512 $ 266 $ 45 $ 311 |
Loans, Leases, and Allowance Fo
Loans, Leases, and Allowance For Credit Losses | 12 Months Ended |
Dec. 31, 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 class: December 31, (In millions) 2023 2022 Loans held for sale $ 53 $ 8 Commercial: Commercial and industrial 1 $ 16,684 $ 16,377 Leasing 383 386 Owner-occupied 9,219 9,371 Municipal 4,302 4,361 Total commercial 30,588 30,495 Commercial real estate: Construction and land development 2,669 2,513 Term 10,702 10,226 Total commercial real estate 13,371 12,739 Consumer: Home equity credit line 3,356 3,377 1-4 family residential 8,415 7,286 Construction and other consumer real estate 1,442 1,161 Bankcard and other revolving plans 474 471 Other 133 124 Total consumer 13,820 12,419 Total loans and leases $ 57,779 $ 55,653 1 Commercial and industrial loan balances include Paycheck Protection Program (“PPP”) loans of $77 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 $37 million and $49 million at December 31, 2023, and December 31, 2022, respectively. Amortized cost basis does not include accrued interest receivables of $299 million and $247 million at December 31, 2023, and December 31, 2022, respectively. These receivables are included in “ 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 $219 million at December 31, 2023 and $262 million at December 31, 2022. Loans with a carrying value of approximately $36.3 billion at December 31, 2023, and $27.6 billion at December 31, 2022, have been pledged at the Federal Reserve 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 individually at fair value or the lower of cost or fair value and primarily consist of (1) CRE 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: Twelve Months Ended (In millions) 2023 2022 2021 Loans added to held for sale $ 678 $ 659 $ 1,700 Loans sold from held for sale 632 716 1,683 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 have retained servicing was approximately $0.4 billion at December 31, 2023, and $3.5 billion at December 31, 2022. During the third quarter of 2023, we sold the servicing rights related to $3.0 billion of mortgage loans. Income from loans sold, excluding servicing, was $16 million in 2023, $14 million in 2022, and $34 million in 2021. Allowance for Credit Losses The ACL, which consists of the ALLL and the 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. The ACL for AFS and HTM debt securities is estimated separately from loans. For HTM securities, the ACL is assessed consistent with the approach for loans carried at amortized cost. See Note 5 for further discussion on our assessment of expected credit losses on AFS securities and disclosures related to AFS and HTM securities. The ACL reflects our best estimate of credit losses and is calculated using the loan’s amortized cost basis (principal balance, net of unamortized premiums, discounts, and deferred fees and costs). We do not estimate the ACL for accrued interest receivables because we reverse or write-off uncollectible accrued interest receivable balances in a timely manner, generally within one month. The methodologies we use to estimate the ACL depend upon the type of loan, the age and contractual term of the loan, expected payments (both contractual and estimated prepayments), credit quality indicators, economic forecasts, and the evaluation method (whether individually or collectively evaluated). Loan extensions or renewals are not considered in the ACL unless they are included in the original or modified loan contract and are not unconditionally cancellable. Losses are charged to the ACL when recognized. Generally, commercial and CRE loans are charged off or charged down when they are determined to be uncollectible in whole or in part, or when 180 days past due, unless the loan is well-secured and in process of collection. Consumer loans are either charged off or charged down to net realizable value no later than the month in which they become 180 days past due. Closed-end consumer loans that are not secured by residential real estate are either charged off or charged down to net realizable value no later than the month in which they become 120 days past due. We establish the amount of the ACL by analyzing the portfolio at least quarterly, and we adjust the provision for loan losses and unfunded lending commitments to ensure the ACL is at an appropriate level at the balance sheet date. The ACL is determined based on our review of loans that have similar risk characteristics, which are evaluated on a collective basis, as well as loans that do not have similar risk characteristics, which are evaluated on an individual basis. For commercial and CRE loans with commitments greater than $1 million, we assign internal risk grades using a comprehensive loan grading system based on financial and statistical models, individual credit analysis, and loan officer experience and judgment. The credit quality indicators described subsequently are based on this grading system. Estimated credit losses on all loan segments, including consumer and small commercial and CRE loans with commitments less than or equal to $1 million that are evaluated on a collective basis, are derived from statistical analyses of our historical default and loss experience since January 2008. We estimate current expected credit losses for each loan, which includes considerations of historical credit loss experience, current conditions, and reasonable and supportable forecasts about the future. We use the following two types of credit loss estimation models: • Econometric loss models, which rely on statistical analyses of our historical loss experience dependent upon economic factors and other loan-level characteristics. Statistically relevant economic factors vary depending upon the type of loan, but include variables such as unemployment, real estate price indices, energy prices, gross domestic product (“GDP”), etc. The models use multiple economic scenarios that reflect optimistic, baseline, and stressed economic conditions. The results derived using these economic scenarios are weighted to produce the credit loss estimate. Management may adjust the weights to reflect management’s assessment of current conditions and reasonable and supportable forecasts. • Loss models that are based on our long-term average historical credit loss experience since 2008, which rely on statistical analyses of our historical loss experience dependent upon loan-level characteristics. Credit loss estimates for the first 12 months of a loan’s remaining life are derived using econometric loss models. Over a subsequent 12-month reversion period, we blend the estimated credit losses from the two models on a straight-line basis. For the remaining life of the loan, the estimated credit losses are derived from the long-term average historical credit loss models. For loans that do not share risk characteristics with other loans, we estimate lifetime expected credit losses on an individual basis. These include nonaccrual loans with a balance greater than $1 million. When a loan is individually evaluated for expected credit losses, we estimate a specific reserve for the loan based on either the projected present value of the loan’s future cash flows discounted at the loan’s effective interest rate, the observable market price of the loan, or the fair value of the loan’s underlying collateral. When we base the specific reserve on the fair value of the loan’s underlying collateral, we generally charge-off the portion of the balance that is greater than fair value. For these loans, subsequent to the charge-off, if the fair value of the loan’s underlying collateral increases according to an updated appraisal, we establish a negative reserve up to the lesser of the amount of the charge-off or the updated fair value. The methodologies described previously generally rely on historical loss information to help determine our quantitative portion of the ACL. However, we also consider other qualitative and environmental factors related to current conditions and reasonable and supportable forecasts that may indicate current expected credit losses may differ from the historical information reflected in our quantitative models. Thus, after applying historical loss experience, as described above, we review the quantitative portion of ACL for each segment. We monitor various risk factors that influence our judgment regarding the level of the ACL across the portfolio segments. These factors primarily include: • Actual and expected changes in international, national, regional, and local economic and business conditions and developments; • The volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans; • Lending policies and procedures, including changes in underwriting standards and practices for collection, charge-off, and recovery; • The experience, ability, and depth of lending management and other relevant staff; • The nature and volume of the portfolio; • The quality of the credit review function; • The existence, growth, and effect of any concentration of credit; • The effect of other external factors such as regulatory, legal, and technological environments; fiscal and monetary actions; competition; and events such as natural disasters and pandemics. The magnitude of the impact of these factors on our qualitative assessment of the ACL changes from quarter to quarter according to changes made by management in its assessment of these factors, the extent these factors are already reflected in quantitative loss estimates, and the extent changes in these factors diverge from one to another. We also consider the uncertainty and imprecision inherent in the estimation process when evaluating the ACL. Off-balance Sheet Credit Exposures As previously mentioned, we estimate current expected credit losses for off-balance sheet loan commitments, including letters of credit that are not unconditionally cancellable. This estimate uses the same procedures and methodologies described previously for loans and is calculated by taking the difference between the estimated current expected credit loss and the funded balance, if greater than zero. Changes in the Allowance for Credit Losses Changes in the ACL are summarized as follows: December 31, 2023 (In millions) Commercial Commercial Consumer Total Allowance for loan and lease losses Balance at December 31, 2022 $ 300 $ 156 $ 119 $ 575 Adjustment for change in accounting standard — (4) 1 (3) Balance at beginning of year $ 300 $ 152 $ 120 $ 572 Provision for loan losses 27 92 29 148 Gross loan and lease charge-offs 45 3 14 62 Recoveries 20 — 6 26 Net loan and lease charge-offs (recoveries) 25 3 8 36 Balance at end of year $ 302 $ 241 $ 141 $ 684 Reserve for unfunded lending commitments Balance at beginning of year $ 16 $ 33 $ 12 $ 61 Provision for unfunded lending commitments 3 (16) (3) (16) Balance at end of year $ 19 $ 17 $ 9 $ 45 Total allowance for credit losses Allowance for loan and lease losses $ 302 $ 241 $ 141 $ 684 Reserve for unfunded lending commitments 19 17 9 45 Total allowance for credit losses $ 321 $ 258 $ 150 $ 729 December 31, 2022 (In millions) Commercial Commercial Consumer Total Allowance for loan and lease losses Balance at beginning of year $ 311 $ 107 $ 95 $ 513 Provision for loan losses 29 49 23 101 Gross loan and lease charge-offs 72 — 10 82 Recoveries 32 — 11 43 Net loan and lease charge-offs (recoveries) 40 — (1) 39 Balance at end of year $ 300 $ 156 $ 119 $ 575 Reserve for unfunded lending commitments Balance at beginning of year $ 19 $ 11 $ 10 $ 40 Provision for unfunded lending commitments (3) 22 2 21 Balance at end of year $ 16 $ 33 $ 12 $ 61 Total allowance for credit losses Allowance for loan and lease losses $ 300 $ 156 $ 119 $ 575 Reserve for unfunded lending commitments 16 33 12 61 Total allowance for credit losses $ 316 $ 189 $ 131 $ 636 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 loans on nonaccrual status is summarized as follows: December 31, 2023 Amortized cost basis Total amortized cost basis (In millions) with no allowance with allowance Related allowance Commercial: Commercial and industrial $ 11 $ 71 $ 82 $ 30 Leasing — 2 2 1 Owner-occupied 12 8 20 1 Total commercial 23 81 104 32 Commercial real estate: Construction and land development 22 — 22 — Term 37 2 39 1 Total commercial real estate 59 2 61 1 Consumer: Home equity credit line 1 16 17 5 1-4 family residential 8 32 40 5 Total consumer loans 9 48 57 10 Total $ 91 $ 131 $ 222 $ 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 collectibility 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 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: Twelve Months Ended (In millions) 2023 2022 2021 Commercial $ 10 $ 12 $ 15 Commercial real estate 3 1 2 Consumer 2 — — Total $ 15 $ 13 $ 17 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: December 31, 2023 (In millions) Current 30-89 days 90+ days Total Total Accruing Nonaccrual loans that are current 1 Commercial: Commercial and industrial $ 16,631 $ 38 $ 15 $ 53 $ 16,684 $ 1 $ 65 Leasing 381 2 — 2 383 — — Owner-occupied 9,206 11 2 13 9,219 1 18 Municipal 4,301 1 — 1 4,302 — — Total commercial 30,519 52 17 69 30,588 2 83 Commercial real estate: Construction and land development 2,645 2 22 24 2,669 — — Term 10,661 14 27 41 10,702 — 3 Total commercial real estate 13,306 16 49 65 13,371 — 3 Consumer: Home equity credit line 3,334 17 5 22 3,356 — 9 1-4 family residential 8,375 17 23 40 8,415 — 13 Construction and other consumer real estate 1,442 — — — 1,442 — Bankcard and other revolving plans 468 5 1 6 474 1 — Other 132 1 — 1 133 — — Total consumer loans 13,751 40 29 69 13,820 1 22 Total $ 57,576 $ 108 $ 95 $ 203 $ 57,779 $ 3 $ 108 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 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 definitions of Pass, Special Mention, Substandard, and Doubtful, which are consistent with published definitions of regulatory risk classifications. Definitions of Pass, Special Mention, Substandard, and Doubtful are summarized as follows: • 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 both December 31, 2023, and December 31, 2022. For commercial and CRE loans with commitments greater than $1 million, we assign one of multiple grades within the Pass classification or one of the risk classifications described previously. We assess our internal risk-grades quarterly, or as soon as we identify information that affects the credit risk of the loan. For consumer loans and for commercial and CRE loans with commitments less than or equal to $1 million, we generally assign internal risk-grades similar to those described previously based on automated rules that depend on refreshed credit scores, payment performance, and other risk indicators. These are generally assigned either a Pass, 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 classifications as monitored by management, as well as year-to-date gross charge-offs: December 31, 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 $ 2,654 $ 2,420 $ 1,204 $ 639 $ 494 $ 598 $ 7,973 $ 151 $ 16,133 Special Mention 8 98 34 2 20 37 103 — 302 Accruing Substandard 11 18 7 2 19 8 99 3 167 Nonaccrual 5 36 1 2 11 1 21 5 82 Total commercial and industrial 2,678 2,572 1,246 645 544 644 8,196 159 16,684 Gross charge-offs 1 10 6 — — 2 24 2 45 Leasing Pass 104 125 47 29 45 18 — — 368 Special Mention 2 9 1 1 — — — — 13 Accruing Substandard — — — — — — — — — Nonaccrual — 2 — — — — — — 2 Total leasing 106 136 48 30 45 18 — — 383 Gross charge-offs — — — — — — — — — Owner-occupied Pass 1,080 1,945 2,020 1,002 721 1,907 212 52 8,939 Special Mention 2 5 17 5 17 15 — — 61 Accruing Substandard 10 31 29 21 16 90 2 — 199 Nonaccrual — 1 1 7 3 8 — — 20 Total owner-occupied 1,092 1,982 2,067 1,035 757 2,020 214 52 9,219 Gross charge-offs — — — — — — — — — Municipal Pass 601 1,080 1,069 623 382 512 — 3 4,270 Special Mention 7 — — — — 6 — — 13 Accruing Substandard 8 — 6 3 1 1 — — 19 Nonaccrual — — — — — — — — — Total municipal 616 1,080 1,075 626 383 519 — 3 4,302 Gross charge-offs — — — — — — — — — Total commercial 4,492 5,770 4,436 2,336 1,729 3,201 8,410 214 30,588 Total commercial gross charge-offs 1 10 6 — — 2 24 2 45 Commercial real estate: Construction and land development Pass 553 938 355 56 7 4 518 127 2,558 Special Mention — — 29 30 — — — — 59 Accruing Substandard 23 2 — 5 — — — — 30 Nonaccrual — — — — 21 — 1 — 22 Total construction and land development 576 940 384 91 28 4 519 127 2,669 Gross charge-offs — — — — 1 — — — 1 Term Pass 1,861 2,385 1,833 1,449 804 1,438 238 110 10,118 Special Mention 55 108 65 78 44 6 — — 356 Accruing Substandard 79 18 12 16 5 24 — 35 189 Nonaccrual — 26 — — 3 10 — — 39 Total term 1,995 2,537 1,910 1,543 856 1,478 238 145 10,702 Gross charge-offs — 2 — — — — — — 2 Total commercial real estate 2,571 3,477 2,294 1,634 884 1,482 757 272 13,371 Total commercial real estate gross charge-offs — 2 — — 1 — — — 3 December 31, 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 — — — — — — 3,237 97 3,334 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 4 1 5 Nonaccrual — — — — — — 15 2 17 Total home equity credit line — — — — — — 3,256 100 3,356 Gross charge-offs — — — — — — 3 — 3 1-4 family residential Pass 814 2,264 1,823 988 594 1,891 — — 8,374 Special Mention — — — — — — — — — Accruing Substandard — — — — — 1 — — 1 Nonaccrual — 3 3 3 4 27 — — 40 Total 1-4 family residential 814 2,267 1,826 991 598 1,919 — — 8,415 Gross charge-offs — — — — — 2 — — 2 Construction and other consumer real estate Pass 212 1,002 200 15 7 6 — — 1,442 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total construction and other consumer real estate 212 1,002 200 15 7 6 — — 1,442 Gross charge-offs — — — — — — — — — Bankcard and other revolving plans Pass — — — — — — 471 1 472 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 2 — 2 Nonaccrual — — — — — — — — — Total bankcard and other revolving plans — — — — — — 473 1 474 Gross charge-offs — — — — — — 9 — 9 Other consumer Pass 66 37 18 6 4 2 — — 133 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total other consumer 66 37 18 6 4 2 — — 133 Gross charge-offs — — — — — — — — — Total consumer 1,092 3,306 2,044 1,012 609 1,927 3,729 101 13,820 Total consumer gross charge-offs — — — — — 2 12 — 14 Total loans $ 8,155 $ 12,553 $ 8,774 $ 4,982 $ 3,222 $ 6,610 $ 12,896 $ 587 $ 57,779 Total gross charge-offs $ 1 $ 12 $ 6 $ — $ 1 $ 4 $ 36 $ 2 $ 62 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 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 less than $1 million of loans to borrowers experiencing financial difficulty that had a payment default during the twelve months ended December 31, 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: Twelve Months Ended December 31, 2023 Amortized cost associated with (Dollar amounts in millions) Interest Maturity Principal Payment Multiple modification types 1 Total 2 Percentage of total loans 3 Commercial: Commercial and industrial $ — $ 46 $ — $ 1 $ — $ 47 0.3 % Owner-occupied 4 9 — 1 — 14 0.2 Municipal — 8 — — — 8 0.2 Total commercial 4 63 — 2 — 69 0.2 Commercial real estate: Construction and land development — 27 — — — 27 1.0 Term — 165 — — — 165 1.5 Total commercial real estate — 192 — — — 192 1.4 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 $ 4 $ 256 $ 1 $ 2 $ 1 $ 264 0.5 % 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 $22 million at December 31, 2023. 3 Amounts less than 0.05% are rounded to zero. The financial impact of loan modifications to borro |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Derivative Instruments [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Objectives for Using Derivatives Our primary objective for using derivatives is to manage risks, primarily interest rate risk. We use derivatives to manage volatility in interest income, interest expense, earnings, and capital by adjusting our interest rate sensitivity to minimize the impact of fluctuations in interest rates. Derivatives are used to stabilize forecasted interest income from variable-rate assets and to modify the coupon or the duration of fixed-rate financial assets or liabilities as we consider advisable. We also assist customers with their risk management needs through the use of derivatives. Derivatives Related to Interest Rate Risk Management — When we use derivatives as hedges, either for economic or accounting purposes, it is done only to manage identified risks. We apply hedge accounting to certain derivatives executed for risk management purposes. However, we do not apply hedge accounting to all the derivatives involved in our risk management activities. Derivatives not designated as accounting hedges are not speculative and are used to economically manage our exposure to interest rate movements, including offsetting customer-facing derivatives. These derivatives either do not require the use of hedge accounting for their economic impact to be appropriately reflected in our financial statements or they do not meet the strict hedge accounting requirements. Derivatives Related to Customers — We provide certain borrowers access to over-the-counter interest rate derivatives, which we generally offset with interest rate derivatives executed with dealers or central clearing houses. Other interest rate derivatives that we provide to customers, or use for our own purposes, include mortgage rate locks and forward sale loan commitments. We also provide commercial customers with short-term foreign currency spot trades or forward contracts with maturities that are typically 90 days or less. These trades are also largely offset by foreign currency trades with closely matching terms executed with other dealer counterparties or central clearing houses. Accounting for Derivatives We record all derivatives at fair value, and they are included in “Other assets” or “Other liabilities” on the consolidated balance sheet, regardless of the accounting designation of each derivative. We enter into International Swaps and Derivatives Association, Inc. (“ISDA”) master netting agreements, or similar agreements, with substantially all derivative counterparties. Where legally enforceable, these master netting agreements give us, in the event of default or the triggering of other specified contingent events by the counterparty, the right to use cash or liquidate securities held as collateral and to offset receivables and payables with the same counterparty. For purposes of the consolidated balance sheet, we report all derivatives on a gross fair value basis (i.e., we do not offset derivative assets and liabilities and cash collateral held with the same counterparty where we have a legally enforceable master netting agreement). Note 3 discusses the process to estimate fair value for derivatives. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting accounting designation. Derivatives used to hedge the exposure to changes in the fair value of assets, liabilities, or firm commitments attributable to interest rates or other eligible risks, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Changes in the fair value of derivatives that are not part of designated fair value or cash flow hedging relationships are recorded in current period earnings. Fair Value Hedges — We generally use interest rate swaps designated as fair value hedges to hedge changes in the fair value of fixed-rate assets and liabilities for specific risks (e.g., interest rate risk resulting from changes in a benchmark interest rate). We use both pay-fixed, receive-floating and received-fixed, pay-floating interest rate swaps to effectively convert certain fixed-rate assets and liabilities to floating rates. In qualifying fair value hedges, changes in value of the derivative hedging instrument are recognized in current period earnings in the same line item affected by the hedged item. Similarly, the periodic changes in value of the hedged item, for the risk being hedged, are recognized in current period earnings, thereby offsetting all, or a significant majority, of the change in the value of the derivative hedging instrument. Interest accruals on both the derivative hedging instrument and the hedged item are recorded in the same line item, effectively converting the designated fixed-rate assets or liabilities to a floating rate. Generally, the designated risk being hedged in all of our fair value hedges is the change in fair value of the secured overnight financing rate (“SOFR”) (or alternative rate) benchmark swap rate component of the contractual coupon cash flows of the fixed-rate assets or liabilities. The swaps are structured to match the critical terms of the hedged items, maximizing the economic (and accounting) effectiveness of the hedging relationships and resulting in the expectation that the swaps will be highly effective as a hedging instrument. All interest rate swaps designated as fair value hedges were highly effective and met all other requirements to remain designated and part of qualifying hedge accounting relationships as of the balance sheet date. 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, which matures in 2029. Fair Value Hedges of Assets — During the third quarter of 2023, we entered into new hedges of a defined portfolio of fixed-rate commercial loans using pay-fixed, receive-floating swaps with an aggregate notional amount of $1.0 billion that were designated as fair value hedges under the portfolio layer method described in ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method . We had an additional $2.5 billion in aggregate notional amount of pay-fixed swaps designated under the portfolio layer method as fair value hedges of a defined portfolio of fixed-rate AFS securities. At December 31, 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 assets effectively convert certain fixed interest income to a floating rate on the hedged portion of the assets. Changes in fair value of derivatives designated as fair value hedges of fixed-rate financial assets were largely offset by changes in the value of the hedged assets, as presented in the schedules on the following pages. Cash Flow Hedges — For derivatives designated and qualifying as cash flow hedges, as long as the hedging relationship continues to qualify for hedge accounting, the entire change in the fair value of the hedging instrument is recorded in OCI and recognized in earnings as the hedged transaction affects earnings. Ineffectiveness is not measured or separately disclosed. Gains or losses on derivatives designated as cash flow hedges are recognized in the same financial statement line item as the hedged transactions. We may use interest rate swaps, options, or a combination of options in our cash flow hedging strategy to eliminate or reduce the variability of interest receipts on floating-rate commercial loans and interest payments on floating rate debt due to changes in any separately identifiable and reliably measurable contractual interest rate index. At December 31, 2023, we had receive-fixed interest rate swaps with an aggregate notional amount of $1.5 billion designated as cash flow hedges of the variability of interest receipts on floating-rate commercial loans. During 2023, we terminated receive-fixed swaps with an aggregate notional amount of $5.0 billion. At December 31, 2023, we had $201 million of net losses deferred in AOCI related to terminated cash flow hedges. Amounts deferred in AOCI from terminated cash flow hedges will be amortized into interest income on a straight-line basis through the original maturity dates of the hedges as long as the hedged forecasted transactions continue to be expected to occur. Amounts deferred in AOCI related to terminated cash flow hedges will be fully reclassified to interest income by the fourth quarter of 2027. Additionally, at December 31, 2023, we had one pay-fixed interest rate swap with a notional amount of $500 million designated as a cash flow hedge of the variability in the interest payments on certain FHLB advances. Hedge Effectiveness — We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows on the derivative hedging instrument with the changes in fair value or cash flows on the designated hedged item or transactions for the risk being hedged. If a hedging relationship ceases to qualify for hedge accounting, the relationship is discontinued and future changes in the fair value of the derivative instrument are recognized in current period earnings. For a discontinued or terminated fair value hedging relationship, all remaining basis adjustments to the carrying amount of the hedged item are amortized to interest income or expense over the remaining life of the hedged item consistent with the amortization of other discounts or premiums. Previous balances deferred in AOCI from discontinued or terminated cash flow hedges are reclassified to interest income or expense as the hedged transactions affect earnings or over the originally specified term of the hedging relationship. Collateral and Credit Risk Credit risk arises from the possibility of nonperformance by counterparties. No significant losses on derivative instruments have occurred during 2023 as a result of counterparty nonperformance. We reduce our counterparty exposure for derivative contracts by centrally clearing all eligible derivatives and by executing dealer-facing derivative transactions with well-capitalized financial institutions. For those derivatives that are not centrally cleared, the counterparties are typically financial institutions or our customers. For those that are financial institutions, as noted above, we manage our credit exposure through the use of a Credit Support Annex (“CSA”) to an ISDA master agreement with each counterparty. Eligible collateral types are documented by the CSA and controlled under our general credit policies. Collateral balances are typically monitored on a daily basis. A valuation haircut policy reflects the fact that collateral may fall in value between the date the collateral is called and the date of liquidation or enforcement. At December 31, 2023, all of our collateral held as credit risk mitigation under a CSA was cash. We offer interest rate swaps to our customers to assist them in managing their exposure to changing interest rates. Upon issuance, all of these customer swaps are offset through closely matching derivative contracts to minimize our interest rate risk exposure resulting from such transactions. Fee income from customer swaps is included in “Capital markets fees” on the consolidated statement of income. We manage the credit risk associated with customer nonperformance through additional underwriting that includes modeling the credit risk exposure for the swap, shared collateral and guarantee protection applicable to the loan and credit approvals, limits, and monitoring procedures. We measure counterparty credit risk through the calculation of a CVA that captures the value of both the nonperformance risk that we have to our customers and that they have to us. Periodic changes in the net CVA are recorded in current period earnings and included in “Fair value and nonhedge derivative income or loss” on the consolidated statement of income. Our derivative contracts require us to pledge collateral for derivatives that are in a net liability position. Certain derivative contracts contain credit-risk-related contingent features that include the requirement to maintain a minimum debt credit rating. We may be required to pledge additional collateral if a credit-risk-related feature were triggered, such as a downgrade of our credit rating. However, in past situations, not all counterparties have demanded that additional collateral be pledged when provided for by the contractual terms. At December 31, 2023, the fair value of our derivative liabilities was $333 million, for which we were required to pledge cash collateral of approximately $2 million in the normal course of business. If our credit rating were downgraded one notch by either Standard and Poor’s (“S&P”) or Moody’s at December 31, 2023, there would likely be no additional collateral required to be pledged. Derivatives that are centrally cleared do not have credit-risk-related features that require additional collateral if our credit rating were downgraded. Derivative Amounts The following schedule presents derivative notional amounts and recorded gross fair values at December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Notional 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 1,450 — — 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 1 4,571 78 — 1,228 84 — Total derivatives designated as hedging instruments 6,521 78 — 9,361 84 1 Derivatives not designated as hedging instruments: Customer interest rate derivatives 2 14,375 337 330 13,670 296 443 Other interest rate derivatives 1,001 1 — 862 — — Foreign exchange derivatives 216 3 3 605 6 7 Purchased credit derivatives 35 1 — — — — Total derivatives not designated as hedging instruments 15,627 342 333 15,137 302 450 Total derivatives $ 22,148 $ 420 $ 333 $ 24,498 $ 386 $ 451 1 The notional amount includes forward starting swaps that are not yet effective. 2 Customer interest rate derivatives include both customer-facing derivatives and the offsetting, dealer-facing derivatives. Customer interest rate derivatives include a net CVA of $9 million and $13 million, reducing the fair value amount at December 31, 2023, and December 31, 2022, respectively. These adjustments are required to reflect both our nonperformance risk and that of the respective counterparty. The following schedules present the amount of gains (losses) from derivative instruments designated as cash flow and fair value hedges that were deferred in OCI or recognized in earnings for years ended December 31, 2023 and 2022: Year Ended December 31, 2023 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Net interest income or expense on fair value hedges Hedge ineffectiveness / AOCI reclass due to missed forecast Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ — $ — Interest rate swaps 31 (170) — — Cash flow hedges of floating-rate liabilities: Pay-fixed interest rate swaps 4 5 — — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — (5) — Basis amortization on terminated hedges 2, 3 — — (4) — Fair value hedges of assets: Pay-fixed interest rate swaps — — 57 — Basis amortization on terminated hedges 2, 3 — — 1 — Total derivatives designated as hedging instruments $ 35 $ (165) $ 49 $ — Year Ended December 31, 2022 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Net interest income or expense on fair value hedges Hedge ineffectiveness / AOCI reclass due to missed forecast Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ 2 $ — $ — Interest rate swaps (437) (29) — — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — (1) — Basis amortization on terminated hedges 2, 3 — — 1 — Fair value hedges of assets: Pay-fixed interest rate swaps — — 4 (1) Basis amortization on terminated hedges 2, 3 — — — — Total derivatives designated as hedging instruments $ (437) $ (27) $ 4 $ (1) 1 For the 12 months following December 31, 2023, we estimate that $118 million of net losses from active and terminated cash flow hedges will be reclassified from AOCI into interest income/expense, compared with an estimate of $205 million at December 31, 2022. 2 Adjustment to interest income or expense resulting from the amortization of the basis adjustment from previously terminated hedging relationships. 3 The cumulative unamortized basis adjustment from previously terminated or redesignated fair value hedges at December 31, 2023 was $46 million and $3 million of terminated fair value debt and asset hedges, respectively, compared with zero and $10 million at December 31, 2022. The following schedule presents the amount of gains (losses) recognized from derivatives not designated as accounting hedges: Other Noninterest (In millions) 2023 2022 Derivatives not designated as hedging instruments: Customer interest rate derivatives $ 17 $ 43 Other interest rate derivatives 4 — Foreign exchange derivatives 29 29 Purchased credit derivatives (1) — Total derivatives not designated as hedging instruments $ 49 $ 72 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 Twelve Months Ended Twelve Months Ended (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) $ — $ (79) $ 79 $ — Assets: Pay-fixed interest rate swaps 1,2 (22) 22 — 224 (225) (1) 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 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. Periodic interest income/expense for fair value hedges is shown in a separate schedule above. The following schedule provides information regarding basis adjustments for hedged items: Par value of hedged assets/(liabilities) Carrying amount of the hedged assets/(liabilities) Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) (In millions) 2023 2022 2023 2022 2023 2022 Long-term fixed-rate debt 1,2 $ — $ (500) $ — $ (435) $ — $ 65 Fixed-rate AFS securities 1,3 12,389 1,228 12,209 962 (180) (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 and commercial loans 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 December 31, 2023, the amortized cost basis of the defined portfolios used in these hedging relationships was $11.3 billion; the cumulative basis adjustment associated with these hedging relationships was $16 million, and the notional amounts of the designated hedging instruments were $3.5 billion. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASES | LEASES We have operating and finance leases for branches, corporate offices, and data centers. At December 31, 2023, we had 407 branches, of which 278 are owned and 129 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2024 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 ROU asset. We include ROU assets for operating leases and finance leases in “ Other assets Premises, equipment and software, net Other liabilities Long-term debt ROU assets and related lease liabilities reflect the present value of the future minimum lease payments over the lease term at commencement date. Because most of our leases do not provide an implicit rate, we use our secured incremental borrowing rate that is commensurate with the lease term when calculating the present value of future payments. The ROU asset also reflects any lease prepayments, initial direct costs, amortization, and certain nonlease components, such as maintenance, utilities, or tax payments. Our lease terms incorporate options to extend or terminate the lease when it is reasonably certain that we will exercise these options. The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate: December 31, (Dollar amounts in millions) 2023 2022 Operating leases ROU assets, net of amortization $ 172 $ 173 Lease liabilities 198 198 Finance leases ROU assets, net of amortization 3 4 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.7 8.4 Finance leases 16.5 17.4 Weighted average discount rate Operating leases 3.4 % 2.9 % Finance leases 3.1 % 3.1 % The following schedule presents additional information related to lease expense: Year Ended December 31, (In millions) 2023 2022 2021 Lease expense: Operating lease expense $ 43 $ 46 $ 47 Other expenses associated with operating leases 1 60 51 50 Total lease expense $ 103 $ 97 $ 97 Related cash disbursements for operating leases $ 49 $ 50 $ 50 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 2024 $ 43 2025 36 2026 31 2027 22 2028 17 Thereafter 85 Total lease payments $ 234 Less imputed interest 36 Total $ 198 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 totaled $14 million during both 2023 and 2022, and $13 million during 2021. We originated equipment leases, considered to be sales-type leases or direct-financing leases, totaling $383 million and $386 million at December 31, 2023 and 2022, respectively. We recorded income of $16 million, $12 million, and $11 million on these leases during 2023, 2022, and 2021, respectively. |
LEASES | LEASES We have operating and finance leases for branches, corporate offices, and data centers. At December 31, 2023, we had 407 branches, of which 278 are owned and 129 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2024 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 ROU asset. We include ROU assets for operating leases and finance leases in “ Other assets Premises, equipment and software, net Other liabilities Long-term debt ROU assets and related lease liabilities reflect the present value of the future minimum lease payments over the lease term at commencement date. Because most of our leases do not provide an implicit rate, we use our secured incremental borrowing rate that is commensurate with the lease term when calculating the present value of future payments. The ROU asset also reflects any lease prepayments, initial direct costs, amortization, and certain nonlease components, such as maintenance, utilities, or tax payments. Our lease terms incorporate options to extend or terminate the lease when it is reasonably certain that we will exercise these options. The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate: December 31, (Dollar amounts in millions) 2023 2022 Operating leases ROU assets, net of amortization $ 172 $ 173 Lease liabilities 198 198 Finance leases ROU assets, net of amortization 3 4 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.7 8.4 Finance leases 16.5 17.4 Weighted average discount rate Operating leases 3.4 % 2.9 % Finance leases 3.1 % 3.1 % The following schedule presents additional information related to lease expense: Year Ended December 31, (In millions) 2023 2022 2021 Lease expense: Operating lease expense $ 43 $ 46 $ 47 Other expenses associated with operating leases 1 60 51 50 Total lease expense $ 103 $ 97 $ 97 Related cash disbursements for operating leases $ 49 $ 50 $ 50 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 2024 $ 43 2025 36 2026 31 2027 22 2028 17 Thereafter 85 Total lease payments $ 234 Less imputed interest 36 Total $ 198 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 totaled $14 million during both 2023 and 2022, and $13 million during 2021. We originated equipment leases, considered to be sales-type leases or direct-financing leases, totaling $383 million and $386 million at December 31, 2023 and 2022, respectively. We recorded income of $16 million, $12 million, and $11 million on these leases during 2023, 2022, and 2021, respectively. |
LEASES | LEASES We have operating and finance leases for branches, corporate offices, and data centers. At December 31, 2023, we had 407 branches, of which 278 are owned and 129 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2024 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 ROU asset. We include ROU assets for operating leases and finance leases in “ Other assets Premises, equipment and software, net Other liabilities Long-term debt ROU assets and related lease liabilities reflect the present value of the future minimum lease payments over the lease term at commencement date. Because most of our leases do not provide an implicit rate, we use our secured incremental borrowing rate that is commensurate with the lease term when calculating the present value of future payments. The ROU asset also reflects any lease prepayments, initial direct costs, amortization, and certain nonlease components, such as maintenance, utilities, or tax payments. Our lease terms incorporate options to extend or terminate the lease when it is reasonably certain that we will exercise these options. The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate: December 31, (Dollar amounts in millions) 2023 2022 Operating leases ROU assets, net of amortization $ 172 $ 173 Lease liabilities 198 198 Finance leases ROU assets, net of amortization 3 4 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.7 8.4 Finance leases 16.5 17.4 Weighted average discount rate Operating leases 3.4 % 2.9 % Finance leases 3.1 % 3.1 % The following schedule presents additional information related to lease expense: Year Ended December 31, (In millions) 2023 2022 2021 Lease expense: Operating lease expense $ 43 $ 46 $ 47 Other expenses associated with operating leases 1 60 51 50 Total lease expense $ 103 $ 97 $ 97 Related cash disbursements for operating leases $ 49 $ 50 $ 50 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 2024 $ 43 2025 36 2026 31 2027 22 2028 17 Thereafter 85 Total lease payments $ 234 Less imputed interest 36 Total $ 198 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 totaled $14 million during both 2023 and 2022, and $13 million during 2021. We originated equipment leases, considered to be sales-type leases or direct-financing leases, totaling $383 million and $386 million at December 31, 2023 and 2022, respectively. We recorded income of $16 million, $12 million, and $11 million on these leases during 2023, 2022, and 2021, respectively. |
Premises, Equipment and Softwar
Premises, Equipment and Software | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PREMISES, EQUIPMENT AND SOFTWARE, NET | PREMISES, EQUIPMENT, AND SOFTWARE Net premises, equipment, and software are summarized as follows: (In millions) December 31, 2023 2022 Land $ 269 $ 264 Buildings 959 943 Furniture and equipment 336 346 Leasehold improvements 137 151 Software 749 730 Total premises, equipment, and software 1 2,450 2,434 Less accumulated depreciation and amortization 1,050 1,026 Net book value $ 1,400 $ 1,408 1 The totals for 2023 and 2022 include $40 million and $298 million, respectively, of costs that have been capitalized, but are not yet depreciating because the respective assets have not been placed in service. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill is recorded at fair value at the time of its acquisition and is subsequently evaluated for impairment annually as of October 1, or more frequently if events or circumstances indicate that impairment may exist. Based on the annual impairment evaluation conducted in 2023 and 2022, there was no goodwill impairment in any of our business segments. The following schedule presents the carrying amount of goodwill for our business segments with goodwill, as well as the balance of our core deposits and other intangible assets, net of related accumulated amortization: December 31, (In millions) 2023 2022 Goodwill: Amegy $ 615 $ 615 CB&T 379 379 Zions Bank 20 20 Nevada State Bank 13 13 Total goodwill $ 1,027 $ 1,027 Core deposits and other intangibles, net of accumulated amortization 32 38 Total goodwill and intangibles $ 1,059 $ 1,065 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
DEPOSITS | DEPOSITS The following schedule presents the composition of our deposits: December 31, (Dollar amounts in millions) 2023 2022 Noninterest-bearing demand $ 26,244 $ 35,777 Interest-bearing: Savings and money market 38,721 33,566 Time 9,996 2,309 Total deposits $ 74,961 $ 71,652 At December 31, 2023, the aggregate amount of all time deposits by maturity were as follows: (In millions) Amount 2024 $ 9,798 2025 117 2026 38 2027 22 2028 20 Thereafter 1 Total $ 9,996 The scheduled maturities of time deposits that exceed $250,000 were as follows: (In millions) December 31, 2023 Three months or less $ 576 After three months through six months 1,033 After six months through twelve months 745 After twelve months 57 Total $ 2,411 Deposit overdrafts reclassified as loan balances were $11 million and $21 million at December 31, 2023 and 2022, respectively. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Short-Term Debt [Abstract] | |
SHORT-TERM BORROWINGS | SHORT-TERM BORROWINGS The following schedule presents selected information for FHLB advances and other short-term borrowings: (Dollar amounts in millions) 2023 2022 Federal Home Loan Bank advances Average amount outstanding $ 4,208 $ 1,257 Average rate 5.73 % 3.67 % Highest month-end balance $ 11,525 $ 7,100 Year-end balance 1,525 7,100 Average rate on outstanding advances at year-end 5.59 % 4.43 % Other short-term borrowings, year-end balances Federal funds purchased $ 597 $ 232 Security repurchase agreements 1,814 2,898 Securities sold, not yet purchased 65 187 Swap margin collateral received 1 378 — Total federal funds and other short-term borrowings $ 4,379 $ 10,417 1 At December 31, 2022, swap margin collateral received totaled $368 million and was included in “Other liabilities” on the consolidated balance sheet. Beginning in 2023, these balances were included in “Federal funds and other short-term borrowings” on the consolidated balance sheet. We pledge loans and investment securities as collateral for current and potential borrowings. We may borrow from the FHLB under lines of credit that are secured by blanket pledge arrangements. We maintain collateral with carrying amounts adjusted for the types of collateral pledged, equal to at least 100% of the outstanding advances. We may also borrow from the Federal Reserve Board (“FRB”) based on the amount of collateral pledged. A large portion of these pledged assets are unencumbered, but are pledged to provide immediate access to contingency sources of funds. At December 31, 2023, our remaining FHLB and FRB collateralized borrowing capacity was $15.0 billion and $9.8 billion, respectively, compared with $9.4 billion and $4.0 billion at December 31, 2022. Federal funds purchased and security repurchase agreements generally mature in less than 30 days. We execute overnight repurchase agreements with sweep accounts in conjunction with a master repurchase agreement. When this occurs, securities under our control are pledged and interest is paid on the collected balance of the customers’ accounts. For the nonsweep overnight and term repurchase agreements, securities are transferred to the applicable counterparty. In certain instances, the counterparty is contractually entitled to sell or repledge securities accepted as collateral. Of the total security repurchase agreements at December 31, 2023, nearly all were overnight term accounts. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt, Unclassified [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt is summarized as follows: December 31, (In millions) 2023 2022 Subordinated notes $ 538 $ 519 Senior notes — 128 Finance lease obligations 4 4 Total $ 542 $ 651 The carrying values presented above include the par value of the debt, adjusted for any unamortized premium or discount, unamortized debt issuance costs, and fair value hedge basis adjustments. The decrease in long-term debt from the prior year was primarily due to the maturity of $128 million , 4.50% senior notes during the second quarter of 2023. During 2023, we terminated the remaining receive-fixed interest rate swap designated as a hedge of the $500 million subordinated notes due in October 2029. The remaining unamortized hedge basis adjustment from the terminated hedging relationship is amortized into earnings through the contractual maturity date of the hedged notes. See Note 7 for more information on derivatives designated as qualifying hedges. Subordinated Notes The following schedule presents our subordinated notes outstanding at December 31, 2023: (Dollar amounts in millions) Subordinated notes Coupon rate Balance Par amount Maturity 6.95% $ 88 $ 88 September 2028 3.25% 450 500 October 2029 Total $ 538 $ 588 The 6.95% subordinated notes are unsecured, with interest payable quarterly; the earliest redemption date for these notes was September 15, 2023, after which the interest rate changed to an annual floating rate equal to 3-month Term SOFR + 4.15%. The 3.25% subordinated notes are unsecured, interest is payable semi-annually, and the earliest redemption date is July 29, 2029. Senior Notes The senior notes are unsecured, with interest payable semi-annually. They were issued under a shelf registration filed with the Securities and Exchange Commission (“SEC”). Maturities of Long-term Debt The following schedule presents our long-term debt by maturity for each of the next five years: (In millions) Par amount 1 2024 $ — 2025 — 2026 — 2027 — 2028 88 Thereafter 500 Total $ 588 1 Does not include basis adjustments related to terminated or active fair value hedges. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY Preferred Stock We have 4.4 million authorized shares of preferred stock without par value and with a liquidation preference of $1,000 per share, or $25 per depositary share. Except for Series I and J, all preferred shares were issued in the form of depositary shares, with each depositary share representing a 1/40 th ownership interest in a share of the preferred stock. All preferred shares are registered with the SEC. In addition, Series A and G preferred shares are listed and traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market. Preferred shareholders generally receive asset distributions before common shareholders; however, preferred shareholders have only limited voting rights. Preferred stock dividends reduce earnings applicable to common shareholders and are paid on the 15th day of the months indicated in the following schedule. Dividends are subject to approval by the Board. The preferred shares are redeemable at our option after the expiration of any applicable redemption restrictions. The redemption amount is computed at the per share liquidation preference plus any declared but unpaid dividends. Redemptions are subject to certain regulatory provisions including satisfying well-capitalized minimum requirements. The following schedule summarizes key aspects of our preferred stock: (Dollar amounts in millions) Carrying value at Shares at Dividends payable Earliest 2023 2022 Authorized Outstanding Rate Series A $ 67 $ 67 140,000 66,139 > of 4.0% or 3M Term SOFR + 0.78% Qtrly Mar, Jun, Sep, Dec Dec 15, 2011 Series G 138 138 200,000 138,390 annual floating rate = 3M Term SOFR + 4.50% Qtrly Mar, Jun, Sep, Dec Mar 15, 2023 Series I 99 99 300,893 98,555 annual floating rate = 3M Term SOFR + 4.06% Qtrly Mar, Jun, Sep, Dec Jun 15, 2023 Series J 136 136 195,152 136,368 annual floating rate = 3M Term SOFR + 4.70% Qtrly Mar, Jun, Sep, Dec Sep 15, 2023 Total $ 440 $ 440 Common Stock Our common stock is traded on the NASDAQ Global Select Market. At December 31, 2023, we had 148.2 million shares of $0.001 par common stock outstanding. The balance of common stock and additional paid-in-capital was $1.7 billion at December 31, 2023, and decreased $23 million, or 1%, from the prior year, primarily as a result of common stock repurchases during the first quarter of 2023. During the first quarter of 2023, we repurchased 0.9 million common shares outstanding for $50 million at an average price of $52.82 per share. As the macroeconomic environment remained uncertain, we suspended our share repurchase program and did not repurchase common shares during the second, third, or fourth quarters of 2023. During 2022, we repurchased 3.6 million common shares outstanding for $200 million at an average price of $56.13 per share. In February 2024, the Board approved a plan to repurchase up to $35 million of common shares outstanding during the fiscal year 2024. In February 2024, we repurchased 0.9 million common shares outstanding for $35 million at an average price of $39.32. Accumulated Other Comprehensive Income The AOCI loss was $2.7 billion at December 31, 2023, and primarily reflects declines in the fair value of fixed-rate available-for-sale securities as a result of changes in interest rates. 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 amortized cost basis of these securities does not include $2.4 billion of unrealized losses in AOCI that is amortized over the life of the securities. The amortization of the unrealized losses reported in AOCI will offset the effect of the accretion of the discount in interest income that is created by adjusting the amortized cost basis to the securities’ fair value on the date of the transfer. At December 31, 2023, the unamortized discount on the HTM securities totaled approximately $2.1 billion ($1.5 billion after tax). The following schedule presents the changes in AOCI: (In millions) Net unrealized gains (losses) on investment securities Net unrealized gains (losses) on derivatives and other Pension and post-retirement Total 2023 Balance at December 31, 2022 $ (2,800) $ (311) $ (1) $ (3,112) Other comprehensive income before reclassifications, net of tax 66 22 — 88 Amounts reclassified from AOCI, net of tax 208 124 — 332 Other comprehensive income 274 146 — 420 Balance at December 31, 2023 $ (2,526) $ (165) $ (1) $ (2,692) Income tax expense included in other comprehensive income $ 90 $ 47 $ — $ 137 2022 Balance at December 31, 2021 $ (78) $ — $ (2) $ (80) Other comprehensive loss before reclassifications, net of tax (2,762) (332) 1 (3,093) Amounts reclassified from AOCI, net of tax 40 21 — 61 Other comprehensive income (loss) (2,722) (311) 1 (3,032) Balance at December 31, 2022 $ (2,800) $ (311) $ (1) $ (3,112) Income tax benefit included in other comprehensive loss $ (888) $ (101) $ — $ (989) (In millions) Amounts reclassified from AOCI 1 Affected line item AOCI components 2023 2022 2021 Net unrealized gains (losses) on investment securities $ (276) $ (53) $ — Securities gains (losses), net Less: Income tax expense (benefit) (68) (13) — $ (208) $ (40) $ — Net unrealized gains (losses) on derivative instruments $ (165) $ (27) $ 61 Interest and fees on loans; Interest on short- and long-term borrowings Less: Income tax expense (benefit) (41) (6) 15 $ (124) $ (21) $ 46 1 Positive reclassification amounts indicate increases to earnings on the statement of income. Deferred Compensation Deferred compensation consists of invested assets, including our common stock, which are held in rabbi trusts for certain employees and directors. The fair value of our common stock was approximately $19 million and $14 million at December 31, 2023 and 2022, respectively. We consolidate the rabbi trust assets and liabilities and include them in “Other assets” and “Other liabilities” on the consolidated balance sheet, respectively. At December 31, 2023 and 2022, associated trust assets totaled approximately $124 million and $114 million, and trust liabilities totaled approximately $143 million and $128 million, respectively. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
REGULATORY MATTERS | REGULATORY MATTERS We are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory — and possibly additional discretionary — actions by regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. At December 31, 2023 and 2022, we exceeded all capital adequacy requirements under the Basel III capital rules. Quantitative measures established by regulation to ensure capital adequacy require us to maintain minimum amounts and ratios of common equity Tier 1 (“CET1”) to risk-weighted assets, Tier 1 capital (as defined in the regulations), Total capital, and Tier 1 capital to average assets (Tier 1 leverage ratio). “Well-capitalized” levels are also published as a guideline to evaluate capital positions. At December 31, 2023 and 2022, all of our capital ratios exceeded the “well-capitalized” levels under the regulatory framework for prompt corrective action. Dividends declared by us may not exceed specified criteria unless otherwise approved by our regulators. When determining dividends, we consider current and historical earning levels, retained earnings, and risk-based and other regulatory capital requirements and limitations. Our internal stress tests seek to comprehensively measure all risks to which we are exposed, the losses that could result from those risk exposures under adverse scenarios, and our resulting capital levels. These stress tests have both a qualitative and a quantitative component. The qualitative component evaluates our risk identification processes, stress risk modeling, policies, capital planning, governance processes, and other components of a capital adequacy process. The quantitative process subjects our balance sheet and other risk characteristics to stress testing by using our own models. The following schedule presents our capital amounts and ratios and the minimum requirements to be well-capitalized under Basel III at December 31, 2023 and 2022: (Dollar amounts in millions) December 31, 2023 Minimum requirement to be “well-capitalized” Amount Ratio Amount Ratio Basel III Regulatory Capital Amounts and Ratios Common equity Tier 1 capital (to risk-weighted assets) $ 6,863 10.3 % $ 4,351 6.5 % Tier 1 capital (to risk-weighted assets) 7,303 10.9 5,355 8.0 Total capital (to risk-weighted assets) 8,553 12.8 6,693 10.0 Tier 1 leverage ratio 7,303 8.3 4,379 5.0 December 31, 2022 Minimum requirement to be “well-capitalized” (Dollar amounts in millions) Amount Ratio Amount Ratio Basel III Regulatory Capital Amounts and Ratios Common equity Tier 1 capital (to risk-weighted assets) $ 6,481 9.8 % $ 4,297 6.5 % Tier 1 capital (to risk-weighted assets) 6,921 10.5 5,289 8.0 Total capital (to risk-weighted assets) 8,077 12.2 6,611 10.0 Tier 1 leverage ratio 6,921 7.7 4,472 5.0 The Basel III capital rules require us to maintain certain minimum capital ratios, as well as a 2.5% “capital conservation buffer,” which is designed to absorb losses during periods of economic stress, composed entirely of CET1, and in excess of the minimum risk-based capital ratios. The following schedule presents the minimum capital ratios and capital conservation buffer requirements, compared with our capital ratios at December 31, 2023: December 31, 2023 Minimum capital requirement Capital conservation buffer Minimum capital ratio requirement with capital conservation buffer Current capital CET1 to risk-weighted assets 4.5 % 2.5 % 7.0 % 10.3 % Tier 1 capital (i.e., CET1 plus additional Tier 1 capital) to risk-weighted assets 6.0 2.5 8.5 10.9 Total capital (i.e., Tier 1 capital plus Tier 2 capital) to risk-weighted assets 8.0 2.5 10.5 12.8 Tier 1 capital to average consolidated assets (known as the “Tier 1 leverage ratio”) 4.0 N/A 4.0 8.3 Financial institutions with a ratio of CET1 to risk-weighted assets above the minimum but below the capital conservation buffer may face constraints on dividends, equity repurchases, and compensation based on the amount of the shortfall. Our internal triggers and limits under actual conditions and baseline projections are more restrictive than the capital conservation buffer requirements. |
Commitments, Guarantees, Contin
Commitments, Guarantees, Contingent Liabilities, and Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Guarantees, Commitments And Contingencies [Abstract] | |
COMMITMENTS, GUARANTEES, CONTINGENT LIABILITIES, AND RELATED PARTIES | COMMITMENTS, GUARANTEES, CONTINGENT LIABILITIES, AND RELATED PARTIES Commitments and Guarantees We use certain financial instruments, including derivative instruments, in the normal course of business to meet the financing needs of our customers, to reduce our own exposure to fluctuations in interest rates, and to make a market in U.S. government, agency, corporate, and municipal securities. These financial instruments involve, to varying degrees, elements of credit, liquidity, and interest rate risk in excess of the amounts presented on the consolidated balance sheet. See Notes 3 and 7 for more information on derivative instruments. The following schedule presents the contractual amounts related to off-balance sheet financial instruments used to meet the financing needs of our customers: December 31, (In millions) 2023 2022 Unfunded lending commitments 1 $ 28,940 $ 29,628 Standby letters of credit: Financial 548 667 Performance 206 184 Commercial letters of credit 22 11 Mortgage-backed security purchase agreements 2 66 23 Total unfunded commitments $ 29,782 $ 30,513 1 Net of participations. 2 Represents agreements with Farmer Mac to purchase securities backed by certain agricultural mortgage loans. Loan commitments are agreements to lend to a customer subject to specified conditions. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The amount of collateral obtained, if deemed necessary by us upon extension of credit, is based on our initial credit evaluation of the counterparty. Types of collateral vary, but may include accounts receivable, inventory, property, plant and equipment, and income-producing properties. While making loan commitments creates credit risk, a significant portion of such commitments is expected to expire without being drawn upon. At December 31, 2023, we had $8.0 billion of commitments scheduled to expire in 2024. We use the same credit policies and procedures in making loan commitments and conditional obligations as we do for on-balance sheet instruments. These policies and procedures include credit approvals, limits, and ongoing monitoring. We issue standby and commercial letters of credit as conditional commitments generally to guarantee the performance of a customer to a third party. The guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. Standby letters of credit include commitments of $754 million expiring in 2024. The credit risk involved in issuing letters of credit is equivalent to the risk involved in extending credit to customers. We generally hold marketable securities and cash equivalents as collateral. Certain mortgage loans sold have limited recourse provisions for periods ranging from three months to one year. The amount of losses resulting from the exercise of these provisions has not been significant. Legal Matters We are involved in various legal proceedings or governmental inquiries, 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 December 31, 2023, we were subject to the following material litigation: • Two civil cases, Lifescan Inc. and Johnson & Johnson Health Care Services v. Jeffrey C. 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 for the two cases has been scheduled for November 2024, but may be rescheduled to a later date. • 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 discovery phase and trial has been scheduled for October 2024. The parties are currently engaged in settlement discussions. 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 December 31, 2023, we estimated that the aggregate range of reasonably possible losses for those matters to be from zero to approximately $10 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 are usually 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. Related Party Transactions We have no material related party transactions requiring disclosure. In the ordinary course of business, we extend credit to related parties, including executive officers, directors, principal shareholders, and their associates and related interests. These related party loans are made in compliance with applicable banking regulations. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2023 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION We derive our revenue primarily from interest and fees on loans and interest income on securities, which combined represented approximately 81% of our total revenue (interest income plus noninterest income) in 2023. Noninterest income and revenue from contracts with customers is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We recognize the incremental cost of obtaining a contract as an expense, when incurred, if the amortization period of the asset that we would have recognized is one year or less. For performance obligations satisfied over time, if we have a right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date, we will generally recognize revenue in the amount to which we have a right to invoice. We do not generally disclose information about our remaining performance obligations for those performance obligations that have an original expected duration of one year or less, or where we recognize revenue in the amount to which we have a right to invoice. The following is a description of revenue from contracts with customers: Commercial Account Fees Commercial account fee income is comprised of account analysis fees, merchant fees, and payroll services income. Revenue is recognized as the services are rendered or upon completion of services. Card Fees Card fee income includes interchange fees from credit and debit cards, net fees earned from processing card transactions for merchants, and automated teller machine (“ATM”) services. Card fee income is recognized as earned. Reward program costs are recorded when the rewards are earned by the customer and as a reduction to interchange income. Retail and Business Banking Fees Retail and business banking fees typically consist of fees charged for providing customers with deposit services. These fees are primarily comprised of insufficient funds fees, noncustomer ATM charges, and other various fees on deposit accounts. Service charges on deposit accounts include fees earned in lieu of compensating balances, and fees earned for performing cash management services and other deposit account services. Service charges on deposit accounts are recognized over the period in which the related service is provided. Treasury management fees are billed monthly based on services rendered for the month. Capital Markets Fees Capital markets fees primarily consist of municipal advisory services, customer swap fees, loan syndication fees, and foreign exchange services provided to customers. Revenue is recognized as the services are rendered or upon completion of services. Wealth Management Fees Wealth management fees are primarily comprised of wealth management commissions, as well as other portfolio and advisory services. Revenue is recognized as the services are rendered or upon completion of services. Financial planning, fiduciary, and estate services typically have performance obligations that are greater than 12 months, although the amount of future performance obligations are not significant. Other Customer-related Fees Other customer-related fees generally consist of miscellaneous income sources, including fees associated with compliance and other support services to pharmacies and healthcare providers; corporate trust fees; other advisory and referral fees; and fees associated with claims and inventory management services for certain customers. Revenue is recognized as the services are rendered or upon completion of services. Disaggregation of Revenue The following schedule presents total net revenue by operating business segment: Zions Bank CB&T Amegy (In millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Commercial account fees $ 55 $ 53 $ 46 $ 32 $ 28 $ 25 $ 56 $ 46 $ 40 Card fees 52 55 58 21 20 17 31 33 29 Retail and business banking fees 19 22 22 11 12 12 14 16 15 Capital markets fees — — — — — — — — — Wealth management fees 23 22 21 4 4 5 17 15 13 Other customer-related fees 8 8 7 7 6 4 7 7 6 Total noninterest income from contracts with customers (ASC 606) 157 160 154 75 70 63 125 117 103 Other noninterest income (non-ASC 606 customer-related) 24 19 21 35 34 34 37 40 36 Total customer-related noninterest income 181 179 175 110 104 97 162 157 139 Other noncustomer-related noninterest income 11 5 10 6 4 5 22 1 2 Total noninterest income 192 184 185 116 108 102 184 158 141 Net interest income 696 741 633 598 595 536 453 513 462 Total net revenue $ 888 $ 925 $ 818 $ 714 $ 703 $ 638 $ 637 $ 671 $ 603 NBAZ NSB Vectra (In millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Commercial account fees $ 10 $ 9 $ 7 $ 12 $ 11 $ 9 $ 7 $ 8 $ 7 Card fees 15 15 11 16 15 12 9 9 6 Retail and business banking fees 8 9 9 10 10 10 4 4 4 Capital markets fees — — — — — — — — — Wealth management fees 3 3 3 5 5 4 1 1 2 Other customer-related fees 1 2 1 1 1 1 4 3 2 Total noninterest income from contracts with customers (ASC 606) 37 38 31 44 42 36 25 25 21 Other noninterest income (non-ASC 606 customer-related) 2 8 13 1 6 14 3 6 12 Total customer-related noninterest income 39 46 44 45 48 50 28 31 33 Other noncustomer-related noninterest income 1 2 2 — — — — — — Total noninterest income 40 48 46 45 48 50 28 31 33 Net interest income 260 241 204 191 183 146 150 153 136 Total net revenue $ 300 $ 289 $ 250 $ 236 $ 231 $ 196 $ 178 $ 184 $ 169 TCBW Other Consolidated Bank (In millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Commercial account fees $ 2 $ 2 $ 2 $ — $ 2 $ 1 $ 174 $ 159 $ 137 Card fees 2 2 1 — — 1 146 149 135 Retail and business banking fees — — — — — 1 66 73 73 Capital markets fees — — — 4 4 6 4 4 6 Wealth management fees 1 — — (1) 1 (2) 53 51 46 Other customer-related fees 1 1 1 31 31 30 60 59 52 Total noninterest income from contracts with customers (ASC 606) 6 5 4 34 38 37 503 495 449 Other noninterest income (non-ASC 606 customer-related) 1 2 2 14 4 (6) 117 119 126 Total customer-related noninterest income 7 7 6 48 42 31 620 614 575 Other noncustomer-related noninterest income — — — 17 6 109 57 18 128 Total noninterest income 7 7 6 65 48 140 677 632 703 Net interest income 60 63 53 30 31 38 2,438 2,520 2,208 Total net revenue $ 67 $ 70 $ 59 $ 95 $ 79 $ 178 $ 3,115 $ 3,152 $ 2,911 Revenue from contracts with customers did not generate significant contract assets and liabilities. Contract receivables are included in “Other assets” on the consolidated balance sheet. Payment terms vary by services offered, and the timing between completion of performance obligations and payment is generally not significant. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Retirement Plans | RETIREMENT PLANS Defined Benefit Plans Supplemental Retirement Plans — These unfunded, nonqualified plans are for certain current and former employees. Each year, our contributions to these plans are made in amounts sufficient to meet benefit payments to plan participants. Our liability for these plans totaled approximately $9 million and $10 million at December 31, 2023, and 2022, respectively. Post-retirement Plan — This unfunded health care and life insurance plan provides post-retirement benefits to certain former full-time employees who meet minimum age and service requirements. Our contribution toward the retiree medical premium has been permanently frozen at an amount that does not increase in any future year. Each year, our contributions to the plan are made in amounts sufficient to meet the portion of the premiums that are our responsibility. Our liability for this plan was less than $1 million at December 31, 2023 and 2022. The liability for supplemental retirement and post-retirement benefits is included in “Other liabilities” on the consolidated balance sheet. Defined Contribution Plan We offer a 401(k) and employee stock ownership plan under which employees select from several investment alternatives. Employees can contribute up to 80% of their earnings subject to the annual maximum allowed contribution. We match 100% of the first 3% of employee contributions and 50% of the next 3% of employee contributions. Matching contributions to participants totaled $35 million, $33 million, and $32 million in 2023 , 2022, and 2021, respectively. The 401(k) plan also has a noncontributory profit-sharing feature that is discretionary and may range from 0% to 3.5% of eligible compensation based upon our performance according to a formula approved annually by the Board. The profit-sharing expense was $16 million, $19 million, and $24 million in 2023 , 2022 , and 2021, respectively. The profit-sharing contribution to participants consisted of shares of our common stock purchased in the open market. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION We have a share-based compensation incentive plan that allows us to grant stock options, restricted stock, RSUs, and other awards to employees and nonemployee directors. Total shares authorized under the plan at December 31, 2023 were 4,300,000, of which 2,747,546 were available for future grants. All share-based payments to employees, including grants of employee stock options, are recorded as compensation expense based on their grant date values with consideration of service and performance vesting requirements. The value of an equity award is estimated on the grant date using a fair value model without regard to service or performance vesting conditions, but does consider post-vesting restrictions. We classify all share-based awards as equity instruments. Compensation expense is included in “Salaries and employee benefits” on the consolidated statement of income, and the corresponding equity effect is included in shareholders ’ equity. We account for forfeitures of share-based compensation awards as they occur. Substantially all share-based awards of stock options, restricted stock, and RSUs have graded vesting that is recognized on a straight-line basis over the vesting period. The following schedule presents compensation expense and the related tax benefit for all share-based awards: (In millions) 2023 2022 2021 Compensation expense $ 33 $ 30 $ 28 Reduction of income tax expense 9 11 11 At December 31, 2023, compensation expense not yet recognized for nonvested share-based awards was approximately $34 million, which is expected to be recognized over a weighted average period of 2.4 years. Stock Options Stock options granted to employees generally vest at the rate of one third each year and expire seven years after the date of grant. For all stock options granted in 2023, 2022, and 2021, we used the Black-Scholes option pricing model to estimate the grant date value of stock options in determining compensation expense. The following schedule summarizes the weighted average value at grant date and the significant assumptions used in applying the Black-Scholes model for options granted: 2023 2022 2021 Weighted average value for options granted $ 11.23 $ 15.16 $ 7.86 Weighted average assumptions used: Expected dividend yield 3.0 % 2.3 % 2.5 % Expected volatility 27.0 % 27.0 % 25.0 % Risk-free interest rate 4.00 % 1.98 % 0.47 % Expected life (in years) 4.5 5.0 5.0 The assumptions for expected dividend yield, expected volatility, and expected life reflect management’s judgment and include consideration of historical experience. Expected volatility is based in part on historical volatility. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The following schedule summarizes our stock option activity for the three years ended December 31, 2023: Number of shares Weighted average exercise price Balance at December 31, 2020 1,683,657 $ 38.26 Granted 345,636 48.65 Exercised (686,894) 31.08 Expired (7,910) 42.16 Forfeited (6,345) 48.04 Balance at December 31, 2021 1,328,144 44.60 Granted 201,932 73.02 Exercised (256,004) 36.79 Expired (8,912) 37.58 Forfeited (2,794) 57.75 Balance at December 31, 2022 1,262,366 50.75 Granted 291,005 52.90 Exercised (95,207) 29.67 Expired (27,948) 35.41 Forfeited (9,838) 57.07 Balance at December 31, 2023 1,420,378 52.83 Outstanding stock options exercisable as of: December 31, 2023 891,884 $ 50.36 December 31, 2022 729,411 46.02 December 31, 2021 693,883 41.54 We issue new authorized common shares for the exercise of stock options. The total intrinsic value of stock options exercised was approximately $2 million in 2023, $7 million in 2022, and $16 million in 2021. Cash received from the exercise of stock options was $2 million in 2023, $8 million in 2022, and $20 million in 2021. The following schedule presents additional selected information on stock options at December 31, 2023: Outstanding stock options Exercisable stock options Exercise price range Number of shares Weighted average exercise price Weighted average remaining contractual life (years) Number of shares Weighted average exercise price $4.15 to $19.99 5,223 $ 6.41 1 0 5,223 $ 6.41 $25.00 to $29.99 452 29.12 3.8 452 29.12 $40.00 to $44.99 73,077 44.18 0.2 73,077 44.18 $45.00 to $49.99 558,629 47.34 3.6 446,660 47.01 $50.00 to $59.99 587,155 52.78 3.8 301,194 52.67 $60.00 to $73.22 195,842 73.19 5.0 65,278 73.19 1,420,378 52.83 1 3.7 891,884 50.36 1 The weighted average remaining contractual life excludes 5,223 stock options without a fixed expiration date that were assumed with the Amegy acquisition. They expire between the date of termination and one year from the date of termination, depending upon certain circumstances. The aggregate intrinsic value of outstanding stock options at December 31, 2023 and 2022 was less than $1 million and $4 million, respectively, while the aggregate intrinsic value of exercisable options was less than $1 million and $3 million at the same respective dates. For exercisable options, the weighted average remaining contractual life was 2.7 years and 2.8 years at December 31, 2023 and 2022, respectively, excluding the stock options previously noted without a fixed expiration date. At December 31, 2023, 528,192 stock options with a weighted average exercise price of $57.01, and a weighted average remaining life of 5.4 years, were expected to vest according to their respective schedules with an aggregate intrinsic value of $0. Restricted Stock and Restricted Stock Units Restricted stock is common stock with certain restrictions that relate to trading and the possibility of forfeiture. Generally, restricted stock vests over four years. Holders of restricted stock have full voting rights and receive dividend equivalents during the vesting period. In addition, holders of restricted stock can make an election to be subject to income tax on the grant date rather than the vesting date. RSUs represent rights to one share of common stock for each unit and generally vest over four years. Holders of RSUs receive dividend equivalents during the vesting period, but do not have voting rights. Compensation expense is determined based on the number of restricted shares or RSUs granted and the market price of our common stock at the issue date. During 2023, 2022, and 2021, we granted 39,771, 16,722, and 16,938 RSUs, respectively, to nonemployee directors. The RSUs vested immediately upon grant. The following schedule summarizes our restricted stock activity for the three years ended December 31, 2023: Number of shares Weighted average fair value Nonvested restricted shares at December 31, 2020 57,396 $ 44.20 Issued 26,083 39.16 Vested (18,663) 43.89 Nonvested restricted shares at December 31, 2021 64,816 42.26 Issued 21,038 60.21 Vested (25,105) 42.66 Nonvested restricted shares at December 31, 2022 60,749 48.31 Issued — — Vested (24,978) 46.31 Nonvested restricted shares at December 31, 2023 35,771 49.71 The following schedule summarizes our RSU activity for the three years ended December 31, 2023: Number of restricted stock units Weighted average fair value Restricted stock units at December 31, 2020 1,242,321 $ 46.31 Granted 578,056 47.02 Vested (505,690) 46.51 Forfeited (40,604) 47.97 Restricted stock units at December 31, 2021 1,274,083 46.49 Granted 433,674 68.07 Vested (504,358) 47.83 Forfeited (34,306) 56.58 Restricted stock units at December 31, 2022 1,169,093 53.62 Granted 727,019 48.85 Vested (522,163) 48.71 Forfeited (44,004) 56.19 Restricted stock units at December 31, 2023 1,329,945 52.88 The total value at grant date of restricted stock and RSUs vested during the year was $27 million in 2023, $25 million in 2022, and $24 million in 2021. At December 31, 2023, 35,771 shares of restricted stock and 881,923 RSUs were expected to vest according to their respective schedules with an aggregate intrinsic value of $2 million and $39 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The following schedule presents the major components of our income tax expense: (In millions) 2023 2022 2021 Federal: Current $ 168 $ 236 $ 230 Deferred — (38) 27 Total Federal 168 198 257 State: Current 47 52 55 Deferred (9) (5) 5 Total State 38 47 60 Total income tax expense $ 206 $ 245 $ 317 The following schedule presents a reconciliation of income tax expense computed at the statutory federal income tax rate of 21% and the actual income tax expense: (In millions) 2023 2022 2021 Income tax expense at statutory federal rate $ 186 $ 242 $ 304 State income taxes including credits, net 31 38 48 Other nondeductible expenses 29 13 8 Nontaxable income (41) (40) (36) Share-based compensation (1) (4) (3) Other 2 (4) (4) Total income tax expense $ 206 $ 245 $ 317 The net DTA or DTL is included in either “Other assets” or “Other liabilities” on the consolidated balance sheet. The following schedule presents the tax effects of temporary differences that give rise to significant portions of DTAs and DTLs: (In millions) December 31, 2023 2022 Gross deferred tax assets: Book loan loss deduction in excess of tax $ 181 $ 157 Deferred compensation 81 83 Security investments and derivative fair value adjustments 879 1,011 Lease liabilities 50 49 Capitalized costs 37 82 Other 48 29 Total deferred tax assets before valuation allowance 1,276 1,411 Valuation allowance — — Total deferred tax assets 1,276 1,411 Gross deferred tax liabilities: Premises and equipment, due to differences in depreciation (101) (99) Federal Home Loan Bank stock dividends (3) (2) Leasing operations (49) (49) Prepaid expenses (5) (5) Prepaid pension reserves — (3) Mortgage servicing (5) (12) Deferred loan costs (34) (34) ROU assets (43) (44) Qualified opportunity fund deferred gains (27) (26) Equity investments (10) (9) Total deferred tax liabilities (277) (283) Net deferred tax assets (liabilities) $ 999 $ 1,128 We have certain fixed-rate AFS securities whose fair value has declined due to increases in benchmark interest rates, resulting in unrealized losses in the AFS portfolio and a corresponding DTA. The sale of these securities could result in significant realized losses, which would require future earnings to utilize the deferred tax assets. We have the ability and intent to hold these securities to recovery. 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 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 December 31, 2023 and December 31, 2022. At December 31, 2023, the tax effect of remaining net operating loss and tax credit carryforwards was less than $1 million, expiring through 2039. We have a liability for unrecognized tax benefits relating to uncertain tax positions for tax credits on technology initiatives. The following schedule presents a roll-forward of gross unrecognized tax benefits: (In millions) 2023 2022 2021 Balance at beginning of year $ 13 $ 14 $ 11 Tax positions related to current year: Additions 2 2 2 Tax positions related to prior years: Additions 10 — 1 Reductions — (1) — Settlements with taxing authorities (3) — — Lapses in statutes of limitations (7) (2) — Balance at end of year $ 15 $ 13 $ 14 At December 31, 2023 and 2022, the liability for unrecognized tax benefits included approximately $13 million and $12 million (net of the federal tax benefit on state taxes) that, if recognized, would affect the effective tax rate. The amount of gross unrecognized tax benefits related to tax credits on technology initiatives that may increase or decrease during the 12 months subsequent to December 31, 2023 is dependent on the timing and outcome of various ongoing federal and state examinations. For tax years not currently under examination, the gross unrecognized tax benefits on technology initiatives may decrease by approximately $8 million. Interest and penalties related to unrecognized tax benefits are included in “Income tax expense” on the statement of income. At December 31, 2023 and 2022, accrued interest and penalties included in “Other liabilities” on the consolidated balance sheet, net of any federal and state tax benefits, totaled approximately $2 million and $1 million, respectively. We file income tax returns in U.S. federal and various state jurisdictions, and we are no longer subject to income tax examinations for years prior to 2013 for federal and certain state returns. |
Net Earnings Per Common Share
Net Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
NET EARNINGS PER COMMON SHARE | NET EARNINGS PER COMMON SHARE The following schedule summarizes the basic and diluted net earnings per common share based on the weighted average outstanding shares: (In millions, except shares and per share amounts) 2023 2022 2021 Basic: Net income $ 680 $ 907 $ 1,129 Less common and preferred dividends 277 269 261 Less impact from redemption of preferred stock — — 3 Undistributed earnings 403 638 865 Less undistributed earnings applicable to nonvested shares 4 5 7 Undistributed earnings applicable to common shares 399 633 858 Distributed earnings applicable to common shares 243 237 230 Total earnings applicable to common shares $ 642 $ 870 $ 1,088 Weighted average common shares outstanding (in thousands) 147,748 150,064 159,913 Net earnings per common share $ 4.35 $ 5.80 $ 6.80 Diluted: Total earnings applicable to common shares $ 642 $ 870 $ 1,088 Weighted average common shares outstanding (in thousands) 147,748 150,064 159,913 Dilutive effect of stock options (in thousands) 8 207 321 Weighted average diluted common shares outstanding (in thousands) 147,756 150,271 160,234 Net earnings per common share $ 4.35 $ 5.79 $ 6.79 The following schedule presents the weighted average stock awards that were anti-dilutive and not included in the calculation of diluted earnings per share: (In thousands) 2023 2022 2021 Restricted stock and restricted stock units $ 1,383 $ 1,265 $ 1,374 Stock options 1,409 178 74 |
Operating Segment Information
Operating Segment Information | 12 Months Ended |
Dec. 31, 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, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington. These affiliate banks comprise our primary business segments. Performance assessment and resource allocation are based upon this geographic structure. 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 December 31, 2023, Zions Bank operated 95 branches in Utah, 25 branches in Idaho, and one branch in Wyoming. CB&T operated 75 branches in California. Amegy operated 75 branches in Texas. NBAZ operated 56 branches in Arizona. NSB operated 43 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. In July 2022, NSB completed the purchase of three Northern Nevada City National Bank branches and their associated deposit, credit card, and loan accounts. We acquired approximately $430 million in deposits and $95 million in commercial and consumer loans at the time of the purchase. 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: (In millions) Zions Bank CB&T Amegy 2023 2022 2021 2023 2022 2021 2023 2022 2021 SELECTED INCOME STATEMENT DATA Net interest income $ 696 $ 741 $ 633 $ 598 $ 595 $ 536 $ 453 $ 513 $ 462 Provision for credit losses 20 43 (26) 44 49 (78) 15 5 (96) Net interest income after provision for credit losses 676 698 659 554 546 614 438 508 558 Noninterest income 192 184 185 116 108 102 184 158 141 Noninterest expense 557 495 464 388 340 311 404 355 337 Income (loss) before income taxes $ 311 $ 387 $ 380 $ 282 $ 314 $ 405 $ 218 $ 311 $ 362 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 14,298 $ 13,277 $ 13,198 $ 14,128 $ 13,129 $ 12,892 $ 12,851 $ 12,110 $ 12,189 Total average deposits 20,233 24,317 23,588 14,253 16,160 15,796 13,569 15,735 15,496 (In millions) NBAZ NSB Vectra 2023 2022 2021 2023 2022 2021 2023 2022 2021 SELECTED INCOME STATEMENT DATA Net interest income $ 260 $ 241 $ 204 $ 191 $ 183 $ 146 $ 150 $ 153 $ 136 Provision for credit losses 4 11 (27) 42 4 (35) 7 9 (12) Net interest income after provision for credit losses 256 230 231 149 179 181 143 144 148 Noninterest income 40 48 46 45 48 50 28 31 33 Noninterest expense 189 167 151 171 151 142 137 120 114 Income (loss) before income taxes $ 107 $ 111 $ 126 $ 23 $ 76 $ 89 $ 34 $ 55 $ 67 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 5,318 $ 4,911 $ 4,849 $ 3,392 $ 2,987 $ 3,015 $ 4,004 $ 3,632 $ 3,414 Total average deposits 7,008 8,035 7,288 6,964 7,436 6,691 3,482 4,109 4,386 (In millions) TCBW Other Consolidated Bank 2023 2022 2021 2023 2022 2021 2023 2022 2021 SELECTED INCOME STATEMENT DATA Net interest income $ 60 $ 63 $ 53 $ 30 $ 31 $ 38 $ 2,438 $ 2,520 $ 2,208 Provision for credit losses 2 1 (3) (2) — 1 132 122 (276) Net interest income after provision for credit losses 58 62 56 32 31 37 2,306 2,398 2,484 Noninterest income 7 7 6 65 48 140 677 632 703 Noninterest expense 27 24 21 224 226 201 2,097 1,878 1,741 Income (loss) before income taxes $ 38 $ 45 $ 41 $ (127) $ (147) $ (24) $ 886 $ 1,152 $ 1,446 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 1,705 $ 1,630 $ 1,569 $ 1,044 $ 922 $ 857 $ 56,740 $ 52,598 $ 51,983 Total average deposits 1,196 1,571 1,537 6,161 1,166 1,475 72,866 78,529 76,257 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following schedule presents quarterly financial information for 2023 and 2022: (In millions, except per share amounts) Fourth Quarter Third Quarter Second Quarter First Quarter 2023 Total interest income $ 1,040 $ 1,010 $ 977 $ 920 Net interest income 583 585 591 679 Provision for credit losses — 41 46 45 Noninterest income 148 180 189 160 Noninterest expense 581 496 508 512 Income before income taxes 150 228 226 282 Net income 126 175 175 204 Preferred stock dividends 10 7 9 6 Net earnings applicable to common shareholders 116 168 166 198 Net earnings per common share: Basic 0.78 1.13 1.11 1.33 Diluted 0.78 1.13 1.11 1.33 2022 Total interest income $ 835 $ 707 $ 608 $ 555 Net interest income 720 663 593 544 Provision for credit losses 43 71 41 (33) Noninterest income 153 165 172 142 Noninterest expense 471 479 464 464 Income before income taxes 359 278 260 255 Net income 284 217 203 203 Preferred stock dividends 7 6 8 8 Net earnings applicable to common shareholders 277 211 195 195 Net earnings per common share: Basic 1.84 1.40 1.29 1.27 Diluted 1.84 1.40 1.29 1.27 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||||||||||
Net Income (Loss) Attributable to Parent | $ 126 | $ 175 | $ 175 | $ 204 | $ 284 | $ 217 | $ 203 | $ 203 | $ 680 | $ 907 | $ 1,129 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation and Principles of Consolidation | Basis of Financial Statement Presentation and Principles of Consolidation The consolidated financial statements include our accounts and those of our majority-owned, consolidated subsidiaries. Unconsolidated investments where we have the ability to exercise significant influence over the operating and financial policies of the respective investee are accounted for using the equity method of accounting. All intercompany accounts and transactions have been eliminated in consolidation. Assets held in an agency or fiduciary capacity are not included in the consolidated financial statements. The consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and prevailing practices within the financial services industry. References to GAAP, including standards promulgated by the Financial Accounting Standards Board (“FASB”), are made according to sections of the Accounting Standards Codification (“ASC”). 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. |
Subsequent Events | Subsequent Events We evaluated events that occurred between December 31, 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. |
Variable Interest Entities | Variable Interest Entities |
Statement of Cash Flows | Statement of Cash Flows For purposes of presentation on the consolidated statements of cash flows, “cash and cash equivalents” are defined as those amounts included in “Cash and due from banks” on the consolidated balance sheets. |
Fair Value Estimates | Fair Value Estimates We measure many of our assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. To increase consistency and comparability in fair value measurements, we prioritize valuation inputs in accordance with a three-level hierarchy. We prioritize quoted prices in active markets and minimize reliance on unobservable inputs when possible. When observable market prices are not available, fair value is estimated using modeling techniques requiring professional judgment to estimate the appropriate fair value. We believe we use assumptions that market participants would consider in pricing the asset or the liability. Changes in market conditions may reduce the availability of quoted prices or observable data. See Note 3 for further information regarding the use of fair value estimates. Fair Value Measurement 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. To measure fair value, a hierarchy has been established that prioritizes the use of observable inputs over unobservable inputs. This hierarchy uses the following three levels of inputs to measure the fair value of assets and liabilities: • Level 1 — Quoted prices in active markets for identical assets or liabilities that we have the ability to access; • Level 2 — Observable inputs other than Level 1, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in less active markets, observable inputs other than quoted prices that are used in the valuation of an asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and • Level 3 — Unobservable inputs supported by little or no market activity for financial instruments whose value is determined by pricing models, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Market activity is presumed to be orderly in the absence of evidence of forced or disorderly sales. Applicable accounting guidance precludes the use of blockage factors or liquidity adjustments due to the quantity of securities held by an entity. We measure certain assets and liabilities at fair value on a recurring basis when fair value is the primary measure for accounting. Fair value is used on a nonrecurring basis to measure certain assets, such as the application of lower of cost or fair value accounting and the recognition of impairment on assets. Fair value is also used when providing required disclosures for certain financial instruments. Fair Value Policies and Procedures We have various policies, processes, and controls in place to ensure that fair values are reasonably developed, reviewed, and approved for use. Our Securities Valuation Committee, comprised of executive management, reviews and approves on a quarterly basis the key components of fair value measurements, including critical valuation assumptions for Level 3 measurements. Our Model Risk Management Group conducts model validations, including internal models, and sets policies and procedures for revalidation, including the timing of revalidation. Third-party Service Providers We use a third-party pricing service to measure fair value for substantially all of our Level 2 AFS securities. Fair value measurements for other Level 2 AFS securities generally use inputs corroborated by market data and include standard discounted cash flow analyses. For Level 2 securities, the third-party pricing service provides documentation on an ongoing basis that presents market data, including detailed pricing information and market reference data. The documentation includes benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data, including information from the vendor trading platform. We review, test, and validate this information on a regular basis. The following describes the hierarchy designations, valuation methodologies and key inputs to measure fair value on a recurring basis for designated financial instruments: Available-for-Sale • U.S. Treasury, Agencies and Corporations — U.S. Treasury securities measured using quoted market prices are classified in Level 1. U.S. agency and corporate securities measured using observable market inputs are classified in Level 2. • Municipal Securities — Municipal securities are measured using observable market inputs and are classified in Level 2. • Other Debt Securities — Other debt securities are measured using quoted prices for similar securities and are classified in Level 2. Trading Trading securities are measured using observable market inputs and are classified in Level 1 and Level 2. Bank-owned Life Insurance BOLI is measured according to the CSV of the insurance policies. Nearly all policies are general account policies with CSVs based on our claims on the assets of the insurance companies. The insurance companies’ investments include predominantly fixed-income securities consisting of investment-grade corporate bonds and various types of mortgage instruments. Management regularly reviews its BOLI investment performance, including concentrations among insurance providers and classifies BOLI balances in Level 2. Private Equity Investments PEIs measured at fair value on a recurring basis are generally classified in Level 3 because related measurements include unobservable inputs. Key assumptions and considerations include current and projected financial performance, recent financing activities, economic and market conditions, market comparable companies, market liquidity, and other factors. The majority of these PEIs are held in our Small Business Investment Company (“SBIC”) and are early-stage venture investments. These investments are reviewed at least quarterly by the Securities Valuation Committee and whenever a new round of financing occurs. Some of these investments may be measured using multiples of operating performance. The Equity Investments Committee reviews periodic financial information for these investments, including audited financial statements when available. On occasion, PEIs may become publicly traded and are measured in Level 1. Certain restrictions may apply for the redemption of these investments. Agriculture Loan Servicing We service agriculture loans approved and funded by Federal Agricultural Mortgage Corporation (“FAMC”), and provide this servicing under an agreement with FAMC for the loans it owns. The servicing assets are measured at fair value, which represents our projection of the present value of net future cash flows. Because related measurements include unobservable inputs, these assets are classified in Level 3. Loans held for sale We have elected the fair value option for certain commercial real estate loans that are intended for sale to a third-party conduit for securitization. These loans are measured at fair value using observable market prices for mortgage-backed securities with similar collateral. The value of the loans incorporates adjustments for differences between the securities and the value of the underlying loans due to credit quality, portfolio composition, and liquidity. Valuations of loans measured at fair value are generally classified in Level 2 in the fair value hierarchy because their pricing is largely based on observable market inputs. Deferred Compensation Plan Assets Invested assets in the deferred compensation plan consist of shares of registered investment companies. These mutual funds are valued using quoted market prices, which represents the net asset value (“NAV”) of shares held by the plan at the end of the period. As such, these assets are classified in Level 1. Derivatives Exchange-traded derivatives, including foreign currency exchange contracts, are generally classified in Level 1 because they are traded in active markets. Over-the-counter derivatives, consisting primarily of interest rate swaps and options, are generally classified in Level 2 as the related fair values are obtained from third-party services that utilize observable market inputs. Observable market inputs include yield curves, foreign exchange rates, commodity prices, option volatility, counterparty credit risk, and other related data. Valuations include credit valuation adjustments (“CVAs”) to reflect nonperformance risk for both us and our counterparties. CVAs are determined generally by applying a credit spread to the total expected exposure (net of any collateral) of the derivative. Securities Sold, Not Yet Purchased Securities sold, not yet purchased, are included in “Federal funds and other short-term borrowings” on the consolidated balance sheet, and are measured using quoted market prices and are generally classified in Level 1. If market prices for identical securities are not available, quoted prices for similar securities are used with the related balances classified in Level 2. |
Securities Purchased Under Agreements to Resell | Securities Purchased Under Agreements to Resell |
Investment Securities | Investment Securities We classify our investment securities according to their purpose and holding period. Gains or losses on the sale of securities are recognized using the specific identification method and recorded in noninterest income. Held-to-maturity (“HTM”) debt securities are carried at amortized cost with purchase discounts or premiums accreted or amortized into interest income over the contractual life of the security. We have the intent and ability to hold such securities until maturity. For HTM securities, the allowance for credit losses (“ACL”) is assessed consistent with the approach described in Note 6 for loans carried at amortized cost. Available-for-sale (“AFS”) securities are measured at fair value and generally consist of debt securities held for investment. Unrealized gains and losses of AFS securities, after applicable taxes, are recorded as a component of other comprehensive income (“OCI”). AFS securities in an unrealized loss position are formally reviewed on a quarterly basis for the presence of credit impairment. If we have the intent to sell an identified security, or it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, we write the amortized cost down to the security’s fair value at the reporting date through earnings. If we have the intent and ability to hold the securities, they are analyzed to determine whether any impairment was attributable to credit-related factors. If a credit impairment is determined to exist, then we measure the amount of credit loss and recognize an allowance for the credit loss. In measuring the credit loss, we generally compare the present value of cash flows expected to be collected from the security to the amortized cost basis of the security. These cash flows are credit adjusted using, among other things, assumptions for default probability and loss severity. Certain other inputs, such as prepayment rate assumptions, are also utilized. In addition, certain internal models may be utilized. To determine the credit-related portion of impairment, we use the security-specific effective interest rate when estimating the present value of cash flows. If the present value of cash flows is less than the amortized cost basis of the security, then this amount is recorded as an allowance for credit loss, limited to the amount that the fair value is less than the amortized cost basis (i.e., the credit impairment cannot result in the security being carried at an amount lower than its fair value). The process, methodology, and factors considered to evaluate securities for impairment are described further in Note 5. See also Note 3 for further information regarding the measurement of our investment securities at fair value. 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 either a premium or discount to the amortized cost basis of the HTM securities. The amortization of unrealized losses reported in accumulated other comprehensive income (“AOCI”) will offset the effect of the amortization of the premium or discount in interest income that is created by the transfer. Investment Securities Investment securities are classified as HTM, AFS, or trading. HTM securities, which management has the intent and ability to hold until maturity, are carried at amortized cost. 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. AFS securities are carried 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. |
Leases | Leases |
Loans | Loans Loans are reported at their amortized cost basis, which includes the principal amount outstanding, net of unamortized purchase premiums, discounts, and deferred loan fees and costs, which are amortized into interest income over the life of the loan using the interest method. At the time of origination, we generally determine whether loans are held for investment or held for sale. We may subsequently change our intent for a loan or group of loans and reclassify them accordingly. Loans held for sale are carried at the lower of aggregate cost or fair value. A valuation allowance is recorded when cost exceeds fair value based on reviews at the time of reclassification and periodically thereafter. Associated gains and losses are calculated based on the difference between sales proceeds and carrying value, and are included in “Loan-related fees and income” on the consolidated statement of income. We evaluate loans throughout their lives for indications of credit deterioration, which may impact the loan status, risk-grading, and potentially impact the accounting for that loan. Loan status categories include past due as to contractual payments, accruing or nonaccruing, and modified or restructured, including troubled debt restructurings (“TDRs”), which were no longer identified after the adoption of Accounting Standards Update (“ASU”) 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , beginning January 1, 2023 as discussed in Note 2. Our accounting policies for loans and our estimation of the related ACL are described further in Note 6. In the ordinary course of business, we may syndicate portions of loans or transfer portions of loans under participation agreements to manage credit risk and our portfolio concentration. We evaluate the loan participations to determine if they meet the appropriate accounting guidance to qualify as sales. Certain purchased loans require separate accounting procedures that are also described in Note 6. We elect the fair value option for certain commercial real estate (“CRE”) loans that are intended for sale or securitization and are hedged with derivative instruments, as described further in Note 3. Allowance for Credit Losses The 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. The ACL for debt securities is estimated separately from loans. See Note 6 for further discussion of our estimation process for the ACL. |
Other Noninterest-bearing Investments | Other Noninterest-bearing Investments These investments include private equity investments (“PEIs”), venture capital securities, securities acquired for various debt and regulatory requirements, bank-owned life insurance (“BOLI”), and certain other noninterest-bearing investments. See further discussion in Note 3. Certain PEIs and venture capital securities are accounted for under the equity method when we are able to exercise significant influence over the operating and financial policies of the investee. Equity investments in PEIs that do not give us significant influence are reported at fair value, unless there is not a readily determinable fair value. We have elected to measure PEIs without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer, referred to as the “measurement alternative.” Periodic reviews are conducted for impairment by comparing carrying values with estimates of fair value. Changes in fair value, impairment losses, and gains and losses from sales are included in “Securities gains (losses), net” on the consolidated statement of income. BOLI is accounted for at fair value based on the cash surrender values (“CSVs”) of the general account insurance policies. |
Premises, Equipment, and Software | Premises, Equipment, and Software Premises, equipment, and software are reported at cost, net of accumulated depreciation and amortization. Depreciation, computed primarily on the straight-line method, is charged to operations over the estimated useful lives of the properties, generally 25 to 40 years for buildings, three three to 10 years for software, including capitalized costs related to our technology initiatives. Leasehold improvements are amortized over the terms of the respective leases (including any extension options that are reasonably certain to be exercised) or the estimated useful lives of the improvements, whichever is shorter. Premises, equipment, and software are evaluated for impairment on a periodic basis. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill is recorded at fair value at the time of its acquisition and is subsequently evaluated for impairment annually, or more frequently if conditions warrant. |
Business Combinations | Business Combinations Business combinations are accounted for under the acquisition method of accounting. Upon initially obtaining control, we recognize 100% of all acquired assets and all assumed liabilities, regardless of the percentage owned. The assets and liabilities are recorded at their estimated fair values, with goodwill being recorded when such fair values are less than the cost of acquisition. Certain transaction and restructuring costs are expensed as incurred. Changes to estimated fair values from a business combination are recognized as an adjustment to goodwill over the measurement period, which cannot exceed one year from the acquisition date. Results of operations of acquired businesses are included on our statement of income from the date of acquisition. |
Other Real Estate Owned | Other Real Estate Owned Other real estate owned (“OREO”) consists primarily of commercial and residential real estate acquired in partial or total satisfaction of loan obligations. Amounts are recorded initially at fair value (less estimated selling costs) based on recent property appraisals at the time of transfer and subsequently at the lower of cost or fair value (less estimated selling costs). |
Derivative Instruments | Derivative Instruments We use derivative instruments such as swaps and purchased and sold options as an important tool in managing our asset and liability sensitivities to remain within our stated interest rate risk thresholds. Their use allows us to adjust and align our mix of fixed- and floating-rate assets and liabilities to manage interest income and expense volatility, the duration of our assets and liabilities, and other metrics, such as the economic value of equity, by synthetically converting variable-rate assets to fixed-rate, or synthetically converting variable-rate assets and liabilities to fixed rate, or synthetically converting fixed-rate assets and funding instruments to floating rates. We also execute both interest rate and short-term foreign currency derivative instruments with our commercial banking customers to facilitate their risk management objectives. These derivatives are hedged by entering into offsetting derivatives with third parties such that we minimize our net risk exposure as a result of such transactions. We record all derivatives at fair value, and they are included in “Other assets” or “Other liabilities” on the consolidated balance sheet. |
Derivatives Designated in Qualifying Hedging Relationships | Derivatives Designated in Qualifying Hedging Relationships |
Commitments and Letters of Credit | Commitments and Letters of Credit In the ordinary course of business, we enter into loan commitments, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they are funded. The credit risk associated with these commitments is evaluated in a manner similar to the ALLL. The RULC is presented separately on the consolidated balance sheet. |
Revenue Recognition | Revenue Recognition |
Share-based Compensation | Share-based Compensation |
Income Taxes | Income Taxes |
Net Earnings Per Common Share | Net Earnings Per Common Share |
Fair Value Measurement | Fair Value Estimates We measure many of our assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. To increase consistency and comparability in fair value measurements, we prioritize valuation inputs in accordance with a three-level hierarchy. We prioritize quoted prices in active markets and minimize reliance on unobservable inputs when possible. When observable market prices are not available, fair value is estimated using modeling techniques requiring professional judgment to estimate the appropriate fair value. We believe we use assumptions that market participants would consider in pricing the asset or the liability. Changes in market conditions may reduce the availability of quoted prices or observable data. See Note 3 for further information regarding the use of fair value estimates. Fair Value Measurement 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. To measure fair value, a hierarchy has been established that prioritizes the use of observable inputs over unobservable inputs. This hierarchy uses the following three levels of inputs to measure the fair value of assets and liabilities: • Level 1 — Quoted prices in active markets for identical assets or liabilities that we have the ability to access; • Level 2 — Observable inputs other than Level 1, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in less active markets, observable inputs other than quoted prices that are used in the valuation of an asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and • Level 3 — Unobservable inputs supported by little or no market activity for financial instruments whose value is determined by pricing models, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Market activity is presumed to be orderly in the absence of evidence of forced or disorderly sales. Applicable accounting guidance precludes the use of blockage factors or liquidity adjustments due to the quantity of securities held by an entity. We measure certain assets and liabilities at fair value on a recurring basis when fair value is the primary measure for accounting. Fair value is used on a nonrecurring basis to measure certain assets, such as the application of lower of cost or fair value accounting and the recognition of impairment on assets. Fair value is also used when providing required disclosures for certain financial instruments. Fair Value Policies and Procedures We have various policies, processes, and controls in place to ensure that fair values are reasonably developed, reviewed, and approved for use. Our Securities Valuation Committee, comprised of executive management, reviews and approves on a quarterly basis the key components of fair value measurements, including critical valuation assumptions for Level 3 measurements. Our Model Risk Management Group conducts model validations, including internal models, and sets policies and procedures for revalidation, including the timing of revalidation. Third-party Service Providers We use a third-party pricing service to measure fair value for substantially all of our Level 2 AFS securities. Fair value measurements for other Level 2 AFS securities generally use inputs corroborated by market data and include standard discounted cash flow analyses. For Level 2 securities, the third-party pricing service provides documentation on an ongoing basis that presents market data, including detailed pricing information and market reference data. The documentation includes benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data, including information from the vendor trading platform. We review, test, and validate this information on a regular basis. The following describes the hierarchy designations, valuation methodologies and key inputs to measure fair value on a recurring basis for designated financial instruments: Available-for-Sale • U.S. Treasury, Agencies and Corporations — U.S. Treasury securities measured using quoted market prices are classified in Level 1. U.S. agency and corporate securities measured using observable market inputs are classified in Level 2. • Municipal Securities — Municipal securities are measured using observable market inputs and are classified in Level 2. • Other Debt Securities — Other debt securities are measured using quoted prices for similar securities and are classified in Level 2. Trading Trading securities are measured using observable market inputs and are classified in Level 1 and Level 2. Bank-owned Life Insurance BOLI is measured according to the CSV of the insurance policies. Nearly all policies are general account policies with CSVs based on our claims on the assets of the insurance companies. The insurance companies’ investments include predominantly fixed-income securities consisting of investment-grade corporate bonds and various types of mortgage instruments. Management regularly reviews its BOLI investment performance, including concentrations among insurance providers and classifies BOLI balances in Level 2. Private Equity Investments PEIs measured at fair value on a recurring basis are generally classified in Level 3 because related measurements include unobservable inputs. Key assumptions and considerations include current and projected financial performance, recent financing activities, economic and market conditions, market comparable companies, market liquidity, and other factors. The majority of these PEIs are held in our Small Business Investment Company (“SBIC”) and are early-stage venture investments. These investments are reviewed at least quarterly by the Securities Valuation Committee and whenever a new round of financing occurs. Some of these investments may be measured using multiples of operating performance. The Equity Investments Committee reviews periodic financial information for these investments, including audited financial statements when available. On occasion, PEIs may become publicly traded and are measured in Level 1. Certain restrictions may apply for the redemption of these investments. Agriculture Loan Servicing We service agriculture loans approved and funded by Federal Agricultural Mortgage Corporation (“FAMC”), and provide this servicing under an agreement with FAMC for the loans it owns. The servicing assets are measured at fair value, which represents our projection of the present value of net future cash flows. Because related measurements include unobservable inputs, these assets are classified in Level 3. Loans held for sale We have elected the fair value option for certain commercial real estate loans that are intended for sale to a third-party conduit for securitization. These loans are measured at fair value using observable market prices for mortgage-backed securities with similar collateral. The value of the loans incorporates adjustments for differences between the securities and the value of the underlying loans due to credit quality, portfolio composition, and liquidity. Valuations of loans measured at fair value are generally classified in Level 2 in the fair value hierarchy because their pricing is largely based on observable market inputs. Deferred Compensation Plan Assets Invested assets in the deferred compensation plan consist of shares of registered investment companies. These mutual funds are valued using quoted market prices, which represents the net asset value (“NAV”) of shares held by the plan at the end of the period. As such, these assets are classified in Level 1. Derivatives Exchange-traded derivatives, including foreign currency exchange contracts, are generally classified in Level 1 because they are traded in active markets. Over-the-counter derivatives, consisting primarily of interest rate swaps and options, are generally classified in Level 2 as the related fair values are obtained from third-party services that utilize observable market inputs. Observable market inputs include yield curves, foreign exchange rates, commodity prices, option volatility, counterparty credit risk, and other related data. Valuations include credit valuation adjustments (“CVAs”) to reflect nonperformance risk for both us and our counterparties. CVAs are determined generally by applying a credit spread to the total expected exposure (net of any collateral) of the derivative. Securities Sold, Not Yet Purchased Securities sold, not yet purchased, are included in “Federal funds and other short-term borrowings” on the consolidated balance sheet, and are measured using quoted market prices and are generally classified in Level 1. If market prices for identical securities are not available, quoted prices for similar securities are used with the related balances classified in Level 2. |
Investment Securities, Impairment | Ongoing Policy On a quarterly basis, we review our investment securities portfolio for the presence of impairment on an individual security basis. For AFS securities, when the fair value of a debt security is less than its amortized cost basis at the balance sheet date, we assess for the presence of credit impairment. When determining if the fair value of an investment is less than the amortized cost basis, we have elected to exclude accrued interest from the amortized cost basis of the investment. If we have the intent to sell an identified security, or if it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, we write the amortized cost down to the security’s fair value at the reporting date through earnings. If we have the intent and ability to hold the securities, we determine whether there is any impairment attributable to credit-related factors. We analyze certain factors, primarily internal and external credit ratings, to determine if the decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. If a credit impairment is determined to exist, then we measure the amount of credit loss and recognize an allowance for the credit loss. In measuring the credit loss, we generally compare the present value of cash flows expected to be collected from the security to the amortized cost basis of the security. These cash flows are credit adjusted using, among other things, assumptions for default probability and loss severity. Certain other inputs, such as prepayment rate assumptions, are also utilized. In addition, certain internal models may be utilized. To determine the credit-related portion of impairment, we use the security-specific effective interest rate when estimating the present value of cash flows. If the present value of cash flows is less than the amortized cost basis of the security, then this amount is recorded as an allowance for credit loss, limited to the amount that the fair value is less than the amortized cost basis (i.e., the credit impairment cannot result in the security being carried at an amount lower than its fair value). The assumptions used to estimate the expected cash flows depend on the particular asset class, structure, and credit rating of the security. Declines in fair value that are not recorded in the allowance are recorded in other comprehensive income, net of applicable taxes. |
Recent Accounting Pronouncements | Standard Description Effective date Effect on the financial statements or other significant matters Standards not yet adopted by the Bank as of December 31, 2023 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. January 1, 2024 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. The overall effect of this standard is not expected to have a material impact on our financial statements. 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 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 on the consolidated statement of income 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. January 1, 2024 We do not currently have any additional equity investments that are eligible for PAM under the provisions of this ASU. The overall effect of this standard is not expected to have a material impact on our financial statements. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures This ASU expands operating segment disclosures and requires all segment disclosures to be reported in both annual and interim periods. The new standard requires disclosure of the following: • Significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) for reportable segments; • The title and position of the CODM as well as how the CODM uses the reported measure(s) of profit and loss to assess segment performance; and • “Other segment items” by reportable segment and a description of its composition. Annual periods beginning January 1, 2024; Interim periods beginning January 1, 2025 The overall effect of this standard is not expected to have a material impact on our financial statements. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures This ASU expands tax disclosures to provide more information to better assess how an entity’s operations and related tax risks and tax planning and opportunities affect its tax rate and prospects for future cash flows. The enhancements in this ASU require that an entity disaggregate income taxes paid and income (or loss) from continuing operations before tax expense (or benefit), and income tax expense (or benefit) from continuing operations. The new standard requires disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. January 1, 2025 We are evaluating the disclosure requirements. The overall effect of this standard is not expected to have a material impact on our financial statements. Standards adopted by the Bank in 2023 ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures This ASU eliminated the recognition and measurement guidance on troubled debt restructurings for creditors that have adopted ASC 326 (“CECL”), and eliminated certain previously required TDR disclosures while expanding disclosures about loan modifications for borrowers experiencing financial difficulty. The new standard also required public companies to present gross write-offs (on a year-to-date basis for interim-period disclosures) by year of origination in their vintage disclosures. January 1, 2023 We adopted the guidance in the new standard on January 1, 2023. The adoption of this standard did not have a material effect on our financial statements. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Recent Accounting Pronouncements | Standard Description Effective date Effect on the financial statements or other significant matters Standards not yet adopted by the Bank as of December 31, 2023 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. January 1, 2024 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. The overall effect of this standard is not expected to have a material impact on our financial statements. 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 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 on the consolidated statement of income 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. January 1, 2024 We do not currently have any additional equity investments that are eligible for PAM under the provisions of this ASU. The overall effect of this standard is not expected to have a material impact on our financial statements. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures This ASU expands operating segment disclosures and requires all segment disclosures to be reported in both annual and interim periods. The new standard requires disclosure of the following: • Significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) for reportable segments; • The title and position of the CODM as well as how the CODM uses the reported measure(s) of profit and loss to assess segment performance; and • “Other segment items” by reportable segment and a description of its composition. Annual periods beginning January 1, 2024; Interim periods beginning January 1, 2025 The overall effect of this standard is not expected to have a material impact on our financial statements. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures This ASU expands tax disclosures to provide more information to better assess how an entity’s operations and related tax risks and tax planning and opportunities affect its tax rate and prospects for future cash flows. The enhancements in this ASU require that an entity disaggregate income taxes paid and income (or loss) from continuing operations before tax expense (or benefit), and income tax expense (or benefit) from continuing operations. The new standard requires disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. January 1, 2025 We are evaluating the disclosure requirements. The overall effect of this standard is not expected to have a material impact on our financial statements. Standards adopted by the Bank in 2023 ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures This ASU eliminated the recognition and measurement guidance on troubled debt restructurings for creditors that have adopted ASC 326 (“CECL”), and eliminated certain previously required TDR disclosures while expanding disclosures about loan modifications for borrowers experiencing financial difficulty. The new standard also required public companies to present gross write-offs (on a year-to-date basis for interim-period disclosures) by year of origination in their vintage disclosures. January 1, 2023 We adopted the guidance in the new standard on January 1, 2023. The adoption of this standard did not have a material effect on our financial statements. |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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) December 31, 2023 Level 1 Level 2 Level 3 Total ASSETS Available-for-sale securities: U.S. Treasury, agencies, and corporations $ 492 $ 8,467 $ — $ 8,959 Municipal securities 1,318 1,318 Other debt securities 23 23 Total available-for-sale 492 9,808 — 10,300 Trading securities 48 48 Other noninterest-bearing investments: Bank-owned life insurance 553 553 Private equity investments 1 3 92 95 Other assets: Agriculture loan servicing 19 19 Loans held for sale 43 43 Deferred compensation plan assets 124 124 Derivatives 420 420 Total assets $ 619 $ 10,872 $ 111 $ 11,602 LIABILITIES Securities sold, not yet purchased $ 65 $ — $ — $ 65 Other liabilities: Derivatives 333 333 Total liabilities $ 65 $ 333 $ — $ 398 1 The level 1 PEIs relate to the portion of our 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 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 roll-forward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs: Level 3 Instruments December 31, 2023 December 31, 2022 December 31, 2021 (In millions) Private Ag loan servicing Private Ag loan servicing Private Ag loan servicing Balance at beginning of year $ 81 $ 14 $ 66 $ 12 $ 80 $ 16 Unrealized securities gains (losses), net (2) — 3 — 71 — Other noninterest income (expense) 1 — 5 — 2 — (3) Purchases 14 — 16 — 17 — Cost of investments sold (1) — (3) — (24) — Redemptions and paydowns — — — — — (1) Transfers out 2 — — (1) — (78) — Balance at end of year $ 92 $ 19 $ 81 $ 14 $ 66 $ 12 1 Represents the valuation adjustments related to the agricultural loan servicing asset. 2 Represents the transfer of SBIC investments out of Level 3 and into Level 1 because they are publicly traded. |
Schedule of Realized Gain (Loss) | The roll-forward of Level 3 instruments includes the following realized gains and losses included in “Securities gains (losses), net” on the consolidated statement of income for the periods presented: (In millions) Year Ended December 31, 2023 2022 2021 Securities gains (losses), net $ (1) $ (2) $ 31 |
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments | The following schedule presents the carrying values and estimated fair values of certain financial instruments: December 31, 2023 December 31, 2022 (In millions) Carrying Fair value Level Carrying Fair value Level Financial assets: Held-to-maturity investment securities $ 10,382 $ 10,466 2 $ 11,126 $ 11,239 2 Loans and leases (including loans held for sale), net of allowance 57,148 54,832 3 55,086 53,093 3 Financial liabilities: Time deposits 9,996 9,964 2 2,309 2,269 2 Long-term debt 542 494 2 651 635 2 |
Offsetting Assets and Liabili_2
Offsetting Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Offsetting [Abstract] | |
Schedule of Offsetting Assets and Liabilities | The following schedule presents gross and net information for selected financial instruments on the balance sheet: December 31, 2023 (In millions) Gross amounts not offset on the balance sheet Description Gross amounts recognized Gross amounts offset on the balance sheet Net amounts presented on the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and securities purchased under agreements to resell $ 1,170 $ (233) $ 937 $ — $ — $ 937 Derivatives (included in Other assets 420 — 420 (31) (357) 32 Total assets $ 1,590 $ (233) $ 1,357 $ (31) $ (357) $ 969 Liabilities: Federal funds and other short-term borrowings $ 4,612 $ (233) $ 4,379 $ — $ — $ 4,379 Derivatives (included in Other liabilities 333 — 333 (31) (1) 301 Total liabilities $ 4,945 $ (233) $ 4,712 $ (31) $ (1) $ 4,680 December 31, 2022 (In millions) Gross amounts not offset on the balance sheet Description Gross amounts recognized Gross amounts offset on the balance sheet Net amounts presented on 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 schedule presents gross and net information for selected financial instruments on the balance sheet: December 31, 2023 (In millions) Gross amounts not offset on the balance sheet Description Gross amounts recognized Gross amounts offset on the balance sheet Net amounts presented on the balance sheet Financial instruments Cash collateral received/pledged Net amount Assets: Federal funds sold and securities purchased under agreements to resell $ 1,170 $ (233) $ 937 $ — $ — $ 937 Derivatives (included in Other assets 420 — 420 (31) (357) 32 Total assets $ 1,590 $ (233) $ 1,357 $ (31) $ (357) $ 969 Liabilities: Federal funds and other short-term borrowings $ 4,612 $ (233) $ 4,379 $ — $ — $ 4,379 Derivatives (included in Other liabilities 333 — 333 (31) (1) 301 Total liabilities $ 4,945 $ (233) $ 4,712 $ (31) $ (1) $ 4,680 December 31, 2022 (In millions) Gross amounts not offset on the balance sheet Description Gross amounts recognized Gross amounts offset on the balance sheet Net amounts presented on 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) | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Summary of Investment Securities | The following schedules present the amortized cost and estimated fair values of our HTM and AFS securities: December 31, 2023 (In millions) Amortized Gross unrealized gains 1 Gross Estimated Held-to-maturity U.S. Government agencies and corporations: Agency securities $ 93 $ — $ 6 $ 87 Agency guaranteed mortgage-backed securities 9,935 156 50 10,041 Municipal securities 354 — 16 338 Total held-to-maturity 10,382 156 72 10,466 Available-for-sale U.S. Treasury securities 585 — 93 492 U.S. Government agencies and corporations: Agency securities 663 — 33 630 Agency guaranteed mortgage-backed securities 8,530 — 1,239 7,291 Small Business Administration loan-backed securities 571 — 25 546 Municipal securities 1,385 — 67 1,318 Other 25 — 2 23 Total available-for-sale 11,759 — 1,459 10,300 Total HTM and AFS investment securities $ 22,141 $ 156 $ 1,531 $ 20,766 1 Gross unrealized gains for the respective AFS security categories were individually less than $1 million. 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 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 1 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 1 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 Gross unrealized gains for these security categories were less than $1 million. |
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 December 31, 2023. This schedule does not reflect the duration of the portfolio, which would incorporate amortization, expected prepayments, interest rate resets, and fair value hedges; the effects of which result in measured durations shorter than contractual maturities. December 31, 2023 Total debt securities Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years (Dollar amounts in millions) Amortized cost 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 $ 93 3.55 % $ — — % $ — — % $ — — % $ 93 3.55 % Agency guaranteed mortgage-backed securities 9,935 1.85 — — — — 45 1.94 9,890 1.85 Municipal securities 1 354 3.15 26 2.70 127 3.00 166 3.36 35 3.08 Total held-to-maturity securities 10,382 1.91 26 2.70 127 3.00 211 3.06 10,018 1.87 Available-for-sale U.S. Treasury securities 585 3.26 184 5.24 — — — — 401 2.35 U.S. Government agencies and corporations: Agency securities 663 2.63 116 0.93 154 3.16 207 2.73 186 3.15 Agency guaranteed mortgage-backed securities 8,530 2.01 3 1.40 174 1.63 1,459 2.11 6,894 2.00 Small Business Administration loan-backed securities 571 5.54 1 5.33 22 6.33 141 4.40 407 5.89 Municipal securities 1 1,385 2.18 138 2.54 432 2.63 717 1.84 98 2.22 Other debt securities 25 8.77 — — — — 10 9.50 15 8.28 Total available-for-sale securities 11,759 2.32 442 3.24 782 2.61 2,534 2.24 8,001 2.26 Total HTM and AFS investment securities $ 22,141 2.13 % $ 468 3.21 % $ 909 2.67 % $ 2,745 2.30 % $ 18,019 2.04 % 1 The yields on tax-exempt securities are calculated on a tax-equivalent basis. |
Debt Securities, Available-for-Sale | 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: December 31, 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 $ — $ — $ 93 $ 308 $ 93 $ 308 U.S. Government agencies and corporations: Agency securities — 5 33 605 33 610 Agency guaranteed mortgage-backed securities 71 312 1,168 6,902 1,239 7,214 Small Business Administration loan-backed securities — 4 25 484 25 488 Municipal securities 2 229 65 1,061 67 1,290 Other — — 2 13 2 13 Total available-for-sale investment securities $ 73 $ 550 $ 1,386 $ 9,373 $ 1,459 $ 9,923 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 income: 2023 2022 2021 (In millions) Gross Gross Gross Gross Gross Gross Available-for-sale 72 72 — — — — Trading 13 11 — — — — Other noninterest-bearing investments $ 27 $ 25 $ 11 $ 26 $ 119 $ 48 Total 112 108 11 26 119 48 Net gains (losses) 1 $ 4 $ (15) $ 71 1 Net gains (losses) are included in “S ecurities gains (losses), net ” on the consolidated statement of income. |
Interest Income by Security Type | The following schedule presents interest income by security type: (In millions) 2023 2022 2021 Taxable Nontaxable Total Taxable Nontaxable Total Taxable Nontaxable Total Investment securities: Held-to-maturity $ 236 $ 3 $ 239 $ 42 $ 4 $ 46 $ 10 $ 5 $ 15 Available-for-sale 291 31 322 411 40 451 256 29 285 Trading — 2 2 — 15 15 — 11 11 Total securities $ 527 $ 36 $ 563 $ 453 $ 59 $ 512 $ 266 $ 45 $ 311 |
Loans, Leases, and Allowance _2
Loans, Leases, and Allowance For Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 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 class: December 31, (In millions) 2023 2022 Loans held for sale $ 53 $ 8 Commercial: Commercial and industrial 1 $ 16,684 $ 16,377 Leasing 383 386 Owner-occupied 9,219 9,371 Municipal 4,302 4,361 Total commercial 30,588 30,495 Commercial real estate: Construction and land development 2,669 2,513 Term 10,702 10,226 Total commercial real estate 13,371 12,739 Consumer: Home equity credit line 3,356 3,377 1-4 family residential 8,415 7,286 Construction and other consumer real estate 1,442 1,161 Bankcard and other revolving plans 474 471 Other 133 124 Total consumer 13,820 12,419 Total loans and leases $ 57,779 $ 55,653 1 Commercial and industrial loan balances include Paycheck Protection Program (“PPP”) loans of $77 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: Twelve Months Ended (In millions) 2023 2022 2021 Loans added to held for sale $ 678 $ 659 $ 1,700 Loans sold from held for sale 632 716 1,683 |
Summary of Changes in the Allowance for Credit Losses | Changes in the ACL are summarized as follows: December 31, 2023 (In millions) Commercial Commercial Consumer Total Allowance for loan and lease losses Balance at December 31, 2022 $ 300 $ 156 $ 119 $ 575 Adjustment for change in accounting standard — (4) 1 (3) Balance at beginning of year $ 300 $ 152 $ 120 $ 572 Provision for loan losses 27 92 29 148 Gross loan and lease charge-offs 45 3 14 62 Recoveries 20 — 6 26 Net loan and lease charge-offs (recoveries) 25 3 8 36 Balance at end of year $ 302 $ 241 $ 141 $ 684 Reserve for unfunded lending commitments Balance at beginning of year $ 16 $ 33 $ 12 $ 61 Provision for unfunded lending commitments 3 (16) (3) (16) Balance at end of year $ 19 $ 17 $ 9 $ 45 Total allowance for credit losses Allowance for loan and lease losses $ 302 $ 241 $ 141 $ 684 Reserve for unfunded lending commitments 19 17 9 45 Total allowance for credit losses $ 321 $ 258 $ 150 $ 729 December 31, 2022 (In millions) Commercial Commercial Consumer Total Allowance for loan and lease losses Balance at beginning of year $ 311 $ 107 $ 95 $ 513 Provision for loan losses 29 49 23 101 Gross loan and lease charge-offs 72 — 10 82 Recoveries 32 — 11 43 Net loan and lease charge-offs (recoveries) 40 — (1) 39 Balance at end of year $ 300 $ 156 $ 119 $ 575 Reserve for unfunded lending commitments Balance at beginning of year $ 19 $ 11 $ 10 $ 40 Provision for unfunded lending commitments (3) 22 2 21 Balance at end of year $ 16 $ 33 $ 12 $ 61 Total allowance for credit losses Allowance for loan and lease losses $ 300 $ 156 $ 119 $ 575 Reserve for unfunded lending commitments 16 33 12 61 Total allowance for credit losses $ 316 $ 189 $ 131 $ 636 |
Summary of Nonaccrual Loans | The amortized cost basis of loans on nonaccrual status is summarized as follows: December 31, 2023 Amortized cost basis Total amortized cost basis (In millions) with no allowance with allowance Related allowance Commercial: Commercial and industrial $ 11 $ 71 $ 82 $ 30 Leasing — 2 2 1 Owner-occupied 12 8 20 1 Total commercial 23 81 104 32 Commercial real estate: Construction and land development 22 — 22 — Term 37 2 39 1 Total commercial real estate 59 2 61 1 Consumer: Home equity credit line 1 16 17 5 1-4 family residential 8 32 40 5 Total consumer loans 9 48 57 10 Total $ 91 $ 131 $ 222 $ 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: Twelve Months Ended (In millions) 2023 2022 2021 Commercial $ 10 $ 12 $ 15 Commercial real estate 3 1 2 Consumer 2 — — Total $ 15 $ 13 $ 17 |
Summary of Past Due Loans (Accruing and Nonaccruing) | Past-due loans (accruing and nonaccruing) are summarized as follows: December 31, 2023 (In millions) Current 30-89 days 90+ days Total Total Accruing Nonaccrual loans that are current 1 Commercial: Commercial and industrial $ 16,631 $ 38 $ 15 $ 53 $ 16,684 $ 1 $ 65 Leasing 381 2 — 2 383 — — Owner-occupied 9,206 11 2 13 9,219 1 18 Municipal 4,301 1 — 1 4,302 — — Total commercial 30,519 52 17 69 30,588 2 83 Commercial real estate: Construction and land development 2,645 2 22 24 2,669 — — Term 10,661 14 27 41 10,702 — 3 Total commercial real estate 13,306 16 49 65 13,371 — 3 Consumer: Home equity credit line 3,334 17 5 22 3,356 — 9 1-4 family residential 8,375 17 23 40 8,415 — 13 Construction and other consumer real estate 1,442 — — — 1,442 — Bankcard and other revolving plans 468 5 1 6 474 1 — Other 132 1 — 1 133 — — Total consumer loans 13,751 40 29 69 13,820 1 22 Total $ 57,576 $ 108 $ 95 $ 203 $ 57,779 $ 3 $ 108 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 not expected. |
Summary of Outstanding Loan Balances (Accruing and Nonaccruing) Categorized by Credit Quality Indicators | he amortized cost basis of loans and leases categorized by year of origination and by credit quality classifications as monitored by management, as well as year-to-date gross charge-offs: December 31, 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 $ 2,654 $ 2,420 $ 1,204 $ 639 $ 494 $ 598 $ 7,973 $ 151 $ 16,133 Special Mention 8 98 34 2 20 37 103 — 302 Accruing Substandard 11 18 7 2 19 8 99 3 167 Nonaccrual 5 36 1 2 11 1 21 5 82 Total commercial and industrial 2,678 2,572 1,246 645 544 644 8,196 159 16,684 Gross charge-offs 1 10 6 — — 2 24 2 45 Leasing Pass 104 125 47 29 45 18 — — 368 Special Mention 2 9 1 1 — — — — 13 Accruing Substandard — — — — — — — — — Nonaccrual — 2 — — — — — — 2 Total leasing 106 136 48 30 45 18 — — 383 Gross charge-offs — — — — — — — — — Owner-occupied Pass 1,080 1,945 2,020 1,002 721 1,907 212 52 8,939 Special Mention 2 5 17 5 17 15 — — 61 Accruing Substandard 10 31 29 21 16 90 2 — 199 Nonaccrual — 1 1 7 3 8 — — 20 Total owner-occupied 1,092 1,982 2,067 1,035 757 2,020 214 52 9,219 Gross charge-offs — — — — — — — — — Municipal Pass 601 1,080 1,069 623 382 512 — 3 4,270 Special Mention 7 — — — — 6 — — 13 Accruing Substandard 8 — 6 3 1 1 — — 19 Nonaccrual — — — — — — — — — Total municipal 616 1,080 1,075 626 383 519 — 3 4,302 Gross charge-offs — — — — — — — — — Total commercial 4,492 5,770 4,436 2,336 1,729 3,201 8,410 214 30,588 Total commercial gross charge-offs 1 10 6 — — 2 24 2 45 Commercial real estate: Construction and land development Pass 553 938 355 56 7 4 518 127 2,558 Special Mention — — 29 30 — — — — 59 Accruing Substandard 23 2 — 5 — — — — 30 Nonaccrual — — — — 21 — 1 — 22 Total construction and land development 576 940 384 91 28 4 519 127 2,669 Gross charge-offs — — — — 1 — — — 1 Term Pass 1,861 2,385 1,833 1,449 804 1,438 238 110 10,118 Special Mention 55 108 65 78 44 6 — — 356 Accruing Substandard 79 18 12 16 5 24 — 35 189 Nonaccrual — 26 — — 3 10 — — 39 Total term 1,995 2,537 1,910 1,543 856 1,478 238 145 10,702 Gross charge-offs — 2 — — — — — — 2 Total commercial real estate 2,571 3,477 2,294 1,634 884 1,482 757 272 13,371 Total commercial real estate gross charge-offs — 2 — — 1 — — — 3 December 31, 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 — — — — — — 3,237 97 3,334 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 4 1 5 Nonaccrual — — — — — — 15 2 17 Total home equity credit line — — — — — — 3,256 100 3,356 Gross charge-offs — — — — — — 3 — 3 1-4 family residential Pass 814 2,264 1,823 988 594 1,891 — — 8,374 Special Mention — — — — — — — — — Accruing Substandard — — — — — 1 — — 1 Nonaccrual — 3 3 3 4 27 — — 40 Total 1-4 family residential 814 2,267 1,826 991 598 1,919 — — 8,415 Gross charge-offs — — — — — 2 — — 2 Construction and other consumer real estate Pass 212 1,002 200 15 7 6 — — 1,442 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total construction and other consumer real estate 212 1,002 200 15 7 6 — — 1,442 Gross charge-offs — — — — — — — — — Bankcard and other revolving plans Pass — — — — — — 471 1 472 Special Mention — — — — — — — — — Accruing Substandard — — — — — — 2 — 2 Nonaccrual — — — — — — — — — Total bankcard and other revolving plans — — — — — — 473 1 474 Gross charge-offs — — — — — — 9 — 9 Other consumer Pass 66 37 18 6 4 2 — — 133 Special Mention — — — — — — — — — Accruing Substandard — — — — — — — — — Nonaccrual — — — — — — — — — Total other consumer 66 37 18 6 4 2 — — 133 Gross charge-offs — — — — — — — — — Total consumer 1,092 3,306 2,044 1,012 609 1,927 3,729 101 13,820 Total consumer gross charge-offs — — — — — 2 12 — 14 Total loans $ 8,155 $ 12,553 $ 8,774 $ 4,982 $ 3,222 $ 6,610 $ 12,896 $ 587 $ 57,779 Total gross charge-offs $ 1 $ 12 $ 6 $ — $ 1 $ 4 $ 36 $ 2 $ 62 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: Twelve Months Ended December 31, 2023 Amortized cost associated with (Dollar amounts in millions) Interest Maturity Principal Payment Multiple modification types 1 Total 2 Percentage of total loans 3 Commercial: Commercial and industrial $ — $ 46 $ — $ 1 $ — $ 47 0.3 % Owner-occupied 4 9 — 1 — 14 0.2 Municipal — 8 — — — 8 0.2 Total commercial 4 63 — 2 — 69 0.2 Commercial real estate: Construction and land development — 27 — — — 27 1.0 Term — 165 — — — 165 1.5 Total commercial real estate — 192 — — — 192 1.4 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 $ 4 $ 256 $ 1 $ 2 $ 1 $ 264 0.5 % 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 $22 million at December 31, 2023. 3 Amounts less than 0.05% are rounded to zero. The financial impact of loan modifications to borrowers experiencing financial difficulty during the twelve months ended December 31, 2023, is summarized in the following schedule: Twelve Months Ended Weighted-average interest rate reduction (in percentage points) Weighted-average term extension Commercial: Commercial and industrial — % 13 Owner-occupied 1 4.4 18 Municipal — 12 Total commercial 4.4 14 Commercial real estate: Construction and land development — 8 Term — 18 Total commercial real estate — 16 Consumer: 1 1-4 family residential — 103 Bankcard and other revolving plans — 50 Total consumer loans — 82 Total weighted average financial impact 4.4 % 16 1 Primarily relates to a small number of loans within each respective 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 December 31, 2023, presented by portfolio segment and loan class. December 31, 2023 (In millions) Current 30-89 days 90+ days Total Total Commercial: Commercial and industrial $ 44 $ 3 $ — $ 3 $ 47 Owner-occupied 13 1 — 1 14 Municipal 8 — — — 8 Total commercial 65 4 — 4 69 Commercial real estate: Construction and land development 27 — — — 27 Term 156 9 — 9 165 Total commercial real estate 183 9 — 9 192 Consumer: 1-4 family residential 2 — — — 2 Bankcard and other revolving plans 1 — — — 1 Total consumer loans 3 — — — 3 Total $ 251 $ 13 $ — $ 13 $ 264 Information on TDRs, including their amortized cost on an accruing and nonaccruing basis by loan class, and by modification type, is summarized in the following schedules: December 31, 2022 Amortized cost basis 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 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 any of the previous modification types. |
Summary of Collateral-Dependent Loans | Select information on loans for which the repayment is expected to be provided substantially through the operation or sale of the underlying collateral and the borrower is experiencing financial difficulties, including the type of collateral and the extent to which the collateral secures the loans, is summarized as follows: December 31, 2023 (In millions) Amortized Cost Major Types of Collateral Weighted Average LTV 1 Commercial: Owner-occupied $ 7 Hospital 17% Commercial real estate: Construction and land development 22 Office Building 92% Term 28 Office Building 87% Total $ 57 December 31, 2022 (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) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Derivative Amounts | The following schedule presents derivative notional amounts and recorded gross fair values at December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Notional 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 1,450 — — 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 1 4,571 78 — 1,228 84 — Total derivatives designated as hedging instruments 6,521 78 — 9,361 84 1 Derivatives not designated as hedging instruments: Customer interest rate derivatives 2 14,375 337 330 13,670 296 443 Other interest rate derivatives 1,001 1 — 862 — — Foreign exchange derivatives 216 3 3 605 6 7 Purchased credit derivatives 35 1 — — — — Total derivatives not designated as hedging instruments 15,627 342 333 15,137 302 450 Total derivatives $ 22,148 $ 420 $ 333 $ 24,498 $ 386 $ 451 1 The notional amount includes forward starting swaps that are not yet effective. 2 Customer interest rate derivatives include both customer-facing derivatives and the offsetting, dealer-facing derivatives. Customer interest rate derivatives include a net CVA of $9 million and $13 million, reducing the fair value amount at December 31, 2023, and December 31, 2022, respectively. These adjustments are required to reflect both our nonperformance risk and that of the respective counterparty. |
Schedule of Derivative Gains (Losses) Deferred in OCI or Recognized in Earnings | The following schedules present the amount of gains (losses) from derivative instruments designated as cash flow and fair value hedges that were deferred in OCI or recognized in earnings for years ended December 31, 2023 and 2022: Year Ended December 31, 2023 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Net interest income or expense on fair value hedges Hedge ineffectiveness / AOCI reclass due to missed forecast Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ — $ — $ — Interest rate swaps 31 (170) — — Cash flow hedges of floating-rate liabilities: Pay-fixed interest rate swaps 4 5 — — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — (5) — Basis amortization on terminated hedges 2, 3 — — (4) — Fair value hedges of assets: Pay-fixed interest rate swaps — — 57 — Basis amortization on terminated hedges 2, 3 — — 1 — Total derivatives designated as hedging instruments $ 35 $ (165) $ 49 $ — Year Ended December 31, 2022 (In millions) Effective portion of derivative gain/(loss) deferred in AOCI Amount of gain/(loss) reclassified from AOCI into income Net interest income or expense on fair value hedges Hedge ineffectiveness / AOCI reclass due to missed forecast Cash flow hedges of floating-rate assets: 1 Purchased interest rate floors $ — $ 2 $ — $ — Interest rate swaps (437) (29) — — Fair value hedges of liabilities: Receive-fixed interest rate swaps — — (1) — Basis amortization on terminated hedges 2, 3 — — 1 — Fair value hedges of assets: Pay-fixed interest rate swaps — — 4 (1) Basis amortization on terminated hedges 2, 3 — — — — Total derivatives designated as hedging instruments $ (437) $ (27) $ 4 $ (1) 1 For the 12 months following December 31, 2023, we estimate that $118 million of net losses from active and terminated cash flow hedges will be reclassified from AOCI into interest income/expense, compared with an estimate of $205 million at December 31, 2022. 2 Adjustment to interest income or expense resulting from the amortization of the basis adjustment from previously terminated hedging relationships. 3 The cumulative unamortized basis adjustment from previously terminated or redesignated fair value hedges at December 31, 2023 was $46 million and $3 million of terminated fair value debt and asset hedges, respectively, compared with zero and $10 million at December 31, 2022. |
Schedule of Gains (Losses) Recognized From Derivatives Not Designated As Accounting Hedges | The following schedule presents the amount of gains (losses) recognized from derivatives not designated as accounting hedges: Other Noninterest (In millions) 2023 2022 Derivatives not designated as hedging instruments: Customer interest rate derivatives $ 17 $ 43 Other interest rate derivatives 4 — Foreign exchange derivatives 29 29 Purchased credit derivatives (1) — Total derivatives not designated as hedging instruments $ 49 $ 72 |
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 Twelve Months Ended Twelve Months Ended (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) $ — $ (79) $ 79 $ — Assets: Pay-fixed interest rate swaps 1,2 (22) 22 — 224 (225) (1) 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 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. Periodic interest income/expense for fair value hedges is shown in a separate schedule above. |
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) Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) (In millions) 2023 2022 2023 2022 2023 2022 Long-term fixed-rate debt 1,2 $ — $ (500) $ — $ (435) $ — $ 65 Fixed-rate AFS securities 1,3 12,389 1,228 12,209 962 (180) (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 and commercial loans 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 December 31, 2023, the amortized cost basis of the defined portfolios used in these hedging relationships was $11.3 billion; the cumulative basis adjustment associated with these hedging relationships was $16 million, and the notional amounts of the designated hedging instruments were $3.5 billion. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, (Dollar amounts in millions) 2023 2022 Operating leases ROU assets, net of amortization $ 172 $ 173 Lease liabilities 198 198 Finance leases ROU assets, net of amortization 3 4 Lease liabilities 4 4 Weighted average remaining lease term (years) Operating leases 8.7 8.4 Finance leases 16.5 17.4 Weighted average discount rate Operating leases 3.4 % 2.9 % Finance leases 3.1 % 3.1 % |
Lease Expense | The following schedule presents additional information related to lease expense: Year Ended December 31, (In millions) 2023 2022 2021 Lease expense: Operating lease expense $ 43 $ 46 $ 47 Other expenses associated with operating leases 1 60 51 50 Total lease expense $ 103 $ 97 $ 97 Related cash disbursements for operating leases $ 49 $ 50 $ 50 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 2024 $ 43 2025 36 2026 31 2027 22 2028 17 Thereafter 85 Total lease payments $ 234 Less imputed interest 36 Total $ 198 |
Premises, Equipment and Softw_2
Premises, Equipment and Software (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises, Equipment and Software, Net | Net premises, equipment, and software are summarized as follows: (In millions) December 31, 2023 2022 Land $ 269 $ 264 Buildings 959 943 Furniture and equipment 336 346 Leasehold improvements 137 151 Software 749 730 Total premises, equipment, and software 1 2,450 2,434 Less accumulated depreciation and amortization 1,050 1,026 Net book value $ 1,400 $ 1,408 1 The totals for 2023 and 2022 include $40 million and $298 million, respectively, of costs that have been capitalized, but are not yet depreciating because the respective assets have not been placed in service. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following schedule presents the carrying amount of goodwill for our business segments with goodwill, as well as the balance of our core deposits and other intangible assets, net of related accumulated amortization: December 31, (In millions) 2023 2022 Goodwill: Amegy $ 615 $ 615 CB&T 379 379 Zions Bank 20 20 Nevada State Bank 13 13 Total goodwill $ 1,027 $ 1,027 Core deposits and other intangibles, net of accumulated amortization 32 38 Total goodwill and intangibles $ 1,059 $ 1,065 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Deposits By Category | The following schedule presents the composition of our deposits: December 31, (Dollar amounts in millions) 2023 2022 Noninterest-bearing demand $ 26,244 $ 35,777 Interest-bearing: Savings and money market 38,721 33,566 Time 9,996 2,309 Total deposits $ 74,961 $ 71,652 |
Schedule of Maturities of All Time Deposits | At December 31, 2023, the aggregate amount of all time deposits by maturity were as follows: (In millions) Amount 2024 $ 9,798 2025 117 2026 38 2027 22 2028 20 Thereafter 1 Total $ 9,996 The scheduled maturities of time deposits that exceed $250,000 were as follows: (In millions) December 31, 2023 Three months or less $ 576 After three months through six months 1,033 After six months through twelve months 745 After twelve months 57 Total $ 2,411 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Short-Term Debt [Abstract] | |
Summary of Short-Term Borrowings | The following schedule presents selected information for FHLB advances and other short-term borrowings: (Dollar amounts in millions) 2023 2022 Federal Home Loan Bank advances Average amount outstanding $ 4,208 $ 1,257 Average rate 5.73 % 3.67 % Highest month-end balance $ 11,525 $ 7,100 Year-end balance 1,525 7,100 Average rate on outstanding advances at year-end 5.59 % 4.43 % Other short-term borrowings, year-end balances Federal funds purchased $ 597 $ 232 Security repurchase agreements 1,814 2,898 Securities sold, not yet purchased 65 187 Swap margin collateral received 1 378 — Total federal funds and other short-term borrowings $ 4,379 $ 10,417 1 At December 31, 2022, swap margin collateral received totaled $368 million and was included in “Other liabilities” on the consolidated balance sheet. Beginning in 2023, these balances were included in “Federal funds and other short-term borrowings” on the consolidated balance sheet. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt, Unclassified [Abstract] | |
Schedule of Long-Term Debt | Long-term debt is summarized as follows: December 31, (In millions) 2023 2022 Subordinated notes $ 538 $ 519 Senior notes — 128 Finance lease obligations 4 4 Total $ 542 $ 651 |
Schedule of Subordinated Notes | The following schedule presents our subordinated notes outstanding at December 31, 2023: (Dollar amounts in millions) Subordinated notes Coupon rate Balance Par amount Maturity 6.95% $ 88 $ 88 September 2028 3.25% 450 500 October 2029 Total $ 538 $ 588 |
Schedule of Maturities of Long-term Debt | The following schedule presents our long-term debt by maturity for each of the next five years: (In millions) Par amount 1 2024 $ — 2025 — 2026 — 2027 — 2028 88 Thereafter 500 Total $ 588 1 Does not include basis adjustments related to terminated or active fair value hedges. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Summary of Preferred Stock | The following schedule summarizes key aspects of our preferred stock: (Dollar amounts in millions) Carrying value at Shares at Dividends payable Earliest 2023 2022 Authorized Outstanding Rate Series A $ 67 $ 67 140,000 66,139 > of 4.0% or 3M Term SOFR + 0.78% Qtrly Mar, Jun, Sep, Dec Dec 15, 2011 Series G 138 138 200,000 138,390 annual floating rate = 3M Term SOFR + 4.50% Qtrly Mar, Jun, Sep, Dec Mar 15, 2023 Series I 99 99 300,893 98,555 annual floating rate = 3M Term SOFR + 4.06% Qtrly Mar, Jun, Sep, Dec Jun 15, 2023 Series J 136 136 195,152 136,368 annual floating rate = 3M Term SOFR + 4.70% Qtrly Mar, Jun, Sep, Dec Sep 15, 2023 Total $ 440 $ 440 |
Schedule of Changes in Accumulated Other Comprehensive Income | The following schedule presents the changes in AOCI: (In millions) Net unrealized gains (losses) on investment securities Net unrealized gains (losses) on derivatives and other Pension and post-retirement Total 2023 Balance at December 31, 2022 $ (2,800) $ (311) $ (1) $ (3,112) Other comprehensive income before reclassifications, net of tax 66 22 — 88 Amounts reclassified from AOCI, net of tax 208 124 — 332 Other comprehensive income 274 146 — 420 Balance at December 31, 2023 $ (2,526) $ (165) $ (1) $ (2,692) Income tax expense included in other comprehensive income $ 90 $ 47 $ — $ 137 2022 Balance at December 31, 2021 $ (78) $ — $ (2) $ (80) Other comprehensive loss before reclassifications, net of tax (2,762) (332) 1 (3,093) Amounts reclassified from AOCI, net of tax 40 21 — 61 Other comprehensive income (loss) (2,722) (311) 1 (3,032) Balance at December 31, 2022 $ (2,800) $ (311) $ (1) $ (3,112) Income tax benefit included in other comprehensive loss $ (888) $ (101) $ — $ (989) |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | (In millions) Amounts reclassified from AOCI 1 Affected line item AOCI components 2023 2022 2021 Net unrealized gains (losses) on investment securities $ (276) $ (53) $ — Securities gains (losses), net Less: Income tax expense (benefit) (68) (13) — $ (208) $ (40) $ — Net unrealized gains (losses) on derivative instruments $ (165) $ (27) $ 61 Interest and fees on loans; Interest on short- and long-term borrowings Less: Income tax expense (benefit) (41) (6) 15 $ (124) $ (21) $ 46 1 Positive reclassification amounts indicate increases to earnings on the statement of income. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Summary of Actual Capital Amounts and Capital Ratios | The following schedule presents our capital amounts and ratios and the minimum requirements to be well-capitalized under Basel III at December 31, 2023 and 2022: (Dollar amounts in millions) December 31, 2023 Minimum requirement to be “well-capitalized” Amount Ratio Amount Ratio Basel III Regulatory Capital Amounts and Ratios Common equity Tier 1 capital (to risk-weighted assets) $ 6,863 10.3 % $ 4,351 6.5 % Tier 1 capital (to risk-weighted assets) 7,303 10.9 5,355 8.0 Total capital (to risk-weighted assets) 8,553 12.8 6,693 10.0 Tier 1 leverage ratio 7,303 8.3 4,379 5.0 December 31, 2022 Minimum requirement to be “well-capitalized” (Dollar amounts in millions) Amount Ratio Amount Ratio Basel III Regulatory Capital Amounts and Ratios Common equity Tier 1 capital (to risk-weighted assets) $ 6,481 9.8 % $ 4,297 6.5 % Tier 1 capital (to risk-weighted assets) 6,921 10.5 5,289 8.0 Total capital (to risk-weighted assets) 8,077 12.2 6,611 10.0 Tier 1 leverage ratio 6,921 7.7 4,472 5.0 December 31, 2023 Minimum capital requirement Capital conservation buffer Minimum capital ratio requirement with capital conservation buffer Current capital CET1 to risk-weighted assets 4.5 % 2.5 % 7.0 % 10.3 % Tier 1 capital (i.e., CET1 plus additional Tier 1 capital) to risk-weighted assets 6.0 2.5 8.5 10.9 Total capital (i.e., Tier 1 capital plus Tier 2 capital) to risk-weighted assets 8.0 2.5 10.5 12.8 Tier 1 capital to average consolidated assets (known as the “Tier 1 leverage ratio”) 4.0 N/A 4.0 8.3 |
Commitments, Guarantees, Cont_2
Commitments, Guarantees, Contingent Liabilities, and Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Guarantees, Commitments And Contingencies [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: December 31, (In millions) 2023 2022 Unfunded lending commitments 1 $ 28,940 $ 29,628 Standby letters of credit: Financial 548 667 Performance 206 184 Commercial letters of credit 22 11 Mortgage-backed security purchase agreements 2 66 23 Total unfunded commitments $ 29,782 $ 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) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue | The following schedule presents total net revenue by operating business segment: Zions Bank CB&T Amegy (In millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Commercial account fees $ 55 $ 53 $ 46 $ 32 $ 28 $ 25 $ 56 $ 46 $ 40 Card fees 52 55 58 21 20 17 31 33 29 Retail and business banking fees 19 22 22 11 12 12 14 16 15 Capital markets fees — — — — — — — — — Wealth management fees 23 22 21 4 4 5 17 15 13 Other customer-related fees 8 8 7 7 6 4 7 7 6 Total noninterest income from contracts with customers (ASC 606) 157 160 154 75 70 63 125 117 103 Other noninterest income (non-ASC 606 customer-related) 24 19 21 35 34 34 37 40 36 Total customer-related noninterest income 181 179 175 110 104 97 162 157 139 Other noncustomer-related noninterest income 11 5 10 6 4 5 22 1 2 Total noninterest income 192 184 185 116 108 102 184 158 141 Net interest income 696 741 633 598 595 536 453 513 462 Total net revenue $ 888 $ 925 $ 818 $ 714 $ 703 $ 638 $ 637 $ 671 $ 603 NBAZ NSB Vectra (In millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Commercial account fees $ 10 $ 9 $ 7 $ 12 $ 11 $ 9 $ 7 $ 8 $ 7 Card fees 15 15 11 16 15 12 9 9 6 Retail and business banking fees 8 9 9 10 10 10 4 4 4 Capital markets fees — — — — — — — — — Wealth management fees 3 3 3 5 5 4 1 1 2 Other customer-related fees 1 2 1 1 1 1 4 3 2 Total noninterest income from contracts with customers (ASC 606) 37 38 31 44 42 36 25 25 21 Other noninterest income (non-ASC 606 customer-related) 2 8 13 1 6 14 3 6 12 Total customer-related noninterest income 39 46 44 45 48 50 28 31 33 Other noncustomer-related noninterest income 1 2 2 — — — — — — Total noninterest income 40 48 46 45 48 50 28 31 33 Net interest income 260 241 204 191 183 146 150 153 136 Total net revenue $ 300 $ 289 $ 250 $ 236 $ 231 $ 196 $ 178 $ 184 $ 169 TCBW Other Consolidated Bank (In millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Commercial account fees $ 2 $ 2 $ 2 $ — $ 2 $ 1 $ 174 $ 159 $ 137 Card fees 2 2 1 — — 1 146 149 135 Retail and business banking fees — — — — — 1 66 73 73 Capital markets fees — — — 4 4 6 4 4 6 Wealth management fees 1 — — (1) 1 (2) 53 51 46 Other customer-related fees 1 1 1 31 31 30 60 59 52 Total noninterest income from contracts with customers (ASC 606) 6 5 4 34 38 37 503 495 449 Other noninterest income (non-ASC 606 customer-related) 1 2 2 14 4 (6) 117 119 126 Total customer-related noninterest income 7 7 6 48 42 31 620 614 575 Other noncustomer-related noninterest income — — — 17 6 109 57 18 128 Total noninterest income 7 7 6 65 48 140 677 632 703 Net interest income 60 63 53 30 31 38 2,438 2,520 2,208 Total net revenue $ 67 $ 70 $ 59 $ 95 $ 79 $ 178 $ 3,115 $ 3,152 $ 2,911 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Compensation Expense and Related Tax Benefit for All Share-Based Awards | The following schedule presents compensation expense and the related tax benefit for all share-based awards: (In millions) 2023 2022 2021 Compensation expense $ 33 $ 30 $ 28 Reduction of income tax expense 9 11 11 |
Summary of Weighted Average Value at Grant Date and the Significant Assumptions Used in Applying the Black-Scholes Model for Options Granted | The following schedule summarizes the weighted average value at grant date and the significant assumptions used in applying the Black-Scholes model for options granted: 2023 2022 2021 Weighted average value for options granted $ 11.23 $ 15.16 $ 7.86 Weighted average assumptions used: Expected dividend yield 3.0 % 2.3 % 2.5 % Expected volatility 27.0 % 27.0 % 25.0 % Risk-free interest rate 4.00 % 1.98 % 0.47 % Expected life (in years) 4.5 5.0 5.0 |
Summary of Stock Option Activity | The following schedule summarizes our stock option activity for the three years ended December 31, 2023: Number of shares Weighted average exercise price Balance at December 31, 2020 1,683,657 $ 38.26 Granted 345,636 48.65 Exercised (686,894) 31.08 Expired (7,910) 42.16 Forfeited (6,345) 48.04 Balance at December 31, 2021 1,328,144 44.60 Granted 201,932 73.02 Exercised (256,004) 36.79 Expired (8,912) 37.58 Forfeited (2,794) 57.75 Balance at December 31, 2022 1,262,366 50.75 Granted 291,005 52.90 Exercised (95,207) 29.67 Expired (27,948) 35.41 Forfeited (9,838) 57.07 Balance at December 31, 2023 1,420,378 52.83 Outstanding stock options exercisable as of: December 31, 2023 891,884 $ 50.36 December 31, 2022 729,411 46.02 December 31, 2021 693,883 41.54 |
Summary of Additional Selected Information on Stock Options | The following schedule presents additional selected information on stock options at December 31, 2023: Outstanding stock options Exercisable stock options Exercise price range Number of shares Weighted average exercise price Weighted average remaining contractual life (years) Number of shares Weighted average exercise price $4.15 to $19.99 5,223 $ 6.41 1 0 5,223 $ 6.41 $25.00 to $29.99 452 29.12 3.8 452 29.12 $40.00 to $44.99 73,077 44.18 0.2 73,077 44.18 $45.00 to $49.99 558,629 47.34 3.6 446,660 47.01 $50.00 to $59.99 587,155 52.78 3.8 301,194 52.67 $60.00 to $73.22 195,842 73.19 5.0 65,278 73.19 1,420,378 52.83 1 3.7 891,884 50.36 1 The weighted average remaining contractual life excludes 5,223 stock options without a fixed expiration date that were assumed with the Amegy acquisition. They expire between the date of termination and one year from the date of termination, depending upon certain circumstances. |
Summary of Nonvested Restricted Stock Activity | The following schedule summarizes our restricted stock activity for the three years ended December 31, 2023: Number of shares Weighted average fair value Nonvested restricted shares at December 31, 2020 57,396 $ 44.20 Issued 26,083 39.16 Vested (18,663) 43.89 Nonvested restricted shares at December 31, 2021 64,816 42.26 Issued 21,038 60.21 Vested (25,105) 42.66 Nonvested restricted shares at December 31, 2022 60,749 48.31 Issued — — Vested (24,978) 46.31 Nonvested restricted shares at December 31, 2023 35,771 49.71 |
Summary of RSU Activity | The following schedule summarizes our RSU activity for the three years ended December 31, 2023: Number of restricted stock units Weighted average fair value Restricted stock units at December 31, 2020 1,242,321 $ 46.31 Granted 578,056 47.02 Vested (505,690) 46.51 Forfeited (40,604) 47.97 Restricted stock units at December 31, 2021 1,274,083 46.49 Granted 433,674 68.07 Vested (504,358) 47.83 Forfeited (34,306) 56.58 Restricted stock units at December 31, 2022 1,169,093 53.62 Granted 727,019 48.85 Vested (522,163) 48.71 Forfeited (44,004) 56.19 Restricted stock units at December 31, 2023 1,329,945 52.88 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense (Benefit) | The following schedule presents the major components of our income tax expense: (In millions) 2023 2022 2021 Federal: Current $ 168 $ 236 $ 230 Deferred — (38) 27 Total Federal 168 198 257 State: Current 47 52 55 Deferred (9) (5) 5 Total State 38 47 60 Total income tax expense $ 206 $ 245 $ 317 |
Schedule of Statutory Federal Income Tax Rate Reconciles to Actual Income Tax Expense (Benefit) | The following schedule presents a reconciliation of income tax expense computed at the statutory federal income tax rate of 21% and the actual income tax expense: (In millions) 2023 2022 2021 Income tax expense at statutory federal rate $ 186 $ 242 $ 304 State income taxes including credits, net 31 38 48 Other nondeductible expenses 29 13 8 Nontaxable income (41) (40) (36) Share-based compensation (1) (4) (3) Other 2 (4) (4) Total income tax expense $ 206 $ 245 $ 317 |
Schedule of Tax Effects of Deferred Tax Assets and Deferred Tax Liabilities | The following schedule presents the tax effects of temporary differences that give rise to significant portions of DTAs and DTLs: (In millions) December 31, 2023 2022 Gross deferred tax assets: Book loan loss deduction in excess of tax $ 181 $ 157 Deferred compensation 81 83 Security investments and derivative fair value adjustments 879 1,011 Lease liabilities 50 49 Capitalized costs 37 82 Other 48 29 Total deferred tax assets before valuation allowance 1,276 1,411 Valuation allowance — — Total deferred tax assets 1,276 1,411 Gross deferred tax liabilities: Premises and equipment, due to differences in depreciation (101) (99) Federal Home Loan Bank stock dividends (3) (2) Leasing operations (49) (49) Prepaid expenses (5) (5) Prepaid pension reserves — (3) Mortgage servicing (5) (12) Deferred loan costs (34) (34) ROU assets (43) (44) Qualified opportunity fund deferred gains (27) (26) Equity investments (10) (9) Total deferred tax liabilities (277) (283) Net deferred tax assets (liabilities) $ 999 $ 1,128 |
Schedule of Reconciliation of Gross Unrecognized Tax Benefits | The following schedule presents a roll-forward of gross unrecognized tax benefits: (In millions) 2023 2022 2021 Balance at beginning of year $ 13 $ 14 $ 11 Tax positions related to current year: Additions 2 2 2 Tax positions related to prior years: Additions 10 — 1 Reductions — (1) — Settlements with taxing authorities (3) — — Lapses in statutes of limitations (7) (2) — Balance at end of year $ 15 $ 13 $ 14 |
Net Earnings Per Common Share (
Net Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method | The following schedule summarizes the basic and diluted net earnings per common share based on the weighted average outstanding shares: (In millions, except shares and per share amounts) 2023 2022 2021 Basic: Net income $ 680 $ 907 $ 1,129 Less common and preferred dividends 277 269 261 Less impact from redemption of preferred stock — — 3 Undistributed earnings 403 638 865 Less undistributed earnings applicable to nonvested shares 4 5 7 Undistributed earnings applicable to common shares 399 633 858 Distributed earnings applicable to common shares 243 237 230 Total earnings applicable to common shares $ 642 $ 870 $ 1,088 Weighted average common shares outstanding (in thousands) 147,748 150,064 159,913 Net earnings per common share $ 4.35 $ 5.80 $ 6.80 Diluted: Total earnings applicable to common shares $ 642 $ 870 $ 1,088 Weighted average common shares outstanding (in thousands) 147,748 150,064 159,913 Dilutive effect of stock options (in thousands) 8 207 321 Weighted average diluted common shares outstanding (in thousands) 147,756 150,271 160,234 Net earnings per common share $ 4.35 $ 5.79 $ 6.79 |
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: (In thousands) 2023 2022 2021 Restricted stock and restricted stock units $ 1,383 $ 1,265 $ 1,374 Stock options 1,409 178 74 |
Operating Segment Information (
Operating Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following schedule presents selected operating segment information: (In millions) Zions Bank CB&T Amegy 2023 2022 2021 2023 2022 2021 2023 2022 2021 SELECTED INCOME STATEMENT DATA Net interest income $ 696 $ 741 $ 633 $ 598 $ 595 $ 536 $ 453 $ 513 $ 462 Provision for credit losses 20 43 (26) 44 49 (78) 15 5 (96) Net interest income after provision for credit losses 676 698 659 554 546 614 438 508 558 Noninterest income 192 184 185 116 108 102 184 158 141 Noninterest expense 557 495 464 388 340 311 404 355 337 Income (loss) before income taxes $ 311 $ 387 $ 380 $ 282 $ 314 $ 405 $ 218 $ 311 $ 362 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 14,298 $ 13,277 $ 13,198 $ 14,128 $ 13,129 $ 12,892 $ 12,851 $ 12,110 $ 12,189 Total average deposits 20,233 24,317 23,588 14,253 16,160 15,796 13,569 15,735 15,496 (In millions) NBAZ NSB Vectra 2023 2022 2021 2023 2022 2021 2023 2022 2021 SELECTED INCOME STATEMENT DATA Net interest income $ 260 $ 241 $ 204 $ 191 $ 183 $ 146 $ 150 $ 153 $ 136 Provision for credit losses 4 11 (27) 42 4 (35) 7 9 (12) Net interest income after provision for credit losses 256 230 231 149 179 181 143 144 148 Noninterest income 40 48 46 45 48 50 28 31 33 Noninterest expense 189 167 151 171 151 142 137 120 114 Income (loss) before income taxes $ 107 $ 111 $ 126 $ 23 $ 76 $ 89 $ 34 $ 55 $ 67 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 5,318 $ 4,911 $ 4,849 $ 3,392 $ 2,987 $ 3,015 $ 4,004 $ 3,632 $ 3,414 Total average deposits 7,008 8,035 7,288 6,964 7,436 6,691 3,482 4,109 4,386 (In millions) TCBW Other Consolidated Bank 2023 2022 2021 2023 2022 2021 2023 2022 2021 SELECTED INCOME STATEMENT DATA Net interest income $ 60 $ 63 $ 53 $ 30 $ 31 $ 38 $ 2,438 $ 2,520 $ 2,208 Provision for credit losses 2 1 (3) (2) — 1 132 122 (276) Net interest income after provision for credit losses 58 62 56 32 31 37 2,306 2,398 2,484 Noninterest income 7 7 6 65 48 140 677 632 703 Noninterest expense 27 24 21 224 226 201 2,097 1,878 1,741 Income (loss) before income taxes $ 38 $ 45 $ 41 $ (127) $ (147) $ (24) $ 886 $ 1,152 $ 1,446 SELECTED AVERAGE BALANCE SHEET DATA Total average loans $ 1,705 $ 1,630 $ 1,569 $ 1,044 $ 922 $ 857 $ 56,740 $ 52,598 $ 51,983 Total average deposits 1,196 1,571 1,537 6,161 1,166 1,475 72,866 78,529 76,257 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Financial Information by Quarter | The following schedule presents quarterly financial information for 2023 and 2022: (In millions, except per share amounts) Fourth Quarter Third Quarter Second Quarter First Quarter 2023 Total interest income $ 1,040 $ 1,010 $ 977 $ 920 Net interest income 583 585 591 679 Provision for credit losses — 41 46 45 Noninterest income 148 180 189 160 Noninterest expense 581 496 508 512 Income before income taxes 150 228 226 282 Net income 126 175 175 204 Preferred stock dividends 10 7 9 6 Net earnings applicable to common shareholders 116 168 166 198 Net earnings per common share: Basic 0.78 1.13 1.11 1.33 Diluted 0.78 1.13 1.11 1.33 2022 Total interest income $ 835 $ 707 $ 608 $ 555 Net interest income 720 663 593 544 Provision for credit losses 43 71 41 (33) Noninterest income 153 165 172 142 Noninterest expense 471 479 464 464 Income before income taxes 359 278 260 255 Net income 284 217 203 203 Preferred stock dividends 7 6 8 8 Net earnings applicable to common shareholders 277 211 195 195 Net earnings per common share: Basic 1.84 1.40 1.29 1.27 Diluted 1.84 1.40 1.29 1.27 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) state segment | Dec. 31, 2022 USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Number of states in which entity operates | state | 11 | |
Number of community regional banks operating in distinct geographical areas | segment | 7 | |
Securities for which entity has right to sell or repledge | $ 877 | $ 2,300 |
Security resell agreements average amount | 1,300 | 2,400 |
Security resell agreements maximum amount, outstanding | $ 2,000 | $ 2,700 |
Percentage of acquired assets and all assumed liabilities recognized in business combination | 100% | |
Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Security resell agreements maturity (in days) | 30 days | |
Minimum | Building | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Estimated useful lives of properties (in years) | 25 years | |
Minimum | Furniture and Equipment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Estimated useful lives of properties (in years) | 3 years | |
Minimum | Software | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Estimated useful lives of properties (in years) | 3 years | |
Maximum | Building | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Estimated useful lives of properties (in years) | 40 years | |
Maximum | Furniture and Equipment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Estimated useful lives of properties (in years) | 10 years | |
Maximum | Software | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Estimated useful lives of properties (in years) | 10 years |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Investment securities, available-for-sale | $ 10,300 | $ 11,915 |
Trading securities | 48 | 465 |
Agriculture loan servicing | 19 | 14 |
Loans held for sale | 43 | |
Total assets | 11,602 | 13,525 |
LIABILITIES | ||
Securities sold, not yet purchased | 65 | 187 |
Total liabilities | 398 | 638 |
U.S. Treasury, agencies, and corporations | ||
ASSETS | ||
Investment securities, available-for-sale | 8,959 | 10,208 |
Municipal securities | ||
ASSETS | ||
Investment securities, available-for-sale | 1,318 | 1,634 |
Other debt securities | ||
ASSETS | ||
Investment securities, available-for-sale | 23 | 73 |
Bank-owned life insurance | ||
ASSETS | ||
Other noninterest-bearing investments | 553 | 546 |
Private equity investments 1 | ||
ASSETS | ||
Other noninterest-bearing investments | 95 | 85 |
Derivatives | ||
ASSETS | ||
Other assets | 420 | 386 |
LIABILITIES | ||
Other liabilities | 333 | 451 |
Loans held for sale | ||
ASSETS | ||
Other assets | 43 | |
Level 1 | ||
ASSETS | ||
Investment securities, available-for-sale | 492 | 393 |
Trading securities | 395 | |
Agriculture loan servicing | ||
Total assets | 619 | 906 |
LIABILITIES | ||
Securities sold, not yet purchased | 65 | 187 |
Total liabilities | 65 | 187 |
Level 1 | U.S. Treasury, agencies, and corporations | ||
ASSETS | ||
Investment securities, available-for-sale | 492 | 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 1 | ||
ASSETS | ||
Other noninterest-bearing investments | 3 | 4 |
Level 1 | Derivatives | ||
ASSETS | ||
Other assets | ||
LIABILITIES | ||
Other liabilities | ||
Level 2 | ||
ASSETS | ||
Investment securities, available-for-sale | 9,808 | 11,522 |
Trading securities | 48 | 70 |
Agriculture loan servicing | ||
Loans held for sale | 43 | |
Total assets | 10,872 | 12,524 |
LIABILITIES | ||
Securities sold, not yet purchased | 0 | 0 |
Total liabilities | 333 | 451 |
Level 2 | U.S. Treasury, agencies, and corporations | ||
ASSETS | ||
Investment securities, available-for-sale | 8,467 | 9,815 |
Level 2 | Municipal securities | ||
ASSETS | ||
Investment securities, available-for-sale | 1,318 | 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 | 553 | 546 |
Level 2 | Private equity investments 1 | ||
ASSETS | ||
Other noninterest-bearing investments | ||
Level 2 | Derivatives | ||
ASSETS | ||
Other assets | 420 | 386 |
LIABILITIES | ||
Other liabilities | 333 | 451 |
Level 3 | ||
ASSETS | ||
Investment securities, available-for-sale | 0 | 0 |
Trading securities | ||
Agriculture loan servicing | 19 | 14 |
Total assets | 111 | 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 1 | ||
ASSETS | ||
Other noninterest-bearing investments | 92 | 81 |
Level 3 | Derivatives | ||
ASSETS | ||
Other assets | ||
LIABILITIES | ||
Other liabilities | ||
Deferred compensation plan assets | ||
ASSETS | ||
Other assets | 124 | 114 |
Deferred compensation plan assets | Level 1 | ||
ASSETS | ||
Other assets | 124 | 114 |
Deferred compensation plan assets | Level 2 | ||
ASSETS | ||
Other assets | ||
Deferred compensation plan assets | Level 3 | ||
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) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt And Equity Securities, Unrealized Gain (Loss) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Securities gains (losses), net | Securities gains (losses), net | |
Other Noninterest Expense | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other | Other | |
Level 3 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Unrealized securities gains (losses), net and Other noninterest income (expense) | $ (1) | $ (2) | $ 31 |
Level 3 | Private equity investments 1 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of year | 81 | 66 | 80 |
Purchases | 14 | 16 | 17 |
Cost of investments sold | (1) | (3) | (24) |
Redemptions and paydowns | 0 | 0 | 0 |
Transfers out | 0 | (1) | (78) |
Balance at end of year | 92 | 81 | 66 |
Level 3 | Private equity investments 1 | Debt And Equity Securities, Unrealized Gain (Loss) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Unrealized securities gains (losses), net and Other noninterest income (expense) | (2) | 3 | 71 |
Level 3 | Private equity investments 1 | Other Noninterest Expense | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Unrealized securities gains (losses), net and Other noninterest income (expense) | 0 | 0 | 0 |
Level 3 | Ag loan servicing | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of year | 14 | 12 | 16 |
Purchases | 0 | 0 | 0 |
Cost of investments sold | 0 | 0 | 0 |
Redemptions and paydowns | 0 | 0 | (1) |
Transfers out | 0 | 0 | 0 |
Balance at end of year | 19 | 14 | 12 |
Level 3 | Ag loan servicing | Debt And Equity Securities, Unrealized Gain (Loss) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Unrealized securities gains (losses), net and Other noninterest income (expense) | 0 | 0 | 0 |
Level 3 | Ag loan servicing | Other Noninterest Expense | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Unrealized securities gains (losses), net and Other noninterest income (expense) | $ 5 | $ 2 | $ (3) |
Fair Value (Schedule of Realize
Fair Value (Schedule of Realized Gains (Losses) Using Level 3 Inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities gains (losses), net | $ (1) | $ (2) | $ 31 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivatives, Fair Value [Line Items] | ||
Assets, fair value | $ 11,602,000,000 | $ 13,525,000,000 |
Fair Value, Option, Credit Risk, Gains (Losses) on Assets | 4,000,000 | |
Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Assets, fair value | 10,872,000,000 | $ 12,524,000,000 |
Level 2 | Fair Value, Nonrecurring | Collateral dependent loans | ||
Derivatives, Fair Value [Line Items] | ||
Assets, fair value | 1,000,000 | |
Gain (losses) from fair value changes | $ 0 |
Fair Value (Schedule of Carryin
Fair Value (Schedule of Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity investment securities | $ 10,466 | $ 11,239 |
Time deposits | 9,996 | 2,309 |
Long-term debt | 542 | 651 |
Level 2 | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity investment securities | 10,466 | 11,239 |
Time deposits | 9,964 | 2,269 |
Long-term debt | 494 | 635 |
Level 2 | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity investment securities | 10,382 | 11,126 |
Time deposits | 9,996 | 2,309 |
Long-term debt | 542 | 651 |
Level 3 | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases (including loans held for sale), net of allowance | 54,832 | 53,093 |
Level 3 | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases (including loans held for sale), net of allowance | $ 57,148 | $ 55,086 |
Offsetting Assets and Liabili_3
Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Gross amounts recognized | ||
Federal funds sold and securities purchased under agreements to resell | $ 1,170,000 | $ 2,451,000 |
Derivatives (included in Other assets) | 420,000 | 386,000 |
Total assets | 1,590,000 | 2,837,000 |
Federal funds and other short-term borrowings | 4,612,000 | 10,442,000 |
Derivatives (included in Other liabilities) | 333,000 | 451,000 |
Total liabilities | 4,945,000 | 10,893,000 |
Gross amounts offset on the balance sheet | ||
Federal funds sold and securities purchased under agreements to resell | (233,000) | (25,000) |
Derivatives (included in Other assets) | 0 | 0 |
Total assets | (233,000) | (25,000) |
Federal funds and other short-term borrowings | (233,000) | (25,000) |
Derivatives (included in Other liabilities) | 0 | 0 |
Total liabilities | (233,000) | (25,000) |
Net amounts presented on the balance sheet | ||
Federal funds sold and securities purchased under agreements to resell | 937,000 | 2,426,000 |
Derivatives (included in Other assets) | 420,000 | 386,000 |
Total assets | 1,357,000 | 2,812,000 |
Federal funds and other short-term borrowings | 4,379,000 | 10,417,000 |
Derivatives (included in Other liabilities) | 333,000 | 451,000 |
Total liabilities | 4,712,000 | 10,868,000 |
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) | (31,000) | (10,000) |
Total assets | (31,000) | (10,000) |
Federal funds and other short-term borrowings | 0 | 0 |
Derivatives (included in Other liabilities) | (31,000) | (10,000) |
Total liabilities | (31,000) | (10,000) |
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) | (357,000) | (367,000) |
Total assets | (357,000) | (367,000) |
Federal funds and other short-term borrowings | 0 | 0 |
Derivatives (included in Other liabilities) | (1,000) | 0 |
Total liabilities | $ (1,000) | $ 0 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Net amount | ||
Federal funds sold and securities purchased under agreements to resell | $ 937,000 | $ 2,426,000 |
Derivatives (included in Other assets) | 32,000 | 9,000 |
Total assets | 969,000 | 2,435,000 |
Federal funds and other short-term borrowings | 4,379,000 | 10,417,000 |
Derivatives (included in Other liabilities) | 301,000 | 441,000 |
Total liabilities | $ 4,680,000 | $ 10,858,000 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) security | Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) | |
Investments [Abstract] | ||||
Accrued interest receivable | $ 75 | $ 65 | $ 75 | |
Transfer from available for sale to held-to-maturity, fair value | 10,700 | 10,691 | ||
Investment securities available-for-sale transferred to held-to-maturity, at amortized cost (fair value $10,691) | 0 | $ 13,097 | $ 0 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Transfer, Amount | 13,100 | |||
OCI, Debt Securities, Available-for-Sale, Transfer to Held-to-Maturity, Adjustment from AOCI for Amortization of Gain (Loss), before Tax | $ 2,400 | |||
Unrealized loss unamortized over the life of security | 2,100 | |||
Unrealized loss unamortized over the life of security, after tax | $ 1,500 | |||
Number of AFS investment securities in an unrealized loss position | security | 3,562 | 2,998 | 3,562 | |
Allowance for credit loss on HTM securities (less than) | $ 1 |
Investments (Summary of Investm
Investments (Summary of Investment Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Dec. 31, 2023 | |
Amortized cost | ||
Held-to-maturity | $ 11,126 | $ 10,382 |
Total available-for-sale | 13,538 | 11,759 |
Total HTM and AFS investment securities | 24,664 | 22,141 |
Gross unrealized gains 1 | ||
Held-to-maturity | 165 | 156 |
Available-for-sale | 2 | 0 |
Total HTM and AFS investment securities | 167 | 156 |
Gross unrealized losses | ||
Held-to-maturity | 52 | 72 |
Available-for-sale | 1,625 | 1,459 |
Total HTM and AFS investment securities | 1,677 | 1,531 |
Estimated fair value | ||
Held-to-maturity | 11,239 | 10,466 |
Available-for-sale | 11,915 | 10,300 |
Total HTM and AFS investment securities | 23,154 | 20,766 |
Transfer from available for sale to held-to-maturity, fair value | 10,700 | 10,691 |
U.S. Treasury securities | ||
Amortized cost | ||
Total available-for-sale | 557 | 585 |
Gross unrealized gains 1 | ||
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Available-for-sale | 164 | 93 |
Estimated fair value | ||
Available-for-sale | 393 | 492 |
Agency securities | ||
Amortized cost | ||
Held-to-maturity | 100 | 93 |
Total available-for-sale | 782 | 663 |
Gross unrealized gains 1 | ||
Held-to-maturity | 0 | 0 |
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Held-to-maturity | 7 | 6 |
Available-for-sale | 46 | 33 |
Estimated fair value | ||
Held-to-maturity | 93 | 87 |
Available-for-sale | 736 | 630 |
Municipal securities | ||
Amortized cost | ||
Held-to-maturity | 405 | 354 |
Total available-for-sale | 1,732 | 1,385 |
Gross unrealized gains 1 | ||
Held-to-maturity | 0 | 0 |
Available-for-sale | 1 | 0 |
Gross unrealized losses | ||
Held-to-maturity | 31 | 16 |
Available-for-sale | 99 | 67 |
Estimated fair value | ||
Held-to-maturity | 374 | 338 |
Available-for-sale | 1,634 | 1,318 |
Agency guaranteed mortgage-backed securities | ||
Amortized cost | ||
Held-to-maturity | 10,621 | 9,935 |
Total available-for-sale | 9,652 | 8,530 |
Gross unrealized gains 1 | ||
Held-to-maturity | 165 | 156 |
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Held-to-maturity | 14 | 50 |
Available-for-sale | 1,285 | 1,239 |
Estimated fair value | ||
Held-to-maturity | 10,772 | 10,041 |
Available-for-sale | 8,367 | 7,291 |
Small Business Administration loan-backed securities | ||
Amortized cost | ||
Total available-for-sale | 740 | 571 |
Gross unrealized gains 1 | ||
Available-for-sale | 1 | 0 |
Gross unrealized losses | ||
Available-for-sale | 29 | 25 |
Estimated fair value | ||
Available-for-sale | 712 | 546 |
Other debt securities | ||
Amortized cost | ||
Total available-for-sale | 75 | 25 |
Gross unrealized gains 1 | ||
Available-for-sale | 0 | 0 |
Gross unrealized losses | ||
Available-for-sale | 2 | 2 |
Estimated fair value | ||
Available-for-sale | 73 | 23 |
Unrealized gains | ||
Gross unrealized gains 1 | ||
Available-for-sale | $ 1 | $ 1 |
Investments (Contractual Maturi
Investments (Contractual Maturities Debt Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Held-to-maturity, Amortized cost | ||
Total debt securities | $ 10,382 | $ 11,126 |
Due in one year or less | 26 | |
Due after one year through five years | 127 | |
Due after five years through ten years | 211 | |
Due after ten years | $ 10,018 | |
Held-to-maturity, Weighted average yield | ||
Total debt securities | 1.91% | |
Due in one year or less | 2.70% | |
Due after one year through five years | 3% | |
Due after five years through ten years | 3.06% | |
Due after ten years | 1.87% | |
Available-for-sale, Amortized cost | ||
Total debt securities | $ 11,759 | 13,538 |
Due in one year or less | 442 | |
Due after one year through five years | 782 | |
Due after five years through ten years | 2,534 | |
Due after ten years | $ 8,001 | |
Available-for-sale, Weighted average yield | ||
Total debt securities | 2.32% | |
Due in one year or less | 3.24% | |
Due after one year through five years | 2.61% | |
Due after five years through ten years | 2.24% | |
Due after ten years | 2.26% | |
Total investment securities, Amortized cost | ||
Total HTM and AFS investment securities | $ 22,141 | 24,664 |
Due in one year or less | 468 | |
Due after one year through five years | 909 | |
Due after five years through ten years | 2,745 | |
Due after ten years | $ 18,019 | |
Total investment securities, Weighted average yield | ||
Total debt securities | 2.13% | |
Due in one year or less | 3.21% | |
Due after one year through five years | 2.67% | |
Due after five years through ten years | 2.30% | |
Due after ten years | 2.04% | |
U.S. Treasury securities | ||
Available-for-sale, Amortized cost | ||
Total debt securities | $ 585 | 557 |
Due in one year or less | 184 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | $ 401 | |
Available-for-sale, Weighted average yield | ||
Total debt securities | 3.26% | |
Due in one year or less | 5.24% | |
Due after one year through five years | 0% | |
Due after five years through ten years | 0% | |
Due after ten years | 2.35% | |
Agency securities | ||
Held-to-maturity, Amortized cost | ||
Total debt securities | $ 93 | 100 |
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 | $ 93 | |
Held-to-maturity, Weighted average yield | ||
Total debt securities | 3.55% | |
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 | 3.55% | |
Available-for-sale, Amortized cost | ||
Total debt securities | $ 663 | 782 |
Due in one year or less | 116 | |
Due after one year through five years | 154 | |
Due after five years through ten years | 207 | |
Due after ten years | $ 186 | |
Available-for-sale, Weighted average yield | ||
Total debt securities | 2.63% | |
Due in one year or less | 0.93% | |
Due after one year through five years | 3.16% | |
Due after five years through ten years | 2.73% | |
Due after ten years | 3.15% | |
Agency guaranteed mortgage-backed securities | ||
Held-to-maturity, Amortized cost | ||
Total debt securities | $ 9,935 | 10,621 |
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 45 | |
Due after ten years | $ 9,890 | |
Held-to-maturity, Weighted average yield | ||
Total debt securities | 1.85% | |
Due in one year or less | 0% | |
Due after one year through five years | 0% | |
Due after five years through ten years | 1.94% | |
Due after ten years | 1.85% | |
Available-for-sale, Amortized cost | ||
Total debt securities | $ 8,530 | 9,652 |
Due in one year or less | 3 | |
Due after one year through five years | 174 | |
Due after five years through ten years | 1,459 | |
Due after ten years | $ 6,894 | |
Available-for-sale, Weighted average yield | ||
Total debt securities | 2.01% | |
Due in one year or less | 1.40% | |
Due after one year through five years | 1.63% | |
Due after five years through ten years | 2.11% | |
Due after ten years | 2% | |
Small Business Administration loan-backed securities | ||
Available-for-sale, Amortized cost | ||
Total debt securities | $ 571 | 740 |
Due in one year or less | 1 | |
Due after one year through five years | 22 | |
Due after five years through ten years | 141 | |
Due after ten years | $ 407 | |
Available-for-sale, Weighted average yield | ||
Total debt securities | 5.54% | |
Due in one year or less | 5.33% | |
Due after one year through five years | 6.33% | |
Due after five years through ten years | 4.40% | |
Due after ten years | 5.89% | |
Municipal securities | ||
Held-to-maturity, Amortized cost | ||
Total debt securities | $ 354 | 405 |
Due in one year or less | 26 | |
Due after one year through five years | 127 | |
Due after five years through ten years | 166 | |
Due after ten years | $ 35 | |
Held-to-maturity, Weighted average yield | ||
Total debt securities | 3.15% | |
Due in one year or less | 2.70% | |
Due after one year through five years | 3% | |
Due after five years through ten years | 3.36% | |
Due after ten years | 3.08% | |
Available-for-sale, Amortized cost | ||
Total debt securities | $ 1,385 | 1,732 |
Due in one year or less | 138 | |
Due after one year through five years | 432 | |
Due after five years through ten years | 717 | |
Due after ten years | $ 98 | |
Available-for-sale, Weighted average yield | ||
Total debt securities | 2.18% | |
Due in one year or less | 2.54% | |
Due after one year through five years | 2.63% | |
Due after five years through ten years | 1.84% | |
Due after ten years | 2.22% | |
Other debt securities | ||
Available-for-sale, Amortized cost | ||
Total debt securities | $ 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 | |
Available-for-sale, Weighted average yield | ||
Total debt securities | 8.77% | |
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 | 8.28% |
Investments (Summary of Amount
Investments (Summary of Amount of Gross Unrealized Losses for Debt Securities and Estimated Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Gross unrealized losses | ||
Available-for-sale, Less than 12 months | $ 73 | $ 653 |
Available-for-sale, 12 months or more | 1,386 | 972 |
Available-for-sale, Total | 1,459 | 1,625 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 550 | 6,673 |
Available-for-sale, 12 months or more | 9,373 | 5,009 |
Available-for-sale, Total | 9,923 | 11,682 |
U.S. Treasury securities | ||
Gross unrealized losses | ||
Available-for-sale, Less than 12 months | 0 | 94 |
Available-for-sale, 12 months or more | 93 | 70 |
Available-for-sale, Total | 93 | 164 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 0 | 308 |
Available-for-sale, 12 months or more | 308 | 85 |
Available-for-sale, Total | 308 | 393 |
Agency securities | ||
Gross unrealized losses | ||
Available-for-sale, Less than 12 months | 0 | 39 |
Available-for-sale, 12 months or more | 33 | 7 |
Available-for-sale, Total | 33 | 46 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 5 | 634 |
Available-for-sale, 12 months or more | 605 | 102 |
Available-for-sale, Total | 610 | 736 |
Agency guaranteed mortgage-backed securities | ||
Gross unrealized losses | ||
Available-for-sale, Less than 12 months | 71 | 447 |
Available-for-sale, 12 months or more | 1,168 | 838 |
Available-for-sale, Total | 1,239 | 1,285 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 312 | 4,322 |
Available-for-sale, 12 months or more | 6,902 | 4,042 |
Available-for-sale, Total | 7,214 | 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 | 25 | 21 |
Available-for-sale, Total | 25 | 29 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 4 | 101 |
Available-for-sale, 12 months or more | 484 | 524 |
Available-for-sale, Total | 488 | 625 |
Municipal securities | ||
Gross unrealized losses | ||
Available-for-sale, Less than 12 months | 2 | 63 |
Available-for-sale, 12 months or more | 65 | 36 |
Available-for-sale, Total | 67 | 99 |
Estimated fair value | ||
Available-for-sale, less than 12 Months | 229 | 1,295 |
Available-for-sale, 12 months or more | 1,061 | 256 |
Available-for-sale, Total | 1,290 | 1,551 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments [Abstract] | |||
Available-for-sale, gross gains | $ 72 | $ 0 | $ 0 |
Available-for-sale, gross losses | 72 | 0 | 0 |
Trading, gross gains | 13 | 0 | 0 |
Trading, gross losses | 11 | 0 | 0 |
Other noninterest-bearing investments, Nonmarketable equity securities, Gross gains | 27 | 11 | 119 |
Other noninterest-bearing investments, Nonmarketable equity securities, Gross losses | 25 | 26 | 48 |
Gross gains | 112 | 11 | 119 |
Gross losses | 108 | 26 | 48 |
Securities gains (losses), net | $ 4 | $ (15) | $ 71 |
Investments (Tax and Nontaxable
Investments (Tax and Nontaxable Income by Investment Type) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | |||
Held-to-maturity | $ 239 | $ 46 | $ 15 |
Available-for-sale | 322 | 451 | 285 |
Trading | 2 | 15 | 11 |
Interest on securities | 563 | 512 | 311 |
Taxable | |||
Net Investment Income [Line Items] | |||
Held-to-maturity | 236 | 42 | 10 |
Available-for-sale | 291 | 411 | 256 |
Trading | 0 | 0 | 0 |
Interest on securities | 527 | 453 | 266 |
Nontaxable | |||
Net Investment Income [Line Items] | |||
Held-to-maturity | 3 | 4 | 5 |
Available-for-sale | 31 | 40 | 29 |
Trading | 2 | 15 | 11 |
Interest on securities | $ 36 | $ 59 | $ 45 |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans held for sale | $ 53 | $ 8 |
Total loans and leases | 57,779 | 55,653 |
PPP | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 77 | 197 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 30,588 | 30,495 |
Commercial | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 16,684 | 16,377 |
Commercial | Leasing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 383 | 386 |
Commercial | Owner-occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 9,219 | 9,371 |
Commercial | Municipal | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 4,302 | 4,361 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 13,371 | 12,739 |
Commercial real estate | Construction and land development | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 2,669 | 2,513 |
Commercial real estate | Term | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 10,702 | 10,226 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 13,820 | 12,419 |
Consumer | Home equity credit line | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 3,356 | 3,377 |
Consumer | 1-4 family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 8,415 | 7,286 |
Consumer | Construction and other consumer real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 1,442 | 1,161 |
Consumer | Bankcard and other revolving plans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | 474 | 471 |
Consumer | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans and leases | $ 133 | $ 124 |
Loans, Leases, and Allowance _4
Loans, Leases, and Allowance for Credit Losses (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) mo | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net unamortized purchase premiums, discounts, and deferred loan fees and cost | $ 37,000,000 | $ 49,000,000 | |
Accrued interest receivable | $ 299,000,000 | $ 247,000,000 | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
Loans and leases, net of unearned income and fees | $ 57,779,000,000 | $ 55,653,000,000 | |
Loans held for sale | 53,000,000 | 8,000,000 | |
Payments for origination and purchases of loans held-for-sale | 678,000,000 | 659,000,000 | $ 1,700,000,000 |
Held-for-sale loans sold | 632,000,000 | 716,000,000 | 1,683,000,000 |
Principal balance of loans sold, serviced loans | 400,000,000 | 3,500,000,000 | |
Income from loans sold | 16,000,000 | 14,000,000 | $ 34,000,000 |
Financing receivable, commitments threshold for evaluating collectively or individually | 1,000,000 | ||
Recorded investment in TDR loans modified with interest rates below market | $ 264,000,000 | 235,000,000 | |
Financing receivable, minimum number of months for borrower to meet terms for TDR status | mo | 6 | ||
Unfunded lending commitments | $ 22,000,000 | 7,000,000 | |
Financing receivable, modifications, subsequent default, recorded investment | 10,000,000 | ||
Real estate acquired through foreclosure (less than) | 0 | 0 | |
Mortgage loans in process of foreclosure | 11,000,000 | 10,000,000 | |
Asset Pledged as Collateral without Right | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans held for sale | 36,300,000,000 | 27,600,000,000 | |
Nonaccruing | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 38,000,000 | ||
Doubtful | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and leases, net of unearned income and fees | 0 | 0 | |
Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and leases, net of unearned income and fees | $ 13,371,000,000 | 12,739,000,000 | |
Financing receivable, period once past due, charged off or charged down (in days) | 180 days | ||
Recorded investment in TDR loans modified with interest rates below market | $ 192,000,000 | ||
Commercial real estate | Nonaccruing | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 10,000,000 | ||
Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and leases, net of unearned income and fees | $ 13,820,000,000 | 12,419,000,000 | |
Financing receivable, period once past due, charged off or charged down (in days) | 180 days | ||
Recorded investment in TDR loans modified with interest rates below market | $ 3,000,000 | ||
Consumer | Nonaccruing | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 5,000,000 | ||
Commercial Mortgage-Backed Securities | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Principal balance of loans sold, serviced loans | 3,000,000,000 | ||
Interest Rate Below Market Reduction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accumulated modified in period | 63,000,000 | ||
Payment deferral | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 2,000,000 | 32,000,000 | |
Payment deferral | Nonaccruing | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 1,000,000 | 3,000,000 | |
Payment deferral | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 0 | ||
Payment deferral | Commercial real estate | Nonaccruing | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 0 | ||
Payment deferral | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 0 | ||
Payment deferral | Consumer | Nonaccruing | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 0 | ||
Principal forgiveness | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 1,000,000 | 7,000,000 | |
Principal forgiveness | Nonaccruing | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 1,000,000 | ||
Principal forgiveness | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 0 | ||
Principal forgiveness | Commercial real estate | Nonaccruing | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 0 | ||
Principal forgiveness | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 1,000,000 | ||
Principal forgiveness | Consumer | Nonaccruing | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 1,000,000 | ||
Land Acquisition and Development | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and leases, net of unearned income and fees | $ 219,000,000 | $ 262,000,000 | |
Closed-End Consumer Loans | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Financing receivable, period once past due, charged off or charged down (in days) | 120 days |
Loans, Leases, and Allowance _5
Loans, Leases, and Allowance For Credit Losses (Loans Held For Sale) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | |||
Payments for origination and purchases of loans held-for-sale | $ 678 | $ 659 | $ 1,700 |
Held-for-sale loans sold | $ 632 | $ 716 | $ 1,683 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for loan and lease losses | |||
Balance at beginning of period | $ 575 | $ 513 | |
Provision for loan losses | 148 | 101 | $ (258) |
Gross loan and lease charge-offs | 62 | 82 | |
Recoveries | 26 | 43 | |
Net loan and lease charge-offs (recoveries) | 36 | 39 | |
Balance at ending of period | 684 | 575 | 513 |
Reserve for unfunded lending commitments | |||
Balance at beginning of period | 61 | 40 | |
Provision for unfunded lending commitments | (16) | 21 | (18) |
Balance at end of period | 45 | 61 | 40 |
Total allowance for credit losses | 729 | 636 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan and lease losses | |||
Balance at beginning of period | 572 | ||
Balance at ending of period | 572 | ||
Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan and lease losses | |||
Balance at beginning of period | (3) | ||
Balance at ending of period | (3) | ||
Commercial | |||
Allowance for loan and lease losses | |||
Balance at beginning of period | 300 | 311 | |
Provision for loan losses | 27 | 29 | |
Gross loan and lease charge-offs | 45 | 72 | |
Recoveries | 20 | 32 | |
Net loan and lease charge-offs (recoveries) | 25 | 40 | |
Balance at ending of period | 302 | 300 | 311 |
Reserve for unfunded lending commitments | |||
Balance at beginning of period | 16 | 19 | |
Provision for unfunded lending commitments | 3 | (3) | |
Balance at end of period | 19 | 16 | 19 |
Total allowance for credit losses | 321 | 316 | |
Commercial | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan and lease losses | |||
Balance at beginning of period | 300 | ||
Balance at ending of period | 300 | ||
Commercial | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan and lease losses | |||
Balance at beginning of period | 0 | ||
Balance at ending of period | 0 | ||
Commercial real estate | |||
Allowance for loan and lease losses | |||
Balance at beginning of period | 156 | 107 | |
Provision for loan losses | 92 | 49 | |
Gross loan and lease charge-offs | 3 | 0 | |
Recoveries | 0 | 0 | |
Net loan and lease charge-offs (recoveries) | 3 | 0 | |
Balance at ending of period | 241 | 156 | 107 |
Reserve for unfunded lending commitments | |||
Balance at beginning of period | 33 | 11 | |
Provision for unfunded lending commitments | (16) | 22 | |
Balance at end of period | 17 | 33 | 11 |
Total allowance for credit losses | 258 | 189 | |
Commercial real estate | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan and lease losses | |||
Balance at beginning of period | 152 | ||
Balance at ending of period | 152 | ||
Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan and lease losses | |||
Balance at beginning of period | (4) | ||
Balance at ending of period | (4) | ||
Consumer | |||
Allowance for loan and lease losses | |||
Balance at beginning of period | 119 | 95 | |
Provision for loan losses | 29 | 23 | |
Gross loan and lease charge-offs | 14 | 10 | |
Recoveries | 6 | 11 | |
Net loan and lease charge-offs (recoveries) | 8 | (1) | |
Balance at ending of period | 141 | 119 | 95 |
Reserve for unfunded lending commitments | |||
Balance at beginning of period | 12 | 10 | |
Provision for unfunded lending commitments | (3) | 2 | |
Balance at end of period | 9 | 12 | $ 10 |
Total allowance for credit losses | 150 | 131 | |
Consumer | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan and lease losses | |||
Balance at beginning of period | 120 | ||
Balance at ending of period | 120 | ||
Consumer | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan and lease losses | |||
Balance at beginning of period | $ 1 | ||
Balance at ending of period | $ 1 |
Loans, Leases, and Allowance _7
Loans, Leases, and Allowance for Credit Losses (Summary of Nonaccrual Loans) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | $ 91 | $ 31 |
Amortized cost basis with allowance | 131 | 118 |
Total amortized cost basis | 222 | 149 |
Related allowance | 43 | 35 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 23 | 21 |
Amortized cost basis with allowance | 81 | 66 |
Total amortized cost basis | 104 | 87 |
Related allowance | 32 | 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 | 71 | 55 |
Total amortized cost basis | 82 | 63 |
Related allowance | 30 | 27 |
Commercial | Leasing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 0 | |
Amortized cost basis with allowance | 2 | |
Total amortized cost basis | 2 | |
Related allowance | 1 | |
Commercial | Owner-occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 12 | 13 |
Amortized cost basis with allowance | 8 | 11 |
Total amortized cost basis | 20 | 24 |
Related allowance | 1 | 1 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 59 | 0 |
Amortized cost basis with allowance | 2 | 14 |
Total amortized cost basis | 61 | 14 |
Related allowance | 1 | 2 |
Commercial real estate | Construction and land development | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 22 | |
Amortized cost basis with allowance | 0 | |
Total amortized cost basis | 22 | |
Related allowance | 0 | |
Commercial real estate | Term | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 37 | 0 |
Amortized cost basis with allowance | 2 | 14 |
Total amortized cost basis | 39 | 14 |
Related allowance | 1 | 2 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 9 | 10 |
Amortized cost basis with allowance | 48 | 38 |
Total amortized cost basis | 57 | 48 |
Related allowance | 10 | 5 |
Consumer | Home equity credit line | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 1 | 1 |
Amortized cost basis with allowance | 16 | 10 |
Total amortized cost basis | 17 | 11 |
Related allowance | 5 | 2 |
Consumer | 1-4 family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized cost basis with no allowance | 8 | 9 |
Amortized cost basis with allowance | 32 | 28 |
Total amortized cost basis | 40 | 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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Past Due [Line Items] | |||
Accrued interest receivable written off | $ 15 | $ 13 | $ 17 |
Recorded investment in TDR loans modified with interest rates below market | 264 | 235 | |
Interest rate reduction | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 4 | ||
Maturity or term extension | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 256 | ||
Multiple modification types | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 1 | 74 | |
Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Accrued interest receivable written off | 10 | 12 | 15 |
Recorded investment in TDR loans modified with interest rates below market | 69 | ||
Commercial | Interest rate reduction | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 4 | ||
Commercial | Maturity or term extension | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 63 | ||
Commercial | Multiple modification types | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 0 | ||
Commercial | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 47 | ||
Commercial | Commercial and industrial | Interest rate reduction | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 0 | ||
Commercial | Commercial and industrial | Maturity or term extension | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 46 | ||
Commercial | Commercial and industrial | Multiple modification types | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 0 | ||
Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Accrued interest receivable written off | 3 | 1 | 2 |
Recorded investment in TDR loans modified with interest rates below market | 192 | ||
Commercial real estate | Interest rate reduction | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 0 | ||
Commercial real estate | Maturity or term extension | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 192 | ||
Commercial real estate | Multiple modification types | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 0 | ||
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Accrued interest receivable written off | 2 | $ 0 | $ 0 |
Recorded investment in TDR loans modified with interest rates below market | 3 | ||
Consumer | Interest rate reduction | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 0 | ||
Consumer | Maturity or term extension | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | 1 | ||
Consumer | Multiple modification types | |||
Financing Receivable, Past Due [Line Items] | |||
Recorded investment in TDR loans modified with interest rates below market | $ 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | $ 57,779 | $ 55,653 |
Accruing loans 90+ days past due | 3 | 6 |
Nonaccrual loans that are current | 222 | 149 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 30,588 | 30,495 |
Accruing loans 90+ days past due | 2 | 5 |
Nonaccrual loans that are current | 104 | 87 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 13,371 | 12,739 |
Accruing loans 90+ days past due | 0 | 0 |
Nonaccrual loans that are current | 61 | 14 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 13,820 | 12,419 |
Accruing loans 90+ days past due | 1 | 1 |
Nonaccrual loans that are current | 57 | 48 |
Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 16,684 | 16,377 |
Accruing loans 90+ days past due | 1 | 4 |
Nonaccrual loans that are current | 82 | 63 |
Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 383 | 386 |
Accruing loans 90+ days past due | 0 | 0 |
Nonaccrual loans that are current | 2 | |
Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 9,219 | 9,371 |
Accruing loans 90+ days past due | 1 | 1 |
Nonaccrual loans that are current | 20 | 24 |
Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 4,302 | 4,361 |
Accruing loans 90+ days past due | 0 | 0 |
Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 2,669 | 2,513 |
Accruing loans 90+ days past due | 0 | 0 |
Nonaccrual loans that are current | 22 | |
Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 10,702 | 10,226 |
Accruing loans 90+ days past due | 0 | 0 |
Nonaccrual loans that are current | 39 | 14 |
Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 3,356 | 3,377 |
Accruing loans 90+ days past due | 0 | 0 |
Nonaccrual loans that are current | 17 | 11 |
1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 8,415 | 7,286 |
Accruing loans 90+ days past due | 0 | 0 |
Nonaccrual loans that are current | 40 | 37 |
Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 1,442 | 1,161 |
Accruing loans 90+ days past due | 0 | |
Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 474 | 471 |
Accruing loans 90+ days past due | 1 | 1 |
Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 133 | 124 |
Accruing loans 90+ days past due | 0 | 0 |
Current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 57,576 | 55,491 |
Current | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 30,519 | 30,422 |
Current | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 13,306 | 12,690 |
Current | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 13,751 | 12,379 |
Current | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 16,631 | 16,331 |
Current | Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 381 | 386 |
Current | Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 9,206 | 9,344 |
Current | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 4,301 | 4,361 |
Current | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 2,645 | 2,511 |
Current | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 10,661 | 10,179 |
Current | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 3,334 | 3,369 |
Current | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 8,375 | 7,258 |
Current | Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 1,442 | 1,161 |
Current | Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 468 | 467 |
Current | Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 132 | 124 |
Total past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 203 | 162 |
Total past due | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 69 | 73 |
Total past due | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 65 | 49 |
Total past due | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 69 | 40 |
Total past due | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 53 | 46 |
Total past due | Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 2 | 0 |
Total past due | Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 13 | 27 |
Total past due | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 1 | 0 |
Total past due | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 24 | 2 |
Total past due | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 41 | 47 |
Total past due | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 22 | 8 |
Total past due | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 40 | 28 |
Total past due | Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 0 | 0 |
Total past due | Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 6 | 4 |
Total past due | Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 1 | 0 |
30-89 days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 108 | 100 |
30-89 days past due | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 52 | 44 |
30-89 days past due | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 16 | 39 |
30-89 days past due | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 40 | 17 |
30-89 days past due | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 38 | 24 |
30-89 days past due | Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 2 | 0 |
30-89 days past due | Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 11 | 20 |
30-89 days past due | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 1 | 0 |
30-89 days past due | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 2 | 2 |
30-89 days past due | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 14 | 37 |
30-89 days past due | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 17 | 5 |
30-89 days past due | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 17 | 9 |
30-89 days past due | Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 0 | 0 |
30-89 days past due | Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 5 | 3 |
30-89 days past due | Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 1 | 0 |
90+ days past due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 95 | 62 |
90+ days past due | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 17 | 29 |
90+ days past due | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 49 | 10 |
90+ days past due | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 29 | 23 |
90+ days past due | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 15 | 22 |
90+ days past due | Leasing | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 0 | 0 |
90+ days past due | Owner-occupied | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 2 | 7 |
90+ days past due | Municipal | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 0 | 0 |
90+ days past due | Construction and land development | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 22 | 0 |
90+ days past due | Term | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 27 | 10 |
90+ days past due | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 5 | 3 |
90+ days past due | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 23 | 19 |
90+ days past due | Construction and other consumer real estate | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 0 | 0 |
90+ days past due | Bankcard and other revolving plans | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 1 | 1 |
90+ days past due | Other | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and leases, net of unearned income and fees | 0 | 0 |
Nonaccrual loans that are current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 108 | 86 |
Nonaccrual loans that are current | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 83 | 60 |
Nonaccrual loans that are current | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 3 | 4 |
Nonaccrual loans that are current | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 22 | 22 |
Nonaccrual loans that are current | Commercial and industrial | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 65 | 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 | 18 | 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 | 3 | 4 |
Nonaccrual loans that are current | Home equity credit line | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 9 | 6 |
Nonaccrual loans that are current | 1-4 family residential | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Nonaccrual loans that are current | 13 | 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 - Current Year) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total loans | ||
2023 | $ 8,155 | $ 13,059 |
2022 | 12,553 | 10,344 |
2021 | 8,774 | 6,360 |
2020 | 4,982 | 4,239 |
2019 | 3,222 | 2,347 |
Prior | 6,610 | 5,667 |
Revolving loans amortized cost basis | 12,896 | 13,064 |
Revolving loans converted to term loans amortized cost basis | 587 | 573 |
Total loans | 57,779 | 55,653 |
Gross charge-offs | ||
2023 | 1 | |
2022 | 12 | |
2021 | 6 | |
2020 | 0 | |
2019 | 1 | |
Prior | 4 | |
Revolving loans amortized cost basis | 36 | |
Revolving loans converted to term loans amortized cost basis | 2 | |
Total | 62 | 82 |
Commercial | ||
Total loans | ||
2023 | 4,492 | 6,987 |
2022 | 5,770 | 5,522 |
2021 | 4,436 | 3,072 |
2020 | 2,336 | 2,430 |
2019 | 1,729 | 1,228 |
Prior | 3,201 | 2,568 |
Revolving loans amortized cost basis | 8,410 | 8,426 |
Revolving loans converted to term loans amortized cost basis | 214 | 262 |
Total loans | 30,588 | 30,495 |
Gross charge-offs | ||
2023 | 1 | |
2022 | 10 | |
2021 | 6 | |
2020 | 0 | |
2019 | 0 | |
Prior | 2 | |
Revolving loans amortized cost basis | 24 | |
Revolving loans converted to term loans amortized cost basis | 2 | |
Total | 45 | 72 |
Commercial real estate | ||
Total loans | ||
2023 | 2,571 | 3,508 |
2022 | 3,477 | 2,802 |
2021 | 2,294 | 2,186 |
2020 | 1,634 | 1,140 |
2019 | 884 | 726 |
Prior | 1,482 | 1,276 |
Revolving loans amortized cost basis | 757 | 893 |
Revolving loans converted to term loans amortized cost basis | 272 | 208 |
Total loans | 13,371 | 12,739 |
Gross charge-offs | ||
2023 | 0 | |
2022 | 2 | |
2021 | 0 | |
2020 | 0 | |
2019 | 1 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | |
Total | 3 | 0 |
Consumer | ||
Total loans | ||
2023 | 1,092 | 2,564 |
2022 | 3,306 | 2,020 |
2021 | 2,044 | 1,102 |
2020 | 1,012 | 669 |
2019 | 609 | 393 |
Prior | 1,927 | 1,823 |
Revolving loans amortized cost basis | 3,729 | 3,745 |
Revolving loans converted to term loans amortized cost basis | 101 | 103 |
Total loans | 13,820 | 12,419 |
Gross charge-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 2 | |
Revolving loans amortized cost basis | 12 | |
Revolving loans converted to term loans amortized cost basis | 0 | |
Total | 14 | 10 |
Commercial and industrial | Commercial | ||
Total loans | ||
2023 | 2,678 | 3,390 |
2022 | 2,572 | 1,891 |
2021 | 1,246 | 1,011 |
2020 | 645 | 1,017 |
2019 | 544 | 325 |
Prior | 644 | 335 |
Revolving loans amortized cost basis | 8,196 | 8,220 |
Revolving loans converted to term loans amortized cost basis | 159 | 188 |
Total loans | 16,684 | 16,377 |
Gross charge-offs | ||
2023 | 1 | |
2022 | 10 | |
2021 | 6 | |
2020 | 0 | |
2019 | 0 | |
Prior | 2 | |
Revolving loans amortized cost basis | 24 | |
Revolving loans converted to term loans amortized cost basis | 2 | |
Total | 45 | |
Leasing | Commercial | ||
Total loans | ||
2023 | 106 | 160 |
2022 | 136 | 71 |
2021 | 48 | 47 |
2020 | 30 | 66 |
2019 | 45 | 18 |
Prior | 18 | 24 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 383 | 386 |
Gross charge-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 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 | 1,092 | 2,175 |
2022 | 1,982 | 2,334 |
2021 | 2,067 | 1,198 |
2020 | 1,035 | 906 |
2019 | 757 | 717 |
Prior | 2,020 | 1,769 |
Revolving loans amortized cost basis | 214 | 198 |
Revolving loans converted to term loans amortized cost basis | 52 | 74 |
Total loans | 9,219 | 9,371 |
Gross charge-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 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 | 616 | 1,262 |
2022 | 1,080 | 1,226 |
2021 | 1,075 | 816 |
2020 | 626 | 441 |
2019 | 383 | 168 |
Prior | 519 | 440 |
Revolving loans amortized cost basis | 0 | 8 |
Revolving loans converted to term loans amortized cost basis | 3 | 0 |
Total loans | 4,302 | 4,361 |
Gross charge-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 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 | 576 | 566 |
2022 | 940 | 672 |
2021 | 384 | 455 |
2020 | 91 | 103 |
2019 | 28 | 2 |
Prior | 4 | 2 |
Revolving loans amortized cost basis | 519 | 617 |
Revolving loans converted to term loans amortized cost basis | 127 | 96 |
Total loans | 2,669 | 2,513 |
Gross charge-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 1 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | |
Total | 1 | |
Term | Commercial real estate | ||
Total loans | ||
2023 | 1,995 | 2,942 |
2022 | 2,537 | 2,130 |
2021 | 1,910 | 1,731 |
2020 | 1,543 | 1,037 |
2019 | 856 | 724 |
Prior | 1,478 | 1,274 |
Revolving loans amortized cost basis | 238 | 276 |
Revolving loans converted to term loans amortized cost basis | 145 | 112 |
Total loans | 10,702 | 10,226 |
Gross charge-offs | ||
2023 | 0 | |
2022 | 2 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | |
Total | 2 | |
Home equity credit line | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 3,256 | 3,276 |
Revolving loans converted to term loans amortized cost basis | 100 | 101 |
Total loans | 3,356 | 3,377 |
Gross charge-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 3 | |
Revolving loans converted to term loans amortized cost basis | 0 | |
Total | 3 | |
1-4 family residential | Consumer | ||
Total loans | ||
2023 | 814 | 1,913 |
2022 | 2,267 | 1,505 |
2021 | 1,826 | 1,026 |
2020 | 991 | 642 |
2019 | 598 | 384 |
Prior | 1,919 | 1,816 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 8,415 | 7,286 |
Gross charge-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 2 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | |
Total | 2 | |
Construction and other consumer real estate | Consumer | ||
Total loans | ||
2023 | 212 | 583 |
2022 | 1,002 | 485 |
2021 | 200 | 64 |
2020 | 15 | 19 |
2019 | 7 | 5 |
Prior | 6 | 5 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 1,442 | 1,161 |
Gross charge-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 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 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 473 | 469 |
Revolving loans converted to term loans amortized cost basis | 1 | 2 |
Total loans | 474 | 471 |
Gross charge-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 9 | |
Revolving loans converted to term loans amortized cost basis | 0 | |
Total | 9 | |
Other | Consumer | ||
Total loans | ||
2023 | 66 | 68 |
2022 | 37 | 30 |
2021 | 18 | 12 |
2020 | 6 | 8 |
2019 | 4 | 4 |
Prior | 2 | 2 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 133 | 124 |
Gross charge-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 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 | 2,654 | 3,363 |
2022 | 2,420 | 1,874 |
2021 | 1,204 | 979 |
2020 | 639 | 876 |
2019 | 494 | 293 |
Prior | 598 | 264 |
Revolving loans amortized cost basis | 7,973 | 8,054 |
Revolving loans converted to term loans amortized cost basis | 151 | 182 |
Total loans | 16,133 | 15,885 |
Pass | Leasing | Commercial | ||
Total loans | ||
2023 | 104 | 160 |
2022 | 125 | 71 |
2021 | 47 | 47 |
2020 | 29 | 66 |
2019 | 45 | 18 |
Prior | 18 | 19 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 368 | 381 |
Pass | Owner-occupied | Commercial | ||
Total loans | ||
2023 | 1,080 | 2,157 |
2022 | 1,945 | 2,285 |
2021 | 2,020 | 1,143 |
2020 | 1,002 | 874 |
2019 | 721 | 654 |
Prior | 1,907 | 1,679 |
Revolving loans amortized cost basis | 212 | 187 |
Revolving loans converted to term loans amortized cost basis | 52 | 74 |
Total loans | 8,939 | 9,053 |
Pass | Municipal | Commercial | ||
Total loans | ||
2023 | 601 | 1,230 |
2022 | 1,080 | 1,220 |
2021 | 1,069 | 816 |
2020 | 623 | 441 |
2019 | 382 | 168 |
Prior | 512 | 437 |
Revolving loans amortized cost basis | 0 | 8 |
Revolving loans converted to term loans amortized cost basis | 3 | 0 |
Total loans | 4,270 | 4,320 |
Pass | Construction and land development | Commercial real estate | ||
Total loans | ||
2023 | 553 | 548 |
2022 | 938 | 671 |
2021 | 355 | 455 |
2020 | 56 | 81 |
2019 | 7 | 2 |
Prior | 4 | 2 |
Revolving loans amortized cost basis | 518 | 617 |
Revolving loans converted to term loans amortized cost basis | 127 | 96 |
Total loans | 2,558 | 2,472 |
Pass | Term | Commercial real estate | ||
Total loans | ||
2023 | 1,861 | 2,861 |
2022 | 2,385 | 2,107 |
2021 | 1,833 | 1,686 |
2020 | 1,449 | 1,012 |
2019 | 804 | 666 |
Prior | 1,438 | 1,229 |
Revolving loans amortized cost basis | 238 | 276 |
Revolving loans converted to term loans amortized cost basis | 110 | 112 |
Total loans | 10,118 | 9,949 |
Pass | Home equity credit line | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 3,237 | 3,265 |
Revolving loans converted to term loans amortized cost basis | 97 | 98 |
Total loans | 3,334 | 3,363 |
Pass | 1-4 family residential | Consumer | ||
Total loans | ||
2023 | 814 | 1,913 |
2022 | 2,264 | 1,503 |
2021 | 1,823 | 1,024 |
2020 | 988 | 638 |
2019 | 594 | 381 |
Prior | 1,891 | 1,788 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 8,374 | 7,247 |
Pass | Construction and other consumer real estate | Consumer | ||
Total loans | ||
2023 | 212 | 583 |
2022 | 1,002 | 485 |
2021 | 200 | 64 |
2020 | 15 | 19 |
2019 | 7 | 5 |
Prior | 6 | 5 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 1,442 | 1,161 |
Pass | Bankcard and other revolving plans | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 471 | 468 |
Revolving loans converted to term loans amortized cost basis | 1 | 2 |
Total loans | 472 | 470 |
Pass | Other | Consumer | ||
Total loans | ||
2023 | 66 | 68 |
2022 | 37 | 30 |
2021 | 18 | 12 |
2020 | 6 | 8 |
2019 | 4 | 4 |
Prior | 2 | 2 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 133 | 124 |
Special Mention | Commercial and industrial | Commercial | ||
Total loans | ||
2023 | 8 | 1 |
2022 | 98 | 2 |
2021 | 34 | 10 |
2020 | 2 | 52 |
2019 | 20 | 1 |
Prior | 37 | 2 |
Revolving loans amortized cost basis | 103 | 50 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 302 | 118 |
Special Mention | Leasing | Commercial | ||
Total loans | ||
2023 | 2 | 0 |
2022 | 9 | 0 |
2021 | 1 | 0 |
2020 | 1 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 13 | 0 |
Special Mention | Owner-occupied | Commercial | ||
Total loans | ||
2023 | 2 | 1 |
2022 | 5 | 15 |
2021 | 17 | 5 |
2020 | 5 | 8 |
2019 | 17 | 3 |
Prior | 15 | 16 |
Revolving loans amortized cost basis | 0 | 1 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 61 | 49 |
Special Mention | Municipal | Commercial | ||
Total loans | ||
2023 | 7 | 32 |
2022 | 0 | 6 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 6 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 13 | 38 |
Special Mention | Construction and land development | Commercial real estate | ||
Total loans | ||
2023 | 0 | 1 |
2022 | 0 | 1 |
2021 | 29 | 0 |
2020 | 30 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 59 | 2 |
Special Mention | Term | Commercial real estate | ||
Total loans | ||
2023 | 55 | 39 |
2022 | 108 | 21 |
2021 | 65 | 11 |
2020 | 78 | 0 |
2019 | 44 | 4 |
Prior | 6 | 1 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 356 | 76 |
Special Mention | Home equity credit line | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Special Mention | 1-4 family residential | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Special Mention | Construction and other consumer real estate | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Special Mention | Bankcard and other revolving plans | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Special Mention | Other | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Accruing Substandard | Commercial and industrial | Commercial | ||
Total loans | ||
2023 | 11 | 26 |
2022 | 18 | 7 |
2021 | 7 | 17 |
2020 | 2 | 78 |
2019 | 19 | 30 |
Prior | 8 | 67 |
Revolving loans amortized cost basis | 99 | 84 |
Revolving loans converted to term loans amortized cost basis | 3 | 2 |
Total loans | 167 | 311 |
Accruing Substandard | Leasing | Commercial | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 5 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 5 |
Accruing Substandard | Owner-occupied | Commercial | ||
Total loans | ||
2023 | 10 | 16 |
2022 | 31 | 33 |
2021 | 29 | 48 |
2020 | 21 | 20 |
2019 | 16 | 55 |
Prior | 90 | 64 |
Revolving loans amortized cost basis | 2 | 9 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 199 | 245 |
Accruing Substandard | Municipal | Commercial | ||
Total loans | ||
2023 | 8 | 0 |
2022 | 0 | 0 |
2021 | 6 | 0 |
2020 | 3 | 0 |
2019 | 1 | 0 |
Prior | 1 | 3 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 19 | 3 |
Accruing Substandard | Construction and land development | Commercial real estate | ||
Total loans | ||
2023 | 23 | 17 |
2022 | 2 | 0 |
2021 | 0 | 0 |
2020 | 5 | 22 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 30 | 39 |
Accruing Substandard | Term | Commercial real estate | ||
Total loans | ||
2023 | 79 | 42 |
2022 | 18 | 2 |
2021 | 12 | 34 |
2020 | 16 | 21 |
2019 | 5 | 53 |
Prior | 24 | 35 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 35 | 0 |
Total loans | 189 | 187 |
Accruing Substandard | Home equity credit line | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 4 | 3 |
Revolving loans converted to term loans amortized cost basis | 1 | 0 |
Total loans | 5 | 3 |
Accruing Substandard | 1-4 family residential | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 1 | 2 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 1 | 2 |
Accruing Substandard | Construction and other consumer real estate | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Accruing Substandard | Bankcard and other revolving plans | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 2 | 1 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 2 | 1 |
Accruing Substandard | Other | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Nonaccrual | Commercial and industrial | Commercial | ||
Total loans | ||
2023 | 5 | 0 |
2022 | 36 | 8 |
2021 | 1 | 5 |
2020 | 2 | 11 |
2019 | 11 | 1 |
Prior | 1 | 2 |
Revolving loans amortized cost basis | 21 | 32 |
Revolving loans converted to term loans amortized cost basis | 5 | 4 |
Total loans | 82 | 63 |
Nonaccrual | Leasing | Commercial | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 2 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 2 | 0 |
Nonaccrual | Owner-occupied | Commercial | ||
Total loans | ||
2023 | 0 | 1 |
2022 | 1 | 1 |
2021 | 1 | 2 |
2020 | 7 | 4 |
2019 | 3 | 5 |
Prior | 8 | 10 |
Revolving loans amortized cost basis | 0 | 1 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 20 | 24 |
Nonaccrual | Municipal | Commercial | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Nonaccrual | Construction and land development | Commercial real estate | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 21 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 1 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 22 | 0 |
Nonaccrual | Term | Commercial real estate | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 26 | 0 |
2021 | 0 | 0 |
2020 | 0 | 4 |
2019 | 3 | 1 |
Prior | 10 | 9 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 39 | 14 |
Nonaccrual | Home equity credit line | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 15 | 8 |
Revolving loans converted to term loans amortized cost basis | 2 | 3 |
Total loans | 17 | 11 |
Nonaccrual | 1-4 family residential | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 3 | 2 |
2021 | 3 | 2 |
2020 | 3 | 4 |
2019 | 4 | 3 |
Prior | 27 | 26 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 40 | 37 |
Nonaccrual | Construction and other consumer real estate | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Nonaccrual | Bankcard and other revolving plans | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Nonaccrual | Other | Consumer | ||
Total loans | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | $ 0 | $ 0 |
Loans, Leases, and Allowance_11
Loans, Leases, and Allowance for Credit Losses (Summary of Outstanding Loan Balances (Accruing and Nonaccruing) Categorized by Credit Quality Indicators - Prior Year) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total loans | ||
2022/2021 | $ 8,155 | $ 13,059 |
2021/2020 | 12,553 | 10,344 |
2020/2019 | 8,774 | 6,360 |
2019/2018 | 4,982 | 4,239 |
2018/2017 | 3,222 | 2,347 |
Prior | 6,610 | 5,667 |
Revolving loans amortized cost basis | 12,896 | 13,064 |
Revolving loans converted to term loans amortized cost basis | 587 | 573 |
Total loans | 57,779 | 55,653 |
Gross charge-offs | ||
2022 | 1 | |
2021 | 12 | |
2020 | 6 | |
2019 | 0 | |
2018 | 1 | |
Prior | 4 | |
Revolving loans amortized cost basis | 36 | |
Revolving loans converted to term loans amortized cost basis | 2 | |
Total | 62 | 82 |
Commercial | ||
Total loans | ||
2022/2021 | 4,492 | 6,987 |
2021/2020 | 5,770 | 5,522 |
2020/2019 | 4,436 | 3,072 |
2019/2018 | 2,336 | 2,430 |
2018/2017 | 1,729 | 1,228 |
Prior | 3,201 | 2,568 |
Revolving loans amortized cost basis | 8,410 | 8,426 |
Revolving loans converted to term loans amortized cost basis | 214 | 262 |
Total loans | 30,588 | 30,495 |
Gross charge-offs | ||
2022 | 1 | |
2021 | 10 | |
2020 | 6 | |
2019 | 0 | |
2018 | 0 | |
Prior | 2 | |
Revolving loans amortized cost basis | 24 | |
Revolving loans converted to term loans amortized cost basis | 2 | |
Total | 45 | 72 |
Commercial real estate | ||
Total loans | ||
2022/2021 | 2,571 | 3,508 |
2021/2020 | 3,477 | 2,802 |
2020/2019 | 2,294 | 2,186 |
2019/2018 | 1,634 | 1,140 |
2018/2017 | 884 | 726 |
Prior | 1,482 | 1,276 |
Revolving loans amortized cost basis | 757 | 893 |
Revolving loans converted to term loans amortized cost basis | 272 | 208 |
Total loans | 13,371 | 12,739 |
Gross charge-offs | ||
2022 | 0 | |
2021 | 2 | |
2020 | 0 | |
2019 | 0 | |
2018 | 1 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | |
Total | 3 | 0 |
Consumer | ||
Total loans | ||
2022/2021 | 1,092 | 2,564 |
2021/2020 | 3,306 | 2,020 |
2020/2019 | 2,044 | 1,102 |
2019/2018 | 1,012 | 669 |
2018/2017 | 609 | 393 |
Prior | 1,927 | 1,823 |
Revolving loans amortized cost basis | 3,729 | 3,745 |
Revolving loans converted to term loans amortized cost basis | 101 | 103 |
Total loans | 13,820 | 12,419 |
Gross charge-offs | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 2 | |
Revolving loans amortized cost basis | 12 | |
Revolving loans converted to term loans amortized cost basis | 0 | |
Total | 14 | 10 |
Commercial and industrial | Commercial | ||
Total loans | ||
2022/2021 | 2,678 | 3,390 |
2021/2020 | 2,572 | 1,891 |
2020/2019 | 1,246 | 1,011 |
2019/2018 | 645 | 1,017 |
2018/2017 | 544 | 325 |
Prior | 644 | 335 |
Revolving loans amortized cost basis | 8,196 | 8,220 |
Revolving loans converted to term loans amortized cost basis | 159 | 188 |
Total loans | 16,684 | 16,377 |
Gross charge-offs | ||
2022 | 1 | |
2021 | 10 | |
2020 | 6 | |
2019 | 0 | |
2018 | 0 | |
Prior | 2 | |
Revolving loans amortized cost basis | 24 | |
Revolving loans converted to term loans amortized cost basis | 2 | |
Total | 45 | |
Leasing | Commercial | ||
Total loans | ||
2022/2021 | 106 | 160 |
2021/2020 | 136 | 71 |
2020/2019 | 48 | 47 |
2019/2018 | 30 | 66 |
2018/2017 | 45 | 18 |
Prior | 18 | 24 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 383 | 386 |
Gross charge-offs | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
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 | ||
2022/2021 | 1,092 | 2,175 |
2021/2020 | 1,982 | 2,334 |
2020/2019 | 2,067 | 1,198 |
2019/2018 | 1,035 | 906 |
2018/2017 | 757 | 717 |
Prior | 2,020 | 1,769 |
Revolving loans amortized cost basis | 214 | 198 |
Revolving loans converted to term loans amortized cost basis | 52 | 74 |
Total loans | 9,219 | 9,371 |
Gross charge-offs | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
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 | ||
2022/2021 | 616 | 1,262 |
2021/2020 | 1,080 | 1,226 |
2020/2019 | 1,075 | 816 |
2019/2018 | 626 | 441 |
2018/2017 | 383 | 168 |
Prior | 519 | 440 |
Revolving loans amortized cost basis | 0 | 8 |
Revolving loans converted to term loans amortized cost basis | 3 | 0 |
Total loans | 4,302 | 4,361 |
Gross charge-offs | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
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 | ||
2022/2021 | 576 | 566 |
2021/2020 | 940 | 672 |
2020/2019 | 384 | 455 |
2019/2018 | 91 | 103 |
2018/2017 | 28 | 2 |
Prior | 4 | 2 |
Revolving loans amortized cost basis | 519 | 617 |
Revolving loans converted to term loans amortized cost basis | 127 | 96 |
Total loans | 2,669 | 2,513 |
Gross charge-offs | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 1 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | |
Total | 1 | |
Term | Commercial real estate | ||
Total loans | ||
2022/2021 | 1,995 | 2,942 |
2021/2020 | 2,537 | 2,130 |
2020/2019 | 1,910 | 1,731 |
2019/2018 | 1,543 | 1,037 |
2018/2017 | 856 | 724 |
Prior | 1,478 | 1,274 |
Revolving loans amortized cost basis | 238 | 276 |
Revolving loans converted to term loans amortized cost basis | 145 | 112 |
Total loans | 10,702 | 10,226 |
Gross charge-offs | ||
2022 | 0 | |
2021 | 2 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | |
Total | 2 | |
Home equity credit line | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 3,256 | 3,276 |
Revolving loans converted to term loans amortized cost basis | 100 | 101 |
Total loans | 3,356 | 3,377 |
Gross charge-offs | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 3 | |
Revolving loans converted to term loans amortized cost basis | 0 | |
Total | 3 | |
1-4 family residential | Consumer | ||
Total loans | ||
2022/2021 | 814 | 1,913 |
2021/2020 | 2,267 | 1,505 |
2020/2019 | 1,826 | 1,026 |
2019/2018 | 991 | 642 |
2018/2017 | 598 | 384 |
Prior | 1,919 | 1,816 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 8,415 | 7,286 |
Gross charge-offs | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 2 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans amortized cost basis | 0 | |
Total | 2 | |
Construction and other consumer real estate | Consumer | ||
Total loans | ||
2022/2021 | 212 | 583 |
2021/2020 | 1,002 | 485 |
2020/2019 | 200 | 64 |
2019/2018 | 15 | 19 |
2018/2017 | 7 | 5 |
Prior | 6 | 5 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 1,442 | 1,161 |
Gross charge-offs | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
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 | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 473 | 469 |
Revolving loans converted to term loans amortized cost basis | 1 | 2 |
Total loans | 474 | 471 |
Gross charge-offs | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 9 | |
Revolving loans converted to term loans amortized cost basis | 0 | |
Total | 9 | |
Other | Consumer | ||
Total loans | ||
2022/2021 | 66 | 68 |
2021/2020 | 37 | 30 |
2020/2019 | 18 | 12 |
2019/2018 | 6 | 8 |
2018/2017 | 4 | 4 |
Prior | 2 | 2 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 133 | 124 |
Gross charge-offs | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
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 | ||
2022/2021 | 2,654 | 3,363 |
2021/2020 | 2,420 | 1,874 |
2020/2019 | 1,204 | 979 |
2019/2018 | 639 | 876 |
2018/2017 | 494 | 293 |
Prior | 598 | 264 |
Revolving loans amortized cost basis | 7,973 | 8,054 |
Revolving loans converted to term loans amortized cost basis | 151 | 182 |
Total loans | 16,133 | 15,885 |
Pass | Leasing | Commercial | ||
Total loans | ||
2022/2021 | 104 | 160 |
2021/2020 | 125 | 71 |
2020/2019 | 47 | 47 |
2019/2018 | 29 | 66 |
2018/2017 | 45 | 18 |
Prior | 18 | 19 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 368 | 381 |
Pass | Owner-occupied | Commercial | ||
Total loans | ||
2022/2021 | 1,080 | 2,157 |
2021/2020 | 1,945 | 2,285 |
2020/2019 | 2,020 | 1,143 |
2019/2018 | 1,002 | 874 |
2018/2017 | 721 | 654 |
Prior | 1,907 | 1,679 |
Revolving loans amortized cost basis | 212 | 187 |
Revolving loans converted to term loans amortized cost basis | 52 | 74 |
Total loans | 8,939 | 9,053 |
Pass | Municipal | Commercial | ||
Total loans | ||
2022/2021 | 601 | 1,230 |
2021/2020 | 1,080 | 1,220 |
2020/2019 | 1,069 | 816 |
2019/2018 | 623 | 441 |
2018/2017 | 382 | 168 |
Prior | 512 | 437 |
Revolving loans amortized cost basis | 0 | 8 |
Revolving loans converted to term loans amortized cost basis | 3 | 0 |
Total loans | 4,270 | 4,320 |
Pass | Construction and land development | Commercial real estate | ||
Total loans | ||
2022/2021 | 553 | 548 |
2021/2020 | 938 | 671 |
2020/2019 | 355 | 455 |
2019/2018 | 56 | 81 |
2018/2017 | 7 | 2 |
Prior | 4 | 2 |
Revolving loans amortized cost basis | 518 | 617 |
Revolving loans converted to term loans amortized cost basis | 127 | 96 |
Total loans | 2,558 | 2,472 |
Pass | Term | Commercial real estate | ||
Total loans | ||
2022/2021 | 1,861 | 2,861 |
2021/2020 | 2,385 | 2,107 |
2020/2019 | 1,833 | 1,686 |
2019/2018 | 1,449 | 1,012 |
2018/2017 | 804 | 666 |
Prior | 1,438 | 1,229 |
Revolving loans amortized cost basis | 238 | 276 |
Revolving loans converted to term loans amortized cost basis | 110 | 112 |
Total loans | 10,118 | 9,949 |
Pass | Home equity credit line | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 3,237 | 3,265 |
Revolving loans converted to term loans amortized cost basis | 97 | 98 |
Total loans | 3,334 | 3,363 |
Pass | 1-4 family residential | Consumer | ||
Total loans | ||
2022/2021 | 814 | 1,913 |
2021/2020 | 2,264 | 1,503 |
2020/2019 | 1,823 | 1,024 |
2019/2018 | 988 | 638 |
2018/2017 | 594 | 381 |
Prior | 1,891 | 1,788 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 8,374 | 7,247 |
Pass | Construction and other consumer real estate | Consumer | ||
Total loans | ||
2022/2021 | 212 | 583 |
2021/2020 | 1,002 | 485 |
2020/2019 | 200 | 64 |
2019/2018 | 15 | 19 |
2018/2017 | 7 | 5 |
Prior | 6 | 5 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 1,442 | 1,161 |
Pass | Bankcard and other revolving plans | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 471 | 468 |
Revolving loans converted to term loans amortized cost basis | 1 | 2 |
Total loans | 472 | 470 |
Pass | Other | Consumer | ||
Total loans | ||
2022/2021 | 66 | 68 |
2021/2020 | 37 | 30 |
2020/2019 | 18 | 12 |
2019/2018 | 6 | 8 |
2018/2017 | 4 | 4 |
Prior | 2 | 2 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 133 | 124 |
Special Mention | Commercial and industrial | Commercial | ||
Total loans | ||
2022/2021 | 8 | 1 |
2021/2020 | 98 | 2 |
2020/2019 | 34 | 10 |
2019/2018 | 2 | 52 |
2018/2017 | 20 | 1 |
Prior | 37 | 2 |
Revolving loans amortized cost basis | 103 | 50 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 302 | 118 |
Special Mention | Leasing | Commercial | ||
Total loans | ||
2022/2021 | 2 | 0 |
2021/2020 | 9 | 0 |
2020/2019 | 1 | 0 |
2019/2018 | 1 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 13 | 0 |
Special Mention | Owner-occupied | Commercial | ||
Total loans | ||
2022/2021 | 2 | 1 |
2021/2020 | 5 | 15 |
2020/2019 | 17 | 5 |
2019/2018 | 5 | 8 |
2018/2017 | 17 | 3 |
Prior | 15 | 16 |
Revolving loans amortized cost basis | 0 | 1 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 61 | 49 |
Special Mention | Municipal | Commercial | ||
Total loans | ||
2022/2021 | 7 | 32 |
2021/2020 | 0 | 6 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 6 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 13 | 38 |
Special Mention | Construction and land development | Commercial real estate | ||
Total loans | ||
2022/2021 | 0 | 1 |
2021/2020 | 0 | 1 |
2020/2019 | 29 | 0 |
2019/2018 | 30 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 59 | 2 |
Special Mention | Term | Commercial real estate | ||
Total loans | ||
2022/2021 | 55 | 39 |
2021/2020 | 108 | 21 |
2020/2019 | 65 | 11 |
2019/2018 | 78 | 0 |
2018/2017 | 44 | 4 |
Prior | 6 | 1 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 356 | 76 |
Special Mention | Home equity credit line | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Special Mention | 1-4 family residential | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Special Mention | Construction and other consumer real estate | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Special Mention | Bankcard and other revolving plans | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Special Mention | Other | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Accruing Substandard | Commercial and industrial | Commercial | ||
Total loans | ||
2022/2021 | 11 | 26 |
2021/2020 | 18 | 7 |
2020/2019 | 7 | 17 |
2019/2018 | 2 | 78 |
2018/2017 | 19 | 30 |
Prior | 8 | 67 |
Revolving loans amortized cost basis | 99 | 84 |
Revolving loans converted to term loans amortized cost basis | 3 | 2 |
Total loans | 167 | 311 |
Accruing Substandard | Leasing | Commercial | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 5 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 5 |
Accruing Substandard | Owner-occupied | Commercial | ||
Total loans | ||
2022/2021 | 10 | 16 |
2021/2020 | 31 | 33 |
2020/2019 | 29 | 48 |
2019/2018 | 21 | 20 |
2018/2017 | 16 | 55 |
Prior | 90 | 64 |
Revolving loans amortized cost basis | 2 | 9 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 199 | 245 |
Accruing Substandard | Municipal | Commercial | ||
Total loans | ||
2022/2021 | 8 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 6 | 0 |
2019/2018 | 3 | 0 |
2018/2017 | 1 | 0 |
Prior | 1 | 3 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 19 | 3 |
Accruing Substandard | Construction and land development | Commercial real estate | ||
Total loans | ||
2022/2021 | 23 | 17 |
2021/2020 | 2 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 5 | 22 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 30 | 39 |
Accruing Substandard | Term | Commercial real estate | ||
Total loans | ||
2022/2021 | 79 | 42 |
2021/2020 | 18 | 2 |
2020/2019 | 12 | 34 |
2019/2018 | 16 | 21 |
2018/2017 | 5 | 53 |
Prior | 24 | 35 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 35 | 0 |
Total loans | 189 | 187 |
Accruing Substandard | Home equity credit line | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 4 | 3 |
Revolving loans converted to term loans amortized cost basis | 1 | 0 |
Total loans | 5 | 3 |
Accruing Substandard | 1-4 family residential | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 1 | 2 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 1 | 2 |
Accruing Substandard | Construction and other consumer real estate | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Accruing Substandard | Bankcard and other revolving plans | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 2 | 1 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 2 | 1 |
Accruing Substandard | Other | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Nonaccrual | Commercial and industrial | Commercial | ||
Total loans | ||
2022/2021 | 5 | 0 |
2021/2020 | 36 | 8 |
2020/2019 | 1 | 5 |
2019/2018 | 2 | 11 |
2018/2017 | 11 | 1 |
Prior | 1 | 2 |
Revolving loans amortized cost basis | 21 | 32 |
Revolving loans converted to term loans amortized cost basis | 5 | 4 |
Total loans | 82 | 63 |
Nonaccrual | Leasing | Commercial | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 2 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 2 | 0 |
Nonaccrual | Owner-occupied | Commercial | ||
Total loans | ||
2022/2021 | 0 | 1 |
2021/2020 | 1 | 1 |
2020/2019 | 1 | 2 |
2019/2018 | 7 | 4 |
2018/2017 | 3 | 5 |
Prior | 8 | 10 |
Revolving loans amortized cost basis | 0 | 1 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 20 | 24 |
Nonaccrual | Municipal | Commercial | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Nonaccrual | Construction and land development | Commercial real estate | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 21 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 1 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 22 | 0 |
Nonaccrual | Term | Commercial real estate | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 26 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 4 |
2018/2017 | 3 | 1 |
Prior | 10 | 9 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 39 | 14 |
Nonaccrual | Home equity credit line | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 15 | 8 |
Revolving loans converted to term loans amortized cost basis | 2 | 3 |
Total loans | 17 | 11 |
Nonaccrual | 1-4 family residential | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 3 | 2 |
2020/2019 | 3 | 2 |
2019/2018 | 3 | 4 |
2018/2017 | 4 | 3 |
Prior | 27 | 26 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 40 | 37 |
Nonaccrual | Construction and other consumer real estate | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Nonaccrual | Bankcard and other revolving plans | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | 0 | 0 |
Nonaccrual | Other | Consumer | ||
Total loans | ||
2022/2021 | 0 | 0 |
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans amortized cost basis | 0 | 0 |
Total loans | $ 0 | $ 0 |
Loans, Leases, and Allowance_12
Loans, Leases, and Allowance for Credit Losses (Summary of Selected Information on TDRs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 264 | $ 235 |
Percentage of total loans 3 | 0.50% | |
Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 197 | |
Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 38 | |
Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 4 | |
Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 256 | |
Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | 7 |
Principal forgiveness | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 6 | |
Principal forgiveness | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 2 | 32 |
Payment deferral | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 29 | |
Payment deferral | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | 3 |
Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | 74 |
Multiple modification types | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 65 | |
Multiple modification types | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 9 | |
Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 8 | |
Interest rate reduction | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 4 | |
Interest rate reduction | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 4 | |
Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 53 | |
Maturity or term extension | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 42 | |
Maturity or term extension | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 11 | |
Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 61 | |
Other | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 51 | |
Other | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 10 | |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 69 | |
Percentage of total loans 3 | 0.20% | |
Commercial | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 78 | |
Commercial | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 23 | |
Commercial | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 4 | |
Commercial | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 63 | |
Commercial | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Principal forgiveness | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Principal forgiveness | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 2 | |
Commercial | Payment deferral | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 2 | |
Commercial | Payment deferral | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 3 | |
Commercial | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Multiple modification types | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 40 | |
Commercial | Multiple modification types | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 7 | |
Commercial | Interest rate reduction | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Commercial | Interest rate reduction | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 4 | |
Commercial | Maturity or term extension | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 13 | |
Commercial | Maturity or term extension | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Other | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 22 | |
Commercial | Other | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 9 | |
Commercial | Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 47 | |
Percentage of total loans 3 | 0.30% | |
Commercial | Commercial and industrial | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 50 | |
Commercial | Commercial and industrial | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 15 | |
Commercial | Commercial and industrial | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 0 | |
Commercial | Commercial and industrial | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 46 | |
Commercial | Commercial and industrial | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Commercial and industrial | Principal forgiveness | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Commercial and industrial | Principal forgiveness | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Commercial and industrial | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Commercial | Commercial and industrial | Payment deferral | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Commercial and industrial | Payment deferral | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 3 | |
Commercial | Commercial and industrial | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Commercial and industrial | Multiple modification types | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 28 | |
Commercial | Commercial and industrial | Multiple modification types | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 3 | |
Commercial | Commercial and industrial | Interest rate reduction | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Commercial | Commercial and industrial | Interest rate reduction | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Commercial and industrial | Maturity or term extension | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 12 | |
Commercial | Commercial and industrial | Maturity or term extension | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Commercial and industrial | Other | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 9 | |
Commercial | Commercial and industrial | Other | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 9 | |
Commercial | Owner-occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 14 | |
Percentage of total loans 3 | 0.20% | |
Commercial | Owner-occupied | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 28 | |
Commercial | Owner-occupied | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 8 | |
Commercial | Owner-occupied | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 4 | |
Commercial | Owner-occupied | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 9 | |
Commercial | Owner-occupied | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Owner-occupied | Principal forgiveness | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Owner-occupied | Principal forgiveness | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Owner-occupied | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Commercial | Owner-occupied | Payment deferral | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 2 | |
Commercial | Owner-occupied | Payment deferral | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Owner-occupied | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Owner-occupied | Multiple modification types | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 12 | |
Commercial | Owner-occupied | Multiple modification types | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 4 | |
Commercial | Owner-occupied | Interest rate reduction | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Owner-occupied | Interest rate reduction | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 4 | |
Commercial | Owner-occupied | Maturity or term extension | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Commercial | Owner-occupied | Maturity or term extension | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Owner-occupied | Other | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 13 | |
Commercial | Owner-occupied | Other | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Municipal | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 8 | |
Percentage of total loans 3 | 0.20% | |
Commercial | Municipal | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 0 | |
Commercial | Municipal | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 8 | |
Commercial | Municipal | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Municipal | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial | Municipal | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 192 | |
Percentage of total loans 3 | 1.40% | |
Commercial real estate | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 92 | |
Commercial real estate | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 10 | |
Commercial real estate | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 0 | |
Commercial real estate | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 192 | |
Commercial real estate | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Principal forgiveness | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Principal forgiveness | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Payment deferral | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 27 | |
Commercial real estate | Payment deferral | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Multiple modification types | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 9 | |
Commercial real estate | Multiple modification types | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Interest rate reduction | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Commercial real estate | Interest rate reduction | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Maturity or term extension | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 27 | |
Commercial real estate | Maturity or term extension | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 10 | |
Commercial real estate | Other | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 28 | |
Commercial real estate | Other | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Construction and land development | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 27 | |
Percentage of total loans 3 | 1% | |
Commercial real estate | Construction and land development | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 8 | |
Commercial real estate | Construction and land development | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 0 | |
Commercial real estate | Construction and land development | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 27 | |
Commercial real estate | Construction and land development | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Construction and land development | Principal forgiveness | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Construction and land development | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Construction and land development | Payment deferral | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Construction and land development | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Construction and land development | Multiple modification types | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 8 | |
Commercial real estate | Construction and land development | Interest rate reduction | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Construction and land development | Maturity or term extension | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Construction and land development | Other | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Term | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 165 | |
Percentage of total loans 3 | 1.50% | |
Commercial real estate | Term | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 84 | |
Commercial real estate | Term | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 10 | |
Commercial real estate | Term | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 0 | |
Commercial real estate | Term | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 165 | |
Commercial real estate | Term | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Term | Principal forgiveness | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Term | Principal forgiveness | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Term | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Term | Payment deferral | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 27 | |
Commercial real estate | Term | Payment deferral | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Term | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Term | Multiple modification types | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Commercial real estate | Term | Multiple modification types | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Term | Interest rate reduction | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Commercial real estate | Term | Interest rate reduction | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Commercial real estate | Term | Maturity or term extension | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 27 | |
Commercial real estate | Term | Maturity or term extension | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 10 | |
Commercial real estate | Term | Other | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 28 | |
Commercial real estate | Term | Other | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 3 | |
Percentage of total loans 3 | 0% | |
Consumer | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 27 | |
Consumer | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 5 | |
Consumer | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 0 | |
Consumer | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | Principal forgiveness | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 6 | |
Consumer | Principal forgiveness | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | Payment deferral | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | Payment deferral | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | Multiple modification types | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 16 | |
Consumer | Multiple modification types | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 2 | |
Consumer | Interest rate reduction | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 2 | |
Consumer | Interest rate reduction | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | Maturity or term extension | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 2 | |
Consumer | Maturity or term extension | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | Other | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | Other | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | 1-4 family residential | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 2 | |
Percentage of total loans 3 | 0% | |
Consumer | 1-4 family residential | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 21 | |
Consumer | 1-4 family residential | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 4 | |
Consumer | 1-4 family residential | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 0 | |
Consumer | 1-4 family residential | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | 1-4 family residential | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | 1-4 family residential | Principal forgiveness | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 2 | |
Consumer | 1-4 family residential | Principal forgiveness | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | 1-4 family residential | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | 1-4 family residential | Payment deferral | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | 1-4 family residential | Payment deferral | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | 1-4 family residential | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | 1-4 family residential | Multiple modification types | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 15 | |
Consumer | 1-4 family residential | Multiple modification types | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 2 | |
Consumer | 1-4 family residential | Interest rate reduction | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 2 | |
Consumer | 1-4 family residential | Interest rate reduction | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | 1-4 family residential | Maturity or term extension | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | 1-4 family residential | Maturity or term extension | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | 1-4 family residential | Other | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | 1-4 family residential | Other | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | Bankcard and other revolving plans | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 1 | |
Percentage of total loans 3 | 0.20% | |
Consumer | Bankcard and other revolving plans | Interest rate reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 0 | |
Consumer | Bankcard and other revolving plans | Maturity or term extension | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | Bankcard and other revolving plans | Principal forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | Bankcard and other revolving plans | Payment deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | Bankcard and other revolving plans | Multiple modification types | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 0 | |
Consumer | Home equity credit line | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 6 | |
Consumer | Home equity credit line | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | Home equity credit line | Principal forgiveness | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 4 | |
Consumer | Home equity credit line | Principal forgiveness | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | Home equity credit line | Payment deferral | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | Home equity credit line | Payment deferral | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | Home equity credit line | Multiple modification types | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | Home equity credit line | Multiple modification types | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | Home equity credit line | Interest rate reduction | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | Home equity credit line | Interest rate reduction | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | Home equity credit line | Maturity or term extension | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 1 | |
Consumer | Home equity credit line | Maturity or term extension | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | Home equity credit line | Other | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | 0 | |
Consumer | Home equity credit line | Other | Nonaccruing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment in TDR loans modified with interest rates below market | $ 0 |
Loans, Leases, and Allowance_13
Loans, Leases, and Allowance for Credit Losses (Summary of Financial Impact of Loan Modifications) (Details) - Interest rate reduction | 12 Months Ended |
Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Weighted-average interest rate reduction (in percentage points) | 4.40% |
Weighted-average term extension (in months) | 16 months |
Commercial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Weighted-average interest rate reduction (in percentage points) | 4.40% |
Weighted-average term extension (in months) | 14 months |
Commercial | Commercial and industrial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Weighted-average term extension (in months) | 13 months |
Commercial | Owner-occupied | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Weighted-average interest rate reduction (in percentage points) | 4.40% |
Weighted-average term extension (in months) | 18 months |
Commercial | Municipal | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Weighted-average interest rate reduction (in percentage points) | 0% |
Weighted-average term extension (in months) | 12 months |
Commercial real estate | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Weighted-average interest rate reduction (in percentage points) | 0% |
Weighted-average term extension (in months) | 16 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% |
Weighted-average term extension (in months) | 8 months |
Commercial real estate | Term | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Weighted-average interest rate reduction (in percentage points) | 0% |
Weighted-average term extension (in months) | 18 months |
Consumer | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Weighted-average interest rate reduction (in percentage points) | 0% |
Weighted-average term extension (in months) | 82 months |
Consumer | 1-4 family residential | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Weighted-average interest rate reduction (in percentage points) | 0% |
Weighted-average term extension (in months) | 103 months |
Consumer | Bankcard and other revolving plans | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Weighted-average interest rate reduction (in percentage points) | 0% |
Weighted-average term extension (in months) | 50 months |
Loans, Leases, and Allowance_14
Loans, Leases, and Allowance for Credit Losses (Summary Aging Analysis, Modified) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 264 |
Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 251 |
30-89 days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 13 |
90+ days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Total past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 13 |
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 | 4 |
Commercial | 90+ days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
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 | 47 |
Commercial | Commercial and industrial | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 44 |
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 | 14 |
Commercial | Owner-occupied | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 13 |
Commercial | Owner-occupied | 30-89 days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 1 |
Commercial | Owner-occupied | 90+ days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial | Owner-occupied | Total past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 1 |
Commercial | Municipal | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 8 |
Commercial | Municipal | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 8 |
Commercial | Municipal | 30-89 days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial | Municipal | 90+ days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial | Municipal | Total past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial real estate | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 192 |
Commercial real estate | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 183 |
Commercial real estate | 30-89 days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 9 |
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 | 9 |
Commercial real estate | Construction and land development | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 27 |
Commercial real estate | Construction and land development | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 27 |
Commercial real estate | Construction and land development | 30-89 days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial real estate | Construction and land development | 90+ days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial real estate | Construction and land development | 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 | 165 |
Commercial real estate | Term | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 156 |
Commercial real estate | Term | 30-89 days past due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 9 |
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 | 9 |
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_15
Loans, Leases, and Allowance for Credit Losses (Collateral-Dependent Loans) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized Cost | $ 57 | $ 7 |
Owner-occupied | Commercial | Hospital | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted Average LTV | 17% | |
Owner-occupied | Commercial | Land, Warehouse | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized Cost | $ 7 | $ 2 |
Weighted Average LTV | 29% | |
Construction and land development | Commercial real estate | Office Building | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized Cost | $ 22 | |
Weighted Average LTV | 92% | |
Term | Commercial real estate | Office Building | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted Average LTV | 87% | |
Term | Commercial real estate | Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Amortized Cost | $ 28 | $ 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 | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Subordinated notes, Par amount | $ 588 | ||
Derivative, notional amount | 22,148 | $ 24,498 | |
Deferred gain (loss) in OCI | 201 | ||
Derivative liability, fair value | 333 | 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 | ||
Subordinated Notes, Interest Rate 3.25% | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Subordinated notes, Par amount | 500 | ||
Other liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liability, fair value | 333 | 451 | |
Derivatives designated as hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | 6,521 | 9,361 | |
Derivatives designated as hedges | Other liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liability, fair value | 0 | 1 | |
Fair Value Hedging | Derivatives designated as hedges | Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | 0 | 500 | |
Fair Value Hedging | Derivatives designated as hedges | Asset hedges: Pay-fixed interest rate swaps 1 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | 4,571 | 1,228 | |
Fair Value Hedging | Derivatives designated as hedges | Pay-Fixed, Receive-Floating Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | $ 1,000 | ||
Fair Value Hedging | Derivatives designated as hedges | Asset Hedge, Pay-Fixed, Receive Floating Interest Rate Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | 1,100 | ||
Fair Value Hedging | Derivatives designated as hedges | Other liabilities | Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liability, fair value | 0 | 0 | |
Fair Value Hedging | Derivatives designated as hedges | Other liabilities | Asset hedges: Pay-fixed interest rate swaps 1 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liability, fair value | 0 | 0 | |
Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Subordinated notes, Par amount | 5,000 | ||
Cash Flow Hedging | Derivatives designated as hedges | Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | 1,450 | 7,633 | |
Cash Flow Hedging | Derivatives designated as hedges | Pay-Fixed Interest Rate Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, notional amount | $ 2,500 | ||
Cash Flow Hedging | Derivatives designated as hedges | Other liabilities | Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liability, fair value | $ 0 | $ 1 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Notional and Recorded Fair Values) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Notional amount | $ 22,148,000 | $ 24,498,000 |
Derivative asset, fair value | 420,000 | 386,000 |
Derivative liability, fair value | 333,000 | 451,000 |
Net credit valuation adjustment reducing fair value | 9,000 | 13,000 |
Other assets | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 420,000 | 386,000 |
Other liabilities | ||
Derivative [Line Items] | ||
Derivative liability, fair value | 333,000 | 451,000 |
Derivatives designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 6,521,000 | 9,361,000 |
Derivatives designated as hedging instruments | Other assets | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 78,000 | 84,000 |
Derivatives designated as hedging instruments | Other liabilities | ||
Derivative [Line Items] | ||
Derivative liability, fair value | 0 | 1,000 |
Derivatives designated as hedging instruments | Interest rate swaps | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Notional amount | 1,450,000 | 7,633,000 |
Derivatives designated as hedging instruments | Interest rate swaps | Fair Value Hedging | ||
Derivative [Line Items] | ||
Notional amount | 0 | 500,000 |
Derivatives designated as hedging instruments | Interest rate swaps | Other assets | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 0 | 0 |
Derivatives designated as hedging instruments | Interest rate swaps | Other assets | Fair Value Hedging | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 0 | 0 |
Derivatives designated as hedging instruments | Interest rate swaps | Other liabilities | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative liability, fair value | 0 | 1,000 |
Derivatives designated as hedging instruments | Interest rate swaps | Other liabilities | Fair Value Hedging | ||
Derivative [Line Items] | ||
Derivative liability, fair value | 0 | 0 |
Derivatives designated as hedging instruments | Receive-fixed interest rate swaps | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Notional amount | 500,000 | 0 |
Derivatives designated as hedging instruments | Receive-fixed interest rate swaps | Other assets | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 0 | 0 |
Derivatives designated as hedging instruments | Receive-fixed interest rate swaps | Other liabilities | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative liability, fair value | 0 | 0 |
Derivatives designated as hedging instruments | Asset hedges: Pay-fixed interest rate swaps 1 | Fair Value Hedging | ||
Derivative [Line Items] | ||
Notional amount | 4,571,000 | 1,228,000 |
Derivatives designated as hedging instruments | Asset hedges: Pay-fixed interest rate swaps 1 | Other assets | Fair Value Hedging | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 78,000 | 84,000 |
Derivatives designated as hedging instruments | Asset hedges: Pay-fixed interest rate swaps 1 | Other liabilities | Fair Value Hedging | ||
Derivative [Line Items] | ||
Derivative liability, fair value | 0 | 0 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 15,627,000 | 15,137,000 |
Derivatives not designated as hedging instruments | Other assets | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 342,000 | 302,000 |
Derivatives not designated as hedging instruments | Other liabilities | ||
Derivative [Line Items] | ||
Derivative liability, fair value | 333,000 | 450,000 |
Derivatives not designated as hedging instruments | Customer interest rate derivatives | ||
Derivative [Line Items] | ||
Notional amount | 14,375,000 | 13,670,000 |
Derivatives not designated as hedging instruments | Customer interest rate derivatives | Other assets | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 337,000 | 296,000 |
Derivatives not designated as hedging instruments | Customer interest rate derivatives | Other liabilities | ||
Derivative [Line Items] | ||
Derivative liability, fair value | 330,000 | 443,000 |
Derivatives not designated as hedging instruments | Other interest rate derivatives | ||
Derivative [Line Items] | ||
Notional amount | 1,001,000 | 862,000 |
Derivatives not designated as hedging instruments | Other interest rate derivatives | Other assets | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 1,000 | 0 |
Derivatives not designated as hedging instruments | Other interest rate derivatives | Other liabilities | ||
Derivative [Line Items] | ||
Derivative liability, fair value | 0 | 0 |
Derivatives not designated as hedging instruments | Foreign exchange derivatives | ||
Derivative [Line Items] | ||
Notional amount | 216,000 | 605,000 |
Derivatives not designated as hedging instruments | Foreign exchange derivatives | Other assets | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 3,000 | 6,000 |
Derivatives not designated as hedging instruments | Foreign exchange derivatives | Other liabilities | ||
Derivative [Line Items] | ||
Derivative liability, fair value | 3,000 | 7,000 |
Derivatives not designated as hedging instruments | Purchased credit derivatives | ||
Derivative [Line Items] | ||
Notional amount | 35,000 | 0 |
Derivatives not designated as hedging instruments | Purchased credit derivatives | Other assets | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 1,000 | 0 |
Derivatives not designated as hedging instruments | Purchased credit derivatives | Other liabilities | ||
Derivative [Line Items] | ||
Derivative liability, fair value | $ 0 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Derivative gain (loss) recognized/reclassified) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain/(loss) reclassified from AOCI into income | $ (124) | $ (21) | $ 46 |
Gains to be reclassified within the next 12 months into interest income | 118 | 205 | |
Derivatives designated as hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective portion of derivative gain/(loss) deferred in AOCI | 35 | (437) | |
Amount of gain/(loss) reclassified from AOCI into income | (165) | (27) | |
Net interest income or expense on fair value hedges | 49 | 4 | |
Hedge ineffectiveness / AOCI reclass due to missed forecast | 0 | (1) | |
Derivatives designated as hedges | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Terminated or redesignated, unamortized basis adjustments | 3 | 10 | |
Derivatives designated as hedges | Cash Flow Hedging | Purchased interest rate floors | |||
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 | 2 | |
Net interest income or expense on fair value hedges | 0 | 0 | |
Hedge ineffectiveness / AOCI reclass due to missed forecast | 0 | 0 | |
Derivatives designated as hedges | Cash Flow Hedging | Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective portion of derivative gain/(loss) deferred in AOCI | 31 | (437) | |
Amount of gain/(loss) reclassified from AOCI into income | (170) | (29) | |
Net interest income or expense on fair value hedges | 0 | 0 | |
Hedge ineffectiveness / AOCI reclass due to missed forecast | 0 | 0 | |
Derivatives designated as hedges | Cash Flow Hedging | Receive-fixed interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective portion of derivative gain/(loss) deferred in AOCI | 4 | ||
Amount of gain/(loss) reclassified from AOCI into income | 5 | ||
Net interest income or expense on fair value hedges | 0 | ||
Hedge ineffectiveness / AOCI reclass due to missed forecast | 0 | ||
Derivatives designated as hedges | Fair Value Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Terminated or redesignated, unamortized basis adjustments | 46 | 0 | |
Derivatives designated as hedges | Fair Value Hedging | 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 | |
Net interest income or expense on fair value hedges | (5) | (1) | |
Hedge ineffectiveness / AOCI reclass due to missed forecast | 0 | 0 | |
Derivatives designated as hedges | Fair Value Hedging | Basis amortization on terminated hedges, liability hedges | |||
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 | |
Net interest income or expense on fair value hedges | (4) | 1 | |
Hedge ineffectiveness / AOCI reclass due to missed forecast | 0 | 0 | |
Derivatives designated as hedges | Fair Value Hedging | Pay-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 | |
Net interest income or expense on fair value hedges | 57 | 4 | |
Hedge ineffectiveness / AOCI reclass due to missed forecast | 0 | (1) | |
Derivatives designated as hedges | Fair Value Hedging | Basis amortization on terminated hedges, asset hedges | |||
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 | |
Net interest income or expense on fair value hedges | 1 | 0 | |
Hedge ineffectiveness / AOCI reclass due to missed forecast | $ 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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Noninterest Income/(Expense) | $ 49 | $ 72 |
Customer interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Noninterest Income/(Expense) | 17 | 43 |
Other interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Noninterest Income/(Expense) | 4 | 0 |
Foreign exchange derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Noninterest Income/(Expense) | 29 | 29 |
Purchased credit derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Noninterest Income/(Expense) | $ (1) | $ 0 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities (Gain (loss) recorded in income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total income statement impact | $ (4) | $ 16 | $ 14 |
Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives | 14 | (79) | |
Hedged items | (14) | 79 | |
Total income statement impact | 0 | 0 | |
Asset hedges: Pay-fixed interest rate swaps 1 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives | (22) | 224 | |
Hedged items | 22 | (225) | |
Total income statement impact | $ 0 | $ (1) |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities (Long-term debt hedged items) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets | $ 16,000,000 | |
Total debt securities | 11,759,000,000 | $ 13,538,000,000 |
Derivative, Amount of Hedged Item | 3,500,000,000 | |
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 | 12,389,000,000 | 1,228,000,000 |
Carrying amount of hedged assets | 12,209,000,000 | 962,000,000 |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets | (180,000,000) | $ (266,000,000) |
Total debt securities | $ 11,300,000,000 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) branch | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Leases [Abstract] | |||
Number of branches | branch | 407 | ||
Number of branches owned | branch | 278 | ||
Number of branches leased | branch | 129 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Premises, equipment and software, net | Premises, equipment and software, net | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities | |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Long-term debt | Long-term debt | |
Operating lease right-of-use assets | $ 172 | $ 173 | |
ROU assets, net of amortization | 3 | 4 | |
Operating lease income | 14 | 14 | $ 13 |
Sales-type or direct financing leases | 383 | 386 | |
Sales-type or direct financing leases income | $ 16 | $ 12 | $ 11 |
Leases (Assets and Liabilities)
Leases (Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
ROU assets, net of amortization | $ 172 | $ 173 |
Lease liabilities | 198 | 198 |
ROU assets, net of amortization | 3 | 4 |
Finance lease obligations | $ 4 | $ 4 |
Weighted average remaining lease term, operating leases (in years) | 8 years 8 months 12 days | 8 years 4 months 24 days |
Weighted average remaining lease term, finance leases (in years) | 16 years 6 months | 17 years 4 months 24 days |
Weighted average discount rate, operating leases | 3.40% | 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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease expense | $ 43 | $ 46 | $ 47 |
Other expenses associated with operating leases 1 | 60 | 51 | 50 |
Total lease expense | 103 | 97 | 97 |
Related cash disbursements for operating leases | $ 49 | $ 50 | $ 50 |
Leases (Maturities Analysis) (D
Leases (Maturities Analysis) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2023 | $ 43 | |
2024 | 36 | |
2025 | 31 | |
2026 | 22 | |
2027 | 17 | |
Thereafter | 85 | |
Total lease payments | 234 | |
Less imputed interest | 36 | |
Lease liabilities | $ 198 | $ 198 |
Premises, Equipment and Softw_3
Premises, Equipment and Software (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Land | $ 269 | $ 264 |
Buildings | 959 | 943 |
Furniture and equipment | 336 | 346 |
Leasehold improvements | 137 | 151 |
Software | 749 | 730 |
Total | 2,450 | 2,434 |
Less accumulated depreciation and amortization | 1,050 | 1,026 |
Net book value | 1,400 | 1,408 |
Capitalized costs | $ 40 | $ 298 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill impairment loss | $ 0 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule Of Goodwill) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill [Line Items] | ||
Goodwill | $ 1,027 | $ 1,027 |
Core deposits and other intangibles, net of accumulated amortization | 32 | 38 |
Goodwill and intangibles | 1,059 | 1,065 |
Amegy | ||
Goodwill [Line Items] | ||
Goodwill | 615 | 615 |
CB&T | ||
Goodwill [Line Items] | ||
Goodwill | 379 | 379 |
Zions Bank | ||
Goodwill [Line Items] | ||
Goodwill | 20 | 20 |
Nevada State Bank | ||
Goodwill [Line Items] | ||
Goodwill | $ 13 | $ 13 |
Deposits - (Categories) (Detail
Deposits - (Categories) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Noninterest-bearing demand | $ 26,244 | $ 35,777 |
Savings and money market | 38,721 | 33,566 |
Time | 9,996 | 2,309 |
Total deposits | $ 74,961 | $ 71,652 |
Deposits (Scheduled Maturities
Deposits (Scheduled Maturities Of All Time Deposits) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
2024 | $ 9,798 | |
2025 | 117 | |
2026 | 38 | |
2027 | 22 | |
2028 | 20 | |
Thereafter | 1 | |
Total | $ 9,996 | $ 2,309 |
Deposits (Schedule of Contractu
Deposits (Schedule of Contractual Maturities of Time Deposits With a Denomination of $100,000 and Over) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Deposits [Abstract] | |
Three months or less | $ 576 |
After three months through six months | 1,033 |
After six months through twelve months | 745 |
After twelve months | 57 |
Total | $ 2,411 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Deposit overdrafts reclassified as loan balances | $ 11 | $ 21 |
Short-Term Borrowings (Summary
Short-Term Borrowings (Summary of Short-Term Borrowings) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Short-term Debt [Line Items] | ||
Year-end balance | $ 4,379 | $ 10,417 |
Securities sold, not yet purchased | 65 | 187 |
Total federal funds and other short-term borrowings | 4,379 | 10,417 |
Other liabilities | 1,585 | 1,871 |
Federal Home Loan Bank advances | ||
Short-term Debt [Line Items] | ||
Average amount outstanding | $ 4,208 | $ 1,257 |
Average rate | 5.73% | 3.67% |
Highest month-end balance | $ 11,525 | $ 7,100 |
Year-end balance | $ 1,525 | $ 7,100 |
Average rate on outstanding advances at year-end | 5.59% | 4.43% |
Total federal funds and other short-term borrowings | $ 1,525 | $ 7,100 |
Federal funds purchased | ||
Short-term Debt [Line Items] | ||
Other short-term borrowings, year-end balances | 597 | 232 |
Security repurchase agreements | ||
Short-term Debt [Line Items] | ||
Other short-term borrowings, year-end balances | 1,814 | 2,898 |
Swap Margin Collateral | ||
Short-term Debt [Line Items] | ||
Other short-term borrowings, year-end balances | $ 378 | $ 0 |
Swap margin collateral | 368 million |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Short-term Debt [Line Items] | ||
Percentage of outstanding advance for unencumbered collateral | 100% | |
Federal Reserve Bank Advances | ||
Short-term Debt [Line Items] | ||
Amount available for FHLB advances | $ 9,800 | $ 4,000 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | ||
Short-term Debt [Line Items] | ||
Maturity period | 30 days | |
Federal Home Loan Bank advances | ||
Short-term Debt [Line Items] | ||
Amount available for FHLB advances | $ 15,000 | $ 9,400 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Long-Term Debt, Unclassified [Abstract] | ||
Subordinated notes | $ 538 | $ 519 |
Senior notes | 0 | 128 |
Finance lease obligations | 4 | 4 |
Total | $ 542 | $ 651 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2023 | Jun. 30, 2023 | |
Debt Instrument [Line Items] | |||
Subordinated notes, Par amount | $ 588 | ||
SOFR | |||
Debt Instrument [Line Items] | |||
Annual floating rate basis spread on variable rate | 4.15% | ||
Senior Notes, Interest Rate 3.50% | Senior Notes | |||
Debt Instrument [Line Items] | |||
Redemption of senior debt | $ 128 | ||
Subordinated Notes, Interest Rate 3.25% | |||
Debt Instrument [Line Items] | |||
Subordinated notes, Par amount | $ 500 | ||
Subordinated Notes, Interest Rate 3.25% | Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 3.25% | ||
Subordinated Notes, Interest Rate 6.95% | |||
Debt Instrument [Line Items] | |||
Subordinated notes, Par amount | $ 88 | ||
Subordinated Notes, Interest Rate 6.95% | Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 6.95% | ||
Senior Note, Interest Rate 4.50 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 4.50% |
Long-Term Debt (Schedule of Sub
Long-Term Debt (Schedule of Subordinated Notes) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Subordinated Borrowing [Line Items] | ||
Subordinated notes | $ 538 | $ 519 |
Subordinated notes, Par amount | 588 | |
Subordinated Notes, Interest Rate 6.95% | ||
Subordinated Borrowing [Line Items] | ||
Subordinated notes | 88 | |
Subordinated notes, Par amount | $ 88 | |
Subordinated Notes, Interest Rate 6.95% | Subordinated Debt | ||
Subordinated Borrowing [Line Items] | ||
Coupon rate | 6.95% | |
Subordinated Notes, Interest Rate 3.25% | ||
Subordinated Borrowing [Line Items] | ||
Subordinated notes | $ 450 | |
Subordinated notes, Par amount | $ 500 | |
Subordinated Notes, Interest Rate 3.25% | Subordinated Debt | ||
Subordinated Borrowing [Line Items] | ||
Coupon rate | 3.25% |
Long-Term Debt (Schedule of Mat
Long-Term Debt (Schedule of Maturities on Long-Term Debt) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Long-Term Debt, Unclassified [Abstract] | |
2023 | $ 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 88 |
Thereafter | 500 |
Total | $ 588 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Feb. 22, 2024 | Feb. 23, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Preferred stock, authorized shares (in shares) | 4,400,000 | 4,400,000 | 4,400,000 | |||
Liquidation preference of preferred stock (per share) | $ 1,000 | |||||
Preferred stock, liquidation preference per depositary share (in dollars per share) | $ 25 | |||||
Depositary share, preferred stock ownership interest | 0.025% | |||||
Stock redemption | $ 126 | |||||
Shares outstanding (in shares) | 148,200,000 | |||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common stock and additional paid-in capital | $ 1,700 | |||||
Common stock and additional paid-in capital decrease | $ 23 | |||||
Common stock and additional paid-in capital decrease (as a percent) | 1% | |||||
Common stock repurchased (in shares) | 900,000 | 3,600,000 | ||||
Fair value of stock repurchased | $ 50 | $ 200 | ||||
Average price per share of stock repurchased (in dollars per share) | $ 52.82 | $ 56.13 | ||||
Other comprehensive income (loss) | $ 420 | $ (3,032) | (405) | |||
Accumulated other comprehensive income (loss) | $ (3,112) | (2,692) | (3,112) | |||
Transfer from available for sale to held-to-maturity, fair value | 10,700 | 10,691 | ||||
Investment securities available-for-sale transferred to held-to-maturity, at amortized cost (fair value $10,691) | 0 | 13,097 | 0 | |||
Unrealized loss unamortized over the life of security | 2,100 | |||||
Unrealized loss unamortized over the life of security, after tax | 1,500 | |||||
Common stock held in trust | 14 | 19 | 14 | |||
Total invested assets of trusts | 114 | 124 | 114 | |||
Total obligations of trusts | $ 128 | 143 | 128 | |||
Fair value of stock repurchased | $ 51 | $ 202 | $ 800 | |||
Subsequent Event | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Common stock repurchased (in shares) | 900,000 | |||||
Fair value of stock repurchased | $ 35 | |||||
Average price per share of stock repurchased (in dollars per share) | $ 39.32 |
Shareholders' Equity (Preferred
Shareholders' Equity (Preferred Stock) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Carrying value, Preferred stock | $ 440 | $ 440 |
Preferred stock, Authorized (in shares) | 4,400,000 | 4,400,000 |
Series A | SOFR | ||
Schedule of Equity Method Investments [Line Items] | ||
Preferred stock dividend rate basis spread on variable rate | 0.78% | |
Series G | SOFR | ||
Schedule of Equity Method Investments [Line Items] | ||
Preferred stock dividend rate basis spread on variable rate | 4.50% | |
Series I | SOFR | ||
Schedule of Equity Method Investments [Line Items] | ||
Preferred stock dividend rate basis spread on variable rate | 4.06% | |
Series J | SOFR | ||
Schedule of Equity Method Investments [Line Items] | ||
Preferred stock dividend rate basis spread on variable rate | 4.70% | |
Parent | Series A | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying value, Preferred stock | $ 67 | $ 67 |
Preferred stock, Authorized (in shares) | 140,000,000 | |
Preferred stock, Outstanding (in shares) | 66,139,000 | |
Preferred stock dividend rate | 4% | |
Earliest redemption date | Dec. 15, 2011 | |
Parent | Series G | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying value, Preferred stock | $ 138 | 138 |
Preferred stock, Authorized (in shares) | 200,000,000 | |
Preferred stock, Outstanding (in shares) | 138,390,000 | |
Earliest redemption date | Mar. 15, 2023 | |
Parent | Series I | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying value, Preferred stock | $ 99 | 99 |
Preferred stock, Authorized (in shares) | 300,893,000 | |
Preferred stock, Outstanding (in shares) | 98,555,000 | |
Earliest redemption date | Jun. 15, 2023 | |
Parent | Series J | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying value, Preferred stock | $ 136 | $ 136 |
Preferred stock, Authorized (in shares) | 195,152,000 | |
Preferred stock, Outstanding (in shares) | 136,368,000 | |
Earliest redemption date | Sep. 15, 2023 |
Shareholders' Equity (Summary O
Shareholders' Equity (Summary Of Changes In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 4,893 | $ 7,463 | $ 7,886 |
Other comprehensive income before reclassifications, net of tax | 88 | (3,093) | |
Amounts reclassified from AOCI, net of tax | 332 | 61 | |
Other comprehensive income (loss), net of tax | 420 | (3,032) | (405) |
Ending balance | 5,691 | 4,893 | 7,463 |
Income tax expense included in other comprehensive income | 137 | (989) | |
Total | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (3,112) | (80) | 325 |
Ending balance | (2,692) | (3,112) | (80) |
Net unrealized gains (losses) on investment securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (2,800) | (78) | |
Other comprehensive income before reclassifications, net of tax | 66 | (2,762) | |
Amounts reclassified from AOCI, net of tax | 208 | 40 | |
Other comprehensive income (loss), net of tax | 274 | (2,722) | |
Ending balance | (2,526) | (2,800) | (78) |
Income tax expense included in other comprehensive income | 90 | (888) | |
Net unrealized gains (losses) on derivatives and other | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (311) | 0 | |
Other comprehensive income before reclassifications, net of tax | 22 | (332) | |
Amounts reclassified from AOCI, net of tax | 124 | 21 | |
Other comprehensive income (loss), net of tax | 146 | (311) | |
Ending balance | (165) | (311) | 0 |
Income tax expense included in other comprehensive income | 47 | (101) | |
Pension and post-retirement | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (1) | (2) | |
Other comprehensive income before reclassifications, net of tax | 0 | 1 | |
Amounts reclassified from AOCI, net of tax | 0 | 0 | |
Other comprehensive income (loss), net of tax | 0 | 1 | |
Ending balance | (1) | (1) | $ (2) |
Income tax expense included in other comprehensive income | $ 0 | $ 0 |
Shareholders' Equity (Amounts R
Shareholders' Equity (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated other comprehensive income [Line Items] | |||||||||||
Securities gains (losses), net | $ 4 | $ (15) | $ 71 | ||||||||
Interest and fees on loans | 3,196 | 2,112 | 1,935 | ||||||||
Less: Income tax expense (benefit) | 206 | 245 | 317 | ||||||||
Net income | $ 126 | $ 175 | $ 175 | $ 204 | $ 284 | $ 217 | $ 203 | $ 203 | 680 | 907 | 1,129 |
Net unrealized gains (losses) on derivative instruments | Amounts reclassified from AOCI | |||||||||||
Accumulated other comprehensive income [Line Items] | |||||||||||
Interest and fees on loans | (165) | (27) | 61 | ||||||||
Less: Income tax expense (benefit) | (41) | (6) | 15 | ||||||||
Net income | (124) | (21) | 46 | ||||||||
Net unrealized gains (losses) on investment securities | Amounts reclassified from AOCI | |||||||||||
Accumulated other comprehensive income [Line Items] | |||||||||||
Securities gains (losses), net | (276) | (53) | 0 | ||||||||
Less: Income tax expense (benefit) | (68) | (13) | 0 | ||||||||
Net income | $ (208) | $ (40) | $ 0 |
Regulatory Matters (Summary of
Regulatory Matters (Summary of Actual Capital Amounts and Ratios for the Company and Its Three Largest Subsidiary Banks) (Details) $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | ||
Total capital (to risk-weighted assets), Actual Amount | $ 8,553 | $ 8,077 |
Total capital (to risk-weighted assets), Capital Ratio | 0.128 | 0.122 |
Total capital (to risk-weighted assets), To be well capitalized, Amount | $ 6,693 | $ 6,611 |
Total capital (to risk-weighted assets), To be well capitalized, Ratio | 0.100 | 0.100 |
Tier 1 capital (to risk-weighted assets), Actual Amount | $ 7,303 | $ 6,921 |
Tier 1 capital (to risk-weighted assets), Capital Ratio | 0.109 | 0.105 |
Tier 1 capital (to risk-weighted assets), To be well capitalized, Amount | $ 5,355 | $ 5,289 |
Tier 1 capital (to risk-weighted assets), To be well capitalized, Ratio | 0.080 | 0.080 |
Common equity tier 1 capital (to risk-weighted assets), Actual Amount | $ 6,863 | $ 6,481 |
Common equity tier 1 capital (to risk-weighted assets), Capital Ratio | 0.103 | 0.098 |
Common equity tier 1 capital (to risk-weighted assets), To be well capitalized, Amount | $ 4,351 | $ 4,297 |
Common equity tier 1 capital (to risk-weighted assets), To be well capitalized, Ratio | 0.065 | 0.065 |
Tier 1 capital (to average assets), Actual Amount | $ 7,303 | $ 6,921 |
Tier 1 capital (to average assets), Actual Ratio | 0.083 | 0.077 |
Tier 1 capital (to average assets), To be well capitalized, Amount | $ 4,379 | $ 4,472 |
Tier 1 capital (to average assets), To be well capitalized, Ratio | 0.050 | 0.050 |
Regulatory Matters (Capital Rat
Regulatory Matters (Capital Ratios) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | ||
CETI to risk-weighted assets, Minimum capital requirement | 0.045 | |
CETI to risk-weighted assets, Capital conservation buffer | 0.025 | |
CETI to risk-weighted assets, Minimum capital ratio requirement with capital conservation buffer | 0.070 | |
CETI to risk-weighted assets, Capital ratio | 0.103 | 0.098 |
Tier 1 capital CETI plus additional Tier 1 capital) to risk-weighted assets, Minimum capital requirement | 0.060 | |
Tier 1 capital CETI plus additional Tier 1 capital) to risk-weighted assets, Capital conservation buffer | 0.025 | |
Tier 1 capital CETI plus additional Tier 1 capital) to risk-weighted assets, Minimum capital ratio requirement with capital conservation buffer | 0.085 | |
Tier 1 capital CETI plus additional Tier 1 capital) to risk-weighted assets, Capital ratio | 0.109 | 0.105 |
Total capital (Tier 1 capital plus Tier 2 capital) to risk-weighted assets, Minimum capital requirements | 0.080 | |
Total capital (Tier 1 capital plus Tier 2 capital) to risk-weighted assets, Capital conversion buffer | 0.025 | |
Total capital (Tier 1 capital plus Tier 2 capital) to risk-weighted assets, Minimum capital ratio requirement with capital conservation buffer | 0.105 | |
Total capital (Tier 1 capital plus Tier 2 capital) to risk-weighted assets, Capital ratio | 0.128 | 0.122 |
Tier 1 capital to average consolidated assets, Minimum capital requirement | 0.040 | |
Tier 1 capital to average consolidated assets, Minimum capital requirement with buffer | 4% | |
Tier 1 capital to average consolidated assets, Capital ratio | 0.083 | 0.077 |
Commitments, Guarantees, Cont_3
Commitments, Guarantees, Contingent Liabilities, and Related Parties (Schedule of Off-Balance Sheet Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Guarantor Obligations [Line Items] | ||
Net unfunded commitments to extend credit | $ 28,940 | $ 29,628 |
Commercial letters of credit | 22 | 11 |
Mortgage-backed security purchase agreement | 66 | 23 |
Total unfunded commitments | 29,782 | 30,513 |
Financial | ||
Guarantor Obligations [Line Items] | ||
Standby letters of credit | 548 | 667 |
Performance | ||
Guarantor Obligations [Line Items] | ||
Standby letters of credit | $ 206 | $ 184 |
Commitments, Guarantees, Cont_4
Commitments, Guarantees, Contingent Liabilities, and Related Parties (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) case | |
Guarantor Obligations [Line Items] | |
Commitments to extend credit expiring in one year | $ 8,000,000,000 |
Standby letters of credit expiring in one year | $ 754,000,000 |
Number of civil cases | case | 2 |
Minimum | |
Guarantor Obligations [Line Items] | |
Limited recourse provision, period | 3 months |
Estimate of possible losses | $ 0 |
Maximum | |
Guarantor Obligations [Line Items] | |
Limited recourse provision, period | 1 year |
Estimate of possible losses | $ 10,000,000 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | $ 503 | $ 495 | $ 449 | ||||||||
Other noninterest income (non-ASC 606 customer-related) | 117 | 119 | 126 | ||||||||
Total customer-related noninterest income | 620 | 614 | 575 | ||||||||
Other noncustomer-related noninterest income | 57 | 18 | 128 | ||||||||
Total noninterest income | $ 148 | $ 180 | $ 189 | $ 160 | $ 153 | $ 165 | $ 172 | $ 142 | 677 | 632 | 703 |
Net interest income | $ 583 | $ 585 | $ 591 | $ 679 | $ 720 | $ 663 | $ 593 | $ 544 | 2,438 | 2,520 | 2,208 |
Total net revenue | $ 3,115 | 3,152 | 2,911 | ||||||||
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 | 81% | ||||||||||
Commercial account fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | $ 174 | 159 | 137 | ||||||||
Card fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 146 | 149 | 135 | ||||||||
Retail and business banking fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 66 | 73 | 73 | ||||||||
Capital markets fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 4 | 4 | 6 | ||||||||
Wealth management fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 53 | 51 | 46 | ||||||||
Other customer-related fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 60 | 59 | 52 | ||||||||
Other | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 34 | 38 | 37 | ||||||||
Other noninterest income (non-ASC 606 customer-related) | 14 | 4 | (6) | ||||||||
Total customer-related noninterest income | 48 | 42 | 31 | ||||||||
Other noncustomer-related noninterest income | 17 | 6 | 109 | ||||||||
Total noninterest income | 65 | 48 | 140 | ||||||||
Net interest income | 30 | 31 | 38 | ||||||||
Total net revenue | 95 | 79 | 178 | ||||||||
Other | Commercial account fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 2 | 1 | ||||||||
Other | Card fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 1 | ||||||||
Other | Retail and business banking fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 0 | 0 | 1 | ||||||||
Other | Capital markets fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 4 | 4 | 6 | ||||||||
Other | Wealth management fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | (1) | 1 | (2) | ||||||||
Other | Other customer-related fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 31 | 31 | 30 | ||||||||
Zions Bank | Operating Segments | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 157 | 160 | 154 | ||||||||
Other noninterest income (non-ASC 606 customer-related) | 24 | 19 | 21 | ||||||||
Total customer-related noninterest income | 181 | 179 | 175 | ||||||||
Other noncustomer-related noninterest income | 11 | 5 | 10 | ||||||||
Total noninterest income | 192 | 184 | 185 | ||||||||
Net interest income | 696 | 741 | 633 | ||||||||
Total net revenue | 888 | 925 | 818 | ||||||||
Zions Bank | Operating Segments | Commercial account fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 55 | 53 | 46 | ||||||||
Zions Bank | Operating Segments | Card fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 52 | 55 | 58 | ||||||||
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) | 19 | 22 | 22 | ||||||||
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 | ||||||||
Zions Bank | Operating Segments | Wealth management fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 23 | 22 | 21 | ||||||||
Zions Bank | Operating Segments | Other customer-related fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 8 | 8 | 7 | ||||||||
CB&T | Operating Segments | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 75 | 70 | 63 | ||||||||
Other noninterest income (non-ASC 606 customer-related) | 35 | 34 | 34 | ||||||||
Total customer-related noninterest income | 110 | 104 | 97 | ||||||||
Other noncustomer-related noninterest income | 6 | 4 | 5 | ||||||||
Total noninterest income | 116 | 108 | 102 | ||||||||
Net interest income | 598 | 595 | 536 | ||||||||
Total net revenue | 714 | 703 | 638 | ||||||||
CB&T | Operating Segments | Commercial account fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 32 | 28 | 25 | ||||||||
CB&T | Operating Segments | Card fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 21 | 20 | 17 | ||||||||
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) | 11 | 12 | 12 | ||||||||
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 | ||||||||
CB&T | Operating Segments | Wealth management fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 4 | 4 | 5 | ||||||||
CB&T | Operating Segments | Other customer-related fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 7 | 6 | 4 | ||||||||
Amegy | Operating Segments | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 125 | 117 | 103 | ||||||||
Other noninterest income (non-ASC 606 customer-related) | 37 | 40 | 36 | ||||||||
Total customer-related noninterest income | 162 | 157 | 139 | ||||||||
Other noncustomer-related noninterest income | 22 | 1 | 2 | ||||||||
Total noninterest income | 184 | 158 | 141 | ||||||||
Net interest income | 453 | 513 | 462 | ||||||||
Total net revenue | 637 | 671 | 603 | ||||||||
Amegy | Operating Segments | Commercial account fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 56 | 46 | 40 | ||||||||
Amegy | Operating Segments | Card fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 31 | 33 | 29 | ||||||||
Amegy | Operating Segments | Retail and business banking fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 14 | 16 | 15 | ||||||||
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 | ||||||||
Amegy | Operating Segments | Wealth management fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 17 | 15 | 13 | ||||||||
Amegy | Operating Segments | Other customer-related fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 7 | 7 | 6 | ||||||||
NBAZ | Operating Segments | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 37 | 38 | 31 | ||||||||
Other noninterest income (non-ASC 606 customer-related) | 2 | 8 | 13 | ||||||||
Total customer-related noninterest income | 39 | 46 | 44 | ||||||||
Other noncustomer-related noninterest income | 1 | 2 | 2 | ||||||||
Total noninterest income | 40 | 48 | 46 | ||||||||
Net interest income | 260 | 241 | 204 | ||||||||
Total net revenue | 300 | 289 | 250 | ||||||||
NBAZ | Operating Segments | Commercial account fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 10 | 9 | 7 | ||||||||
NBAZ | Operating Segments | Card fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 15 | 15 | 11 | ||||||||
NBAZ | Operating Segments | Retail and business banking fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 8 | 9 | 9 | ||||||||
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 | ||||||||
NBAZ | Operating Segments | Wealth management fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 3 | 3 | 3 | ||||||||
NBAZ | Operating Segments | Other customer-related fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 2 | 1 | ||||||||
NSB | Operating Segments | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 44 | 42 | 36 | ||||||||
Other noninterest income (non-ASC 606 customer-related) | 1 | 6 | 14 | ||||||||
Total customer-related noninterest income | 45 | 48 | 50 | ||||||||
Other noncustomer-related noninterest income | 0 | 0 | 0 | ||||||||
Total noninterest income | 45 | 48 | 50 | ||||||||
Net interest income | 191 | 183 | 146 | ||||||||
Total net revenue | 236 | 231 | 196 | ||||||||
NSB | Operating Segments | Commercial account fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 12 | 11 | 9 | ||||||||
NSB | Operating Segments | Card fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 16 | 15 | 12 | ||||||||
NSB | Operating Segments | Retail and business banking fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 10 | 10 | 10 | ||||||||
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 | ||||||||
NSB | Operating Segments | Wealth management fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 5 | 5 | 4 | ||||||||
NSB | Operating Segments | Other customer-related fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 | 1 | ||||||||
Vectra | Operating Segments | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 25 | 25 | 21 | ||||||||
Other noninterest income (non-ASC 606 customer-related) | 3 | 6 | 12 | ||||||||
Total customer-related noninterest income | 28 | 31 | 33 | ||||||||
Other noncustomer-related noninterest income | 0 | 0 | 0 | ||||||||
Total noninterest income | 28 | 31 | 33 | ||||||||
Net interest income | 150 | 153 | 136 | ||||||||
Total net revenue | 178 | 184 | 169 | ||||||||
Vectra | Operating Segments | Commercial account fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 7 | 8 | 7 | ||||||||
Vectra | Operating Segments | Card fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 9 | 9 | 6 | ||||||||
Vectra | 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 | 4 | ||||||||
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 | ||||||||
Vectra | Operating Segments | Wealth management fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 1 | 2 | ||||||||
Vectra | Operating Segments | Other customer-related fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 4 | 3 | 2 | ||||||||
TCBW | Operating Segments | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 6 | 5 | 4 | ||||||||
Other noninterest income (non-ASC 606 customer-related) | 1 | 2 | 2 | ||||||||
Total customer-related noninterest income | 7 | 7 | 6 | ||||||||
Other noncustomer-related noninterest income | 0 | 0 | 0 | ||||||||
Total noninterest income | 7 | 7 | 6 | ||||||||
Net interest income | 60 | 63 | 53 | ||||||||
Total net revenue | 67 | 70 | 59 | ||||||||
TCBW | Operating Segments | Commercial account fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 2 | 2 | 2 | ||||||||
TCBW | Operating Segments | Card fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 2 | 2 | 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 | ||||||||
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 | ||||||||
TCBW | Operating Segments | Wealth management fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total noninterest income from contracts with customers (ASC 606) | 1 | 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) | $ 1 | $ 1 | $ 1 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of employee contribution from earnings | 80% | ||
Matching contribution allocation rate first time | 100% | ||
Employee contribution rate for first time matching | 3% | ||
Matching contribution allocation rate second time | 50% | ||
Employees contribution rate for second time matching | 3% | ||
Employer contribution in common stock | $ 35 | $ 33 | $ 32 |
Minimum range of eligible compensation for noncontributory profit sharing feature | 0% | ||
Maximum range of eligible compensation for noncontributory profit sharing feature | 3.50% | ||
Accrued profit sharing expense | $ 16 | 19 | $ 24 |
Supplemental Employee Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit liability | 9 | 10 | |
Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit liability | $ 1 | $ 1 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total shares authorized under stock option and incentive plan (in shares) | 4,300,000 | ||
Number of shares available for future grants of stock options or restricted stock (in shares) | 2,747,546 | ||
Compensation expense not yet recognized for nonvested share-based awards | $ 34,000 | ||
Nonvested share-based awards, expected weighted average period to be recognized (in years) | 2 years 4 months 24 days | ||
Total intrinsic value of stock options exercised | $ 2,000 | $ 7,000 | $ 16,000 |
Cash received from the exercise of stock options | 2,000 | 8,000 | 20,000 |
Aggregate intrinsic value of outstanding stock options | 1,000 | 4,000 | |
Aggregate intrinsic value of exercisable options | $ 1,000 | 3,000 | |
Outstanding stock options, Weighted average remaining contractual life (in years) | 3 years 8 months 12 days | ||
Stock options expected to vest (in shares) | 528,192 | ||
Stock options expected to vest, Weighted average exercise price (in dollars per share) | $ 57.01 | ||
Stock options expected to vest, Weighted average remaining life (in years) | 5 years 4 months 24 days | ||
Stock options expected to vest, Aggregate intrinsic value | $ 0 | ||
Total fair value at grant date of restricted stock and RSUs vested | $ 27,000 | $ 25,000 | $ 24,000 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 7 years | ||
Outstanding stock options, Weighted average remaining contractual life (in years) | 2 years 8 months 12 days | 2 years 9 months 18 days | |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
restricted stock vesting period | 4 years | ||
Ratio of common stock to share based payment award (shares) | 1 | ||
Granted (in shares) | 727,019 | 433,674 | 578,056 |
Expected to vest (in shares) | 881,923 | ||
Expected to vest, Aggregate intrinsic value | $ 39,000 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
restricted stock vesting period | 4 years | ||
Expected to vest (in shares) | 35,771 | ||
Expected to vest, Aggregate intrinsic value | $ 2,000 | ||
Director | Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 39,771 | 16,722 | 16,938 |
Share-Based Compensation (Compe
Share-Based Compensation (Compensation Expense And Related Tax Benefit For All Share-Based Awards) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Compensation expense | $ 33 | $ 30 | $ 28 |
Reduction of income tax expense | $ 9 | $ 11 | $ 11 |
Share-Based Compensation (Weigh
Share-Based Compensation (Weighted Average Of Fair Value And Significant Assumptions Used In Applying Black-Scholes Model For Options Granted) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Weighted average value for options granted (in dollars per share) | $ 11.23 | $ 15.16 | $ 7.86 |
Expected dividend yield | 3% | 2.30% | 2.50% |
Expected volatility | 27% | 27% | 25% |
Risk-free interest rate | 4% | 1.98% | 0.47% |
Expected life (in years) | 4 years 6 months | 5 years | 5 years |
Share-Based Compensation (Summa
Share-Based Compensation (Summary of Stock Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of shares | |||
Beginning balance (in shares) | 1,262,366 | 1,328,144 | 1,683,657 |
Granted (in shares) | 291,005 | 201,932 | 345,636 |
Exercised (in shares) | (95,207) | (256,004) | (686,894) |
Expired (in shares) | (27,948) | (8,912) | (7,910) |
Forfeited (in shares) | (9,838) | (2,794) | (6,345) |
Ending balance (in shares) | 1,420,378 | 1,262,366 | 1,328,144 |
Weighted average exercise price | |||
Beginning balance (in dollars per share) | $ 50.75 | $ 44.60 | $ 38.26 |
Granted (in dollars per share) | 52.90 | 73.02 | 48.65 |
Exercised (in dollars per share) | 29.67 | 36.79 | 31.08 |
Expired (in dollars per share) | 35.41 | 37.58 | 42.16 |
Forfeited (in dollars per share) | 57.07 | 57.75 | 48.04 |
Ending balance (in dollars per share) | $ 52.83 | $ 50.75 | $ 44.60 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Number of shares, Outstanding stock options exercisable (in shares) | 891,884 | 729,411 | 693,883 |
Weighted average exercise price, Outstanding stock options exercisable (in dollars per share) | $ 50.36 | $ 46.02 | $ 41.54 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Additional Selected Information on Stock Options) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding stock options, Number of shares (in shares) | 1,420,378 | 1,262,366 | 1,328,144 | 1,683,657 |
Outstanding stock options, Weighted average exercise price (in dollars per share) | $ 52.83 | $ 50.75 | $ 44.60 | $ 38.26 |
Outstanding stock options, Weighted average remaining contractual life (in years) | 3 years 8 months 12 days | |||
Exercisable stock options, Number of shares (in shares) | 891,884 | 729,411 | 693,883 | |
Exercisable stock options, Weighted average exercise price (in dollars per share) | $ 50.36 | $ 46.02 | $ 41.54 | |
Stock options without a fixed expiration date (in shares) | 5,223 | |||
$4.15 to $19.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, lower range limit (in dollars per share) | $ 4.15 | |||
Exercise price range, upper range limit (in dollars per share) | $ 19.99 | |||
Outstanding stock options, Number of shares (in shares) | 5,223 | |||
Outstanding stock options, Weighted average exercise price (in dollars per share) | $ 6.41 | |||
Outstanding stock options, Weighted average remaining contractual life (in years) | 0 years | |||
Exercisable stock options, Number of shares (in shares) | 5,223 | |||
Exercisable stock options, Weighted average exercise price (in dollars per share) | $ 6.41 | |||
$25.00 to $29.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, lower range limit (in dollars per share) | 25 | |||
Exercise price range, upper range limit (in dollars per share) | $ 29.99 | |||
Outstanding stock options, Number of shares (in shares) | 452 | |||
Outstanding stock options, Weighted average exercise price (in dollars per share) | $ 29.12 | |||
Outstanding stock options, Weighted average remaining contractual life (in years) | 3 years 9 months 18 days | |||
Exercisable stock options, Number of shares (in shares) | 452 | |||
Exercisable stock options, Weighted average exercise price (in dollars per share) | $ 29.12 | |||
$40.00 to $44.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, lower range limit (in dollars per share) | 40 | |||
Exercise price range, upper range limit (in dollars per share) | $ 44.99 | |||
Outstanding stock options, Number of shares (in shares) | 73,077 | |||
Outstanding stock options, Weighted average exercise price (in dollars per share) | $ 44.18 | |||
Outstanding stock options, Weighted average remaining contractual life (in years) | 2 months 12 days | |||
Exercisable stock options, Number of shares (in shares) | 73,077 | |||
Exercisable stock options, Weighted average exercise price (in dollars per share) | $ 44.18 | |||
$45.00 to $49.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, lower range limit (in dollars per share) | 45 | |||
Exercise price range, upper range limit (in dollars per share) | $ 49.99 | |||
Outstanding stock options, Number of shares (in shares) | 558,629 | |||
Outstanding stock options, Weighted average exercise price (in dollars per share) | $ 47.34 | |||
Outstanding stock options, Weighted average remaining contractual life (in years) | 3 years 7 months 6 days | |||
Exercisable stock options, Number of shares (in shares) | 446,660 | |||
Exercisable stock options, Weighted average exercise price (in dollars per share) | $ 47.01 | |||
$50.00 to $59.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, lower range limit (in dollars per share) | 50 | |||
Exercise price range, upper range limit (in dollars per share) | $ 59.99 | |||
Outstanding stock options, Number of shares (in shares) | 587,155 | |||
Outstanding stock options, Weighted average exercise price (in dollars per share) | $ 52.78 | |||
Outstanding stock options, Weighted average remaining contractual life (in years) | 3 years 9 months 18 days | |||
Exercisable stock options, Number of shares (in shares) | 301,194 | |||
Exercisable stock options, Weighted average exercise price (in dollars per share) | $ 52.67 | |||
$60.00 to $73.22 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, lower range limit (in dollars per share) | 60 | |||
Exercise price range, upper range limit (in dollars per share) | $ 73.22 | |||
Outstanding stock options, Number of shares (in shares) | 195,842 | |||
Outstanding stock options, Weighted average exercise price (in dollars per share) | $ 73.19 | |||
Outstanding stock options, Weighted average remaining contractual life (in years) | 5 years | |||
Exercisable stock options, Number of shares (in shares) | 65,278 | |||
Exercisable stock options, Weighted average exercise price (in dollars per share) | $ 73.19 |
Share-Based Compensation (Sum_2
Share-Based Compensation (Summary of Restricted Stock Activity) (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of shares | |||
Beginning balance (in shares) | 60,749 | 64,816 | 57,396 |
Issued (in shares) | 0 | 21,038 | 26,083 |
Vested (in shares) | (24,978) | (25,105) | (18,663) |
Ending balance (in shares) | 35,771 | 60,749 | 64,816 |
Weighted average fair value | |||
Beginning balance (in dollars per share) | $ 48.31 | $ 42.26 | $ 44.20 |
Issued (in dollars per share) | 0 | 60.21 | 39.16 |
Vested (in dollars per share) | 46.31 | 42.66 | 43.89 |
Ending balance (in dollars per share) | $ 49.71 | $ 48.31 | $ 42.26 |
Share Based Compensation (Summa
Share Based Compensation (Summary of Restricted Stock Unit Activity) (Details) - Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of shares | |||
Beginning balance (in shares) | 1,169,093 | 1,274,083 | 1,242,321 |
Granted (in shares) | 727,019 | 433,674 | 578,056 |
Vested (in shares) | (522,163) | (504,358) | (505,690) |
Forfeited (in shares) | (44,004) | (34,306) | (40,604) |
Ending balance (in shares) | 1,329,945 | 1,169,093 | 1,274,083 |
Weighted average fair value | |||
Beginning balance (in dollars per share) | $ 53.62 | $ 46.49 | $ 46.31 |
Issued (in dollars per share) | 48.85 | 68.07 | 47.02 |
Vested (in dollars per share) | 48.71 | 47.83 | 46.51 |
Forfeited (in dollars per share) | 56.19 | 56.58 | 47.97 |
Ending balance (in dollars per share) | $ 52.88 | $ 53.62 | $ 46.49 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal: | |||
Current | $ 168 | $ 236 | $ 230 |
Deferred | 0 | (38) | 27 |
Total Federal | 168 | 198 | 257 |
State: | |||
Current | 47 | 52 | 55 |
Deferred | (9) | (5) | 5 |
Total State | 38 | 47 | 60 |
Total income tax expense | $ 206 | $ 245 | $ 317 |
Income Taxes (Schedule of Statu
Income Taxes (Schedule of Statutory Federal Income Tax Rate Reconciles to Actual Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense at statutory federal rate | $ 186 | $ 242 | $ 304 |
State income taxes including credits, net | 31 | 38 | 48 |
Other nondeductible expenses | 29 | 13 | 8 |
Nontaxable income | (41) | (40) | (36) |
Share-based compensation | (1) | (4) | (3) |
Other | 2 | (4) | (4) |
Total income tax expense | $ 206 | $ 245 | $ 317 |
Income Taxes (Schedule of Tax E
Income Taxes (Schedule of Tax Effects of Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Gross deferred tax assets: | ||
Book loan loss deduction in excess of tax | $ 181 | $ 157 |
Deferred compensation | 81 | 83 |
Security investments and derivative fair value adjustments | 879 | 1,011 |
Lease liabilities | 50 | 49 |
Capitalized costs | 37 | 82 |
Other | 48 | 29 |
Total deferred tax assets before valuation allowance | 1,276 | 1,411 |
Valuation allowance | 0 | 0 |
Total deferred tax assets | 1,276 | 1,411 |
Gross deferred tax liabilities: | ||
Premises and equipment, due to differences in depreciation | (101) | (99) |
Federal Home Loan Bank stock dividends | (3) | (2) |
Leasing operations | (49) | (49) |
Prepaid expenses | (5) | (5) |
Prepaid pension reserves | 0 | (3) |
Mortgage servicing | (5) | (12) |
Deferred loan costs | (34) | (34) |
ROU assets | (43) | (44) |
Qualified opportunity fund deferred gains | (27) | (26) |
Equity investments | (10) | (9) |
Total deferred tax liabilities | (277) | (283) |
Net deferred tax assets (liabilities) | $ 999 | $ 1,128 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 |
Income Tax Contingency [Line Items] | |||
Valuation allowance | $ 0 | $ 0 | |
Unrecognized tax benefits that would impact effective tax rate | 13 | 12 | |
Income tax penalties and interest accrued | 2 | $ 1 | |
Unrecognized tax benefit on technology initiatives | $ 8 | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Tax effect of remaining net operating loss and tax credit carryforward | $ 1 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 13 | $ 14 | $ 11 |
Tax positions related to current year, Additions | 2 | 2 | 2 |
Tax positions related to prior years, Additions | 10 | 0 | 1 |
Settlements with taxing authorities | (3) | 0 | 0 |
Tax positions related to prior years, Reductions | 0 | (1) | 0 |
Lapses in statutes of limitations | (7) | (2) | 0 |
Balance at end of year | $ 15 | $ 13 | $ 14 |
Net Earnings Per Common Share_2
Net Earnings Per Common Share (Basic And Diluted Net Earnings Per Common Share Based On The Weighted Average Outstanding Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic: | |||||||||||
Net income | $ 126 | $ 175 | $ 175 | $ 204 | $ 284 | $ 217 | $ 203 | $ 203 | $ 680 | $ 907 | $ 1,129 |
Less common and preferred dividends | 277 | 269 | 261 | ||||||||
Less impact from redemption of preferred stock | 0 | 0 | 3 | ||||||||
Undistributed earnings | 403 | 638 | 865 | ||||||||
Less undistributed earnings applicable to nonvested shares | 4 | 5 | 7 | ||||||||
Undistributed earnings applicable to common shares | 399 | 633 | 858 | ||||||||
Distributed earnings applicable to common shares | 243 | 237 | 230 | ||||||||
Total earnings applicable to common shares | $ 642 | $ 870 | $ 1,088 | ||||||||
Weighted average common shares outstanding (in shares) | 147,748 | 150,064 | 159,913 | ||||||||
Net earnings per common share (in dollars per share) | $ 0.78 | $ 1.13 | $ 1.11 | $ 1.33 | $ 1.84 | $ 1.40 | $ 1.29 | $ 1.27 | $ 4.35 | $ 5.80 | $ 6.80 |
Diluted: | |||||||||||
Dilutive effect of stock options (in shares) | 8 | 207 | 321 | ||||||||
Weighted average diluted common shares outstanding (in shares) | 147,756 | 150,271 | 160,234 | ||||||||
Net earnings per common share (in dollars per share) | $ 0.78 | $ 1.13 | $ 1.11 | $ 1.33 | $ 1.84 | $ 1.40 | $ 1.29 | $ 1.27 | $ 4.35 | $ 5.79 | $ 6.79 |
Net Earnings Per Common Share_3
Net Earnings Per Common Share (Stock Awards That Were Anti-Dilutive) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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) | 1,383 | 1,265 | 1,374 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,409 | 178 | 74 |
Operating Segment Information_2
Operating Segment Information (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2022 branch | Dec. 31, 2023 USD ($) branch | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) branch segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | ||||||||||||
Number of bank operating segments | segment | 7 | |||||||||||
Number of branches | branch | 407 | 407 | ||||||||||
Total deposits | $ 74,961 | $ 71,652 | $ 74,961 | $ 71,652 | ||||||||
Loans held for investment, net of allowance | 57,095 | 55,078 | 57,095 | 55,078 | ||||||||
Net interest income | 583 | $ 585 | $ 591 | $ 679 | 720 | $ 663 | $ 593 | $ 544 | 2,438 | 2,520 | $ 2,208 | |
Provision for credit losses | 0 | 41 | 46 | 45 | 43 | 71 | 41 | (33) | 132 | 122 | (276) | |
Net interest income after provision for credit losses | 2,306 | 2,398 | 2,484 | |||||||||
Noninterest income | 148 | 180 | 189 | 160 | 153 | 165 | 172 | 142 | 677 | 632 | 703 | |
Noninterest expense | 581 | 496 | 508 | 512 | 471 | 479 | 464 | 464 | 2,097 | 1,878 | 1,741 | |
Income (loss) before income taxes | $ 150 | $ 228 | $ 226 | $ 282 | $ 359 | $ 278 | $ 260 | $ 255 | 886 | 1,152 | 1,446 | |
Total average loans | 56,740 | 52,598 | 51,983 | |||||||||
Total average deposits | 72,866 | 78,529 | 76,257 | |||||||||
Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net interest income | 30 | 31 | 38 | |||||||||
Provision for credit losses | (2) | 0 | 1 | |||||||||
Net interest income after provision for credit losses | 32 | 31 | 37 | |||||||||
Noninterest income | 65 | 48 | 140 | |||||||||
Noninterest expense | 224 | 226 | 201 | |||||||||
Income (loss) before income taxes | (127) | (147) | (24) | |||||||||
Total average loans | 1,044 | 922 | 857 | |||||||||
Total average deposits | 6,161 | 1,166 | 1,475 | |||||||||
Zions Bank | Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net interest income | 696 | 741 | 633 | |||||||||
Provision for credit losses | 20 | 43 | (26) | |||||||||
Net interest income after provision for credit losses | 676 | 698 | 659 | |||||||||
Noninterest income | 192 | 184 | 185 | |||||||||
Noninterest expense | 557 | 495 | 464 | |||||||||
Income (loss) before income taxes | 311 | 387 | 380 | |||||||||
Total average loans | 14,298 | 13,277 | 13,198 | |||||||||
Total average deposits | 20,233 | 24,317 | 23,588 | |||||||||
CB&T | Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net interest income | 598 | 595 | 536 | |||||||||
Provision for credit losses | 44 | 49 | (78) | |||||||||
Net interest income after provision for credit losses | 554 | 546 | 614 | |||||||||
Noninterest income | 116 | 108 | 102 | |||||||||
Noninterest expense | 388 | 340 | 311 | |||||||||
Income (loss) before income taxes | 282 | 314 | 405 | |||||||||
Total average loans | 14,128 | 13,129 | 12,892 | |||||||||
Total average deposits | 14,253 | 16,160 | 15,796 | |||||||||
Amegy | Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net interest income | 453 | 513 | 462 | |||||||||
Provision for credit losses | 15 | 5 | (96) | |||||||||
Net interest income after provision for credit losses | 438 | 508 | 558 | |||||||||
Noninterest income | 184 | 158 | 141 | |||||||||
Noninterest expense | 404 | 355 | 337 | |||||||||
Income (loss) before income taxes | 218 | 311 | 362 | |||||||||
Total average loans | 12,851 | 12,110 | 12,189 | |||||||||
Total average deposits | 13,569 | 15,735 | 15,496 | |||||||||
NBAZ | Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net interest income | 260 | 241 | 204 | |||||||||
Provision for credit losses | 4 | 11 | (27) | |||||||||
Net interest income after provision for credit losses | 256 | 230 | 231 | |||||||||
Noninterest income | 40 | 48 | 46 | |||||||||
Noninterest expense | 189 | 167 | 151 | |||||||||
Income (loss) before income taxes | 107 | 111 | 126 | |||||||||
Total average loans | 5,318 | 4,911 | 4,849 | |||||||||
Total average deposits | 7,008 | 8,035 | 7,288 | |||||||||
NSB | Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net interest income | 191 | 183 | 146 | |||||||||
Provision for credit losses | 42 | 4 | (35) | |||||||||
Net interest income after provision for credit losses | 149 | 179 | 181 | |||||||||
Noninterest income | 45 | 48 | 50 | |||||||||
Noninterest expense | 171 | 151 | 142 | |||||||||
Income (loss) before income taxes | 23 | 76 | 89 | |||||||||
Total average loans | 3,392 | 2,987 | 3,015 | |||||||||
Total average deposits | 6,964 | 7,436 | 6,691 | |||||||||
Vectra | Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net interest income | 150 | 153 | 136 | |||||||||
Provision for credit losses | 7 | 9 | (12) | |||||||||
Net interest income after provision for credit losses | 143 | 144 | 148 | |||||||||
Noninterest income | 28 | 31 | 33 | |||||||||
Noninterest expense | 137 | 120 | 114 | |||||||||
Income (loss) before income taxes | 34 | 55 | 67 | |||||||||
Total average loans | 4,004 | 3,632 | 3,414 | |||||||||
Total average deposits | 3,482 | 4,109 | 4,386 | |||||||||
TCBW | Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net interest income | 60 | 63 | 53 | |||||||||
Provision for credit losses | 2 | 1 | (3) | |||||||||
Net interest income after provision for credit losses | 58 | 62 | 56 | |||||||||
Noninterest income | 7 | 7 | 6 | |||||||||
Noninterest expense | 27 | 24 | 21 | |||||||||
Income (loss) before income taxes | 38 | 45 | 41 | |||||||||
Total average loans | 1,705 | 1,630 | 1,569 | |||||||||
Total average deposits | $ 1,196 | $ 1,571 | $ 1,537 | |||||||||
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 | ||||||||||
California | CB&T | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of branches | branch | 75 | 75 | ||||||||||
Texas | Amegy | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of branches | branch | 75 | 75 | ||||||||||
Arizona | NBAZ | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of branches | branch | 56 | 56 | ||||||||||
Nevada | NSB | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of branches | branch | 43 | 43 | ||||||||||
Number of Branches Purchased | branch | 3 | |||||||||||
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 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Financial Information by Quarter) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total interest income | $ 1,040 | $ 1,010 | $ 977 | $ 920 | $ 835 | $ 707 | $ 608 | $ 555 | $ 3,947 | $ 2,705 | $ 2,267 |
Net interest income | 583 | 585 | 591 | 679 | 720 | 663 | 593 | 544 | 2,438 | 2,520 | 2,208 |
Provision for credit losses | 0 | 41 | 46 | 45 | 43 | 71 | 41 | (33) | 132 | 122 | (276) |
Noninterest income | 148 | 180 | 189 | 160 | 153 | 165 | 172 | 142 | 677 | 632 | 703 |
Noninterest expense | 581 | 496 | 508 | 512 | 471 | 479 | 464 | 464 | 2,097 | 1,878 | 1,741 |
Income (loss) before income taxes | 150 | 228 | 226 | 282 | 359 | 278 | 260 | 255 | 886 | 1,152 | 1,446 |
Net income | 126 | 175 | 175 | 204 | 284 | 217 | 203 | 203 | 680 | 907 | 1,129 |
Preferred stock dividends | 10 | 7 | 9 | 6 | 7 | 6 | 8 | 8 | 32 | 29 | 29 |
Net earnings applicable to common shareholders | $ 116 | $ 168 | $ 166 | $ 198 | $ 277 | $ 211 | $ 195 | $ 195 | $ 648 | $ 878 | $ 1,100 |
Net earnings per common share: | |||||||||||
Basic (in dollars per share) | $ 0.78 | $ 1.13 | $ 1.11 | $ 1.33 | $ 1.84 | $ 1.40 | $ 1.29 | $ 1.27 | $ 4.35 | $ 5.80 | $ 6.80 |
Diluted (in dollars per share) | $ 0.78 | $ 1.13 | $ 1.11 | $ 1.33 | $ 1.84 | $ 1.40 | $ 1.29 | $ 1.27 | $ 4.35 | $ 5.79 | $ 6.79 |
Uncategorized Items - zions-202
Label | Element | Value |
Loans Assumed | us-gaap_LoansAssumed1 | $ 95,000,000 |
Noncash Or Part Noncash Acquisition, Deposits Acquired | zions_NoncashOrPartNoncashAcquisitionDepositsAcquired | $ 430,000,000 |