Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 24, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Entity Registrant Name | Comerica INC /NEW/ | |
Entity Central Index Key | 28,412 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 177,928,704 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Cash and due from banks | $ 1,148 | $ 1,026 | |
Interest-bearing deposits with banks | 4,817 | 5,045 | |
Other short-term investments | 119 | 99 | |
Investment securities available-for-sale | [1] | 8,267 | 8,116 |
Investment securities held-to-maturity | 1,952 | 1,935 | |
Commercial loans | 32,723 | 31,520 | |
Real estate construction loans | 1,795 | 1,955 | |
Commercial mortgage loans | 8,674 | 8,604 | |
Lease financing | 786 | 805 | |
International loans | 1,420 | 1,496 | |
Residential mortgage loans | 1,865 | 1,831 | |
Consumer loans | 2,478 | 2,382 | |
Total loans | 49,741 | 48,593 | |
Less allowance for loan losses | (618) | (594) | |
Net loans | 49,123 | 47,999 | |
Premises and equipment | 541 | 532 | |
Accrued income and other assets | 3,978 | 4,434 | |
Total assets | 69,945 | 69,186 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Noninterest-bearing deposits | 28,167 | 27,224 | |
Money market and interest-bearing checking deposits | 23,786 | 23,954 | |
Savings deposits | 1,841 | 1,752 | |
Customer certificates of deposit | 4,367 | 4,421 | |
Foreign office time deposits | 99 | 135 | |
Total interest-bearing deposits | 30,093 | 30,262 | |
Total deposits | 58,260 | 57,486 | |
Short-term borrowings | 56 | 116 | |
Accrued expenses and other liabilities | 1,265 | 1,507 | |
Medium- and long-term debt | 2,841 | 2,675 | |
Total liabilities | 62,422 | 61,784 | |
Common stock - $5 par value: Authorized - 325,000,000 shares; Issued - 228,164,824 shares | 1,141 | 1,141 | |
Capital surplus | 2,158 | 2,188 | |
Accumulated other comprehensive loss | (396) | (412) | |
Retained earnings | 6,908 | 6,744 | |
Less cost of common stock in treasury - 49,803,515 shares at 6/30/15 and 49,146,225 shares at 12/31/14 | (2,288) | (2,259) | |
Total shareholders' equity | 7,523 | 7,402 | |
Total liabilities and shareholders' equity | $ 69,945 | $ 69,186 | |
[1] | Included auction-rate securities at amortized cost and fair value of $95 million as of June 30, 2015 and $137 million and $136 million, respectively, as of December 31, 2014. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 5 | $ 5 |
Common stock, authorized shares | 325,000,000 | 325,000,000 |
Common stock, issued shares | 228,164,824 | 228,164,824 |
Shares in treasury | 49,803,515 | 49,146,225 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
INTEREST INCOME | ||||
Interest and fees on loans | $ 389 | $ 385 | $ 767 | $ 761 |
Interest on investment securities | 52 | 53 | 105 | 108 |
Interest on short-term investments | 3 | 3 | 7 | 7 |
Total interest income | 444 | 441 | 879 | 876 |
INTEREST EXPENSE | ||||
Interest on deposits | 11 | 11 | 22 | 22 |
Interest on medium- and long-term debt | 12 | 14 | 23 | 28 |
Total interest expense | 23 | 25 | 45 | 50 |
Net interest income | 421 | 416 | 834 | 826 |
Provision for credit losses | 47 | 11 | 61 | 20 |
Net interest income after provision for credit losses | 374 | 405 | 773 | 806 |
NONINTEREST INCOME | ||||
Service charges on deposit accounts | 56 | 54 | 111 | 108 |
Fiduciary income | 48 | 45 | 95 | 89 |
Commercial lending fees | 22 | 23 | 47 | 43 |
Card fees | 72 | 22 | 139 | 45 |
Letter of credit fees | 13 | 15 | 26 | 29 |
Bank-owned life insurance | 10 | 11 | 19 | 20 |
Foreign exchange income | 9 | 12 | 19 | 21 |
Brokerage fees | 5 | 4 | 9 | 9 |
Net securities (losses) gains | 0 | 0 | (2) | 1 |
Other noninterest income | 26 | 34 | 53 | 63 |
Total noninterest income | 261 | 220 | 516 | 428 |
NONINTEREST EXPENSES | ||||
Salaries and benefits expense | 251 | 240 | 504 | 487 |
Net occupancy expense | 39 | 39 | 77 | 79 |
Equipment expense | 13 | 15 | 26 | 29 |
Outside processing fee expense | 85 | 30 | 162 | 58 |
Software expense | 24 | 25 | 47 | 47 |
Litigation-related expense | (30) | 3 | (29) | 6 |
FDIC insurance expense | 9 | 8 | 18 | 16 |
Advertising expense | 6 | 5 | 12 | 11 |
Other noninterest expenses | 39 | 39 | 78 | 77 |
Total noninterest expenses | 436 | 404 | 895 | 810 |
Income before income taxes | 199 | 221 | 394 | 424 |
Provision for income taxes | 64 | 70 | 125 | 134 |
Net Income | 135 | 151 | 269 | 290 |
Less income allocated to participating securities | 1 | 2 | 3 | 4 |
Net income attributable to common shares | $ 134 | $ 149 | $ 266 | $ 286 |
Basic earnings per common share | $ 0.76 | $ 0.83 | $ 1.51 | $ 1.59 |
Diluted earnings per common share | $ 0.73 | $ 0.80 | $ 1.46 | $ 1.54 |
Comprehensive income | $ 109 | $ 172 | $ 285 | $ 377 |
Cash dividends declared on common stock | $ 37 | $ 36 | $ 73 | $ 71 |
Cash dividends declared per common share | $ 0.21 | $ 0.20 | $ 0.41 | $ 0.39 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Capital Surplus | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock |
BALANCE at Dec. 31, 2013 | $ 7,150 | $ 1,141 | $ 2,179 | $ (391) | $ 6,318 | $ (2,097) |
BALANCE (in shares) at Dec. 31, 2013 | 182.3 | |||||
Net income | 290 | 290 | ||||
Other comprehensive income, net of tax | 87 | 87 | ||||
Cash dividends declared on common stock | (71) | (71) | ||||
Purchase of common stock | (141) | (141) | ||||
Purchase of common stock (in shares) | (3) | |||||
Net issuance of common stock under employee stock plans | 32 | (25) | (17) | 74 | ||
Net issuance of common stock under employee stock plans (in shares) | 1.6 | |||||
Share-based compensation | 22 | 22 | ||||
Other | 0 | (1) | 1 | |||
Other (in shares) | 0 | |||||
BALANCE at Jun. 30, 2014 | 7,369 | $ 1,141 | 2,175 | (304) | 6,520 | (2,163) |
BALANCE (in shares) at Jun. 30, 2014 | 180.9 | |||||
BALANCE at Dec. 31, 2014 | 7,402 | $ 1,141 | 2,188 | (412) | 6,744 | (2,259) |
BALANCE (in shares) at Dec. 31, 2014 | 179 | |||||
Net income | 269 | 269 | ||||
Other comprehensive income, net of tax | 16 | 16 | ||||
Cash dividends declared on common stock | (73) | (73) | ||||
Purchase of common stock | (115) | (115) | ||||
Purchase of common stock (in shares) | (2.5) | |||||
Purchase and retirement of warrants | (10) | (10) | ||||
Net issuance of common stock under employee stock plans | 10 | (23) | (10) | 43 | ||
Net issuance of common stock under employee stock plans (in shares) | 0.9 | |||||
Net issuance of common stock for warrants | 0 | (21) | (22) | 43 | ||
Net issuance of common stock for warrants (in shares) | 1 | |||||
Share-based compensation | 24 | 24 | ||||
BALANCE at Jun. 30, 2015 | $ 7,523 | $ 1,141 | $ 2,158 | $ (396) | $ 6,908 | $ (2,288) |
BALANCE (in shares) at Jun. 30, 2015 | 178.4 |
Consolidated Statements Of Cha6
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared on common stock, per share | $ 0.21 | $ 0.20 | $ 0.41 | $ 0.39 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net income | $ 269 | $ 290 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 61 | 20 |
Benefit for deferred income taxes | (25) | (13) |
Depreciation and amortization | 60 | 61 |
Net periodic defined benefit cost | 23 | 19 |
Share-based compensation expense | 24 | 22 |
Net amortization of securities | 8 | 5 |
Accretion of loan purchase discount | (4) | (22) |
Net securities losses (gains) | 2 | (1) |
Net gains on sales of foreclosed property | (1) | (2) |
Excess tax benefits from share-based compensation arrangements | (3) | (6) |
Net change in trading securities | 0 | 5 |
Net change in accrued income receivable | (4) | (1) |
Net change in accrued expenses payable | (83) | (60) |
Other, net | 67 | 29 |
Net cash provided by operating activities | 394 | 346 |
INVESTING ACTIVITIES | ||
Maturities and redemptions of investment securities available-for-sale | 842 | 825 |
Sales of investment securities available-for-sale | 37 | 0 |
Purchases of investment securities available-for-sale | (1,055) | (940) |
Maturities and redemptions of investment securities held-to-maturity | 153 | 0 |
Purchases of investment securities held-to-maturity | (166) | 0 |
Net change in loans | (1,188) | (2,422) |
Proceeds from sales of foreclosed property | 5 | 9 |
Net increase in premises and equipment | (54) | (31) |
Sales of Federal Home Loan Bank stock | 0 | 41 |
Other, net | 2 | 1 |
Net cash used in investing activities | (1,424) | (2,517) |
FINANCING ACTIVITIES | ||
Net change in deposits | 971 | 763 |
Net change in short-term borrowings | (60) | (77) |
Maturities and redemptions of medium- and long-term debt | (306) | (1,256) |
Issuances of medium- and long-term debt | 497 | 349 |
Repurchases of common stock | (115) | (141) |
Cash dividends paid on common stock | (72) | (65) |
Issuances of common stock under employee stock plans | 18 | 36 |
Purchase and retirement of warrants | (10) | 0 |
Excess tax benefits from share-based compensation arrangements | 3 | 6 |
Other, net | (2) | (1) |
Net cash provided by (used in) financing activities | 924 | (386) |
Net decrease in cash and cash equivalents | (106) | (2,557) |
Cash and cash equivalents at beginning of period | 6,071 | 6,451 |
Cash and cash equivalents at end of period | 5,965 | 3,894 |
Interest paid | 45 | 50 |
Income tax paid | (11) | 110 |
Noncash investing and financing activities: | ||
Loans transferred to other real estate | 4 | 11 |
Loans transferred from portfolio to held-for-sale | $ 19 | $ 0 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | BASIS OF PRESENTATION AND ACCOUNTING POLICIES Organization The accompanying unaudited consolidated financial statements were prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation were included. The results of operations for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . Certain items in prior periods were reclassified to conform to the current presentation. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report of Comerica Incorporated and Subsidiaries (the Corporation) on Form 10-K for the year ended December 31, 2014 . Revenue Recognition In the first quarter 2015, the Corporation entered into a new contract for an existing debit card program. Guidance provided in Accounting Standards Code 605-45, " Principal Agent Considerations," indicates whether revenue should be reported gross or net for this type of arrangement. Management assessed various principal versus agent indicators provided in the guidance and concluded that the Corporation bears the risks and rewards of providing the services for the card program based on the new contract terms and, therefore, gross presentation of revenues and expenses is appropriate. This change in presentation resulted in increases of $44 million and $88 million to both "card fees" in noninterest income and "outside processing fee expense" in noninterest expenses for the three- and six-month periods ended June 30, 2015 , respectively. Recently Adopted Accounting Pronouncements Effective January 1, 2015, the Corporation prospectively adopted Accounting Standards Update (ASU) No. 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” (ASU 2014-04), which clarifies when an in-substance foreclosure or repossession of residential real estate property occurs, requiring a creditor to reclassify the loan to other real estate. According to ASU 2014-04, a consumer mortgage loan should be reclassified to other real estate either upon the creditor obtaining legal title to the real estate collateral or when the borrower voluntarily conveys all interest in the real estate property to the creditor through a deed in lieu of foreclosure or similar legal agreement. ASU 2014-04 also clarifies that a creditor that has obtained legal title to a foreclosed property should not delay reclassification when a borrower has a legal right of redemption for a period of time. The Corporation's existing accounting treatment is consistent with the new guidance, and therefore the adoption of ASU 2014-04 had no impact to the Corporation's financial condition and results of operations. Disclosures required by ASU 2014-04 are provided in Note 4. Also effective January 1, 2015, the Corporation prospectively adopted ASU No. 2014-12, “Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” (ASU 2014-12). The new guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The Corporation's current accounting treatment of performance conditions for employees who are or become retirement eligible prior to the achievement of the performance target is consistent with ASU 2014-12, and as such the adoption of ASU 2014-12 had no impact to the Corporation’s financial condition and results of operations. In the second quarter 2015, the Corporation early adopted ASU 2015-03, "Interest - Imputation of Interest (Subtopic 835-30)," which amends the presentation of debt issuance costs in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than as a deferred charge. The new guidance was retrospectively applied, which resulted in a decrease of $4 million to both "accrued income and other assets" and "medium- and long-term debt" on the consolidated balance sheets as of December 31, 2014 . Unamortized debt issuance costs deducted from the carrying amount of medium- and long-term debt totaled $6 million at June 30, 2015 . Pending Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” (ASU 2014-09), which is intended to improve and converge the financial reporting requirements for revenue contracts with customers. Previous GAAP comprised broad revenue recognition concepts along with numerous industry-specific requirements. The new guidance establishes a five-step model which entities must follow to recognize revenue and removes inconsistencies and weaknesses in existing guidance. The guidance under ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017 and must be retrospectively applied. Entities will have the option of presenting prior periods as impacted by the new guidance or presenting the cumulative effect of initial application along with supplementary disclosures. Early adoption is permitted, but not before annual and interim periods beginning after December 15, 2016. The Corporation is currently evaluating the impact of adopting ASU 2014-09. In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis," (ASU 2015-02), which makes targeted amendments to the considerations applied by reporting entities when determining if a legal entity should be consolidated, including placing more emphasis on risk of loss when determining a controlling financial interest. Low-income housing tax credit investments that meet the criteria for the proportional amortization method are not impacted by these amendments. ASU 2015-02 is effective for annual and interim periods beginning after December 15, 2015, and must be retrospectively applied. Early adoption is permitted. The Corporation is currently evaluating the impact of adopting ASU 2015-02. In April 2015, the FASB issued ASU 2015-05, "Goodwill and Other - Internal-Use Software (Subtopic 350-40)," (ASU 2015-05), which defines specific criteria entities must apply to determine if a cloud computing arrangement includes an in-substance software license. The result of the assessment will direct the entity to apply either software licensing or service contract guidance to record the related costs. ASU 2015-05 is effective for annual and interim periods beginning after December 15, 2015, and can be prospectively or retrospectively applied. Early adoption is permitted. The Corporation does not expect the adoption to have a material effect on its financial condition and results of operations. In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),” (ASU 2015-07) which amends disclosure requirements for entities that utilize net asset value per share (or its equivalent) to measure fair value as a practical expedient. The update eliminates the requirement to classify these investments within the fair value hierarchy and instead requires disclosure of sufficient information about these investments to permit reconciliation of the fair value of investments categorized within the fair value hierarchy to the investments presented in the consolidated balance sheet. ASU 2015-07 is effective for annual and interim periods beginning after December 15, 2015 and must be applied retrospectively. Early adoption is permitted. The adoption of ASU 2015-07 will have no impact on the Corporation's financial condition or results of operations. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The Corporation utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. In cases where quoted market values in an active market are not available, the Corporation uses present value techniques and other valuation methods to estimate the fair values of its financial instruments. These valuation methods require considerable judgment and the resulting estimates of fair value can be significantly affected by the assumptions made and methods used. Trading securities, investment securities available-for-sale, derivatives and deferred compensation plan liabilities are recorded at fair value on a recurring basis. Additionally, from time to time, the Corporation may be required to record other assets and liabilities at fair value on a nonrecurring basis, such as impaired loans, other real estate (primarily foreclosed property), nonmarketable equity securities and certain other assets and liabilities. These nonrecurring fair value adjustments typically involve write-downs of individual assets or application of lower of cost or fair value accounting. Refer to Note 1 to the consolidated financial statements in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2014 for further information about the fair value hierarchy, descriptions of the valuation methodologies and key inputs used to measure financial assets and liabilities recorded at fair value, as well as a description of the methods and significant assumptions used to estimate fair value disclosures for financial instruments not recorded at fair value in their entirety on a recurring basis. When credit valuation adjustments are significant to the overall fair value of a derivative, the Corporation classifies the over-the-counter derivative valuation in Level 3 of the fair value hierarchy; otherwise, over-the-counter derivative valuations are classified in Level 2. ASSETS AND LIABLILITIES RECORDED AT FAIR VALUE ON A RECURRING BASIS The following tables present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 . (in millions) Total Level 1 Level 2 Level 3 June 30, 2015 Trading securities: Deferred compensation plan assets $ 94 $ 94 $ — $ — Equity and other non-debt securities 1 1 — — Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities 732 732 — — Residential mortgage-backed securities (a) 7,262 — 7,262 — State and municipal securities 23 — — 23 (b) Corporate debt securities 47 — 46 1 (b) Equity and other non-debt securities 203 132 — 71 (b) Total investment securities available-for-sale 8,267 864 7,308 95 Derivative assets: Interest rate contracts 284 — 282 2 Energy derivative contracts 349 — 349 — Foreign exchange contracts 36 — 36 — Warrants 3 — — 3 Total derivative assets 672 — 667 5 Total assets at fair value $ 9,034 $ 959 $ 7,975 $ 100 Derivative liabilities: Interest rate contracts $ 90 $ — $ 90 $ — Energy derivative contracts 348 — 348 — Foreign exchange contracts 31 — 31 — Other 1 — — 1 Total derivative liabilities 470 — 469 1 Deferred compensation plan liabilities 94 94 — — Total liabilities at fair value $ 564 $ 94 $ 469 $ 1 (a) Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. (b) Auction-rate securities. (in millions) Total Level 1 Level 2 Level 3 December 31, 2014 Trading securities: Deferred compensation plan assets $ 94 $ 94 $ — $ — Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities 526 526 — — Residential mortgage-backed securities (a) 7,274 — 7,274 — State and municipal securities 23 — — 23 (b) Corporate debt securities 51 — 50 1 (b) Equity and other non-debt securities 242 130 — 112 (b) Total investment securities available-for-sale 8,116 656 7,324 136 Derivative assets: Interest rate contracts 328 — 328 — Energy derivative contracts 527 — 527 — Foreign exchange contracts 39 — 39 — Warrants 4 — — 4 Total derivative assets 898 — 894 4 Total assets at fair value $ 9,108 $ 750 $ 8,218 $ 140 Derivative liabilities: Interest rate contracts $ 102 $ — $ 102 $ — Energy derivative contracts 525 — 525 — Foreign exchange contracts 34 — 34 — Other 1 — — 1 Total derivative liabilities 662 — 661 1 Deferred compensation plan liabilities 94 94 — — Total liabilities at fair value $ 756 $ 94 $ 661 $ 1 (a) Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. (b) Auction-rate securities. There were no transfers of assets or liabilities recorded at fair value on a recurring basis into or out of Level 1, Level 2 and Level 3 fair value measurements during each of the three- and six-month periods ended June 30, 2015 and 2014 . The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three- and six-month periods ended June 30, 2015 and 2014 . Net Realized/Unrealized Gains (Losses) (Pretax) Balance at Beginning of Period Recorded in Earnings Recorded in Other Comprehensive Income Balance at End of Period (in millions) Realized Unrealized Sales Three Months Ended June 30, 2015 Investment securities available-for-sale: State and municipal securities (a) $ 23 $ — $ — $ — $ — $ 23 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 71 — — — — 71 Total investment securities available-for-sale 95 — — — — 95 Derivative assets: Interest rate contracts 11 — (9 ) (d) — — 2 Warrants 3 1 (d) — — (1 ) 3 Derivative liabilities: Other 1 — — — — 1 Three Months Ended June 30, 2014 Investment securities available-for-sale: State and municipal securities (a) $ 23 $ — $ — $ — $ — $ 23 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 118 — — 1 (b) (1 ) 118 Total investment securities available-for-sale 142 — — 1 (b) (1 ) 142 Derivative assets: Warrants 3 4 (d) — — (3 ) 4 Derivative liabilities: Other 2 — — — — 2 Six Months Ended June 30, 2015 Investment securities available-for-sale: State and municipal securities (a) $ 23 $ — $ — $ — $ — $ 23 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 112 (2 ) (c) — 1 (b) (40 ) 71 Total investment securities available-for-sale 136 (2 ) (c) — 1 (b) (40 ) 95 Derivative assets: Interest rate contracts — — 2 (d) — — 2 Warrants 4 1 (d) (1 ) (d) — (1 ) 3 Derivative liabilities: Other 1 — — — — 1 Six Months Ended June 30, 2014 Investment securities available-for-sale: State and municipal securities (a) $ 22 $ — $ — $ 1 (b) $ — $ 23 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 136 1 (c) — 6 (b) (25 ) 118 Total investment securities available-for-sale 159 1 (c) — 7 (b) (25 ) 142 Derivative assets: Warrants 3 4 (d) 1 (d) — (4 ) 4 Derivative liabilities: Other 2 — — — — 2 (a) Auction-rate securities. (b) Recorded in "net unrealized gains (losses) on investment securities available-for-sale" in other comprehensive income. (c) Realized and unrealized gains and losses due to changes in fair value recorded in "net securities gains" on the consolidated statements of comprehensive income. (d) Realized and unrealized gains and losses due to changes in fair value recorded in "other noninterest income" on the consolidated statements of comprehensive income. ASSETS AND LIABILITIES RECORDED AT FAIR VALUE ON A NONRECURRING BASIS The Corporation may be required, from time to time, to record certain assets and liabilities at fair value on a nonrecurring basis. These include assets that are recorded at the lower of cost or fair value that were recognized at fair value below cost at the end of the period. All assets recorded at fair value on a nonrecurring basis were classified as Level 3 at June 30, 2015 and December 31, 2014 and are presented in the following table. No liabilities were recorded at fair value on a nonrecurring basis at June 30, 2015 and December 31, 2014 . (in millions) Level 3 June 30, 2015 Loans: Commercial $ 18 Commercial mortgage 12 International 8 Total loans 38 Nonmarketable equity securities 1 Other real estate 4 Total assets at fair value $ 43 December 31, 2014 Loans: Commercial $ 38 Commercial mortgage 26 Total loans 64 Nonmarketable equity securities 2 Other real estate 2 Total assets at fair value $ 68 Level 3 assets recorded at fair value on a nonrecurring basis at June 30, 2015 and December 31, 2014 included loans for which a specific allowance was established based on the fair value of collateral and other real estate for which fair value of the properties was less than the cost basis. For both asset classes, the unobservable inputs were the additional adjustments applied by management to the appraised values to reflect such factors as non-current appraisals and revisions to estimated time to sell. These adjustments are determined based on qualitative judgments made by management on a case-by-case basis and are not quantifiable inputs, although they are used in the determination of fair value. The following table presents quantitative information related to the significant unobservable inputs utilized in the Corporation's Level 3 recurring fair value measurement as of June 30, 2015 and December 31, 2014 . The Corporation's Level 3 recurring fair value measurements include auction-rate securities where fair value is determined using an income approach based on a discounted cash flow model. The inputs in the table below reflect management's expectation of continued illiquidity in the secondary auction-rate securities market due to a lack of market activity for the issuers remaining in the portfolio, a lack of market incentives for issuer redemptions, and the expectation for a continuing low interest rate environment. The June 30, 2015 workout periods reflect management's view that short-term interest rates could begin to rise in 2015. Discounted Cash Flow Model Unobservable Input Fair Value (in millions) Discount Rate Workout Period (in years) June 30, 2015 State and municipal securities (a) $ 23 3% - 8% 1 - 2 Equity and other non-debt securities (a) 71 4% - 8% 1 December 31, 2014 State and municipal securities (a) $ 23 3% - 9% 1 - 3 Equity and other non-debt securities (a) 112 4% - 8% 1 - 2 (a) Auction-rate securities. ESTIMATED FAIR VALUES OF FINANCIAL INSTRUMENTS NOT RECORDED AT FAIR VALUE ON A RECURRING BASIS The Corporation typically holds the majority of its financial instruments until maturity and thus does not expect to realize many of the estimated fair value amounts disclosed. The disclosures also do not include estimated fair value amounts for items that are not defined as financial instruments, but which have significant value. These include such items as core deposit intangibles, the future earnings potential of significant customer relationships and the value of trust operations and other fee generating businesses. The Corporation believes the imprecision of an estimate could be significant. The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis on the Corporation’s consolidated balance sheets are as follows: Carrying Amount Estimated Fair Value (in millions) Total Level 1 Level 2 Level 3 June 30, 2015 Assets Cash and due from banks $ 1,148 $ 1,148 $ 1,148 $ — $ — Interest-bearing deposits with banks 4,817 4,817 4,817 — — Investment securities held-to-maturity 1,952 1,946 — 1,946 — Loans held-for-sale 25 25 — 25 — Total loans, net of allowance for loan losses (a) 49,123 49,009 — — 49,009 Customers’ liability on acceptances outstanding 8 8 8 — — Nonmarketable equity securities (b) 11 18 — — 18 Restricted equity investments 92 92 92 — — Liabilities Demand deposits (noninterest-bearing) 28,167 28,167 — 28,167 — Interest-bearing deposits 25,726 25,726 — 25,726 — Customer certificates of deposit 4,367 4,357 — 4,357 — Total deposits 58,260 58,250 — 58,250 — Short-term borrowings 56 56 56 — — Acceptances outstanding 8 8 8 — — Medium- and long-term debt 2,841 2,835 — 2,835 — Credit-related financial instruments (95 ) (95 ) — — (95 ) December 31, 2014 Assets Cash and due from banks $ 1,026 $ 1,026 $ 1,026 $ — $ — Interest-bearing deposits with banks 5,045 5,045 5,045 — — Investment securities held-to-maturity 1,935 1,933 — 1,933 — Loans held-for-sale 5 5 — 5 — Total loans, net of allowance for loan losses (a) 47,999 47,932 — — 47,932 Customers’ liability on acceptances outstanding 10 10 10 — — Nonmarketable equity securities (b) 11 18 — — 18 Restricted equity investments 92 92 92 — — Liabilities Demand deposits (noninterest-bearing) 27,224 27,224 — 27,224 — Interest-bearing deposits 25,841 25,841 — 25,841 — Customer certificates of deposit 4,421 4,411 — 4,411 — Total deposits 57,486 57,476 — 57,476 — Short-term borrowings 116 116 116 — — Acceptances outstanding 10 10 10 — — Medium- and long-term debt 2,675 2,681 — 2,681 — Credit-related financial instruments (85 ) (85 ) — — (85 ) (a) Included $38 million and $64 million of impaired loans recorded at fair value on a nonrecurring basis at June 30, 2015 and December 31, 2014 , respectively. (b) Included $1 million and $2 million of nonmarketable equity securities recorded at fair value on a nonrecurring basis at June 30, 2015 and December 31, 2014 , respectively. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES A summary of the Corporation’s investment securities follows: (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015 Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities $ 729 $ 4 $ 1 $ 732 Residential mortgage-backed securities (a) 7,200 106 44 7,262 State and municipal securities 24 — 1 23 Corporate debt securities 47 — — 47 Equity and other non-debt securities 201 2 — 203 Total investment securities available-for-sale (b) $ 8,201 $ 112 $ 46 $ 8,267 Investment securities held-to-maturity (c): Residential mortgage-backed securities (a) $ 1,952 $ 2 $ 8 $ 1,946 December 31, 2014 Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities $ 526 $ — $ — $ 526 Residential mortgage-backed securities (a) 7,192 122 40 7,274 State and municipal securities 24 — 1 23 Corporate debt securities 51 — — 51 Equity and other non-debt securities 242 1 1 242 Total investment securities available-for-sale (b) $ 8,035 $ 123 $ 42 $ 8,116 Investment securities held-to-maturity (c): Residential mortgage-backed securities (a) $ 1,935 $ — $ 2 $ 1,933 (a) Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. (b) Included auction-rate securities at amortized cost and fair value of $95 million as of June 30, 2015 and $137 million and $136 million , respectively, as of December 31, 2014 . (c) The amortized cost of investment securities held-to-maturity included net unrealized losses of $19 million at June 30, 2015 and $23 million at December 31, 2014 related to securities transferred to available-for-sale, which are included in accumulated other comprehensive loss. A summary of the Corporation’s investment securities in an unrealized loss position as of June 30, 2015 and December 31, 2014 follows: Temporarily Impaired Less than 12 Months 12 Months or more Total (in millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2015 U.S. Treasury and other U.S. government agency securities $ 212 $ 1 $ — $ — $ 212 $ 1 Residential mortgage-backed securities (b) 1,637 15 2,188 59 3,825 74 State and municipal securities (c) — — 23 1 23 1 Corporate debt securities (c) — — 1 — (a) 1 — (a) Total temporarily impaired securities $ 1,849 $ 16 $ 2,212 $ 60 $ 4,061 $ 76 December 31, 2014 U.S. Treasury and other U.S. government agency securities $ 298 $ — (a) $ — $ — $ 298 $ — (a) Residential mortgage-backed securities (b) 626 3 3,112 71 3,738 74 State and municipal securities (c) — — 22 1 22 1 Corporate debt securities (c) — — 1 — (a) 1 — (a) Equity and other non-debt securities (c) — — 112 1 112 1 Total temporarily impaired securities $ 924 $ 3 $ 3,247 $ 73 $ 4,171 $ 76 (a) Unrealized losses less than $0.5 million. (b) Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. (c) Auction-rate securities. At June 30, 2015 , the Corporation had 112 securities in an unrealized loss position with no credit impairment, including 93 residential mortgage-backed securities, 17 state and municipal auction-rate securities, one corporate auction-rate debt security and one U.S. Treasury security. As of June 30, 2015 , approximately 93 percent of the aggregate par value of auction-rate securities have been redeemed or sold since acquisition, of which approximately 92 percent were redeemed at or above cost. The unrealized losses for these securities resulted from changes in market interest rates and liquidity. The Corporation ultimately expects full collection of the carrying amount of these securities, does not intend to sell the securities in an unrealized loss position, and it is not more-likely-than-not that the Corporation will be required to sell the securities in an unrealized loss position prior to recovery of amortized cost. The Corporation does not consider these securities to be other-than-temporarily impaired at June 30, 2015 . Sales, calls and write-downs of investment securities available-for-sale resulted in the following gains and losses recorded in “net securities (losses) gains” on the consolidated statements of comprehensive income, computed based on the adjusted cost of the specific security. Six Months Ended June 30, (in millions) 2015 2014 Securities gains $ — $ 1 Securities losses (2 ) — Net securities (losses) gains $ (2 ) $ 1 There were no securities gains or losses for both the three-month periods ended June 30, 2015 and 2014. The following table summarizes the amortized cost and fair values of debt securities by contractual maturity. Securities with multiple maturity dates are classified in the period of final maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. (in millions) Available-for-sale Held-to-maturity June 30, 2015 Amortized Cost Fair Value Amortized Cost Fair Value Contractual maturity Within one year $ 78 $ 78 $ — $ — After one year through five years 710 712 — — After five years through ten years 883 923 — — After ten years 6,329 6,351 1,952 1,946 Subtotal 8,000 8,064 1,952 1,946 Equity and other non-debt securities 201 203 Total investment securities $ 8,201 $ 8,267 $ 1,952 $ 1,946 Included in the contractual maturity distribution in the table above were residential mortgage-backed securities available-for-sale with total amortized cost and fair value of $7.2 billion and $7.3 billion , respectively, and residential mortgage-backed securities held-to-maturity with a total amortized cost and fair value of $2.0 billion and $1.9 billion , respectively. The actual cash flows of mortgage-backed securities may differ from contractual maturity as the borrowers of the underlying loans may exercise prepayment options. At June 30, 2015 , investment securities with a carrying value of $2.8 billion were pledged where permitted or required by law to secure $2.2 billion of liabilities, primarily public and other deposits of state and local government agencies and derivative instruments. |
Credit Quality And Allowance Fo
Credit Quality And Allowance For Credit Losses | 6 Months Ended |
Jun. 30, 2015 | |
Credit Quality And Allowance For Credit Losses [Abstract] | |
Credit Quality And Allowance For Credit Losses | CREDIT QUALITY AND ALLOWANCE FOR CREDIT LOSSES The following table presents an aging analysis of the recorded balance of loans. Loans Past Due and Still Accruing (in millions) 30-59 Days 60-89 Days 90 Days or More Total Nonaccrual Loans Current Loans Total Loans June 30, 2015 Business loans: Commercial $ 45 $ 3 $ 7 $ 55 $ 186 $ 32,482 $ 32,723 Real estate construction: Commercial Real Estate business line (a) 2 — — 2 — 1,500 1,502 Other business lines (b) — — 8 8 1 284 293 Total real estate construction 2 — 8 10 1 1,784 1,795 Commercial mortgage: Commercial Real Estate business line (a) 3 — — 3 18 1,907 1,928 Other business lines (b) 14 5 2 21 59 6,666 6,746 Total commercial mortgage 17 5 2 24 77 8,573 8,674 Lease financing — — — — 11 775 786 International 4 3 — 7 9 1,404 1,420 Total business loans 68 11 17 96 284 45,018 45,398 Retail loans: Residential mortgage 33 1 — 34 35 1,796 1,865 Consumer: Home equity 4 2 1 7 29 1,646 1,682 Other consumer 2 — — 2 1 793 796 Total consumer 6 2 1 9 30 2,439 2,478 Total retail loans 39 3 1 43 65 4,235 4,343 Total loans $ 107 $ 14 $ 18 $ 139 $ 349 $ 49,253 $ 49,741 December 31, 2014 Business loans: Commercial $ 58 $ 13 $ 1 $ 72 $ 109 $ 31,339 $ 31,520 Real estate construction: Commercial Real Estate business line (a) 3 — — 3 1 1,602 1,606 Other business lines (b) 12 — — 12 1 336 349 Total real estate construction 15 — — 15 2 1,938 1,955 Commercial mortgage: Commercial Real Estate business line (a) 8 1 1 10 22 1,758 1,790 Other business lines (b) 16 12 2 30 73 6,711 6,814 Total commercial mortgage 24 13 3 40 95 8,469 8,604 Lease financing — — — — — 805 805 International 9 — — 9 — 1,487 1,496 Total business loans 106 26 4 136 206 44,038 44,380 Retail loans: Residential mortgage 9 2 — 11 36 1,784 1,831 Consumer: Home equity 5 3 — 8 30 1,620 1,658 Other consumer 12 — 1 13 1 710 724 Total consumer 17 3 1 21 31 2,330 2,382 Total retail loans 26 5 1 32 67 4,114 4,213 Total loans $ 132 $ 31 $ 5 $ 168 $ 273 $ 48,152 $ 48,593 (a) Primarily loans to real estate developers. (b) Primarily loans secured by owner-occupied real estate. The following table presents loans by credit quality indicator, based on internal risk ratings assigned to each business loan at the time of approval and subjected to subsequent reviews, generally at least annually, and to pools of retail loans with similar risk characteristics. Internally Assigned Rating (in millions) Pass (a) Special Mention (b) Substandard (c) Nonaccrual (d) Total June 30, 2015 Business loans: Commercial $ 31,046 $ 710 $ 781 $ 186 $ 32,723 Real estate construction: Commercial Real Estate business line (e) 1,490 12 — — 1,502 Other business lines (f) 284 — 8 1 293 Total real estate construction 1,774 12 8 1 1,795 Commercial mortgage: Commercial Real Estate business line (e) 1,818 59 33 18 1,928 Other business lines (f) 6,385 170 132 59 6,746 Total commercial mortgage 8,203 229 165 77 8,674 Lease financing 752 17 6 11 786 International 1,362 24 25 9 1,420 Total business loans 43,137 992 985 284 45,398 Retail loans: Residential mortgage 1,815 2 13 35 1,865 Consumer: Home equity 1,647 1 5 29 1,682 Other consumer 781 3 11 1 796 Total consumer 2,428 4 16 30 2,478 Total retail loans 4,243 6 29 65 4,343 Total loans $ 47,380 $ 998 $ 1,014 $ 349 $ 49,741 December 31, 2014 Business loans: Commercial $ 30,310 $ 560 $ 541 $ 109 $ 31,520 Real estate construction: Commercial Real Estate business line (e) 1,594 11 — 1 1,606 Other business lines (f) 336 7 5 1 349 Total real estate construction 1,930 18 5 2 1,955 Commercial mortgage: Commercial Real Estate business line (e) 1,652 69 47 22 1,790 Other business lines (f) 6,434 138 169 73 6,814 Total commercial mortgage 8,086 207 216 95 8,604 Lease financing 778 26 1 — 805 International 1,468 15 13 — 1,496 Total business loans 42,572 826 776 206 44,380 Retail loans: Residential mortgage 1,790 2 3 36 1,831 Consumer: Home equity 1,620 — 8 30 1,658 Other consumer 718 3 2 1 724 Total consumer 2,338 3 10 31 2,382 Total retail loans 4,128 5 13 67 4,213 Total loans $ 46,700 $ 831 $ 789 $ 273 $ 48,593 (a) Includes all loans not included in the categories of special mention, substandard or nonaccrual. (b) Special mention loans are accruing loans that have potential credit weaknesses that deserve management’s close attention, such as loans to borrowers who may be experiencing financial difficulties that may result in deterioration of repayment prospects from the borrower at some future date. (c) Substandard loans are accruing loans that have a well-defined weakness, or weaknesses, such as loans to borrowers who may be experiencing losses from operations or inadequate liquidity of a degree and duration that jeopardizes the orderly repayment of the loan. Substandard loans also are distinguished by the distinct possibility of loss in the future if these weaknesses are not corrected. This category is generally consistent with the "substandard" category as defined by regulatory authorities. (d) Nonaccrual loans are loans for which the accrual of interest has been discontinued. For further information regarding nonaccrual loans, refer to the Nonperforming Assets subheading in Note 1 - Basis of Presentation and Accounting Policies - on page F-55 in the Corporation's 2014 Annual Report. A significant majority of nonaccrual loans are generally consistent with the "substandard" category and the remainder are generally consistent with the "doubtful" category as defined by regulatory authorities. (e) Primarily loans to real estate developers. (f) Primarily loans secured by owner-occupied real estate. The following table summarizes nonperforming assets. (in millions) June 30, 2015 December 31, 2014 Nonaccrual loans $ 349 $ 273 Reduced-rate loans (a) 12 17 Total nonperforming loans 361 290 Foreclosed property (b) 9 10 Total nonperforming assets $ 370 $ 300 (a) Reduced-rate business loans were zero at both June 30, 2015 and December 31, 2014 , and reduced-rate retail loans were $12 million and $17 million at June 30, 2015 and December 31, 2014 , respectively. (b) Foreclosed residential real estate properties. Nonaccrual loans included retail loans secured by residential real estate properties in process of foreclosure of $1 million at June 30, 2015 . Allowance for Credit Losses The following table details the changes in the allowance for loan losses and related loan amounts. 2015 2014 (in millions) Business Loans Retail Loans Total Business Loans Retail Loans Total Three Months Ended June 30 Allowance for loan losses: Balance at beginning of period $ 541 $ 60 $ 601 $ 530 $ 64 $ 594 Loan charge-offs (31 ) (4 ) (35 ) (24 ) (4 ) (28 ) Recoveries on loans previously charged-off 16 1 17 15 4 19 Net loan charge-offs (15 ) (3 ) (18 ) (9 ) — (9 ) Provision for loan losses 37 (2 ) 35 7 (1 ) 6 Balance at end of period $ 563 $ 55 $ 618 $ 528 $ 63 $ 591 Six Months Ended June 30 Allowance for loan losses: Balance at beginning of period $ 534 $ 60 $ 594 $ 531 $ 67 $ 598 Loan charge-offs (52 ) (6 ) (58 ) (51 ) (7 ) (58 ) Recoveries on loans previously charged-off 28 4 32 31 6 37 Net loan charge-offs (24 ) (2 ) (26 ) (20 ) (1 ) (21 ) Provision for loan losses 54 (3 ) 51 17 (3 ) 14 Foreign currency translation adjustment (1 ) — (1 ) — — — Balance at end of period $ 563 $ 55 $ 618 $ 528 $ 63 $ 591 As a percentage of total loans 1.24 % 1.27 % 1.24 % 1.21 % 1.55 % 1.23 % June 30 Allowance for loan losses: Individually evaluated for impairment $ 39 $ — $ 39 $ 39 $ — $ 39 Collectively evaluated for impairment 524 55 579 489 63 552 Total allowance for loan losses $ 563 $ 55 $ 618 $ 528 $ 63 $ 591 Loans: Individually evaluated for impairment $ 258 $ 34 $ 292 $ 215 $ 45 $ 260 Collectively evaluated for impairment 45,140 4,307 49,447 43,631 3,988 47,619 Purchased credit impaired (PCI) loans — 2 2 — 3 3 Total loans evaluated for impairment $ 45,398 $ 4,343 $ 49,741 $ 43,846 $ 4,036 $ 47,882 Changes in the allowance for credit losses on lending-related commitments, included in "accrued expenses and othe r liabilities" on the consolidated balance sheets, are summarized in the following table. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Balance at beginning of period $ 39 $ 37 $ 41 $ 36 Charge-offs on lending related commitments (a) (1 ) — (1 ) — Provision for credit losses on lending-related commitments 12 5 10 6 Balance at end of period $ 50 $ 42 $ 50 $ 42 (a) Charge-offs result from the sale of unfunded lending-related commitments. Individually Evaluated Impaired Loans The following table presents additional information regarding individually evaluated impaired loans. Recorded Investment In: (in millions) Impaired Loans with No Related Allowance Impaired Loans with Related Allowance Total Impaired Loans Unpaid Principal Balance Related Allowance for Loan Losses June 30, 2015 Business loans: Commercial $ 27 $ 168 $ 195 $ 239 $ 30 Real estate construction: Other business lines (a) — 1 1 1 — Commercial mortgage: Commercial Real Estate business line (b) 7 8 15 37 6 Other business lines (a) 2 36 38 55 1 Total commercial mortgage 9 44 53 92 7 International — 9 9 16 2 Total business loans 36 222 258 348 39 Retail loans: Residential mortgage 15 — 15 17 — Consumer: Home equity 12 — 12 15 — Other consumer 7 — 7 11 — Total consumer 19 — 19 26 — Total retail loans (c) 34 — 34 43 — Total individually evaluated impaired loans $ 70 $ 222 $ 292 $ 391 $ 39 December 31, 2014 Business loans: Commercial $ 7 $ 103 $ 110 $ 148 $ 29 Real estate construction: Other business lines (a) — 1 1 1 — Commercial mortgage: Commercial Real Estate business line (b) — 19 19 41 8 Other business lines (a) 4 43 47 63 2 Total commercial mortgage 4 62 66 104 10 Total business loans 11 166 177 253 39 Retail loans: Residential mortgage 25 — 25 28 — Consumer: Home equity 12 — 12 16 — Other consumer 5 — 5 7 — Total consumer 17 — 17 23 — Total retail loans (c) 42 — 42 51 — Total individually evaluated impaired loans $ 53 $ 166 $ 219 $ 304 $ 39 (a) Primarily loans secured by owner-occupied real estate. (b) Primarily loans to real estate developers. (c) Individually evaluated retail loans had no related allowance for loan losses, primarily due to policy changes which resulted in direct write-downs of restructured retail loans. The following table presents information regarding average individually evaluated impaired loans and the related interest recognized. Interest income recognized for the period primarily related to performing restructured loans. Individually Evaluated Impaired Loans 2015 2014 (in millions) Average Balance for the Period Interest Income Recognized for the Period Average Balance for the Period Interest Income Recognized for the Period Three Months Ended June 30 Business loans: Commercial $ 152 $ 1 $ 56 $ — Real estate construction: Commercial Real Estate business line (a) — — 17 — Commercial mortgage: Commercial Real Estate business line (a) 16 — 63 — Other business lines (b) 40 — 71 1 Total commercial mortgage 56 — 134 1 International 5 — 2 — Total business loans 213 1 209 1 Retail loans: Residential mortgage 19 — 31 — Consumer loans: Home equity 12 — 12 — Other consumer 5 — 4 — Total consumer 17 — 16 — Total retail loans 36 — 47 — Total individually evaluated impaired loans $ 249 $ 1 $ 256 $ 1 Six Months Ended June 30 Business loans: Commercial $ 138 $ 2 $ 62 $ — Real estate construction: Commercial Real Estate business line (a) — — 18 — Commercial mortgage: Commercial Real Estate business line (a) 17 — 62 — Other business lines (b) 42 — 70 2 Total commercial mortgage 59 — 132 2 International 3 — 2 — Total business loans 200 2 214 2 Retail loans: Residential mortgage 21 — 32 — Consumer: Home equity 12 — 12 — Other consumer 5 — 4 — Total consumer 17 — 16 — Total retail loans 38 — 48 — Total individually evaluated impaired loans $ 238 $ 2 $ 262 $ 2 (a) Primarily loans to real estate developers. (b) Primarily loans secured by owner-occupied real estate. Troubled Debt Restructurings The following tables detail the recorded balance at June 30, 2015 and 2014 of loans considered to be TDRs that were restructured during the three- and six-month periods ended June 30, 2015 and 2014 , by type of modification. In cases of loans with more than one type of modification, the loans were categorized based on the most significant modification. 2015 2014 Type of Modification Type of Modification (in millions) Principal Deferrals (a) Interest Rate Reductions Total Modifications Principal Deferrals (a) Interest Rate Reductions Total Modifications Three Months Ended June 30 Business loans: Commercial $ 2 $ — $ 2 $ — $ — $ — Commercial mortgage: Commercial Real Estate business line (b) 1 — 1 — — — Other business lines (c) 1 — 1 — — — Total commercial mortgage 2 — 2 — — — Total business loans 4 — 4 — — — Retail loans: Consumer: Home equity — 1 1 — 1 1 Total loans $ 4 $ 1 $ 5 $ — $ 1 $ 1 Six Months Ended June 30 Business loans: Commercial $ 2 $ — $ 2 $ 1 $ — $ 1 Commercial mortgage: Commercial Real Estate business line (b) 1 — 1 — — — Other business lines (c) 4 — 4 8 — 8 Total commercial mortgage 5 — 5 8 — 8 International — — — 1 — 1 Total business loans 7 — 7 10 — 10 Retail loans: Consumer: Home equity — 1 1 — 2 2 Total loans $ 7 $ 1 $ 8 $ 10 $ 2 $ 12 (a) Primarily represents loan balances where terms were extended 90 days or more at or above contractual interest rates. (b) Primarily loans to real estate developers. (c) Primarily loans secured by owner-occupied real estate. Commitments to lend additional funds to borrowers whose terms have been modified in TDRs were insignificant at June 30, 2015 and $3 million at December 31, 2014 . The majority of the modifications considered to be TDRs that occurred during the six months ended June 30, 2015 and 2014 were principal deferrals. The Corporation charges interest on principal balances outstanding during deferral periods. Additionally, none of the modifications involved forgiveness of principal. As a result, the current and future financial effects of the recorded balance of loans considered to be TDRs that were restructured during the six months ended June 30, 2015 and 2014 were insignificant. On an ongoing basis, the Corporation monitors the performance of modified loans to their restructured terms. In the event of a subsequent default, the allowance for loan losses continues to be reassessed on the basis of an individual evaluation of the loan. The following table presents information regarding the recorded balance at June 30, 2015 and 2014 of loans modified by principal deferral during the twelve-month periods ended June 30, 2015 and 2014 , and those principal deferrals which experienced a subsequent default during the three- and six-month periods ended June 30, 2015 and 2014 . For principal deferrals, incremental deterioration in the credit quality of the loan, represented by a downgrade in the risk rating of the loan, for example, due to missed interest payments or a reduction of collateral value, is considered a subsequent default. 2015 2014 (in millions) Balance at June 30 Subsequent Default in the Three Months Ended June 30 Subsequent Default in the Six Months Ended June 30 Balance at June 30 Subsequent Default in the Three Months Ended June 30 Subsequent Default in the Six Months Ended June 30 Principal deferrals: Business loans: Commercial $ 10 $ — $ 6 $ 12 $ — $ 2 Commercial mortgage: Commercial Real Estate business line (a) 1 — — 17 — — Other business lines (b) 10 1 2 11 — — Total commercial mortgage 11 1 2 28 — — International — — — 1 — — Total business loans 21 1 8 41 — 2 Retail loans: Residential mortgage — — — 2 (c) — — Consumer: Home equity 2 (c) — — 4 (c) — — Other consumer — — — 1 (c) — — Total consumer 2 — — 5 — — Total retail loans 2 — — 7 — — Total principal deferrals $ 23 $ 1 $ 8 $ 48 $ — $ 2 (a) Primarily loans to real estate developers. (b) Primarily loans secured by owner-occupied real estate. (c) Includes bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. During the twelve-month periods ended June 30, 2015 and 2014 , loans with a carrying value of $2 million and $5 million , respectively, were modified by interest rate reduction. For reduced-rate loans a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due. There were no subsequent payment defaults of reduced-rate loans during the three- and six-month periods ended June 30, 2015 and 2014 . Purchased Credit-Impaired Loans Acquired loans are initially recorded at fair value with no carryover of any allowance for loan losses. Loans acquired with evidence of credit quality deterioration at acquisition for which it was probable that the Corporation would not be able to collect all contractual amounts due were accounted for as PCI loans. The Corporation aggregated the acquired PCI loans into pools of loans based on common risk characteristics. No allowance for loan losses was required on the acquired PCI loan pools at both June 30, 2015 and December 31, 2014 . The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at June 30, 2015 and December 31, 2014 were as follows. (in millions) June 30, 2015 December 31, 2014 Acquired PCI loans: Carrying amount $ 2 $ 2 Outstanding balance (principal and unpaid interest) 6 8 Changes in the accretable yield for acquired PCI loans for the three- and six-month periods ended June 30, 2015 and 2014 were as follows. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Balance at beginning of period $ 1 $ 11 $ 1 $ 15 Reclassifications from nonaccretable — 4 1 9 Accretion — (9 ) (1 ) (18 ) Balance at end of period $ 1 $ 6 $ 1 $ 6 |
Derivative And Credit-Related F
Derivative And Credit-Related Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative And Credit-Related Financial Instruments | DERIVATIVE AND CREDIT-RELATED FINANCIAL INSTRUMENTS In the normal course of business, the Corporation enters into various transactions involving derivative and credit-related financial instruments to manage exposure to fluctuations in interest rate, foreign currency and other market risks and to meet the financing needs of customers (customer-initiated derivatives). These financial instruments involve, to varying degrees, elements of market and credit risk. Market and credit risk are included in the determination of fair value. Market risk is the potential loss that may result from movements in interest rates, foreign currency exchange rates or energy commodity prices that cause an unfavorable change in the value of a financial instrument. The Corporation manages this risk by establishing monetary exposure limits and monitoring compliance with those limits. Market risk inherent in interest rate and energy contracts entered into on behalf of customers is mitigated by taking offsetting positions, except in those circumstances when the amount, tenor and/or contract rate level results in negligible economic risk, whereby the cost of purchasing an offsetting contract is not economically justifiable. The Corporation mitigates most of the inherent market risk in foreign exchange contracts entered into on behalf of customers by taking offsetting positions and manages the remainder through individual foreign currency position limits and aggregate value-at-risk limits. These limits are established annually and reviewed quarterly. Market risk inherent in derivative instruments held or issued for risk management purposes is typically offset by changes in the fair value of the assets or liabilities being hedged. Credit risk is the possible loss that may occur in the event of nonperformance by the counterparty to a financial instrument. The Corporation attempts to minimize credit risk arising from customer-initiated derivatives by evaluating the creditworthiness of each customer, adhering to the same credit approval process used for traditional lending activities and obtaining collateral as deemed necessary. Derivatives with dealer counterparties are either cleared through a clearinghouse or settled directly with a single counterparty. For derivatives settled directly with dealer counterparties, the Corporation utilizes counterparty risk limits and monitoring procedures as well as master netting arrangements and bilateral collateral agreements to facilitate the management of credit risk. Master netting arrangements effectively reduce credit risk by permitting settlement of positive and negative positions and offset cash collateral held with the same counterparty on a net basis. Bilateral collateral agreements require daily exchange of cash or highly rated securities issued by the U.S. Treasury or other U.S. government entities to collateralize amounts due to either party beyond certain risk limits. At June 30, 2015 , counterparties with bilateral collateral agreements had pledged $128 million of marketable investment securities and deposited $254 million of cash with the Corporation to secure the fair value of contracts in an unrealized gain position, and the Corporation had posted $3 million of cash as collateral for contracts in an unrealized loss position. For those counterparties not covered under bilateral collateral agreements, collateral is obtained, if deemed necessary, based on the results of management’s credit evaluation of the counterparty. Collateral varies, but may include cash, investment securities, accounts receivable, equipment or real estate. Included in the fair value of derivative instruments are credit valuation adjustments reflecting counterparty credit risk. These adjustments are determined by applying a credit spread for the counterparty or the Corporation, as appropriate, to the total expected exposure of the derivative. At June 30, 2015 , the Corporation had no derivative instruments with credit-risk-related contingent features that were in a liability position. Derivative Instruments Derivative instruments utilized by the Corporation are negotiated over-the-counter and primarily include swaps, caps and floors, forward contracts and options, each of which may relate to interest rates, energy commodity prices or foreign currency exchange rates. Swaps are agreements in which two parties periodically exchange cash payments based on specified indices applied to a specified notional amount until a stated maturity. Caps and floors are agreements which entitle the buyer to receive cash payments based on the difference between a specified reference rate or price and an agreed strike rate or price, applied to a specified notional amount until a stated maturity. Forward contracts are over-the-counter agreements to buy or sell an asset at a specified future date and price. Options are similar to forward contracts except the purchaser has the right, but not the obligation, to buy or sell the asset during a specified period or at a specified future date. Over-the-counter contracts are tailored to meet the needs of the counterparties involved and, therefore, contain a greater degree of credit risk and liquidity risk than exchange-traded contracts, which have standardized terms and readily available price information. The Corporation reduces exposure to market and liquidity risks from over-the-counter derivative instruments entered into for risk management purposes, and transactions entered into to mitigate the market risk associated with customer-initiated transactions, by conducting hedging transactions with investment grade domestic and foreign financial institutions and subjecting counterparties to credit approvals, limits and collateral monitoring procedures similar to those used in making other extensions of credit. In addition, certain derivative contracts executed bilaterally with a dealer counterparty in the over-the-counter market are cleared through a clearinghouse, whereby the clearinghouse becomes the counterparty to the transaction. The following table presents the composition of the Corporation’s derivative instruments held or issued for risk management purposes or in connection with customer-initiated and other activities at June 30, 2015 and December 31, 2014 . The table excludes commitments, warrants accounted for as derivatives and a derivative related to the Corporation’s 2008 sale of its remaining ownership of Visa shares. June 30, 2015 December 31, 2014 Fair Value Fair Value (in millions) Notional/ Contract Amount (a) Gross Derivative Assets Gross Derivative Liabilities Notional/ Contract Amount (a) Gross Derivative Assets Gross Derivative Liabilities Risk management purposes Derivatives designated as hedging instruments Interest rate contracts: Swaps - fair value - receive fixed/pay floating $ 2,000 $ 148 $ 2 $ 1,800 $ 175 $ — Derivatives used as economic hedges Foreign exchange contracts: Spot, forwards and swaps 657 — 2 508 4 — Total risk management purposes 2,657 148 4 2,308 179 — Customer-initiated and other activities Interest rate contracts: Caps and floors written 312 — 1 274 — — Caps and floors purchased 312 1 — 274 — — Swaps 11,807 135 87 11,780 153 102 Total interest rate contracts 12,431 136 88 12,328 153 102 Energy contracts: Caps and floors written 939 1 92 1,218 — 173 Caps and floors purchased 939 92 1 1,218 173 — Swaps 2,307 256 255 2,496 354 352 Total energy contracts 4,185 349 348 4,932 527 525 Foreign exchange contracts: Spot, forwards, options and swaps 2,112 36 29 1,994 35 34 Total customer-initiated and other activities 18,728 521 465 19,254 715 661 Total gross derivatives $ 21,385 669 469 $ 21,562 894 661 Amounts offset in the consolidated balance sheets: Netting adjustment - Offsetting derivative assets/liabilities (116 ) (116 ) (133 ) (133 ) Netting adjustment - Cash collateral received/posted (201 ) (3 ) (262 ) — Net derivatives included in the consolidated balance sheets (b) 352 350 499 528 Amounts not offset in the consolidated balance sheets: Marketable securities pledged under bilateral collateral agreements (122 ) — (239 ) (2 ) Net derivatives after deducting amounts not offset in the consolidated balance sheets $ 230 $ 350 $ 260 $ 526 (a) Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets. (b) Net derivative assets are included in “accrued income and other assets” and net derivative liabilities are included in “accrued expenses and other liabilities” on the consolidated balance sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and credit risk of the Corporation. The fair value of net derivative assets included credit valuation adjustments for counterparty credit risk of $4 million and $2 million at June 30, 2015 and December 31, 2014 , respectively. Risk Management As an end-user, the Corporation employs a variety of financial instruments for risk management purposes, including cash instruments, such as investment securities, as well as derivative instruments. Activity related to these instruments is centered predominantly in the interest rate markets and mainly involves interest rate swaps. Various other types of instruments also may be used to manage exposures to market risks, including interest rate caps and floors, total return swaps, foreign exchange forward contracts and foreign exchange swap agreements. The Corporation entered into interest rate swap agreements for interest rate risk management purposes. These interest rate swap agreements effectively modify the Corporation’s exposure to interest rate risk by converting fixed-rate debt to a floating rate. These agreements involve the receipt of fixed-rate interest amounts in exchange for floating-rate interest payments over the life of the agreement, without an exchange of the underlying principal amount. Risk management fair value interest rate swaps generated net interest income of $16 million and $18 million for the three months ended June 30, 2015 and 2014 , respectively, and $34 million and $36 million for the six months ended June 30, 2015 and 2014 , respectively. The Corporation recognized $2 million and an insignificant amount of net losses for the three months ended June 30, 2015 and 2014 , respectively, and $1 million and an insignificant amount of net losses for the six months ended June 30, 2015 and 2014 , respectively, in "other noninterest income" in the consolidated statements of comprehensive income for the ineffective portion of risk management derivative instruments designated as fair value hedges of fixed-rate debt. Foreign exchange rate risk arises from changes in the value of certain assets and liabilities denominated in foreign currencies. The Corporation employs spot and forward contracts in addition to swap contracts to manage exposure to these and other risks. The Corporation recognized an insignificant amount of net losses on risk management derivative instruments used as economic hedges in "other noninterest income" in the consolidated statements of comprehensive income for each of the three- and six-month periods ended June 30, 2015 and 2014 . The following table summarizes the expected weighted average remaining maturity of the notional amount of risk management interest rate swaps and the weighted average interest rates associated with amounts expected to be received or paid on interest rate swap agreements as of June 30, 2015 and December 31, 2014 . Weighted Average (dollar amounts in millions) Notional Amount Remaining Maturity (in years) Receive Rate Pay Rate (a) June 30, 2015 Swaps - fair value - receive fixed/pay floating rate Medium- and long-term debt designation $ 2,000 5.0 3.99 % 0.76 % December 31, 2014 Swaps - fair value - receive fixed/pay floating rate Medium- and long-term debt designation 1,800 4.6 4.54 0.49 (a) Variable rates paid on receive fixed swaps are based on six-month LIBOR rates in effect at June 30, 2015 and December 31, 2014 . Management believes these hedging strategies achieve the desired relationship between the rate maturities of assets and funding sources which, in turn, reduce the overall exposure of net interest income to interest rate risk, although there can be no assurance that such strategies will be successful. Customer-Initiated and Other The Corporation enters into derivative transactions at the request of customers and generally takes offsetting positions with dealer counterparties to mitigate the inherent market risk. Income primarily results from the spread between the customer derivative and the offsetting dealer position. For customer-initiated foreign exchange contracts where offsetting positions have not been taken, the Corporation manages the remaining inherent market risk through individual foreign currency position limits and aggregate value-at-risk limits. These limits are established annually and reviewed quarterly. For those customer-initiated derivative contracts which were not offset or where the Corporation holds a speculative position within the limits described above, the Corporation recognized $1 million of net gains in “other noninterest income” in the consolidated statements of comprehensive income for the three- and six-month periods ended June 30, 2015 and an insignificant amount for the three- and six-month periods ended June 30, 2014 . Fair values of customer-initiated and other derivative instruments represent the net unrealized gains or losses on such contracts and are recorded in the consolidated balance sheets. Changes in fair value are recognized in the consolidated statements of comprehensive income. The net gains recognized in income on customer-initiated derivative instruments, net of the impact of offsetting positions, were as follows . Three Months Ended June 30, Six Months Ended June 30, (in millions) Location of Gain 2015 2014 2015 2014 Interest rate contracts Other noninterest income $ 5 $ 4 $ 7 $ 8 Energy contracts Other noninterest income — — 1 — Foreign exchange contracts Foreign exchange income 8 11 18 20 Total $ 13 $ 15 $ 26 $ 28 Credit-Related Financial Instruments The Corporation issues off-balance sheet financial instruments in connection with commercial and consumer lending activities. The Corporation’s credit risk associated with these instruments is represented by the contractual amounts indicated in the following table. (in millions) June 30, 2015 December 31, 2014 Unused commitments to extend credit: Commercial and other $ 26,709 $ 27,905 Bankcard, revolving check credit and home equity loan commitments 2,291 2,151 Total unused commitments to extend credit $ 29,000 $ 30,056 Standby letters of credit $ 3,765 $ 3,880 Commercial letters of credit 80 75 Other credit-related financial instruments 1 1 The Corporation maintains an allowance to cover probable credit losses inherent in lending-related commitments, including unused commitments to extend credit, letters of credit and financial guarantees. At June 30, 2015 and December 31, 2014 , the allowance for credit losses on lending-related commitments, included in “accrued expenses and other liabilities” on the consolidated balance sheets, was $50 million and $41 million , respectively. Unused Commitments to Extend Credit Commitments to extend credit are legally binding agreements to lend to a customer, provided there is no violation of any condition established in the contract. These commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many commitments expire without being drawn upon, the total contractual amount of commitments does not necessarily represent future cash requirements of the Corporation. Commercial and other unused commitments are primarily variable rate commitments. The allowance for credit losses on lending-related commitments included $33 million and $30 million at June 30, 2015 and December 31, 2014 , respectively, for probable credit losses inherent in the Corporation’s unused commitments to extend credit. Standby and Commercial Letters of Credit Standby letters of credit represent conditional obligations of the Corporation which guarantee the performance of a customer to a third party. Standby letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. Commercial letters of credit are issued to finance foreign or domestic trade transactions. These contracts expire in decreasing amounts through the year 2022 . The Corporation may enter into participation arrangements with third parties that effectively reduce the maximum amount of future payments which may be required under standby and commercial letters of credit. These risk participations covered $292 million and $316 million , respectively, of the $3.8 billion and $4.0 billion standby and commercial letters of credit outstanding at June 30, 2015 and December 31, 2014 , respectively. The carrying value of the Corporation’s standby and commercial letters of credit, included in “accrued expenses and other liabilities” on the consolidated balance sheets, totaled $61 million at June 30, 2015 , including $44 million in deferred fees and $17 million in the allowance for credit losses on lending-related commitments. At December 31, 2014 , the comparable amounts were $55 million , $44 million and $11 million , respectively. The following table presents a summary of criticized standby and commercial letters of credit at June 30, 2015 and December 31, 2014 . The Corporation's criticized list is generally consistent with the Special mention, Substandard and Doubtful categories defined by regulatory authorities. The Corporation manages credit risk through underwriting, periodically reviewing and approving its credit exposures using Board committee approved credit policies and guidelines. (dollar amounts in millions) June 30, 2015 December 31, 2014 Total criticized standby and commercial letters of credit $ 104 $ 79 As a percentage of total outstanding standby and commercial letters of credit 2.7 % 2.0 % Other Credit-Related Financial Instruments The Corporation enters into credit risk participation agreements, under which the Corporation assumes credit exposure associated with a borrower’s performance related to certain interest rate derivative contracts. The Corporation is not a party to the interest rate derivative contracts and only enters into these credit risk participation agreements in instances in which the Corporation is also a party to the related loan participation agreement for such borrowers. The Corporation manages its credit risk on the credit risk participation agreements by monitoring the creditworthiness of the borrowers, which is based on the normal credit review process had it entered into the derivative instruments directly with the borrower. The notional amount of such credit risk participation agreement reflects the pro-rata share of the derivative instrument, consistent with its share of the related participated loan. As of June 30, 2015 and December 31, 2014 , the total notional amount of the credit risk participation agreements was approximately $620 million and $598 million , respectively, and the fair value, included in customer-initiated interest rate contracts recorded in "accrued expenses and other liabilities" on the consolidated balance sheets, was insignificant for each period. The maximum estimated exposure to these agreements, as measured by projecting a maximum value of the guaranteed derivative instruments, assuming 100 percent default by all obligors on the maximum values, was approximately $8 million and $7 million at June 30, 2015 and December 31, 2014 , respectively. In the event of default, the lead bank has the ability to liquidate the assets of the borrower, in which case the lead bank would be required to return a percentage of the recouped assets to the participating banks. As of June 30, 2015 , the weighted average remaining maturity of outstanding credit risk participation agreements was 2.5 years. In 2008, the Corporation sold its remaining ownership of Visa Class B shares and entered into a derivative contract. Under the terms of the derivative contract, the Corporation will compensate the counterparty primarily for dilutive adjustments made to the conversion factor of the Visa Class B shares to Class A shares based on the ultimate outcome of litigation involving Visa. Conversely, the Corporation will be compensated by the counterparty for any increase in the conversion factor from anti-dilutive adjustments. The notional amount of the derivative contract was equivalent to approximately 780,000 Visa Class B shares. The fair value of the derivative liability, included in "accrued expenses and other liabilities" on the consolidated balance sheets, was $1 million at both June 30, 2015 and December 31, 2014 , respectively. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 6 Months Ended |
Jun. 30, 2015 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Variable Interest Entities (VIEs) | VARIABLE INTEREST ENTITIES (VIEs) The Corporation evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Corporation is the primary beneficiary and should consolidate the entity based on the variable interests it held both at inception and when there is a change in circumstances that requires a reconsideration. The Corporation holds ownership interests in funds in the form of limited partnerships or limited liability companies (LLCs) investing in affordable housing projects that qualify for the low-income housing tax credit (LIHTC). The Corporation also directly invests in limited partnerships and LLCs which invest in community development projects which generate similar tax credits to investors. As an investor, the Corporation obtains income tax credits and deductions from the operating losses of these tax credit entities. These tax credit entities meet the definition of a VIE; however, the Corporation is not the primary beneficiary of the entities, as the general partner or the managing member has both the power to direct the activities that most significantly impact the economic performance of the entities and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. While the partnership/LLC agreements allow the limited partners/investor members, through a majority vote, to remove the general partner/managing member, this right is not deemed to be substantive as the general partner/managing member can only be removed for cause. The Corporation accounts for its interests in LIHTC entities using the proportional amortization method. Exposure to loss as a result of the Corporation’s involvement with LIHTC entities at June 30, 2015 was limited to approximately $389 million . Ownership interests in other community development projects which generate similar tax credits to investors (other tax credit entities) are accounted for under either the cost or equity method. Exposure to loss as a result of the Corporation's involvement in other tax credit entities at June 30, 2015 was limited to approximately $10 million . Investment balances, including all legally binding commitments to fund future investments, are included in “accrued income and other assets” on the consolidated balance sheets. A liability is recognized in “accrued expenses and other liabilities” on the consolidated balance sheets for all legally binding unfunded commitments to fund tax credit entities ( $130 million at June 30, 2015 ). Amortization and other write-downs of LIHTC investments are presented on a net basis as a component of the "provision for income taxes" on the consolidated statements of comprehensive income, while amortization and write-downs of other tax credit investments are recorded in “other noninterest income." The income tax credits and deductions are recorded as a reduction of income tax expense and a reduction of federal income taxes payable. The Corporation provided no financial or other support that was not contractually required to any of the above VIEs during the six months ended June 30, 2015 and 2014 . The following table summarizes the impact of these tax credit entities on line items on the Corporation’s consolidated statements of comprehensive income. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Other noninterest income: Amortization of other tax credit investments $ — $ (1 ) $ 1 $ (3 ) Provision for income taxes: Amortization of LIHTC investments 15 14 30 28 Low income housing tax credits (15 ) (14 ) (30 ) (28 ) Other tax benefits related to tax credit entities (5 ) (7 ) (10 ) (13 ) Total provision for income taxes $ (5 ) $ (7 ) (10 ) (13 ) For further information on the Corporation’s consolidation policy, see Note 1 to the consolidated financial statements in the Corporation's 2014 Annual Report. |
Medium- And Long-Term Debt
Medium- And Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Medium- And Long-Term Debt | MEDIUM- AND LONG-TERM DEBT Medium- and long-term debt is summarized as follows: (in millions) June 30, 2015 December 31, 2014 Parent company Subordinated notes: 4.80% subordinated notes due 2015 (a) $ — $ 304 3.80% subordinated notes due 2026 (a) 253 257 Medium-term notes: 3.00% notes due 2015 300 300 2.125% notes due 2019 (a) 350 347 Total parent company 903 1,208 Subsidiaries Subordinated notes: 5.75% subordinated notes due 2016 (a) 665 670 5.20% subordinated notes due 2017 (a) 541 548 7.875% subordinated notes due 2026 (a) 221 227 Total subordinated notes 1,427 1,445 Medium-term notes: 2.50% notes due 2020 (a) 495 — Other notes: 6.0% - 6.4% fixed-rate notes due 2020 16 22 Total subsidiaries 1,938 1,467 Total medium- and long-term debt $ 2,841 $ 2,675 (a) The carrying value of medium- and long-term debt has been adjusted to reflect the gain or loss attributable to the risk hedged with interest rate swaps. Subordinated notes with remaining maturities greater than one year qualify as Tier 2 capital. Comerica Bank, a wholly-owned subsidiary of the Corporation (the Bank), is a member of the FHLB, which provides short- and long-term funding to its members through advances collateralized by real estate-related assets. Actual borrowing capacity is contingent on the amount of collateral available to be pledged to the FHLB. At June 30, 2015 , $14 billion of real estate-related loans were pledged to the FHLB as blanket collateral for potential future borrowings of approximately $6 billion . In the second quarter 2015, the Bank issued $500 million of 2.50% medium-term notes due 2020 , which were swapped to a floating rate based on six-month LIBOR. Proceeds were used for general corporate purposes. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents a reconciliation of the changes in the components of accumulated other comprehensive loss and details the components of other comprehensive income (loss) for the six months ended June 30, 2015 and 2014 , including the amount of income tax expense (benefit) allocated to each component of other comprehensive income (loss). Six Months Ended June 30, (in millions) 2015 2014 Accumulated net unrealized gains (losses) on investment securities: Balance at beginning of period, net of tax $ 37 $ (68 ) Net unrealized holding (losses) gains arising during the period (17 ) 116 Less: (Benefit) provision for income taxes (6 ) 41 Net unrealized holding (losses) gains arising during the period, net of tax (11 ) 75 Less: Net realized (losses) gains included in net securities (losses) gains (2 ) 1 Less: Benefit for income taxes (1 ) — Reclassification adjustment for net securities (losses) gains included in net income, net of tax (1 ) 1 Less: Net losses realized as a yield adjustment in interest on investment securities (4 ) — Less: Benefit for income taxes (1 ) — Reclassification adjustment for net losses realized as a yield adjustment included in net income, net of tax (3 ) — Change in net unrealized (losses) gains on investment securities, net of tax (7 ) 74 Balance at end of period, net of tax $ 30 $ 6 Accumulated defined benefit pension and other postretirement plans adjustment: Balance at beginning of period, net of tax $ (449 ) $ (323 ) Amortization of actuarial net loss 35 18 Amortization of prior service cost — 1 Amounts recognized in salaries and benefits expense 35 19 Less: Provision for income taxes 12 6 Change in defined benefit pension and other postretirement plans adjustment, net of tax 23 13 Balance at end of period, net of tax $ (426 ) $ (310 ) Total accumulated other comprehensive loss at end of period, net of tax $ (396 ) $ (304 ) |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | NET INCOME PER COMMON SHARE Basic and diluted net income per common share are presented in the following table. Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2015 2014 2015 2014 Basic and diluted Net income $ 135 $ 151 $ 269 $ 290 Less: Income allocated to participating securities 1 2 3 4 Net income attributable to common shares $ 134 $ 149 $ 266 $ 286 Basic average common shares 176 179 176 180 Basic net income per common share $ 0.76 $ 0.83 $ 1.51 $ 1.59 Basic average common shares 176 179 176 180 Dilutive common stock equivalents: Net effect of the assumed exercise of stock options 2 2 2 2 Net effect of the assumed exercise of warrants 4 5 4 4 Diluted average common shares 182 186 182 186 Diluted net income per common share $ 0.73 $ 0.80 $ 1.46 $ 1.54 The following average shares related to outstanding options to purchase shares of common stock were not included in the computation of diluted net income per common share because the options were anti-dilutive for the period. Three Months Ended June 30, Six Months Ended June 30, (shares in millions) 2015 2014 2015 2014 Average outstanding options 5.0 7.2 5.9 7.9 Range of exercise prices $49.22 - $60.82 $49.22 - $60.82 $46.68 - $60.82 $48.17 - $61.94 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Net periodic benefit costs are charged to "employee benefits expense" on the consolidated statements of comprehensive income. The components of net periodic benefit cost for the Corporation's qualified pension plan, non-qualified pension plan and postretirement benefit plan are as follows. Qualified Defined Benefit Pension Plan Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Service cost $ 9 $ 8 $ 18 $ 15 Interest cost 22 22 44 44 Expected return on plan assets (40 ) (33 ) (80 ) (66 ) Amortization of prior service cost 1 2 2 3 Amortization of net loss 15 7 29 15 Net periodic defined benefit cost $ 7 $ 6 $ 13 $ 11 Non-Qualified Defined Benefit Pension Plan Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 3 3 5 5 Amortization of prior service credit (1 ) (1 ) (2 ) (2 ) Amortization of net loss 2 1 5 3 Net periodic defined benefit cost $ 5 $ 4 $ 10 $ 8 Postretirement Benefit Plan Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Interest cost $ — $ 1 $ 1 $ 2 Expected return on plan assets (1 ) (1 ) (2 ) (2 ) Amortization of net loss 1 — 1 — Net periodic postretirement benefit cost $ — $ — $ — $ — For further information on the Corporation's employee benefit plans, refer to Note 17 to the consolidated financial statements in the Corporation's 2014 Annual Report. |
Income Taxes And Tax-Related It
Income Taxes And Tax-Related Items | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes and Tax-Related Items | INCOME TAXES AND TAX-RELATED ITEMS At June 30, 2015 , net unrecognized tax benefits were $22 million , compared to $14 million at December 31, 2014 . The Corporation anticipates that it is reasonably possible that final settlement of federal and state tax issues will result in a decrease in net unrecognized tax benefits of $8 million within the next twelve months. Included in "accrued expense and other liabilities" on the consolidated balance sheets was a $3 million liability for tax-related interest and penalties at June 30, 2015 compared to $2 million at December 31, 2014 . Net deferred tax assets were $135 million at June 30, 2015 , compared to $130 million at December 31, 2014 . Deferred tax assets were evaluated for realization and it was determined that no valuation allowance was needed at both June 30, 2015 and December 31, 2014 . This conclusion was based on sufficient taxable income in the carryback period and projected future reversals of existing taxable temporary differences to absorb the deferred tax assets. In the ordinary course of business, the Corporation enters into certain transactions that have tax consequences. From time to time, the Internal Revenue Service (IRS) may review and/or challenge specific interpretive tax positions taken by the Corporation with respect to those transactions. The Corporation believes that its tax returns were filed based upon applicable statutes, regulations and case law in effect at the time of the transactions. The IRS, an administrative authority or a court, if presented with the transactions, could disagree with the Corporation’s interpretation of the tax law. Based on current knowledge and probability assessment of various potential outcomes, the Corporation believes that current tax reserves are adequate, and the amount of any potential incremental liability arising is not expected to have a material adverse effect on the Corporation’s consolidated financial condition or results of operations. Probabilities and outcomes are reviewed as events unfold, and adjustments to the reserves are made when necessary. |
Contingent Liabilities
Contingent Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | CONTINGENT LIABILITIES Legal Proceedings As previously reported in the Corporation's Form 10-K for the year ended December 31, 2014 and Form 10-Q for the period ended March 31, 2015, Comerica Bank, a wholly owned subsidiary of the Corporation, was named in November 2011 as a third-party defendant in Butte Local Development v. Masters Group v. Comerica Bank (“the case”), for lender liability. The case was tried in January 2014, in the Montana Second District Judicial Court for Silver Bow County in Butte, Montana. On January 17, 2014 , a jury awarded Masters $52 million against the Bank. On July 1, 2015, after an appeal filed by the Corporation, the Montana Supreme Court ("the court") reversed the judgment against the Corporation and remanded the case for a new trial with instructions that Michigan law should apply. The court also reversed punitive and consequential damages previously awarded by the jury. Masters subsequently petitioned the court for rehearing, asking the court to affirm the economic damages portion of the jury verdict (approximately $25 million ). The Corporation believes it has meritorious defenses to the remaining claims in this case and intends to continue to defend itself vigorously. The Corporation and certain of its subsidiaries are subject to various other pending or threatened legal proceedings arising out of the normal course of business or operations. The Corporation believes it has meritorious defenses to the claims asserted against it in its other currently outstanding legal proceedings and, with respect to such legal proceedings, intends to continue to defend itself vigorously, litigating or settling cases according to management’s judgment as to what is in the best interests of the Corporation and its shareholders. Settlement may result from the Corporation's determination that it may be more prudent financially to settle, rather than litigate, and should not be regarded as an admission of liability. On at least a quarterly basis, the Corporation assesses its potential liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. On a case-by-case basis, reserves are established for those legal claims for which it is probable that a loss will be incurred either as a result of a settlement or judgment, and the amount of such loss can be reasonably estimated. The actual costs of resolving these claims may be substantially higher or lower than the amounts reserved. Based on current knowledge, and after consultation with legal counsel, management believes that current reserves are adequate, and the amount of any incremental liability arising from these matters is not expected to have a material adverse effect on the Corporation’s consolidated financial condition, consolidated results of operations or consolidated cash flows. Legal fees of $5 million were included in "other noninterest expenses" on the consolidated statements of income for both the three-month periods ended June 30, 2015 and 2014 and $10 million for both the six-month periods ended June 30, 2015 and 2014 . For matters where a loss is not probable, the Corporation has not established legal reserves. The Corporation believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for all legal proceedings in which it is involved is from zero to approximately $43 million at June 30, 2015 . This estimated aggregate range of reasonably possible losses is based upon currently available information for those proceedings in which the Corporation is involved, taking into account the Corporation’s best estimate of such losses for those cases for which such estimate can be made. For certain cases, the Corporation does not believe that an estimate can currently be made. The Corporation’s estimate involves significant judgment, given the varying stages of the proceedings (including the fact that many are currently in preliminary stages), the existence in certain proceedings of multiple defendants (including the Corporation) whose share of liability has yet to be determined, the numerous yet-unresolved issues in many of the proceedings (including issues regarding class certification and the scope of many of the claims) and the attendant uncertainty of the various potential outcomes of such proceedings. Accordingly, the Corporation’s estimate will change from time to time, and actual losses may be more or less than the current estimate. In the event of unexpected future developments, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to the Corporation's consolidated financial condition, consolidated results of operations or consolidated cash flows. For information regarding income tax contingencies, refer to Note 11 . |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION The Corporation has strategically aligned its operations into three major business segments: the Business Bank, the Retail Bank and Wealth Management. These business segments are differentiated based on the type of customer and the related products and services provided. In addition to the three major business segments, the Finance Division is also reported as a segment. Business segment results are produced by the Corporation’s internal management accounting system. This system measures financial results based on the internal business unit structure of the Corporation. The performance of the business segments is not comparable with the Corporation's consolidated results and is not necessarily comparable with similar information for any other financial institution. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. The management accounting system assigns balance sheet and income statement items to each business segment using certain methodologies, which are regularly reviewed and refined. These methodologies may be modified as the management accounting system is enhanced and changes occur in the organizational structure and/or product lines. For comparability purposes, amounts in all periods are based on business segments and methodologies in effect at June 30, 2015 . In the second quarter 2014, the Corporation enhanced the approach used to determine the standard reserve factors used in estimating the allowance for credit losses, which had the effect of capturing certain elements in the standard reserve component that had formerly been included in the qualitative assessment. The impact of the change was largely neutral to the total allowance for loan losses at June 30, 2014. However, because standard reserves are allocated to the segments at the loan level, while qualitative reserves are allocated at the portfolio level, the impact of the methodology change on the allowance of each segment reflected the characteristics of the individual loans within each segment's portfolio, causing segment reserves to increase or decrease accordingly. As a result, the current year provision for credit losses within each segment is not comparable to prior period amounts. The following discussion provides information about the activities of each business segment. A discussion of the financial results and the factors impacting performance can be found in the section entitled "Business Segments" in the financial review. The Business Bank meets the needs of middle market businesses, multinational corporations and governmental entities by offering various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services and loan syndication services. The Retail Bank includes small business banking and personal financial services, consisting of consumer lending, consumer deposit gathering and mortgage loan origination. In addition to a full range of financial services provided to small business customers, this business segment offers a variety of consumer products, including deposit accounts, installment loans, credit cards, student loans, home equity lines of credit and residential mortgage loans. Wealth Management offers products and services consisting of fiduciary services, private banking, retirement services, investment management and advisory services, investment banking and brokerage services. This business segment also offers the sale of annuity products, as well as life, disability and long-term care insurance products. The Finance segment includes the Corporation’s securities portfolio and asset and liability management activities. This segment is responsible for managing the Corporation’s funding, liquidity and capital needs, performing interest sensitivity analysis and executing various strategies to manage the Corporation’s exposure to liquidity, interest rate risk and foreign exchange risk. The Other category includes discontinued operations, the income and expense impact of equity and cash, tax benefits not assigned to specific business segments, charges of an unusual or infrequent nature that are not reflective of the normal operations of the business segments and miscellaneous other expenses of a corporate nature. For further information on the methodologies which form the basis for these results refer to Note 22 to the consolidated financial statements in the Corporation's 2014 Annual Report. Business segment financial results are as follows: (dollar amounts in millions) Business Retail Wealth Management Finance Other Total Three Months Ended June 30, 2015 Earnings summary: Net interest income (expense) (FTE) $ 375 $ 155 $ 45 $ (155 ) $ 2 $ 422 Provision for credit losses 61 (8 ) (9 ) — 3 47 Noninterest income 140 46 60 14 1 261 Noninterest expenses 176 182 74 3 1 436 Provision (benefit) for income taxes (FTE) 96 9 14 (54 ) — 65 Net income (loss) $ 182 $ 18 $ 26 $ (90 ) $ (1 ) $ 135 Net loan charge-offs (recoveries) $ 22 $ 1 $ (5 ) $ — $ — $ 18 Selected average balances: Assets $ 39,135 $ 6,459 $ 5,153 $ 11,721 $ 6,495 $ 68,963 Loans 38,109 5,770 4,954 — — 48,833 Deposits 30,229 22,747 4,060 93 269 57,398 Statistical data: Return on average assets (a) 1.87 % 0.30 % 2.01 % N/M N/M 0.79 % Efficiency ratio (b) 34.19 % 89.88 % 70.27 % N/M N/M 63.68 % (dollar amounts in millions) Business Retail Wealth Management Finance Other Total Three Months Ended June 30, 2014 Earnings summary: Net interest income (expense) (FTE) $ 375 $ 152 $ 44 $ (160 ) $ 6 $ 417 Provision for credit losses 35 (6 ) (10 ) — (8 ) 11 Noninterest income 100 41 62 15 2 220 Noninterest expenses 143 174 76 2 9 404 Provision (benefit) for income taxes (FTE) 100 9 15 (56 ) 3 71 Net income (loss) $ 197 $ 16 $ 25 $ (91 ) $ 4 $ 151 Net loan charge-offs (recoveries) $ 9 $ 3 $ (3 ) $ — $ — $ 9 Selected average balances: Assets $ 37,305 $ 6,222 $ 4,987 $ 11,055 $ 5,309 $ 64,878 Loans 36,367 5,554 4,804 — — 46,725 Deposits 27,351 21,890 3,616 258 269 53,384 Statistical data: Return on average assets (a) 2.11 % 0.29 % 2.02 % N/M N/M 0.93 % Efficiency ratio b) 30.07 % 90.06 % 72.11 % N/M N/M 63.35 % (a) Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. (b) Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. FTE – Fully Taxable Equivalent N/M – not meaningful (dollar amounts in millions) Business Bank Retail Bank Wealth Management Finance Other Total Six Months Ended June 30, 2015 Earnings summary: Net interest income (expense) (FTE) $ 744 $ 307 $ 88 $ (308 ) $ 5 $ 836 Provision for credit losses 86 (16 ) (10 ) — 1 61 Noninterest income 282 88 118 27 1 516 Noninterest expenses 376 357 151 5 6 895 Provision (benefit) for income taxes (FTE) 193 19 23 (107 ) (1 ) 127 Net income (loss) $ 371 $ 35 $ 42 $ (179 ) $ — $ 269 Net loan charge-offs (recoveries) $ 31 $ 2 $ (7 ) $ — $ — $ 26 Selected average balances: Assets $ 38,896 $ 6,414 $ 5,091 $ 11,930 $ 6,521 $ 68,852 Loans 37,868 5,732 4,894 — — 48,494 Deposits 30,187 22,577 4,028 131 273 57,196 Statistical data: Return on average assets (a) 1.91 % 0.30 % 1.65 % N/M N/M 0.78 % Efficiency ratio (b) 36.69 90.22 72.40 N/M N/M 66.07 (dollar amounts in millions) Business Bank Retail Bank Wealth Management Finance Other Total Six Months Ended June 30, 2014 Earnings summary: Net interest income (expense) (FTE) $ 744 $ 301 $ 89 $ (318 ) $ 12 $ 828 Provision for credit losses 52 (5 ) (18 ) — (9 ) 20 Noninterest income 191 82 122 29 4 428 Noninterest expenses 289 348 152 5 16 810 Provision (benefit) for income taxes (FTE) 199 14 28 (111 ) 6 136 Net income (loss) $ 395 $ 26 $ 49 $ (183 ) $ 3 $ 290 Net loan charge-offs (recoveries) $ 20 $ 6 $ (5 ) $ — $ — $ 21 Selected average balances: Assets $ 36,522 $ 6,224 $ 4,959 $ 11,092 $ 5,997 $ 64,794 Loans 35,567 5,555 4,783 — — 45,905 Deposits 27,173 21,759 3,599 305 243 53,079 Statistical data: Return on average assets (a) 2.16 % 0.24 % 1.99 % N/M N/M 0.90 % Efficiency ratio (b) 30.85 90.69 72.61 N/M N/M 64.55 (a) Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. (b) Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. FTE – Fully Taxable Equivalent N/M – not meaningful The Corporation operates in three primary markets - Texas, California, and Michigan, as well as in Arizona and Florida, with select businesses operating in several other states, and in Canada and Mexico. The Corporation produces market segment results for the Corporation’s three primary geographic markets as well as Other Markets. Other Markets includes Florida, Arizona, the International Finance division and businesses with a national perspective. The Finance & Other category includes the Finance segment and the Other category as previously described. Market segment results are provided as supplemental information to the business segment results and may not meet all operating segment criteria as set forth in GAAP. For comparability purposes, amounts in all periods are based on market segments and methodologies in effect at June 30, 2015 . A discussion of the financial results and the factors impacting performance can be found in the section entitled "Market Segments" in the financial review. Market segment financial results are as follows: (dollar amounts in millions) Michigan California Texas Other Finance Total Three Months Ended June 30, 2015 Earnings summary: Net interest income (expense) (FTE) $ 179 $ 181 $ 130 $ 85 $ (153 ) $ 422 Provision for credit losses (13 ) 4 43 10 3 47 Noninterest income 85 37 31 93 15 261 Noninterest expenses 128 100 94 110 4 436 Provision (benefit) for income taxes (FTE) 51 43 10 15 (54 ) 65 Net income (loss) $ 98 $ 71 $ 14 $ 43 $ (91 ) $ 135 Net loan charge-offs (recoveries) $ (2 ) $ 6 $ 5 $ 9 $ — $ 18 Selected average balances: Assets $ 13,852 $ 16,696 $ 11,878 $ 8,321 $ 18,216 $ 68,963 Loans 13,290 16,429 11,254 7,860 — 48,833 Deposits 21,706 17,275 10,959 7,096 362 57,398 Statistical data: Return on average assets (a) 1.73 % 1.54 % 0.46 % 2.05 % N/M 0.79 % Efficiency ratio (b) 48.21 % 46.04 % 58.20 % 61.45 % N/M 63.68 % (dollar amounts in millions) Michigan California Texas Other Finance Total Three Months Ended June 30, 2014 Earnings summary: Net interest income (expense) (FTE) $ 182 $ 176 $ 137 $ 76 $ (154 ) $ 417 Provision for credit losses (9 ) 14 22 (8 ) (8 ) 11 Noninterest income 89 38 35 41 17 220 Noninterest expenses 159 100 89 45 11 404 Provision (benefit) for income taxes (FTE) 44 37 22 21 (53 ) 71 Net income (loss) $ 77 $ 63 $ 39 $ 59 $ (87 ) $ 151 Net loan charge-offs (recoveries) $ 10 $ 5 $ 2 $ (8 ) $ — $ 9 Selected average balances: Assets $ 13,851 $ 15,721 $ 11,661 $ 7,281 $ 16,364 $ 64,878 Loans 13,482 15,439 10,966 6,838 — 46,725 Deposits 20,694 15,370 10,724 6,069 527 53,384 Statistical data: Return on average assets (a) 1.42 % 1.54 % 1.30 % 3.28 % N/M 0.93 % Efficiency ratio (b) 58.67 % 46.64 % 51.67 % 38.73 % N/M 63.35 % (a) Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. (b) Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. FTE – Fully Taxable Equivalent N/M – not meaningful (dollar amounts in millions) Michigan California Texas Other Markets Finance & Other Total Six Months Ended June 30, 2015 Earnings summary: Net interest income (expense) (FTE) $ 357 $ 357 $ 260 $ 165 $ (303 ) $ 836 Provision for credit losses (21 ) 1 64 16 1 61 Noninterest income 166 74 67 181 28 516 Noninterest expenses 283 199 189 213 11 895 Provision (benefit) for income taxes (FTE) 89 87 28 31 (108 ) 127 Net income (loss) $ 172 $ 144 $ 46 $ 86 $ (179 ) $ 269 Net loan charge-offs $ 1 $ 6 $ 8 $ 11 $ — $ 26 Selected average balances: Assets $ 13,794 $ 16,580 $ 12,034 $ 7,993 $ 18,451 $ 68,852 Loans 13,257 16,312 11,394 7,531 — 48,494 Deposits 21,709 17,057 10,985 7,041 404 57,196 Statistical data: Return on average assets (a) 1.52 % 1.59 % 0.74 % 2.15 % N/M 0.78 % Efficiency ratio (b) 54.14 46.20 57.81 61.01 N/M 66.07 (dollar amounts in millions) Michigan California Texas Other Markets Finance & Other Total Six Months Ended June 30, 2014 Earnings summary: Net interest income (expense) (FTE) $ 364 $ 349 $ 273 $ 148 $ (306 ) $ 828 Provision for credit losses (5 ) 25 29 (20 ) (9 ) 20 Noninterest income 173 73 69 80 33 428 Noninterest expenses 320 197 179 93 21 810 Provision (benefit) for income taxes (FTE) 80 74 48 39 (105 ) 136 Net income (loss) $ 142 $ 126 $ 86 $ 116 $ (180 ) $ 290 Net loan charge-offs (recoveries) $ 10 $ 15 $ 8 $ (12 ) $ — $ 21 Selected average balances: Assets $ 13,835 $ 15,429 $ 11,367 $ 7,074 $ 17,089 $ 64,794 Loans 13,478 15,133 10,667 6,627 — 45,905 Deposits 20,668 15,078 10,799 5,986 548 53,079 Statistical data: Return on average assets (a) 1.32 % 1.57 % 1.43 % 3.28 % N/M 0.90 % Efficiency ratio (b) 59.56 46.62 52.30 40.99 N/M 64.55 (a) Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. (b) Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. FTE – Fully Taxable Equivalent N/M – not meaningful |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On July 22, 2015 , the Bank issued $350 million of 4.00% subordinated notes due July 27, 2025 and $175 million of 2.50% senior notes due June 2, 2020 . None of the notes are redeemable prior to maturity. Proceeds from both issuances will be used for general corporate purposes. |
Basis of Presentation and Acc22
Basis of Presentation and Accounting Policies Basis of Presentation and Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition In the first quarter 2015, the Corporation entered into a new contract for an existing debit card program. Guidance provided in Accounting Standards Code 605-45, " Principal Agent Considerations," indicates whether revenue should be reported gross or net for this type of arrangement. Management assessed various principal versus agent indicators provided in the guidance and concluded that the Corporation bears the risks and rewards of providing the services for the card program based on the new contract terms and, therefore, gross presentation of revenues and expenses is appropriate. This change in presentation resulted in increases of $44 million and $88 million to both "card fees" in noninterest income and "outside processing fee expense" in noninterest expenses for the three- and six-month periods ended June 30, 2015 , respectively. |
Recently Adopted and Pending Accounting Pronouncements | Recently Adopted Accounting Pronouncements Effective January 1, 2015, the Corporation prospectively adopted Accounting Standards Update (ASU) No. 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” (ASU 2014-04), which clarifies when an in-substance foreclosure or repossession of residential real estate property occurs, requiring a creditor to reclassify the loan to other real estate. According to ASU 2014-04, a consumer mortgage loan should be reclassified to other real estate either upon the creditor obtaining legal title to the real estate collateral or when the borrower voluntarily conveys all interest in the real estate property to the creditor through a deed in lieu of foreclosure or similar legal agreement. ASU 2014-04 also clarifies that a creditor that has obtained legal title to a foreclosed property should not delay reclassification when a borrower has a legal right of redemption for a period of time. The Corporation's existing accounting treatment is consistent with the new guidance, and therefore the adoption of ASU 2014-04 had no impact to the Corporation's financial condition and results of operations. Disclosures required by ASU 2014-04 are provided in Note 4. Also effective January 1, 2015, the Corporation prospectively adopted ASU No. 2014-12, “Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” (ASU 2014-12). The new guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The Corporation's current accounting treatment of performance conditions for employees who are or become retirement eligible prior to the achievement of the performance target is consistent with ASU 2014-12, and as such the adoption of ASU 2014-12 had no impact to the Corporation’s financial condition and results of operations. In the second quarter 2015, the Corporation early adopted ASU 2015-03, "Interest - Imputation of Interest (Subtopic 835-30)," which amends the presentation of debt issuance costs in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than as a deferred charge. The new guidance was retrospectively applied, which resulted in a decrease of $4 million to both "accrued income and other assets" and "medium- and long-term debt" on the consolidated balance sheets as of December 31, 2014 . Unamortized debt issuance costs deducted from the carrying amount of medium- and long-term debt totaled $6 million at June 30, 2015 . Pending Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” (ASU 2014-09), which is intended to improve and converge the financial reporting requirements for revenue contracts with customers. Previous GAAP comprised broad revenue recognition concepts along with numerous industry-specific requirements. The new guidance establishes a five-step model which entities must follow to recognize revenue and removes inconsistencies and weaknesses in existing guidance. The guidance under ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017 and must be retrospectively applied. Entities will have the option of presenting prior periods as impacted by the new guidance or presenting the cumulative effect of initial application along with supplementary disclosures. Early adoption is permitted, but not before annual and interim periods beginning after December 15, 2016. The Corporation is currently evaluating the impact of adopting ASU 2014-09. In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis," (ASU 2015-02), which makes targeted amendments to the considerations applied by reporting entities when determining if a legal entity should be consolidated, including placing more emphasis on risk of loss when determining a controlling financial interest. Low-income housing tax credit investments that meet the criteria for the proportional amortization method are not impacted by these amendments. ASU 2015-02 is effective for annual and interim periods beginning after December 15, 2015, and must be retrospectively applied. Early adoption is permitted. The Corporation is currently evaluating the impact of adopting ASU 2015-02. In April 2015, the FASB issued ASU 2015-05, "Goodwill and Other - Internal-Use Software (Subtopic 350-40)," (ASU 2015-05), which defines specific criteria entities must apply to determine if a cloud computing arrangement includes an in-substance software license. The result of the assessment will direct the entity to apply either software licensing or service contract guidance to record the related costs. ASU 2015-05 is effective for annual and interim periods beginning after December 15, 2015, and can be prospectively or retrospectively applied. Early adoption is permitted. The Corporation does not expect the adoption to have a material effect on its financial condition and results of operations. In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),” (ASU 2015-07) which amends disclosure requirements for entities that utilize net asset value per share (or its equivalent) to measure fair value as a practical expedient. The update eliminates the requirement to classify these investments within the fair value hierarchy and instead requires disclosure of sufficient information about these investments to permit reconciliation of the fair value of investments categorized within the fair value hierarchy to the investments presented in the consolidated balance sheet. ASU 2015-07 is effective for annual and interim periods beginning after December 15, 2015 and must be applied retrospectively. Early adoption is permitted. The adoption of ASU 2015-07 will have no impact on the Corporation's financial condition or results of operations. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Recorded At Fair Value On A Recurring Basis | The following tables present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 . (in millions) Total Level 1 Level 2 Level 3 June 30, 2015 Trading securities: Deferred compensation plan assets $ 94 $ 94 $ — $ — Equity and other non-debt securities 1 1 — — Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities 732 732 — — Residential mortgage-backed securities (a) 7,262 — 7,262 — State and municipal securities 23 — — 23 (b) Corporate debt securities 47 — 46 1 (b) Equity and other non-debt securities 203 132 — 71 (b) Total investment securities available-for-sale 8,267 864 7,308 95 Derivative assets: Interest rate contracts 284 — 282 2 Energy derivative contracts 349 — 349 — Foreign exchange contracts 36 — 36 — Warrants 3 — — 3 Total derivative assets 672 — 667 5 Total assets at fair value $ 9,034 $ 959 $ 7,975 $ 100 Derivative liabilities: Interest rate contracts $ 90 $ — $ 90 $ — Energy derivative contracts 348 — 348 — Foreign exchange contracts 31 — 31 — Other 1 — — 1 Total derivative liabilities 470 — 469 1 Deferred compensation plan liabilities 94 94 — — Total liabilities at fair value $ 564 $ 94 $ 469 $ 1 (a) Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. (b) Auction-rate securities. (in millions) Total Level 1 Level 2 Level 3 December 31, 2014 Trading securities: Deferred compensation plan assets $ 94 $ 94 $ — $ — Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities 526 526 — — Residential mortgage-backed securities (a) 7,274 — 7,274 — State and municipal securities 23 — — 23 (b) Corporate debt securities 51 — 50 1 (b) Equity and other non-debt securities 242 130 — 112 (b) Total investment securities available-for-sale 8,116 656 7,324 136 Derivative assets: Interest rate contracts 328 — 328 — Energy derivative contracts 527 — 527 — Foreign exchange contracts 39 — 39 — Warrants 4 — — 4 Total derivative assets 898 — 894 4 Total assets at fair value $ 9,108 $ 750 $ 8,218 $ 140 Derivative liabilities: Interest rate contracts $ 102 $ — $ 102 $ — Energy derivative contracts 525 — 525 — Foreign exchange contracts 34 — 34 — Other 1 — — 1 Total derivative liabilities 662 — 661 1 Deferred compensation plan liabilities 94 94 — — Total liabilities at fair value $ 756 $ 94 $ 661 $ 1 (a) Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. (b) Auction-rate securities. |
Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three- and six-month periods ended June 30, 2015 and 2014 . Net Realized/Unrealized Gains (Losses) (Pretax) Balance at Beginning of Period Recorded in Earnings Recorded in Other Comprehensive Income Balance at End of Period (in millions) Realized Unrealized Sales Three Months Ended June 30, 2015 Investment securities available-for-sale: State and municipal securities (a) $ 23 $ — $ — $ — $ — $ 23 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 71 — — — — 71 Total investment securities available-for-sale 95 — — — — 95 Derivative assets: Interest rate contracts 11 — (9 ) (d) — — 2 Warrants 3 1 (d) — — (1 ) 3 Derivative liabilities: Other 1 — — — — 1 Three Months Ended June 30, 2014 Investment securities available-for-sale: State and municipal securities (a) $ 23 $ — $ — $ — $ — $ 23 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 118 — — 1 (b) (1 ) 118 Total investment securities available-for-sale 142 — — 1 (b) (1 ) 142 Derivative assets: Warrants 3 4 (d) — — (3 ) 4 Derivative liabilities: Other 2 — — — — 2 Six Months Ended June 30, 2015 Investment securities available-for-sale: State and municipal securities (a) $ 23 $ — $ — $ — $ — $ 23 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 112 (2 ) (c) — 1 (b) (40 ) 71 Total investment securities available-for-sale 136 (2 ) (c) — 1 (b) (40 ) 95 Derivative assets: Interest rate contracts — — 2 (d) — — 2 Warrants 4 1 (d) (1 ) (d) — (1 ) 3 Derivative liabilities: Other 1 — — — — 1 Six Months Ended June 30, 2014 Investment securities available-for-sale: State and municipal securities (a) $ 22 $ — $ — $ 1 (b) $ — $ 23 Corporate debt securities (a) 1 — — — — 1 Equity and other non-debt securities (a) 136 1 (c) — 6 (b) (25 ) 118 Total investment securities available-for-sale 159 1 (c) — 7 (b) (25 ) 142 Derivative assets: Warrants 3 4 (d) 1 (d) — (4 ) 4 Derivative liabilities: Other 2 — — — — 2 (a) Auction-rate securities. (b) Recorded in "net unrealized gains (losses) on investment securities available-for-sale" in other comprehensive income. (c) Realized and unrealized gains and losses due to changes in fair value recorded in "net securities gains" on the consolidated statements of comprehensive income. (d) Realized and unrealized gains and losses due to changes in fair value recorded in "other noninterest income" on the consolidated statements of comprehensive income. |
Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis | All assets recorded at fair value on a nonrecurring basis were classified as Level 3 at June 30, 2015 and December 31, 2014 and are presented in the following table. No liabilities were recorded at fair value on a nonrecurring basis at June 30, 2015 and December 31, 2014 . (in millions) Level 3 June 30, 2015 Loans: Commercial $ 18 Commercial mortgage 12 International 8 Total loans 38 Nonmarketable equity securities 1 Other real estate 4 Total assets at fair value $ 43 December 31, 2014 Loans: Commercial $ 38 Commercial mortgage 26 Total loans 64 Nonmarketable equity securities 2 Other real estate 2 Total assets at fair value $ 68 |
Quantitative Information About Level 3 Measurements | The following table presents quantitative information related to the significant unobservable inputs utilized in the Corporation's Level 3 recurring fair value measurement as of June 30, 2015 and December 31, 2014 . The Corporation's Level 3 recurring fair value measurements include auction-rate securities where fair value is determined using an income approach based on a discounted cash flow model. The inputs in the table below reflect management's expectation of continued illiquidity in the secondary auction-rate securities market due to a lack of market activity for the issuers remaining in the portfolio, a lack of market incentives for issuer redemptions, and the expectation for a continuing low interest rate environment. The June 30, 2015 workout periods reflect management's view that short-term interest rates could begin to rise in 2015. Discounted Cash Flow Model Unobservable Input Fair Value (in millions) Discount Rate Workout Period (in years) June 30, 2015 State and municipal securities (a) $ 23 3% - 8% 1 - 2 Equity and other non-debt securities (a) 71 4% - 8% 1 December 31, 2014 State and municipal securities (a) $ 23 3% - 9% 1 - 3 Equity and other non-debt securities (a) 112 4% - 8% 1 - 2 (a) Auction-rate securities. |
Estimated Fair Values Of Financial Instruments Not Recorded At Fair Value In Their Entirety On A Recurring Basis | The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis on the Corporation’s consolidated balance sheets are as follows: Carrying Amount Estimated Fair Value (in millions) Total Level 1 Level 2 Level 3 June 30, 2015 Assets Cash and due from banks $ 1,148 $ 1,148 $ 1,148 $ — $ — Interest-bearing deposits with banks 4,817 4,817 4,817 — — Investment securities held-to-maturity 1,952 1,946 — 1,946 — Loans held-for-sale 25 25 — 25 — Total loans, net of allowance for loan losses (a) 49,123 49,009 — — 49,009 Customers’ liability on acceptances outstanding 8 8 8 — — Nonmarketable equity securities (b) 11 18 — — 18 Restricted equity investments 92 92 92 — — Liabilities Demand deposits (noninterest-bearing) 28,167 28,167 — 28,167 — Interest-bearing deposits 25,726 25,726 — 25,726 — Customer certificates of deposit 4,367 4,357 — 4,357 — Total deposits 58,260 58,250 — 58,250 — Short-term borrowings 56 56 56 — — Acceptances outstanding 8 8 8 — — Medium- and long-term debt 2,841 2,835 — 2,835 — Credit-related financial instruments (95 ) (95 ) — — (95 ) December 31, 2014 Assets Cash and due from banks $ 1,026 $ 1,026 $ 1,026 $ — $ — Interest-bearing deposits with banks 5,045 5,045 5,045 — — Investment securities held-to-maturity 1,935 1,933 — 1,933 — Loans held-for-sale 5 5 — 5 — Total loans, net of allowance for loan losses (a) 47,999 47,932 — — 47,932 Customers’ liability on acceptances outstanding 10 10 10 — — Nonmarketable equity securities (b) 11 18 — — 18 Restricted equity investments 92 92 92 — — Liabilities Demand deposits (noninterest-bearing) 27,224 27,224 — 27,224 — Interest-bearing deposits 25,841 25,841 — 25,841 — Customer certificates of deposit 4,421 4,411 — 4,411 — Total deposits 57,486 57,476 — 57,476 — Short-term borrowings 116 116 116 — — Acceptances outstanding 10 10 10 — — Medium- and long-term debt 2,675 2,681 — 2,681 — Credit-related financial instruments (85 ) (85 ) — — (85 ) (a) Included $38 million and $64 million of impaired loans recorded at fair value on a nonrecurring basis at June 30, 2015 and December 31, 2014 , respectively. (b) Included $1 million and $2 million of nonmarketable equity securities recorded at fair value on a nonrecurring basis at June 30, 2015 and December 31, 2014 , respectively. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary Of Investment Securities | A summary of the Corporation’s investment securities follows: (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015 Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities $ 729 $ 4 $ 1 $ 732 Residential mortgage-backed securities (a) 7,200 106 44 7,262 State and municipal securities 24 — 1 23 Corporate debt securities 47 — — 47 Equity and other non-debt securities 201 2 — 203 Total investment securities available-for-sale (b) $ 8,201 $ 112 $ 46 $ 8,267 Investment securities held-to-maturity (c): Residential mortgage-backed securities (a) $ 1,952 $ 2 $ 8 $ 1,946 December 31, 2014 Investment securities available-for-sale: U.S. Treasury and other U.S. government agency securities $ 526 $ — $ — $ 526 Residential mortgage-backed securities (a) 7,192 122 40 7,274 State and municipal securities 24 — 1 23 Corporate debt securities 51 — — 51 Equity and other non-debt securities 242 1 1 242 Total investment securities available-for-sale (b) $ 8,035 $ 123 $ 42 $ 8,116 Investment securities held-to-maturity (c): Residential mortgage-backed securities (a) $ 1,935 $ — $ 2 $ 1,933 (a) Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. (b) Included auction-rate securities at amortized cost and fair value of $95 million as of June 30, 2015 and $137 million and $136 million , respectively, as of December 31, 2014 . (c) The amortized cost of investment securities held-to-maturity included net unrealized losses of $19 million at June 30, 2015 and $23 million at December 31, 2014 related to securities transferred to available-for-sale, which are included in accumulated other comprehensive loss. |
Summary Of Investment Securities In Unrealized Loss Positions | A summary of the Corporation’s investment securities in an unrealized loss position as of June 30, 2015 and December 31, 2014 follows: Temporarily Impaired Less than 12 Months 12 Months or more Total (in millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2015 U.S. Treasury and other U.S. government agency securities $ 212 $ 1 $ — $ — $ 212 $ 1 Residential mortgage-backed securities (b) 1,637 15 2,188 59 3,825 74 State and municipal securities (c) — — 23 1 23 1 Corporate debt securities (c) — — 1 — (a) 1 — (a) Total temporarily impaired securities $ 1,849 $ 16 $ 2,212 $ 60 $ 4,061 $ 76 December 31, 2014 U.S. Treasury and other U.S. government agency securities $ 298 $ — (a) $ — $ — $ 298 $ — (a) Residential mortgage-backed securities (b) 626 3 3,112 71 3,738 74 State and municipal securities (c) — — 22 1 22 1 Corporate debt securities (c) — — 1 — (a) 1 — (a) Equity and other non-debt securities (c) — — 112 1 112 1 Total temporarily impaired securities $ 924 $ 3 $ 3,247 $ 73 $ 4,171 $ 76 (a) Unrealized losses less than $0.5 million. (b) Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. (c) Auction-rate securities. |
Summary of Net Securities Gains (Losses) | Sales, calls and write-downs of investment securities available-for-sale resulted in the following gains and losses recorded in “net securities (losses) gains” on the consolidated statements of comprehensive income, computed based on the adjusted cost of the specific security. Six Months Ended June 30, (in millions) 2015 2014 Securities gains $ — $ 1 Securities losses (2 ) — Net securities (losses) gains $ (2 ) $ 1 There were no securities gains or losses for both the three-month periods ended June 30, 2015 and 2014. |
Contractual Maturity Distribution Of Debt Securities | The following table summarizes the amortized cost and fair values of debt securities by contractual maturity. Securities with multiple maturity dates are classified in the period of final maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. (in millions) Available-for-sale Held-to-maturity June 30, 2015 Amortized Cost Fair Value Amortized Cost Fair Value Contractual maturity Within one year $ 78 $ 78 $ — $ — After one year through five years 710 712 — — After five years through ten years 883 923 — — After ten years 6,329 6,351 1,952 1,946 Subtotal 8,000 8,064 1,952 1,946 Equity and other non-debt securities 201 203 Total investment securities $ 8,201 $ 8,267 $ 1,952 $ 1,946 |
Credit Quality And Allowance 25
Credit Quality And Allowance For Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Credit Quality And Allowance For Credit Losses [Abstract] | |
Aging Analysis Of Loans | The following table presents an aging analysis of the recorded balance of loans. Loans Past Due and Still Accruing (in millions) 30-59 Days 60-89 Days 90 Days or More Total Nonaccrual Loans Current Loans Total Loans June 30, 2015 Business loans: Commercial $ 45 $ 3 $ 7 $ 55 $ 186 $ 32,482 $ 32,723 Real estate construction: Commercial Real Estate business line (a) 2 — — 2 — 1,500 1,502 Other business lines (b) — — 8 8 1 284 293 Total real estate construction 2 — 8 10 1 1,784 1,795 Commercial mortgage: Commercial Real Estate business line (a) 3 — — 3 18 1,907 1,928 Other business lines (b) 14 5 2 21 59 6,666 6,746 Total commercial mortgage 17 5 2 24 77 8,573 8,674 Lease financing — — — — 11 775 786 International 4 3 — 7 9 1,404 1,420 Total business loans 68 11 17 96 284 45,018 45,398 Retail loans: Residential mortgage 33 1 — 34 35 1,796 1,865 Consumer: Home equity 4 2 1 7 29 1,646 1,682 Other consumer 2 — — 2 1 793 796 Total consumer 6 2 1 9 30 2,439 2,478 Total retail loans 39 3 1 43 65 4,235 4,343 Total loans $ 107 $ 14 $ 18 $ 139 $ 349 $ 49,253 $ 49,741 December 31, 2014 Business loans: Commercial $ 58 $ 13 $ 1 $ 72 $ 109 $ 31,339 $ 31,520 Real estate construction: Commercial Real Estate business line (a) 3 — — 3 1 1,602 1,606 Other business lines (b) 12 — — 12 1 336 349 Total real estate construction 15 — — 15 2 1,938 1,955 Commercial mortgage: Commercial Real Estate business line (a) 8 1 1 10 22 1,758 1,790 Other business lines (b) 16 12 2 30 73 6,711 6,814 Total commercial mortgage 24 13 3 40 95 8,469 8,604 Lease financing — — — — — 805 805 International 9 — — 9 — 1,487 1,496 Total business loans 106 26 4 136 206 44,038 44,380 Retail loans: Residential mortgage 9 2 — 11 36 1,784 1,831 Consumer: Home equity 5 3 — 8 30 1,620 1,658 Other consumer 12 — 1 13 1 710 724 Total consumer 17 3 1 21 31 2,330 2,382 Total retail loans 26 5 1 32 67 4,114 4,213 Total loans $ 132 $ 31 $ 5 $ 168 $ 273 $ 48,152 $ 48,593 (a) Primarily loans to real estate developers. (b) Primarily loans secured by owner-occupied real estate. |
Loans By Credit Quality Indicator | The following table presents loans by credit quality indicator, based on internal risk ratings assigned to each business loan at the time of approval and subjected to subsequent reviews, generally at least annually, and to pools of retail loans with similar risk characteristics. Internally Assigned Rating (in millions) Pass (a) Special Mention (b) Substandard (c) Nonaccrual (d) Total June 30, 2015 Business loans: Commercial $ 31,046 $ 710 $ 781 $ 186 $ 32,723 Real estate construction: Commercial Real Estate business line (e) 1,490 12 — — 1,502 Other business lines (f) 284 — 8 1 293 Total real estate construction 1,774 12 8 1 1,795 Commercial mortgage: Commercial Real Estate business line (e) 1,818 59 33 18 1,928 Other business lines (f) 6,385 170 132 59 6,746 Total commercial mortgage 8,203 229 165 77 8,674 Lease financing 752 17 6 11 786 International 1,362 24 25 9 1,420 Total business loans 43,137 992 985 284 45,398 Retail loans: Residential mortgage 1,815 2 13 35 1,865 Consumer: Home equity 1,647 1 5 29 1,682 Other consumer 781 3 11 1 796 Total consumer 2,428 4 16 30 2,478 Total retail loans 4,243 6 29 65 4,343 Total loans $ 47,380 $ 998 $ 1,014 $ 349 $ 49,741 December 31, 2014 Business loans: Commercial $ 30,310 $ 560 $ 541 $ 109 $ 31,520 Real estate construction: Commercial Real Estate business line (e) 1,594 11 — 1 1,606 Other business lines (f) 336 7 5 1 349 Total real estate construction 1,930 18 5 2 1,955 Commercial mortgage: Commercial Real Estate business line (e) 1,652 69 47 22 1,790 Other business lines (f) 6,434 138 169 73 6,814 Total commercial mortgage 8,086 207 216 95 8,604 Lease financing 778 26 1 — 805 International 1,468 15 13 — 1,496 Total business loans 42,572 826 776 206 44,380 Retail loans: Residential mortgage 1,790 2 3 36 1,831 Consumer: Home equity 1,620 — 8 30 1,658 Other consumer 718 3 2 1 724 Total consumer 2,338 3 10 31 2,382 Total retail loans 4,128 5 13 67 4,213 Total loans $ 46,700 $ 831 $ 789 $ 273 $ 48,593 (a) Includes all loans not included in the categories of special mention, substandard or nonaccrual. (b) Special mention loans are accruing loans that have potential credit weaknesses that deserve management’s close attention, such as loans to borrowers who may be experiencing financial difficulties that may result in deterioration of repayment prospects from the borrower at some future date. (c) Substandard loans are accruing loans that have a well-defined weakness, or weaknesses, such as loans to borrowers who may be experiencing losses from operations or inadequate liquidity of a degree and duration that jeopardizes the orderly repayment of the loan. Substandard loans also are distinguished by the distinct possibility of loss in the future if these weaknesses are not corrected. This category is generally consistent with the "substandard" category as defined by regulatory authorities. (d) Nonaccrual loans are loans for which the accrual of interest has been discontinued. For further information regarding nonaccrual loans, refer to the Nonperforming Assets subheading in Note 1 - Basis of Presentation and Accounting Policies - on page F-55 in the Corporation's 2014 Annual Report. A significant majority of nonaccrual loans are generally consistent with the "substandard" category and the remainder are generally consistent with the "doubtful" category as defined by regulatory authorities. (e) Primarily loans to real estate developers. (f) Primarily loans secured by owner-occupied real estate. |
Schedule Of Nonaccrual, Reduced-Rate Loans And Foreclosed Property | The following table summarizes nonperforming assets. (in millions) June 30, 2015 December 31, 2014 Nonaccrual loans $ 349 $ 273 Reduced-rate loans (a) 12 17 Total nonperforming loans 361 290 Foreclosed property (b) 9 10 Total nonperforming assets $ 370 $ 300 (a) Reduced-rate business loans were zero at both June 30, 2015 and December 31, 2014 , and reduced-rate retail loans were $12 million and $17 million at June 30, 2015 and December 31, 2014 , respectively. (b) Foreclosed residential real estate properties. |
Changes In The Allowance For Loan Losses And Related Loan Amounts | The following table details the changes in the allowance for loan losses and related loan amounts. 2015 2014 (in millions) Business Loans Retail Loans Total Business Loans Retail Loans Total Three Months Ended June 30 Allowance for loan losses: Balance at beginning of period $ 541 $ 60 $ 601 $ 530 $ 64 $ 594 Loan charge-offs (31 ) (4 ) (35 ) (24 ) (4 ) (28 ) Recoveries on loans previously charged-off 16 1 17 15 4 19 Net loan charge-offs (15 ) (3 ) (18 ) (9 ) — (9 ) Provision for loan losses 37 (2 ) 35 7 (1 ) 6 Balance at end of period $ 563 $ 55 $ 618 $ 528 $ 63 $ 591 Six Months Ended June 30 Allowance for loan losses: Balance at beginning of period $ 534 $ 60 $ 594 $ 531 $ 67 $ 598 Loan charge-offs (52 ) (6 ) (58 ) (51 ) (7 ) (58 ) Recoveries on loans previously charged-off 28 4 32 31 6 37 Net loan charge-offs (24 ) (2 ) (26 ) (20 ) (1 ) (21 ) Provision for loan losses 54 (3 ) 51 17 (3 ) 14 Foreign currency translation adjustment (1 ) — (1 ) — — — Balance at end of period $ 563 $ 55 $ 618 $ 528 $ 63 $ 591 As a percentage of total loans 1.24 % 1.27 % 1.24 % 1.21 % 1.55 % 1.23 % June 30 Allowance for loan losses: Individually evaluated for impairment $ 39 $ — $ 39 $ 39 $ — $ 39 Collectively evaluated for impairment 524 55 579 489 63 552 Total allowance for loan losses $ 563 $ 55 $ 618 $ 528 $ 63 $ 591 Loans: Individually evaluated for impairment $ 258 $ 34 $ 292 $ 215 $ 45 $ 260 Collectively evaluated for impairment 45,140 4,307 49,447 43,631 3,988 47,619 Purchased credit impaired (PCI) loans — 2 2 — 3 3 Total loans evaluated for impairment $ 45,398 $ 4,343 $ 49,741 $ 43,846 $ 4,036 $ 47,882 |
Changes In the Allowance For Credit Losses On Lending-Related Commitments | Changes in the allowance for credit losses on lending-related commitments, included in "accrued expenses and othe r liabilities" on the consolidated balance sheets, are summarized in the following table. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Balance at beginning of period $ 39 $ 37 $ 41 $ 36 Charge-offs on lending related commitments (a) (1 ) — (1 ) — Provision for credit losses on lending-related commitments 12 5 10 6 Balance at end of period $ 50 $ 42 $ 50 $ 42 (a) Charge-offs result from the sale of unfunded lending-related commitments. |
Individually Evaluated Impaired Loans | The following table presents additional information regarding individually evaluated impaired loans. Recorded Investment In: (in millions) Impaired Loans with No Related Allowance Impaired Loans with Related Allowance Total Impaired Loans Unpaid Principal Balance Related Allowance for Loan Losses June 30, 2015 Business loans: Commercial $ 27 $ 168 $ 195 $ 239 $ 30 Real estate construction: Other business lines (a) — 1 1 1 — Commercial mortgage: Commercial Real Estate business line (b) 7 8 15 37 6 Other business lines (a) 2 36 38 55 1 Total commercial mortgage 9 44 53 92 7 International — 9 9 16 2 Total business loans 36 222 258 348 39 Retail loans: Residential mortgage 15 — 15 17 — Consumer: Home equity 12 — 12 15 — Other consumer 7 — 7 11 — Total consumer 19 — 19 26 — Total retail loans (c) 34 — 34 43 — Total individually evaluated impaired loans $ 70 $ 222 $ 292 $ 391 $ 39 December 31, 2014 Business loans: Commercial $ 7 $ 103 $ 110 $ 148 $ 29 Real estate construction: Other business lines (a) — 1 1 1 — Commercial mortgage: Commercial Real Estate business line (b) — 19 19 41 8 Other business lines (a) 4 43 47 63 2 Total commercial mortgage 4 62 66 104 10 Total business loans 11 166 177 253 39 Retail loans: Residential mortgage 25 — 25 28 — Consumer: Home equity 12 — 12 16 — Other consumer 5 — 5 7 — Total consumer 17 — 17 23 — Total retail loans (c) 42 — 42 51 — Total individually evaluated impaired loans $ 53 $ 166 $ 219 $ 304 $ 39 (a) Primarily loans secured by owner-occupied real estate. (b) Primarily loans to real estate developers. (c) Individually evaluated retail loans had no related allowance for loan losses, primarily due to policy changes which resulted in direct write-downs of restructured retail loans. |
Average Individually Evaluated Impaired Loans And Related Interest Recognized | The following table presents information regarding average individually evaluated impaired loans and the related interest recognized. Interest income recognized for the period primarily related to performing restructured loans. Individually Evaluated Impaired Loans 2015 2014 (in millions) Average Balance for the Period Interest Income Recognized for the Period Average Balance for the Period Interest Income Recognized for the Period Three Months Ended June 30 Business loans: Commercial $ 152 $ 1 $ 56 $ — Real estate construction: Commercial Real Estate business line (a) — — 17 — Commercial mortgage: Commercial Real Estate business line (a) 16 — 63 — Other business lines (b) 40 — 71 1 Total commercial mortgage 56 — 134 1 International 5 — 2 — Total business loans 213 1 209 1 Retail loans: Residential mortgage 19 — 31 — Consumer loans: Home equity 12 — 12 — Other consumer 5 — 4 — Total consumer 17 — 16 — Total retail loans 36 — 47 — Total individually evaluated impaired loans $ 249 $ 1 $ 256 $ 1 Six Months Ended June 30 Business loans: Commercial $ 138 $ 2 $ 62 $ — Real estate construction: Commercial Real Estate business line (a) — — 18 — Commercial mortgage: Commercial Real Estate business line (a) 17 — 62 — Other business lines (b) 42 — 70 2 Total commercial mortgage 59 — 132 2 International 3 — 2 — Total business loans 200 2 214 2 Retail loans: Residential mortgage 21 — 32 — Consumer: Home equity 12 — 12 — Other consumer 5 — 4 — Total consumer 17 — 16 — Total retail loans 38 — 48 — Total individually evaluated impaired loans $ 238 $ 2 $ 262 $ 2 (a) Primarily loans to real estate developers. (b) Primarily loans secured by owner-occupied real estate. |
Troubled Debt Restructurings By Type Of Modification | The following tables detail the recorded balance at June 30, 2015 and 2014 of loans considered to be TDRs that were restructured during the three- and six-month periods ended June 30, 2015 and 2014 , by type of modification. In cases of loans with more than one type of modification, the loans were categorized based on the most significant modification. 2015 2014 Type of Modification Type of Modification (in millions) Principal Deferrals (a) Interest Rate Reductions Total Modifications Principal Deferrals (a) Interest Rate Reductions Total Modifications Three Months Ended June 30 Business loans: Commercial $ 2 $ — $ 2 $ — $ — $ — Commercial mortgage: Commercial Real Estate business line (b) 1 — 1 — — — Other business lines (c) 1 — 1 — — — Total commercial mortgage 2 — 2 — — — Total business loans 4 — 4 — — — Retail loans: Consumer: Home equity — 1 1 — 1 1 Total loans $ 4 $ 1 $ 5 $ — $ 1 $ 1 Six Months Ended June 30 Business loans: Commercial $ 2 $ — $ 2 $ 1 $ — $ 1 Commercial mortgage: Commercial Real Estate business line (b) 1 — 1 — — — Other business lines (c) 4 — 4 8 — 8 Total commercial mortgage 5 — 5 8 — 8 International — — — 1 — 1 Total business loans 7 — 7 10 — 10 Retail loans: Consumer: Home equity — 1 1 — 2 2 Total loans $ 7 $ 1 $ 8 $ 10 $ 2 $ 12 (a) Primarily represents loan balances where terms were extended 90 days or more at or above contractual interest rates. (b) Primarily loans to real estate developers. (c) Primarily loans secured by owner-occupied real estate. |
Troubled Debt Restructuring Subsequent Default | The following table presents information regarding the recorded balance at June 30, 2015 and 2014 of loans modified by principal deferral during the twelve-month periods ended June 30, 2015 and 2014 , and those principal deferrals which experienced a subsequent default during the three- and six-month periods ended June 30, 2015 and 2014 . For principal deferrals, incremental deterioration in the credit quality of the loan, represented by a downgrade in the risk rating of the loan, for example, due to missed interest payments or a reduction of collateral value, is considered a subsequent default. 2015 2014 (in millions) Balance at June 30 Subsequent Default in the Three Months Ended June 30 Subsequent Default in the Six Months Ended June 30 Balance at June 30 Subsequent Default in the Three Months Ended June 30 Subsequent Default in the Six Months Ended June 30 Principal deferrals: Business loans: Commercial $ 10 $ — $ 6 $ 12 $ — $ 2 Commercial mortgage: Commercial Real Estate business line (a) 1 — — 17 — — Other business lines (b) 10 1 2 11 — — Total commercial mortgage 11 1 2 28 — — International — — — 1 — — Total business loans 21 1 8 41 — 2 Retail loans: Residential mortgage — — — 2 (c) — — Consumer: Home equity 2 (c) — — 4 (c) — — Other consumer — — — 1 (c) — — Total consumer 2 — — 5 — — Total retail loans 2 — — 7 — — Total principal deferrals $ 23 $ 1 $ 8 $ 48 $ — $ 2 (a) Primarily loans to real estate developers. (b) Primarily loans secured by owner-occupied real estate. (c) Includes bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. |
Acquired Purchased Credit-Impaired Loans | The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at June 30, 2015 and December 31, 2014 were as follows. (in millions) June 30, 2015 December 31, 2014 Acquired PCI loans: Carrying amount $ 2 $ 2 Outstanding balance (principal and unpaid interest) 6 8 |
Accretable Yield For Acquired Purchased Credit-Impaired Loans | Changes in the accretable yield for acquired PCI loans for the three- and six-month periods ended June 30, 2015 and 2014 were as follows. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Balance at beginning of period $ 1 $ 11 $ 1 $ 15 Reclassifications from nonaccretable — 4 1 9 Accretion — (9 ) (1 ) (18 ) Balance at end of period $ 1 $ 6 $ 1 $ 6 |
Derivative And Credit-Related26
Derivative And Credit-Related Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivative Instruments | The following table presents the composition of the Corporation’s derivative instruments held or issued for risk management purposes or in connection with customer-initiated and other activities at June 30, 2015 and December 31, 2014 . The table excludes commitments, warrants accounted for as derivatives and a derivative related to the Corporation’s 2008 sale of its remaining ownership of Visa shares. June 30, 2015 December 31, 2014 Fair Value Fair Value (in millions) Notional/ Contract Amount (a) Gross Derivative Assets Gross Derivative Liabilities Notional/ Contract Amount (a) Gross Derivative Assets Gross Derivative Liabilities Risk management purposes Derivatives designated as hedging instruments Interest rate contracts: Swaps - fair value - receive fixed/pay floating $ 2,000 $ 148 $ 2 $ 1,800 $ 175 $ — Derivatives used as economic hedges Foreign exchange contracts: Spot, forwards and swaps 657 — 2 508 4 — Total risk management purposes 2,657 148 4 2,308 179 — Customer-initiated and other activities Interest rate contracts: Caps and floors written 312 — 1 274 — — Caps and floors purchased 312 1 — 274 — — Swaps 11,807 135 87 11,780 153 102 Total interest rate contracts 12,431 136 88 12,328 153 102 Energy contracts: Caps and floors written 939 1 92 1,218 — 173 Caps and floors purchased 939 92 1 1,218 173 — Swaps 2,307 256 255 2,496 354 352 Total energy contracts 4,185 349 348 4,932 527 525 Foreign exchange contracts: Spot, forwards, options and swaps 2,112 36 29 1,994 35 34 Total customer-initiated and other activities 18,728 521 465 19,254 715 661 Total gross derivatives $ 21,385 669 469 $ 21,562 894 661 Amounts offset in the consolidated balance sheets: Netting adjustment - Offsetting derivative assets/liabilities (116 ) (116 ) (133 ) (133 ) Netting adjustment - Cash collateral received/posted (201 ) (3 ) (262 ) — Net derivatives included in the consolidated balance sheets (b) 352 350 499 528 Amounts not offset in the consolidated balance sheets: Marketable securities pledged under bilateral collateral agreements (122 ) — (239 ) (2 ) Net derivatives after deducting amounts not offset in the consolidated balance sheets $ 230 $ 350 $ 260 $ 526 (a) Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets. (b) Net derivative assets are included in “accrued income and other assets” and net derivative liabilities are included in “accrued expenses and other liabilities” on the consolidated balance sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and credit risk of the Corporation. The fair value of net derivative assets included credit valuation adjustments for counterparty credit risk of $4 million and $2 million at June 30, 2015 and December 31, 2014 , respectively. |
Schedule Of Weighted Average Maturity And Interest Rates On Risk Management Interest Rate Swaps | The following table summarizes the expected weighted average remaining maturity of the notional amount of risk management interest rate swaps and the weighted average interest rates associated with amounts expected to be received or paid on interest rate swap agreements as of June 30, 2015 and December 31, 2014 . Weighted Average (dollar amounts in millions) Notional Amount Remaining Maturity (in years) Receive Rate Pay Rate (a) June 30, 2015 Swaps - fair value - receive fixed/pay floating rate Medium- and long-term debt designation $ 2,000 5.0 3.99 % 0.76 % December 31, 2014 Swaps - fair value - receive fixed/pay floating rate Medium- and long-term debt designation 1,800 4.6 4.54 0.49 (a) Variable rates paid on receive fixed swaps are based on six-month LIBOR rates in effect at June 30, 2015 and December 31, 2014 . |
Schedule Of Net Gains Recognized In Income On Customer-Initiated Derivatives | The net gains recognized in income on customer-initiated derivative instruments, net of the impact of offsetting positions, were as follows . Three Months Ended June 30, Six Months Ended June 30, (in millions) Location of Gain 2015 2014 2015 2014 Interest rate contracts Other noninterest income $ 5 $ 4 $ 7 $ 8 Energy contracts Other noninterest income — — 1 — Foreign exchange contracts Foreign exchange income 8 11 18 20 Total $ 13 $ 15 $ 26 $ 28 |
Schedule Of Financial Instruments With Off-Balance Sheet Credit Risk | The Corporation’s credit risk associated with these instruments is represented by the contractual amounts indicated in the following table. (in millions) June 30, 2015 December 31, 2014 Unused commitments to extend credit: Commercial and other $ 26,709 $ 27,905 Bankcard, revolving check credit and home equity loan commitments 2,291 2,151 Total unused commitments to extend credit $ 29,000 $ 30,056 Standby letters of credit $ 3,765 $ 3,880 Commercial letters of credit 80 75 Other credit-related financial instruments 1 1 |
Summary Of Criticized Letters Of Credit | The following table presents a summary of criticized standby and commercial letters of credit at June 30, 2015 and December 31, 2014 . The Corporation's criticized list is generally consistent with the Special mention, Substandard and Doubtful categories defined by regulatory authorities. The Corporation manages credit risk through underwriting, periodically reviewing and approving its credit exposures using Board committee approved credit policies and guidelines. (dollar amounts in millions) June 30, 2015 December 31, 2014 Total criticized standby and commercial letters of credit $ 104 $ 79 As a percentage of total outstanding standby and commercial letters of credit 2.7 % 2.0 % |
Variable Interest Entities (V27
Variable Interest Entities (VIEs) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Impact Of VIEs On The Consolidated Statements Of Comprehensive Income | The following table summarizes the impact of these tax credit entities on line items on the Corporation’s consolidated statements of comprehensive income. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Other noninterest income: Amortization of other tax credit investments $ — $ (1 ) $ 1 $ (3 ) Provision for income taxes: Amortization of LIHTC investments 15 14 30 28 Low income housing tax credits (15 ) (14 ) (30 ) (28 ) Other tax benefits related to tax credit entities (5 ) (7 ) (10 ) (13 ) Total provision for income taxes $ (5 ) $ (7 ) (10 ) (13 ) |
Medium- And Long-Term Debt (Tab
Medium- And Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule Of Medium- And Long-Term Debt | Medium- and long-term debt is summarized as follows: (in millions) June 30, 2015 December 31, 2014 Parent company Subordinated notes: 4.80% subordinated notes due 2015 (a) $ — $ 304 3.80% subordinated notes due 2026 (a) 253 257 Medium-term notes: 3.00% notes due 2015 300 300 2.125% notes due 2019 (a) 350 347 Total parent company 903 1,208 Subsidiaries Subordinated notes: 5.75% subordinated notes due 2016 (a) 665 670 5.20% subordinated notes due 2017 (a) 541 548 7.875% subordinated notes due 2026 (a) 221 227 Total subordinated notes 1,427 1,445 Medium-term notes: 2.50% notes due 2020 (a) 495 — Other notes: 6.0% - 6.4% fixed-rate notes due 2020 16 22 Total subsidiaries 1,938 1,467 Total medium- and long-term debt $ 2,841 $ 2,675 (a) The carrying value of medium- and long-term debt has been adjusted to reflect the gain or loss attributable to the risk hedged with interest rate swaps. |
Accumulated Other Comprehensi29
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule Of Accumulated Other Comprehensive Loss | The following table presents a reconciliation of the changes in the components of accumulated other comprehensive loss and details the components of other comprehensive income (loss) for the six months ended June 30, 2015 and 2014 , including the amount of income tax expense (benefit) allocated to each component of other comprehensive income (loss). Six Months Ended June 30, (in millions) 2015 2014 Accumulated net unrealized gains (losses) on investment securities: Balance at beginning of period, net of tax $ 37 $ (68 ) Net unrealized holding (losses) gains arising during the period (17 ) 116 Less: (Benefit) provision for income taxes (6 ) 41 Net unrealized holding (losses) gains arising during the period, net of tax (11 ) 75 Less: Net realized (losses) gains included in net securities (losses) gains (2 ) 1 Less: Benefit for income taxes (1 ) — Reclassification adjustment for net securities (losses) gains included in net income, net of tax (1 ) 1 Less: Net losses realized as a yield adjustment in interest on investment securities (4 ) — Less: Benefit for income taxes (1 ) — Reclassification adjustment for net losses realized as a yield adjustment included in net income, net of tax (3 ) — Change in net unrealized (losses) gains on investment securities, net of tax (7 ) 74 Balance at end of period, net of tax $ 30 $ 6 Accumulated defined benefit pension and other postretirement plans adjustment: Balance at beginning of period, net of tax $ (449 ) $ (323 ) Amortization of actuarial net loss 35 18 Amortization of prior service cost — 1 Amounts recognized in salaries and benefits expense 35 19 Less: Provision for income taxes 12 6 Change in defined benefit pension and other postretirement plans adjustment, net of tax 23 13 Balance at end of period, net of tax $ (426 ) $ (310 ) Total accumulated other comprehensive loss at end of period, net of tax $ (396 ) $ (304 ) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Net Income Per Common Share | Basic and diluted net income per common share are presented in the following table. Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2015 2014 2015 2014 Basic and diluted Net income $ 135 $ 151 $ 269 $ 290 Less: Income allocated to participating securities 1 2 3 4 Net income attributable to common shares $ 134 $ 149 $ 266 $ 286 Basic average common shares 176 179 176 180 Basic net income per common share $ 0.76 $ 0.83 $ 1.51 $ 1.59 Basic average common shares 176 179 176 180 Dilutive common stock equivalents: Net effect of the assumed exercise of stock options 2 2 2 2 Net effect of the assumed exercise of warrants 4 5 4 4 Diluted average common shares 182 186 182 186 Diluted net income per common share $ 0.73 $ 0.80 $ 1.46 $ 1.54 |
Schedule of Average Shares Excluded From Diluted Net Income Per Common Share Computation | The following average shares related to outstanding options to purchase shares of common stock were not included in the computation of diluted net income per common share because the options were anti-dilutive for the period. Three Months Ended June 30, Six Months Ended June 30, (shares in millions) 2015 2014 2015 2014 Average outstanding options 5.0 7.2 5.9 7.9 Range of exercise prices $49.22 - $60.82 $49.22 - $60.82 $46.68 - $60.82 $48.17 - $61.94 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the Corporation's qualified pension plan, non-qualified pension plan and postretirement benefit plan are as follows. Qualified Defined Benefit Pension Plan Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Service cost $ 9 $ 8 $ 18 $ 15 Interest cost 22 22 44 44 Expected return on plan assets (40 ) (33 ) (80 ) (66 ) Amortization of prior service cost 1 2 2 3 Amortization of net loss 15 7 29 15 Net periodic defined benefit cost $ 7 $ 6 $ 13 $ 11 Non-Qualified Defined Benefit Pension Plan Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 3 3 5 5 Amortization of prior service credit (1 ) (1 ) (2 ) (2 ) Amortization of net loss 2 1 5 3 Net periodic defined benefit cost $ 5 $ 4 $ 10 $ 8 Postretirement Benefit Plan Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Interest cost $ — $ 1 $ 1 $ 2 Expected return on plan assets (1 ) (1 ) (2 ) (2 ) Amortization of net loss 1 — 1 — Net periodic postretirement benefit cost $ — $ — $ — $ — |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Financial Results | Business segment financial results are as follows: (dollar amounts in millions) Business Retail Wealth Management Finance Other Total Three Months Ended June 30, 2015 Earnings summary: Net interest income (expense) (FTE) $ 375 $ 155 $ 45 $ (155 ) $ 2 $ 422 Provision for credit losses 61 (8 ) (9 ) — 3 47 Noninterest income 140 46 60 14 1 261 Noninterest expenses 176 182 74 3 1 436 Provision (benefit) for income taxes (FTE) 96 9 14 (54 ) — 65 Net income (loss) $ 182 $ 18 $ 26 $ (90 ) $ (1 ) $ 135 Net loan charge-offs (recoveries) $ 22 $ 1 $ (5 ) $ — $ — $ 18 Selected average balances: Assets $ 39,135 $ 6,459 $ 5,153 $ 11,721 $ 6,495 $ 68,963 Loans 38,109 5,770 4,954 — — 48,833 Deposits 30,229 22,747 4,060 93 269 57,398 Statistical data: Return on average assets (a) 1.87 % 0.30 % 2.01 % N/M N/M 0.79 % Efficiency ratio (b) 34.19 % 89.88 % 70.27 % N/M N/M 63.68 % (dollar amounts in millions) Business Retail Wealth Management Finance Other Total Three Months Ended June 30, 2014 Earnings summary: Net interest income (expense) (FTE) $ 375 $ 152 $ 44 $ (160 ) $ 6 $ 417 Provision for credit losses 35 (6 ) (10 ) — (8 ) 11 Noninterest income 100 41 62 15 2 220 Noninterest expenses 143 174 76 2 9 404 Provision (benefit) for income taxes (FTE) 100 9 15 (56 ) 3 71 Net income (loss) $ 197 $ 16 $ 25 $ (91 ) $ 4 $ 151 Net loan charge-offs (recoveries) $ 9 $ 3 $ (3 ) $ — $ — $ 9 Selected average balances: Assets $ 37,305 $ 6,222 $ 4,987 $ 11,055 $ 5,309 $ 64,878 Loans 36,367 5,554 4,804 — — 46,725 Deposits 27,351 21,890 3,616 258 269 53,384 Statistical data: Return on average assets (a) 2.11 % 0.29 % 2.02 % N/M N/M 0.93 % Efficiency ratio b) 30.07 % 90.06 % 72.11 % N/M N/M 63.35 % (a) Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. (b) Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. FTE – Fully Taxable Equivalent N/M – not meaningful (dollar amounts in millions) Business Bank Retail Bank Wealth Management Finance Other Total Six Months Ended June 30, 2015 Earnings summary: Net interest income (expense) (FTE) $ 744 $ 307 $ 88 $ (308 ) $ 5 $ 836 Provision for credit losses 86 (16 ) (10 ) — 1 61 Noninterest income 282 88 118 27 1 516 Noninterest expenses 376 357 151 5 6 895 Provision (benefit) for income taxes (FTE) 193 19 23 (107 ) (1 ) 127 Net income (loss) $ 371 $ 35 $ 42 $ (179 ) $ — $ 269 Net loan charge-offs (recoveries) $ 31 $ 2 $ (7 ) $ — $ — $ 26 Selected average balances: Assets $ 38,896 $ 6,414 $ 5,091 $ 11,930 $ 6,521 $ 68,852 Loans 37,868 5,732 4,894 — — 48,494 Deposits 30,187 22,577 4,028 131 273 57,196 Statistical data: Return on average assets (a) 1.91 % 0.30 % 1.65 % N/M N/M 0.78 % Efficiency ratio (b) 36.69 90.22 72.40 N/M N/M 66.07 (dollar amounts in millions) Business Bank Retail Bank Wealth Management Finance Other Total Six Months Ended June 30, 2014 Earnings summary: Net interest income (expense) (FTE) $ 744 $ 301 $ 89 $ (318 ) $ 12 $ 828 Provision for credit losses 52 (5 ) (18 ) — (9 ) 20 Noninterest income 191 82 122 29 4 428 Noninterest expenses 289 348 152 5 16 810 Provision (benefit) for income taxes (FTE) 199 14 28 (111 ) 6 136 Net income (loss) $ 395 $ 26 $ 49 $ (183 ) $ 3 $ 290 Net loan charge-offs (recoveries) $ 20 $ 6 $ (5 ) $ — $ — $ 21 Selected average balances: Assets $ 36,522 $ 6,224 $ 4,959 $ 11,092 $ 5,997 $ 64,794 Loans 35,567 5,555 4,783 — — 45,905 Deposits 27,173 21,759 3,599 305 243 53,079 Statistical data: Return on average assets (a) 2.16 % 0.24 % 1.99 % N/M N/M 0.90 % Efficiency ratio (b) 30.85 90.69 72.61 N/M N/M 64.55 (a) Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. (b) Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. FTE – Fully Taxable Equivalent N/M – not meaningful |
Market Segment Financial Results | Market segment financial results are as follows: (dollar amounts in millions) Michigan California Texas Other Finance Total Three Months Ended June 30, 2015 Earnings summary: Net interest income (expense) (FTE) $ 179 $ 181 $ 130 $ 85 $ (153 ) $ 422 Provision for credit losses (13 ) 4 43 10 3 47 Noninterest income 85 37 31 93 15 261 Noninterest expenses 128 100 94 110 4 436 Provision (benefit) for income taxes (FTE) 51 43 10 15 (54 ) 65 Net income (loss) $ 98 $ 71 $ 14 $ 43 $ (91 ) $ 135 Net loan charge-offs (recoveries) $ (2 ) $ 6 $ 5 $ 9 $ — $ 18 Selected average balances: Assets $ 13,852 $ 16,696 $ 11,878 $ 8,321 $ 18,216 $ 68,963 Loans 13,290 16,429 11,254 7,860 — 48,833 Deposits 21,706 17,275 10,959 7,096 362 57,398 Statistical data: Return on average assets (a) 1.73 % 1.54 % 0.46 % 2.05 % N/M 0.79 % Efficiency ratio (b) 48.21 % 46.04 % 58.20 % 61.45 % N/M 63.68 % (dollar amounts in millions) Michigan California Texas Other Finance Total Three Months Ended June 30, 2014 Earnings summary: Net interest income (expense) (FTE) $ 182 $ 176 $ 137 $ 76 $ (154 ) $ 417 Provision for credit losses (9 ) 14 22 (8 ) (8 ) 11 Noninterest income 89 38 35 41 17 220 Noninterest expenses 159 100 89 45 11 404 Provision (benefit) for income taxes (FTE) 44 37 22 21 (53 ) 71 Net income (loss) $ 77 $ 63 $ 39 $ 59 $ (87 ) $ 151 Net loan charge-offs (recoveries) $ 10 $ 5 $ 2 $ (8 ) $ — $ 9 Selected average balances: Assets $ 13,851 $ 15,721 $ 11,661 $ 7,281 $ 16,364 $ 64,878 Loans 13,482 15,439 10,966 6,838 — 46,725 Deposits 20,694 15,370 10,724 6,069 527 53,384 Statistical data: Return on average assets (a) 1.42 % 1.54 % 1.30 % 3.28 % N/M 0.93 % Efficiency ratio (b) 58.67 % 46.64 % 51.67 % 38.73 % N/M 63.35 % (a) Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. (b) Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. FTE – Fully Taxable Equivalent N/M – not meaningful (dollar amounts in millions) Michigan California Texas Other Markets Finance & Other Total Six Months Ended June 30, 2015 Earnings summary: Net interest income (expense) (FTE) $ 357 $ 357 $ 260 $ 165 $ (303 ) $ 836 Provision for credit losses (21 ) 1 64 16 1 61 Noninterest income 166 74 67 181 28 516 Noninterest expenses 283 199 189 213 11 895 Provision (benefit) for income taxes (FTE) 89 87 28 31 (108 ) 127 Net income (loss) $ 172 $ 144 $ 46 $ 86 $ (179 ) $ 269 Net loan charge-offs $ 1 $ 6 $ 8 $ 11 $ — $ 26 Selected average balances: Assets $ 13,794 $ 16,580 $ 12,034 $ 7,993 $ 18,451 $ 68,852 Loans 13,257 16,312 11,394 7,531 — 48,494 Deposits 21,709 17,057 10,985 7,041 404 57,196 Statistical data: Return on average assets (a) 1.52 % 1.59 % 0.74 % 2.15 % N/M 0.78 % Efficiency ratio (b) 54.14 46.20 57.81 61.01 N/M 66.07 (dollar amounts in millions) Michigan California Texas Other Markets Finance & Other Total Six Months Ended June 30, 2014 Earnings summary: Net interest income (expense) (FTE) $ 364 $ 349 $ 273 $ 148 $ (306 ) $ 828 Provision for credit losses (5 ) 25 29 (20 ) (9 ) 20 Noninterest income 173 73 69 80 33 428 Noninterest expenses 320 197 179 93 21 810 Provision (benefit) for income taxes (FTE) 80 74 48 39 (105 ) 136 Net income (loss) $ 142 $ 126 $ 86 $ 116 $ (180 ) $ 290 Net loan charge-offs (recoveries) $ 10 $ 15 $ 8 $ (12 ) $ — $ 21 Selected average balances: Assets $ 13,835 $ 15,429 $ 11,367 $ 7,074 $ 17,089 $ 64,794 Loans 13,478 15,133 10,667 6,627 — 45,905 Deposits 20,668 15,078 10,799 5,986 548 53,079 Statistical data: Return on average assets (a) 1.32 % 1.57 % 1.43 % 3.28 % N/M 0.90 % Efficiency ratio (b) 59.56 46.62 52.30 40.99 N/M 64.55 (a) Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. (b) Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. FTE – Fully Taxable Equivalent N/M – not meaningful |
Basis of Presentation and Acc33
Basis of Presentation and Accounting Policies Basis of Presentation and Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Increase In Card Fees Due To Presentation Change | $ 44 | $ 88 | |
Increase In Processing Fee Expense Due to Presentation Change | 44 | 88 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Decrease in Other Assets Due to Adoption of New Accounting Pronouncement | (3,978) | (3,978) | $ (4,434) |
Decrease in Long-term Debt Due to Adoption of New Accounting Pronouncement | (2,841) | (2,841) | (2,675) |
Unamortized Debt Issuance Costs | $ 6 | $ 6 | |
Restatement Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Decrease in Other Assets Due to Adoption of New Accounting Pronouncement | 4 | ||
Decrease in Long-term Debt Due to Adoption of New Accounting Pronouncement | $ 4 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Recurring | |||||
Transfers into or out of Level 1 or Level 2 or Level 3 | $ 0 | $ 0 | $ 0 | $ 0 | |
Total liabilities at fair value | 564 | 564 | $ 756 | ||
Nonrecurring | |||||
Total liabilities at fair value | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Recorded At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | [1] | $ 8,267 | $ 8,116 | ||
Derivative assets | 669 | 894 | |||
Derivative liabilities | [2] | 350 | 528 | ||
Equity and Other Non-Debt Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 203 | 242 | |||
U.S. Treasury and Other U.S. Government Agency Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 732 | 526 | |||
Residential Mortgage-Backed Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | [3] | 7,262 | 7,274 | ||
State And Municipal Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 23 | 23 | |||
Corporate Debt Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 47 | 51 | |||
Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 8,267 | 8,116 | |||
Derivative assets | 672 | 898 | |||
Total assets at fair value | 9,034 | 9,108 | |||
Derivative liabilities | 470 | 662 | |||
Deferred compensation plan liabilities | 94 | 94 | |||
Total liabilities at fair value | 564 | 756 | |||
Recurring | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 864 | 656 | |||
Derivative assets | 0 | 0 | |||
Total assets at fair value | 959 | 750 | |||
Derivative liabilities | 0 | 0 | |||
Deferred compensation plan liabilities | 94 | 94 | |||
Total liabilities at fair value | 94 | 94 | |||
Recurring | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 7,308 | 7,324 | |||
Derivative assets | 667 | 894 | |||
Total assets at fair value | 7,975 | 8,218 | |||
Derivative liabilities | 469 | 661 | |||
Deferred compensation plan liabilities | 0 | 0 | |||
Total liabilities at fair value | 469 | 661 | |||
Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 95 | 136 | |||
Derivative assets | 5 | 4 | |||
Total assets at fair value | 100 | 140 | |||
Derivative liabilities | 1 | 1 | |||
Deferred compensation plan liabilities | 0 | 0 | |||
Total liabilities at fair value | 1 | 1 | |||
Recurring | Interest Rate Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 284 | 328 | |||
Derivative liabilities | 90 | 102 | |||
Recurring | Interest Rate Contracts | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Recurring | Interest Rate Contracts | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 282 | 328 | |||
Derivative liabilities | 90 | 102 | |||
Recurring | Interest Rate Contracts | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 2 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Recurring | Energy Derivative Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 349 | 527 | |||
Derivative liabilities | 348 | 525 | |||
Recurring | Energy Derivative Contracts | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Recurring | Energy Derivative Contracts | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 349 | 527 | |||
Derivative liabilities | 348 | 525 | |||
Recurring | Energy Derivative Contracts | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Recurring | Foreign Exchange Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 36 | 39 | |||
Derivative liabilities | 31 | 34 | |||
Recurring | Foreign Exchange Contracts | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Recurring | Foreign Exchange Contracts | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 36 | 39 | |||
Derivative liabilities | 31 | 34 | |||
Recurring | Foreign Exchange Contracts | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Derivative liabilities | 0 | 0 | |||
Recurring | Warrants | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 3 | 4 | |||
Recurring | Warrants | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Recurring | Warrants | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | |||
Recurring | Warrants | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 3 | 4 | |||
Recurring | Other Derivative Liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 1 | 1 | |||
Recurring | Other Derivative Liabilities | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | 0 | |||
Recurring | Other Derivative Liabilities | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | 0 | |||
Recurring | Other Derivative Liabilities | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 1 | 1 | |||
Recurring | Deferred Compensation Plan Assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 94 | 94 | |||
Recurring | Deferred Compensation Plan Assets | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 94 | 94 | |||
Recurring | Deferred Compensation Plan Assets | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Recurring | Deferred Compensation Plan Assets | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | 0 | |||
Recurring | Equity and Other Non-Debt Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1 | ||||
Investment securities available-for-sale | 203 | 242 | |||
Recurring | Equity and Other Non-Debt Securities | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 1 | ||||
Investment securities available-for-sale | 132 | 130 | |||
Recurring | Equity and Other Non-Debt Securities | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | ||||
Investment securities available-for-sale | 0 | 0 | |||
Recurring | Equity and Other Non-Debt Securities | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities | 0 | ||||
Investment securities available-for-sale | 71 | [4] | 112 | [5] | |
Recurring | U.S. Treasury and Other U.S. Government Agency Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 732 | 526 | |||
Recurring | U.S. Treasury and Other U.S. Government Agency Securities | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 732 | 526 | |||
Recurring | U.S. Treasury and Other U.S. Government Agency Securities | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 0 | 0 | |||
Recurring | U.S. Treasury and Other U.S. Government Agency Securities | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 0 | 0 | |||
Recurring | Residential Mortgage-Backed Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 7,262 | [6] | 7,274 | [7] | |
Recurring | Residential Mortgage-Backed Securities | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 0 | [6] | 0 | [7] | |
Recurring | Residential Mortgage-Backed Securities | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 7,262 | [6] | 7,274 | [7] | |
Recurring | Residential Mortgage-Backed Securities | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 0 | [6] | 0 | [7] | |
Recurring | State And Municipal Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 23 | 23 | |||
Recurring | State And Municipal Securities | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 0 | 0 | |||
Recurring | State And Municipal Securities | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 0 | 0 | |||
Recurring | State And Municipal Securities | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 23 | [4] | 23 | [5] | |
Recurring | Corporate Debt Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 47 | 51 | |||
Recurring | Corporate Debt Securities | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 0 | 0 | |||
Recurring | Corporate Debt Securities | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | 46 | 50 | |||
Recurring | Corporate Debt Securities | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities available-for-sale | $ 1 | [4] | $ 1 | [5] | |
[1] | Included auction-rate securities at amortized cost and fair value of $95 million as of June 30, 2015 and $137 million and $136 million, respectively, as of December 31, 2014. | ||||
[2] | Net derivative assets are included in “accrued income and other assets” and net derivative liabilities are included in “accrued expenses and other liabilities” on the consolidated balance sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and credit risk of the Corporation. The fair value of net derivative assets included credit valuation adjustments for counterparty credit risk of $4 million and $2 million at June 30, 2015 and December 31, 2014, respectively. | ||||
[3] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||||
[4] | Auction-rate securities. | ||||
[5] | Auction-rate securities. | ||||
[6] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||||
[7] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
Fair Value Measurements (Change
Fair Value Measurements (Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |||||
Interest Rate Contracts | ||||||||
Balance at beginning of period | $ 11 | $ 0 | ||||||
Realized gains (losses) recorded in earnings | 0 | 0 | ||||||
Unrealized gains (losses) recorded in earnings | [1] | (9) | 2 | |||||
Gains (losses) recorded in other comprehensive income | 0 | 0 | ||||||
Sales | 0 | 0 | ||||||
Balance at end of period | 2 | 2 | ||||||
Warrants | ||||||||
Balance at beginning of period | 3 | $ 3 | 4 | $ 3 | ||||
Realized gains (losses) recorded in earnings | [1] | 1 | 4 | 1 | 4 | |||
Unrealized gains (losses) recorded in earnings | 0 | 0 | (1) | [1] | 1 | [1] | ||
Gains (losses) recorded in other comprehensive income | 0 | 0 | 0 | 0 | ||||
Sales | (1) | (3) | (1) | (4) | ||||
Balance at end of period | 3 | 4 | 3 | 4 | ||||
Other Derivative Liabilities | ||||||||
Balance at beginnning of period | 1 | 2 | 1 | 2 | ||||
Realized gains (losses) recorded in earnings | 0 | 0 | 0 | 0 | ||||
Unrealized gains (losses) recorded in earnings | 0 | 0 | 0 | 0 | ||||
Gains (losses) recorded in other comprehensive income | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Balance at end of period | 1 | 2 | 1 | 2 | ||||
Investment Securities Available-For-Sale | ||||||||
Balance at beginning of period | 95 | 142 | 136 | 159 | ||||
Realized gains (losses) recorded in earnings | 0 | 0 | (2) | [2] | 1 | [2] | ||
Unrealized gains (losses) recorded in earnings | 0 | 0 | 0 | 0 | ||||
Gains (losses) recorded in other comprehensive income | 0 | 1 | [3] | 1 | [3] | 7 | [3] | |
Sales | 0 | (1) | (40) | (25) | ||||
Balance at end of period | 95 | 142 | 95 | 142 | ||||
State And Municipal Securities | Investment Securities Available-For-Sale | ||||||||
Balance at beginning of period | [4] | 23 | 23 | 23 | 22 | |||
Realized gains (losses) recorded in earnings | [4] | 0 | 0 | 0 | 0 | |||
Unrealized gains (losses) recorded in earnings | [4] | 0 | 0 | 0 | 0 | |||
Gains (losses) recorded in other comprehensive income | [4] | 0 | 0 | 0 | 1 | [3] | ||
Sales | [4] | 0 | 0 | 0 | 0 | |||
Balance at end of period | [4] | 23 | 23 | 23 | 23 | |||
Corporate Debt Securities | Investment Securities Available-For-Sale | ||||||||
Balance at beginning of period | [4] | 1 | 1 | 1 | 1 | |||
Realized gains (losses) recorded in earnings | [4] | 0 | 0 | 0 | 0 | |||
Unrealized gains (losses) recorded in earnings | [4] | 0 | 0 | 0 | 0 | |||
Gains (losses) recorded in other comprehensive income | [4] | 0 | 0 | 0 | 0 | |||
Sales | [4] | 0 | 0 | 0 | 0 | |||
Balance at end of period | [4] | 1 | 1 | 1 | 1 | |||
Equity and Other Non-Debt Securities | Investment Securities Available-For-Sale | ||||||||
Balance at beginning of period | [4] | 71 | 118 | 112 | 136 | |||
Realized gains (losses) recorded in earnings | [4] | 0 | 0 | (2) | [2] | 1 | [2] | |
Unrealized gains (losses) recorded in earnings | [4] | 0 | 0 | 0 | 0 | |||
Gains (losses) recorded in other comprehensive income | [4] | 0 | 1 | [3] | 1 | [3] | 6 | [3] |
Sales | [4] | 0 | (1) | (40) | (25) | |||
Balance at end of period | [4] | $ 71 | $ 118 | $ 71 | $ 118 | |||
[1] | Realized and unrealized gains and losses due to changes in fair value recorded in "other noninterest income" on the consolidated statements of comprehensive income. | |||||||
[2] | Realized and unrealized gains and losses due to changes in fair value recorded in "net securities gains" on the consolidated statements of comprehensive income. | |||||||
[3] | Recorded in "net unrealized gains (losses) on investment securities available-for-sale" in other comprehensive income. | |||||||
[4] | Auction-rate securities. |
Fair Value Measurements (Asse37
Fair Value Measurements (Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis) (Details) - Nonrecurring - Level 3 - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 38 | $ 64 |
Nonmarketable equity securities | 1 | 2 |
Other real estate | 4 | 2 |
Total assets at fair value | 43 | 68 |
Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 18 | 38 |
Commercial mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 12 | $ 26 |
International | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 8 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information About Level 3 Measurements) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Investment securities available-for-sale | [1] | $ 8,267 | $ 8,116 |
Recurring | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Investment securities available-for-sale | 8,267 | 8,116 | |
Recurring | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Investment securities available-for-sale | $ 95 | $ 136 | |
Recurring | State And Municipal Securities | Minimum | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unobservable Input, Discount rate | [2] | 3.00% | 3.00% |
Unobservable Input, Workout period | [2] | 1 year | 1 year |
Recurring | State And Municipal Securities | Maximum | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unobservable Input, Discount rate | [2] | 8.00% | 9.00% |
Unobservable Input, Workout period | [2] | 2 years | 3 years |
Recurring | Equity and Other Non-Debt Securities | Minimum | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unobservable Input, Discount rate | [2] | 4.00% | 4.00% |
Unobservable Input, Workout period | [2] | 1 year | 1 year |
Recurring | Equity and Other Non-Debt Securities | Maximum | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unobservable Input, Discount rate | [2] | 8.00% | 8.00% |
Unobservable Input, Workout period | [2] | 1 year | 2 years |
[1] | Included auction-rate securities at amortized cost and fair value of $95 million as of June 30, 2015 and $137 million and $136 million, respectively, as of December 31, 2014. | ||
[2] | Auction-rate securities. |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values Of Financial Instruments Not Recorded At Fair Value In Their Entirety On A Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | |
Cash and due from banks | $ 1,148 | $ 1,026 | |
Interest-bearing deposits with banks | 4,817 | 5,045 | |
Investment securities held-to-maturity | 1,952 | 1,935 | |
Total loans, net of allowance for loan losses | 49,123 | 47,999 | |
Demand deposits (noninterest-bearing) | 28,167 | 27,224 | |
Customer certificates of deposit | 4,367 | 4,421 | |
Total deposits | 58,260 | 57,486 | |
Short-term borrowings | 56 | 116 | |
Medium- and long-term debt | 2,841 | 2,675 | |
Carrying Amount | |||
Cash and due from banks | 1,148 | 1,026 | |
Interest-bearing deposits with banks | 4,817 | 5,045 | |
Investment securities held-to-maturity | 1,952 | 1,935 | |
Loans held-for-sale | 25 | 5 | |
Total loans, net of allowance for loan losses | [1] | 49,123 | 47,999 |
Customers' liability on acceptances outstanding | 8 | 10 | |
Nonmarketable equity securities | [2] | 11 | 11 |
Restricted equity investments | 92 | 92 | |
Demand deposits (noninterest-bearing) | 28,167 | 27,224 | |
Interest-bearing deposits | 25,726 | 25,841 | |
Customer certificates of deposit | 4,367 | 4,421 | |
Total deposits | 58,260 | 57,486 | |
Short-term borrowings | 56 | 116 | |
Acceptances outstanding | 8 | 10 | |
Medium- and long-term debt | 2,841 | 2,675 | |
Credit-related financial instruments | (95) | (85) | |
Estimated Fair Value | |||
Cash and due from banks | 1,148 | 1,026 | |
Interest-bearing deposits with banks | 4,817 | 5,045 | |
Investment securities held-to-maturity | 1,946 | 1,933 | |
Loans held-for-sale | 25 | 5 | |
Total loans, net of allowance for loan losses | [1] | 49,009 | 47,932 |
Customers' liability on acceptances outstanding | 8 | 10 | |
Nonmarketable equity securities | [2] | 18 | 18 |
Restricted equity investments | 92 | 92 | |
Demand deposits (noninterest-bearing) | 28,167 | 27,224 | |
Interest-bearing deposits | 25,726 | 25,841 | |
Customer certificates of deposit | 4,357 | 4,411 | |
Total deposits | 58,250 | 57,476 | |
Short-term borrowings | 56 | 116 | |
Acceptances outstanding | 8 | 10 | |
Medium- and long-term debt | 2,835 | 2,681 | |
Credit-related financial instruments | (95) | (85) | |
Level 1 | Estimated Fair Value | |||
Cash and due from banks | 1,148 | 1,026 | |
Interest-bearing deposits with banks | 4,817 | 5,045 | |
Investment securities held-to-maturity | 0 | 0 | |
Loans held-for-sale | 0 | 0 | |
Total loans, net of allowance for loan losses | [1] | 0 | 0 |
Customers' liability on acceptances outstanding | 8 | 10 | |
Nonmarketable equity securities | [2] | 0 | 0 |
Restricted equity investments | 92 | 92 | |
Demand deposits (noninterest-bearing) | 0 | 0 | |
Interest-bearing deposits | 0 | 0 | |
Customer certificates of deposit | 0 | 0 | |
Total deposits | 0 | 0 | |
Short-term borrowings | 56 | 116 | |
Acceptances outstanding | 8 | 10 | |
Medium- and long-term debt | 0 | 0 | |
Credit-related financial instruments | 0 | 0 | |
Level 2 | Estimated Fair Value | |||
Cash and due from banks | 0 | 0 | |
Interest-bearing deposits with banks | 0 | 0 | |
Investment securities held-to-maturity | 1,946 | 1,933 | |
Loans held-for-sale | 25 | 5 | |
Total loans, net of allowance for loan losses | [1] | 0 | 0 |
Customers' liability on acceptances outstanding | 0 | 0 | |
Nonmarketable equity securities | [2] | 0 | 0 |
Restricted equity investments | 0 | 0 | |
Demand deposits (noninterest-bearing) | 28,167 | 27,224 | |
Interest-bearing deposits | 25,726 | 25,841 | |
Customer certificates of deposit | 4,357 | 4,411 | |
Total deposits | 58,250 | 57,476 | |
Short-term borrowings | 0 | 0 | |
Acceptances outstanding | 0 | 0 | |
Medium- and long-term debt | 2,835 | 2,681 | |
Credit-related financial instruments | 0 | 0 | |
Level 3 | Estimated Fair Value | |||
Cash and due from banks | 0 | 0 | |
Interest-bearing deposits with banks | 0 | 0 | |
Investment securities held-to-maturity | 0 | 0 | |
Loans held-for-sale | 0 | 0 | |
Total loans, net of allowance for loan losses | [1] | 49,009 | 47,932 |
Customers' liability on acceptances outstanding | 0 | 0 | |
Nonmarketable equity securities | [2] | 18 | 18 |
Restricted equity investments | 0 | 0 | |
Demand deposits (noninterest-bearing) | 0 | 0 | |
Interest-bearing deposits | 0 | 0 | |
Customer certificates of deposit | 0 | 0 | |
Total deposits | 0 | 0 | |
Short-term borrowings | 0 | 0 | |
Acceptances outstanding | 0 | 0 | |
Medium- and long-term debt | 0 | 0 | |
Credit-related financial instruments | (95) | (85) | |
Nonrecurring | Level 3 | |||
Nonmarketable equity securities | 1 | 2 | |
Nonrecurring | Level 3 | Estimated Fair Value | |||
Total loans, net of allowance for loan losses | $ 38 | $ 64 | |
[1] | Included $38 million and $64 million of impaired loans recorded at fair value on a nonrecurring basis at June 30, 2015 and December 31, 2014, respectively. | ||
[2] | Included $1 million and $2 million of nonmarketable equity securities recorded at fair value on a nonrecurring basis at June 30, 2015 and December 31, 2014, respectively. |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($)Security | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Security | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | ||
Securities with no credit impairment in unrealized loss position | Security | 112 | 112 | ||||
Securities gains | $ 0 | $ 0 | $ 0 | $ 1 | ||
Securities losses | 0 | 0 | (2) | 0 | ||
Net securities (losses) gains | 0 | $ 0 | (2) | $ 1 | ||
Investment securities available-for-sale, Amortized Cost | [1] | 8,201 | 8,201 | $ 8,035 | ||
Investment securities available-for-sale, Fair Value | [1] | 8,267 | 8,267 | 8,116 | ||
Investment securities held-to-maturity, Amortized Cost | 1,952 | 1,952 | 1,935 | |||
Investment securities held-to-maturity, Fair Value | 1,946 | 1,946 | ||||
Carrying value of securities pledged | 2,800 | 2,800 | ||||
Liabilities secured by pledged collateral | $ 2,200 | $ 2,200 | ||||
Residential Mortgage-Backed Securities | ||||||
Securities with no credit impairment in unrealized loss position | Security | 93 | 93 | ||||
Investment securities available-for-sale, Amortized Cost | [2] | $ 7,200 | $ 7,200 | 7,192 | ||
Investment securities available-for-sale, Fair Value | [2] | 7,262 | 7,262 | 7,274 | ||
Investment securities held-to-maturity, Amortized Cost | [2],[3] | 1,952 | 1,952 | 1,935 | ||
Investment securities held-to-maturity, Fair Value | [2],[3] | $ 1,946 | $ 1,946 | 1,933 | ||
Auction-Rate State And Municipal Securities | ||||||
Securities with no credit impairment in unrealized loss position | 17 | 17 | ||||
Auction-Rate Corporate Debt Securities | ||||||
Securities with no credit impairment in unrealized loss position | Security | 1 | 1 | ||||
Investment securities available-for-sale, Amortized Cost | $ 47 | $ 47 | 51 | |||
Investment securities available-for-sale, Fair Value | $ 47 | $ 47 | 51 | |||
U.S. Treasury and Other U.S. Government Agency Securities | ||||||
Securities with no credit impairment in unrealized loss position | 1 | 1 | ||||
Investment securities available-for-sale, Amortized Cost | $ 729 | $ 729 | 526 | |||
Investment securities available-for-sale, Fair Value | 732 | $ 732 | 526 | |||
Auction-Rate Securities | ||||||
ARS portfolio redeemed or sold since acquisition | 93.00% | |||||
ARS portfolio redeemed or sold since acquisition at or above cost | 92.00% | |||||
Investment securities available-for-sale, Amortized Cost | 95 | $ 95 | 137 | |||
Investment securities available-for-sale, Fair Value | $ 95 | $ 95 | $ 136 | |||
[1] | Included auction-rate securities at amortized cost and fair value of $95 million as of June 30, 2015 and $137 million and $136 million, respectively, as of December 31, 2014. | |||||
[2] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||||
[3] | The amortized cost of investment securities held-to-maturity included net unrealized losses of $19 million at June 30, 2015 and $23 million at December 31, 2014 related to securities transferred to available-for-sale, which are included in accumulated other comprehensive loss. |
Investment Securities (Summary
Investment Securities (Summary Of Investment Securities Available-For-Sale) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | |
Investment securities available-for-sale, Amortized Cost | [1] | $ 8,201 | $ 8,035 |
Investment securities available-for-sale securities, Gross Unrealized Gains | [1] | 112 | 123 |
Investment securities available-for-sale securities, Gross Unrealized Losses | [1] | 46 | 42 |
Investment securities available-for-sale, Fair Value | [1] | 8,267 | 8,116 |
Investment securities held-to-maturity, Amortized Cost | 1,952 | 1,935 | |
Investment securities held-to-maturity, Fair Value | 1,946 | ||
Net unrealized losses on available-for-sale securities transferred to held-to-maturity | 19 | 23 | |
U.S. Treasury and Other U.S. Government Agency Securities | |||
Investment securities available-for-sale, Amortized Cost | 729 | 526 | |
Investment securities available-for-sale securities, Gross Unrealized Gains | 4 | 0 | |
Investment securities available-for-sale securities, Gross Unrealized Losses | 1 | 0 | |
Investment securities available-for-sale, Fair Value | 732 | 526 | |
Residential Mortgage-Backed Securities | |||
Investment securities available-for-sale, Amortized Cost | [2] | 7,200 | 7,192 |
Investment securities available-for-sale securities, Gross Unrealized Gains | [2] | 106 | 122 |
Investment securities available-for-sale securities, Gross Unrealized Losses | [2] | 44 | 40 |
Investment securities available-for-sale, Fair Value | [2] | 7,262 | 7,274 |
Investment securities held-to-maturity, Amortized Cost | [2],[3] | 1,952 | 1,935 |
Investment securities held-to-maturity, Gross Unrealized Gains | [2],[3] | 2 | 0 |
Investment securities held-to-maturity, Gross Unrealized Losses | [2],[3] | 8 | 2 |
Investment securities held-to-maturity, Fair Value | [2],[3] | 1,946 | 1,933 |
State And Municipal Securities | |||
Investment securities available-for-sale, Amortized Cost | 24 | 24 | |
Investment securities available-for-sale securities, Gross Unrealized Gains | 0 | 0 | |
Investment securities available-for-sale securities, Gross Unrealized Losses | 1 | 1 | |
Investment securities available-for-sale, Fair Value | 23 | 23 | |
Corporate Debt Securities | |||
Investment securities available-for-sale, Amortized Cost | 47 | 51 | |
Investment securities available-for-sale securities, Gross Unrealized Gains | 0 | 0 | |
Investment securities available-for-sale securities, Gross Unrealized Losses | 0 | 0 | |
Investment securities available-for-sale, Fair Value | 47 | 51 | |
Equity and Other Non-Debt Securities | |||
Investment securities available-for-sale, Amortized Cost | 201 | 242 | |
Investment securities available-for-sale securities, Gross Unrealized Gains | 2 | 1 | |
Investment securities available-for-sale securities, Gross Unrealized Losses | 0 | 1 | |
Investment securities available-for-sale, Fair Value | 203 | 242 | |
Auction-Rate Securities | |||
Investment securities available-for-sale, Amortized Cost | 95 | 137 | |
Investment securities available-for-sale, Fair Value | $ 95 | $ 136 | |
[1] | Included auction-rate securities at amortized cost and fair value of $95 million as of June 30, 2015 and $137 million and $136 million, respectively, as of December 31, 2014. | ||
[2] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||
[3] | The amortized cost of investment securities held-to-maturity included net unrealized losses of $19 million at June 30, 2015 and $23 million at December 31, 2014 related to securities transferred to available-for-sale, which are included in accumulated other comprehensive loss. |
Investment Securities (Summar42
Investment Securities (Summary Of Investment Securities Available-For-Sale In Unrealized Loss Positions) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | ||
Temporarily Impaired Less than 12 months, Fair Value | $ 1,849 | $ 924 | ||
Temporarily Impaired 12 months or more, Fair Value | 2,212 | 3,247 | ||
Temporarily Impaired Total, Fair Value | 4,061 | 4,171 | ||
Temporarily Impaired Less than 12 Months, Unrealized Losses | 16 | 3 | ||
Temporarily Impaired 12 Months or more, Unrealized Losses | 60 | 73 | ||
Temporarily Impaired Total, Unrealized Losses | 76 | 76 | ||
U.S. Treasury and Other U.S. Government Agency Securities | ||||
Temporarily Impaired Less than 12 months, Fair Value | 212 | 298 | ||
Temporarily Impaired 12 months or more, Fair Value | 0 | 0 | ||
Temporarily Impaired Total, Fair Value | 212 | 298 | ||
Temporarily Impaired Less than 12 Months, Unrealized Losses | 1 | 0 | [1] | |
Temporarily Impaired 12 Months or more, Unrealized Losses | 0 | 0 | ||
Temporarily Impaired Total, Unrealized Losses | 1 | 0 | [1] | |
Residential Mortgage-Backed Securities | ||||
Temporarily Impaired, Less than 12 Months, Fair Value | [2] | 1,637 | 626 | |
Temporarily Impaired, 12 Months or more, Fair Value | [2] | 2,188 | 3,112 | |
Temporarily Impaired Total, Fair Value | [2] | 3,825 | 3,738 | |
Temporarily Impaired, Less than 12 Months, Unrealized Losses | [2] | 15 | 3 | |
Temporarily Impaired, 12 Months or more, Unrealized Losses | [2] | 59 | 71 | |
Temporarily Impaired Total, Unrealized Losses | [2] | 74 | 74 | |
State And Municipal Securities | ||||
Temporarily Impaired Less than 12 months, Fair Value | [3] | 0 | 0 | |
Temporarily Impaired 12 months or more, Fair Value | [3] | 23 | 22 | |
Temporarily Impaired Total, Fair Value | [3] | 23 | 22 | |
Temporarily Impaired Less than 12 Months, Unrealized Losses | [3] | 0 | 0 | |
Temporarily Impaired 12 Months or more, Unrealized Losses | [3] | 1 | 1 | |
Temporarily Impaired Total, Unrealized Losses | [3] | 1 | 1 | |
Corporate Debt Securities | ||||
Temporarily Impaired Less than 12 months, Fair Value | [3] | 0 | 0 | |
Temporarily Impaired 12 months or more, Fair Value | [3] | 1 | 1 | |
Temporarily Impaired Total, Fair Value | [3] | 1 | 1 | |
Temporarily Impaired Less than 12 Months, Unrealized Losses | [3] | 0 | 0 | |
Temporarily Impaired 12 Months or more, Unrealized Losses | [1],[3] | 0 | 0 | |
Temporarily Impaired Total, Unrealized Losses | [1],[3] | $ 0 | 0 | |
Equity and Other Non-Debt Securities | ||||
Temporarily Impaired Less than 12 months, Fair Value | [3] | 0 | ||
Temporarily Impaired 12 months or more, Fair Value | [3] | 112 | ||
Temporarily Impaired Total, Fair Value | [3] | 112 | ||
Temporarily Impaired Less than 12 Months, Unrealized Losses | [3] | 0 | ||
Temporarily Impaired 12 Months or more, Unrealized Losses | [3] | 1 | ||
Temporarily Impaired Total, Unrealized Losses | [3] | $ 1 | ||
[1] | Unrealized losses less than $0.5 million. | |||
[2] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | |||
[3] | Auction-rate securities. |
Investment Securities Investmen
Investment Securities Investment Securities (Gains and Losses on Available-For-Sale Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Securities gains | $ 0 | $ 0 | $ 0 | $ 1 |
Securities losses | 0 | 0 | (2) | 0 |
Net securities (losses) gains | $ 0 | $ 0 | $ (2) | $ 1 |
Investment Securities (Contract
Investment Securities (Contractual Maturity Distribution Of Debt Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | |
Available-for-sale, Within one year, Amortized Cost | $ 78 | ||
Available-for-sale, After one year through five years, Amortized Cost | 710 | ||
Available-for-sale, After five years through ten years, Amortized Cost | 883 | ||
Available-for-sale, After ten years, Amortized Cost | 6,329 | ||
Available-for-sale, Subtotal, Amortized Cost | 8,000 | ||
Available-for-sale, Within one year, Fair Value | 78 | ||
Available-for-sale, After one year through five years, Fair Value | 712 | ||
Available-for-sale, After five years through ten years, Fair Value | 923 | ||
Available-for-sale, After ten years, Fair Value | 6,351 | ||
Available-for-sale, Subtotal, Fair Value | 8,064 | ||
Investment securities available-for-sale, Amortized Cost | [1] | 8,201 | $ 8,035 |
Investment securities available-for-sale, Fair Value | [1] | 8,267 | 8,116 |
Held-to-maturity, Within one year, Net Carrying Amount | 0 | ||
Held-to-maturity, After one year through five Years, Net Carrying Amount | 0 | ||
Held-to-maturity, After five years through ten years, Net Carrying Amount | 0 | ||
Held-to-maturities, After ten years, Net Carrying Amount | 1,952 | ||
Held-to-maturity Securities | 1,952 | 1,935 | |
Held-to-maturity, Within one year, Fair Value | 0 | ||
Held-to-maturity Securities, After one year through five years, Fair Value | 0 | ||
Held-to-maturity Securities, After five years through ten years, Fair Value | 0 | ||
Held-to-maturity Securities, After ten years, Fair Value | 1,946 | ||
Held-to-maturity Securities, Fair Value | 1,946 | ||
Equity and Other Non-Debt Securities | |||
Investment securities available-for-sale, Amortized Cost | 201 | 242 | |
Investment securities available-for-sale, Fair Value | 203 | 242 | |
Residential Mortgage-Backed Securities | |||
Investment securities available-for-sale, Amortized Cost | [2] | 7,200 | 7,192 |
Investment securities available-for-sale, Fair Value | [2] | 7,262 | 7,274 |
Held-to-maturity Securities | [2],[3] | 1,952 | 1,935 |
Held-to-maturity Securities, Fair Value | [2],[3] | $ 1,946 | $ 1,933 |
[1] | Included auction-rate securities at amortized cost and fair value of $95 million as of June 30, 2015 and $137 million and $136 million, respectively, as of December 31, 2014. | ||
[2] | Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. | ||
[3] | The amortized cost of investment securities held-to-maturity included net unrealized losses of $19 million at June 30, 2015 and $23 million at December 31, 2014 related to securities transferred to available-for-sale, which are included in accumulated other comprehensive loss. |
Credit Quality And Allowance 45
Credit Quality And Allowance For Credit Losses (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Retail loans secured by residential real estate in process of foreclosure | $ 1 | $ 1 | |||
Commitments to lend additional funds to TDR borrowers | 0 | 0 | $ 3 | ||
Allowance for PCI loans | 0 | 0 | $ 0 | ||
Interest Rate Reductions | |||||
Carrying value at period end of loans modified during the period | 2 | $ 5 | 2 | $ 5 | |
Subsequent default during period | $ 0 | $ 0 | $ 0 | $ 0 |
Credit Quality And Allowance 46
Credit Quality And Allowance For Credit Losses (Aging Analysis Of Loans) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | $ 107 | $ 132 | |
60-89 days past due and still accruing | 14 | 31 | |
90 days or more past due and still accruing | 18 | 5 | |
Total loans past due and still accruing | 139 | 168 | |
Nonaccrual loans | 349 | 273 | |
Current loans | 49,253 | 48,152 | |
Total loans | 49,741 | 48,593 | |
Business loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | 68 | 106 | |
60-89 days past due and still accruing | 11 | 26 | |
90 days or more past due and still accruing | 17 | 4 | |
Total loans past due and still accruing | 96 | 136 | |
Nonaccrual loans | 284 | 206 | |
Current loans | 45,018 | 44,038 | |
Total loans | 45,398 | 44,380 | |
Business loans | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | 45 | 58 | |
60-89 days past due and still accruing | 3 | 13 | |
90 days or more past due and still accruing | 7 | 1 | |
Total loans past due and still accruing | 55 | 72 | |
Nonaccrual loans | 186 | 109 | |
Current loans | 32,482 | 31,339 | |
Total loans | 32,723 | 31,520 | |
Business loans | Real estate construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | 2 | 15 | |
60-89 days past due and still accruing | 0 | 0 | |
90 days or more past due and still accruing | 8 | 0 | |
Total loans past due and still accruing | 10 | 15 | |
Nonaccrual loans | 1 | 2 | |
Current loans | 1,784 | 1,938 | |
Total loans | 1,795 | 1,955 | |
Business loans | Real estate construction | Commercial Real Estate business line | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | [1] | 2 | 3 |
60-89 days past due and still accruing | [1] | 0 | 0 |
90 days or more past due and still accruing | [1] | 0 | 0 |
Total loans past due and still accruing | [1] | 2 | 3 |
Nonaccrual loans | [1] | 0 | 1 |
Current loans | [1] | 1,500 | 1,602 |
Total loans | [1],[2] | 1,502 | 1,606 |
Business loans | Real estate construction | Other business lines | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | [3] | 0 | 12 |
60-89 days past due and still accruing | [3] | 0 | 0 |
90 days or more past due and still accruing | [3] | 8 | 0 |
Total loans past due and still accruing | [3] | 8 | 12 |
Nonaccrual loans | [3] | 1 | 1 |
Current loans | [3] | 284 | 336 |
Total loans | [3],[4] | 293 | 349 |
Business loans | Commercial mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | 17 | 24 | |
60-89 days past due and still accruing | 5 | 13 | |
90 days or more past due and still accruing | 2 | 3 | |
Total loans past due and still accruing | 24 | 40 | |
Nonaccrual loans | 77 | 95 | |
Current loans | 8,573 | 8,469 | |
Total loans | 8,674 | 8,604 | |
Business loans | Commercial mortgage | Commercial Real Estate business line | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | [1] | 3 | 8 |
60-89 days past due and still accruing | [1] | 0 | 1 |
90 days or more past due and still accruing | [1] | 0 | 1 |
Total loans past due and still accruing | [1] | 3 | 10 |
Nonaccrual loans | [1] | 18 | 22 |
Current loans | [1] | 1,907 | 1,758 |
Total loans | [1],[2] | 1,928 | 1,790 |
Business loans | Commercial mortgage | Other business lines | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | [3] | 14 | 16 |
60-89 days past due and still accruing | [3] | 5 | 12 |
90 days or more past due and still accruing | [3] | 2 | 2 |
Total loans past due and still accruing | [3] | 21 | 30 |
Nonaccrual loans | [3] | 59 | 73 |
Current loans | [3] | 6,666 | 6,711 |
Total loans | [3],[4] | 6,746 | 6,814 |
Business loans | Lease financing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | 0 | 0 | |
60-89 days past due and still accruing | 0 | 0 | |
90 days or more past due and still accruing | 0 | 0 | |
Total loans past due and still accruing | 0 | 0 | |
Nonaccrual loans | 11 | 0 | |
Current loans | 775 | 805 | |
Total loans | 786 | 805 | |
Business loans | International | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | 4 | 9 | |
60-89 days past due and still accruing | 3 | 0 | |
90 days or more past due and still accruing | 0 | 0 | |
Total loans past due and still accruing | 7 | 9 | |
Nonaccrual loans | 9 | 0 | |
Current loans | 1,404 | 1,487 | |
Total loans | 1,420 | 1,496 | |
Retail loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | 39 | 26 | |
60-89 days past due and still accruing | 3 | 5 | |
90 days or more past due and still accruing | 1 | 1 | |
Total loans past due and still accruing | 43 | 32 | |
Nonaccrual loans | 65 | 67 | |
Current loans | 4,235 | 4,114 | |
Total loans | 4,343 | 4,213 | |
Retail loans | Residential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | 33 | 9 | |
60-89 days past due and still accruing | 1 | 2 | |
90 days or more past due and still accruing | 0 | 0 | |
Total loans past due and still accruing | 34 | 11 | |
Nonaccrual loans | 35 | 36 | |
Current loans | 1,796 | 1,784 | |
Total loans | 1,865 | 1,831 | |
Retail loans | Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | 6 | 17 | |
60-89 days past due and still accruing | 2 | 3 | |
90 days or more past due and still accruing | 1 | 1 | |
Total loans past due and still accruing | 9 | 21 | |
Nonaccrual loans | 30 | 31 | |
Current loans | 2,439 | 2,330 | |
Total loans | 2,478 | 2,382 | |
Retail loans | Consumer | Home equity | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | 4 | 5 | |
60-89 days past due and still accruing | 2 | 3 | |
90 days or more past due and still accruing | 1 | 0 | |
Total loans past due and still accruing | 7 | 8 | |
Nonaccrual loans | 29 | 30 | |
Current loans | 1,646 | 1,620 | |
Total loans | 1,682 | 1,658 | |
Retail loans | Consumer | Other consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 days past due and still accruing | 2 | 12 | |
60-89 days past due and still accruing | 0 | 0 | |
90 days or more past due and still accruing | 0 | 1 | |
Total loans past due and still accruing | 2 | 13 | |
Nonaccrual loans | 1 | 1 | |
Current loans | 793 | 710 | |
Total loans | $ 796 | $ 724 | |
[1] | Primarily loans to real estate developers. | ||
[2] | Primarily loans to real estate developers. | ||
[3] | Primarily loans secured by owner-occupied real estate. | ||
[4] | Primarily loans secured by owner-occupied real estate. |
Credit Quality And Allowance 47
Credit Quality And Allowance For Credit Losses (Loans By Credit Quality Indicator) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 49,741 | $ 48,593 | |
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 47,380 | 46,700 |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 998 | 831 |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 1,014 | 789 |
Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 349 | 273 |
Business loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 45,398 | 44,380 | |
Business loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 43,137 | 42,572 |
Business loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 992 | 826 |
Business loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 985 | 776 |
Business loans | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 284 | 206 |
Business loans | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 32,723 | 31,520 | |
Business loans | Commercial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 31,046 | 30,310 |
Business loans | Commercial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 710 | 560 |
Business loans | Commercial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 781 | 541 |
Business loans | Commercial | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 186 | 109 |
Business loans | Real estate construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,795 | 1,955 | |
Business loans | Real estate construction | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 1,774 | 1,930 |
Business loans | Real estate construction | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 12 | 18 |
Business loans | Real estate construction | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 8 | 5 |
Business loans | Real estate construction | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 1 | 2 |
Business loans | Real estate construction | Commercial Real Estate business line | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [5],[6] | 1,502 | 1,606 |
Business loans | Real estate construction | Commercial Real Estate business line | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1],[6] | 1,490 | 1,594 |
Business loans | Real estate construction | Commercial Real Estate business line | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2],[6] | 12 | 11 |
Business loans | Real estate construction | Commercial Real Estate business line | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3],[6] | 0 | 0 |
Business loans | Real estate construction | Commercial Real Estate business line | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4],[6] | 0 | 1 |
Business loans | Real estate construction | Other business lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [7],[8] | 293 | 349 |
Business loans | Real estate construction | Other business lines | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1],[8] | 284 | 336 |
Business loans | Real estate construction | Other business lines | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2],[8] | 0 | 7 |
Business loans | Real estate construction | Other business lines | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3],[8] | 8 | 5 |
Business loans | Real estate construction | Other business lines | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4],[8] | 1 | 1 |
Business loans | Commercial mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 8,674 | 8,604 | |
Business loans | Commercial mortgage | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 8,203 | 8,086 |
Business loans | Commercial mortgage | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 229 | 207 |
Business loans | Commercial mortgage | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 165 | 216 |
Business loans | Commercial mortgage | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 77 | 95 |
Business loans | Commercial mortgage | Commercial Real Estate business line | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [5],[6] | 1,928 | 1,790 |
Business loans | Commercial mortgage | Commercial Real Estate business line | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1],[6] | 1,818 | 1,652 |
Business loans | Commercial mortgage | Commercial Real Estate business line | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2],[6] | 59 | 69 |
Business loans | Commercial mortgage | Commercial Real Estate business line | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3],[6] | 33 | 47 |
Business loans | Commercial mortgage | Commercial Real Estate business line | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4],[6] | 18 | 22 |
Business loans | Commercial mortgage | Other business lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [7],[8] | 6,746 | 6,814 |
Business loans | Commercial mortgage | Other business lines | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1],[8] | 6,385 | 6,434 |
Business loans | Commercial mortgage | Other business lines | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2],[8] | 170 | 138 |
Business loans | Commercial mortgage | Other business lines | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3],[8] | 132 | 169 |
Business loans | Commercial mortgage | Other business lines | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4],[8] | 59 | 73 |
Business loans | Lease financing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 786 | 805 | |
Business loans | Lease financing | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 752 | 778 |
Business loans | Lease financing | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 17 | 26 |
Business loans | Lease financing | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 6 | 1 |
Business loans | Lease financing | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 11 | 0 |
Business loans | International | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,420 | 1,496 | |
Business loans | International | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 1,362 | 1,468 |
Business loans | International | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 24 | 15 |
Business loans | International | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 25 | 13 |
Business loans | International | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 9 | 0 |
Retail loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,343 | 4,213 | |
Retail loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 4,243 | 4,128 |
Retail loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 6 | 5 |
Retail loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 29 | 13 |
Retail loans | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 65 | 67 |
Retail loans | Residential mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,865 | 1,831 | |
Retail loans | Residential mortgage | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 1,815 | 1,790 |
Retail loans | Residential mortgage | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 2 | 2 |
Retail loans | Residential mortgage | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 13 | 3 |
Retail loans | Residential mortgage | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 35 | 36 |
Retail loans | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,478 | 2,382 | |
Retail loans | Consumer | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 2,428 | 2,338 |
Retail loans | Consumer | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 4 | 3 |
Retail loans | Consumer | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 16 | 10 |
Retail loans | Consumer | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 30 | 31 |
Retail loans | Consumer | Home equity | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,682 | 1,658 | |
Retail loans | Consumer | Home equity | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 1,647 | 1,620 |
Retail loans | Consumer | Home equity | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 1 | 0 |
Retail loans | Consumer | Home equity | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 5 | 8 |
Retail loans | Consumer | Home equity | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | 29 | 30 |
Retail loans | Consumer | Other consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 796 | 724 | |
Retail loans | Consumer | Other consumer | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 781 | 718 |
Retail loans | Consumer | Other consumer | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [2] | 3 | 3 |
Retail loans | Consumer | Other consumer | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [3] | 11 | 2 |
Retail loans | Consumer | Other consumer | Nonaccrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [4] | $ 1 | $ 1 |
[1] | Includes all loans not included in the categories of special mention, substandard or nonaccrual. | ||
[2] | Special mention loans are accruing loans that have potential credit weaknesses that deserve management’s close attention, such as loans to borrowers who may be experiencing financial difficulties that may result in deterioration of repayment prospects from the borrower at some future date. | ||
[3] | Substandard loans are accruing loans that have a well-defined weakness, or weaknesses, such as loans to borrowers who may be experiencing losses from operations or inadequate liquidity of a degree and duration that jeopardizes the orderly repayment of the loan. Substandard loans also are distinguished by the distinct possibility of loss in the future if these weaknesses are not corrected. This category is generally consistent with the "substandard" category as defined by regulatory authorities. | ||
[4] | Nonaccrual loans are loans for which the accrual of interest has been discontinued. For further information regarding nonaccrual loans, refer to the Nonperforming Assets subheading in Note 1 - Basis of Presentation and Accounting Policies - on page F-55 in the Corporation's 2014 Annual Report. A significant majority of nonaccrual loans are generally consistent with the "substandard" category and the remainder are generally consistent with the "doubtful" category as defined by regulatory authorities. | ||
[5] | Primarily loans to real estate developers. | ||
[6] | Primarily loans to real estate developers. | ||
[7] | Primarily loans secured by owner-occupied real estate. | ||
[8] | Primarily loans secured by owner-occupied real estate. |
Credit Quality And Allowance 48
Credit Quality And Allowance For Credit Losses (Schedule Of Nonaccrual, Reduced-Rate Loans And Foreclosed Property) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | |
Nonaccrual loans | $ 349 | $ 273 | |
Reduced-rate loans | [1] | 12 | 17 |
Total nonperforming loans | 361 | 290 | |
Foreclosed property | [2] | 9 | 10 |
Total nonperforming assets | 370 | 300 | |
Business loans | |||
Nonaccrual loans | 284 | 206 | |
Reduced-rate loans | 0 | 0 | |
Retail loans | |||
Nonaccrual loans | 65 | 67 | |
Reduced-rate loans | $ 12 | $ 17 | |
[1] | Reduced-rate business loans were zero at both June 30, 2015 and December 31, 2014, and reduced-rate retail loans were $12 million and $17 million at June 30, 2015 and December 31, 2014, respectively. | ||
[2] | Foreclosed residential real estate properties. |
Credit Quality And Allowance 49
Credit Quality And Allowance For Credit Losses (Changes In The Allowance For Loan Losses And Related Loan Amounts) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Provision for loan losses | $ 47 | $ 11 | $ 61 | $ 20 | |||
Purchased credit impaired (PCI) loans | $ 2 | $ 2 | |||||
Total loans | 49,741 | 48,593 | |||||
Business loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total loans | 45,398 | 44,380 | |||||
Retail loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total loans | $ 4,343 | 4,213 | |||||
Financing Receivable [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Balance at beginning of period | 601 | 594 | 594 | 598 | |||
Loan charge-offs | (35) | (28) | (58) | (58) | |||
Recoveries on loans previously charged-off | 17 | 19 | 32 | 37 | |||
Net loan charge-offs | (18) | (9) | (26) | (21) | |||
Provision for loan losses | 35 | 6 | 51 | 14 | |||
Foreign currency translation adjustment | (1) | 0 | |||||
Balance at end of period | 618 | 591 | 618 | 591 | |||
As a percentage of total loans | 1.24% | 1.23% | |||||
Allowance for loan losses individually evaluated for impairment | $ 39 | $ 39 | |||||
Allowance for loan losses collectively evaluated for impairment | 579 | 552 | |||||
Total allowance for loan losses | 601 | 594 | 594 | 598 | 618 | 594 | 591 |
Loans individually evaluated for impairment | 292 | 260 | |||||
Loans collectively evaluated for impairment | 49,447 | 47,619 | |||||
Purchased credit impaired (PCI) loans | 2 | 3 | |||||
Total loans | $ 49,741 | $ 47,882 | |||||
Financing Receivable [Member] | Business loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Balance at beginning of period | 541 | 530 | 534 | 531 | |||
Loan charge-offs | (31) | (24) | (52) | (51) | |||
Recoveries on loans previously charged-off | 16 | 15 | 28 | 31 | |||
Net loan charge-offs | (15) | (9) | (24) | (20) | |||
Provision for loan losses | 37 | 7 | 54 | 17 | |||
Foreign currency translation adjustment | (1) | 0 | |||||
Balance at end of period | 563 | 528 | 563 | 528 | |||
As a percentage of total loans | 1.24% | 1.21% | |||||
Allowance for loan losses individually evaluated for impairment | $ 39 | $ 39 | |||||
Allowance for loan losses collectively evaluated for impairment | 524 | 489 | |||||
Total allowance for loan losses | 541 | 530 | 534 | 531 | 563 | 534 | 528 |
Loans individually evaluated for impairment | 258 | 215 | |||||
Loans collectively evaluated for impairment | 45,140 | 43,631 | |||||
Purchased credit impaired (PCI) loans | 0 | 0 | |||||
Total loans | $ 45,398 | $ 43,846 | |||||
Financing Receivable [Member] | Retail loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Balance at beginning of period | 60 | 64 | 60 | 67 | |||
Loan charge-offs | (4) | (4) | (6) | (7) | |||
Recoveries on loans previously charged-off | 1 | 4 | 4 | 6 | |||
Net loan charge-offs | (3) | 0 | (2) | (1) | |||
Provision for loan losses | (2) | (1) | (3) | (3) | |||
Foreign currency translation adjustment | 0 | 0 | |||||
Balance at end of period | 55 | 63 | 55 | 63 | |||
As a percentage of total loans | 1.27% | 1.55% | |||||
Allowance for loan losses individually evaluated for impairment | $ 0 | $ 0 | |||||
Allowance for loan losses collectively evaluated for impairment | 55 | 63 | |||||
Total allowance for loan losses | $ 60 | $ 64 | $ 60 | $ 67 | 55 | $ 60 | 63 |
Loans individually evaluated for impairment | 34 | 45 | |||||
Loans collectively evaluated for impairment | 4,307 | 3,988 | |||||
Purchased credit impaired (PCI) loans | 2 | 3 | |||||
Total loans | $ 4,343 | $ 4,036 |
Credit Quality And Allowance 50
Credit Quality And Allowance For Credit Losses (Changes In The Allowance For Credit Losses On Lending-Related Commitments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Provision for credit losses | $ 47 | $ 11 | $ 61 | $ 20 | |
Lending-related commitments | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance at beginning of period | 39 | 37 | 41 | 36 | |
Charge-offs on lending related commitments | [1] | (1) | 0 | (1) | 0 |
Provision for credit losses | 12 | 5 | 10 | 6 | |
Balance at end of period | $ 50 | $ 42 | $ 50 | $ 42 | |
[1] | Charge-offs result from the sale of unfunded lending-related commitments. |
Credit Quality And Allowance 51
Credit Quality And Allowance For Credit Losses (Individually Evaluated Impaired Loans) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | $ 70 | $ 53 | |
Recorded investment in impaired loans with related allowance | 222 | 166 | |
Recorded investment total impaired loans | 292 | 219 | |
Unpaid principal balance | 391 | 304 | |
Related allowance for loan losses | 39 | 39 | |
Business loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | 36 | 11 | |
Recorded investment in impaired loans with related allowance | 222 | 166 | |
Recorded investment total impaired loans | 258 | 177 | |
Unpaid principal balance | 348 | 253 | |
Related allowance for loan losses | 39 | 39 | |
Business loans | Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | 27 | 7 | |
Recorded investment in impaired loans with related allowance | 168 | 103 | |
Recorded investment total impaired loans | 195 | 110 | |
Unpaid principal balance | 239 | 148 | |
Related allowance for loan losses | 30 | 29 | |
Business loans | Real estate construction | Other business lines | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | [1] | 0 | 0 |
Recorded investment in impaired loans with related allowance | [1] | 1 | 1 |
Recorded investment total impaired loans | [1] | 1 | 1 |
Unpaid principal balance | [1] | 1 | 1 |
Related allowance for loan losses | [1] | 0 | 0 |
Business loans | Commercial mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | 9 | 4 | |
Recorded investment in impaired loans with related allowance | 44 | 62 | |
Recorded investment total impaired loans | 53 | 66 | |
Unpaid principal balance | 92 | 104 | |
Related allowance for loan losses | 7 | 10 | |
Business loans | Commercial mortgage | Commercial Real Estate business line | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | [2] | 7 | 0 |
Recorded investment in impaired loans with related allowance | [2] | 8 | 19 |
Recorded investment total impaired loans | [2] | 15 | 19 |
Unpaid principal balance | [2] | 37 | 41 |
Related allowance for loan losses | [2] | 6 | 8 |
Business loans | Commercial mortgage | Other business lines | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | [1] | 2 | 4 |
Recorded investment in impaired loans with related allowance | [1] | 36 | 43 |
Recorded investment total impaired loans | [1] | 38 | 47 |
Unpaid principal balance | [1] | 55 | 63 |
Related allowance for loan losses | [1] | 1 | 2 |
Business loans | International | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | 0 | ||
Recorded investment in impaired loans with related allowance | 9 | ||
Recorded investment total impaired loans | 9 | ||
Unpaid principal balance | 16 | ||
Related allowance for loan losses | 2 | ||
Retail loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | [3] | 34 | 42 |
Recorded investment in impaired loans with related allowance | [3] | 0 | 0 |
Recorded investment total impaired loans | [3] | 34 | 42 |
Unpaid principal balance | [3] | 43 | 51 |
Related allowance for loan losses | [3] | 0 | 0 |
Retail loans | Residential mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | 15 | 25 | |
Recorded investment in impaired loans with related allowance | 0 | 0 | |
Recorded investment total impaired loans | 15 | 25 | |
Unpaid principal balance | 17 | 28 | |
Related allowance for loan losses | 0 | 0 | |
Retail loans | Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | 19 | 17 | |
Recorded investment in impaired loans with related allowance | 0 | 0 | |
Recorded investment total impaired loans | 19 | 17 | |
Unpaid principal balance | 26 | 23 | |
Related allowance for loan losses | 0 | 0 | |
Retail loans | Consumer | Home equity | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | 12 | 12 | |
Recorded investment in impaired loans with related allowance | 0 | 0 | |
Recorded investment total impaired loans | 12 | 12 | |
Unpaid principal balance | 15 | 16 | |
Related allowance for loan losses | 0 | 0 | |
Retail loans | Consumer | Other consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment in impaired loans with no related allowance | 7 | 5 | |
Recorded investment in impaired loans with related allowance | 0 | 0 | |
Recorded investment total impaired loans | 7 | 5 | |
Unpaid principal balance | 11 | 7 | |
Related allowance for loan losses | $ 0 | $ 0 | |
[1] | Primarily loans secured by owner-occupied real estate. | ||
[2] | Primarily loans to real estate developers. | ||
[3] | Individually evaluated retail loans had no related allowance for loan losses, primarily due to policy changes which resulted in direct write-downs of restructured retail loans. |
Credit Quality And Allowance 52
Credit Quality And Allowance For Credit Losses (Average Individually Evaluated Impaired Loans And Related Interest Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | $ 249 | $ 256 | $ 238 | $ 262 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 1 | 1 | 2 | 2 | |
Business loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 213 | 209 | 200 | 214 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 1 | 1 | 2 | 2 | |
Business loans | Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 152 | 56 | 138 | 62 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 1 | 0 | 2 | 0 | |
Business loans | Real estate construction | Commercial Real Estate business line | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | [1] | 0 | 17 | 0 | 18 |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | [1] | 0 | 0 | 0 | 0 |
Business loans | Commercial mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 56 | 134 | 59 | 132 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 1 | 0 | 2 | |
Business loans | Commercial mortgage | Commercial Real Estate business line | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | [1] | 16 | 63 | 17 | 62 |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | [1] | 0 | 0 | 0 | 0 |
Business loans | Commercial mortgage | Other business lines | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | [2] | 40 | 71 | 42 | 70 |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | [2] | 0 | 1 | 0 | 2 |
Business loans | International | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 5 | 2 | 3 | 2 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | 0 | |
Retail loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 36 | 47 | 38 | 48 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | 0 | |
Retail loans | Residential mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 19 | 31 | 21 | 32 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | 0 | |
Retail loans | Consumer | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 17 | 16 | 17 | 16 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | 0 | |
Retail loans | Consumer | Home equity | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 12 | 12 | 12 | 12 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | 0 | 0 | 0 | 0 | |
Retail loans | Consumer | Other consumer | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually Evaluated Impaired Loans Average Balance for the Period | 5 | 4 | 5 | 4 | |
Individually Evaluated Impaired Loans Interest Income Recognized for the Period | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | Primarily loans to real estate developers. | ||||
[2] | Primarily loans secured by owner-occupied real estate. |
Credit Quality And Allowance 53
Credit Quality And Allowance For Credit Losses (Troubled Debt Restructurings By Type Of Modification) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | $ 5 | $ 1 | $ 8 | $ 12 | |
Principal Deferrals | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [1] | 4 | 0 | $ 7 | $ 10 |
Extension Term, Minimum Period | 90 days | 90 days | |||
Interest Rate Reductions | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 1 | 1 | $ 1 | $ 2 | |
Business loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 4 | 0 | 7 | 10 | |
Business loans | Principal Deferrals | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [1] | 4 | 0 | 7 | 10 |
Business loans | Interest Rate Reductions | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 0 | 0 | 0 | 0 | |
Business loans | Commercial | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 2 | 0 | 2 | 1 | |
Business loans | Commercial | Principal Deferrals | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [1] | 2 | 0 | 2 | 1 |
Business loans | Commercial | Interest Rate Reductions | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 0 | 0 | 0 | 0 | |
Business loans | Commercial mortgage | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 2 | 0 | 5 | 8 | |
Business loans | Commercial mortgage | Principal Deferrals | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [1] | 2 | 0 | 5 | 8 |
Business loans | Commercial mortgage | Interest Rate Reductions | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 0 | 0 | 0 | 0 | |
Business loans | Commercial mortgage | Commercial Real Estate business line | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [2] | 1 | 0 | 1 | 0 |
Business loans | Commercial mortgage | Commercial Real Estate business line | Principal Deferrals | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [1],[2] | 1 | 0 | 1 | 0 |
Business loans | Commercial mortgage | Commercial Real Estate business line | Interest Rate Reductions | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [2] | 0 | 0 | 0 | 0 |
Business loans | Commercial mortgage | Other business lines | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [3] | 1 | 0 | 4 | 8 |
Business loans | Commercial mortgage | Other business lines | Principal Deferrals | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [1],[3] | 1 | 0 | 4 | 8 |
Business loans | Commercial mortgage | Other business lines | Interest Rate Reductions | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [3] | 0 | 0 | 0 | 0 |
Business loans | International | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 0 | 1 | |||
Business loans | International | Principal Deferrals | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [1] | 0 | 1 | ||
Business loans | International | Interest Rate Reductions | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 0 | 0 | |||
Retail loans | Consumer | Home equity | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | 1 | 1 | 1 | 2 | |
Retail loans | Consumer | Home equity | Principal Deferrals | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | [1] | 0 | 0 | 0 | 0 |
Retail loans | Consumer | Home equity | Interest Rate Reductions | |||||
Financing Receivable, Modifications [Line Items] | |||||
Recorded balance of troubled debt restructuring modified during the period | $ 1 | $ 1 | $ 1 | $ 2 | |
[1] | Primarily represents loan balances where terms were extended 90 days or more at or above contractual interest rates. | ||||
[2] | Primarily loans to real estate developers. | ||||
[3] | Primarily loans secured by owner-occupied real estate. |
Credit Quality And Allowance 54
Credit Quality And Allowance For Credit Losses Credit Quality And Allowance For Credit Losses (Troubled Debt Restructuring Subsequent Default) (Details) - Principal Deferrals - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||||
Financing Receivable, Modifications [Line Items] | |||||||
Balance | $ 23 | $ 48 | $ 23 | $ 48 | |||
Subsequent default during period | 1 | 0 | 8 | 2 | |||
Business loans | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Balance | 21 | 41 | 21 | 41 | |||
Subsequent default during period | 1 | 0 | 8 | 2 | |||
Business loans | Commercial | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Balance | 10 | 12 | 10 | 12 | |||
Subsequent default during period | 0 | 0 | 6 | 2 | |||
Business loans | Commercial mortgage | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Balance | 11 | 28 | 11 | 28 | |||
Subsequent default during period | 1 | 0 | 2 | 0 | |||
Business loans | Commercial mortgage | Commercial Real Estate business line | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Balance | [1] | 1 | 17 | 1 | 17 | ||
Subsequent default during period | [1] | 0 | 0 | 0 | 0 | ||
Business loans | Commercial mortgage | Other business lines | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Balance | [2] | 10 | 11 | 10 | 11 | ||
Subsequent default during period | [2] | 1 | 0 | 2 | 0 | ||
Business loans | International | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Balance | 0 | 1 | 0 | 1 | |||
Subsequent default during period | 0 | 0 | 0 | 0 | |||
Retail loans | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Balance | 2 | 7 | 2 | 7 | |||
Subsequent default during period | 0 | 0 | 0 | 0 | |||
Retail loans | Residential mortgage | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Balance | 0 | 2 | [3] | 0 | 2 | [3] | |
Subsequent default during period | 0 | 0 | 0 | 0 | |||
Retail loans | Consumer | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Balance | 2 | 5 | 2 | 5 | |||
Subsequent default during period | 0 | 0 | 0 | 0 | |||
Retail loans | Consumer | Home equity | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Balance | [3] | 2 | 4 | 2 | 4 | ||
Subsequent default during period | 0 | 0 | 0 | 0 | |||
Retail loans | Consumer | Other consumer | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Balance | 0 | 1 | [3] | 0 | 1 | [3] | |
Subsequent default during period | $ 0 | $ 0 | $ 0 | $ 0 | |||
[1] | Primarily loans to real estate developers. | ||||||
[2] | Primarily loans secured by owner-occupied real estate. | ||||||
[3] | Includes bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. |
Credit Quality And Allowance 55
Credit Quality And Allowance For Credit Losses (Acquired Purchased Credit-Impaired Loans) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Credit Quality And Allowance For Credit Losses [Abstract] | ||
Carrying amount PCI loans | $ 2 | $ 2 |
Outstanding balance PCI loans | $ 6 | $ 8 |
Credit Quality And Allowance 56
Credit Quality And Allowance For Credit Losses (Accretable Yield For Acquired Purchased Credit-Impaired Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Credit Quality And Allowance For Credit Losses [Abstract] | ||||
Balance at beginning of period | $ 1 | $ 11 | $ 1 | $ 15 |
Reclassifications from nonaccretable | 0 | 4 | 1 | 9 |
Accretion | 0 | (9) | (1) | (18) |
Balance at end of period | $ 1 | $ 6 | $ 1 | $ 6 |
Derivative And Credit-Related57
Derivative And Credit-Related Financial Instruments (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair value of securities pledged as collateral for derivative assets | $ 128 | $ 128 | |||
Cash received as collateral for derivative assets | 254 | 254 | |||
Cash posted as collateral for derivative liabilities | 3 | 3 | |||
Aggregate fair value of all derivative instruments with credit-risk contingent features that were in a liability position | 0 | 0 | |||
Net interest income generated by risk management fair value interest rate swaps | 16 | $ 18 | 34 | $ 36 | |
Net gain (loss) on interest rate fair value hedge ineffectiveness | $ (2) | $ (1) | |||
Interest rate fair value hedge ineffectiveness | an insignificant amount | an insignificant amount | |||
Net gain (loss) on economic hedges | an insignificant amount | an insignificant amount | an insignificant amount | an insignificant amount | |
Net gain on foreign currency positions | $ 1 | $ 1 | |||
Allowance for credit losses on lending-related commitments | 50 | 50 | $ 41 | ||
Allowance for credit losses on lending-related commitments, amount related to unused commitments to extend credit | 33 | 33 | 30 | ||
Risk participation agreements covering standby and commercial letters of credit | 292 | 292 | 316 | ||
Standby and commercial letters of credit | 3,800 | 3,800 | 4,000 | ||
Carrying value of standby and commercial letters of credit included in accrued expenses and other liabilities | 61 | 61 | 55 | ||
Deferred fees on standby and commercial letters of credit included in accrued expenses and other liabilities | 44 | 44 | 44 | ||
Allowance for credit losses on lending-related commitments, amount related to standby and commercial letters of credit | 17 | 17 | 11 | ||
Notional amount of derivative credit risk participation agreements | 620 | 620 | 598 | ||
Maximum estimated exposure to credit risk participation agreements assuming 100% default | 8 | $ 8 | 7 | ||
Weighted average remaining maturity of credit risk participation agreements, in years | 2 years 6 months 11 days | ||||
Fair value of derivative liability | $ 469 | $ 469 | 661 | ||
Visa derivative contract | |||||
Notional amount of the derivative contract equivalent to Visa Class B shares | 780 | 780 | |||
Fair value of derivative liability | $ 1 | $ 1 | $ 1 |
Derivative And Credit-Related58
Derivative And Credit-Related Financial Instruments (Schedule Of Derivative Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | $ 21,385 | $ 21,562 |
Fair Value of Gross Derivative Assets | 669 | 894 | |
Fair Value of Gross Derivative Liabilities | 469 | 661 | |
Derivative Asset, Netting Adjustment - Offsetting Liabilities | (116) | (133) | |
Derivative Liability, Netting Adjustment - Offsetting Assets | (116) | (133) | |
Derivative Asset, Netting Adjustment - Cash Collateral Received | (201) | (262) | |
Derivative Liability, Netting Adjustment, Cash Collateral Posted | (3) | 0 | |
Net Derivative Assets Included in the Consolidated Balance Sheets | [2] | 352 | 499 |
Net Derivative Liabilities Included in the Consolidated Balance Sheets | [2] | 350 | 528 |
Derivative Asset, Securities Pledged As Collateral | (122) | (239) | |
Derivative Liability, Securities Pledged As Collateral | 0 | (2) | |
Net Derivative Assets After Deducting Amounts Not Offset in the Consolidated Balance Sheets | 230 | 260 | |
Net Derivative Liabilities After Deducting Amounts Not Offset in the Consolidated Balance Sheets | 350 | 526 | |
Derivative Credit Risk Valuation Adjustment, Derivative Assets | 4 | 2 | |
Risk Management Purposes | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 2,657 | 2,308 |
Fair Value of Gross Derivative Assets | 148 | 179 | |
Fair Value of Gross Derivative Liabilities | 4 | 0 | |
Risk Management Purposes | Designated as Hedging Instrument | Fair Value Hedging | Interest Rate Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 2,000 | 1,800 |
Fair Value of Gross Derivative Assets | 148 | 175 | |
Fair Value of Gross Derivative Liabilities | 2 | 0 | |
Risk Management Purposes | Derivatives Used As Economic Hedges | Foreign Exchange Spot Forward And Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 657 | 508 |
Fair Value of Gross Derivative Assets | 0 | 4 | |
Fair Value of Gross Derivative Liabilities | 2 | 0 | |
Customer-Initiated And Other Activities | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 18,728 | 19,254 |
Fair Value of Gross Derivative Assets | 521 | 715 | |
Fair Value of Gross Derivative Liabilities | 465 | 661 | |
Customer-Initiated And Other Activities | Interest Rate Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 12,431 | 12,328 |
Fair Value of Gross Derivative Assets | 136 | 153 | |
Fair Value of Gross Derivative Liabilities | 88 | 102 | |
Customer-Initiated And Other Activities | Interest Rate Caps And Floors Written | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 312 | 274 |
Fair Value of Gross Derivative Assets | 0 | 0 | |
Fair Value of Gross Derivative Liabilities | 1 | 0 | |
Customer-Initiated And Other Activities | Interest Rate Caps and Floors Purchased | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 312 | 274 |
Fair Value of Gross Derivative Assets | 1 | 0 | |
Fair Value of Gross Derivative Liabilities | 0 | 0 | |
Customer-Initiated And Other Activities | Interest Rate Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 11,807 | 11,780 |
Fair Value of Gross Derivative Assets | 135 | 153 | |
Fair Value of Gross Derivative Liabilities | 87 | 102 | |
Customer-Initiated And Other Activities | Energy Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 4,185 | 4,932 |
Fair Value of Gross Derivative Assets | 349 | 527 | |
Fair Value of Gross Derivative Liabilities | 348 | 525 | |
Customer-Initiated And Other Activities | Energy Caps and Floors Written | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 939 | 1,218 |
Fair Value of Gross Derivative Assets | 1 | 0 | |
Fair Value of Gross Derivative Liabilities | 92 | 173 | |
Customer-Initiated And Other Activities | Energy Caps and Floors Purchased | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 939 | 1,218 |
Fair Value of Gross Derivative Assets | 92 | 173 | |
Fair Value of Gross Derivative Liabilities | 1 | 0 | |
Customer-Initiated And Other Activities | Energy Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 2,307 | 2,496 |
Fair Value of Gross Derivative Assets | 256 | 354 | |
Fair Value of Gross Derivative Liabilities | 255 | 352 | |
Customer-Initiated And Other Activities | Foreign Exchange Spot, Forwards, Options and Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional/Contract Amount | [1] | 2,112 | 1,994 |
Fair Value of Gross Derivative Assets | 36 | 35 | |
Fair Value of Gross Derivative Liabilities | $ 29 | $ 34 | |
[1] | Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets. | ||
[2] | Net derivative assets are included in “accrued income and other assets” and net derivative liabilities are included in “accrued expenses and other liabilities” on the consolidated balance sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and credit risk of the Corporation. The fair value of net derivative assets included credit valuation adjustments for counterparty credit risk of $4 million and $2 million at June 30, 2015 and December 31, 2014, respectively. |
Derivative And Credit-Related59
Derivative And Credit-Related Financial Instruments (Schedule Of Weighted Average Maturity And Interest Rates On Risk Management Interest Rate Swaps) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | ||
Notional Amount | [1] | $ 21,385 | $ 21,562 |
Risk Management Purposes | |||
Notional Amount | [1] | 2,657 | 2,308 |
Long-term Debt | Swaps - Fair Value Hedge - Receive Fixed/Pay Floating | Risk Management Purposes | Interest Rate Swaps | |||
Notional Amount | $ 2,000 | $ 1,800 | |
Weighted Average Remaining Maturity | 5 years 10 days | 4 years 7 months | |
Weighted Average Receive Rate | 3.99% | 4.54% | |
Weighted Average Pay Rate | [2] | 0.76% | 0.49% |
[1] | Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets. | ||
[2] | Variable rates paid on receive fixed swaps are based on six-month LIBOR rates in effect at June 30, 2015 and December 31, 2014. |
Derivative And Credit-Related60
Derivative And Credit-Related Financial Instruments (Schedule Of Net Gains Recognized In Income On Customer-Initiated Derivatives) (Details) - Not Designated as Hedging Instrument - Customer-Initiated And Other Activities - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net derivative gain recognized in income | $ 13 | $ 15 | $ 26 | $ 28 |
Interest Rate Contracts | Other Noninterest Income | ||||
Net derivative gain recognized in income | 5 | 4 | 7 | 8 |
Energy Contracts | Other Noninterest Income | ||||
Net derivative gain recognized in income | 0 | 0 | 1 | 0 |
Foreign Exchange Contracts | Foreign Exchange Income | ||||
Net derivative gain recognized in income | $ 8 | $ 11 | $ 18 | $ 20 |
Derivative And Credit-Related61
Derivative And Credit-Related Financial Instruments (Schedule Of Financial Instruments With Off-Balance Sheet Credit Risk) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Unused Commitments to Extend Credit | ||
Loss contingency, range of possible loss, maximum | $ 29,000 | $ 30,056 |
Commercial And Other | Unused Commitments to Extend Credit | ||
Loss contingency, range of possible loss, maximum | 26,709 | 27,905 |
Bankcard, Revolving Check Credit And Home Equity Loan Commitments | Unused Commitments to Extend Credit | ||
Loss contingency, range of possible loss, maximum | 2,291 | 2,151 |
Standby Letters Of Credit | ||
Loss contingency, range of possible loss, maximum | 3,765 | 3,880 |
Commercial Letters Of Credit | ||
Loss contingency, range of possible loss, maximum | 80 | 75 |
Other Credit-Related Financial Instruments | ||
Loss contingency, estimate of possible loss | $ 1 | $ 1 |
Derivative And Credit-Related62
Derivative And Credit-Related Financial Instruments (Summary Of Internally Classified Watch List Letters Of Credit) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Total criticized standby and commercial letters of credit | $ 104 | $ 79 |
As a percentage of total outstanding standby and commercial letters of credit | 2.70% | 2.00% |
Variable Interest Entities (V63
Variable Interest Entities (VIEs) (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Variable Interest Entity | ||
Unfunded commitments to fund tax credit entities | $ 130 | |
Amount of financial or other support not contractually required provided by the Corporation to VIEs | 0 | $ 0 |
Low Income Housing Tax Credit Entities | ||
Variable Interest Entity | ||
Exposure to loss as a result of involvement with VIEs | 389 | |
Other Tax Credit Entities | ||
Variable Interest Entity | ||
Exposure to loss as a result of involvement with VIEs | $ 10 |
Variable Interest Entities (V64
Variable Interest Entities (VIEs) (Impact Of VIEs On The Consolidated Statements Of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Variable Interest Entity | ||||
Other noninterest income | $ 26 | $ 34 | $ 53 | $ 63 |
Provision for income taxes | 64 | 70 | 125 | 134 |
Variable Interest Entity | ||||
Variable Interest Entity | ||||
Other noninterest income | 0 | (1) | 1 | (3) |
Provision for income taxes | (5) | (7) | (10) | (13) |
Amortization of LIHTC investments | Variable Interest Entity | ||||
Variable Interest Entity | ||||
Provision for income taxes | 15 | 14 | 30 | 28 |
Low income housing tax credits | Variable Interest Entity | ||||
Variable Interest Entity | ||||
Provision for income taxes | (15) | (14) | (30) | (28) |
Other tax benefits related to tax credit entities | Variable Interest Entity | ||||
Variable Interest Entity | ||||
Provision for income taxes | $ (5) | $ (7) | $ (10) | $ (13) |
Medium- And Long-Term Debt (Nar
Medium- And Long-Term Debt (Narrative) (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total | |
Debt Instrument [Line Items] | ||
Blanket lien on real estate-related loans securing FHLB advances | $ 14,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 6,000 | |
Subsidiaries | 2.50% notes due 2020 | ||
Debt Instrument [Line Items] | ||
Notes issued | [1] | $ 500 |
Stated interest rate | [1] | 2.50% |
[1] | The carrying value of medium- and long-term debt has been adjusted to reflect the gain or loss attributable to the risk hedged with interest rate swaps. |
Medium- And Long-Term Debt (Sch
Medium- And Long-Term Debt (Schedule Of Medium- And Long-Term Debt) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | ||
Debt Instrument [Line Items] | ||||
Total medium- and long-term debt | $ 2,841 | $ 2,675 | ||
Parent Company | ||||
Debt Instrument [Line Items] | ||||
Total medium- and long-term debt | 903 | 1,208 | ||
Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Subordinated notes | 1,427 | 1,445 | ||
Total medium- and long-term debt | 1,938 | 1,467 | ||
4.80% subordinated notes due 2015 | Parent Company | ||||
Debt Instrument [Line Items] | ||||
Subordinated notes | [1] | $ 0 | $ 304 | |
Stated interest rate | 4.80% | 4.80% | ||
Maturity Date | May 1, 2015 | May 1, 2015 | ||
3.80% subordinated notes due 2026 | Parent Company | ||||
Debt Instrument [Line Items] | ||||
Subordinated notes | [1] | $ 253 | $ 257 | |
Stated interest rate | 3.80% | 3.80% | ||
Maturity Date | Jul. 22, 2026 | Jul. 22, 2026 | ||
3.00% notes due 2015 | Parent Company | ||||
Debt Instrument [Line Items] | ||||
Medium-term notes | $ 300 | $ 300 | ||
Stated interest rate | 3.00% | 3.00% | ||
Maturity Date | Sep. 16, 2015 | Sep. 16, 2015 | ||
2.125% notes due 2019 | Parent Company | ||||
Debt Instrument [Line Items] | ||||
Medium-term notes | [1] | $ 350 | $ 347 | |
Stated interest rate | 2.125% | 2.125% | ||
Maturity Date | May 23, 2019 | May 23, 2019 | ||
5.75% subordinated notes due 2016 | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Subordinated notes | [1] | $ 665 | $ 670 | |
Stated interest rate | 5.75% | 5.75% | ||
Maturity Date | Nov. 21, 2016 | Nov. 21, 2016 | ||
5.20% subordinated notes due 2017 | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Subordinated notes | [1] | $ 541 | $ 548 | |
Stated interest rate | 5.20% | 5.20% | ||
Maturity Date | Aug. 22, 2017 | Aug. 22, 2017 | ||
7.875% subordinated notes due 2026 | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Subordinated notes | [1] | $ 221 | $ 227 | |
Stated interest rate | 7.875% | 7.875% | ||
Maturity Date | Sep. 15, 2026 | Sep. 15, 2026 | ||
2.50% notes due 2020 | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Medium-term notes | [1] | $ 495 | $ 0 | |
Stated interest rate | [1] | 2.50% | ||
Maturity Date | Jun. 2, 2020 | |||
6.0% - 6.4% fixed-rate notes due 2020 | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Other Notes | $ 16 | $ 22 | ||
Fixed Interest Rate - minimum | 6.00% | 6.00% | ||
Fixed Interest Rate - maximum | 6.40% | 6.40% | ||
Maturity Date | Jun. 30, 2020 | Jun. 30, 2020 | ||
[1] | The carrying value of medium- and long-term debt has been adjusted to reflect the gain or loss attributable to the risk hedged with interest rate swaps. |
Accumulated Other Comprehensi67
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Investment securities, Balance at beginning of period, net of tax | $ 37 | $ (68) | |
Investment securities, Net unrealized holding (losses) gains arising during the period | (17) | 116 | |
Investment securities, (Benefit) Provision for income taxes | (6) | 41 | |
Investment securities, Net unrealized holding (losses) gains arising during period, net of tax | (11) | 75 | |
Investment securities, Net realized (losses) gains included in net securities (losses) gains | (2) | 1 | |
Investment securities, Benefit for income taxes | (1) | 0 | |
Investment securities, Reclassification adjustment for net securities (losses) gains included in net income, net of tax | (1) | 1 | |
Investment securities, Net losses realized as a yield adjustment in interest on investment securities | (4) | 0 | |
Investment securities, Benefit for income taxes | (1) | 0 | |
Investment Securities, Reclassification adjustment for net losses realized as a yield adjustment included in net income, net of tax | (3) | 0 | |
Investment securities, Change in net unrealized (losses) gains on investment securities available-for-sale, net of tax | (7) | 74 | |
Investment securities, Balance at end of period, net of tax | 30 | 6 | |
Benefit plans, Balance at beginning of period, net of tax | (449) | (323) | |
Amortization of actuarial net loss recognized in salaries and benefits expense | 35 | 18 | |
Amortization of prior service cost | 0 | 1 | |
Benefit plans, Amounts recognized in salaries and benefits expense | 35 | 19 | |
Benefit plans, Provision for income taxes | 12 | 6 | |
Benefit plans, Change in defined benefit pension and other postretirement plans adjustment, net of tax | 23 | 13 | |
Benefit plans, Balance at end of period, net of tax | (426) | (310) | |
Total accumulated other comprehensive loss at end of period, net of tax | $ (396) | $ (304) | $ (412) |
Net Income Per Common Share (Ba
Net Income Per Common Share (Basic And Diluted Net Income Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 135 | $ 151 | $ 269 | $ 290 |
Income allocated to participating securities | 1 | 2 | 3 | 4 |
Net income attributable to common shares | $ 134 | $ 149 | $ 266 | $ 286 |
Basic average common shares | 176 | 179 | 176 | 180 |
Basic net income per common share | $ 0.76 | $ 0.83 | $ 1.51 | $ 1.59 |
Basic average common shares | 176 | 179 | 176 | 180 |
Net effect of the assumed exercise of stock options | 2 | 2 | 2 | 2 |
Net effect of the assumed exercise of warrants | 4 | 5 | 4 | 4 |
Diluted average common shares | 182 | 186 | 182 | 186 |
Diluted net income per common share | $ 0.73 | $ 0.80 | $ 1.46 | $ 1.54 |
Net Income Per Common Share (Sc
Net Income Per Common Share (Schedule of Average Shares Excluded From Diluted Net Income Per Common Share Computation) (Details) - Stock Options - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Average outstanding options | 5 | 7.2 | 5.9 | 7.9 |
Minimum | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount | $ 49.22 | $ 49.22 | $ 46.68 | $ 48.17 |
Maximum | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount | $ 60.82 | $ 60.82 | $ 60.82 | $ 61.94 |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Benefit Plans (Net Periodic Defined Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic defined benefit cost | $ 23 | $ 19 | ||
Qualified Defined Benefit Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 9 | $ 8 | 18 | 15 |
Interest cost | 22 | 22 | 44 | 44 |
Expected return on plan assets | (40) | (33) | (80) | (66) |
Amortization of prior service cost (credit) | 1 | 2 | 2 | 3 |
Amortization of net loss | 15 | 7 | 29 | 15 |
Net periodic defined benefit cost | 7 | 6 | 13 | 11 |
Non-Qualified Defined Benefit Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 1 | 2 | 2 |
Interest cost | 3 | 3 | 5 | 5 |
Amortization of prior service cost (credit) | (1) | (1) | (2) | (2) |
Amortization of net loss | 2 | 1 | 5 | 3 |
Net periodic defined benefit cost | 5 | 4 | 10 | 8 |
Postretirement Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 0 | 1 | 1 | 2 |
Expected return on plan assets | (1) | (1) | (2) | (2) |
Amortization of net loss | 1 | 0 | 1 | 0 |
Net periodic defined benefit cost | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes And Tax-Related 71
Income Taxes And Tax-Related Items Income Taxes And Tax-Related Items (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits | $ 22 | $ 14 |
Reasonably possible decrease in unrecognized tax benefits in next 12 months | 8 | |
Tax-related interest and penalties payable | 3 | 2 |
Net deferred tax assets | 135 | 130 |
Valuation allowance for deferred tax assets | $ 0 | $ 0 |
Contingent Liabilities (Narrati
Contingent Liabilities (Narrative) (Details) - USD ($) | Jan. 17, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Loss Contingencies [Line Items] | |||||
Legal fees | $ 5,000,000 | $ 5,000,000 | $ 10,000,000 | $ 10,000,000 | |
Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Minimum amount of reasonably possible losses | 0 | 0 | |||
Estimated maximum amount of reasonably possible losses | 43,000,000 | $ 43,000,000 | |||
Butte Local Development v. Masters Group v. Comerica Bank | |||||
Loss Contingencies [Line Items] | |||||
Amount of damages awarded by the jury | $ 52,000,000 | ||||
Economic damages sought | $ 25,000,000 |
Business Segment Information (N
Business Segment Information (Narrative) (Details) - 6 months ended Jun. 30, 2015 | segmentsmarkets |
Segment Reporting [Abstract] | |
Number of Major Business Segments | segments | 3 |
Number of Primary Market Segments | 3 |
Business Segment Information (B
Business Segment Information (Business Segment Financial Results) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Net interest income (expense) (FTE) | $ 422 | $ 417 | $ 836 | $ 828 | |
Provision for credit losses | 47 | 11 | 61 | 20 | |
Noninterest income | 261 | 220 | 516 | 428 | |
Noninterest expenses | 436 | 404 | 895 | 810 | |
Provision (benefit) for income taxes (FTE) | 65 | 71 | 127 | 136 | |
Net income (loss) | 135 | 151 | 269 | 290 | |
Net credit-related charge-offs (recoveries) | 18 | 9 | 26 | 21 | |
Assets, average | 68,963 | 64,878 | 68,852 | 64,794 | |
Loans, average | 48,833 | 46,725 | 48,494 | 45,905 | |
Deposits, average | $ 57,398 | $ 53,384 | $ 57,196 | $ 53,079 | |
Return on average assets | [1],[2] | 0.79% | 0.93% | 0.78% | 0.90% |
Efficiency ratio | [3],[4] | 63.68% | 63.35% | 66.07% | 64.55% |
Business Bank | |||||
Net interest income (expense) (FTE) | $ 375 | $ 375 | $ 744 | $ 744 | |
Provision for credit losses | 61 | 35 | 86 | 52 | |
Noninterest income | 140 | 100 | 282 | 191 | |
Noninterest expenses | 176 | 143 | 376 | 289 | |
Provision (benefit) for income taxes (FTE) | 96 | 100 | 193 | 199 | |
Net income (loss) | 182 | 197 | 371 | 395 | |
Net credit-related charge-offs (recoveries) | 22 | 9 | 31 | 20 | |
Assets, average | 39,135 | 37,305 | 38,896 | 36,522 | |
Loans, average | 38,109 | 36,367 | 37,868 | 35,567 | |
Deposits, average | $ 30,229 | $ 27,351 | $ 30,187 | $ 27,173 | |
Return on average assets | [2] | 1.87% | 2.11% | 1.91% | 2.16% |
Efficiency ratio | [4] | 34.19% | 30.07% | 36.69% | 30.85% |
Retail Bank | |||||
Net interest income (expense) (FTE) | $ 155 | $ 152 | $ 307 | $ 301 | |
Provision for credit losses | (8) | (6) | (16) | (5) | |
Noninterest income | 46 | 41 | 88 | 82 | |
Noninterest expenses | 182 | 174 | 357 | 348 | |
Provision (benefit) for income taxes (FTE) | 9 | 9 | 19 | 14 | |
Net income (loss) | 18 | 16 | 35 | 26 | |
Net credit-related charge-offs (recoveries) | 1 | 3 | 2 | 6 | |
Assets, average | 6,459 | 6,222 | 6,414 | 6,224 | |
Loans, average | 5,770 | 5,554 | 5,732 | 5,555 | |
Deposits, average | $ 22,747 | $ 21,890 | $ 22,577 | $ 21,759 | |
Return on average assets | [2] | 0.30% | 0.29% | 0.30% | 0.24% |
Efficiency ratio | [4] | 89.88% | 90.06% | 90.22% | 90.69% |
Wealth Management | |||||
Net interest income (expense) (FTE) | $ 45 | $ 44 | $ 88 | $ 89 | |
Provision for credit losses | (9) | (10) | (10) | (18) | |
Noninterest income | 60 | 62 | 118 | 122 | |
Noninterest expenses | 74 | 76 | 151 | 152 | |
Provision (benefit) for income taxes (FTE) | 14 | 15 | 23 | 28 | |
Net income (loss) | 26 | 25 | 42 | 49 | |
Net credit-related charge-offs (recoveries) | (5) | (3) | (7) | (5) | |
Assets, average | 5,153 | 4,987 | 5,091 | 4,959 | |
Loans, average | 4,954 | 4,804 | 4,894 | 4,783 | |
Deposits, average | $ 4,060 | $ 3,616 | $ 4,028 | $ 3,599 | |
Return on average assets | [2] | 2.01% | 2.02% | 1.65% | 1.99% |
Efficiency ratio | [4] | 70.27% | 72.11% | 72.40% | 72.61% |
Finance | |||||
Net interest income (expense) (FTE) | $ (155) | $ (160) | $ (308) | $ (318) | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Noninterest income | 14 | 15 | 27 | 29 | |
Noninterest expenses | 3 | 2 | 5 | 5 | |
Provision (benefit) for income taxes (FTE) | (54) | (56) | (107) | (111) | |
Net income (loss) | (90) | (91) | (179) | (183) | |
Net credit-related charge-offs (recoveries) | 0 | 0 | 0 | 0 | |
Assets, average | 11,721 | 11,055 | 11,930 | 11,092 | |
Loans, average | 0 | 0 | 0 | 0 | |
Deposits, average | 93 | 258 | 131 | 305 | |
Other | |||||
Net interest income (expense) (FTE) | 2 | 6 | 5 | 12 | |
Provision for credit losses | 3 | (8) | 1 | (9) | |
Noninterest income | 1 | 2 | 1 | 4 | |
Noninterest expenses | 1 | 9 | 6 | 16 | |
Provision (benefit) for income taxes (FTE) | 0 | 3 | (1) | 6 | |
Net income (loss) | (1) | 4 | 0 | 3 | |
Net credit-related charge-offs (recoveries) | 0 | 0 | 0 | 0 | |
Assets, average | 6,495 | 5,309 | 6,521 | 5,997 | |
Loans, average | 0 | 0 | 0 | 0 | |
Deposits, average | $ 269 | $ 269 | $ 273 | $ 243 | |
[1] | Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. | ||||
[2] | Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. | ||||
[3] | Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. | ||||
[4] | Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. |
Business Segment Information (M
Business Segment Information (Market Segment Financial Results) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Net interest income (expense) (FTE) | $ 422 | $ 417 | $ 836 | $ 828 | |
Provision for credit losses | 47 | 11 | 61 | 20 | |
Noninterest income | 261 | 220 | 516 | 428 | |
Noninterest expenses | 436 | 404 | 895 | 810 | |
Provision (benefit) for income taxes (FTE) | 65 | 71 | 127 | 136 | |
Net income (loss) | 135 | 151 | 269 | 290 | |
Net credit-related charge-offs (recoveries) | 18 | 9 | 26 | 21 | |
Assets, average | 68,963 | 64,878 | 68,852 | 64,794 | |
Loans, average | 48,833 | 46,725 | 48,494 | 45,905 | |
Deposits, average | $ 57,398 | $ 53,384 | $ 57,196 | $ 53,079 | |
Return on average assets | [1],[2] | 0.79% | 0.93% | 0.78% | 0.90% |
Efficiency ratio | [3],[4] | 63.68% | 63.35% | 66.07% | 64.55% |
Michigan | |||||
Net interest income (expense) (FTE) | $ 179 | $ 182 | $ 357 | $ 364 | |
Provision for credit losses | (13) | (9) | (21) | (5) | |
Noninterest income | 85 | 89 | 166 | 173 | |
Noninterest expenses | 128 | 159 | 283 | 320 | |
Provision (benefit) for income taxes (FTE) | 51 | 44 | 89 | 80 | |
Net income (loss) | 98 | 77 | 172 | 142 | |
Net credit-related charge-offs (recoveries) | (2) | 10 | 1 | 10 | |
Assets, average | 13,852 | 13,851 | 13,794 | 13,835 | |
Loans, average | 13,290 | 13,482 | 13,257 | 13,478 | |
Deposits, average | $ 21,706 | $ 20,694 | $ 21,709 | $ 20,668 | |
Return on average assets | [1] | 1.73% | 1.42% | 1.52% | 1.32% |
Efficiency ratio | [3] | 48.21% | 58.67% | 54.14% | 59.56% |
California | |||||
Net interest income (expense) (FTE) | $ 181 | $ 176 | $ 357 | $ 349 | |
Provision for credit losses | 4 | 14 | 1 | 25 | |
Noninterest income | 37 | 38 | 74 | 73 | |
Noninterest expenses | 100 | 100 | 199 | 197 | |
Provision (benefit) for income taxes (FTE) | 43 | 37 | 87 | 74 | |
Net income (loss) | 71 | 63 | 144 | 126 | |
Net credit-related charge-offs (recoveries) | 6 | 5 | 6 | 15 | |
Assets, average | 16,696 | 15,721 | 16,580 | 15,429 | |
Loans, average | 16,429 | 15,439 | 16,312 | 15,133 | |
Deposits, average | $ 17,275 | $ 15,370 | $ 17,057 | $ 15,078 | |
Return on average assets | [1] | 1.54% | 1.54% | 1.59% | 1.57% |
Efficiency ratio | [3] | 46.04% | 46.64% | 46.20% | 46.62% |
Texas | |||||
Net interest income (expense) (FTE) | $ 130 | $ 137 | $ 260 | $ 273 | |
Provision for credit losses | 43 | 22 | 64 | 29 | |
Noninterest income | 31 | 35 | 67 | 69 | |
Noninterest expenses | 94 | 89 | 189 | 179 | |
Provision (benefit) for income taxes (FTE) | 10 | 22 | 28 | 48 | |
Net income (loss) | 14 | 39 | 46 | 86 | |
Net credit-related charge-offs (recoveries) | 5 | 2 | 8 | 8 | |
Assets, average | 11,878 | 11,661 | 12,034 | 11,367 | |
Loans, average | 11,254 | 10,966 | 11,394 | 10,667 | |
Deposits, average | $ 10,959 | $ 10,724 | $ 10,985 | $ 10,799 | |
Return on average assets | [1] | 0.46% | 1.30% | 0.74% | 1.43% |
Efficiency ratio | [3] | 58.20% | 51.67% | 57.81% | 52.30% |
Other Markets | |||||
Net interest income (expense) (FTE) | $ 85 | $ 76 | $ 165 | $ 148 | |
Provision for credit losses | 10 | (8) | 16 | (20) | |
Noninterest income | 93 | 41 | 181 | 80 | |
Noninterest expenses | 110 | 45 | 213 | 93 | |
Provision (benefit) for income taxes (FTE) | 15 | 21 | 31 | 39 | |
Net income (loss) | 43 | 59 | 86 | 116 | |
Net credit-related charge-offs (recoveries) | 9 | (8) | 11 | (12) | |
Assets, average | 8,321 | 7,281 | 7,993 | 7,074 | |
Loans, average | 7,860 | 6,838 | 7,531 | 6,627 | |
Deposits, average | $ 7,096 | $ 6,069 | $ 7,041 | $ 5,986 | |
Return on average assets | [1] | 2.05% | 3.28% | 2.15% | 3.28% |
Efficiency ratio | [3] | 61.45% | 38.73% | 61.01% | 40.99% |
Finance & Other | |||||
Net interest income (expense) (FTE) | $ (153) | $ (154) | $ (303) | $ (306) | |
Provision for credit losses | 3 | (8) | 1 | (9) | |
Noninterest income | 15 | 17 | 28 | 33 | |
Noninterest expenses | 4 | 11 | 11 | 21 | |
Provision (benefit) for income taxes (FTE) | (54) | (53) | (108) | (105) | |
Net income (loss) | (91) | (87) | (179) | (180) | |
Net credit-related charge-offs (recoveries) | 0 | 0 | 0 | 0 | |
Assets, average | 18,216 | 16,364 | 18,451 | 17,089 | |
Loans, average | 0 | 0 | 0 | 0 | |
Deposits, average | $ 362 | $ 527 | $ 404 | $ 548 | |
[1] | Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. | ||||
[2] | Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity. | ||||
[3] | Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. | ||||
[4] | Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains. |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsidiaries - USD ($) $ in Millions | Jul. 22, 2015 | Jun. 30, 2015 | |
4.00% Subordinated Notes Due 2025 | Debt Issuance | |||
Subsequent Event [Line Items] | |||
Notes issued | $ 350 | ||
Stated interest rate | 4.00% | ||
2.50% Senior Notes Due 2020 | |||
Subsequent Event [Line Items] | |||
Notes issued | [1] | $ 500 | |
Stated interest rate | [1] | 2.50% | |
2.50% Senior Notes Due 2020 | Debt Issuance | |||
Subsequent Event [Line Items] | |||
Notes issued | $ 175 | ||
Stated interest rate | 2.50% | ||
[1] | The carrying value of medium- and long-term debt has been adjusted to reflect the gain or loss attributable to the risk hedged with interest rate swaps. |