Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Entity Registrant Name | US BANCORP \DE\ | |
Document Period End Date | Mar. 31, 2021 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Smaller Reporting Company | false | |
Entity Emerging Growth Company | false | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity File Number | 1-6880 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 41-0255900 | |
Entity Interactive Data Current | Yes | |
Entity Address, Postal Zip Code | 55402 | |
Entity Address, City or Town | Minneapolis | |
Entity Address, State or Province | MN | |
Entity Address, Address Line One | 800 Nicollet Mall | |
City Area Code | 651 | |
Local Phone Number | 466-3000 | |
Entity Common Stock, Shares Outstanding | 1,489,677,942 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000036104 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE | |
Series A Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrA | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series B Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrH | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series F Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrM | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series K Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrP | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series L Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrQ | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series M Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrR | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series X [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB/24B | |
Title of 12(b) Security | Medium-Term Notes | |
Security Exchange Name | NYSE |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | ||
Assets | ||||
Cash and due from banks | $ 43,501 | $ 62,580 | ||
Available-for-sale investment securities ($596 and $402 pledged as collateral, respectively) | [1] | 156,003 | [2] | 136,840 |
Loans held for sale (including $8,869 and $8,524 of mortgage loans carried at fair value, respectively) | 8,991 | 8,761 | ||
Loans | ||||
Total loans | 294,427 | 297,707 | ||
Less allowance for loan losses | (6,343) | (7,314) | ||
Net loans | 288,084 | 290,393 | ||
Premises and equipment | 3,388 | 3,468 | ||
Goodwill | 9,905 | 9,918 | ||
Other intangible assets | 3,462 | 2,864 | ||
Other assets (including $1,313 and $1,255 of trading securities at fair value pledged as collateral, respectively) | [1] | 40,041 | 39,081 | |
Total assets | 553,375 | 553,905 | ||
Deposits | ||||
Noninterest-bearing | 126,754 | 118,089 | ||
Interest-bearing | [3] | 307,007 | 311,681 | |
Total deposits | 433,761 | 429,770 | ||
Short-term borrowings | 12,098 | 11,766 | ||
Long-term debt | 37,419 | 41,297 | ||
Other liabilities | 17,789 | 17,347 | ||
Total liabilities | 501,067 | 500,180 | ||
Shareholders' equity | ||||
Preferred stock | 5,968 | 5,983 | ||
Common stock, par value $0.01 a share—authorized: 4,000,000,000 shares; issued: 3/31/21 and 12/31/20—2,125,725,742 shares | 21 | 21 | ||
Capital surplus | 8,487 | 8,511 | ||
Retained earnings | 65,740 | 64,188 | ||
Less cost of common stock in treasury: 3/31/21—628,716,254 shares; 12/31/20—618,618,084 shares | (26,443) | (25,930) | ||
Accumulated other comprehensive income (loss) | (2,095) | 322 | ||
Total U.S. Bancorp shareholders' equity | 51,678 | 53,095 | ||
Noncontrolling interests | 630 | 630 | ||
Total equity | 52,308 | 53,725 | ||
Total liabilities and equity | 553,375 | 553,905 | ||
Commercial | ||||
Loans | ||||
Total loans | 104,158 | 102,871 | ||
Commercial real estate | ||||
Loans | ||||
Total loans | 38,432 | 39,311 | ||
Residential mortgages | ||||
Loans | ||||
Total loans | 73,624 | 76,155 | ||
Credit card | ||||
Loans | ||||
Total loans | 20,872 | 22,346 | ||
Other retail | ||||
Loans | ||||
Total loans | $ 57,341 | $ 57,024 | ||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. | |||
[2] | The weighted-average maturity of total available-for-sale investment securities was 3.4 years at December 31, 2020, with a corresponding weighted-average yield of 1.61 percent. | |||
[3] | lncludes time deposits greater than $250,000 balances of $3.1 billion and $4.4 billion at March 31, 2021 and December 31, 2020, respectively. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Securities, pledged as collateral | $ 596 | $ 402 |
Mortgage loans, carried at fair value | $ 8,869 | $ 8,524 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, share-authorized (actual number of shares) | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued (actual number of shares) | 2,125,725,742 | 2,125,725,742 |
Treasury stock, shares (actual number of shares) | 628,716,254 | 618,618,084 |
Time deposits greater than 250,000 | $ 3,100 | $ 4,400 |
Available-for-Sale Securities [Member] | ||
Securities, pledged as collateral | 596 | 402 |
Trading Assets, Excluding Debt and Equity Securities [Member] | ||
Securities, pledged as collateral | $ 1,313 | $ 1,255 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest Income | ||
Loans | $ 2,724 | $ 3,311 |
Loans held for sale | 67 | 44 |
Investment securities | 517 | 692 |
Other interest income | 33 | 69 |
Total interest income | 3,341 | 4,116 |
Interest Expense | ||
Deposits | 85 | 525 |
Short-term borrowings | 16 | 71 |
Long-term debt | 177 | 297 |
Total interest expense | 278 | 893 |
Net interest income | 3,063 | 3,223 |
Provision for credit losses | (827) | 993 |
Net interest income after provision for credit losses | 3,890 | 2,230 |
Noninterest Income | ||
Credit and debit card revenue | 336 | 304 |
Corporate payment products revenue | 126 | 145 |
Merchant processing services | 318 | 337 |
Trust and investment management fees | 444 | 427 |
Deposit service charges | 161 | 209 |
Treasury management fees | 147 | 143 |
Commercial products revenue | 280 | 246 |
Mortgage banking revenue | 299 | 395 |
Investment products fees | 55 | 49 |
Securities gains (losses), net | 25 | 50 |
Other | 190 | 220 |
Total noninterest income | 2,381 | 2,525 |
Noninterest Expense | ||
Compensation | 1,803 | 1,620 |
Employee benefits | 384 | 352 |
Net occupancy and equipment | 263 | 276 |
Professional services | 98 | 99 |
Marketing and business development | 48 | 74 |
Technology and communications | 359 | 289 |
Postage, printing and supplies | 69 | 72 |
Other intangibles | 38 | 42 |
Other | 317 | 492 |
Total noninterest expense | 3,379 | 3,316 |
Income before income taxes | 2,892 | 1,439 |
Applicable income taxes | 607 | 260 |
Net income | 2,285 | 1,179 |
Net (income) loss attributable to noncontrolling interests | (5) | (8) |
Net income attributable to U.S. Bancorp | 2,280 | 1,171 |
Net income applicable to U.S. Bancorp common shareholders | $ 2,175 | $ 1,088 |
Earnings per common share | $ 1.45 | $ 0.72 |
Diluted earnings per common share | $ 1.45 | $ 0.72 |
Average common shares outstanding | 1,502 | 1,518 |
Average diluted common shares outstanding | 1,503 | 1,519 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 2,285 | $ 1,179 |
Other Comprehensive Income (Loss) | ||
Changes in unrealized gains and losses on investment securities available-for-sale | (3,378) | 2,787 |
Changes in unrealized gains and losses on derivative hedges | 99 | (257) |
Foreign currency translation | 25 | (13) |
Reclassification to earnings of realized gains and losses | 18 | (6) |
Income taxes related to other comprehensive income (loss) | 819 | (635) |
Total other comprehensive income (loss) | (2,417) | 1,876 |
Comprehensive income (loss) | (132) | 3,055 |
Comprehensive (income) loss attributable to noncontrolling interests | (5) | (8) |
Comprehensive income (loss) attributable to U.S. Bancorp | $ (137) | $ 3,047 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | [1] | Common Stock [Member] | Preferred Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | [1] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total U.S. Bancorp Shareholders' Equity [Member] | Total U.S. Bancorp Shareholders' Equity [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | [1] | Noncontrolling Interests [Member] | |
Beginning Balance at Dec. 31, 2019 | $ 52,483 | $ (1,099) | $ 21 | $ 5,984 | $ 8,475 | $ 63,186 | $ (1,099) | $ (24,440) | $ (1,373) | $ 51,853 | $ (1,099) | $ 630 | ||||
Shares, Beginning Balance at Dec. 31, 2019 | 1,534 | |||||||||||||||
Net income (loss) | 1,179 | 1,171 | 1,171 | 8 | ||||||||||||
Other comprehensive income (loss) | 1,876 | 1,876 | 1,876 | |||||||||||||
Preferred stock dividends | [2] | (78) | (78) | (78) | ||||||||||||
Common stock dividends | (636) | (636) | (636) | |||||||||||||
Issuance of common and treasury stock | 9 | (108) | 117 | 9 | ||||||||||||
Issuance of common and treasury stock, shares | 3 | |||||||||||||||
Purchase of treasury stock | (1,649) | (1,649) | (1,649) | |||||||||||||
Purchase of treasury stock, shares | (31) | |||||||||||||||
Distributions to noncontrolling interests | (8) | (8) | ||||||||||||||
Stock option and restricted stock grants | 85 | 85 | 85 | |||||||||||||
Shares, Ending Balance at Mar. 31, 2020 | 1,506 | |||||||||||||||
Ending Balance at Mar. 31, 2020 | 52,162 | $ 21 | 5,984 | 8,452 | 62,544 | (25,972) | 503 | 51,532 | 630 | |||||||
Beginning Balance at Dec. 31, 2020 | 53,725 | $ 21 | 5,983 | 8,511 | 64,188 | (25,930) | 322 | 53,095 | 630 | |||||||
Shares, Beginning Balance at Dec. 31, 2020 | 1,507 | |||||||||||||||
Net income (loss) | 2,285 | 2,280 | 2,280 | 5 | ||||||||||||
Other comprehensive income (loss) | (2,417) | (2,417) | (2,417) | |||||||||||||
Preferred stock dividends | [3] | (90) | (90) | (90) | ||||||||||||
Common stock dividends | (633) | (633) | (633) | |||||||||||||
Issuance of preferred stock | 730 | 730 | 730 | |||||||||||||
Call of preferred stock | (750) | (745) | (5) | (750) | ||||||||||||
Issuance of common and treasury stock | 18 | (119) | 137 | 18 | ||||||||||||
Issuance of common and treasury stock, shares | 3 | |||||||||||||||
Purchase of treasury stock | (650) | (650) | (650) | |||||||||||||
Purchase of treasury stock, shares | (13) | |||||||||||||||
Distributions to noncontrolling interests | (5) | (5) | ||||||||||||||
Stock option and restricted stock grants | 95 | 95 | 95 | |||||||||||||
Shares, Ending Balance at Mar. 31, 2021 | 1,497 | |||||||||||||||
Ending Balance at Mar. 31, 2021 | $ 52,308 | $ 21 | $ 5,968 | $ 8,487 | $ 65,740 | $ (26,443) | $ (2,095) | $ 51,678 | $ 630 | |||||||
[1] | Effective January 1, 2020, the Company adopted accounting guidance which changed impairment recognition of financial instruments to a model that is based on expected losses rather than incurred losses. Upon adoption, the Company increased its allowance for credit losses and reduced retained earnings net of deferred taxes through a cumulative-effect adjustment. | |||||||||||||||
[2] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $884.722, $221.18, $406.25, $321.88, $662.50 and $343.75, respectively. | |||||||||||||||
[3] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series I, Series J, Series K, Series L and Series M Non-Cumulative Perpetual Preferred Stock of $875.00, $218.75, $406.25, $232.953, $662.50, $343.75, $234.375, and $202.778 respectively. |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Common stock dividends, share | $ 0.42 | $ 0.42 |
Series A [Member] | ||
Preferred stock dividends declared per share | 875 | 884.722 |
Series B [Member] | ||
Preferred stock dividends declared per share | 218.75 | 221.18 |
Series F [Member] | ||
Preferred stock dividends declared per share | 406.25 | 406.25 |
Series H [Member] | ||
Preferred stock dividends declared per share | 321.88 | |
Series I [Member] | ||
Preferred stock dividends declared per share | 232.953 | |
Series J [Member] | ||
Preferred stock dividends declared per share | 662.50 | 662.50 |
Series K [Member] | ||
Preferred stock dividends declared per share | 343.75 | $ 343.75 |
Series L [Member] | ||
Preferred stock dividends declared per share | 234.375 | |
Series M [Member] | ||
Preferred stock dividends declared per share | $ 202.778 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities | ||
Net income attributable to U.S. Bancorp | $ 2,280 | $ 1,171 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for credit losses | (827) | 993 |
Depreciation and amortization of premises and equipment | 84 | 87 |
Amortization of intangibles | 38 | 42 |
(Gain) loss on sale of loans held for sale | (213) | (303) |
(Gain) loss on sale of securities and other assets | (66) | (120) |
Loans originated for sale, net of repayments | (20,928) | (10,882) |
Proceeds from sales of loans held for sale | 20,397 | 12,032 |
Other, net | 172 | (666) |
Net cash provided by operating activities | 937 | 2,354 |
Investing Activities | ||
Proceeds from sales of available-for-sale investment securities | 1,062 | 9,916 |
Proceeds from maturities of available-for-sale investment securities | 12,550 | 5,649 |
Purchases of available-for-sale investment securities | (36,182) | (14,937) |
Net decrease (increase) in loans outstanding | 3,562 | (22,272) |
Proceeds from sales of loans | 1,062 | 575 |
Purchases of loans | (1,600) | (893) |
Net (increase) decrease in securities purchased under agreements to resell | (26) | 788 |
Other, net | 106 | (1,085) |
Net cash used in investing activities | (19,466) | (22,259) |
Financing Activities | ||
Net increase in deposits | 3,991 | 32,938 |
Net increase in short-term borrowings | 332 | 2,621 |
Proceeds from issuance of long-term debt | 69 | 11,271 |
Principal payments or redemption of long-term debt | (3,830) | (156) |
Proceeds from issuance of preferred stock | 730 | |
Proceeds from issuance of common stock | 17 | 9 |
Repurchase of preferred stock | (500) | |
Repurchase of common stock | (646) | (1,660) |
Cash dividends paid on preferred stock | (76) | (71) |
Cash dividends paid on common stock | (637) | (647) |
Net cash (used in) provided by financing activities | (550) | 44,305 |
Change in cash and due from banks | (19,079) | 24,400 |
Cash and due from banks at beginning of period | 62,580 | 22,405 |
Cash and due from banks at end of period | $ 43,501 | $ 46,805 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q Form 10-K current presentation. |
Accounting Changes
Accounting Changes | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | Note 2 Accounting Changes Reference Interest Rate Transition In March 2020, the FASB issued accounting guidance, providing temporary optional expedients and exceptions to the guidance in United States generally accepted accounting principles on contract modifications and hedge accounting, to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Under the guidance, a company can elect not to apply certain modification accounting requirements to contracts affected by reference rate transition, if certain criteria are met. A company that makes this election would not be required to remeasure the contracts at the modification date or reassess a previous accounting determination. This guidance also permits a company to elect various optional expedients that would allow it to continue applying hedge accounting for hedging relationships affected by reference rate transition, if certain criteria are met. The guidance is effective upon issuance and generally can be applied through December 31, 2022. The Company is in the process of evaluating and applying, as applicable, the optional expedients and exceptions in accounting for eligible contract modifications, eligible existing hedging relationships and new hedging relationships available through December 31, 2022. The adoption of this guidance has not had, and is expected to continue to not have, a material impact on the Company’s financial statements. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3 Investment Securities The Company’s available-for-sale held-to-maturity The amortized cost, gross unrealized holding gains and losses, and fair value of available-for-sale March 31, 2021 December 31, 2020 (Dollars in Millions) Amortized Unrealized Unrealized Fair Value Amortized Unrealized Unrealized Fair Value U.S. Treasury and agencies $ 24,401 $ 288 $ (372 ) $ 24,317 $ 21,954 $ 462 $ (25 ) $ 22,391 Mortgage-backed securities Residential agency 116,629 1,230 (1,683 ) 116,176 98,031 1,950 (13 ) 99,968 Commercial agency 6,254 53 (221 ) 6,086 5,251 170 (15 ) 5,406 Asset-backed securities 197 5 – 202 200 5 – 205 Obligations of state and political subdivisions 8,687 546 (18 ) 9,215 8,166 695 – 8,861 Other 7 – – 7 9 – – 9 Total available-for-sale $ 156,175 $ 2,122 $ (2,294 ) $ 156,003 $ 133,611 $ 3,282 $ (53 ) $ 136,840 Investment securities with a fair value of $39.3 billion at March 31, 2021, and $11.0 billion at December 31, 2020, were pledged to secure public, private and trust deposits, repurchase agreements and for other purposes required by contractual obligation or law. Included in these amounts were securities where the Company and certain counterparties have agreements granting the counterparties the right to sell or pledge the securities. Investment securities securing these types of arrangements had a fair value of $596 million at March 31, 2021, and $402 million at December 31, 2020. The following table provides information about the amount of interest income from taxable and non-taxable Three Months Ended (Dollars in Millions) 2021 2020 Taxable $ 455 $ 640 Non-taxable 62 52 Total interest income from investment securities $ 517 $ 692 The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale Three Months Ended (Dollars in Millions) 2021 2020 Realized gains $ 25 $ 73 Realized losses – (23 ) Net realized gains $ 25 $ 50 Income tax on net realized gains $ 6 $ 13 The Company conducts a regular assessment of its available-for-sale investment securities with unrealized losses to determine whether all or some portion of a security’s unrealized loss is related to credit and an allowance for credit losses is necessary. If the Company intends to sell or it is more likely than not the Company will be required to sell an investment security, the amortized cost of the security is written down to fair value. When evaluating credit losses, the Company considers various factors such as the nature of the investment security, the credit ratings or financial condition of the issuer, the extent of the unrealized loss, expected cash flows of underlying collateral, the existence of any government or agency guarantees, and market conditions. The Company measures the allowance for credit losses using market information where available and discounting the cash flows at the original effective rate of the investment security. The allowance for credit losses is adjusted each period through earnings and can be subsequently recovered. The allowance for credit losses on the Company’s available-for-sale investment securities was immaterial at March 31, 2021 and December 31, 2020. At March 31, 2021, certain investment securities had a fair value below amortized cost. The following table shows the gross unrealized losses and fair value of the Company’s available-for-sale Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Value Unrealized Fair Unrealized Fair Value Unrealized U.S. Treasury and agencies $ 9,519 $ (372 ) $ – $ – $ 9,519 $ (372 ) Residential agency mortgage-backed securities 59,916 (1,678 ) 150 (5 ) 60,066 (1,683 ) Commercial agency mortgage-backed securities 4,130 (221 ) 6 – 4,136 (221 ) Asset-backed securities – – 2 – 2 – Obligations of state and political subdivisions 1,037 (18 ) – – 1,037 (18 ) Total investment securities $ 74,602 $ (2,289 ) $ 158 $ (5 ) $ 74,760 $ (2,294 ) These unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase of the investment securities. U.S. Treasury and agencies securities and agency mortgage-backed securities are issued, guaranteed or otherwise supported by the United States government. The Company’s obligations of state and political subdivisions are generally high grade. Accordingly, the Company does not consider these unrealized losses to be credit-related and an allowance for credit losses is not necessary. In general, the issuers of the investment securities are contractually prohibited from prepayment at less than par, and the Company did not pay significant purchase premiums for these investment securities. At March 31, 2021, the Company had no plans to sell investment securities with unrealized losses, and believes it is more likely than not it would not be required to sell such investment securities before recovery of their amortized cost. During the three months ended March 31, 2021 and 2020, the Company did not purchase any available-for-sale The following table provides information about the amortized cost, fair value and yield by maturity date of the available-for-sale (Dollars in Millions) Amortized Fair Value Weighted- Weighted- U.S. Treasury and Agencies Maturing in one year or less $ 4,264 $ 4,292 .4 1.54 % Maturing after one year through five years 11,534 11,694 2.6 1.15 Maturing after five years through ten years 7,364 7,150 8.1 1.33 Maturing after ten years 1,239 1,181 13.0 1.78 Total $ 24,401 $ 24,317 4.4 1.31 % Mortgage-Backed Securities (a) Maturing in one year or less $ 110 $ 112 .6 2.07 % Maturing after one year through five years 47,936 49,021 3.6 1.40 Maturing after five years through ten years 74,785 73,077 7.8 1.46 Maturing after ten years 52 52 11.9 1.13 Total $ 122,883 $ 122,262 6.1 1.44 % Asset-Backed Securities (a) Maturing in one year or less $ – $ – .9 2.69 % Maturing after one year through five years 3 4 2.9 1.74 Maturing after five years through ten years 194 197 6.0 1.08 Maturing after ten years – 1 13.6 2.41 Total $ 197 $ 202 5.9 1.09 % Obligations of State and Political Subdivisions (b) (c) Maturing in one year or less $ 178 $ 182 .7 4.21 % Maturing after one year through five years 1,451 1,539 3.5 4.39 Maturing after five years through ten years 6,624 7,066 6.9 3.86 Maturing after ten years 434 428 17.4 2.57 Total $ 8,687 $ 9,215 6.7 3.89 % Other Maturing in one year or less $ 7 $ 7 .1 2.07 % Maturing after one year through five years – – – – Maturing after five years through ten years – – – – Maturing after ten years – – – – Total $ 7 $ 7 .1 2.07 % Total investment securities (d) $ 156,175 $ 156,003 5.9 1.55 % (a) Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. (b) Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount. (c) Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par. (d) The weighted-average maturity of total available-for-sale (e) Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Note 4 Loans and Allowance for Credit Losses The composition of the loan portfolio, disaggregated by class and underlying specific portfolio type, was as follows: March 31, 2021 December 31, 2020 (Dollars in Millions) Amount Percent Amount Percent Commercial Commercial $ 98,847 33.6 % $ 97,315 32.7 % Lease financing 5,311 1.8 5,556 1.9 Total commercial 104,158 35.4 102,871 34.6 Commercial Real Estate Commercial mortgages 27,649 9.4 28,472 9.6 Construction and development 10,783 3.6 10,839 3.6 Total commercial real estate 38,432 13.0 39,311 13.2 Residential Mortgages Residential mortgages 64,238 21.8 66,525 22.4 Home equity loans, first liens 9,386 3.2 9,630 3.2 Total residential mortgages 73,624 25.0 76,155 25.6 Credit Card 20,872 7.1 22,346 7.5 Other Retail Retail leasing 7,880 2.7 8,150 2.7 Home equity and second mortgages 11,679 4.0 12,472 4.2 Revolving credit 2,536 . 9 2,688 . 9 Installment 14,562 4.9 13,823 4.6 Automobile 20,527 7.0 19,722 6.6 Student 157 – 169 . 1 Total other retail 57,341 19.5 57,024 19.1 Total loans $ 294,427 100.0 % $ 297,707 100.0 % The Company had loans of $94.4 billion at March 31, 2021, and $96.1 billion at December 31, 2020, pledged at the Federal Home Loan Bank, and loans of $65.4 billion at March 31, 2021, and $67.8 billion at December 31, 2020, pledged at the Federal Reserve Bank. Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs, and any partial charge-offs recorded. Net unearned interest and deferred fees and costs amounted to $849 million at March 31, 2021 and $763 million at December 31, 2020. All purchased loans are recorded at fair value at the date of purchase. Beginning January 1, 2020, the Company evaluates purchased loans for more-than-insignificant deterioration at the date of purchase in accordance with applicable authoritative accounting guidance. Purchased loans that have experienced more-than-insignificant deterioration from origination are considered purchased credit deteriorated loans. All other purchased loans are considered non-purchased Allowance for Credit Losses Beginning January 1, 2020, the allowance for credit losses is established for current expected credit losses on the Company’s loan and lease portfolio, including unfunded credit commitments. The allowance considers expected losses for the remaining lives of the applicable assets, inclusive of expected recoveries. The allowance for credit losses is increased through provisions charged to earnings and reduced by net charge-offs. Management evaluates the appropriateness of the allowance for credit losses on a quarterly basis. Multiple economic scenarios are considered over a three-year reasonable and supportable forecast period, which includes increasing consideration of historical loss experience over years two and three. These economic scenarios are constructed with interrelated projections of multiple economic variables, and loss estimates are produced that consider the historical correlation of those economic variables with credit losses. After the forecast period, the Company fully reverts to long-term historical loss experience, adjusted for prepayments and characteristics of the current loan and lease portfolio, to estimate losses over the remaining life of the portfolio. The economic scenarios are updated at least quarterly and are designed to provide a range of reasonable estimates, both better and worse than current expectations. Scenarios are weighted based on the Company’s expectation of economic conditions for the foreseeable future and reflect significant judgment and consider uncertainties that exist. Final loss estimates also consider factors affecting credit losses not reflected in the scenarios, due to the unique aspects of current conditions and expectations. These factors may include, but are not limited to, loan servicing practices, regulatory guidance, and/or fiscal and monetary policy actions. The allowance recorded for credit losses utilizes forward-looking expected loss models to consider a variety of factors affecting lifetime credit losses. These factors include, but are not limited to, macroeconomic variables such as unemployment rate, real estate prices, gross domestic product levels, corporate bonds spreads and long-term interest rate forecasts, as well as loan and borrower characteristics, such as internal risk ratings on commercial loans and consumer credit scores, delinquency status, collateral type and available valuation information, consideration of end-of-term charged-off The allowance recorded for Troubled Debt Restructuring (“TDR”) loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool. TDRs generally do not include loan modifications granted to customers resulting directly from the economic effects of the COVID-19 Beginning January 1, 2020, when a loan portfolio is purchased, the acquired loans are divided into those considered purchased with more than insignificant credit deterioration (“PCD”) and those not considered purchased with more than insignificant credit deterioration. An allowance is established for each population and considers product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status and refreshed LTV ratios when possible. The allowance established for purchased loans not considered PCD is recognized through provision expense upon acquisition, whereas the allowance established for loans considered PCD at acquisition is offset by an increase in the basis of the acquired loans. Any subsequent increases and decreases in the allowance related to purchased loans, regardless of PCD status, are recognized through provision expense, with charge-offs charged to the allowance. The Company did not have a material amount of PCD loans included in its loan portfolio at March 31, 2021. The Company’s methodology for determining the appropriate allowance for credit losses also considers the imprecision inherent in the methodologies used and allocated to the various loan portfolios. As a result, amounts determined under the methodologies described above, are adjusted by management to consider the potential impact of other qualitative factors not captured in the quantitative model adjustments which include, but are not limited to the following: model imprecision, imprecision in economic scenario assumptions, and emerging risks related to either changes in the environment that are affecting specific portfolios, or changes in portfolio concentrations over time that may affect model performance. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each loan portfolio. The Company also assesses the credit risk associated with off-balance off-balance Prior to January 1, 2020, the allowance for credit losses was established based on an incurred loss model. The allowance recorded for loans in the commercial lending segment was based on the migration analysis of commercial loans and actual loss experience. The allowance recorded for loans in the consumer lending segment was determined on a homogenous pool basis and primarily included consideration of delinquency status and historical losses. In addition to the amounts determined under the methodologies described above, management also considered the potential impact of qualitative factors. Activity in the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Balance at December 31, 2020 $ 2,423 $ 1,544 $ 573 $ 2,355 $ 1,115 $ 8,010 Add Provision for credit losses (435 ) (19 ) (39 ) (259 ) (75 ) (827 ) Deduct Loans charged-off 86 10 5 190 83 374 Less recoveries of loans charged-off (30 ) (17 ) (10 ) (46 ) (48 ) (151 ) Net loan charge-offs (recoveries ) 56 (7 ) (5 ) 144 35 223 Balance at March 31, 2021 $ 1,932 $ 1,532 $ 539 $ 1,952 $ 1,005 $ 6,960 Balance at December 31, 2019 $ 1,484 $ 799 $ 433 $ 1,128 $ 647 $ 4,491 Add Change in accounting principle (a) 378 (122 ) (30 ) 872 401 1,499 Provision for credit losses 452 162 10 246 123 993 Deduct Loans charged-off 88 – 8 274 121 491 Less recoveries of loans charged-off (14 ) (2 ) (7 ) (40 ) (35 ) (98 ) Net loan charge-offs (recoveries ) 74 (2 ) 1 234 86 393 Balance at March 31, 2020 $ 2,240 $ 841 $ 412 $ 2,012 $ 1,085 $ 6,590 (a) Effective January 1, 2020, the Company adopted accounting guidance which changed impairment recognition of financial instruments to a model that is based on expected losses rather than incurred losses. The decrease in the allowance for credit losses from December 31, 2020 to March 31, 2021 reflected factors affecting economic conditions during the first quarter of 2021, including the enactment of additional benefits from government stimulus programs, vaccine availability in the United States and reduced levels of new COVID-19 Credit Quality The credit quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company. For all loan portfolio classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed, reducing interest income in the current period. Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is placed on nonaccrual. Consumer lending segment loans are generally charged-off 1-4 charge-off 1-4 charged-off. charged-off 1-4 charged-off charged-off charge-off. For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment charge-off charged-off) The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming: Accruing (Dollars in Millions) Current 30-89 Days 90 Days or Nonperforming (b) Total March 31, 2021 Commercial $ 103,557 $ 193 $ 61 $ 347 $ 104,158 Commercial real estate 37,953 119 4 356 38,432 Residential mortgages (a) 73,024 204 143 253 73,624 Credit card 20,486 188 198 – 20,872 Other retail 56,878 221 70 172 57,341 Total loans $ 291,898 $ 925 $ 476 $ 1,128 $ 294,427 December 31, 2020 Commercial $ 102,127 $ 314 $ 55 $ 375 $ 102,871 Commercial real estate 38,676 183 2 450 39,311 Residential mortgages (a) 75,529 244 137 245 76,155 Credit card 21,918 231 197 – 22,346 Other retail 56,466 318 86 154 57,024 Total loans $ 294,716 $ 1,290 $ 477 $ 1,224 $ 297,707 (a) At March 31, 2021, $1.5 billion of loans 30–89 days past due and $1.7 billion of loans 90 days or more past due purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $1.4 billion and $1.8 billion at December 31, 2020, respectively. (b) Substantially all nonperforming loans at March 31, 2021 and December 31, 2020, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $3 million and $5 million for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, the amount of foreclosed residential real estate held by the Company, and included in OREO, was $18 million, compared with $23 million at December 31, 2020. These amounts excluded $29 million and $33 million at March 31, 2021 and December 31, 2020, respectively, of foreclosed residential real estate related to mortgage loans whose payments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. In addition, the amount of residential mortgage loans secured by residential real estate in the process of foreclosure at March 31, 2021 and December 31, 2020, was $936 million and $1.0 billion, respectively, of which $756 million and $812 million, respectively, related to loans purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. The Company classifies its loan portfolio classes using internal credit quality ratings on a quarterly basis. These ratings include pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those loans that have a potential weakness deserving management’s close attention. Classified loans are those loans where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans. The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating: March 31, 2021 December 31, 2020 Criticized Criticized (Dollars in Millions) Pass Special Mention Classified (a) Total Total Pass Special Classified (a) Total Total Commercial Originated in 2021 $ 12,604 $ 313 $ 218 $ 531 $ 13,135 $ – $ – $ – $ – $ – Originated in 2020 28,890 1,003 1,302 2,305 31,195 34,557 1,335 1,753 3,088 37,645 Originated in 2019 15,710 351 223 574 16,284 17,867 269 349 618 18,485 Originated in 2018 10,909 372 151 523 11,432 12,349 351 176 527 12,876 Originated in 2017 4,658 81 181 262 4,920 5,257 117 270 387 5,644 Originated prior to 2017 4,133 168 73 241 4,374 4,954 128 115 243 5,197 Revolving 22,377 206 235 441 22,818 22,445 299 280 579 23,024 Total commercial 99,281 2,494 2,383 4,877 104,158 97,429 2,499 2,943 5,442 102,871 Commercial real estate Originated in 2021 2,368 39 408 447 2,815 – – – – – Originated in 2020 8,889 336 901 1,237 10,126 9,446 461 1,137 1,598 11,044 Originated in 2019 8,788 450 947 1,397 10,185 9,514 454 1,005 1,459 10,973 Originated in 2018 5,296 373 499 872 6,168 6,053 411 639 1,050 7,103 Originated in 2017 2,375 141 350 491 2,866 2,650 198 340 538 3,188 Originated prior to 2017 4,272 151 161 312 4,584 4,762 240 309 549 5,311 Revolving 1,457 5 226 231 1,688 1,445 9 238 247 1,692 Total commercial real estate 33,445 1,495 3,492 4,987 38,432 33,870 1,773 3,668 5,441 39,311 Residential mortgages (b) Originated in 2021 4,208 – – – 4,208 – – – – – Originated in 2020 22,053 – 5 5 22,058 23,262 1 3 4 23,266 Originated in 2019 12,084 1 23 24 12,108 13,969 1 17 18 13,987 Originated in 2018 4,989 1 25 26 5,015 5,670 1 22 23 5,693 Originated in 2017 6,091 1 22 23 6,114 6,918 1 24 25 6,943 Originated prior to 2017 23,782 3 335 338 24,120 25,921 2 342 344 26,265 Revolving 1 – – – 1 1 – – – 1 Total residential mortgages 73,208 6 410 416 73,624 75,741 6 408 414 76,155 Credit card (c) 20,674 – 198 198 20,872 22,149 – 197 197 22,346 Other retail Originated in 2021 5,690 – 1 1 5,691 – – – – – Originated in 2020 15,954 – 6 6 15,960 17,589 – 7 7 17,596 Originated in 2019 10,351 – 16 16 10,367 11,605 – 23 23 11,628 Originated in 2018 5,822 – 20 20 5,842 6,814 – 27 27 6,841 Originated in 2017 3,106 – 14 14 3,120 3,879 – 22 22 3,901 Originated prior to 2017 3,134 – 18 18 3,152 3,731 – 29 29 3,760 Revolving 12,536 – 135 135 12,671 12,647 – 110 110 12,757 Revolving converted to term 495 – 43 43 538 503 – 38 38 541 Total other retail 57,088 – 253 253 57,341 56,768 – 256 256 57,024 Total loans $ 283,696 $ 3,995 $ 6,736 $ 10,731 $ 294,427 $ 285,957 $ 4,278 $ 7,472 $ 11,750 $ 297,707 Total outstanding commitments $ 629,280 $ 8,140 $ 9,239 $ 17,379 $ 646,659 $ 627,606 $ 8,772 $ 9,374 $ 18,146 $ 645,752 Note: Year of origination is based on the origination date of a loan or the date when the maturity date, pricing or commitment amount is amended. (a) Classified rating on consumer loans primarily based on delinquency status. (b) At March 31, 2021, $1.7 billion of GNMA loans 90 days or more past due and $1.3 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $1.8 billion and $1.4 billion at December 31, 2020, respectively. (c) All credit card loans are considered revolving loans. Troubled Debt Restructurings In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. Concessionary modifications are classified as TDRs unless the modification results in only an insignificant delay in payments to be received. The Company recognizes interest on TDRs if the borrower complies with the revised terms and conditions as agreed upon with the Company and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles, which is generally six months or greater. To the extent a previous restructuring was insignificant, the Company considers the cumulative effect of past restructurings related to the receivable when determining whether a current restructuring is a TDR. The following table provides a summary of loans modified as TDRs for the periods presented by portfolio class: 2021 2020 Three Months Ended March 31 (Dollars in Millions) Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification Commercial 704 $ 75 $ 60 999 $ 99 $ 101 Commercial real estate 56 86 71 27 21 21 Residential mortgages 336 104 104 90 10 10 Credit card 5,786 33 34 8,415 46 47 Other retail 1,325 37 32 655 15 14 Total loans, excluding loans purchased from GNMA mortgage pools 8,207 335 301 10,186 191 193 Loans purchased from GNMA mortgage pools 559 87 89 1,904 266 260 Total loans 8,766 $ 422 $ 390 12,090 $ 457 $ 453 Residential mortgages, home equity and second mortgages, and loans purchased from GNMA mortgage pools in the table above include trial period arrangements offered to customers during the periods presented. The post-modification balances for these loans reflect the current outstanding balance until a permanent modification is made. In addition, the post-modification balances typically include capitalization of unpaid accrued interest and/or fees under the various modification programs. At March 31, 2021, 89 residential mortgages, 33 home equity and second mortgage loans and 304 loans purchased from GNMA mortgage pools with outstanding balances of $28 million, $2 million and $52 million, respectively, were in a trial period and have estimated post-modification balances of $28 million, $2 million and $53 million, respectively, assuming permanent modification occurs at the end of the trial period. The Company has implemented certain restructuring programs that may result in TDRs. However, many of the Company’s TDRs are also determined on a case-by-case For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, or its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments by providing loan concessions. These concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement, and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs and continues to report them as TDRs after the trial period. Credit card and other retail loan TDRs are generally part of distinct restructuring programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates. In addition, the Company considers secured loans to consumer borrowers that have debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs. Loan modifications or concessions granted to borrowers resulting directly from the effects of the COVID-19 COVID-19 The following table provides a summary of TDR loans that defaulted (fully or partially charged-off 2021 2020 Three Months Ended March 31 (Dollars in Millions) Number Amount Number Amount Commercial 285 $ 16 287 $ 20 Commercial real estate 7 5 16 10 Residential mortgages 15 2 13 1 Credit card 1,764 9 2,070 10 Other retail 280 5 108 1 Total loans, excluding loans purchased from GNMA mortgage pools 2,351 37 2,494 42 Loans purchased from GNMA mortgage pools 30 4 304 41 Total loans 2,381 $ 41 2,798 $ 83 In addition to the defaults in the table above, the Company had a total of 19 residential mortgage loans, home equity and second mortgage loans and loans purchased from GNMA mortgage pools for the three months ended March 31, 2021, where borrowers did not successfully complete the trial period arrangement and, therefore, are no longer eligible for a permanent modification under the applicable modification program. These loans had aggregate outstanding balances of $4 million for the three months ended March 31, 2021. As of March 31, 2021, the Company had $134 million of commitments to lend additional funds to borrowers whose terms of their outstanding owed balances have been modified in TDRs. |
Accounting for Transfers and Se
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities | Note 5 Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities The Company transfers financial assets in the normal course of business. The majority of the Company’s financial asset transfers are residential mortgage loan sales primarily to government-sponsored enterprises (“GSEs”), transfers of tax-advantaged For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. For further information on mortgage servicing rights (“MSRs”), refer to Note 6. On a limited basis, the Company may acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. The Company has no other asset securitizations or similar asset-backed financing arrangements that are off-balance The Company also provides financial support primarily through the use of waivers of trust and investment management fees associated with various unconsolidated registered money market funds it manages. The Company provided $47 million and $8 million of support to the funds during the three months ended March 31, 2021 and 2020, respectively. The Company is involved in various entities that are considered to be variable interest entities (“VIEs”). The Company’s investments in VIEs are primarily related to investments promoting affordable housing, community development and renewable energy sources. Some of these tax-advantaged tax-advantaged credits for the three months ended March 31, 2021 and 2020, respectively. The Company recognized $126 million and $142 million of expenses related to all of these investments for the three months ended March 31, 2021 and 2020, respectively, of which $92 million and $101 million, respectively, were included in tax expense and the remaining amounts were included in noninterest expense. The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits. The following table provides a summary of investments in community development and tax-advantaged (Dollars in Millions) March 31, December 31, Investment carrying amount $ 5,161 $ 5,378 Unfunded capital and other commitments 2,236 2,334 Maximum exposure to loss 10,903 11,219 The Company also has noncontrolling financial investments in private investment funds and partnerships considered to be VIEs, which are not consolidated. The Company’s recorded investment in these entities, carried in other assets on the Consolidated Balance Sheet, was approximately $35 million at March 31, 2021 and December 31, 2020. The maximum exposure to loss related to these VIEs was $58 million at March 31, 2021 and $57 million at December 31, 2020, representing the Company’s investment balance and its unfunded commitments to invest additional amounts. The Company’s individual net investments in unconsolidated VIEs, which exclude any unfunded capital commitments, ranged from less than $1 million to $78 million at March 31, 2021 and December 31, 2020. The Company is required to consolidate VIEs in which it has concluded it has a controlling financial interest. The Company sponsors entities to which it transfers its interests in tax-advantaged tax-advantaged In addition, the Company sponsors a municipal bond securities tender option bond program. The Company controls the activities of the program’s entities, is entitled to the residual returns and provides liquidity and remarketing arrangements to the program. As a result, the Company has consolidated the program’s entities. At March 31, 2021, $1.7 billion of available-for-sale available-for-sale |
Mortgage Servicing Rights
Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Mortgage Servicing Rights | Note 6 Mortgage Servicing Rights The Company capitalizes MSRs as separate assets when loans are sold and servicing is retained. MSRs may also be purchased from others. The Company carries MSRs at fair value, with changes in the fair value recorded in earnings during the period in which they occur. The Company serviced $211.6 billion of residential mortgage loans for others at March 31, 2021, and $211.8 billion at December 31, 2020, including subserviced mortgages with no corresponding MSR asset. Included in mortgage banking revenue are the MSR fair value changes arising from market rate and model assumption changes, net of the value change in derivatives used to economically hedge MSRs. These changes resulted in a net loss of $120 million and a net gain of $25 million for the three months ended March 31, 2021 and 2020, respectively. Loan servicing and ancillary fees, not including valuation changes, included in mortgage banking revenue were $175 million and $186 million for the three months ended March 31, 2021 and 2020, respectively. Changes in fair value of capitalized MSRs are summarized as follows: Three Months Ended (Dollars in Millions) 2021 2020 Balance at beginning of period $ 2,210 $ 2,546 Rights purchased 16 5 Rights capitalized 319 201 Rights sold (a) — 1 Changes in fair value of MSRs Due to fluctuations in market interest rates (b) 486 (743 ) Due to revised assumptions or models (c) (102 ) 17 Other changes in fair value (d) (142 ) (140 ) Balance at end of period $ 2,787 $ 1,887 (a) MSRs sold include those having a negative fair value, resulting from the loans being severely delinquent. (b) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits. (c) Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes. (d) Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies. The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the r e March 31, 2021 December 31, 2020 (Dollars in Millions) Down Down Down Up Up Up Down Down Down Up Up Up MSR portfolio $ (563 ) $ (293 ) $ (149 ) $ 143 $ 272 $ 483 $ (442 ) $ (271 ) $ (150 ) $ 169 $ 343 $ 671 Derivative instrument hedges 611 299 146 (136 ) (266 ) (513 ) 523 281 145 (149 ) (304 ) (625 ) Net sensitivity $ 48 $ 6 $ (3 ) $ 7 $ 6 $ (30 ) $ 81 $ 10 $ (5 ) $ 20 $ 39 $ 46 The fair value of MSRs and their sensitivity to changes in interest rates is influenced by the mix of the servicing portfolio and characteristics of each segment of the portfolio. The Company’s servicing portfolio consists of the distinct portfolios of government-insured mortgages, conventional mortgages and Housing Finance Agency (“HFA”) mortgages. The servicing portfolios are predominantly comprised of fixed-rate agency loans with limited adjustable-rate or jumbo mortgage loans. The HFA servicing portfolio is comprised of loans originated under state and local housing authority program guidelines which assist purchases by first-time or low- A summary of the Company’s MSRs and related characteristics by portfolio was as follows: March 31, 2021 December 31, 2020 (Dollars in Millions) HFA Government Conventional (d) Total HFA Government Conventional (d) Total Servicing portfolio (a) $ 39,757 $ 23,734 $ 145,171 $ 208,662 $ 40,396 $ 25,474 $ 143,085 $ 208,955 Fair value $ 499 $ 312 $ 1,976 $ 2,787 $ 406 $ 261 $ 1,543 $ 2,210 Value (bps) (b) 126 131 136 134 101 102 108 106 Weighted-average servicing fees (bps) 35 40 30 32 35 40 30 32 Multiple (value/servicing fees) 3.56 3.31 4.47 4.12 2.87 2.56 3.55 3.26 Weighted-average note rate 4.33 % 3.88 % 3.64 % 3.80 % 4.43 % 3.91 % 3.78 % 3.92 % Weighted-average age (in years) 3.8 5.9 3.8 4.0 3.8 5.6 4.2 4.3 Weighted-average expected prepayment (constant prepayment rate) 11.2 % 13.3 % 9.5 % 10.3 % 14.1 % 18.0 % 13.8 % 14.4 % Weighted-average expected life (in years) 6.8 5.6 6.9 6.7 5.6 4.3 5.5 5.4 Weighted-average option adjusted spread (c) 7.7 % 7.3 % 6.3 % 6.7 % 7.7 % 7.3 % 6.2 % 6.6 % (a) Represents principal balance of mortgages having corresponding MSR asset. (b) Calculated as fair value divided by the servicing portfolio. (c) Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs. (d) Represents loans sold primarily to GSEs. |
Preferred Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Preferred Stock | Note 7 Preferred Stock At March 31, 2021 and December 31, 2020, the Company had authority to issue 50 million shares of preferred stock. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows: March 31, 2021 December 31, 2020 (Dollars in Millions) Shares Liquidation Discount Carrying Shares Liquidation Discount Carrying Series A 12,510 $ 1,251 $ 145 $ 1,106 12,510 $ 1,251 $ 145 $ 1,106 Series B 40,000 1,000 — 1,000 40,000 1,000 — 1,000 Series F 44,000 1,100 12 1,088 44,000 1,100 12 1,088 Series I — — — — 30,000 750 5 745 Series J 40,000 1,000 7 993 40,000 1,000 7 993 Series K 23,000 575 10 565 23,000 575 10 565 Series L 20,000 500 14 486 20,000 500 14 486 Series M 30,000 750 20 730 — — — — Total preferred stock (a) 209,510 $ 6,176 $ 208 $ 5,968 209,510 $ 6,176 $ 193 $ 5,983 (a) The par value of all shares issued and outstanding at March 31, 2021 and December 31, 2020, was $1.00 per share. During the first quarter of 2021, the Company issued depositary shares representing an ownership interest in 30,000 shares of Series M Non-Cumulative During the first quarter of 2021, the Company provided notice of its intent to redeem all outstanding shares of the Series I Non-Cumulative |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 8 Accumulated Other Comprehensive Income (Loss) Shareholders’ equity is affected by transactions and valuations of asset and liability positions that r e (Dollars in Millions) Unrealized Gains Available-For- Unrealized Gains (Losses) on Derivative Hedges Unrealized Gains Foreign Total 2021 Balance at beginning of period $ 2,417 $ (189 ) $ (1,842 ) $ (64 ) $ 322 Changes in unrealized gains and losses (3,378 ) 99 — — (3,279 ) Foreign currency translation adjustment (a) — — — 25 25 Reclassification to earnings of realized gains and losses (25 ) 4 39 — 18 Applicable income taxes 861 (26 ) (10 ) (6 ) 819 Balance at end of period $ (125 ) $ (112 ) $ (1,813 ) $ (45 ) $ (2,095 ) 2020 Balance at beginning of period $ 379 $ (51 ) $ (1,636 ) $ (65 ) $ (1,373 ) Changes in unrealized gains and losses 2,787 (257 ) — — 2,530 Foreign currency translation adjustment (a) — — — (13 ) (13 ) Reclassification to earnings of realized gains and losses (50 ) 13 31 — (6 ) Applicable income taxes (692 ) 62 (8 ) 3 (635 ) Balance at end of period $ 2,424 $ (233 ) $ (1,613 ) $ (75 ) $ 503 (a) Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings for the three months ended March 31, is as follows: Impact to Net Income Affected Line Item in the (Dollars in Millions) 2021 2020 Unrealized gains (losses) on investment securities available-for-sale Realized gains (losses) on sale of investment securities $ 25 $ 50 Securities gains (losses), net (6 ) (13 ) Applicable income taxes 19 37 Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (4 ) (13 ) Interest expense 1 3 Applicable income taxes (3 ) (10 ) Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses) and prior service cost (credit) amortization (39 ) (31 ) Other noninterest expense 10 8 Applicable income taxes (29 ) (23 ) Net-of-tax Total impact to net income $ (13 ) $ 4 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 9 Earnings Per Share The components of earnings per share were: Three Months March 31 (Dollars and Shares in Millions, Except Per Share Data) 2021 2020 Net income attributable to U.S. Bancorp $ 2,280 $ 1,171 Preferred dividends (90 ) (78 ) Impact of preferred stock call (a) (5 ) — Earnings allocated to participating stock awards (10 ) (5 ) Net income applicable to U.S. Bancorp common shareholders $ 2,175 $ 1,088 Average common shares outstanding 1,502 1,518 Net effect of the exercise and assumed purchase of stock awards 1 1 Average diluted common shares outstanding 1,503 1,519 Earnings per common share $ 1.45 $ . 72 Diluted earnings per common share $ 1.45 $ . 72 (a) Represents stock issuance costs originally recorded in preferred stock upon issuance of the Company’s Series I Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Note 10 Employee Benefits The components of net periodic benefit cost for the Company’s retirement p l Three Months Ended March 31 Pension Plans Postretirement (Dollars in Millions) 2021 2020 2021 2020 Service cost $ 66 $ 59 $ — $ — Interest cost 55 58 — 1 Expected return on plan assets (112 ) (101 ) — (1 ) Prior service cost (credit) amortization — — (1 ) (1 ) Actuarial loss (gain) amortization 42 34 (2 ) (2 ) Net periodic benefit cost (a) $ 51 $ 50 $ (3 ) $ (3 ) (a) Service cost is included in employee benefits expense on the Consolidated Statement of Income. All other components are included in other noninterest expense on the Consolidated Statement of Income. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11 Income Taxes The components of income tax expense were: Three Months Ended March 31 (Dollars in Millions) 2021 2020 Federal Current $ 353 $ 315 Deferred 130 (106 ) Federal income tax 483 209 State Current 94 70 Deferred 30 (19 ) State income tax 124 51 Total income tax provision $ 607 $ 260 A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows: Three Months Ended March 31 (Dollars in Millions) 2021 2020 Tax at statutory rate $ 607 $ 302 State income tax, at statutory rates, net of federal tax benefit 114 59 Tax effect of Tax credits and benefits, net of related expenses (93 ) (102 ) Tax-exempt (28 ) (29 ) Other items 7 30 Applicable income taxes $ 607 $ 260 The Company’s income tax returns are subject to review and examination by federal, state, local and foreign government authorities. On an ongoing basis, numerous federal, state, local and foreign examinations are in progress and cover multiple tax years. As of March 31, 2021, federal tax examinations for all years ending through December 31, 2014 are completed and resolved. The Company’s tax returns for the years ended December 31, 2015, 2016, 2017 and 2018 are under examination by the Internal Revenue Service. The years open to examination by foreign, state and local government authorities vary by jurisdiction. The Company’s net deferred tax asset was $1.3 billion at March 31, 2021 and $597 million at December 31, 2020. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 12 Derivative Instruments In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value in other assets or in other liabilities. On the date the Company enters into a derivative contract, the derivative is designated as either a fair value hedge, cash flow hedge, net investment hedge, or a designation is not made as it is a customer-related transaction, an economic hedge for asset/liability risk management purposes or another stand-alone derivative created through the Company’s operations (“free-standing derivative”). When a derivative is designated as a fair value, cash flow or net investment hedge, the Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s). Fair Value Hedges These derivatives are interest rate swaps the Company uses to hedge the change in fair value related to interest rate changes of its underlying available-for-sale Cash Flow Hedges These derivatives are interest rate swaps the Company uses to hedge the forecasted cash flows from its underlying variable-rate debt. Changes in the fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) until the cash flows of the hedged items are realized. If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts remain within other comprehensive income (loss). At March 31, 2021, the Company had $112 million (net-of-tax) (net-of-tax) (net-of-tax) (net-of-tax), Net Investment Hedges The Company uses forward commitments to sell specified amounts of certain foreign currencies, and non-derivative non-derivative Other Derivative Positions The Company enters into free-standing derivatives to mitigate interest rate risk and for other risk management purposes. These derivatives include forward commitments to sell to-be-announced non-derivative The following table summarizes the asset and liability management derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Value Fair Value Weighted- Remaining Maturity In Years Notional Value Fair Value Weighted- Remaining Maturity In Years March 31, 2021 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 6,600 $ – 1.96 $ – $ – – Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps – – – 3,250 – 4.34 Net investment hedges Foreign exchange forward contracts 781 10 .05 – – – Other economic hedges Interest rate contracts Futures and forwards Buy 6,044 31 .06 11,179 107 .10 Sell 30,218 349 .19 9,364 66 .04 Options Purchased 18,370 290 3.68 – – – Written 4,373 109 .12 6,740 300 2.33 Receive fixed/pay floating swaps 4,333 – 4.72 6,373 – 10.03 Pay fixed/receive floating swaps 3,379 – 4.20 4,389 – 4.85 Foreign exchange forward contracts 270 1 .06 344 2 .04 Equity contracts 117 – .33 74 2 .19 Other (a) 311 5 .03 2,096 172 1.92 Total $ 74,796 $ 795 $ 43,809 $ 649 December 31, 2020 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 8,400 $ – 1.76 $ – $ – – Pay fixed/receive floating swaps – – – 100 – 9.63 Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps – – – 3,250 – 4.59 Net investment hedges Foreign exchange forward contracts 479 – .06 336 3 .06 Other economic hedges Interest rate contracts Futures and forwards Buy 16,431 73 .50 1,925 5 .07 Sell 10,440 48 .04 28,976 157 .07 Options Purchased 11,610 121 4.11 – – – Written 5,073 202 .13 7,770 198 2.53 Receive fixed/pay floating swaps 11,064 – 7.31 907 – 23.43 Pay fixed/receive floating swaps 78 – 13.68 8,538 – 5.67 Foreign exchange forward contracts 292 1 .04 341 2 .05 Equity contracts 127 3 .39 45 – .46 Other (a) 47 1 .11 1,832 183 2.44 Total $ 64,041 $ 449 $ 54,020 $ 548 (a) Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted-average remaining maturity of $1.8 billion, $167 million and 2.25 years at March 31, 2021, respectively, compared to $1.8 billion, $182 million and 2.50 years at December 31, 2020, respectively. In addition, includes short-term underwriting purchase and sale commitments with total asset and liability notional values of $311 million at March 31, 2021, and $47 million at December 31, 2020. The following table summarizes the customer-related derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted- Notional Fair Weighted- March 31, 2021 Interest rate contracts Receive fixed/pay floating swaps $ 121,392 $ 2,416 4.42 $ 40,305 $ 494 7.50 Pay fixed/receive floating swaps 39,173 115 7.22 115,251 801 4.32 Other (a) 9,128 2 3.74 6,901 2 4.73 Options Purchased 80,134 204 1.32 1,465 31 2.71 Written 1,391 31 2.77 75,365 195 1.25 Futures Buy 921 – .95 1,628 – 1.14 Sell 1,468 – 1.10 1,310 – .45 Foreign exchange rate contracts Forwards, spots and swaps 41,612 1,307 1.09 41,887 1,284 1.25 Options Purchased 650 23 .98 – – – Written – – – 650 20 .98 Credit contracts 2,906 1 2.68 7,495 10 4.45 Total $ 298,775 $ 4,099 $ 292,257 $ 2,837 December 31, 2020 Interest rate contracts Receive fixed/pay floating swaps $ 144,859 $ 3,782 4.93 $ 12,027 $ 99 8.72 Pay fixed/receive floating swaps 15,048 2 8.43 134,963 1,239 4.71 Other (a) 9,921 6 3.75 6,387 3 4.22 Options Purchased 72,655 111 1.40 1,454 46 2.96 Written 1,736 46 2.76 68,205 81 1.25 Futures Buy 1,851 – 1.22 924 – .05 Sell – – – 4,090 – .72 Foreign exchange rate contracts Forwards, spots and swaps 44,845 1,590 .96 45,992 1,565 1.13 Options Purchased 519 14 .90 – – – Written – – – 519 14 .90 Credit contracts 2,876 1 2.75 7,479 7 3.81 Total $ 294,310 $ 5,552 $ 282,040 $ 3,054 (a) Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes. The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) Gains (Losses) Other (Loss) Gains (Losses) (Dollars in Millions) 2021 2020 2021 2020 Asset and Liability Management Positions Cash flow hedges Interest rate contracts $ 74 $ (192 ) $ (3 ) $ (10 ) Net investment hedges Foreign exchange forward contracts 7 16 – – Non-derivative 48 25 – – Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges. The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of I n Interest Income Interest Expense (Dollars in Millions) 2021 2020 2021 2020 Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded $ 3,341 $ 4,116 $ 278 $ 893 Asset and Liability Management Positions Fair value hedges Interest rate contract derivatives (1 ) – 55 (1,035 ) Hedged items 1 – (55 ) 1,028 Cash flow hedges Interest rate contract derivatives – – 4 13 Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $15 million into earnings during the three months ended March 31, 2021, as a result of the discontinuance of cash flow hedges. The Company did not reclassify gains or losses into earnings as a result of the discontinuance of cash flow hedges during the three months ended March 31, 2020. The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities designated in fair value hedges: Carrying Amount of the Hedged Assets Cumulative Hedging Adjustment (a) (Dollars in Millions) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Line Item in the Consolidated Balance Sheet Available-for-sale $ – $ 99 $ (4 ) $ (1 ) Long-term debt 6,713 8,567 800 903 (a) The cumulative hedging adjustment related to the discontinued hedging relationships on available-for-sale investment securities and long-term debt was million, respectively, at March 31, 2021. The cumulative hedging adjustment related to discontinued hedging relationships on long-term debt was $726 million at December 31, 2020. The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions for the three months ended March 31: (Dollars in Millions) Location of Gains (Losses) 2021 2020 Asset and Liability Management Positions Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue/ $ 430 $ (75 ) Purchased and written options Mortgage banking revenue 12 280 Swaps Mortgage banking revenue (390 ) 729 Foreign exchange forward contracts Other noninterest income (3 ) 17 Equity contracts Compensation expense 4 (4 ) Other Other noninterest income – (1 ) Customer-Related Positions Interest rate contracts Swaps Commercial products revenue 27 (22 ) Purchased and written options Commercial products revenue (7 ) 17 Futures Commercial products revenue – (18 ) Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 19 17 Purchased and written options Commercial products revenue – – Credit contracts Commercial products revenue 2 18 Derivatives are subject to credit risk associated with counterparties to the derivative contracts. The Company measures that credit risk using a credit valuation adjustment and includes it within the fair value of the derivative. The Company manages counterparty credit risk through diversification of its derivative positions among various counterparties, by entering into derivative positions that are centrally cleared through clearinghouses, by entering into master netting arrangements and, where possible, by requiring collateral arrangements. A master netting arrangement allows two counterparties, who have multiple derivative contracts with each other, the ability to net settle amounts under all contracts, including any related collateral, through a single payment and in a single currency. Collateral arrangements generally require the counterparty to deliver collateral (typically cash or U.S. Treasury and agency securities) equal to the Company’s net derivative receivable, subject to minimum transfer and credit rating requirements. The Company’s collateral arrangements are predominately bilateral and, therefore, contain provisions that require collateralization of the Company’s net liability derivative positions. Required collateral coverage is based on net liability thresholds and may be contingent upon the Company’s credit rating from two of the nationally recognized statistical rating organizations. If the Company’s credit rating were to fall below credit ratings thresholds established in the collateral arrangements, the counterparties to the derivatives could request immediate additional collateral coverage up to and including full collateral coverage for derivatives in a net liability position. The aggregate fair value of all derivatives under collateral arrangements that were in a net liability position at March 31, 2021, was $1.0 billion. At March 31, 2021, the Company had $783 million of cash posted as collateral against this net liability position. |
Netting Arrangements for Certai
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities | 3 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities | Note 13 Netting Arrangements for Certain Financial Instruments and Securities Financing Activities The Company’s derivative portfolio consists of bilateral over-the-counter over-the-counter As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet. Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities, residential agency mortgage-backed securities or corporate debt securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s broker-dealer subsidiary. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels. The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions: (Dollars in Millions) Overnight and Less Than 30-89 Greater Than Total March 31, 2021 Repurchase agreements U.S. Treasury and agencies $ 272 $ – $ – $ – $ 272 Residential agency mortgage-backed securities 588 – – – 588 Corporate debt securities 814 – – – 814 Total repurchase agreements 1,674 – – – 1,674 Securities loaned Corporate debt securities 230 – – – 230 Total securities loaned 230 – – – 230 Gross amount of recognized liabilities $ 1,904 $ – $ – $ – $ 1,904 December 31, 2020 Repurchase agreements U.S. Treasury and agencies $ 472 $ – $ – $ – $ 472 Residential agency mortgage-backed securities 398 – – – 398 Corporate debt securities 560 – – – 560 Total repurchase agreements 1,430 – – – 1,430 Securities loaned Corporate debt securities 218 – – – 218 Total securities loaned 218 – – – 218 Gross amount of recognized liabilities $ 1,648 $ – $ – $ – $ 1,648 The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions. The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default: (Dollars in Millions) Gross Recognized Gross Amounts Consolidated Net Amounts Consolidated Gross Amounts Not Offset on the Net Amount Financial Collateral March 31, 2021 Derivative assets (d) $ 4,776 $ (1,938 ) $ 2,838 $ (159 ) $ (147 ) $ 2,532 Reverse repurchase agreements 403 – 403 (207 ) (196 ) – Securities borrowed 1,915 – 1,915 – (1,862 ) 53 Total $ 7,094 $ (1,938 ) $ 5,156 $ (366 ) $ (2,205 ) $ 2,585 December 31, 2020 Derivative assets (d) $ 5,744 $ (1,874 ) $ 3,870 $ (109 ) $ (287 ) $ 3,474 Reverse repurchase agreements 377 – 377 (262 ) (115 ) – Securities borrowed 1,716 – 1,716 – (1,670 ) 46 Total $ 7,837 $ (1,874 ) $ 5,963 $ (371 ) $ (2,072 ) $ 3,520 (a) Includes $637 million and $898 million of cash collateral related payables that were netted against derivative assets at March 31, 2021 and December 31, 2020, respectively. (b) For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default. (c) Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults. (d) Excludes $118 million and $257 million at March 31, 2021 and December 31, 2020, respectively, of derivative assets not subject to netting arrangements. (Dollars in Millions) Gross Recognized Gross Amounts Consolidated Net Amounts Consolidated Gross Amounts Not Offset on the Net Amount Financial Collateral March 31, 2021 Derivative liabilities (d) $ 3,280 $ (2,084 ) $ 1,196 $ (159 ) $ – $ 1,037 Repurchase agreements 1,674 — 1,674 (207 ) (1,465 ) 2 Securities loaned 230 — 230 — (227 ) 3 Total $ 5,184 $ (2,084 ) $ 3,100 $ (366 ) $ (1,692 ) $ 1,042 December 31, 2020 Derivative liabilities (d) $ 3,419 $ (2,312 ) $ 1,107 $ (109 ) $ – $ 998 Repurchase agreements 1,430 — 1,430 (262 ) (1,168 ) — Securities loaned 218 — 218 — (215 ) 3 Total $ 5,067 $ (2,312 ) $ 2,755 $ (371 ) $ (1,383 ) $ 1,001 (a) Includes $783 million and $1.3 billion of cash collateral related receivables that were netted against derivative liabilities at March 31, 2021 and December 31, 2020, respectively. (b) For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default. (c) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults. (d) Excludes $206 million and $183 million at March 31, 2021 and December 31, 2020, respectively, of derivative liabilities not subject to netting arrangements. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | Note 14 Fair Values of Assets and Liabilities The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale lower-of-cost-or-fair Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance. The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are: • Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs and certain derivative contracts. Valuation Methodologies The valuation methodologies used by the Company to measure financial assets and liabilities at fair value are described below. In addition, the following section includes an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Where appropriate, the descriptions include information about the valuation models and key inputs to those models. During the three months ended March 31, 2021 and 2020, there were no significant changes to the valuation techniques used by the Company to measure fair value. Available-For-Sale When quoted market prices for identical securities are available in an active market, these prices are used to determine fair value and these securities are classified within Level 1 of the fair value hierarchy. Level 1 investment securities include U.S. Treasury and exchange-traded securities. For other securities, quoted market prices may not be readily available for the specific securities. When possible, the Company determines fair value based on market observable information, including quoted market prices for similar securities, inactive transaction prices, and broker quotes. These securities are classified within Level 2 of the fair value hierarchy. Level 2 valuations are generally provided by a third party pricing service. Level 2 investment securities are predominantly agency mortgage-backed securities, certain other asset-backed securities, obligations of state and political subdivisions and agency debt securities. Mortgage Loans Held For Sale MLHFS measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by comparison to instruments with similar collateral and risk profiles. MLHFS are classified within Level 2. Included in mortgage banking revenue was a net loss million and a net gain of Mortgage Servicing Rights MSRs are valued using a discounted cash flow methodology, and are classified within Level 3. The Company determines fair value of the MSRs by projecting future cash flows for different interest rate scenarios using prepayment rates and other assumptions, and discounts these cash flows using a risk adjusted rate based on option adjusted spread levels. There is minimal observable market activity for MSRs on comparable portfolios and, therefore, the determination of fair value requires significant management judgment. Refer to Note 6 for further information on MSR valuation assumptions. Derivatives The majority of derivatives held by the Company are executed over-the-counter The Company also has other derivative contracts that are created through its operations, including commitments to purchase and originate mortgage loans and swap agreements executed in conjunction with the sale of a portion of its Class B common and preferred shares of Visa Inc. (the “Visa swaps”). The mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. The Visa swaps require payments by either the Company or the purchaser of the Visa Inc. Class B common and preferred shares when there are changes in the conversion rate of the Visa Inc. Class B common and preferred shares to Visa Inc. Class A common and preferred shares, respectively, as well as quarterly payments to the purchaser based on specified terms of the agreements. Management reviews and updates the Visa swaps fair value in conjunction with its review of Visa Inc. related litigation contingencies, and the associated escrow funding. The expected litigation resolution impacts the Visa Inc. Class B common share to Visa Inc. Class A common share conversion rate, as well as the ultimate termination date for the Visa swaps. Accordingly, the Visa swaps are classified within Level 3. Refer to Note 15 for further information on the Visa Inc. restructuring and related card association litigation. Significant Unobservable Inputs of Level 3 Assets and Liabilities The following section provides information to facilitate an understanding of the uncertainty in the fair value measurements for the Company’s Level 3 assets and liabilities recorded at fair value on the Consolidated Balance Sheet. This section includes a description of the significant inputs used by the Company and a description of any interrelationships between these inputs. The discussion below excludes nonrecurring fair value measurements of collateral value used for impairment measures for loans and OREO. These valuations utilize third party appraisal or broker price opinions, and are classified as Level 3 due to the significant judgment involved. Mortgage Servicing Rights The significant unobservable inputs used in the fair value measurement of the Company’s MSRs are expected prepayments and the option adjusted spread that is added to the risk-free rate to discount projected cash flows. Significant increases in either of these inputs in isolation would have resulted in a significantly lower fair value measurement. Significant decreases in either of these inputs in isolation would have resulted in a significantly higher fair value measurement. There is no direct interrelationship between prepayments and option adjusted spread. Prepayment rates generally move in the opposite direction of market interest rates. Option adjusted spread is generally impacted by changes in market return requirements. The following table shows the significant valuation assumption ranges for MSRs at March 31, 2021: Minimum Maximum Weighted- average (a) Expected prepayment 4 % 15 % 10 % Option adjusted spread 6 11 7 (a) Determined based on the relative fair value of the related mortgage loans serviced. Derivatives The Company has two distinct Level 3 derivative portfolios: (i) the Company’s commitments to purchase and originate mortgage loans that meet the requirements of a derivative and (ii) the Company’s asset/liability and customer-related derivatives that are Level 3 due to unobservable inputs related to measurement of risk of nonperformance by the counterparty. In addition, the Company’s Visa swaps are classified within Level 3. The significant unobservable inputs used in the fair value measurement of the Company’s derivative commitments to purchase and originate mortgage loans are the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. A significant increase in the rate of loans that close would have resulted in a larger derivative asset or liability. A significant increase in the inherent MSR value would have resulted in an increase in the derivative asset or a reduction in the derivative liability. Expected loan close rates and the inherent MSR values are directly impacted by changes in market rates and will generally move in the same direction as interest rates. The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at March 31, 2021: Minimum Maximum Weighted- average (a) Expected loan close rate 4 % 100 % 76 % Inherent MSR value (basis points per loan) 53 201 123 (a) Determined based on the relative fair value of the related mortgage loans. The significant unobservable input used in the fair value measurement of certain of the Company’s asset/liability and customer-related derivatives is the credit valuation adjustment related to the risk of counterparty nonperformance. A significant increase in the credit valuation adjustment would have resulted in a lower fair value measurement. A significant decrease in the credit valuation adjustment would have resulted in a higher fair value measurement. The credit valuation adjustment is impacted by changes in market rates, volatility, market implied credit spreads, and loss recovery rates, as well as the Company’s assessment of the counterparty’s credit position. At March 31, 2021, the minimum, maximum and weighted - The significant unobservable inputs used in the fair value measurement of the Visa swaps are management’s estimate of the probability of certain litigation scenarios occurring, and the timing of the resolution of the related litigation loss estimates in excess, or shortfall, of the Company’s proportional share of escrow funds. An increase in the loss estimate or a delay in the resolution of the related litigation would have resulted in an increase in the derivative liability. A decrease in the loss estimate or an acceleration of the resolution of the related litigation would have resulted in a decrease in the derivative liability. The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis: (Dollars in Millions) Level 1 Level 2 Level 3 Netting Total March 31, 2021 Available-for-sale U.S. Treasury and agencies $ 21,406 $ 2,911 $ – $ – $ 24,317 Mortgage-backed securities Residential agency – 116,176 – – 116,176 Commercial agency – 6,086 – – 6,086 Asset-backed securities – 195 7 – 202 Obligations of state and political subdivisions – 9,214 1 – 9,215 Other – 7 – – 7 Total available-for-sale 21,406 134,589 8 – 156,003 Mortgage loans held for sale – 8,869 – – 8,869 Mortgage servicing rights – – 2,787 – 2,787 Derivative assets 7 3,066 1,821 (1,938 ) 2,956 Other assets 120 2,029 – – 2,149 Total $ 21,533 $ 148,553 $ 4,616 $ (1,938 ) $ 172,764 Derivative liabilities $ – $ 2,821 $ 665 $ (2,084 ) $ 1,402 Short-term borrowings and other liabilities (a) 199 1,890 – – 2,089 Total $ 199 $ 4,711 $ 665 $ (2,084 ) $ 3,491 December 31, 2020 Available-for-sale U.S. Treasury and agencies $ 19,251 $ 3,140 $ – $ – $ 22,391 Mortgage-backed securities Residential agency – 99,968 – – 99,968 Commercial agency – 5,406 – – 5,406 Asset-backed securities – 198 7 – 205 Obligations of state and political subdivisions – 8,860 1 – 8,861 Other – 9 – – 9 Total available-for-sale 19,251 117,581 8 – 136,840 Mortgage loans held for sale – 8,524 – – 8,524 Mortgage servicing rights – – 2,210 – 2,210 Derivative assets 4 3,235 2,762 (1,874 ) 4,127 Other assets 302 1,601 – – 1,903 Total $ 19,557 $ 130,941 $ 4,980 $ (1,874 ) $ 153,604 Derivative liabilities $ – $ 3,166 $ 436 $ (2,312 ) $ 1,290 Short-term borrowings and other liabilities (a) 85 1,672 – – 1,757 Total $ 85 $ 4,838 $ 436 $ (2,312 ) $ 3,047 Note: Excluded from the table above are equity investments without readily determinable fair values. The Company has elected to carry these investments at historical cost, adjusted for impairment and any changes resulting from observable price changes for identical or similar investments of the issuer. The aggregate carrying amount of these equity investments was $71 million and $85 million at March 31, 2021 and December 31, 2020, respectively. The Company has not recorded impairments or adjustments for observable price changes on these equity investments during the first three months of 2021 and 2020, or on a cumulative basis. (a) Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31: (Dollars in Millions) Beginning Net Gains Net Gains Purchases Sales Issuances Settlements End Net Change 2021 Available-for-sale Asset-backed securities $ 7 $ – $ – $ – $ – $ – $ – $ 7 $ – Obligations of state and political subdivisions 1 – – – – – – 1 – Total available-for-sale 8 – – – – – – 8 – Mortgage servicing rights 2,210 242 (a) – 16 – 319 (c) – 2,787 242 (a) Net derivative assets and liabilities 2,326 (935 ) (b) – 2 – – (237 ) 1,156 (900 ) (d) 2020 Available-for-sale Asset-backed securities $ 8 $ – $ – $ – $ – $ – $ – $ 8 $ – Obligations of state and political subdivisions 1 – 1 – – – – 2 1 Total available-for-sale 9 – 1 – – – – 10 1 Mortgage servicing rights 2,546 (866 ) (a) – 5 1 201 (c) – 1,887 (866 ) (a) Net derivative assets and liabilities 810 1,742 (e) – 4 – – (60 ) 2,496 1,726 (f) (a) Included in mortgage banking revenue. (b) Approximately $60 million included in mortgage banking revenue and $(995) million included in commercial products revenue. (c) Represents MSRs capitalized during the period. (d) Approximately $78 million included in mortgage banking revenue and $(978) million included in commercial products revenue. (e) Approximately $357 million, $1.4 billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. (f) Approximately $214 million, $1.5 billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. The Company is also required periodically to measure certain other financial assets at fair value on a nonrecurring basis. These measurements of fair value usually result from the application of lower-of-cost-or-fair The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of the reporting date: March 31, 2021 December 31, 2020 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 81 $ 81 $ – $ – $ 385 $ 385 Other assets (b) – – 9 9 – – 30 30 (a) Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition. The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios for the three months ended March 31: (Dollars in Millions) 2021 2020 Loans (a) $ 31 $ 5 Other assets (b) 1 3 (a) Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition. Fair Value Option The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity: March 31, 2021 December 31, 2020 (Dollars in Millions) Fair Aggregate Carrying Fair Aggregate Carrying Total loans $ 8,869 $ 8,685 $ 184 $ 8,524 $ 8,136 $ 388 Nonaccrual loans 1 1 – 1 1 – Loans 90 days or more past due 1 1 – 2 2 – Fair Value of Financial Instruments The following section summarizes the estimated fair value for financial instruments accounted for at amortized cost as of March 31, 2021 and December 31, 2020. In accordance with disclosure guidance related to fair values of financial instruments, the Company did not include assets and liabilities that are not financial instruments, such as the value of goodwill, long-term relationships with deposit, credit card, merchant processing and trust customers, other purchased intangibles, premises and equipment, deferred taxes and other liabilities. Additionally, in accordance with the disclosure guidance, receivables and payables due in one year or less, insurance contracts, equity investments not accounted for at fair value, and deposits with no defined or contractual maturities are excluded. The estimated fair values of the Company’s financial instruments are shown in the table below: March 31, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Cash and due from banks $ 43,501 $ 43,501 $ – $ – $ 43,501 $ 62,580 $ 62,580 $ – $ – $ 62,580 Federal funds sold and securities purchased under resale agreements 403 – 403 – 403 377 – 377 – 377 Loans held for sale (a) 122 – – 122 122 237 – – 237 237 Loans 288,084 – – 296,703 296,703 290,393 – – 300,419 300,419 Other (b) 1,877 – 899 978 1,877 1,772 – 731 1,041 1,772 Financial Liabilities Time deposits 23,711 – 23,834 – 23,834 30,694 – 30,864 – 30,864 Short-term borrowings (c) 10,009 – 9,963 – 9,963 10,009 – 9,956 – 9,956 Long-term debt 37,419 – 38,086 – 38,086 41,297 – 42,485 – 42,485 Other (d) 3,905 – 1,175 2,730 3,905 4,052 – 1,234 2,818 4,052 (a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected. (b) Includes investments in Federal Reserve Bank and Federal Home Loan Bank stock and tax-advantaged (c) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. (d) Includes operating lease liabilities and liabilities related to tax-advantaged The fair value of unfunded commitments, deferred non-yield non-yield 288 |
Guarantees and Contingent Liabi
Guarantees and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees and Contingent Liabilities | Note 15 Guarantees and Contingent Liabilities Visa Restructuring and Card Association Litigation The Company’s payment services business issues credit and debit cards and acquires credit and debit card transactions through the Visa U.S.A. Inc. card association or its affiliates (collectively “Visa”). In 2007, Visa completed a restructuring and issued shares of Visa Inc. common stock to its financial institution members in contemplation of its initial public offering (“IPO”) completed in the first quarter of 2008 (the “Visa Reorganization”). As a part of the Visa Reorganization, the Company received its proportionate number of shares of Visa Inc. common stock, which were subsequently converted to Class B shares of Visa Inc. (“Class B shares”). Visa U.S.A. Inc. (“Visa U.S.A.”) and MasterCard International (collectively, the “Card Brands”) are defendants in antitrust lawsuits challenging the practices of the Card Brands (the “Visa Litigation”). Visa U.S.A. member banks have a contingent obligation to indemnify Visa Inc. under the Visa U.S.A. bylaws (which were modified at the time of the restructuring in October 2007) for potential losses arising from the Visa Litigation. The indemnification by the Visa U.S.A. member banks has no specific maximum amount. Using proceeds from its IPO and through reductions to the conversion ratio applicable to the Class B shares held by Visa U.S.A. member banks, Visa Inc. has funded an escrow account for the benefit of member financial institutions to fund their indemnification obligations associated with the Visa Litigation. The receivable related to the escrow account is classified in other liabilities as a direct offset to the related Visa Litigation contingent liability. In October 2012, Visa signed a settlement agreement to resolve class action claims associated with the multi-district interchange litigation pending in the United States District Court for the Eastern District of New York (the “Multi-District Litigation”). The U.S. Court of Appeals for the Second Circuit reversed the approval of that settlement and remanded the matter to the district court. Thereafter, the case was split into two putative class actions, one seeking damages (the “Damages Action”) and a separate class action seeking injunctive relief only (the “Injunctive Action”). In September 2018, Visa signed a new settlement agreement, superseding the original settlement agreement, to resolve the Damages Action. The Damages Action settlement was approved by the United States District Court for the Eastern District of New York, but is now on appeal. The Injunctive Action, which generally seeks changes to Visa rules, is still pending. Other Guarantees and Contingent Liabilities The following table is a summary of other guarantees and contingent liabilities of the Company at March 31, 2021: (Dollars in Millions) Collateral Carrying Maximum Standby letters of credit $ – $ 68 $ 9,789 Third party borrowing arrangements – – 3 Securities lending indemnifications 8,254 – 8,106 Asset sales – 82 6,132 (a) Merchant processing 559 179 91,183 Tender option bond program guarantee 1,720 – 1,493 Other – 27 1,214 (a) The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans. Merchant Processing The Company, through its subsidiaries, provides merchant processing services. Under the rules of credit card associations, a merchant processor retains a contingent liability for credit card transactions processed. This contingent liability arises in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder’s favor. In this situation, the transaction is “charged-back” to the merchant and the disputed amount is credited or otherwise refunded to the cardholder. If the Company is unable to collect this amount from the merchant, it bears the loss for the amount of the refund paid to the cardholder. The Company currently processes card transactions in the United States, Canada and Europe through wholly-owned subsidiaries. In the event a merchant was unable to fulfill product or services subject to future delivery, such as airline tickets, the Company could become financially liable for refunding the purchase price of such products or services purchased through the credit card associations under the charge-back provisions. Charge-back risk related to these merchants is evaluated in a manner similar to credit risk assessments and, as such, merchant processing contracts contain various provisions to protect the Company in the event of default. At March 31, 2021, the value of airline tickets purchased to be delivered at a future date through card transactions processed by the Company was Asset Sales The Company regularly sells loans to GSEs as part of its mortgage banking activities. The Company provides customary representations and warranties to GSEs in conjunction with these sales. These representations and warranties generally require the Company to repurchase assets if it is subsequently determined that a loan did not meet specified criteria, such as a documentation deficiency or rescission of mortgage insurance. If the Company is unable to cure or refute a repurchase request, the Company is generally obligated to repurchase the loan or otherwise reimburse the GSE for losses. At March 31, 2021 and December 31, 2020, the Company had reserved $19 million for potential losses from representation and warranty obligations. The Company’s reserve reflects management’s best estimate of losses for representation and warranty obligations. The Company’s repurchase reserve is modeled at the loan level, taking into consideration the individual credit quality and borrower activity that has transpired since origination. The model applies credit quality and economic risk factors to derive a probability of default and potential repurchase that are based on the Company’s historical loss experience, and estimates loss severity based on expected collateral value. The Company also considers qualitative factors that may result in anticipated losses differing from historical loss trends. As of March 31, 2021 and December 31, 2020, the Company had $10 million and $13 million, respectively, of unresolved representation and warranty claims from GSEs. The Company does not have a significant amount of unresolved claims from investors other than GSEs. Litigation and Regulatory Matters The Company is subject to various litigation and regulatory matters that arise in the ordinary course of its business. The Company establishes reserves for such matters when potential losses become probable and can be reasonably estimated. The Company believes the ultimate resolution of existing legal and regulatory matters will not have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results from operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results from operations, potentially materially. Residential Mortgage-Backed Securities Litigation Starting in 2011, the Company and other large financial institutions have been sued in their capacity as trustee for residential mortgage–backed securities trusts. In the lawsuits brought against the Company, the investors allege that the Company’s banking subsidiary, U.S. Bank National Association (“U.S. Bank”), as trustee caused them to incur substantial losses by failing to enforce loan repurchase obligations and failing to abide by appropriate standards of care after events of default allegedly occurred. The plaintiffs in these matters seek monetary damages in unspecified amounts and most also seek equitable relief. Regulatory Matters The Company is continually subject to examinations, inquiries and investigations in areas of heightened regulatory scrutiny, such as compliance, risk management, third-party risk management and consumer protection. For example, the Consumer Financial Protection Bureau (“CFPB”) is investigating certain of the Company’s consumer sales practices, and the Company has responded and continues to respond to the CFPB. The Company is cooperating fully with all pending examinations, inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. Remedies in these proceedings or settlements may include fines, penalties, restitution or alterations in the Company’s business practices (which may increase the Company’s operating expenses and decrease its revenue). Outlook Due to their complex nature, it can be years before litigation and regulatory matters are resolved. The Company may be unable to develop an estimate or range of loss where matters are in early stages, there are significant factual or legal issues to be resolved, damages are unspecified or uncertain, or there is uncertainty as to a litigation class being certified or the outcome of pending motions, appeals or proceedings. For those litigation and regulatory matters where the Company has information to develop an estimate or range of loss, the Company believes the upper end of the range of reasonably possible losses in aggregate, in excess of any reserves established for matters where a loss is considered probable, will not be material to its financial condition, results of operations or cash flows. The Company’s estimates are subject to significant judgment and uncertainties, and the matters underlying the estimates will change from time to time. Actual results may vary significantly from the current estimates. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Business Segments | Note 16 Business Segments Within the Company, financial performance is measured by major lines of business based on the products and services provided to customers through its distribution channels. These operating segments are components of the Company about which financial information is prepared and is evaluated regularly by management in deciding how to allocate resources and assess performance. The Company has five reportable operating segments: Corporate and Commercial Banking Corporate and Commercial Banking offers lending, equipment finance and small-ticket leasing, depository services, treasury management, capital markets services, international trade services and other financial services to middle market, large corporate, commercial real estate, financial institution, non-profit Consumer and Business Banking Consumer and Business Banking delivers products and services through banking offices, telephone servicing and sales, on-line Wealth Management and Investment Services Wealth Management and Investment Services provides private banking, financial advisory services, investment management, retail brokerage services, insurance, trust, custody and fund servicing through four businesses: Wealth Management, Global Corporate Trust & Custody, U.S. Bancorp Asset Management and Fund Services. Payment Services Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services, consumer lines of credit and merchant processing. Treasury and Corporate Support Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to business segments, including most investments in tax-advantaged Basis of Presentation Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. The allowance for credit losses and related provision expense are allocated to the business segments according to the volume and credit quality of the loan balances managed, but with the impact of changes in economic forecasts recorded in Treasury and Corporate Support. Goodwill and other intangible assets are assigned to the business segments based on the mix of business of an entity acquired by the Company. Within the Company, capital levels are evaluated and managed centrally; however, capital is allocated to the business segments to support evaluation of business performance. Business segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements. Generally, the determination of the amount of capital allocated to each business segment includes credit allocations following a Basel III regulatory framework. Interest income and expense is determined based on the assets and liabilities managed by the business segment. Because funding and asset liability management is a central function, funds transfer-pricing methodologies are utilized to allocate a cost of funds used or credit for funds provided to all business segment assets and liabilities, respectively, using a matched funding concept. Also, each business unit is allocated the taxable-equivalent benefit of tax-exempt charge-off. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2021, certain organization and methodology changes were made and, accordingly, 2020 results were restated and presented on a comparable basis. Business segment results for the three months ended March 31 were as follows: Corporate and Commercial Consumer and Wealth Management and (Dollars in Millions) 2021 2020 2021 2020 2021 2020 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 666 $ 784 $ 1,625 $ 1,531 $ 204 $ 284 Noninterest income 259 271 617 757 492 466 Total net revenue 925 1,055 2,242 2,288 696 750 Noninterest expense 406 443 1,388 1,336 459 449 Other intangibles – – 3 4 2 3 Total noninterest expense 406 443 1,391 1,340 461 452 Income (loss) before provision and income taxes 519 612 851 948 235 298 Provision for credit losses (40 ) 424 (44 ) 123 7 23 Income (loss) before income taxes 559 188 895 825 228 275 Income taxes and taxable-equivalent adjustment 140 47 224 206 57 69 Net income (loss) 419 141 671 619 171 206 Net (income) loss attributable to noncontrolling interests – – – – – – Net income (loss) attributable to U.S. Bancorp $ 419 $ 141 $ 671 $ 619 $ 171 $ 206 Average Balance Sheet Loans $ 94,872 $ 103,368 $ 153,177 $ 146,718 $ 12,443 $ 10,608 Other earning assets 4,308 4,555 10,203 4,967 279 281 Goodwill 1,647 1,647 3,475 3,574 1,619 1,617 Other intangible assets 5 7 2,491 2,411 42 44 Assets 107,022 115,308 175,541 161,886 15,662 13,950 Noninterest-bearing deposits 51,020 29,370 39,186 27,866 20,277 13,232 Interest-bearing deposits 67,750 80,657 166,876 133,718 71,629 68,842 Total deposits 118,770 110,027 206,062 161,584 91,906 82,074 Total U.S. Bancorp shareholders’ equity 13,074 14,182 13,453 13,422 2,634 2,571 Payment Treasury and Consolidated (Dollars in Millions) 2021 2020 2021 2020 2021 2020 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 628 $ 661 $ (34 ) $ (13 ) $ 3,089 $ 3,247 Noninterest income 785 (a) 794 (a) 228 237 2,381 (b) 2,525 (b) Total net revenue 1,413 1,455 194 224 5,470 (c) 5,772 (c) Noninterest expense 782 754 306 292 3,341 3,274 Other intangibles 33 35 – – 38 42 Total noninterest expense 815 789 306 292 3,379 3,316 Income (loss) before provision and income taxes 598 666 (112 ) (68 ) 2,091 2,456 Provision for credit losses (41 ) 262 (709 ) 161 (827 ) 993 Income (loss) before income taxes 639 404 597 (229 ) 2,918 1,463 Income taxes and taxable-equivalent adjustment 160 101 52 (139 ) 633 284 Net income (loss) 479 303 545 (90 ) 2,285 1,179 Net (income) loss attributable to noncontrolling interests – – (5 ) (8 ) (5 ) (8 ) Net income (loss) attributable to U.S. Bancorp $ 479 $ 303 $ 540 $ (98 ) $ 2,280 $ 1,171 Average Balance Sheet Loans $ 29,630 $ 33,688 $ 3,867 $ 3,275 $ 293,989 $ 297,657 Other earning assets 5 6 188,927 140,256 203,722 150,065 Goodwill 3,173 2,856 – – 9,914 9,694 Other intangible assets 544 557 – – 3,082 3,019 Assets 35,095 38,285 215,414 165,378 548,734 494,807 Noninterest-bearing deposits 5,264 1,471 2,605 2,203 118,352 74,142 Interest-bearing deposits 132 114 1,625 5,331 308,012 288,662 Total deposits 5,396 1,585 4,230 7,534 426,364 362,804 Total U.S. Bancorp shareholders’ equity 7,480 7,619 16,088 13,352 52,729 51,146 (a) Presented net of related rewards and rebate costs and certain partner payments of $ 535 530 (b) Includes revenue generated from certain contracts with customers of $1.7 billion for the three months ended March 31, 2021 and 2020. (c) The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17 Subsequent Events The Company has evaluated the impact of events that have occurred subsequent to March 31, 2021 through the date the consolidated financial statements were filed with the United States Securities and Exchange Commission. Based on this evaluation, the Company has determined none of these events were required to be recognized or disclosed in the consolidated financial statements and related notes. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q Form 10-K current presentation. |
Accounting Changes | Reference Interest Rate Transition In March 2020, the FASB issued accounting guidance, providing temporary optional expedients and exceptions to the guidance in United States generally accepted accounting principles on contract modifications and hedge accounting, to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Under the guidance, a company can elect not to apply certain modification accounting requirements to contracts affected by reference rate transition, if certain criteria are met. A company that makes this election would not be required to remeasure the contracts at the modification date or reassess a previous accounting determination. This guidance also permits a company to elect various optional expedients that would allow it to continue applying hedge accounting for hedging relationships affected by reference rate transition, if certain criteria are met. The guidance is effective upon issuance and generally can be applied through December 31, 2022. The Company is in the process of evaluating and applying, as applicable, the optional expedients and exceptions in accounting for eligible contract modifications, eligible existing hedging relationships and new hedging relationships available through December 31, 2022. The adoption of this guidance has not had, and is expected to continue to not have, a material impact on the Company’s financial statements. |
Loans and Allowance for Credit Losses | Allowance for Credit Losses Beginning January 1, 2020, the allowance for credit losses is established for current expected credit losses on the Company’s loan and lease portfolio, including unfunded credit commitments. The allowance considers expected losses for the remaining lives of the applicable assets, inclusive of expected recoveries. The allowance for credit losses is increased through provisions charged to earnings and reduced by net charge-offs. Management evaluates the appropriateness of the allowance for credit losses on a quarterly basis. Multiple economic scenarios are considered over a three-year reasonable and supportable forecast period, which includes increasing consideration of historical loss experience over years two and three. These economic scenarios are constructed with interrelated projections of multiple economic variables, and loss estimates are produced that consider the historical correlation of those economic variables with credit losses. After the forecast period, the Company fully reverts to long-term historical loss experience, adjusted for prepayments and characteristics of the current loan and lease portfolio, to estimate losses over the remaining life of the portfolio. The economic scenarios are updated at least quarterly and are designed to provide a range of reasonable estimates, both better and worse than current expectations. Scenarios are weighted based on the Company’s expectation of economic conditions for the foreseeable future and reflect significant judgment and consider uncertainties that exist. Final loss estimates also consider factors affecting credit losses not reflected in the scenarios, due to the unique aspects of current conditions and expectations. These factors may include, but are not limited to, loan servicing practices, regulatory guidance, and/or fiscal and monetary policy actions. The allowance recorded for credit losses utilizes forward-looking expected loss models to consider a variety of factors affecting lifetime credit losses. These factors include, but are not limited to, macroeconomic variables such as unemployment rate, real estate prices, gross domestic product levels, corporate bonds spreads and long-term interest rate forecasts, as well as loan and borrower characteristics, such as internal risk ratings on commercial loans and consumer credit scores, delinquency status, collateral type and available valuation information, consideration of end-of-term charged-off The allowance recorded for Troubled Debt Restructuring (“TDR”) loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool. TDRs generally do not include loan modifications granted to customers resulting directly from the economic effects of the COVID-19 Beginning January 1, 2020, when a loan portfolio is purchased, the acquired loans are divided into those considered purchased with more than insignificant credit deterioration (“PCD”) and those not considered purchased with more than insignificant credit deterioration. An allowance is established for each population and considers product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status and refreshed LTV ratios when possible. The allowance established for purchased loans not considered PCD is recognized through provision expense upon acquisition, whereas the allowance established for loans considered PCD at acquisition is offset by an increase in the basis of the acquired loans. Any subsequent increases and decreases in the allowance related to purchased loans, regardless of PCD status, are recognized through provision expense, with charge-offs charged to the allowance. The Company did not have a material amount of PCD loans included in its loan portfolio at March 31, 2021. The Company’s methodology for determining the appropriate allowance for credit losses also considers the imprecision inherent in the methodologies used and allocated to the various loan portfolios. As a result, amounts determined under the methodologies described above, are adjusted by management to consider the potential impact of other qualitative factors not captured in the quantitative model adjustments which include, but are not limited to the following: model imprecision, imprecision in economic scenario assumptions, and emerging risks related to either changes in the environment that are affecting specific portfolios, or changes in portfolio concentrations over time that may affect model performance. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each loan portfolio. The Company also assesses the credit risk associated with off-balance off-balance Prior to January 1, 2020, the allowance for credit losses was established based on an incurred loss model. The allowance recorded for loans in the commercial lending segment was based on the migration analysis of commercial loans and actual loss experience. The allowance recorded for loans in the consumer lending segment was determined on a homogenous pool basis and primarily included consideration of delinquency status and historical losses. In addition to the amounts determined under the methodologies described above, management also considered the potential impact of qualitative factors. The decrease in the allowance for credit losses from December 31, 2020 to March 31, 2021 reflected factors affecting economic conditions during the first quarter of 2021, including the enactment of additional benefits from government stimulus programs, vaccine availability in the United States and reduced levels of new COVID-19 Credit Quality The credit quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company. For all loan portfolio classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed, reducing interest income in the current period. Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is placed on nonaccrual. Consumer lending segment loans are generally charged-off 1-4 charge-off 1-4 charged-off. charged-off 1-4 charged-off charged-off charge-off. For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment charge-off charged-off) At March 31, 2021, the amount of foreclosed residential real estate held by the Company, and included in OREO, was $18 million, compared with $23 million at December 31, 2020. These amounts excluded $29 million and $33 million at March 31, 2021 and December 31, 2020, respectively, of foreclosed residential real estate related to mortgage loans whose payments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. In addition, the amount of residential mortgage loans secured by residential real estate in the process of foreclosure at March 31, 2021 and December 31, 2020, was $936 million and $1.0 billion, respectively, of which $756 million and $812 million, respectively, related to loans purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. The Company classifies its loan portfolio classes using internal credit quality ratings on a quarterly basis. These ratings include pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those loans that have a potential weakness deserving management’s close attention. Classified loans are those loans where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans. Troubled Debt Restructurings In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. Concessionary modifications are classified as TDRs unless the modification results in only an insignificant delay in payments to be received. The Company recognizes interest on TDRs if the borrower complies with the revised terms and conditions as agreed upon with the Company and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles, which is generally six months or greater. To the extent a previous restructuring was insignificant, the Company considers the cumulative effect of past restructurings related to the receivable when determining whether a current restructuring is a TDR. The Company has implemented certain restructuring programs that may result in TDRs. However, many of the Company’s TDRs are also determined on a case-by-case For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, or its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments by providing loan concessions. These concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement, and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs and continues to report them as TDRs after the trial period. Credit card and other retail loan TDRs are generally part of distinct restructuring programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates. In addition, the Company considers secured loans to consumer borrowers that have debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs. COVID-19 |
Accounting for Transfers and Servicing of Financial Assets | In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet.For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. |
Variable Interest Entities | The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits. tax-advantaged |
Netting Arrangements for Certain Financial Instruments | The Company’s derivative contracts typically include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives under collateral support arrangements, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. In general, securities used as collateral can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Refer to Note 12 for further discussion of the Company’s derivatives, including collateral arrangements. As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet. Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities, residential agency mortgage-backed securities or corporate debt securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s broker-dealer subsidiary. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels. The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions. |
Fair Values of Assets and Liabilities | The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale lower-of-cost-or-fair Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance. The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are: • Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs and certain derivative contracts. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities Available-for-Sale | The amortized cost, gross unrealized holding gains and losses, and fair value of available-for-sale March 31, 2021 December 31, 2020 (Dollars in Millions) Amortized Unrealized Unrealized Fair Value Amortized Unrealized Unrealized Fair Value U.S. Treasury and agencies $ 24,401 $ 288 $ (372 ) $ 24,317 $ 21,954 $ 462 $ (25 ) $ 22,391 Mortgage-backed securities Residential agency 116,629 1,230 (1,683 ) 116,176 98,031 1,950 (13 ) 99,968 Commercial agency 6,254 53 (221 ) 6,086 5,251 170 (15 ) 5,406 Asset-backed securities 197 5 – 202 200 5 – 205 Obligations of state and political subdivisions 8,687 546 (18 ) 9,215 8,166 695 – 8,861 Other 7 – – 7 9 – – 9 Total available-for-sale $ 156,175 $ 2,122 $ (2,294 ) $ 156,003 $ 133,611 $ 3,282 $ (53 ) $ 136,840 |
Amount of Interest Income from Taxable and Non-Taxable Investment Securities | The following table provides information about the amount of interest income from taxable and non-taxable Three Months Ended (Dollars in Millions) 2021 2020 Taxable $ 455 $ 640 Non-taxable 62 52 Total interest income from investment securities $ 517 $ 692 |
Amount of Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities | The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale Three Months Ended (Dollars in Millions) 2021 2020 Realized gains $ 25 $ 73 Realized losses – (23 ) Net realized gains $ 25 $ 50 Income tax on net realized gains $ 6 $ 13 |
Gross Unrealized Losses and Fair Value of Company's Investment Securities | Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Value Unrealized Fair Unrealized Fair Value Unrealized U.S. Treasury and agencies $ 9,519 $ (372 ) $ – $ – $ 9,519 $ (372 ) Residential agency mortgage-backed securities 59,916 (1,678 ) 150 (5 ) 60,066 (1,683 ) Commercial agency mortgage-backed securities 4,130 (221 ) 6 – 4,136 (221 ) Asset-backed securities – – 2 – 2 – Obligations of state and political subdivisions 1,037 (18 ) – – 1,037 (18 ) Total investment securities $ 74,602 $ (2,289 ) $ 158 $ (5 ) $ 74,760 $ (2,294 ) |
Investment Securities | The following table provides information about the amortized cost, fair value and yield by maturity date of the available-for-sale (Dollars in Millions) Amortized Fair Value Weighted- Weighted- U.S. Treasury and Agencies Maturing in one year or less $ 4,264 $ 4,292 .4 1.54 % Maturing after one year through five years 11,534 11,694 2.6 1.15 Maturing after five years through ten years 7,364 7,150 8.1 1.33 Maturing after ten years 1,239 1,181 13.0 1.78 Total $ 24,401 $ 24,317 4.4 1.31 % Mortgage-Backed Securities (a) Maturing in one year or less $ 110 $ 112 .6 2.07 % Maturing after one year through five years 47,936 49,021 3.6 1.40 Maturing after five years through ten years 74,785 73,077 7.8 1.46 Maturing after ten years 52 52 11.9 1.13 Total $ 122,883 $ 122,262 6.1 1.44 % Asset-Backed Securities (a) Maturing in one year or less $ – $ – .9 2.69 % Maturing after one year through five years 3 4 2.9 1.74 Maturing after five years through ten years 194 197 6.0 1.08 Maturing after ten years – 1 13.6 2.41 Total $ 197 $ 202 5.9 1.09 % Obligations of State and Political Subdivisions (b) (c) Maturing in one year or less $ 178 $ 182 .7 4.21 % Maturing after one year through five years 1,451 1,539 3.5 4.39 Maturing after five years through ten years 6,624 7,066 6.9 3.86 Maturing after ten years 434 428 17.4 2.57 Total $ 8,687 $ 9,215 6.7 3.89 % Other Maturing in one year or less $ 7 $ 7 .1 2.07 % Maturing after one year through five years – – – – Maturing after five years through ten years – – – – Maturing after ten years – – – – Total $ 7 $ 7 .1 2.07 % Total investment securities (d) $ 156,175 $ 156,003 5.9 1.55 % (a) Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. (b) Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount. (c) Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par. (d) The weighted-average maturity of total available-for-sale (e) Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Composition of Loan Portfolio | The composition of the loan portfolio, disaggregated by class and underlying specific portfolio type, was as follows: March 31, 2021 December 31, 2020 (Dollars in Millions) Amount Percent Amount Percent Commercial Commercial $ 98,847 33.6 % $ 97,315 32.7 % Lease financing 5,311 1.8 5,556 1.9 Total commercial 104,158 35.4 102,871 34.6 Commercial Real Estate Commercial mortgages 27,649 9.4 28,472 9.6 Construction and development 10,783 3.6 10,839 3.6 Total commercial real estate 38,432 13.0 39,311 13.2 Residential Mortgages Residential mortgages 64,238 21.8 66,525 22.4 Home equity loans, first liens 9,386 3.2 9,630 3.2 Total residential mortgages 73,624 25.0 76,155 25.6 Credit Card 20,872 7.1 22,346 7.5 Other Retail Retail leasing 7,880 2.7 8,150 2.7 Home equity and second mortgages 11,679 4.0 12,472 4.2 Revolving credit 2,536 . 9 2,688 . 9 Installment 14,562 4.9 13,823 4.6 Automobile 20,527 7.0 19,722 6.6 Student 157 – 169 . 1 Total other retail 57,341 19.5 57,024 19.1 Total loans $ 294,427 100.0 % $ 297,707 100.0 % |
Activity in Allowance for Credit Losses by Portfolio Class | Activity in the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Balance at December 31, 2020 $ 2,423 $ 1,544 $ 573 $ 2,355 $ 1,115 $ 8,010 Add Provision for credit losses (435 ) (19 ) (39 ) (259 ) (75 ) (827 ) Deduct Loans charged-off 86 10 5 190 83 374 Less recoveries of loans charged-off (30 ) (17 ) (10 ) (46 ) (48 ) (151 ) Net loan charge-offs (recoveries ) 56 (7 ) (5 ) 144 35 223 Balance at March 31, 2021 $ 1,932 $ 1,532 $ 539 $ 1,952 $ 1,005 $ 6,960 Balance at December 31, 2019 $ 1,484 $ 799 $ 433 $ 1,128 $ 647 $ 4,491 Add Change in accounting principle (a) 378 (122 ) (30 ) 872 401 1,499 Provision for credit losses 452 162 10 246 123 993 Deduct Loans charged-off 88 – 8 274 121 491 Less recoveries of loans charged-off (14 ) (2 ) (7 ) (40 ) (35 ) (98 ) Net loan charge-offs (recoveries ) 74 (2 ) 1 234 86 393 Balance at March 31, 2020 $ 2,240 $ 841 $ 412 $ 2,012 $ 1,085 $ 6,590 (a) Effective January 1, 2020, the Company adopted accounting guidance which changed impairment recognition of financial instruments to a model that is based on expected losses rather than incurred losses. |
Summary of Loans by Portfolio Class, Including Delinquency Status of those that Continue to Accrue Interest and are Nonperforming | The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming: Accruing (Dollars in Millions) Current 30-89 Days 90 Days or Nonperforming (b) Total March 31, 2021 Commercial $ 103,557 $ 193 $ 61 $ 347 $ 104,158 Commercial real estate 37,953 119 4 356 38,432 Residential mortgages (a) 73,024 204 143 253 73,624 Credit card 20,486 188 198 – 20,872 Other retail 56,878 221 70 172 57,341 Total loans $ 291,898 $ 925 $ 476 $ 1,128 $ 294,427 December 31, 2020 Commercial $ 102,127 $ 314 $ 55 $ 375 $ 102,871 Commercial real estate 38,676 183 2 450 39,311 Residential mortgages (a) 75,529 244 137 245 76,155 Credit card 21,918 231 197 – 22,346 Other retail 56,466 318 86 154 57,024 Total loans $ 294,716 $ 1,290 $ 477 $ 1,224 $ 297,707 (a) At March 31, 2021, $1.5 billion of loans 30–89 days past due and $1.7 billion of loans 90 days or more past due purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $1.4 billion and $1.8 billion at December 31, 2020, respectively. (b) Substantially all nonperforming loans at March 31, 2021 and December 31, 2020, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $3 million and $5 million for the three months ended March 31, 2021 and 2020, respectively. |
Summary of Loans by Portfolio Class and Company's Internal Credit Quality Rating | The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating: March 31, 2021 December 31, 2020 Criticized Criticized (Dollars in Millions) Pass Special Mention Classified (a) Total Total Pass Special Classified (a) Total Total Commercial Originated in 2021 $ 12,604 $ 313 $ 218 $ 531 $ 13,135 $ – $ – $ – $ – $ – Originated in 2020 28,890 1,003 1,302 2,305 31,195 34,557 1,335 1,753 3,088 37,645 Originated in 2019 15,710 351 223 574 16,284 17,867 269 349 618 18,485 Originated in 2018 10,909 372 151 523 11,432 12,349 351 176 527 12,876 Originated in 2017 4,658 81 181 262 4,920 5,257 117 270 387 5,644 Originated prior to 2017 4,133 168 73 241 4,374 4,954 128 115 243 5,197 Revolving 22,377 206 235 441 22,818 22,445 299 280 579 23,024 Total commercial 99,281 2,494 2,383 4,877 104,158 97,429 2,499 2,943 5,442 102,871 Commercial real estate Originated in 2021 2,368 39 408 447 2,815 – – – – – Originated in 2020 8,889 336 901 1,237 10,126 9,446 461 1,137 1,598 11,044 Originated in 2019 8,788 450 947 1,397 10,185 9,514 454 1,005 1,459 10,973 Originated in 2018 5,296 373 499 872 6,168 6,053 411 639 1,050 7,103 Originated in 2017 2,375 141 350 491 2,866 2,650 198 340 538 3,188 Originated prior to 2017 4,272 151 161 312 4,584 4,762 240 309 549 5,311 Revolving 1,457 5 226 231 1,688 1,445 9 238 247 1,692 Total commercial real estate 33,445 1,495 3,492 4,987 38,432 33,870 1,773 3,668 5,441 39,311 Residential mortgages (b) Originated in 2021 4,208 – – – 4,208 – – – – – Originated in 2020 22,053 – 5 5 22,058 23,262 1 3 4 23,266 Originated in 2019 12,084 1 23 24 12,108 13,969 1 17 18 13,987 Originated in 2018 4,989 1 25 26 5,015 5,670 1 22 23 5,693 Originated in 2017 6,091 1 22 23 6,114 6,918 1 24 25 6,943 Originated prior to 2017 23,782 3 335 338 24,120 25,921 2 342 344 26,265 Revolving 1 – – – 1 1 – – – 1 Total residential mortgages 73,208 6 410 416 73,624 75,741 6 408 414 76,155 Credit card (c) 20,674 – 198 198 20,872 22,149 – 197 197 22,346 Other retail Originated in 2021 5,690 – 1 1 5,691 – – – – – Originated in 2020 15,954 – 6 6 15,960 17,589 – 7 7 17,596 Originated in 2019 10,351 – 16 16 10,367 11,605 – 23 23 11,628 Originated in 2018 5,822 – 20 20 5,842 6,814 – 27 27 6,841 Originated in 2017 3,106 – 14 14 3,120 3,879 – 22 22 3,901 Originated prior to 2017 3,134 – 18 18 3,152 3,731 – 29 29 3,760 Revolving 12,536 – 135 135 12,671 12,647 – 110 110 12,757 Revolving converted to term 495 – 43 43 538 503 – 38 38 541 Total other retail 57,088 – 253 253 57,341 56,768 – 256 256 57,024 Total loans $ 283,696 $ 3,995 $ 6,736 $ 10,731 $ 294,427 $ 285,957 $ 4,278 $ 7,472 $ 11,750 $ 297,707 Total outstanding commitments $ 629,280 $ 8,140 $ 9,239 $ 17,379 $ 646,659 $ 627,606 $ 8,772 $ 9,374 $ 18,146 $ 645,752 Note: Year of origination is based on the origination date of a loan or the date when the maturity date, pricing or commitment amount is amended. (a) Classified rating on consumer loans primarily based on delinquency status. (b) At March 31, 2021, $1.7 billion of GNMA loans 90 days or more past due and $1.3 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $1.8 billion and $1.4 billion at December 31, 2020, respectively. (c) All credit card loans are considered revolving loans. |
Summary of Loans Modified as TDRs | The following table provides a summary of loans modified as TDRs for the periods presented by portfolio class: 2021 2020 Three Months Ended March 31 (Dollars in Millions) Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification Commercial 704 $ 75 $ 60 999 $ 99 $ 101 Commercial real estate 56 86 71 27 21 21 Residential mortgages 336 104 104 90 10 10 Credit card 5,786 33 34 8,415 46 47 Other retail 1,325 37 32 655 15 14 Total loans, excluding loans purchased from GNMA mortgage pools 8,207 335 301 10,186 191 193 Loans purchased from GNMA mortgage pools 559 87 89 1,904 266 260 Total loans 8,766 $ 422 $ 390 12,090 $ 457 $ 453 |
Summary of Loans Modified as TDRs in the Past Twelve Months that have Subsequently Defaulted | The following table provides a summary of TDR loans that defaulted (fully or partially charged-off 2021 2020 Three Months Ended March 31 (Dollars in Millions) Number Amount Number Amount Commercial 285 $ 16 287 $ 20 Commercial real estate 7 5 16 10 Residential mortgages 15 2 13 1 Credit card 1,764 9 2,070 10 Other retail 280 5 108 1 Total loans, excluding loans purchased from GNMA mortgage pools 2,351 37 2,494 42 Loans purchased from GNMA mortgage pools 30 4 304 41 Total loans 2,381 $ 41 2,798 $ 83 |
Accounting for Transfers and _2
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Investments in Community Development and Tax-advantaged VIEs | The following table provides a summary of investments in community development and tax-advantaged (Dollars in Millions) March 31, December 31, Investment carrying amount $ 5,161 $ 5,378 Unfunded capital and other commitments 2,236 2,334 Maximum exposure to loss 10,903 11,219 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Changes in Fair Value of Capitalized MSRs | Changes in fair value of capitalized MSRs are summarized as follows: Three Months Ended (Dollars in Millions) 2021 2020 Balance at beginning of period $ 2,210 $ 2,546 Rights purchased 16 5 Rights capitalized 319 201 Rights sold (a) — 1 Changes in fair value of MSRs Due to fluctuations in market interest rates (b) 486 (743 ) Due to revised assumptions or models (c) (102 ) 17 Other changes in fair value (d) (142 ) (140 ) Balance at end of period $ 2,787 $ 1,887 (a) MSRs sold include those having a negative fair value, resulting from the loans being severely delinquent. (b) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits. (c) Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes. (d) Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies. |
Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments | The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the r e March 31, 2021 December 31, 2020 (Dollars in Millions) Down Down Down Up Up Up Down Down Down Up Up Up MSR portfolio $ (563 ) $ (293 ) $ (149 ) $ 143 $ 272 $ 483 $ (442 ) $ (271 ) $ (150 ) $ 169 $ 343 $ 671 Derivative instrument hedges 611 299 146 (136 ) (266 ) (513 ) 523 281 145 (149 ) (304 ) (625 ) Net sensitivity $ 48 $ 6 $ (3 ) $ 7 $ 6 $ (30 ) $ 81 $ 10 $ (5 ) $ 20 $ 39 $ 46 |
MSRs and Related Characteristics by Portfolio | A summary of the Company’s MSRs and related characteristics by portfolio was as follows: March 31, 2021 December 31, 2020 (Dollars in Millions) HFA Government Conventional (d) Total HFA Government Conventional (d) Total Servicing portfolio (a) $ 39,757 $ 23,734 $ 145,171 $ 208,662 $ 40,396 $ 25,474 $ 143,085 $ 208,955 Fair value $ 499 $ 312 $ 1,976 $ 2,787 $ 406 $ 261 $ 1,543 $ 2,210 Value (bps) (b) 126 131 136 134 101 102 108 106 Weighted-average servicing fees (bps) 35 40 30 32 35 40 30 32 Multiple (value/servicing fees) 3.56 3.31 4.47 4.12 2.87 2.56 3.55 3.26 Weighted-average note rate 4.33 % 3.88 % 3.64 % 3.80 % 4.43 % 3.91 % 3.78 % 3.92 % Weighted-average age (in years) 3.8 5.9 3.8 4.0 3.8 5.6 4.2 4.3 Weighted-average expected prepayment (constant prepayment rate) 11.2 % 13.3 % 9.5 % 10.3 % 14.1 % 18.0 % 13.8 % 14.4 % Weighted-average expected life (in years) 6.8 5.6 6.9 6.7 5.6 4.3 5.5 5.4 Weighted-average option adjusted spread (c) 7.7 % 7.3 % 6.3 % 6.7 % 7.7 % 7.3 % 6.2 % 6.6 % (a) Represents principal balance of mortgages having corresponding MSR asset. (b) Calculated as fair value divided by the servicing portfolio. (c) Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs. (d) Represents loans sold primarily to GSEs. |
Preferred Stock (Tables)
Preferred Stock (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock | The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows: March 31, 2021 December 31, 2020 (Dollars in Millions) Shares Liquidation Discount Carrying Shares Liquidation Discount Carrying Series A 12,510 $ 1,251 $ 145 $ 1,106 12,510 $ 1,251 $ 145 $ 1,106 Series B 40,000 1,000 — 1,000 40,000 1,000 — 1,000 Series F 44,000 1,100 12 1,088 44,000 1,100 12 1,088 Series I — — — — 30,000 750 5 745 Series J 40,000 1,000 7 993 40,000 1,000 7 993 Series K 23,000 575 10 565 23,000 575 10 565 Series L 20,000 500 14 486 20,000 500 14 486 Series M 30,000 750 20 730 — — — — Total preferred stock (a) 209,510 $ 6,176 $ 208 $ 5,968 209,510 $ 6,176 $ 193 $ 5,983 (a) The par value of all shares issued and outstanding at March 31, 2021 and December 31, 2020, was $1.00 per share. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss) Included in Shareholders' Equity | Shareholders’ equity is affected by transactions and valuations of asset and liability positions that r e (Dollars in Millions) Unrealized Gains Available-For- Unrealized Gains (Losses) on Derivative Hedges Unrealized Gains Foreign Total 2021 Balance at beginning of period $ 2,417 $ (189 ) $ (1,842 ) $ (64 ) $ 322 Changes in unrealized gains and losses (3,378 ) 99 — — (3,279 ) Foreign currency translation adjustment (a) — — — 25 25 Reclassification to earnings of realized gains and losses (25 ) 4 39 — 18 Applicable income taxes 861 (26 ) (10 ) (6 ) 819 Balance at end of period $ (125 ) $ (112 ) $ (1,813 ) $ (45 ) $ (2,095 ) 2020 Balance at beginning of period $ 379 $ (51 ) $ (1,636 ) $ (65 ) $ (1,373 ) Changes in unrealized gains and losses 2,787 (257 ) — — 2,530 Foreign currency translation adjustment (a) — — — (13 ) (13 ) Reclassification to earnings of realized gains and losses (50 ) 13 31 — (6 ) Applicable income taxes (692 ) 62 (8 ) 3 (635 ) Balance at end of period $ 2,424 $ (233 ) $ (1,613 ) $ (75 ) $ 503 (a) Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. |
Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income and into Earnings | Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings for the three months ended March 31, is as follows: Impact to Net Income Affected Line Item in the (Dollars in Millions) 2021 2020 Unrealized gains (losses) on investment securities available-for-sale Realized gains (losses) on sale of investment securities $ 25 $ 50 Securities gains (losses), net (6 ) (13 ) Applicable income taxes 19 37 Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (4 ) (13 ) Interest expense 1 3 Applicable income taxes (3 ) (10 ) Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses) and prior service cost (credit) amortization (39 ) (31 ) Other noninterest expense 10 8 Applicable income taxes (29 ) (23 ) Net-of-tax Total impact to net income $ (13 ) $ 4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Components of Earnings Per Share | The components of earnings per share were: Three Months March 31 (Dollars and Shares in Millions, Except Per Share Data) 2021 2020 Net income attributable to U.S. Bancorp $ 2,280 $ 1,171 Preferred dividends (90 ) (78 ) Impact of preferred stock call (a) (5 ) — Earnings allocated to participating stock awards (10 ) (5 ) Net income applicable to U.S. Bancorp common shareholders $ 2,175 $ 1,088 Average common shares outstanding 1,502 1,518 Net effect of the exercise and assumed purchase of stock awards 1 1 Average diluted common shares outstanding 1,503 1,519 Earnings per common share $ 1.45 $ . 72 Diluted earnings per common share $ 1.45 $ . 72 (a) Represents stock issuance costs originally recorded in preferred stock upon issuance of the Company’s Series I Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the Company’s retirement p l Three Months Ended March 31 Pension Plans Postretirement (Dollars in Millions) 2021 2020 2021 2020 Service cost $ 66 $ 59 $ — $ — Interest cost 55 58 — 1 Expected return on plan assets (112 ) (101 ) — (1 ) Prior service cost (credit) amortization — — (1 ) (1 ) Actuarial loss (gain) amortization 42 34 (2 ) (2 ) Net periodic benefit cost (a) $ 51 $ 50 $ (3 ) $ (3 ) (a) Service cost is included in employee benefits expense on the Consolidated Statement of Income. All other components are included in other noninterest expense on the Consolidated Statement of Income. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense were: Three Months Ended March 31 (Dollars in Millions) 2021 2020 Federal Current $ 353 $ 315 Deferred 130 (106 ) Federal income tax 483 209 State Current 94 70 Deferred 30 (19 ) State income tax 124 51 Total income tax provision $ 607 $ 260 |
Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 21 Percent to Company's Applicable Income Tax Expense | A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows: Three Months Ended March 31 (Dollars in Millions) 2021 2020 Tax at statutory rate $ 607 $ 302 State income tax, at statutory rates, net of federal tax benefit 114 59 Tax effect of Tax credits and benefits, net of related expenses (93 ) (102 ) Tax-exempt (28 ) (29 ) Other items 7 30 Applicable income taxes $ 607 $ 260 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Asset and Liability Management Derivative Positions of Company | The following table summarizes the asset and liability management derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Value Fair Value Weighted- Remaining Maturity In Years Notional Value Fair Value Weighted- Remaining Maturity In Years March 31, 2021 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 6,600 $ – 1.96 $ – $ – – Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps – – – 3,250 – 4.34 Net investment hedges Foreign exchange forward contracts 781 10 .05 – – – Other economic hedges Interest rate contracts Futures and forwards Buy 6,044 31 .06 11,179 107 .10 Sell 30,218 349 .19 9,364 66 .04 Options Purchased 18,370 290 3.68 – – – Written 4,373 109 .12 6,740 300 2.33 Receive fixed/pay floating swaps 4,333 – 4.72 6,373 – 10.03 Pay fixed/receive floating swaps 3,379 – 4.20 4,389 – 4.85 Foreign exchange forward contracts 270 1 .06 344 2 .04 Equity contracts 117 – .33 74 2 .19 Other (a) 311 5 .03 2,096 172 1.92 Total $ 74,796 $ 795 $ 43,809 $ 649 December 31, 2020 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 8,400 $ – 1.76 $ – $ – – Pay fixed/receive floating swaps – – – 100 – 9.63 Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps – – – 3,250 – 4.59 Net investment hedges Foreign exchange forward contracts 479 – .06 336 3 .06 Other economic hedges Interest rate contracts Futures and forwards Buy 16,431 73 .50 1,925 5 .07 Sell 10,440 48 .04 28,976 157 .07 Options Purchased 11,610 121 4.11 – – – Written 5,073 202 .13 7,770 198 2.53 Receive fixed/pay floating swaps 11,064 – 7.31 907 – 23.43 Pay fixed/receive floating swaps 78 – 13.68 8,538 – 5.67 Foreign exchange forward contracts 292 1 .04 341 2 .05 Equity contracts 127 3 .39 45 – .46 Other (a) 47 1 .11 1,832 183 2.44 Total $ 64,041 $ 449 $ 54,020 $ 548 (a) Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted-average remaining maturity of $1.8 billion, $167 million and 2.25 years at March 31, 2021, respectively, compared to $1.8 billion, $182 million and 2.50 years at December 31, 2020, respectively. In addition, includes short-term underwriting purchase and sale commitments with total asset and liability notional values of $311 million at March 31, 2021, and $47 million at December 31, 2020. |
Customer-Related Derivative Positions of Company | The following table summarizes the customer-related derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted- Notional Fair Weighted- March 31, 2021 Interest rate contracts Receive fixed/pay floating swaps $ 121,392 $ 2,416 4.42 $ 40,305 $ 494 7.50 Pay fixed/receive floating swaps 39,173 115 7.22 115,251 801 4.32 Other (a) 9,128 2 3.74 6,901 2 4.73 Options Purchased 80,134 204 1.32 1,465 31 2.71 Written 1,391 31 2.77 75,365 195 1.25 Futures Buy 921 – .95 1,628 – 1.14 Sell 1,468 – 1.10 1,310 – .45 Foreign exchange rate contracts Forwards, spots and swaps 41,612 1,307 1.09 41,887 1,284 1.25 Options Purchased 650 23 .98 – – – Written – – – 650 20 .98 Credit contracts 2,906 1 2.68 7,495 10 4.45 Total $ 298,775 $ 4,099 $ 292,257 $ 2,837 December 31, 2020 Interest rate contracts Receive fixed/pay floating swaps $ 144,859 $ 3,782 4.93 $ 12,027 $ 99 8.72 Pay fixed/receive floating swaps 15,048 2 8.43 134,963 1,239 4.71 Other (a) 9,921 6 3.75 6,387 3 4.22 Options Purchased 72,655 111 1.40 1,454 46 2.96 Written 1,736 46 2.76 68,205 81 1.25 Futures Buy 1,851 – 1.22 924 – .05 Sell – – – 4,090 – .72 Foreign exchange rate contracts Forwards, spots and swaps 44,845 1,590 .96 45,992 1,565 1.13 Options Purchased 519 14 .90 – – – Written – – – 519 14 .90 Credit contracts 2,876 1 2.75 7,479 7 3.81 Total $ 294,310 $ 5,552 $ 282,040 $ 3,054 (a) Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes. |
Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) Gains (Losses) Other (Loss) Gains (Losses) (Dollars in Millions) 2021 2020 2021 2020 Asset and Liability Management Positions Cash flow hedges Interest rate contracts $ 74 $ (192 ) $ (3 ) $ (10 ) Net investment hedges Foreign exchange forward contracts 7 16 – – Non-derivative 48 25 – – Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges. |
Effect of Fair Value and Cash Flow Hedge Accounting Included in Interest Expense on Consolidated Statement of Income | The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of I n Interest Income Interest Expense (Dollars in Millions) 2021 2020 2021 2020 Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded $ 3,341 $ 4,116 $ 278 $ 893 Asset and Liability Management Positions Fair value hedges Interest rate contract derivatives (1 ) – 55 (1,035 ) Hedged items 1 – (55 ) 1,028 Cash flow hedges Interest rate contract derivatives – – 4 13 Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $15 million into earnings during the three months ended March 31, 2021, as a result of the discontinuance of cash flow hedges. The Company did not reclassify gains or losses into earnings as a result of the discontinuance of cash flow hedges during the three months ended March 31, 2020. |
Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges | The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities designated in fair value hedges: Carrying Amount of the Hedged Assets Cumulative Hedging Adjustment (a) (Dollars in Millions) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Line Item in the Consolidated Balance Sheet Available-for-sale $ – $ 99 $ (4 ) $ (1 ) Long-term debt 6,713 8,567 800 903 (a) The cumulative hedging adjustment related to the discontinued hedging relationships on available-for-sale investment securities and long-term debt was million, respectively, at March 31, 2021. The cumulative hedging adjustment related to discontinued hedging relationships on long-term debt was $726 million at December 31, 2020. |
Summary of Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions | The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions for the three months ended March 31: (Dollars in Millions) Location of Gains (Losses) 2021 2020 Asset and Liability Management Positions Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue/ $ 430 $ (75 ) Purchased and written options Mortgage banking revenue 12 280 Swaps Mortgage banking revenue (390 ) 729 Foreign exchange forward contracts Other noninterest income (3 ) 17 Equity contracts Compensation expense 4 (4 ) Other Other noninterest income – (1 ) Customer-Related Positions Interest rate contracts Swaps Commercial products revenue 27 (22 ) Purchased and written options Commercial products revenue (7 ) 17 Futures Commercial products revenue – (18 ) Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 19 17 Purchased and written options Commercial products revenue – – Credit contracts Commercial products revenue 2 18 |
Netting Arrangements for Cert_2
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions | The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions: (Dollars in Millions) Overnight and Less Than 30-89 Greater Than Total March 31, 2021 Repurchase agreements U.S. Treasury and agencies $ 272 $ – $ – $ – $ 272 Residential agency mortgage-backed securities 588 – – – 588 Corporate debt securities 814 – – – 814 Total repurchase agreements 1,674 – – – 1,674 Securities loaned Corporate debt securities 230 – – – 230 Total securities loaned 230 – – – 230 Gross amount of recognized liabilities $ 1,904 $ – $ – $ – $ 1,904 December 31, 2020 Repurchase agreements U.S. Treasury and agencies $ 472 $ – $ – $ – $ 472 Residential agency mortgage-backed securities 398 – – – 398 Corporate debt securities 560 – – – 560 Total repurchase agreements 1,430 – – – 1,430 Securities loaned Corporate debt securities 218 – – – 218 Total securities loaned 218 – – – 218 Gross amount of recognized liabilities $ 1,648 $ – $ – $ – $ 1,648 |
Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets But Available for Offset in Event of Default | The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default: (Dollars in Millions) Gross Recognized Gross Amounts Consolidated Net Amounts Consolidated Gross Amounts Not Offset on the Net Amount Financial Collateral March 31, 2021 Derivative assets (d) $ 4,776 $ (1,938 ) $ 2,838 $ (159 ) $ (147 ) $ 2,532 Reverse repurchase agreements 403 – 403 (207 ) (196 ) – Securities borrowed 1,915 – 1,915 – (1,862 ) 53 Total $ 7,094 $ (1,938 ) $ 5,156 $ (366 ) $ (2,205 ) $ 2,585 December 31, 2020 Derivative assets (d) $ 5,744 $ (1,874 ) $ 3,870 $ (109 ) $ (287 ) $ 3,474 Reverse repurchase agreements 377 – 377 (262 ) (115 ) – Securities borrowed 1,716 – 1,716 – (1,670 ) 46 Total $ 7,837 $ (1,874 ) $ 5,963 $ (371 ) $ (2,072 ) $ 3,520 (a) Includes $637 million and $898 million of cash collateral related payables that were netted against derivative assets at March 31, 2021 and December 31, 2020, respectively. (b) For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default. (c) Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults. (d) Excludes $118 million and $257 million at March 31, 2021 and December 31, 2020, respectively, of derivative assets not subject to netting arrangements. |
Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default | (Dollars in Millions) Gross Recognized Gross Amounts Consolidated Net Amounts Consolidated Gross Amounts Not Offset on the Net Amount Financial Collateral March 31, 2021 Derivative liabilities (d) $ 3,280 $ (2,084 ) $ 1,196 $ (159 ) $ – $ 1,037 Repurchase agreements 1,674 — 1,674 (207 ) (1,465 ) 2 Securities loaned 230 — 230 — (227 ) 3 Total $ 5,184 $ (2,084 ) $ 3,100 $ (366 ) $ (1,692 ) $ 1,042 December 31, 2020 Derivative liabilities (d) $ 3,419 $ (2,312 ) $ 1,107 $ (109 ) $ – $ 998 Repurchase agreements 1,430 — 1,430 (262 ) (1,168 ) — Securities loaned 218 — 218 — (215 ) 3 Total $ 5,067 $ (2,312 ) $ 2,755 $ (371 ) $ (1,383 ) $ 1,001 (a) Includes $783 million and $1.3 billion of cash collateral related receivables that were netted against derivative liabilities at March 31, 2021 and December 31, 2020, respectively. (b) For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default. (c) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults. (d) Excludes $206 million and $183 million at March 31, 2021 and December 31, 2020, respectively, of derivative liabilities not subject to netting arrangements. |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Valuation Assumption Ranges for MSRs | The following table shows the significant valuation assumption ranges for MSRs at March 31, 2021: Minimum Maximum Weighted- average (a) Expected prepayment 4 % 15 % 10 % Option adjusted spread 6 11 7 (a) Determined based on the relative fair value of the related mortgage loans serviced. |
Valuation Assumption Ranges for Derivative Commitments | The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at March 31, 2021: Minimum Maximum Weighted- average (a) Expected loan close rate 4 % 100 % 76 % Inherent MSR value (basis points per loan) 53 201 123 (a) Determined based on the relative fair value of the related mortgage loans. |
Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis: (Dollars in Millions) Level 1 Level 2 Level 3 Netting Total March 31, 2021 Available-for-sale U.S. Treasury and agencies $ 21,406 $ 2,911 $ – $ – $ 24,317 Mortgage-backed securities Residential agency – 116,176 – – 116,176 Commercial agency – 6,086 – – 6,086 Asset-backed securities – 195 7 – 202 Obligations of state and political subdivisions – 9,214 1 – 9,215 Other – 7 – – 7 Total available-for-sale 21,406 134,589 8 – 156,003 Mortgage loans held for sale – 8,869 – – 8,869 Mortgage servicing rights – – 2,787 – 2,787 Derivative assets 7 3,066 1,821 (1,938 ) 2,956 Other assets 120 2,029 – – 2,149 Total $ 21,533 $ 148,553 $ 4,616 $ (1,938 ) $ 172,764 Derivative liabilities $ – $ 2,821 $ 665 $ (2,084 ) $ 1,402 Short-term borrowings and other liabilities (a) 199 1,890 – – 2,089 Total $ 199 $ 4,711 $ 665 $ (2,084 ) $ 3,491 December 31, 2020 Available-for-sale U.S. Treasury and agencies $ 19,251 $ 3,140 $ – $ – $ 22,391 Mortgage-backed securities Residential agency – 99,968 – – 99,968 Commercial agency – 5,406 – – 5,406 Asset-backed securities – 198 7 – 205 Obligations of state and political subdivisions – 8,860 1 – 8,861 Other – 9 – – 9 Total available-for-sale 19,251 117,581 8 – 136,840 Mortgage loans held for sale – 8,524 – – 8,524 Mortgage servicing rights – – 2,210 – 2,210 Derivative assets 4 3,235 2,762 (1,874 ) 4,127 Other assets 302 1,601 – – 1,903 Total $ 19,557 $ 130,941 $ 4,980 $ (1,874 ) $ 153,604 Derivative liabilities $ – $ 3,166 $ 436 $ (2,312 ) $ 1,290 Short-term borrowings and other liabilities (a) 85 1,672 – – 1,757 Total $ 85 $ 4,838 $ 436 $ (2,312 ) $ 3,047 Note: Excluded from the table above are equity investments without readily determinable fair values. The Company has elected to carry these investments at historical cost, adjusted for impairment and any changes resulting from observable price changes for identical or similar investments of the issuer. The aggregate carrying amount of these equity investments was $71 million and $85 million at March 31, 2021 and December 31, 2020, respectively. The Company has not recorded impairments or adjustments for observable price changes on these equity investments during the first three months of 2021 and 2020, or on a cumulative basis. (a) Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. |
Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31: (Dollars in Millions) Beginning Net Gains Net Gains Purchases Sales Issuances Settlements End Net Change 2021 Available-for-sale Asset-backed securities $ 7 $ – $ – $ – $ – $ – $ – $ 7 $ – Obligations of state and political subdivisions 1 – – – – – – 1 – Total available-for-sale 8 – – – – – – 8 – Mortgage servicing rights 2,210 242 (a) – 16 – 319 (c) – 2,787 242 (a) Net derivative assets and liabilities 2,326 (935 ) (b) – 2 – – (237 ) 1,156 (900 ) (d) 2020 Available-for-sale Asset-backed securities $ 8 $ – $ – $ – $ – $ – $ – $ 8 $ – Obligations of state and political subdivisions 1 – 1 – – – – 2 1 Total available-for-sale 9 – 1 – – – – 10 1 Mortgage servicing rights 2,546 (866 ) (a) – 5 1 201 (c) – 1,887 (866 ) (a) Net derivative assets and liabilities 810 1,742 (e) – 4 – – (60 ) 2,496 1,726 (f) (a) Included in mortgage banking revenue. (b) Approximately $60 million included in mortgage banking revenue and $(995) million included in commercial products revenue. (c) Represents MSRs capitalized during the period. (d) Approximately $78 million included in mortgage banking revenue and $(978) million included in commercial products revenue. (e) Approximately $357 million, $1.4 billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. (f) Approximately $214 million, $1.5 billion and $(1) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. |
Adjusted Carrying Values for Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of the reporting date: March 31, 2021 December 31, 2020 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 81 $ 81 $ – $ – $ 385 $ 385 Other assets (b) – – 9 9 – – 30 30 (a) Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition. |
Losses Recognized Related to Nonrecurring Fair Value Measurements of Individual Assets or Portfolios | The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios for the three months ended March 31: (Dollars in Millions) 2021 2020 Loans (a) $ 31 $ 5 Other assets (b) 1 3 (a) Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition. |
Differences Between Aggregate Fair Value Carrying Amount of MLHFS for which Fair Value Option has been Elected and Aggregate Unpaid Principal Amount Contractually Obligated to Receive at Maturity | The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity: March 31, 2021 December 31, 2020 (Dollars in Millions) Fair Aggregate Carrying Fair Aggregate Carrying Total loans $ 8,869 $ 8,685 $ 184 $ 8,524 $ 8,136 $ 388 Nonaccrual loans 1 1 – 1 1 – Loans 90 days or more past due 1 1 – 2 2 – |
Estimated Fair Values of Financial Instruments | The estimated fair values of the Company’s financial instruments are shown in the table below: March 31, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Cash and due from banks $ 43,501 $ 43,501 $ – $ – $ 43,501 $ 62,580 $ 62,580 $ – $ – $ 62,580 Federal funds sold and securities purchased under resale agreements 403 – 403 – 403 377 – 377 – 377 Loans held for sale (a) 122 – – 122 122 237 – – 237 237 Loans 288,084 – – 296,703 296,703 290,393 – – 300,419 300,419 Other (b) 1,877 – 899 978 1,877 1,772 – 731 1,041 1,772 Financial Liabilities Time deposits 23,711 – 23,834 – 23,834 30,694 – 30,864 – 30,864 Short-term borrowings (c) 10,009 – 9,963 – 9,963 10,009 – 9,956 – 9,956 Long-term debt 37,419 – 38,086 – 38,086 41,297 – 42,485 – 42,485 Other (d) 3,905 – 1,175 2,730 3,905 4,052 – 1,234 2,818 4,052 (a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected. (b) Includes investments in Federal Reserve Bank and Federal Home Loan Bank stock and tax-advantaged (c) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. (d) Includes operating lease liabilities and liabilities related to tax-advantaged |
Guarantees and Contingent Lia_2
Guarantees and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Other Guarantees and Contingent Liabilities | The following table is a summary of other guarantees and contingent liabilities of the Company at March 31, 2021: (Dollars in Millions) Collateral Carrying Maximum Standby letters of credit $ – $ 68 $ 9,789 Third party borrowing arrangements – – 3 Securities lending indemnifications 8,254 – 8,106 Asset sales – 82 6,132 (a) Merchant processing 559 179 91,183 Tender option bond program guarantee 1,720 – 1,493 Other – 27 1,214 (a) The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans. |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Business Segments Reporting Information Details | Business segment results for the three months ended March 31 were as follows: Corporate and Commercial Consumer and Wealth Management and (Dollars in Millions) 2021 2020 2021 2020 2021 2020 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 666 $ 784 $ 1,625 $ 1,531 $ 204 $ 284 Noninterest income 259 271 617 757 492 466 Total net revenue 925 1,055 2,242 2,288 696 750 Noninterest expense 406 443 1,388 1,336 459 449 Other intangibles – – 3 4 2 3 Total noninterest expense 406 443 1,391 1,340 461 452 Income (loss) before provision and income taxes 519 612 851 948 235 298 Provision for credit losses (40 ) 424 (44 ) 123 7 23 Income (loss) before income taxes 559 188 895 825 228 275 Income taxes and taxable-equivalent adjustment 140 47 224 206 57 69 Net income (loss) 419 141 671 619 171 206 Net (income) loss attributable to noncontrolling interests – – – – – – Net income (loss) attributable to U.S. Bancorp $ 419 $ 141 $ 671 $ 619 $ 171 $ 206 Average Balance Sheet Loans $ 94,872 $ 103,368 $ 153,177 $ 146,718 $ 12,443 $ 10,608 Other earning assets 4,308 4,555 10,203 4,967 279 281 Goodwill 1,647 1,647 3,475 3,574 1,619 1,617 Other intangible assets 5 7 2,491 2,411 42 44 Assets 107,022 115,308 175,541 161,886 15,662 13,950 Noninterest-bearing deposits 51,020 29,370 39,186 27,866 20,277 13,232 Interest-bearing deposits 67,750 80,657 166,876 133,718 71,629 68,842 Total deposits 118,770 110,027 206,062 161,584 91,906 82,074 Total U.S. Bancorp shareholders’ equity 13,074 14,182 13,453 13,422 2,634 2,571 Payment Treasury and Consolidated (Dollars in Millions) 2021 2020 2021 2020 2021 2020 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 628 $ 661 $ (34 ) $ (13 ) $ 3,089 $ 3,247 Noninterest income 785 (a) 794 (a) 228 237 2,381 (b) 2,525 (b) Total net revenue 1,413 1,455 194 224 5,470 (c) 5,772 (c) Noninterest expense 782 754 306 292 3,341 3,274 Other intangibles 33 35 – – 38 42 Total noninterest expense 815 789 306 292 3,379 3,316 Income (loss) before provision and income taxes 598 666 (112 ) (68 ) 2,091 2,456 Provision for credit losses (41 ) 262 (709 ) 161 (827 ) 993 Income (loss) before income taxes 639 404 597 (229 ) 2,918 1,463 Income taxes and taxable-equivalent adjustment 160 101 52 (139 ) 633 284 Net income (loss) 479 303 545 (90 ) 2,285 1,179 Net (income) loss attributable to noncontrolling interests – – (5 ) (8 ) (5 ) (8 ) Net income (loss) attributable to U.S. Bancorp $ 479 $ 303 $ 540 $ (98 ) $ 2,280 $ 1,171 Average Balance Sheet Loans $ 29,630 $ 33,688 $ 3,867 $ 3,275 $ 293,989 $ 297,657 Other earning assets 5 6 188,927 140,256 203,722 150,065 Goodwill 3,173 2,856 – – 9,914 9,694 Other intangible assets 544 557 – – 3,082 3,019 Assets 35,095 38,285 215,414 165,378 548,734 494,807 Noninterest-bearing deposits 5,264 1,471 2,605 2,203 118,352 74,142 Interest-bearing deposits 132 114 1,625 5,331 308,012 288,662 Total deposits 5,396 1,585 4,230 7,534 426,364 362,804 Total U.S. Bancorp shareholders’ equity 7,480 7,619 16,088 13,352 52,729 51,146 (a) Presented net of related rewards and rebate costs and certain partner payments of $ 535 530 (b) Includes revenue generated from certain contracts with customers of $1.7 billion for the three months ended March 31, 2021 and 2020. (c) The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, |
Investment Securities - Availab
Investment Securities - Available-for-Sale (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | ||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | $ 156,175 | [1] | $ 133,611 | |
Available-for-sale securities, Unrealized Gains | 2,122 | 3,282 | ||
Available-for-sale securities, Unrealized Losses | (2,294) | (53) | ||
Available-for-sale securities, Fair Value | [2] | 156,003 | [1] | 136,840 |
U.S. Treasury and Agencies [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | 24,401 | 21,954 | ||
Available-for-sale securities, Unrealized Gains | 288 | 462 | ||
Available-for-sale securities, Unrealized Losses | (372) | (25) | ||
Available-for-sale securities, Fair Value | 24,317 | 22,391 | ||
Residential Mortgage-Backed Securities [Member] | Agency [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | 116,629 | 98,031 | ||
Available-for-sale securities, Unrealized Gains | 1,230 | 1,950 | ||
Available-for-sale securities, Unrealized Losses | (1,683) | (13) | ||
Available-for-sale securities, Fair Value | 116,176 | 99,968 | ||
Commercial [Member] | Agency [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | 6,254 | 5,251 | ||
Available-for-sale securities, Unrealized Gains | 53 | 170 | ||
Available-for-sale securities, Unrealized Losses | (221) | (15) | ||
Available-for-sale securities, Fair Value | 6,086 | 5,406 | ||
Asset-Backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | 197 | [3] | 200 | |
Available-for-sale securities, Unrealized Gains | 5 | 5 | ||
Available-for-sale securities, Fair Value | 202 | [3] | 205 | |
Obligations of State and Political Subdivisions [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | 8,687 | [4],[5] | 8,166 | |
Available-for-sale securities, Unrealized Gains | 546 | 695 | ||
Available-for-sale securities, Unrealized Losses | (18) | |||
Available-for-sale securities, Fair Value | 9,215 | [4],[5] | 8,861 | |
Other [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | 7 | 9 | ||
Available-for-sale securities, Fair Value | $ 7 | $ 9 | ||
[1] | The weighted-average maturity of total available-for-sale investment securities was 3.4 years at December 31, 2020, with a corresponding weighted-average yield of 1.61 percent. | |||
[2] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. | |||
[3] | Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. | |||
[4] | Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount. | |||
[5] | Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par. |
Investment Securities - Amount
Investment Securities - Amount of Interest Income from Taxable and Non-Taxable Investment Securities (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest Income, Securities, Operating, by Taxable Status [Abstract] | ||
Taxable | $ 455 | $ 640 |
Non-taxable | 62 | 52 |
Total interest income from investment securities | $ 517 | $ 692 |
Investment Securities - Amoun_2
Investment Securities - Amount of Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Securities, Available-for-sale, Realized Gain (Loss) [Abstract] | ||
Realized gains | $ 25 | $ 73 |
Realized losses | (23) | |
Net realized gains | 25 | 50 |
Income tax on net realized gains | $ 6 | $ 13 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Fair value of securities pledged | $ 39,300 | $ 11,000 |
Fair value of securities pledged as collateral where counterparty has right to repledge or resell | $ 596 | $ 402 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value of Company's Investment Securities (Detail) $ in Millions | Mar. 31, 2021USD ($) |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | $ 74,602 |
Unrealized Losses Less Than 12 Months | (2,289) |
Fair Value 12 Months or Greater | 158 |
Unrealized Losses 12 Months or Greater | (5) |
Fair Value Total | 74,760 |
Unrealized Losses Total | (2,294) |
U.S. Treasury and Agencies [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 9,519 |
Unrealized Losses Less Than 12 Months | (372) |
Fair Value Total | 9,519 |
Unrealized Losses Total | (372) |
Residential Mortgage-Backed Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 59,916 |
Unrealized Losses Less Than 12 Months | (1,678) |
Fair Value 12 Months or Greater | 150 |
Unrealized Losses 12 Months or Greater | (5) |
Fair Value Total | 60,066 |
Unrealized Losses Total | (1,683) |
Commercial Mortgage Backed Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 4,130 |
Unrealized Losses Less Than 12 Months | (221) |
Fair Value 12 Months or Greater | 6 |
Fair Value Total | 4,136 |
Unrealized Losses Total | (221) |
Asset-backed Securities [member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 2 |
Fair Value Total | 2 |
Obligations of State and Political Subdivisions [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 1,037 |
Unrealized Losses Less Than 12 Months | (18) |
Fair Value Total | 1,037 |
Unrealized Losses Total | $ (18) |
Investment Securities - Amortiz
Investment Securities - Amortized Cost, Fair Value and Yield by Maturity Date (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | |||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, Amortized Cost | $ 156,175 | [1] | $ 133,611 | |
Available-for-sale securities, total, fair value | [2] | $ 156,003 | [1] | $ 136,840 |
Available-for-sale securities, total, weighted-average maturity in years | 5 years 10 months 24 days | [1] | 3 years 4 months 24 days | |
Available-for-sale securities, total, weighted-average yield | 1.55% | [1],[3] | 1.61% | |
U.S. Treasury and Agencies [Member] | ||||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 4,264 | |||
Available-for-sale securities, maturing after one year through five years, amortized cost | 11,534 | |||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 7,364 | |||
Available-for-sale securities, maturing after ten years, amortized cost | 1,239 | |||
Available-for-sale securities, Amortized Cost | 24,401 | $ 21,954 | ||
Available-for-sale securities, maturing in one year or less, fair value | 4,292 | |||
Available-for-sale securities, maturing after one year through five years, fair value | 11,694 | |||
Available-for-sale securities, maturing after five years through ten years, fair value | 7,150 | |||
Available-for-sale securities, maturing after ten years, fair value | 1,181 | |||
Available-for-sale securities, total, fair value | $ 24,317 | 22,391 | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 4 months 24 days | |||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 2 years 7 months 6 days | |||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 8 years 1 month 6 days | |||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | 13 years | |||
Available-for-sale securities, total, weighted-average maturity in years | 4 years 4 months 24 days | |||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [3] | 1.54% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [3] | 1.15% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [3] | 1.33% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | [3] | 1.78% | ||
Available-for-sale securities, total, weighted-average yield | [3] | 1.31% | ||
Mortgage-Backed Securities [Member] | ||||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, maturing in one year or less, amortized cost | [4] | $ 110 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | [4] | 47,936 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | [4] | 74,785 | ||
Available-for-sale securities, maturing after ten years, amortized cost | [4] | 52 | ||
Available-for-sale securities, Amortized Cost | [4] | 122,883 | ||
Available-for-sale securities, maturing in one year or less, fair value | [4] | 112 | ||
Available-for-sale securities, maturing after one year through five years, fair value | [4] | 49,021 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | [4] | 73,077 | ||
Available-for-sale securities, maturing after ten years, fair value | [4] | 52 | ||
Available-for-sale securities, total, fair value | [4] | $ 122,262 | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | [4] | 7 months 6 days | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | [4] | 3 years 7 months 6 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | [4] | 7 years 9 months 18 days | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | [4] | 11 years 10 months 24 days | ||
Available-for-sale securities, total, weighted-average maturity in years | [4] | 6 years 1 month 6 days | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [3],[4] | 2.07% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [3],[4] | 1.40% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [3],[4] | 1.46% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | [3],[4] | 1.13% | ||
Available-for-sale securities, total, weighted-average yield | [3],[4] | 1.44% | ||
Asset-Backed Securities [Member] | ||||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, maturing after one year through five years, amortized cost | [4] | $ 3 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | [4] | 194 | ||
Available-for-sale securities, Amortized Cost | 197 | [4] | 200 | |
Available-for-sale securities, maturing after one year through five years, fair value | [4] | 4 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | [4] | 197 | ||
Available-for-sale securities, maturing after ten years, fair value | [4] | 1 | ||
Available-for-sale securities, total, fair value | $ 202 | [4] | 205 | |
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | [4] | 10 months 24 days | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | [4] | 2 years 10 months 24 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | [4] | 6 years | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | [4] | 13 years 7 months 6 days | ||
Available-for-sale securities, total, weighted-average maturity in years | [4] | 5 years 10 months 24 days | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [3],[4] | 2.69% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [3],[4] | 1.74% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [3],[4] | 1.08% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | [3],[4] | 2.41% | ||
Available-for-sale securities, total, weighted-average yield | [3],[4] | 1.09% | ||
Obligations of State and Political Subdivisions [Member] | ||||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, maturing in one year or less, amortized cost | [5],[6] | $ 178 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | [5],[6] | 1,451 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | [5],[6] | 6,624 | ||
Available-for-sale securities, maturing after ten years, amortized cost | [5],[6] | 434 | ||
Available-for-sale securities, Amortized Cost | 8,687 | [5],[6] | 8,166 | |
Available-for-sale securities, maturing in one year or less, fair value | [5],[6] | 182 | ||
Available-for-sale securities, maturing after one year through five years, fair value | [5],[6] | 1,539 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | [5],[6] | 7,066 | ||
Available-for-sale securities, maturing after ten years, fair value | [5],[6] | 428 | ||
Available-for-sale securities, total, fair value | $ 9,215 | [5],[6] | 8,861 | |
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | [5],[6] | 8 months 12 days | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | [5],[6] | 3 years 6 months | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | [5],[6] | 6 years 10 months 24 days | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | [5],[6] | 17 years 4 months 24 days | ||
Available-for-sale securities, total, weighted-average maturity in years | [5],[6] | 6 years 8 months 12 days | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [3],[5],[6] | 4.21% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [3],[5],[6] | 4.39% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [3],[5],[6] | 3.86% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | [3],[5],[6] | 2.57% | ||
Available-for-sale securities, total, weighted-average yield | [3],[5],[6] | 3.89% | ||
Other [Member] | ||||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 7 | |||
Available-for-sale securities, Amortized Cost | 7 | 9 | ||
Available-for-sale securities, maturing in one year or less, fair value | 7 | |||
Available-for-sale securities, total, fair value | $ 7 | $ 9 | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 1 month 6 days | |||
Available-for-sale securities, total, weighted-average maturity in years | 1 month 6 days | |||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [3] | 2.07% | ||
Available-for-sale securities, total, weighted-average yield | [3] | 2.07% | ||
[1] | The weighted-average maturity of total available-for-sale investment securities was 3.4 years at December 31, 2020, with a corresponding weighted-average yield of 1.61 percent. | |||
[2] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. | |||
[3] | Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances. | |||
[4] | Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. | |||
[5] | Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount. | |||
[6] | Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par. |
Investment Securities - Amort_2
Investment Securities - Amortized Cost, Fair Value and Yield by Maturity Date (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | ||
Contractual Maturities of Investment Securities [Abstract] | |||
Federal statutory rate | 21.00% | ||
Available for sale securities weighted average maturities | 5 years 10 months 24 days | [1] | 3 years 4 months 24 days |
Debt securities available for sale weighted average yield | 1.55% | [1],[2] | 1.61% |
[1] | The weighted-average maturity of total available-for-sale investment securities was 3.4 years at December 31, 2020, with a corresponding weighted-average yield of 1.61 percent. | ||
[2] | Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances. |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 294,427 | $ 297,707 |
Loans, percentage | 100.00% | 100.00% |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 98,847 | $ 97,315 |
Loans, percentage | 33.60% | 32.70% |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 104,158 | $ 102,871 |
Loans, percentage | 35.40% | 34.60% |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 38,432 | $ 39,311 |
Loans, percentage | 13.00% | 13.20% |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 73,624 | $ 76,155 |
Loans, percentage | 25.00% | 25.60% |
Other Retail [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 57,341 | $ 57,024 |
Loans, percentage | 19.50% | 19.10% |
Lease Financing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 5,311 | $ 5,556 |
Loans, percentage | 1.80% | 1.90% |
Commercial Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 27,649 | $ 28,472 |
Loans, percentage | 9.40% | 9.60% |
Construction and Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 10,783 | $ 10,839 |
Loans, percentage | 3.60% | 3.60% |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 64,238 | $ 66,525 |
Loans, percentage | 21.80% | 22.40% |
Home Equity Loans, First Liens [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 9,386 | $ 9,630 |
Loans, percentage | 3.20% | 3.20% |
Credit Card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 20,872 | $ 22,346 |
Loans, percentage | 7.10% | 7.50% |
Retail Leasing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 7,880 | $ 8,150 |
Loans, percentage | 2.70% | 2.70% |
Home Equity and Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 11,679 | $ 12,472 |
Loans, percentage | 4.00% | 4.20% |
Revolving Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 2,536 | $ 2,688 |
Loans, percentage | 0.90% | 0.90% |
Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 14,562 | $ 13,823 |
Loans, percentage | 4.90% | 4.60% |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 20,527 | $ 19,722 |
Loans, percentage | 7.00% | 6.60% |
Student [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 157 | $ 169 |
Loans, percentage | 0.10% |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)MortgageLoanSecurityLoan | Dec. 31, 2020USD ($) | |
Loans and Allowance for Credit Losses [Line Items] | ||
Loans pledged at the Federal Home Loan Bank | $ 94,400 | $ 96,100 |
Loans pledged at the Federal Reserve Bank | 65,400 | 67,800 |
Unearned interest and deferred fees and costs on originated loans | 849 | 763 |
Foreclosed residential real estate property included in other real estate owned | 18 | 23 |
Foreclosed residential real estate related to mortgage loans whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs | 29 | 33 |
Residential mortgage loans secured by residential real estate in process of foreclosure | $ 936 | 1,000 |
Number of residential mortgage loans, home equity and second mortgage loans, and GNMA loans where trial period was unsuccessful and no longer eligible for a permanent modification | MortgageLoan | 19 | |
Outstanding balance of residential mortgage loans, home equity and second mortgage loans, and GNMA loans where trial period was unsuccessful and no longer eligible for a permanent modification | $ 4 | |
Commitments to lend additional funds | 134 | |
Modifications related to borrowers impacted by COVID | 7,300 | |
Government National Mortgage Association [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Residential mortgage loans secured by residential real estate in process of foreclosure | $ 756 | $ 812 |
Home Equity and Second Mortgages [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Number of loans in trial period | SecurityLoan | 33 | |
Outstanding balance of loans in trial period | $ 2 | |
Estimated post-modification balance of loans in trial period | $ 2 | |
Residential Mortgages [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Number of loans in trial period | SecurityLoan | 89 | |
Outstanding balance of loans in trial period | $ 28 | |
Estimated post-modification balance of loans in trial period | $ 28 | |
Government National Mortgage Association [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Number of loans in trial period | SecurityLoan | 304 | |
Outstanding balance of loans in trial period | $ 52 | |
Estimated post-modification balance of loans in trial period | $ 53 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Activity in Allowance for Credit Losses by Portfolio Class (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | $ 8,010 | $ 4,491 |
Change in accounting principle | 1,499 | |
Provision for credit losses | (827) | 993 |
Loans charged-off | 374 | 491 |
Less recoveries of loans charged-off | (151) | (98) |
Net loans charged-off (recoveries) | 223 | 393 |
Balance at end of period | 6,960 | 6,590 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 2,423 | 1,484 |
Change in accounting principle | 378 | |
Provision for credit losses | (435) | 452 |
Loans charged-off | 86 | 88 |
Less recoveries of loans charged-off | (30) | (14) |
Net loans charged-off (recoveries) | 56 | 74 |
Balance at end of period | 1,932 | 2,240 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 1,544 | 799 |
Change in accounting principle | (122) | |
Provision for credit losses | (19) | 162 |
Loans charged-off | 10 | |
Less recoveries of loans charged-off | (17) | (2) |
Net loans charged-off (recoveries) | (7) | (2) |
Balance at end of period | 1,532 | 841 |
Residential Mortgages [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 573 | 433 |
Change in accounting principle | (30) | |
Provision for credit losses | (39) | 10 |
Loans charged-off | 5 | 8 |
Less recoveries of loans charged-off | (10) | (7) |
Net loans charged-off (recoveries) | (5) | 1 |
Balance at end of period | 539 | 412 |
Other Retail [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 1,115 | 647 |
Change in accounting principle | 401 | |
Provision for credit losses | (75) | 123 |
Loans charged-off | 83 | 121 |
Less recoveries of loans charged-off | (48) | (35) |
Net loans charged-off (recoveries) | 35 | 86 |
Balance at end of period | 1,005 | 1,085 |
Credit Card [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 2,355 | 1,128 |
Change in accounting principle | 872 | |
Provision for credit losses | (259) | 246 |
Loans charged-off | 190 | 274 |
Less recoveries of loans charged-off | (46) | (40) |
Net loans charged-off (recoveries) | 144 | 234 |
Balance at end of period | $ 1,952 | $ 2,012 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class, Including Delinquency Status of those that Continue to Accrue Interest and are Nonperforming (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 291,898 | $ 294,716 |
Accruing 30-89 Days Past Due | 925 | 1,290 |
Accruing 90 Days or More Past Due | 476 | 477 |
Nonperforming | 1,128 | 1,224 |
Total loans | 294,427 | 297,707 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 103,557 | 102,127 |
Accruing 30-89 Days Past Due | 193 | 314 |
Accruing 90 Days or More Past Due | 61 | 55 |
Nonperforming | 347 | 375 |
Total loans | 104,158 | 102,871 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 37,953 | 38,676 |
Accruing 30-89 Days Past Due | 119 | 183 |
Accruing 90 Days or More Past Due | 4 | 2 |
Nonperforming | 356 | 450 |
Total loans | 38,432 | 39,311 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 73,024 | 75,529 |
Accruing 30-89 Days Past Due | 204 | 244 |
Accruing 90 Days or More Past Due | 143 | 137 |
Nonperforming | 253 | 245 |
Total loans | 73,624 | 76,155 |
Other Retail [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 56,878 | 56,466 |
Accruing 30-89 Days Past Due | 221 | 318 |
Accruing 90 Days or More Past Due | 70 | 86 |
Nonperforming | 172 | 154 |
Total loans | 57,341 | 57,024 |
Credit Card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 20,486 | 21,918 |
Accruing 30-89 Days Past Due | 188 | 231 |
Accruing 90 Days or More Past Due | 198 | 197 |
Total loans | $ 20,872 | $ 22,346 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class, Including Delinquency Status of those that Continue to Accrue Interest and are Nonperforming (Parenthetical) (Detail) - Government National Mortgage Association [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans 30-89 days past due purchased from Government National Mortgage Association mortgage pools, classified as current | $ 1,500 | $ 1,400 | |
Loans 90 days or more past due purchased from Government National Mortgage Association mortgage pools, classified as current | 1,700 | $ 1,800 | |
Interest income on nonperforming loans | $ 3 | $ 5 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class and Company's Internal Credit Quality Rating (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 294,427 | $ 297,707 |
Total outstanding commitments | 646,659 | 645,752 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 283,696 | 285,957 |
Total outstanding commitments | 629,280 | 627,606 |
Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,995 | 4,278 |
Total outstanding commitments | 8,140 | 8,772 |
Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,736 | 7,472 |
Total outstanding commitments | 9,239 | 9,374 |
Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,731 | 11,750 |
Total outstanding commitments | 17,379 | 18,146 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 13,135 | |
Originated in 2020 | 31,195 | 37,645 |
Originated in 2019 | 16,284 | 18,485 |
Originated in 2018 | 11,432 | 12,876 |
Originated in 2017 | 4,920 | 5,644 |
Originated prior to 2017 | 4,374 | 5,197 |
Revolving | 22,818 | 23,024 |
Total loans | 104,158 | 102,871 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 12,604 | |
Originated in 2020 | 28,890 | 34,557 |
Originated in 2019 | 15,710 | 17,867 |
Originated in 2018 | 10,909 | 12,349 |
Originated in 2017 | 4,658 | 5,257 |
Originated prior to 2017 | 4,133 | 4,954 |
Revolving | 22,377 | 22,445 |
Total loans | 99,281 | 97,429 |
Commercial [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 313 | |
Originated in 2020 | 1,003 | 1,335 |
Originated in 2019 | 351 | 269 |
Originated in 2018 | 372 | 351 |
Originated in 2017 | 81 | 117 |
Originated prior to 2017 | 168 | 128 |
Revolving | 206 | 299 |
Total loans | 2,494 | 2,499 |
Commercial [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 218 | |
Originated in 2020 | 1,302 | 1,753 |
Originated in 2019 | 223 | 349 |
Originated in 2018 | 151 | 176 |
Originated in 2017 | 181 | 270 |
Originated prior to 2017 | 73 | 115 |
Revolving | 235 | 280 |
Total loans | 2,383 | 2,943 |
Commercial [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 531 | |
Originated in 2020 | 2,305 | 3,088 |
Originated in 2019 | 574 | 618 |
Originated in 2018 | 523 | 527 |
Originated in 2017 | 262 | 387 |
Originated prior to 2017 | 241 | 243 |
Revolving | 441 | 579 |
Total loans | 4,877 | 5,442 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 2,815 | |
Originated in 2020 | 10,126 | 11,044 |
Originated in 2019 | 10,185 | 10,973 |
Originated in 2018 | 6,168 | 7,103 |
Originated in 2017 | 2,866 | 3,188 |
Originated prior to 2017 | 4,584 | 5,311 |
Revolving | 1,688 | 1,692 |
Revolving converted to term | 538 | |
Total loans | 38,432 | 39,311 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 2,368 | |
Originated in 2020 | 8,889 | 9,446 |
Originated in 2019 | 8,788 | 9,514 |
Originated in 2018 | 5,296 | 6,053 |
Originated in 2017 | 2,375 | 2,650 |
Originated prior to 2017 | 4,272 | 4,762 |
Revolving | 1,457 | 1,445 |
Total loans | 33,445 | 33,870 |
Commercial Real Estate [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 39 | |
Originated in 2020 | 336 | 461 |
Originated in 2019 | 450 | 454 |
Originated in 2018 | 373 | 411 |
Originated in 2017 | 141 | 198 |
Originated prior to 2017 | 151 | 240 |
Revolving | 5 | 9 |
Total loans | 1,495 | 1,773 |
Commercial Real Estate [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 408 | |
Originated in 2020 | 901 | 1,137 |
Originated in 2019 | 947 | 1,005 |
Originated in 2018 | 499 | 639 |
Originated in 2017 | 350 | 340 |
Originated prior to 2017 | 161 | 309 |
Revolving | 226 | 238 |
Total loans | 3,492 | 3,668 |
Commercial Real Estate [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 447 | |
Originated in 2020 | 1,237 | 1,598 |
Originated in 2019 | 1,397 | 1,459 |
Originated in 2018 | 872 | 1,050 |
Originated in 2017 | 491 | 538 |
Originated prior to 2017 | 312 | 549 |
Revolving | 231 | 247 |
Total loans | 4,987 | 5,441 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 4,208 | |
Originated in 2020 | 22,058 | 23,266 |
Originated in 2019 | 12,108 | 13,987 |
Originated in 2018 | 5,015 | 5,693 |
Originated in 2017 | 6,114 | 6,943 |
Originated prior to 2017 | 24,120 | 26,265 |
Revolving | 1 | 1 |
Total loans | 73,624 | 76,155 |
Residential Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 4,208 | |
Originated in 2020 | 22,053 | 23,262 |
Originated in 2019 | 12,084 | 13,969 |
Originated in 2018 | 4,989 | 5,670 |
Originated in 2017 | 6,091 | 6,918 |
Originated prior to 2017 | 23,782 | 25,921 |
Revolving | 1 | 1 |
Total loans | 73,208 | 75,741 |
Residential Mortgages [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 1 | |
Originated in 2019 | 1 | 1 |
Originated in 2018 | 1 | 1 |
Originated in 2017 | 1 | 1 |
Originated prior to 2017 | 3 | 2 |
Total loans | 6 | 6 |
Residential Mortgages [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 5 | 3 |
Originated in 2019 | 23 | 17 |
Originated in 2018 | 25 | 22 |
Originated in 2017 | 22 | 24 |
Originated prior to 2017 | 335 | 342 |
Total loans | 410 | 408 |
Residential Mortgages [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 5 | 4 |
Originated in 2019 | 24 | 18 |
Originated in 2018 | 26 | 23 |
Originated in 2017 | 23 | 25 |
Originated prior to 2017 | 338 | 344 |
Total loans | 416 | 414 |
Other Retail [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 5,691 | |
Originated in 2020 | 15,960 | 17,596 |
Originated in 2019 | 10,367 | 11,628 |
Originated in 2018 | 5,842 | 6,841 |
Originated in 2017 | 3,120 | 3,901 |
Originated prior to 2017 | 3,152 | 3,760 |
Revolving | 12,671 | 12,757 |
Revolving converted to term | 541 | |
Total loans | 57,341 | 57,024 |
Other Retail [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 5,690 | |
Originated in 2020 | 15,954 | 17,589 |
Originated in 2019 | 10,351 | 11,605 |
Originated in 2018 | 5,822 | 6,814 |
Originated in 2017 | 3,106 | 3,879 |
Originated prior to 2017 | 3,134 | 3,731 |
Revolving | 12,536 | 12,647 |
Revolving converted to term | 495 | 503 |
Total loans | 57,088 | 56,768 |
Other Retail [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 1 | |
Originated in 2020 | 6 | 7 |
Originated in 2019 | 16 | 23 |
Originated in 2018 | 20 | 27 |
Originated in 2017 | 14 | 22 |
Originated prior to 2017 | 18 | 29 |
Revolving | 135 | 110 |
Revolving converted to term | 43 | 38 |
Total loans | 253 | 256 |
Other Retail [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2021 | 1 | |
Originated in 2020 | 6 | 7 |
Originated in 2019 | 16 | 23 |
Originated in 2018 | 20 | 27 |
Originated in 2017 | 14 | 22 |
Originated prior to 2017 | 18 | 29 |
Revolving | 135 | 110 |
Revolving converted to term | 43 | 38 |
Total loans | 253 | 256 |
Credit Card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 20,872 | 22,346 |
Credit Card [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 20,674 | 22,149 |
Credit Card [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 198 | 197 |
Credit Card [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 198 | $ 197 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class and Company's Internal Credit Quality Rating (Parenthetical) (Detail) - Government National Mortgage Association [Member] - USD ($) $ in Billions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Restructured GNMA loans,classified with a pass rating | $ 1.3 | $ 1.4 |
GNMA loans 90 days or more past due, classified with a pass rating | $ 1.7 | $ 1.8 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Summary of Loans Modified as TDRs (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)SecurityLoan | Mar. 31, 2020USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 8,766 | 12,090 |
Pre-Modification Outstanding Loan Balance | $ 422 | $ 457 |
Post-Modification Outstanding Loan Balance | $ 390 | $ 453 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 704 | 999 |
Pre-Modification Outstanding Loan Balance | $ 75 | $ 99 |
Post-Modification Outstanding Loan Balance | $ 60 | $ 101 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 56 | 27 |
Pre-Modification Outstanding Loan Balance | $ 86 | $ 21 |
Post-Modification Outstanding Loan Balance | $ 71 | $ 21 |
Residential Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 336 | 90 |
Pre-Modification Outstanding Loan Balance | $ 104 | $ 10 |
Post-Modification Outstanding Loan Balance | $ 104 | $ 10 |
Other Retail [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 1,325 | 655 |
Pre-Modification Outstanding Loan Balance | $ 37 | $ 15 |
Post-Modification Outstanding Loan Balance | $ 32 | $ 14 |
Credit Card [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 5,786 | 8,415 |
Pre-Modification Outstanding Loan Balance | $ 33 | $ 46 |
Post-Modification Outstanding Loan Balance | $ 34 | $ 47 |
Total Loans, Excluding Loans Purchased from GNMA Mortgage Pools [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 8,207 | 10,186 |
Pre-Modification Outstanding Loan Balance | $ 335 | $ 191 |
Post-Modification Outstanding Loan Balance | $ 301 | $ 193 |
Government National Mortgage Association [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 559 | 1,904 |
Pre-Modification Outstanding Loan Balance | $ 87 | $ 266 |
Post-Modification Outstanding Loan Balance | $ 89 | $ 260 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Summary of Loans Modified as TDRs in the Past Twelve Months that have Subsequently Defaulted (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)SecurityLoan | Mar. 31, 2020USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 2,381 | 2,798 |
Amount Defaulted | $ | $ 41 | $ 83 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 285 | 287 |
Amount Defaulted | $ | $ 16 | $ 20 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 7 | 16 |
Amount Defaulted | $ | $ 5 | $ 10 |
Residential Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 15 | 13 |
Amount Defaulted | $ | $ 2 | $ 1 |
Other Retail [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 280 | 108 |
Amount Defaulted | $ | $ 5 | $ 1 |
Credit Card [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 1,764 | 2,070 |
Amount Defaulted | $ | $ 9 | $ 10 |
Total Loans, Excluding Loans Purchased from GNMA Mortgage Pools [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 2,351 | 2,494 |
Amount Defaulted | $ | $ 37 | $ 42 |
Government National Mortgage Association [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 30 | 304 |
Amount Defaulted | $ | $ 4 | $ 41 |
Accounting for Transfers and _3
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | |||
Assets related to consolidated VIEs | $ 553,375 | $ 553,905 | |
Liabilities related to consolidated VIEs | 501,067 | 500,180 | |
Community Development And Tax Advantaged Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Federal and state income tax credits recognized in tax expense | 133 | $ 150 | |
Expense related to investments | 126 | 142 | |
Investment tax credits | 37 | 99 | |
Expenses related to investments recognized in tax expense | 92 | 101 | |
Financial Support Waived Fees [Member] | |||
Variable Interest Entity [Line Items] | |||
Financial or other support to money market funds | 47 | $ 8 | |
Variable Interest Entity Not Primary Beneficiary [Member] | Private Investment Funds and Partnerships [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 58 | 57 | |
Assets related to consolidated VIEs | 35 | 35 | |
Variable Interest Entity Not Primary Beneficiary [Member] | Community Development And Tax Advantaged Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 10,903 | 11,219 | |
Assets related to consolidated VIEs | 5,161 | 5,378 | |
Liabilities related to consolidated VIEs | 2,236 | 2,334 | |
Variable Interest Entity Not Primary Beneficiary [Member] | Minimum [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate amount of investments in unconsolidated VIEs | 1 | ||
Variable Interest Entity Not Primary Beneficiary [Member] | Maximum [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate amount of investments in unconsolidated VIEs | 78 | ||
Variable Interest Entity Primary Beneficiary [Member] | Community Development And Tax Advantaged Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets related to consolidated VIEs | 4,800 | 4,900 | |
Liabilities related to consolidated VIEs | 3,600 | 3,700 | |
Variable Interest Entity Primary Beneficiary [Member] | Tender Option Bond Program [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets related to consolidated VIEs | 1,700 | 2,400 | |
Liabilities related to consolidated VIEs | $ 1,200 | $ 1,500 |
Accounting for Transfers and _4
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Summary of Investments in Community Development and Tax-advantaged VIEs (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Investment carrying amount | $ 553,375 | $ 553,905 |
Unfunded capital and other commitments | 501,067 | 500,180 |
Variable Interest Entity Not Primary Beneficiary [Member] | Community Development And Tax Advantaged Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Investment carrying amount | 5,161 | 5,378 |
Unfunded capital and other commitments | 2,236 | 2,334 |
Maximum exposure to loss | $ 10,903 | $ 11,219 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Transfers and Servicing of Financial Assets [Abstract] | |||
Residential mortgage loans serviced for others including subserviced mortgages with no corresponding MSRs asset | $ 211,600 | $ 211,800 | |
Gain (Loss) on fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs | (120) | $ 25 | |
Loan servicing and ancillary fees | $ 175 | $ 186 |
Mortgage Servicing Rights - Cha
Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Transfers and Servicing of Financial Assets [Abstract] | ||
Balance at beginning of period | $ 2,210 | $ 2,546 |
Rights purchased | 16 | 5 |
Rights capitalized | 319 | 201 |
Rights sold | 1 | |
Changes in fair value of MSRs | ||
Due to fluctuations in market interest rates | 486 | (743) |
Due to revised assumptions or models | (102) | 17 |
Other changes in fair value | (142) | (140) |
Balance at end of period | $ 2,787 | $ 1,887 |
Mortgage Servicing Rights - Sen
Mortgage Servicing Rights - Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Down Scenario [Member] | Mortgage Servicing Rights [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | $ (563) | $ (442) |
Net fair value 50 basis points | (293) | (271) |
Net fair value 25 basis points | (149) | (150) |
Down Scenario [Member] | Derivative [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | 611 | 523 |
Net fair value 50 basis points | 299 | 281 |
Net fair value 25 basis points | 146 | 145 |
Down Scenario [Member] | Net Sensitivity [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | 48 | 81 |
Net fair value 50 basis points | 6 | 10 |
Net fair value 25 basis points | (3) | (5) |
Up Scenario [Member] | Mortgage Servicing Rights [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | 483 | 671 |
Net fair value 50 basis points | 272 | 343 |
Net fair value 25 basis points | 143 | 169 |
Up Scenario [Member] | Derivative [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | (513) | (625) |
Net fair value 50 basis points | (266) | (304) |
Net fair value 25 basis points | (136) | (149) |
Up Scenario [Member] | Net Sensitivity [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | (30) | 46 |
Net fair value 50 basis points | 6 | 39 |
Net fair value 25 basis points | $ 7 | $ 20 |
Mortgage Servicing Rights - MSR
Mortgage Servicing Rights - MSRs and Related Characteristics by Portfolio (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021USD ($)BasisPointMultiple | Dec. 31, 2020USD ($)MultipleBasisPoint | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Servicing Assets at Fair Value [Line Items] | ||||
Fair value | $ 2,787 | $ 2,210 | $ 1,887 | $ 2,546 |
Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | 208,662 | 208,955 | ||
Fair value | $ 2,787 | $ 2,210 | ||
Value (bps) | BasisPoint | 134 | 106 | ||
Weighted-average servicing fees (bps) | BasisPoint | 32 | 32 | ||
Multiple (value/servicing fees) | Multiple | 4.12 | 3.26 | ||
Weighted-average note rate | 3.80% | 3.92% | ||
Weighted-average age (in years) | 4 years | 4 years 3 months 18 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 10.30% | 14.40% | ||
Weighted-average expected life (in years) | 6 years 8 months 12 days | 5 years 4 months 24 days | ||
Weighted-average option adjusted spread | 6.70% | 6.60% | ||
HFA [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 39,757 | $ 40,396 | ||
Fair value | $ 499 | $ 406 | ||
Value (bps) | BasisPoint | 126 | 101 | ||
Weighted-average servicing fees (bps) | BasisPoint | 35 | 35 | ||
Multiple (value/servicing fees) | Multiple | 3.56 | 2.87 | ||
Weighted-average note rate | 4.33% | 4.43% | ||
Weighted-average age (in years) | 3 years 9 months 18 days | 3 years 9 months 18 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 11.20% | 14.10% | ||
Weighted-average expected life (in years) | 6 years 9 months 18 days | 5 years 7 months 6 days | ||
Weighted-average option adjusted spread | 7.70% | 7.70% | ||
Government Insured [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 23,734 | $ 25,474 | ||
Fair value | $ 312 | $ 261 | ||
Value (bps) | BasisPoint | 131 | 102 | ||
Weighted-average servicing fees (bps) | BasisPoint | 40 | 40 | ||
Multiple (value/servicing fees) | Multiple | 3.31 | 2.56 | ||
Weighted-average note rate | 3.88% | 3.91% | ||
Weighted-average age (in years) | 5 years 10 months 24 days | 5 years 7 months 6 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 13.30% | 18.00% | ||
Weighted-average expected life (in years) | 5 years 7 months 6 days | 4 years 3 months 18 days | ||
Weighted-average option adjusted spread | 7.30% | 7.30% | ||
Conventional [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 145,171 | $ 143,085 | ||
Fair value | $ 1,976 | $ 1,543 | ||
Value (bps) | BasisPoint | 136 | 108 | ||
Weighted-average servicing fees (bps) | BasisPoint | 30 | 30 | ||
Multiple (value/servicing fees) | Multiple | 4.47 | 3.55 | ||
Weighted-average note rate | 3.64% | 3.78% | ||
Weighted-average age (in years) | 3 years 9 months 18 days | 4 years 2 months 12 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 9.50% | 13.80% | ||
Weighted-average expected life (in years) | 6 years 10 months 24 days | 5 years 6 months | ||
Weighted-average option adjusted spread | 6.30% | 6.20% |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | ||
Number of preferred stock shares authorized | 50,000,000 | 50,000,000 | |
Preferred stock issuance costs included in earnings computation | [1] | $ 5 | |
Series M Preferred Stock [Member] | |||
Preferred Stock, Shares Issued | 30,000 | ||
Liquidation preference per share | $ 25,000 | ||
Preferred stock dividend rate fixed percentage | 4.00% | ||
Series I [Member] | |||
Preferred stock issuance costs included in earnings computation | $ 5 | ||
[1] | Represents stock issuance costs originally recorded in preferred stock upon issuance of the Company’s Series I Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares. |
Preferred Stock - Number of Sha
Preferred Stock - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 209,510 | 209,510 |
Liquidation Preference | $ 6,176 | $ 6,176 |
Discount | 208 | 193 |
Carrying Amount | $ 5,968 | $ 5,983 |
Series A [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 12,510 | 12,510 |
Liquidation Preference | $ 1,251 | $ 1,251 |
Discount | 145 | 145 |
Carrying Amount | $ 1,106 | $ 1,106 |
Series B [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 40,000 | 40,000 |
Liquidation Preference | $ 1,000 | $ 1,000 |
Carrying Amount | $ 1,000 | $ 1,000 |
Series F [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 44,000 | 44,000 |
Liquidation Preference | $ 1,100 | $ 1,100 |
Discount | 12 | 12 |
Carrying Amount | $ 1,088 | $ 1,088 |
Series I [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 30,000 | |
Liquidation Preference | $ 750 | |
Discount | 5 | |
Carrying Amount | $ 745 | |
Series J [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 40,000 | 40,000 |
Liquidation Preference | $ 1,000 | $ 1,000 |
Discount | 7 | 7 |
Carrying Amount | $ 993 | $ 993 |
Series K [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 23,000 | 23,000 |
Liquidation Preference | $ 575 | $ 575 |
Discount | 10 | 10 |
Carrying Amount | $ 565 | $ 565 |
Series L [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 20,000 | 20,000 |
Liquidation Preference | $ 500 | $ 500 |
Discount | 14 | 14 |
Carrying Amount | $ 486 | $ 486 |
Series M [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 30,000 | |
Liquidation Preference | $ 750 | |
Discount | 20 | |
Carrying Amount | $ 730 |
Preferred Stock - Number of S_2
Preferred Stock - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Parenthetical) (Detail) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Preferred stock, par value | $ 1 | $ 1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss) Included in Shareholders' Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ 322 | $ (1,373) |
Changes in unrealized gains and losses | (3,378) | 2,787 |
Changes in unrealized gains and losses | 99 | (257) |
Changes in unrealized gains and losses | (3,279) | 2,530 |
Foreign currency translation adjustment | 25 | (13) |
Reclassification to earnings of realized gains and losses | 18 | (6) |
Applicable income taxes | 819 | (635) |
Balance at end of period | (2,095) | 503 |
Unrealized Gains (Losses) on Investment Securities Available-For-Sale [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | 2,417 | 379 |
Changes in unrealized gains and losses | (3,378) | 2,787 |
Reclassification to earnings of realized gains and losses | (25) | (50) |
Applicable income taxes | 861 | (692) |
Balance at end of period | (125) | 2,424 |
Unrealized Gains (Losses) on Derivative Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (189) | (51) |
Changes in unrealized gains and losses | 99 | (257) |
Reclassification to earnings of realized gains and losses | 4 | 13 |
Applicable income taxes | (26) | 62 |
Balance at end of period | (112) | (233) |
Unrealized Gains (Losses) on Retirement Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (1,842) | (1,636) |
Changes in unrealized gains and losses | 0 | |
Reclassification to earnings of realized gains and losses | 39 | 31 |
Applicable income taxes | (10) | (8) |
Balance at end of period | (1,813) | (1,613) |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (64) | (65) |
Foreign currency translation adjustment | 25 | (13) |
Applicable income taxes | (6) | 3 |
Balance at end of period | $ (45) | $ (75) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income and into Earnings (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Realized gains (losses) on sale of investment securities | $ 25 | $ 50 |
Realized gains (losses) on derivative hedges | (278) | (893) |
Actuarial gains (losses) and prior service cost (credit) amortization | (317) | (492) |
Applicable income taxes | (607) | (260) |
Net income | 2,285 | 1,179 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | (13) | 4 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Investment Securities Available-For-Sale [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Realized gains (losses) on sale of investment securities | 25 | 50 |
Applicable income taxes | (6) | (13) |
Net income | 19 | 37 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Derivative Hedges [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Realized gains (losses) on derivative hedges | (4) | (13) |
Applicable income taxes | 1 | 3 |
Net income | (3) | (10) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Retirement Plans [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Actuarial gains (losses) and prior service cost (credit) amortization | (39) | (31) |
Applicable income taxes | 10 | 8 |
Net income | $ (29) | $ (23) |
Earnings Per Share - Components
Earnings Per Share - Components of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | ||||
Earnings Per Share [Abstract] | |||||
Net income attributable to U.S. Bancorp | $ 2,280 | $ 1,171 | |||
Preferred dividends | (90) | [1] | (78) | [2] | |
Impact of preferred stock call | [3] | (5) | |||
Earnings allocated to participating stock awards | (10) | (5) | |||
Net income applicable to U.S. Bancorp common shareholders | $ 2,175 | $ 1,088 | |||
Average common shares outstanding | 1,502 | 1,518 | |||
Net effect of the exercise and assumed purchase of stock awards | 1 | 1 | |||
Average diluted common shares outstanding | 1,503 | 1,519 | |||
Earnings per common share | $ 1.45 | $ 0.72 | |||
Diluted earnings per common share | $ 1.45 | $ 0.72 | |||
[1] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series I, Series J, Series K, Series L and Series M Non-Cumulative Perpetual Preferred Stock of $875.00, $218.75, $406.25, $232.953, $662.50, $343.75, $234.375, and $202.778 respectively. | ||||
[2] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $884.722, $221.18, $406.25, $321.88, $662.50 and $343.75, respectively. | ||||
[3] | Represents stock issuance costs originally recorded in preferred stock upon issuance of the Company’s Series I Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares. |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options outstanding of common shares | 1 | 1 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 66 | $ 59 |
Interest cost | 55 | 58 |
Expected return on plan assets | (112) | (101) |
Actuarial loss (gain) amortization | 42 | 34 |
Net periodic benefit cost | 51 | 50 |
Postretirement Welfare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 1 | |
Expected return on plan assets | (1) | |
Prior service cost (credit) amortization | (1) | (1) |
Actuarial loss (gain) amortization | (2) | (2) |
Net periodic benefit cost | $ (3) | $ (3) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Federal | ||
Current | $ 353 | $ 315 |
Deferred | 130 | (106) |
Federal income tax | 483 | 209 |
State | ||
Current | 94 | 70 |
Deferred | 30 | (19) |
State income tax | 124 | 51 |
Applicable income taxes | $ 607 | $ 260 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Income Taxes Additional Information [Abstract] | ||
Federal statutory rate | 21.00% | |
Net deferred tax asset | $ 1,300 | $ 597 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 21 Percent to Company's Applicable Income Tax Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Tax at statutory rate | $ 607 | $ 302 |
State income tax, at statutory rates, net of federal tax benefit | 114 | 59 |
Tax credits and benefits, net of related expenses | (93) | (102) |
Tax-exempt income | (28) | (29) |
Other items | 7 | 30 |
Applicable income taxes | $ 607 | $ 260 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Realized and unrealized gains (losses) on derivatives classified as cash flow hedges recorded in other comprehensive income (loss) | $ (112) | $ (189) | |
Fair value of derivatives under collateral agreements in a net liability position | 1,000 | ||
Collateral posted by company netted against net liability position | 783 | ||
Estimated gain to be reclassified from other comprehensive income (loss) into earnings | (31) | ||
Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Non-derivative debt instruments designated as net investment hedges | $ 1,400 | $ 1,400 | |
Scenario, Forecast [Member] | |||
Derivative [Line Items] | |||
Estimated gain to be reclassified from other comprehensive income (loss) into earnings | $ (39) |
Derivative Instruments - Asset
Derivative Instruments - Asset and Liability Management Derivative Positions of Company (Detail) - Asset and Liability Management Positions [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 74,796 | $ 64,041 |
Fair Value, Assets | 795 | 449 |
Notional Value, Liabilities | 43,809 | 54,020 |
Fair Value, Liabilities | 649 | 548 |
Other Derivatives [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | 311 | 47 |
Fair Value, Assets | $ 5 | $ 1 |
Derivative Asset Average Remaining Maturity Period | 10 days | 1 month 9 days |
Notional Value, Liabilities | $ 2,096 | $ 1,832 |
Fair Value, Liabilities | $ 172 | $ 183 |
Derivative Liability Average Remaining Maturity Period | 1 year 11 months 1 day | 2 years 5 months 8 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 4,333 | $ 11,064 |
Derivative Asset Average Remaining Maturity Period | 4 years 8 months 19 days | 7 years 3 months 21 days |
Notional Value, Liabilities | $ 6,373 | $ 907 |
Derivative Liability Average Remaining Maturity Period | 10 years 10 days | 23 years 5 months 4 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 3,379 | $ 78 |
Derivative Asset Average Remaining Maturity Period | 4 years 2 months 12 days | 13 years 8 months 4 days |
Notional Value, Liabilities | $ 4,389 | $ 8,538 |
Derivative Liability Average Remaining Maturity Period | 4 years 10 months 6 days | 5 years 8 months 1 day |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 6,044 | $ 16,431 |
Fair Value, Assets | $ 31 | $ 73 |
Derivative Asset Average Remaining Maturity Period | 21 days | 6 months |
Notional Value, Liabilities | $ 11,179 | $ 1,925 |
Fair Value, Liabilities | $ 107 | $ 5 |
Derivative Liability Average Remaining Maturity Period | 1 month 6 days | 25 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 30,218 | $ 10,440 |
Fair Value, Assets | $ 349 | $ 48 |
Derivative Asset Average Remaining Maturity Period | 2 months 8 days | 14 days |
Notional Value, Liabilities | $ 9,364 | $ 28,976 |
Fair Value, Liabilities | $ 66 | $ 157 |
Derivative Liability Average Remaining Maturity Period | 14 days | 25 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 18,370 | $ 11,610 |
Fair Value, Assets | $ 290 | $ 121 |
Derivative Asset Average Remaining Maturity Period | 3 years 8 months 4 days | 4 years 1 month 9 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 4,373 | $ 5,073 |
Fair Value, Assets | $ 109 | $ 202 |
Derivative Asset Average Remaining Maturity Period | 1 month 13 days | 1 month 17 days |
Notional Value, Liabilities | $ 6,740 | $ 7,770 |
Fair Value, Liabilities | $ 300 | $ 198 |
Derivative Liability Average Remaining Maturity Period | 2 years 3 months 29 days | 2 years 6 months 10 days |
Other Economic Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 270 | $ 292 |
Fair Value, Assets | $ 1 | $ 1 |
Derivative Asset Average Remaining Maturity Period | 21 days | 14 days |
Notional Value, Liabilities | $ 344 | $ 341 |
Fair Value, Liabilities | $ 2 | $ 2 |
Derivative Liability Average Remaining Maturity Period | 14 days | 18 days |
Other Economic Hedges [Member] | Equity Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 117 | $ 127 |
Fair Value, Assets | $ 3 | |
Derivative Asset Average Remaining Maturity Period | 3 months 29 days | 4 months 20 days |
Notional Value, Liabilities | $ 74 | $ 45 |
Fair Value, Liabilities | $ 2 | |
Derivative Liability Average Remaining Maturity Period | 2 months 8 days | 5 months 15 days |
Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 6,600 | $ 8,400 |
Derivative Asset Average Remaining Maturity Period | 1 year 11 months 15 days | 1 year 9 months 3 days |
Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | $ 100 | |
Derivative Liability Average Remaining Maturity Period | 9 years 7 months 17 days | |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | $ 3,250 | $ 3,250 |
Derivative Liability Average Remaining Maturity Period | 4 years 4 months 2 days | 4 years 7 months 2 days |
Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 781 | $ 479 |
Fair Value, Assets | $ 10 | |
Derivative Asset Average Remaining Maturity Period | 18 days | 21 days |
Notional Value, Liabilities | $ 336 | |
Fair Value, Liabilities | $ 3 | |
Derivative Liability Average Remaining Maturity Period | 21 days |
Derivative Instruments - Asse_2
Derivative Instruments - Asset and Liability Management Derivative Positions of Company (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Swap [Member] | Visa Class B Shares [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | $ 1,800 | $ 1,800 |
Fair Value, Liabilities | $ 167 | $ 182 |
Derivative Liability Average Remaining Maturity Period | 2 years 3 months | 2 years 6 months |
Underwriting Purchase and Sale Commitments [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 311 | $ 47 |
Notional Value, Liabilities | $ 311 | $ 47 |
Derivative Instruments - Custom
Derivative Instruments - Customer-Related Derivative Positions of Company (Detail) - Customer-Related Positions [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 298,775 | $ 294,310 |
Fair Value, Assets | 4,099 | 5,552 |
Notional Value, Liabilities | 292,257 | 282,040 |
Fair Value, Liabilities | 2,837 | 3,054 |
Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | 121,392 | 144,859 |
Fair Value, Assets | $ 2,416 | $ 3,782 |
Derivative Asset Average Remaining Maturity Period | 4 years 5 months 1 day | 4 years 11 months 4 days |
Notional Value, Liabilities | $ 40,305 | $ 12,027 |
Fair Value, Liabilities | $ 494 | $ 99 |
Derivative Liability Average Remaining Maturity Period | 7 years 6 months | 8 years 8 months 19 days |
Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 39,173 | $ 15,048 |
Fair Value, Assets | $ 115 | $ 2 |
Derivative Asset Average Remaining Maturity Period | 7 years 2 months 19 days | 8 years 5 months 4 days |
Notional Value, Liabilities | $ 115,251 | $ 134,963 |
Fair Value, Liabilities | $ 801 | $ 1,239 |
Derivative Liability Average Remaining Maturity Period | 4 years 3 months 25 days | 4 years 8 months 15 days |
Interest Rate Contracts [Member] | Other Derivatives [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 9,128 | $ 9,921 |
Fair Value, Assets | $ 2 | $ 6 |
Derivative Asset Average Remaining Maturity Period | 3 years 8 months 26 days | 3 years 9 months |
Notional Value, Liabilities | $ 6,901 | $ 6,387 |
Fair Value, Liabilities | $ 2 | $ 3 |
Derivative Liability Average Remaining Maturity Period | 4 years 8 months 23 days | 4 years 2 months 19 days |
Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 80,134 | $ 72,655 |
Fair Value, Assets | $ 204 | $ 111 |
Derivative Asset Average Remaining Maturity Period | 1 year 3 months 25 days | 1 year 4 months 24 days |
Notional Value, Liabilities | $ 1,465 | $ 1,454 |
Fair Value, Liabilities | $ 31 | $ 46 |
Derivative Liability Average Remaining Maturity Period | 2 years 8 months 15 days | 2 years 11 months 15 days |
Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,391 | $ 1,736 |
Fair Value, Assets | $ 31 | $ 46 |
Derivative Asset Average Remaining Maturity Period | 2 years 9 months 7 days | 2 years 9 months 3 days |
Notional Value, Liabilities | $ 75,365 | $ 68,205 |
Fair Value, Liabilities | $ 195 | $ 81 |
Derivative Liability Average Remaining Maturity Period | 1 year 3 months | 1 year 3 months |
Interest Rate Contracts [Member] | Futures [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 921 | $ 1,851 |
Derivative Asset Average Remaining Maturity Period | 11 months 12 days | 1 year 2 months 19 days |
Notional Value, Liabilities | $ 1,628 | $ 924 |
Derivative Liability Average Remaining Maturity Period | 1 year 1 month 20 days | 18 days |
Interest Rate Contracts [Member] | Futures [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,468 | |
Derivative Asset Average Remaining Maturity Period | 1 year 1 month 6 days | |
Notional Value, Liabilities | $ 1,310 | $ 4,090 |
Derivative Liability Average Remaining Maturity Period | 5 months 12 days | 8 months 19 days |
Foreign Exchange Rate Contracts [Member] | Forwards, Spots and Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 41,612 | $ 44,845 |
Fair Value, Assets | $ 1,307 | $ 1,590 |
Derivative Asset Average Remaining Maturity Period | 1 year 1 month 2 days | 11 months 15 days |
Notional Value, Liabilities | $ 41,887 | $ 45,992 |
Fair Value, Liabilities | $ 1,284 | $ 1,565 |
Derivative Liability Average Remaining Maturity Period | 1 year 3 months | 1 year 1 month 17 days |
Foreign Exchange Option [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 650 | $ 519 |
Fair Value, Assets | $ 23 | $ 14 |
Derivative Asset Average Remaining Maturity Period | 11 months 23 days | 10 months 24 days |
Foreign Exchange Option [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | $ 650 | $ 519 |
Fair Value, Liabilities | $ 20 | $ 14 |
Derivative Liability Average Remaining Maturity Period | 11 months 23 days | 10 months 24 days |
Credit Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 2,906 | $ 2,876 |
Fair Value, Assets | $ 1 | $ 1 |
Derivative Asset Average Remaining Maturity Period | 2 years 8 months 4 days | 2 years 9 months |
Notional Value, Liabilities | $ 7,495 | $ 7,479 |
Fair Value, Liabilities | $ 10 | $ 7 |
Derivative Liability Average Remaining Maturity Period | 4 years 5 months 12 days | 3 years 9 months 21 days |
Derivative Instruments - Summar
Derivative Instruments - Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings (Detail) - Asset and Liability Management Positions [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 74 | $ (192) |
Derivative Instruments, Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | (3) | (10) |
Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 7 | 16 |
Net Investment Hedges [Member] | Non Derivative Debt Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 48 | $ 25 |
Derivative Instruments - Effect
Derivative Instruments - Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total amount of income line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded | $ 3,341 | $ 4,116 |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total amount of income line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded | 278 | 893 |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedged item | 1 | |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedged item | (55) | 1,028 |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Interest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedge | (1) | |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedge | 55 | (1,035) |
Asset and Liability Management Positions [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gains (Losses) Recognized in Earnings related to cash flow hedge | $ 4 | $ 13 |
Derivative Instruments - Effe_2
Derivative Instruments - Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instrument Detail [Abstract] | ||
Gains (losses) recognized in earnings related discontinuance of cash flow hedges | $ 15 | $ 0 |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Available-for-Sale Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Amount of the Hedged Assets | $ 99 | |
Cumulative hedging adjustment included in the carrying amount of the hedged assets | $ (4) | (1) |
Long-term Debt Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying amount of the hedged liabilities | 6,713 | 8,567 |
Cumulative hedging adjustment included in the carrying amount of the hedged liabilities | $ 800 | $ 903 |
Derivative Instruments - Summ_3
Derivative Instruments - Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Available-for-sale Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative hedging adjustment asset related to discontinued hedging relationships | $ (4) | |
Long-term Debt Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative hedging adjustment related to discontinued hedging relationships | $ 678 | $ 726 |
Derivative Instruments - Summ_4
Derivative Instruments - Summary of Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Commercial Products Revenue [Member] | Options [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | $ (7) | $ 17 |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Commercial Products Revenue [Member] | Futures [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | (18) | |
Customer-Related Positions [Member] | Swaps [Member] | Commercial Products Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | 27 | (22) |
Customer-Related Positions [Member] | Credit Contracts [Member] | Commercial Products Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | 2 | 18 |
Customer-Related Positions [Member] | Foreign Exchange Rate Contracts [Member] | Commercial Products Revenue [Member] | Forwards, Spots and Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | 19 | 17 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue/Other Noninterest Income [Member] | Futures and Forwards [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | 430 | (75) |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Options [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | 12 | 280 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Swaps [Member] | Mortgage Banking Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | (390) | 729 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Noninterest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | (3) | 17 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Equity Contracts [Member] | Compensation Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | $ 4 | (4) |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Other Derivatives [Member] | Other Noninterest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings | $ (1) |
Netting Arrangements for Cert_3
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Additional Information (Detail) $ in Billions | Mar. 31, 2021USD ($) |
Derivative [Line Items] | |
Notional amount of derivative | $ 709.6 |
Over the Counter Trades [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 375.4 |
Exchange Cleared [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 319.4 |
Exchange Traded [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 14.8 |
Netting Arrangements for Cert_4
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 1,674 | $ 1,430 |
Securities loaned | 230 | 218 |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 1,904 | 1,648 |
Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,674 | 1,430 |
Securities loaned | 230 | 218 |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 1,904 | 1,648 |
U.S. Treasury and Agencies [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 272 | 472 |
U.S. Treasury and Agencies [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 272 | 472 |
Residential Mortgage-Backed Securities [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 588 | 398 |
Residential Mortgage-Backed Securities [Member] | Overnight and Continuous [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 588 | 398 |
Corporate Debt Securities [member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 814 | 560 |
Securities loaned | 230 | 218 |
Corporate Debt Securities [member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 814 | 560 |
Securities loaned | $ 230 | $ 218 |
Netting Arrangements for Cert_5
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets But Available for Offset in Event of Default (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting [Abstract] | ||
Derivative assets Gross Recognized Assets | $ 4,776 | $ 5,744 |
Reverse repurchase agreements Gross Recognized Assets | 403 | 377 |
Securities borrowed Gross Recognized Assets | 1,915 | 1,716 |
Total Gross Recognized Assets | 7,094 | 7,837 |
Derivative assets Gross amounts assets offset in consolidated balance sheet | (1,938) | (1,874) |
Total Gross amounts assets offset in consolidated balance sheet | (1,938) | (1,874) |
Derivative assets Net Amounts Presented in the Consolidated Balance Sheet | 2,838 | 3,870 |
Reverse repurchase agreements Net Amounts Presented in the Consolidated Balance Sheet | 403 | 377 |
Securities borrowed Net Amounts Presented in the Consolidated Balance Sheet | 1,915 | 1,716 |
Total Net Amounts Presented in the Consolidated Balance Sheet | 5,156 | 5,963 |
Derivative assets Gross financial instrument asset amounts not offset in consolidated balance sheet | (159) | (109) |
Reverse repurchase agreements Gross financial instrument asset amounts not offset in consolidated balance sheet | (207) | (262) |
Total Gross financial instrument asset amounts not offset in consolidated balance sheet | (366) | (371) |
Derivative assets Gross collateral received amounts not offset in consolidated balance sheet | (147) | (287) |
Reverse repurchase agreements Gross collateral received amounts not offset in consolidated balance sheet | (196) | (115) |
Securities borrowed Gross collateral received amounts not offset in consolidated balance sheet | (1,862) | (1,670) |
Total Gross collateral received amounts not offset in consolidated balance sheet | (2,205) | (2,072) |
Derivative assets Net Amount | 2,532 | 3,474 |
Securities borrowed Net Amount | 53 | 46 |
Total Net Amount Assets | $ 2,585 | $ 3,520 |
Netting Arrangements for Cert_6
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets But Available for Offset in Event of Default (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative assets | $ 637 | $ 898 |
Derivative assets not subject to netting arrangements | $ 118 | $ 257 |
Netting Arrangements for Cert_7
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting [Abstract] | ||
Derivative liabilities Gross recognized liabilities | $ 3,280 | $ 3,419 |
Repurchase agreements Gross recognized liabilities | 1,674 | 1,430 |
Securities loaned Gross recognized liabilities | 230 | 218 |
Total Gross recognized liabilities | 5,184 | 5,067 |
Derivative liabilities Gross amounts liabilities offset in consolidated balance sheet | (2,084) | (2,312) |
Total Gross amounts liabilities offset in consolidated balance sheet | (2,084) | (2,312) |
Derivative liabilities Net amounts liabilities presented in consolidated balance sheet | 1,196 | 1,107 |
Repurchase agreements Net amounts liabilities presented in consolidated balance sheet | 1,674 | 1,430 |
Securities loaned Net amounts liabilities presented in consolidated balance sheet | 230 | 218 |
Total Net amounts liabilities presented in consolidated balance sheet | 3,100 | 2,755 |
Derivative liabilities Gross financial instrument liability amounts not offset in consolidated balance sheet | (159) | (109) |
Repurchase agreements Gross financial instrument liability amounts not offset in consolidated balance sheet | (207) | (262) |
Total Gross financial instrument liability amounts not offset in consolidated balance sheet | (366) | (371) |
Repurchase agreements Gross collateral pledged amounts not offset in consolidated balance sheet | (1,465) | (1,168) |
Securities loaned Gross collateral pledged amounts not offset in consolidated balance sheet | (227) | (215) |
Total Gross collateral pledged amounts not offset in consolidated balance sheet | (1,692) | (1,383) |
Derivative liabilities Net Amount | 1,037 | 998 |
Repurchase agreements Net Amount | 2 | |
Securities loaned Net Amount | 3 | 3 |
Total Net Amount Liabilities | $ 1,042 | $ 1,001 |
Netting Arrangements for Cert_8
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative liabilities | $ 783 | $ 1,300 |
Derivative liabilities not subject to netting arrangements | $ 206 | $ 183 |
Fair Values of Assets and Lia_3
Fair Values of Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||
Carrying value of unfunded commitments, deferred non-yield related loan fees and standby letters of credit | $ 691 | $ 774 | |
Other guarantees carrying value | 288 | $ 362 | |
Changes to fair value of these MLHFS | $ (215) | $ 93 | |
Minimum [Member] | |||
Fair Value Disclosures [Abstract] | |||
Assumed credit valuation adjustment as percentage of derivative contract fair value | 0.00% | ||
Maximum [Member] | |||
Fair Value Disclosures [Abstract] | |||
Assumed credit valuation adjustment as percentage of derivative contract fair value | 95.00% | ||
Weighted-average [Member] | |||
Fair Value Disclosures [Abstract] | |||
Assumed credit valuation adjustment as percentage of derivative contract fair value | 1.00% |
Fair Values of Assets and Lia_4
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for MSRs (Detail) - Mortgage Servicing Rights [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 10.30% | 14.40% |
Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 4.00% | |
Option adjusted spread | 6.00% | |
Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 15.00% | |
Option adjusted spread | 11.00% | |
Weighted-average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 10.00% | |
Option adjusted spread | 7.00% |
Fair Values of Assets and Lia_5
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Derivative Commitments (Detail) - Derivative Mortgage Loans Commitments [Member] | Mar. 31, 2021 |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected loan close rate | 4.00% |
Inherent MSR value (basis points per loan) | 53.00% |
Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected loan close rate | 100.00% |
Inherent MSR value (basis points per loan) | 201.00% |
Weighted-average [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected loan close rate | 76.00% |
Inherent MSR value (basis points per loan) | 123.00% |
Fair Values of Assets and Lia_6
Fair Values of Assets and Liabilities - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities netting | $ (2,084) | $ (2,312) | ||||
Derivative assets netting | (1,938) | (1,874) | ||||
Available-for-sale securities | [1] | 156,003 | [2] | 136,840 | ||
Mortgage loans held for sale | 8,869 | 8,524 | ||||
Mortgage servicing rights | 2,787 | 2,210 | $ 1,887 | $ 2,546 | ||
Asset-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 202 | [3] | 205 | |||
Other [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 7 | 9 | ||||
Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities total | 1,402 | 1,290 | ||||
Derivative assets total | 2,956 | 4,127 | ||||
Available-for-sale securities | 156,003 | 136,840 | ||||
Mortgage loans held for sale | 8,869 | 8,524 | ||||
Mortgage servicing rights | 2,787 | 2,210 | ||||
Other assets | 2,149 | 1,903 | ||||
Total | 172,764 | 153,604 | ||||
Short-term borrowings and other liabilities | 2,089 | 1,757 | ||||
Total | 3,491 | 3,047 | ||||
Fair Value, Measurements, Recurring [Member] | Netting and Collateral One [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities netting | (2,084) | (2,312) | ||||
Derivative assets netting | (1,938) | (1,874) | ||||
Total | (1,938) | (1,874) | ||||
Total | (2,084) | (2,312) | ||||
Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 24,317 | 22,391 | ||||
Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 9,215 | 8,861 | ||||
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 116,176 | 99,968 | ||||
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 6,086 | 5,406 | ||||
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 202 | 205 | ||||
Fair Value, Measurements, Recurring [Member] | Other [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 7 | 9 | ||||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets before netting | 7 | 4 | ||||
Available-for-sale securities | 21,406 | 19,251 | ||||
Other assets | 120 | 302 | ||||
Total | 21,533 | 19,557 | ||||
Short-term borrowings and other liabilities | 199 | 85 | ||||
Total | 199 | 85 | ||||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 21,406 | 19,251 | ||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities before netting | 2,821 | 3,166 | ||||
Derivative assets before netting | 3,066 | 3,235 | ||||
Available-for-sale securities | 134,589 | 117,581 | ||||
Mortgage loans held for sale | 8,869 | 8,524 | ||||
Other assets | 2,029 | 1,601 | ||||
Total | 148,553 | 130,941 | ||||
Short-term borrowings and other liabilities | 1,890 | 1,672 | ||||
Total | 4,711 | 4,838 | ||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 2,911 | 3,140 | ||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 9,214 | 8,860 | ||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 116,176 | 99,968 | ||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 6,086 | 5,406 | ||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 195 | 198 | ||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 7 | 9 | ||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities before netting | 665 | 436 | ||||
Derivative assets before netting | 1,821 | 2,762 | ||||
Available-for-sale securities | 8 | 8 | ||||
Mortgage servicing rights | 2,787 | 2,210 | ||||
Total | 4,616 | 4,980 | ||||
Total | 665 | 436 | ||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 1 | 1 | ||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | $ 7 | $ 7 | ||||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. | |||||
[2] | The weighted-average maturity of total available-for-sale investment securities was 3.4 years at December 31, 2020, with a corresponding weighted-average yield of 1.61 percent. | |||||
[3] | Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. |
Fair Values of Assets and Lia_7
Fair Values of Assets and Liabilities - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Equity investments without readily determinable fair values | $ 71 | $ 85 |
Fair Values of Assets and Lia_8
Fair Values of Assets and Liabilities - Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Mortgage Servicing Rights [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning of Period Balance | $ 2,210 | $ 2,546 |
Net Gains (Losses) Included in Net Income | 242 | (866) |
Sales | 1 | |
Issuances | 319 | 201 |
End of Period Balance | 2,787 | 1,887 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | 242 | (866) |
Purchases | 16 | 5 |
Available-for-Sale Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning of Period Balance | 8 | 9 |
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | 1 | |
End of Period Balance | 8 | 10 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | 1 | |
Derivative [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | (900) | 1,726 |
Beginning of Period Balance | 2,326 | 810 |
Net Gains (Losses) Included in Net Income | (935) | 1,742 |
Purchases | 2 | 4 |
Settlements | (237) | (60) |
End of Period Balance | 1,156 | 2,496 |
Asset-Backed Securities [Member] | Available-for-Sale Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning of Period Balance | 7 | 8 |
End of Period Balance | 7 | 8 |
Asset-Backed Securities [Member] | Available-for-Sale Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning of Period Balance | 1 | 1 |
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | 1 | |
End of Period Balance | $ 1 | 2 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | $ 1 |
Fair Values of Assets and Lia_9
Fair Values of Assets and Liabilities - Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Noninterest Income [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net gains and (losses) on net derivative assets and liabilities included in net income | $ (1) | |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | (1) | |
Mortgage Banking Revenue [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net gains and (losses) on net derivative assets and liabilities included in net income | $ 60 | 357 |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | 78 | 214 |
Commercial Products Revenue [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net gains and (losses) on net derivative assets and liabilities included in net income | (995) | 1,400 |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | $ (978) | $ 1,500 |
Fair Values of Assets and Li_10
Fair Values of Assets and Liabilities - Adjusted Carrying Values for Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 81 | $ 385 |
Other assets | 9 | 30 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 81 | 385 |
Other assets | $ 9 | $ 30 |
Fair Values of Assets and Li_11
Fair Values of Assets and Liabilities - Losses Recognized Related to Nonrecurring Fair Value Measurements of Individual Assets or Portfolios (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Loans [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | ||
Losses recognized related to nonrecurring fair value measurements | $ 31 | $ 5 |
Other Assets [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | ||
Losses recognized related to nonrecurring fair value measurements | $ 1 | $ 3 |
Fair Values of Assets and Li_12
Fair Values of Assets and Liabilities - Differences Between Aggregate Fair Value Carrying Amount of MLHFS for which Fair Value Option has been Elected and Aggregate Unpaid Principal Amount Contractually Obligated to Receive at Maturity (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Fair value carrying amount, total loans | $ 8,869 | $ 8,524 |
Fair value carrying amount, nonaccrual loans | 1 | 1 |
Fair value carrying amount, loans 90 days or more past due | 1 | 2 |
Aggregate unpaid principal, total loans | 8,685 | 8,136 |
Aggregate unpaid principal, nonaccrual loans | 1 | 1 |
Aggregate unpaid principal, loans 90 days or more past due | 1 | 2 |
Carrying amount over (under) unpaid principal, total loans | $ 184 | $ 388 |
Fair Values of Assets and Li_13
Fair Values of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financial Assets | ||||
Cash and due from banks | $ 43,501 | $ 62,580 | $ 46,805 | $ 22,405 |
Loans | 288,084 | 290,393 | ||
Financial Liabilities | ||||
Long-term debt | 37,419 | 41,297 | ||
Carrying Amount [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 43,501 | 62,580 | ||
Federal funds sold and securities purchased under resale agreements | 403 | 377 | ||
Loans held for sale | 122 | 237 | ||
Loans | 288,084 | 290,393 | ||
Other | 1,877 | 1,772 | ||
Financial Liabilities | ||||
Time deposits | 23,711 | 30,694 | ||
Short-term borrowings | 10,009 | 10,009 | ||
Long-term debt | 37,419 | 41,297 | ||
Other | 3,905 | 4,052 | ||
Fair Value [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 43,501 | 62,580 | ||
Federal funds sold and securities purchased under resale agreements | 403 | 377 | ||
Loans held for sale | 122 | 237 | ||
Loans | 296,703 | 300,419 | ||
Other | 1,877 | 1,772 | ||
Financial Liabilities | ||||
Time deposits | 23,834 | 30,864 | ||
Short-term borrowings | 9,963 | 9,956 | ||
Long-term debt | 38,086 | 42,485 | ||
Other | 3,905 | 4,052 | ||
Fair Value [Member] | Level 1 [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 43,501 | 62,580 | ||
Fair Value [Member] | Level 2 [Member] | ||||
Financial Assets | ||||
Federal funds sold and securities purchased under resale agreements | 403 | 377 | ||
Other | 899 | 731 | ||
Financial Liabilities | ||||
Time deposits | 23,834 | 30,864 | ||
Short-term borrowings | 9,963 | 9,956 | ||
Long-term debt | 38,086 | 42,485 | ||
Other | 1,175 | 1,234 | ||
Fair Value [Member] | Level 3 [Member] | ||||
Financial Assets | ||||
Loans held for sale | 122 | 237 | ||
Loans | 296,703 | 300,419 | ||
Other | 978 | 1,041 | ||
Financial Liabilities | ||||
Other | $ 2,730 | $ 2,818 |
Guarantees and Contingent Lia_3
Guarantees and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Airline Processing Arrangements [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Value of airline tickets purchased to deliver at future date through card transactions | $ 4,900 | |
Representation and Warranty [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Carrying Amount | 19 | $ 19 |
Unresolved representation and warranty claims from GSEs | 10 | $ 13 |
Escrow Deposits Letters of Credit Indemnities [Member] | Airline Processing Arrangements [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Collateral Held | 367 | |
Merchant Escrow Deposits [Member] | Airline Processing Arrangements [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Carrying Amount | $ 155 |
Guarantees and Contingent Lia_4
Guarantees and Contingent Liabilities - Summary of Other Guarantees and Contingent Liabilities (Detail) $ in Millions | Mar. 31, 2021USD ($) |
Standby Letters of Credit [Member] | |
Guarantor Obligations [Line Items] | |
Carrying Amount | $ 68 |
Maximum Potential Future Payments | 9,789 |
Third Party Borrowing Arrangements [Member] | |
Guarantor Obligations [Line Items] | |
Maximum Potential Future Payments | 3 |
Securities Lending Indemnifications [Member] | |
Guarantor Obligations [Line Items] | |
Collateral Held | 8,254 |
Maximum Potential Future Payments | 8,106 |
Asset Sales [Member] | |
Guarantor Obligations [Line Items] | |
Carrying Amount | 82 |
Maximum Potential Future Payments | 6,132 |
Merchant Processing [Member] | |
Guarantor Obligations [Line Items] | |
Collateral Held | 559 |
Carrying Amount | 179 |
Maximum Potential Future Payments | 91,183 |
Tender Option Bond Program Guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Collateral Held | 1,720 |
Maximum Potential Future Payments | 1,493 |
Other Guarantees [Member] | |
Guarantor Obligations [Line Items] | |
Carrying Amount | 27 |
Maximum Potential Future Payments | $ 1,214 |
Business Segments - Additional
Business Segments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue generated from certain contracts with customers included in non-interest income | $ 1,700 | $ 1,700 |
Lease revenue | 228 | 238 |
Payment Services [Member] | ||
Rewards and Rebate Costs and Certain Partner Payments Included in Noninterest Income | $ 535 | $ 530 |
Business Segments - Business Se
Business Segments - Business Segment Results (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Noninterest income | $ 2,381 | $ 2,525 |
Other intangibles | 38 | 42 |
Total noninterest expense | 3,379 | 3,316 |
Provision for credit losses | (827) | 993 |
Net income | 2,285 | 1,179 |
Net (income) loss attributable to noncontrolling interests | (5) | (8) |
Net income attributable to U.S. Bancorp | 2,280 | 1,171 |
Corporate and Commercial Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (taxable-equivalent basis) | 666 | 784 |
Noninterest income | 259 | 271 |
Total net revenue | 925 | 1,055 |
Noninterest expense | 406 | 443 |
Total noninterest expense | 406 | 443 |
Income before provision and income taxes | 519 | 612 |
Provision for credit losses | (40) | 424 |
Income before income taxes | 559 | 188 |
Income taxes and taxable-equivalent adjustment | 140 | 47 |
Net income | 419 | 141 |
Net income attributable to U.S. Bancorp | 419 | 141 |
Loans | 94,872 | 103,368 |
Other earning assets | 4,308 | 4,555 |
Goodwill | 1,647 | 1,647 |
Other intangible assets | 5 | 7 |
Assets | 107,022 | 115,308 |
Noninterest-bearing deposits | 51,020 | 29,370 |
Interest-bearing deposits | 67,750 | 80,657 |
Total deposits | 118,770 | 110,027 |
Total U.S. Bancorp shareholders' equity | 13,074 | 14,182 |
Consumer and Business Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (taxable-equivalent basis) | 1,625 | 1,531 |
Noninterest income | 617 | 757 |
Total net revenue | 2,242 | 2,288 |
Noninterest expense | 1,388 | 1,336 |
Other intangibles | 3 | 4 |
Total noninterest expense | 1,391 | 1,340 |
Income before provision and income taxes | 851 | 948 |
Provision for credit losses | (44) | 123 |
Income before income taxes | 895 | 825 |
Income taxes and taxable-equivalent adjustment | 224 | 206 |
Net income | 671 | 619 |
Net income attributable to U.S. Bancorp | 671 | 619 |
Loans | 153,177 | 146,718 |
Other earning assets | 10,203 | 4,967 |
Goodwill | 3,475 | 3,574 |
Other intangible assets | 2,491 | 2,411 |
Assets | 175,541 | 161,886 |
Noninterest-bearing deposits | 39,186 | 27,866 |
Interest-bearing deposits | 166,876 | 133,718 |
Total deposits | 206,062 | 161,584 |
Total U.S. Bancorp shareholders' equity | 13,453 | 13,422 |
Wealth Management and Investment Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (taxable-equivalent basis) | 204 | 284 |
Noninterest income | 492 | 466 |
Total net revenue | 696 | 750 |
Noninterest expense | 459 | 449 |
Other intangibles | 2 | 3 |
Total noninterest expense | 461 | 452 |
Income before provision and income taxes | 235 | 298 |
Provision for credit losses | 7 | 23 |
Income before income taxes | 228 | 275 |
Income taxes and taxable-equivalent adjustment | 57 | 69 |
Net income | 171 | 206 |
Net income attributable to U.S. Bancorp | 171 | 206 |
Loans | 12,443 | 10,608 |
Other earning assets | 279 | 281 |
Goodwill | 1,619 | 1,617 |
Other intangible assets | 42 | 44 |
Assets | 15,662 | 13,950 |
Noninterest-bearing deposits | 20,277 | 13,232 |
Interest-bearing deposits | 71,629 | 68,842 |
Total deposits | 91,906 | 82,074 |
Total U.S. Bancorp shareholders' equity | 2,634 | 2,571 |
Payments Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (taxable-equivalent basis) | 628 | 661 |
Noninterest income | 785 | 794 |
Total net revenue | 1,413 | 1,455 |
Noninterest expense | 782 | 754 |
Other intangibles | 33 | 35 |
Total noninterest expense | 815 | 789 |
Income before provision and income taxes | 598 | 666 |
Provision for credit losses | (41) | 262 |
Income before income taxes | 639 | 404 |
Income taxes and taxable-equivalent adjustment | 160 | 101 |
Net income | 479 | 303 |
Net income attributable to U.S. Bancorp | 479 | 303 |
Loans | 29,630 | 33,688 |
Other earning assets | 5 | 6 |
Goodwill | 3,173 | 2,856 |
Other intangible assets | 544 | 557 |
Assets | 35,095 | 38,285 |
Noninterest-bearing deposits | 5,264 | 1,471 |
Interest-bearing deposits | 132 | 114 |
Total deposits | 5,396 | 1,585 |
Total U.S. Bancorp shareholders' equity | 7,480 | 7,619 |
Treasury and Corporate Support [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (taxable-equivalent basis) | (34) | (13) |
Noninterest income | 228 | 237 |
Total net revenue | 194 | 224 |
Noninterest expense | 306 | 292 |
Total noninterest expense | 306 | 292 |
Income before provision and income taxes | (112) | (68) |
Provision for credit losses | (709) | 161 |
Income before income taxes | 597 | (229) |
Income taxes and taxable-equivalent adjustment | 52 | (139) |
Net income | 545 | (90) |
Net (income) loss attributable to noncontrolling interests | (5) | (8) |
Net income attributable to U.S. Bancorp | 540 | (98) |
Loans | 3,867 | 3,275 |
Other earning assets | 188,927 | 140,256 |
Assets | 215,414 | 165,378 |
Noninterest-bearing deposits | 2,605 | 2,203 |
Interest-bearing deposits | 1,625 | 5,331 |
Total deposits | 4,230 | 7,534 |
Total U.S. Bancorp shareholders' equity | 16,088 | 13,352 |
Consolidated Company [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (taxable-equivalent basis) | 3,089 | 3,247 |
Noninterest income | 2,381 | 2,525 |
Total net revenue | 5,470 | 5,772 |
Noninterest expense | 3,341 | 3,274 |
Other intangibles | 38 | 42 |
Total noninterest expense | 3,379 | 3,316 |
Income before provision and income taxes | 2,091 | 2,456 |
Provision for credit losses | (827) | 993 |
Income before income taxes | 2,918 | 1,463 |
Income taxes and taxable-equivalent adjustment | 633 | 284 |
Net income | 2,285 | 1,179 |
Net (income) loss attributable to noncontrolling interests | (5) | (8) |
Net income attributable to U.S. Bancorp | 2,280 | 1,171 |
Loans | 293,989 | 297,657 |
Other earning assets | 203,722 | 150,065 |
Goodwill | 9,914 | 9,694 |
Other intangible assets | 3,082 | 3,019 |
Assets | 548,734 | 494,807 |
Noninterest-bearing deposits | 118,352 | 74,142 |
Interest-bearing deposits | 308,012 | 288,662 |
Total deposits | 426,364 | 362,804 |
Total U.S. Bancorp shareholders' equity | $ 52,729 | $ 51,146 |