Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FNB | ||
Entity Registrant Name | FNB CORP/PA/ | ||
Entity Central Index Key | 37,808 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 324,493,346 | ||
Entity Public Float | $ 4,249,166,897 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets | |||
Cash and due from banks | $ 451 | $ 408 | |
Interest-bearing deposits with banks | 37 | 71 | |
Cash and Cash Equivalents | 488 | 479 | |
Securities available for sale | 3,341 | 2,765 | |
Debt securities held to maturity (fair value of $3,155 and $3,218) | 3,254 | 3,242 | |
Loans held for sale (includes $14 and $56 measured at fair value) | [1] | 22 | 93 |
Loans and leases, net of unearned income of $3 and $51 | 22,153 | 20,999 | |
Allowance for credit losses | (180) | (175) | |
Net Loans and Leases | 21,973 | 20,824 | |
Premises and equipment, net | 330 | 337 | |
Goodwill | 2,255 | 2,249 | |
Core deposit and other intangible assets, net | 79 | 92 | |
Bank owned life insurance | 537 | 527 | |
Other assets | 823 | 810 | |
Total Assets | 33,102 | 31,418 | |
Deposits: | |||
Non-interest-bearing demand | 6,000 | 5,720 | |
Interest-bearing demand | 9,660 | 9,571 | |
Savings | 2,526 | 2,488 | |
Certificates and other time deposits | 5,269 | 4,621 | |
Total Deposits | 23,455 | 22,400 | |
Short-term borrowings | 4,129 | 3,679 | |
Long-term borrowings | 627 | 668 | |
Other liabilities | 283 | 262 | |
Total Liabilities | 28,494 | 27,009 | |
Stockholders’ Equity | |||
Preferred stock - $0.01 par value; liquidation preference of $1,000 per share Authorized – 20,000,000 shares Issued – 110,877 shares | 107 | 107 | |
Common stock - $0.01 par value Authorized – 500,000,000 shares Issued – 326,120,832 and 325,095,055 shares | 3 | 3 | |
Additional paid-in capital | 4,049 | 4,033 | |
Retained earnings | 576 | 368 | |
Accumulated other comprehensive loss | (106) | (83) | |
Treasury stock – 1,806,303 and 1,629,915 shares at cost | (21) | (19) | |
Total Stockholders’ Equity | 4,608 | 4,409 | |
Total Liabilities and Stockholders’ Equity | $ 33,102 | $ 31,418 | |
[1] | Amount represents loans for which we have elected the fair value option. See Note 24. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Financial Position [Abstract] | |||
Securities held to maturity, Fair Value | $ 3,155 | $ 3,218 | |
Loans held for sale | [1] | 14 | 56 |
Unearned income on loans | $ 3 | $ 51 | |
Preferred stock, par value (USD per Share) | $ 0.01 | $ 0.01 | |
Preferred stock, liquidation preference per share (USD per Share) | $ 1,000 | $ 1,000 | |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 | |
Preferred stock, shares issued (in shares) | 110,877 | 110,877 | |
Common stock, par value (USD per Share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | |
Common stock, shares issued (in shares) | 326,120,832 | 325,095,055 | |
Treasury stock, shares (in shares) | 1,806,303 | 1,629,915 | |
[1] | Amount represents loans for which we have elected the fair value option. See Note 24. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Income | |||
Loans and leases, including fees | $ 1,022 | $ 862 | $ 598 |
Securities: | |||
Taxable | 119 | 97 | 72 |
Tax-exempt | 28 | 20 | 9 |
Other | 1 | 1 | 0 |
Total Interest Income | 1,170 | 980 | 679 |
Interest Expense | |||
Deposits | 142 | 72 | 41 |
Short-term borrowings | 75 | 44 | 12 |
Long-term borrowings | 21 | 18 | 14 |
Total Interest Expense | 238 | 134 | 67 |
Net Interest Income | 932 | 846 | 612 |
Provision for credit losses | 61 | 61 | 56 |
Net Interest Income After Provision for Credit Losses | 871 | 785 | 556 |
Non-Interest Income | |||
Service charges | 126 | 120 | 97 |
Trust services | 26 | 23 | 21 |
Insurance commissions and fees | 18 | 19 | 18 |
Securities commissions and fees | 18 | 15 | 13 |
Capital markets income | 21 | 17 | 16 |
Mortgage banking operations | 22 | 20 | 12 |
Dividends on non-marketable equity securities | 16 | 9 | 4 |
Bank owned life insurance | 13 | 12 | 10 |
Net securities gains | 0 | 6 | 1 |
Other | 16 | 11 | 9 |
Total Non-Interest Income | 276 | 252 | 201 |
Non-Interest Expense | |||
Salaries and employee benefits | 370 | 327 | 240 |
Net occupancy | 60 | 54 | 40 |
Equipment | 55 | 49 | 38 |
Amortization of intangibles | 16 | 18 | 11 |
Outside services | 66 | 56 | 44 |
FDIC insurance | 33 | 33 | 19 |
Bank shares and franchise taxes | 12 | 10 | 9 |
Merger-related | 0 | 57 | 37 |
Other | 83 | 77 | 73 |
Total Non-Interest Expense | 695 | 681 | 511 |
Income Before Income Taxes | 452 | 356 | 246 |
Income taxes | 79 | 157 | 75 |
Net Income | 373 | 199 | 171 |
Preferred stock dividends | 8 | 8 | 8 |
Net Income Available to Common Stockholders | $ 365 | $ 191 | $ 163 |
Earnings per Common Share | |||
Basic (in usd per share) | $ 1.13 | $ 0.63 | $ 0.79 |
Diluted (in usd per share) | 1.12 | 0.63 | 0.78 |
Cash Dividends per Common Share (in usd per share) | $ 0.48 | $ 0.48 | $ 0.48 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 373 | $ 199 | $ 171 |
Securities available for sale: | |||
Unrealized (losses) gains arising during the period, net of tax (benefit) expense of $5, $3 and $7 | (17) | (6) | (14) |
Reclassification adjustment for gains included in net income, net of tax expense of $0, $0 and $0 | 0 | 0 | 0 |
Derivative instruments: | |||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $(1), $0 and $3 | (2) | (1) | 5 |
Reclassification adjustment for (gains) losses included in net income, net of tax expense (benefit) of $0, $0 and $1 | (2) | 0 | (1) |
Pension and postretirement benefit obligations: | |||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $1, $0 and $0 | (2) | 0 | 0 |
Other Comprehensive (Loss) Income | (23) | (7) | (10) |
Comprehensive Income | $ 350 | $ 192 | $ 161 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gains arising during the period, net of tax benefit | $ 5 | $ 3 | $ 7 |
Reclassification adjustment for gains included in net income, net of tax expense | 0 | 0 | 0 |
Unrealized (losses) gains arising during the period, net of tax (benefit) expense | (1) | 0 | 3 |
Reclassification adjustment for gains included in net income, net of tax expense | 0 | 0 | 1 |
Unrealized (losses) gains arising during the period, net of tax (benefit) expense | $ 1 | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Balance at beginning of period at Dec. 31, 2015 | $ 2,096 | $ 107 | $ 2 | $ 1,808 | $ 243 | $ (51) | $ (13) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 161 | 171 | (10) | ||||
Dividends declared: | |||||||
Preferred stock | (8) | (8) | |||||
Common stock: $0.48/share | (102) | (102) | |||||
Issuance of common stock | 12 | 14 | (2) | ||||
Issuance of common stock – acquisitions | 404 | 404 | |||||
Restricted stock compensation | 7 | 7 | |||||
Tax benefit of stock-based compensation | 2 | 2 | |||||
Balance at end of period at Dec. 31, 2016 | 2,572 | 107 | 2 | 2,235 | 304 | (61) | (15) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 192 | 199 | (7) | ||||
Dividends declared: | |||||||
Preferred stock | (8) | (8) | |||||
Common stock: $0.48/share | (142) | (142) | |||||
Issuance of common stock | 3 | 7 | (4) | ||||
Issuance of common stock – acquisitions | 1,783 | 1 | 1,782 | ||||
Assumption of warrant due to acquisition | 1 | 1 | |||||
Restricted stock compensation | 8 | 8 | |||||
Reclassification due to tax reform | 0 | 15 | (15) | ||||
Balance at end of period at Dec. 31, 2017 | 4,409 | 107 | 3 | 4,033 | 368 | (83) | (19) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 350 | 373 | (23) | ||||
Dividends declared: | |||||||
Preferred stock | (8) | (8) | |||||
Common stock: $0.48/share | (157) | (157) | |||||
Issuance of common stock | 4 | 6 | (2) | ||||
Restricted stock compensation | 10 | 10 | |||||
Balance at end of period at Dec. 31, 2018 | $ 4,608 | $ 107 | $ 3 | $ 4,049 | $ 576 | $ (106) | $ (21) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Common stock dividends per share (in usd per share) | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.48 | $ 0.48 | $ 0.48 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | |||
Net income | $ 373 | $ 199 | $ 171 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||
Depreciation, amortization and accretion | 109 | 89 | 61 |
Provision for credit losses | 61 | 61 | 56 |
Deferred tax expense | 33 | 129 | 15 |
Net securities gains | 0 | (6) | (1) |
Tax benefit of stock-based compensation | 0 | (1) | (2) |
Loans originated for sale | (1,117) | (1,098) | (713) |
Loans sold | 1,210 | 1,047 | 717 |
Net gain on sale of loans | (22) | (17) | (11) |
Net change in: | |||
Interest receivable | (6) | (18) | (5) |
Interest payable | 7 | 2 | 0 |
Bank owned life insurance | (10) | (11) | (5) |
Other, net | (27) | (97) | 10 |
Net cash flows provided by operating activities | 611 | 279 | 293 |
Investing Activities | |||
Net change in loans and leases | (1,394) | (1,100) | (816) |
Securities available for sale: | |||
Purchases | (1,200) | (1,142) | (1,066) |
Sales | 0 | 786.8 | 615 |
Maturities | 592 | 570 | 544 |
Debt securities held to maturity: | |||
Purchases | (387) | (1,186) | (1,063) |
Sales | 0 | 57.1 | 0 |
Maturities | 370 | 395 | 357 |
Purchase of bank owned life insurance | 0 | (50) | (17) |
Increase in premises and equipment | (35) | (57) | (60) |
Net cash received in business combinations and divestitures | 134 | 197 | 246 |
Net cash flows used in investing activities | (1,920) | (1,529) | (1,260) |
Financing Activities | |||
Demand (non-interest-bearing and interest-bearing) and savings accounts | 406 | 406 | 934 |
Time deposits | 653 | 757 | (120) |
Short-term borrowings | 450 | 379 | 252 |
Proceeds from issuance of long-term borrowings | 37 | 155 | 46 |
Repayment of long-term borrowings | (77) | (199) | (173) |
Net proceeds from issuance of common stock | 14 | 11 | 18 |
Tax benefit of stock-based compensation | 0 | 0 | 2 |
Cash dividends paid: | |||
Preferred stock | (8) | (8) | (8) |
Common stock | (157) | (143) | (102) |
Net cash flows provided by financing activities | 1,318 | 1,358 | 849 |
Net Increase (Decrease) in Cash and Cash Equivalents | 9 | 108 | (118) |
Cash and cash equivalents at beginning of year | 479 | 371 | 489 |
Cash and Cash Equivalents at End of Year | $ 488 | $ 479 | $ 371 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | NATURE OF OPERATIONS F.N.B. Corporation, headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. Our market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina. As of December 31, 2018 , we had 396 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina and South Carolina. We provide a full range of commercial banking, consumer banking, and wealth management solutions through our subsidiary network which is led by our largest affiliate, FNBPA, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, business credit, capital markets and lease financing. Consumer banking provides a full line of consumer banking products and services including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. Wealth management services include fiduciary and brokerage services, asset management, private banking and insurance. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements include subsidiaries in which we have a controlling financial interest. We own and operate FNBPA, FNTC, First National Investment Services Company, LLC, FNBIA, FNIA, Bank Capital Services, LLC, and F.N.B. Capital Corporation, LLC, and include results for each of these entities in the accompanying Consolidated Financial Statements. Companies in which we hold more than a 50% voting equity interest, or a controlling financial interest, or are a variable interest entity (VIE) in which we have the power to direct the activities of an entity that most significantly impact the entity’s economic performance and has an obligation to absorb losses or the right to receive benefits from the VIE which could potentially be significant to the VIE are consolidated. VIEs in which we do not hold the power to direct the activities of the entity that most significantly impact the entity’s economic performance or does not have an obligation to absorb losses or the right to receive benefits from the VIE which could potentially be significant to the VIE are not consolidated. Investments in companies that are not consolidated are accounted for using the equity method when we have the ability to exert significant influence. Investments in private investment partnerships that are accounted for under the equity method or the cost method are included in other assets and our proportional interest in the equity investments’ earnings are included in other non-interest income. Investment interests accounted for under the cost and equity methods are periodically evaluated for impairment. The accompanying Consolidated Financial Statements include all adjustments that are necessary, in the opinion of management, to fairly reflect our financial position and results of operations in accordance with GAAP. All significant intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on our net income and stockholders’ equity. Events occurring subsequent to December 31, 2018 have been evaluated for potential recognition or disclosure in the Consolidated Financial Statements through the date of the filing of the Consolidated Financial Statements with the Securities and Exchange Commission. Use of Estimates Our accounting and reporting policies conform with GAAP. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements. Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant changes include the allowance for credit losses, accounting for loans acquired in a business combination, fair value of financial instruments, goodwill and other intangible assets, litigation, income taxes and deferred tax assets. Revenue from Contracts with Customers We earn certain revenues from contracts with customers. These revenues are recognized when control of the promised services is transferred to the customers in an amount that reflects the consideration we expect to be entitled to in an exchange for those services. In determining the appropriate revenue recognition for our contracts with customers, we consider whether the contract has commercial substance and is approved by both parties with identifiable contractual rights, payment terms, and the collectability of consideration is probable. Generally, we satisfy our performance obligations upon the completion of services at the amount to which we have the right to invoice or charge under contracts with an original expected duration of one year or less. We apply this guidance on a portfolio basis to contracts with similar characteristics and for which we believe the results would not differ materially from applying this guidance to individual contracts. Our services provided under contracts with customers are transferred at the point in time when the services are rendered. Generally, we do not defer incremental direct costs to obtain contracts with customers that would be amortized in one year or less under the practical expedient. These costs are recognized as expense, primarily salary and benefit expense, in the period incurred. Deposit Services . We recognize revenue on deposit services based on published fees for services provided. Demand and savings deposit customers have the right to cancel their depository arrangements and withdraw their deposited funds at any time without prior notice. When services involve deposited funds that can be retrieved by customers without penalties, we consider the service contract term to be day-to-day, where each day represents the renewal of the contract. The contract does not extend beyond the services performed and revenue is recognized at the end of the contract term (daily) as the performance obligation is satisfied. No deposit services fees exist for long-term deposit products beyond early withdrawal penalties, which are earned on these products at the time of early termination. Revenue from deposit services fees are reduced where we have a history of waived or reduced fees by customer request or due to a customer service issue, by historical experience, or another acceptable method in the same period as the related revenues. Revenues from deposit services are reported in the Consolidated Statements of Income as service charges and in the Community Banking segment as non-interest income. Wealth Management Services. Wealth advisory and trust services are provided on a month-to-month basis and invoiced as services are rendered. Fees are based on a fixed amount or a scale based on the level of services provided or assets under management. The customer has the right to terminate their services agreement at any time. We determine the value of services performed based on the fee schedule in effect at the time the services are performed. Revenues from wealth advisory and trust services are reported in the Consolidated Statements of Income as trust services and securities commissions and fees, and in the Wealth segment as non-interest income. Insurance Services. Insurance services include full-service insurance brokerage services offering numerous lines of commercial and personal insurance through major carriers to businesses and individuals within our geographic markets. We recognize revenue on insurance contracts in effect based on contractually specified commission payments on premiums that are paid by the customer to the insurance carrier. Contracts are cancellable at any time and we have no performance obligation to the customers beyond the time the insurance is placed into effect. Revenues from insurance services are reported in the Consolidated Statements of Income as insurance commissions and fees, and in the Insurance segment as non-interest income. Business Combinations Business combinations are accounted for by applying the acquisition method . Under the acquisition method, identifiable assets acquired and liabilities assumed, and any non-controlling interest in the acquiree at the acquisition date are measured at their fair values as of that date, and are recognized separately from goodwill. Results of operations of the acquired entities are included in the Consolidated Statements of Income from the date of acquisition. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash items in transit and amounts due from the Federal Reserve Bank and other depository institutions (including interest-bearing deposits). Debt Securities Debt securities comprise a significant portion of our Consolidated Balance Sheets. Such securities can be classified as trading, HTM or AFS. As of December 31, 2018 and 2017 , we did not hold any trading debt securities. Debt securities HTM are the securities that management has the positive intent and ability to hold until their maturity. Such securities are carried at cost, adjusted for related amortization of premiums and accretion of discounts through interest income from securities, and subject to evaluation for OTTI. Debt securities that are not classified as trading or HTM are classified as AFS. Such securities are carried at fair value with net unrealized gains and losses deemed to be temporary and OTTI attributable to non-credit factors reported separately as a component of other comprehensive income, net of tax. We evaluate our debt securities in a loss position for OTTI on a quarterly basis at the individual security level based on our intent to sell. If we intend to sell the debt security or it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, OTTI must be recognized in earnings equal to the entire difference between the investments’ amortized cost basis and its fair value. If we do not intend to sell the debt security and it is not more likely than not that we will be required to sell the security before recovery of its amortized cost basis, OTTI must be separated into the amount representing credit loss and the amount related to all other market factors. The amount related to credit loss will be recognized in earnings. The amount related to other market factors will be recognized in other comprehensive income, net of applicable taxes. We perform our OTTI evaluation process in a consistent and systematic manner and include an evaluation of all available evidence. This process considers factors such as length of time and anticipated recovery period of the impairment, recent events specific to the issuer and recent experience regarding principal and interest payments. Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold plus accrued interest. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be sold or repledged by the secured party. The fair value of collateral either received from or provided to a third party is continually monitored and additional collateral is obtained or is requested to be returned to us as deemed appropriate. Derivative Instruments and Hedging Activities From time to time, we may enter into derivative transactions principally to protect against the risk of adverse price or interest rate movements on the value of certain assets and liabilities and on future cash flows. All derivative instruments are carried at fair value on the Consolidated Balance Sheets as either an asset or liability. Accounting for the changes in fair value of a derivative is dependent upon whether or not it has been designated in a formal, qualifying hedging relationship. For derivatives in qualifying hedging relationships, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking each hedge transaction. Changes in fair value of a derivative instrument that has been designated and qualifies as a cash flow hedge are recorded in accumulated other comprehensive income, net of tax. Amounts are reclassified from AOCI to the consolidated statements of income in the period or periods in which the hedged transaction affects earnings. At the hedge’s inception and at least quarterly thereafter, a formal assessment is performed to determine whether changes in the fair values or cash flows of the derivative instruments have been highly effective in offsetting changes in fair values or cash flows of the hedged items and whether they are expected to be highly effective in the future. If it is determined a derivative instrument has not been or will not continue to be highly effective as a hedge, hedge accounting is discontinued. Derivative gains and losses under cash flow hedges not effective in hedging the change in fair value or expected cash flows of the hedged item are recognized immediately in the consolidated statements of income. In addition, we enter into interest rate swap agreements to meet the financing, interest rate and equity risk management needs of qualifying commercial loan customers. These agreements provide the customer the ability to convert from variable to fixed interest rates. We then enter into positions with a derivative counterparty in order to offset our exposure on the fixed components of the customer agreements. The credit risk associated with derivatives executed with customers is essentially the same as that involved in extending loans and is subject to normal credit policies and monitoring. We seek to minimize counterparty credit risk by entering into transactions with only high-quality institutions. These arrangements meet the definition of derivatives, but are not designated as qualifying hedging relationships. The interest rate swap agreement with the loan customer and with the counterparty are reported at fair value in other assets and other liabilities on the Consolidated Balance Sheets with any resulting gain or loss recorded in current period earnings as other income. Loans Held for Sale and Loan Commitments Certain of our residential mortgage loans are originated or purchased for sale in the secondary mortgage loan market. Effective January 1, 2017, we made an automatic election to account for all future originated or purchased residential mortgage loans held for sale under the FVO. The FVO election is intended to better reflect the underlying economics and better facilitate the economic hedging of the loans. The FVO is applied on an instrument by instrument basis and is an irrevocable election. Additionally, with the election of the FVO, fees and costs associated with the origination and acquisition of residential mortgage loans held for sale are expensed as incurred, rather than deferred. Changes in fair value under the FVO are recorded in mortgage banking operations non-interest income on the consolidated statements of income. Fair value is determined on the basis of rates obtained in the respective secondary market for the type of loan held for sale. Prior to the FVO election, loans were generally sold at a premium or discount from the carrying amount of the loan which represented the lower of cost or fair value. Gain or loss on the sale of loans is recorded in mortgage banking operations non-interest income. Interest income on loans held for sale is recorded in interest income. We routinely issue interest rate lock commitments for residential mortgage loans that we intend to sell. These interest rate lock commitments are considered derivatives. We also enter into loan sale commitments to sell these loans when funded to mitigate the risk that the market value of residential mortgage loans may decline between the time the rate commitment is issued to the customer and the time we sell the loan. These loan sale commitments are also derivatives. Both types of derivatives are recorded at fair value on the Consolidated Balance Sheets with changes in fair value recorded in mortgage banking operations non-interest income. We also originate loans guaranteed by the SBA for the purchase of businesses, business startups, business expansion, equipment, and working capital. All SBA loans are underwritten and documented as prescribed by the SBA. The guaranteed portion of SBA loans originated with the intention to sell on the secondary market is classified as held for sale and carried at the lower of cost or fair value. At the time of the sale, we allocate the carrying value of the entire loan between the guaranteed portion sold and the unguaranteed portion retained based on their relative fair value which results in a discount recorded on the retained portion of the loan. The guaranteed portion is typically sold at a premium and the gain is recognized in other income for any net premium received in excess of the relative fair value of the portion of the loan transferred. The net carrying value of the retained portion of the loans is included in the appropriate commercial loan classification for disclosure purposes. Loans (Excluding Loans Acquired in a Business Combination) Loans we intend to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balances, net of any unearned income, deferred origination fees or costs, or premium or discounts on purchased loans. Interest income on loans is computed over the term of the loans using the effective interest method. Loan origination fees or costs and premiums or discounts are deferred and amortized over the term of the loan or loan commitment period as an adjustment to the related loan yield. Non-performing Loans Interest is not accrued on loans where collectability is uncertain. We discontinue interest accruals on loans generally when principal or interest is due and has remained unpaid for a certain number of days unless the loan is both well secured and in the process of collection. Commercial loans are placed on non-accrual at 90 days, installment loans are placed on non-accrual at 120 days and residential mortgages and consumer lines of credit are generally placed on non-accrual at 180 days. Past due status is based on the contractual terms of the loan. When a loan is placed on non-accrual status, all unpaid interest is reversed against interest income and the amortization of deferred fees and costs is suspended. Payments subsequently received are generally applied to either principal or interest or both, depending on management’s evaluation of collectability. A loan is returned to accrual status when principal and interest are no longer past due and collectability is probable. This generally requires a sustained period of timely principal and interest payments. Loans are generally written off when deemed uncollectible or when they reach a predetermined number of days past due depending upon loan product, terms, and other factors. Recoveries of amounts previously charged off are credited to the allowance for credit losses. We consider a loan impaired when, based on current information and events, it is probable that we will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. The impairment loss is measured by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral, less estimated selling costs, if the loan is collateral dependent. Purchased credit impaired loans are not classified as non-performing assets as the loans are considered to be performing. Restructured loans are those in which concessions of terms have been made as a result of deterioration in a borrower’s financial condition. In general, the modification or restructuring of a debt constitutes a TDR if we for economic or legal reasons related to the borrower’s financial difficulties grant a concession to the borrower that we would not otherwise consider under current market conditions. Debt restructurings or loan modifications for a borrower occur in the normal course of business and do not necessarily constitute TDRs. To designate a loan as a TDR, the presence of both borrower financial distress and a concession of terms must exist. Additionally, a loan designated as a TDR does not necessarily result in the automatic placement of the loan on non-accrual status. When the full collection of principal and interest is reasonably assured on a loan designated as a TDR and the borrower does not otherwise meet the criteria for non-accrual status, we will continue to accrue interest on the loan. A restructured acquired loan that is accounted for as a component of a pool is not considered a TDR. Allowance for Credit Losses The allowance for credit losses is established as losses are estimated to have occurred through a provision charged to earnings. Loan losses are charged against the allowance for credit losses when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance for credit losses. Allowances for impaired commercial loans over $1.0 million are generally determined based on collateral values or the present value of estimated cash flows. All other impaired loans are evaluated in the aggregate based on loan segment loss given default. Changes in the allowance for credit losses related to impaired loans are charged or credited to the provision for credit losses. The allowance for credit losses is maintained at a level that, in management’s judgment, is believed appropriate to absorb probable losses associated with specifically identified loans, as well as estimated probable credit losses inherent in the remainder of the loan portfolio. The appropriateness of the allowance for credit losses is based on management’s evaluation of potential loan losses in the loan portfolio, which includes an assessment of past experience, current economic conditions in specific industries and geographic areas, general economic conditions, known and inherent risks in the loan portfolio, the estimated value of underlying collateral and residuals and changes in the composition of the loan portfolio. Determination of the allowance for credit losses is inherently subjective as it requires significant estimates, including the amounts and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans based on transition matrices with predefined loss emergence and lookback periods, and consideration of qualitative factors, all of which are susceptible to significant change. Loans Acquired in a Business Combination Loans acquired in a business combination (impaired and non-impaired) are initially recorded at their acquisition-date fair values. Fair values are based on a discounted cash flow methodology that involves assumptions and judgments as to credit risk, default rates, loss severity, collateral values, discount rates, payment speeds, prepayment risk, and liquidity risk. The carryover of allowance for credit losses related to loans acquired in a business combination is prohibited as any credit losses in the loans are included in the determination of the fair value of the loans at the acquisition date. The allowance for credit losses on loans acquired in a business combination reflects only those losses incurred after acquisition and represents the present value of cash flows expected at acquisition that is no longer expected to be collected. At acquisition, we consider the following factors as indicators that an acquired loan has evidence of deterioration in credit quality and is therefore impaired and in the scope of ASC 310-30: • loans that were 90 days or more past due; • loans that had an internal risk rating of substandard or worse. Substandard is consistent with regulatory definitions and is defined as having a well-defined weakness that jeopardizes liquidation of the loan; • loans that were classified as non-accrual by the acquired bank at the time of acquisition; or • loans that had been previously modified in a TDR. Any loans acquired in a business combination that were not individually in the scope of ASC 310-30 because they didn’t meet the criteria above were pooled into groups of similar loans based on various factors including borrower type, loan purpose, and collateral type. For these pools, we used certain loan information, including outstanding principal balance, estimated expected losses, weighted average maturity, weighted average margin, and weighted average interest rate along with estimated prepayment rates, probability of default and loss given default to estimate the expected cash flow for each loan pool. We believe analogizing to ASC 310-30 is the more appropriate option to follow in accounting for discount accretion on non-impaired loans acquired in a business combination other than revolving loans and therefore account for such loans in accordance with ASC 310-30. ASC 310-30 guidance does not apply to revolving loans. Consequently, discount accretion on revolving loans acquired is accounted for using the ASC 310-20 approach. The excess of cash flows expected to be collected at acquisition over recorded fair value is referred to as the accretable yield. The accretable yield is recognized into income over the remaining life of the loan, or pool of loans, using an effective yield method, if the timing and/or amount of cash flows expected to be collected can be reasonably estimated (the accretion model). If the timing and/or amount of cash flows expected to be collected cannot be reasonably estimated, the cost recovery method of income recognition must be used. The difference between the loan’s total scheduled principal and interest payments over all cash flows expected at acquisition is referred to as the non-accretable difference. The non-accretable difference represents contractually required principal and interest payments which we do not expect to collect. Over the life of the acquired loan, we continue to estimate cash flows expected to be collected. Decreases in expected cash flows, other than from prepayments or rate adjustments, are recognized as impairments through a charge to the provision for credit losses resulting in an increase in the allowance for credit losses. Subsequent improvements in cash flows result in first, reversal of existing valuation allowances recognized subsequent to acquisition, if any, and next, an increase in the amount of accretable yield to be subsequently recognized on a prospective basis over the loan’s remaining life. Loans acquired in a business combination that met the criteria for non-accrual of interest prior to acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if we can reasonably estimate the timing and amount of expected cash flows on such loans. Accordingly, we do not consider contractually delinquent purchased credit impaired loans to be non-accrual or non-performing and continue to recognize interest income on these loans using the accretion model. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the asset’s estimated useful life. Leasehold improvements are expensed over the lesser of the asset’s estimated useful life or the term of the lease including renewal periods when reasonably assured. Useful lives are dependent upon the nature and condition of the asset and range from 3 to 40 years. Maintenance and repairs are charged to expense as incurred, while major improvements are capitalized and amortized to expense over the identified useful life. Premises and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Cloud Computing Arrangements W e evaluate fees paid for cloud computing arrangements to determine if those arrangements include the purchase of or license to use software that should be accounted for separately as internal-use software. If a contract includes the purchase or license to use software that should be accounted for separately as internal-use software, the contract is amortized over the software’s identified useful life in amortization of intangibles. For contracts that do not include a software license, the contract is accounted for as a service contract with fees paid recorded in other non-interest expense. In the third quarter of 2018, we early adopted, on a prospective basis, ASU 2018-15 (See Note 2) which allows for implementation costs for activities performed in cloud computing arrangements that are a service contract to be accounted for under the internal-use software guidance which allows for certain implementation costs to be capitalized depending on the nature of the costs and the project stage. Prior to the adoption of ASU 2018-15 all implementation costs for cloud computing arrangements that were a service contract were expensed as incurred. Other Real Estate Owned OREO is comprised principally of commercial and residential real estate properties obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is included in other assets initially at the lower of estimated fair value of the asset less estimated selling costs or the carrying amount of the loan. Changes to the value subsequent to transfer are recorded in non-interest expense along with direct operating expenses. Gains or losses not previously recognized resulting from sales of OREO are recognized in non-interest income on the date of sale. Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangible assets that have finite lives, such as core deposit intangibles, customer relationship intangibles and renewal lists, are amortized over their estimated useful lives and subject to periodic impairment testing. Core deposit intangibles are primarily amortized over ten years using accelerated methods. Customer renewal lists are amortized over their estimated useful lives which range from eight to thirteen years . Goodwill and other intangibles are subject to impairment testing at the reporting unit level, which must be conducted at least annually. We perform impairment testing during the fourth quarter of each year, or more frequently if impairment indicators exist. We also continue to monitor other intangibles for impairment and to evaluate carrying amounts, as necessary. Determining the fair value of a reporting unit under the goodwill impairment test is judgmental and often involves the use of significant estimates and assumptions. Similarly, estimates and assumptions are used in determining the fair value of other intangible assets. Estimates of fair value are primarily determined using discounted cash flows, market comparisons and recent transactions. These approaches use significant estimates and assumptions including projected future cash flows, discount rates reflecting the market rate of return, projected growth rates and determination and evaluation of appropriate market comparables. However, future events could cause us to conclude that goodwill or other intangibles have become impaired, which would result in recording an impairment loss. Any resulting impairment loss could have a material adverse impact on our financial condition and results of operations. Loan Servicing Rights We have two primary classes of servicing rights, residential mortgage loan servicing and SBA-guaranteed loan servicing. We recognize the right to service residential mortgage loans and SBA-guaranteed loans for others as an asset whether we purchase the servicing rights or as a result from a sale of loans that we originated or purchased when the servicing is contractually separated from the underlying loan and retained by us. We initially record servicing rights at fair value in other assets, on the Consolidated Balance Sheets. Subsequently, servicing rights are measured at the lower of cost or fair value. Servicing rights are amortized in proportion to, and over the period of, estimated net servicing income in mortgage banking operations income for residential mortgage loans and non-interest income for SBA-guaranteed loans. The amount and timing of estimated future net cash flows are updated based on actual results and updated projections. Mortgage servicing rights are separated into pools based on common risk characteristics of the underlying loans and evaluated for impairment at least quarterly. SBA-guaranteed servicing rights are evaluated for impairment at least quarterly on an aggregate basis. Impairment, if any, is recognized when carrying value exceeds the fair value as determined by calculating the present value of expected net future cash flows. If impairmen |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS The following table summarizes accounting pronouncements issued by the FASB that we recently adopted or will be adopting in the future. TABLE 2.1 Standard Description Required Date of Adoption Financial Statements Impact Cloud Computing Arrangement ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract This Update aligns the requirements for capitalizing implementation costs of a hosting arrangement that is a service contract with that of internal-use software. January 1, 2020 Early adoption is permitted. We early adopted this Update in the third quarter of 2018 by a prospective application method. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. Standard Description Required Date of Adoption Financial Statements Impact Derivative and Hedging Activities ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities This Update improves the financial reporting of hedging to better align with a company’s risk management activities. In addition, this Update makes certain targeted improvements to simplify the application of the current hedge accounting guidance. January 1, 2019 Early adoption is permitted. This Update is to be applied using a modified retrospective method. The presentation and disclosure guidance are applied prospectively. The adoption of this Update is not expected to have a material effect on our Consolidated Financial Statements. Securities ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities This Update shortens the amortization period for the premium on certain purchased callable securities to the earliest call date. The accounting for purchased callable debt securities held at a discount does not change. January 1, 2019 Early adoption is permitted. This Update is to be applied using a modified retrospective transition method. The adoption of this Update is not expected to have a material effect on our Consolidated Financial Statements. Retirement Benefits ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost This Update requires that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the Consolidated Statements of Income and allows only the service cost component of net benefit cost to be eligible for capitalization. January 1, 2018 We adopted this Update in the first quarter of 2018 by a retrospective transition method. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. Statement of Cash Flows ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) This Update adds or clarifies guidance on eight cash flow issues. January 1, 2018 We adopted this Update in the first quarter of 2018 by retrospective application. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. Standard Description Required Date of Adoption Financial Statements Impact Credit Losses ASU 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses These Updates replace the current incurred loss impairment methodology with a methodology that reflects current expected credit losses (commonly referred to as CECL) for most financial assets measured at amortized cost and certain other instruments, including loans, HTM debt securities, net investments in leases and off-balance sheet credit exposures. CECL requires loss estimates for the remaining life of the financial asset at the time the asset is originated or acquired, considering historical experience, current conditions and reasonable and supportable forecasts. In addition, the Update will require the use of a modified AFS debt security impairment model and eliminate the current accounting for purchased credit impaired loans and debt securities. January 1, 2020 Early adoption is permitted for fiscal years beginning after December 15, 2018 These Updates are to be applied using a cumulative-effect adjustment to retained earnings. The CECL model is a significant change from existing GAAP and may result in a material change to our accounting for financial instruments and regulatory capital. We have created a cross-functional steering committee to govern implementation. We are in the process of implementing a new modeling platform and integrating other auxiliary models to support a calculation of expected credit losses under CECL. We have made preliminary decisions on segmentation and are finalizing other inputs necessary to execute parallel runs beginning in the second quarter of 2019 to ensure we are ready to calculate, review and report on our CECL allowance for credit losses for the first quarter of 2020. The impact of this Update will be dependent on the portfolio composition, credit quality and forecasts of economic conditions at the time of adoption. Extinguishments of Liabilities ASU 2016-04, Liabilities - Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products (a consensus of the Emerging Issues Task Force) This Update requires entities that sell prepaid stored-value products redeemable for goods, services or cash at third-party merchants to recognize breakage. January 1, 2018 We adopted this Update in the first quarter of 2018. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. Leases ASU 2016-02, Leases (Topic 842) ASU 2018-10, Codification Improvements to Topic 842, Leases ASU 2018-11, Leases (Topic 842), Targeted Improvements ASU 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors These Updates require lessees to put most leases on the Consolidated Balance Sheets but recognize expenses in the Consolidated Statements of Income similar to current accounting. In addition, the Update changes the guidance for sale-leaseback transactions, initial direct costs and lease executory costs for most entities. All entities will classify leases to determine how to recognize lease related revenue and expense. January 1, 2019 Early adoption is permitted. These Updates are to be applied using a modified retrospective application including a number of optional practical expedients. The adoption of these Updates will result in the recording of approximately $120 million in net right-of-use assets and corresponding lease liabilities of approximately $130 million for operating leases on our Consolidated Balance Sheets with no impact on our consolidated net income. Standard Description Required Date of Adoption Financial Statements Impact Financial Instruments – Recognition and Measurement ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities This Update amends the presentation and accounting for certain financial instruments, including liabilities measured at fair value under the FVO, and equity investments. The guidance also updates fair value presentation and disclosure requirements for financial instruments measured at amortized cost. January 1, 2018 We adopted this Update in the first quarter of 2018 by a cumulative-effect adjustment. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. During the first quarter of 2018, we transferred marketable equity securities totaling $1.1 million from securities AFS to other assets. Revenue Recognition ASU 2014-09, Revenue from Contracts with Customers (Topic 606) This Update, as amended, modifies the guidance used to recognize revenue from contracts with customers for transfers of goods and services and transfers of nonfinancial assets, unless those contracts are within the scope of other guidance. The guidance also requires new qualitative and quantitative disclosures about contract balances and performance obligations. January 1, 2018 We adopted these Updates in the first quarter of 2018 under the modified retrospective method. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. |
Mergers and Acquisitions
Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | MERGERS AND ACQUISITIONS Yadkin Financial Corporation On March 11, 2017, we completed our acquisition of YDKN, a bank holding company based in Raleigh, North Carolina. YDKN’s banking affiliate, Yadkin Bank, was also merged into FNBPA on March 11, 2017. YDKN’s results of operations have been included in our Consolidated Statements of Income since that date. The acquisition enabled us to enter several southeastern markets, including Raleigh, Charlotte and the Piedmont Triad, which is comprised of Winston-Salem, Greensboro and High Point. We also completed the core systems conversion activities during the first quarter of 2017. On the acquisition date, the fair values of YDKN included $6.8 billion in assets, of which there was $5.1 billion in loans and $5.2 billion in deposits. The acquisition was valued at $1.8 billion based on the acquisition-date FNB common stock closing price of $15.97 and resulted in FNB issuing 111,619,622 shares of our common stock in exchange for 51,677,565 shares of YDKN common stock. Under the terms of the merger agreement, shareholders of YDKN received 2.16 shares of FNB common stock for each share of YDKN common stock and cash in lieu of fractional shares. YDKN’s fully vested and outstanding stock options were converted into options to purchase and receive FNB common stock. In conjunction with the acquisition, we assumed a warrant that was issued by YDKN to the UST under the CPP. Based on the exchange ratio, this warrant, which expires in 2019, was converted into a warrant to purchase up to 207,320 shares of FNB common stock with an exercise price of $9.63 . The acquisition of YDKN constituted a business combination and has been accounted for using the acquisition method of accounting, and accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date. The determination of estimated fair values required management to make certain estimates about discount rates, future expected cash flows, market conditions, and other future events that are highly subjective in nature and may require adjustments, which can be updated for up to a year following the acquisition. Any adjustments to fair values and related adjustments to goodwill were recorded within the 12-month period. Based on the purchase price allocation, we recorded $1.2 billion in goodwill and $70.0 million in core deposit intangibles as a result of the acquisition. None of the goodwill is deductible for income tax purposes as the acquisition is accounted for as a tax-free exchange for tax purposes. In connection with the YDKN acquisition, we incurred expenses related to systems conversions and other costs of integrating and conforming acquired operations with and into FNB. These merger-related expenses, that were expensed as incurred, amounted to $56.2 million for the year ended December 31, 2017 . Contract terminations and severance costs comprised 30.9% and 24.3% , respectively, of the merger-related expenses, with the remainder consisting of other non-interest expenses, including professional services, marketing and advertising, technology and communications, occupancy and equipment, and charitable contributions. We also incurred issuance costs of $0.6 million which were charged to additional paid-in capital. Branch Purchase – Fifth Third Bank On April 22, 2016, we completed our purchase of 17 branch-banking locations and certain consumer loans in the Pittsburgh, Pennsylvania metropolitan area from Fifth Third. The fair value of the acquired assets totaled $312.4 million , including $198.9 million in cash, $95.4 million in loans and $14.1 million in fixed and other assets. We also assumed $302.5 million in deposits, for which we paid a deposit premium of 1.97% , as part of the transaction. The assets and liabilities relating to these purchased branches were recorded on our Consolidated Balance Sheet at their fair values as of April 22, 2016, and the related results of operations for these branches have been included in our Consolidated Statements of Income since that date. We recorded $14.1 million in goodwill and $4.1 million in core deposit intangibles as a result of the purchase transaction. The goodwill for this transaction is deductible for income tax purposes. Metro Bancorp, Inc. On February 13, 2016, we completed our acquisition of METR, a bank holding company based in Harrisburg, Pennsylvania. The acquisition enhanced our distribution and scale across Central Pennsylvania and allowed us to leverage the significant infrastructure investments made in connection with the expansion of our product offerings and risk management systems. On the acquisition date, the fair values of METR included $2.8 billion in assets, of which there was $1.9 billion in loans and $2.3 billion in deposits. The acquisition was valued at $404.2 million and resulted in FNB issuing 34,041,181 shares of common stock in exchange for 14,345,319 shares of METR common stock. We also acquired the fully vested outstanding stock options of METR. The assets and liabilities of METR were recorded on our Consolidated Balance Sheet at their fair values as of the acquisition date, and METR’s results of operations have been included in our Consolidated Statements of Income since that date. METR’s banking affiliate, Metro Bank, was merged into FNBPA on February 13, 2016. Based on the purchase price allocation, we recorded $185.1 million in goodwill and $24.2 million in core deposit intangibles as a result of the acquisition. None of the goodwill is deductible for income tax purposes as the acquisition is accounted for as a tax-free exchange for tax purposes. The following table summarizes the amounts recorded on the Consolidated Balance Sheets as of each of the acquisition dates in conjunction with the acquisitions discussed above: TABLE 3.1 (in millions) YDKN Fifth Third Branches METR Fair value of consideration paid $ 1,785 $ — $ 404 Fair value of identifiable assets acquired: Cash and cash equivalents 197 199 47 Securities 940 — 723 Loans 5,114 95 1,863 Core deposit and other intangible assets 70 4 24 Fixed and other assets 459 14 127 Total identifiable assets acquired 6,780 312 2,784 Fair value of liabilities assumed: Deposits 5,177 302 2,328 Borrowings 969 — 228 Other liabilities 68 24 9 Total liabilities assumed 6,214 326 2,565 Fair value of net identifiable assets acquired 566 (14 ) 219 Goodwill recognized (1) $ 1,219 $ 14 $ 185 (1) All of the goodwill for these transactions has been recorded in the Community Banking segment. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | SECURITIES The amortized cost and fair value of securities are as follows: TABLE 4.1 (in millions) Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Available for Sale: December 31, 2018 U.S. government agencies $ 188 $ — $ (1 ) $ 187 U.S. government-sponsored entities 317 — (4 ) 313 Residential mortgage-backed securities: Agency mortgage-backed securities 1,465 — (36 ) 1,429 Agency collateralized mortgage obligations 1,179 5 (23 ) 1,161 Commercial mortgage-backed securities 229 — (1 ) 228 States of the U.S. and political subdivisions 21 — — 21 Other debt securities 2 — — 2 Total debt securities available for sale $ 3,401 $ 5 $ (65 ) $ 3,341 December 31, 2017 U.S. government-sponsored entities $ 348 $ — $ (4 ) $ 344 Residential mortgage-backed securities: Agency mortgage-backed securities 1,615 1 (17 ) 1,599 Agency collateralized mortgage obligations 813 — (18 ) 795 States of the U.S. and political subdivisions 21 — — 21 Other debt securities 5 — — 5 Total debt securities available for sale 2,802 1 (39 ) 2,764 Equity securities 1 — — 1 Total securities available for sale $ 2,803 $ 1 $ (39 ) $ 2,765 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities Held to Maturity: December 31, 2018 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government agencies 2 — — 2 U.S. government-sponsored entities 215 — (4 ) 211 Residential mortgage-backed securities: Agency mortgage-backed securities 1,036 — (26 ) 1,010 Agency collateralized mortgage obligations 794 1 (24 ) 771 Commercial mortgage-backed securities 126 1 (1 ) 126 States of the U.S. and political subdivisions 1,080 3 (49 ) 1,034 Total debt securities held to maturity $ 3,254 $ 5 $ (104 ) $ 3,155 December 31, 2017 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government-sponsored entities 247 — (4 ) 243 Residential mortgage-backed securities: Agency mortgage-backed securities 1,220 3 (9 ) 1,214 Agency collateralized mortgage obligations 777 — (20 ) 757 Commercial mortgage-backed securities 80 1 (1 ) 80 States of the U.S. and political subdivisions 917 13 (7 ) 923 Total debt securities held to maturity $ 3,242 $ 17 $ (41 ) $ 3,218 During 2017 , we received proceeds of $786.8 million from sales o f AFS debt securities and realized a net gain of $3.7 million (gross gains of $4.7 million and gross losses of $1.0 million ). We also received proceeds of $57.1 million from sales of HTM debt securities with a net carrying value of $54.9 million and realized a net gain of $2.2 million (gross gains of $2.2 million and $4,000 immaterial gross losses). The HTM debt securities that were sold represented amortizing securities that had already returned more than 85% of their principal outstanding at the time we acquired the securities and could be sold without tainting the remaining HTM portfolio. We did not have any sales during 2018 . Gross gains and gross losses were realized on securities as follows: TABLE 4.2 Year Ended December 31 2018 2017 2016 (in millions) Gross gains $ — $ 7 $ 1 Gross losses — (1 ) — Net gains $ — $ 6 $ 1 As of December 31, 2018 , the amortized cost and fair value of debt securities, by contractual maturities, were as follows: TABLE 4.3 Available for Sale Held to Maturity (in millions) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 95 $ 94 $ 42 $ 41 Due after one year but within five years 239 236 185 181 Due after five years but within ten years 68 68 116 116 Due after ten years 126 125 955 910 528 523 1,298 1,248 Residential mortgage-backed securities: Agency mortgage-backed securities 1,465 1,429 1,036 1,010 Agency collateralized mortgage obligations 1,179 1,161 794 771 Commercial mortgage-backed securities 229 228 126 126 Total debt securities $ 3,401 $ 3,341 $ 3,254 $ 3,155 Maturities may differ from contractual terms because borrowers may have the right to call or prepay obligations with or without penalties. Periodic payments are received on residential mortgage-backed securities based on the payment patterns of the underlying collateral. Following is information relating to securities pledged: TABLE 4.4 December 31 2018 2017 (dollars in millions) Securities pledged (carrying value): To secure public deposits, trust deposits and for other purposes as required by law $ 3,874 $ 3,492 As collateral for short-term borrowings 279 264 Securities pledged as a percent of total securities 63.0 % 62.5 % Following are summaries of the fair values and unrealized losses of temporarily impaired debt securities, segregated by length of impairment. The unrealized losses reported below are generally due to the higher interest rate environment. TABLE 4.5 Less than 12 Months 12 Months or More Total (dollars in millions) # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Debt Securities Available for Sale: December 31, 2018 U.S. government agencies 20 $ 145 $ (1 ) — $ — $ — 20 $ 145 $ (1 ) U.S. government-sponsored entities 1 36 — 11 227 (4 ) 12 263 (4 ) Residential mortgage-backed securities: Agency mortgage-backed securities 16 259 (4 ) 71 1,159 (32 ) 87 1,418 (36 ) Agency collateralized mortgage obligations 2 82 (1 ) 47 590 (22 ) 49 672 (23 ) Non-agency collateralized mortgage obligations 1 — — — — — 1 — — Commercial mortgage-backed securities 4 155 (1 ) — — — 4 155 (1 ) States of the U.S. and political subdivisions 2 2 — 6 10 — 8 12 — Other debt securities — — — 1 2 — 1 2 — Total temporarily impaired debt securities AFS 46 $ 679 $ (7 ) 136 $ 1,988 $ (58 ) 182 $ 2,667 $ (65 ) December 31, 2017 U.S. government-sponsored entities 7 $ 107 $ — 10 $ 201 $ (4 ) 17 $ 308 $ (4 ) Residential mortgage-backed securities: Agency mortgage-backed securities 43 977 (8 ) 28 473 (10 ) 71 1,450 (18 ) Agency collateralized mortgage obligations 14 409 (6 ) 33 336 (12 ) 47 745 (18 ) States of the U.S. and political subdivisions 7 11 — 1 1 — 8 12 — Other debt securities — — — 3 5 — 3 5 — Total temporarily impaired debt securities AFS 71 $ 1,504 $ (14 ) 75 $ 1,016 $ (26 ) 146 $ 2,520 $ (40 ) Less than 12 Months 12 Months or More Total (dollars in millions) # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Debt Securities Held to Maturity: December 31, 2018 U.S. government-sponsored entities — $ — $ — 12 $ 211 $ (4 ) 12 $ 211 $ (4 ) Residential mortgage-backed securities: Agency mortgage-backed securities 43 294 (4 ) 47 694 (22 ) 90 988 (26 ) Agency collateralized mortgage obligations 3 42 — 49 611 (24 ) 52 653 (24 ) Commercial mortgage-backed securities 5 26 — 4 43 (1 ) 9 69 (1 ) States of the U.S. and political subdivisions 159 590 (27 ) 51 161 (22 ) 210 751 (49 ) Total temporarily impaired debt securities HTM 210 $ 952 $ (31 ) 163 $ 1,720 $ (73 ) 373 $ 2,672 $ (104 ) December 31, 2017 U.S. government-sponsored entities 4 $ 55 $ — 10 $ 186 $ (4 ) 14 $ 241 $ (4 ) Residential mortgage-backed securities: Agency mortgage-backed securities 36 648 (5 ) 11 184 (4 ) 47 832 (9 ) Agency collateralized mortgage obligations 14 276 (2 ) 35 473 (18 ) 49 749 (20 ) Commercial mortgage-backed securities 3 26 — 2 20 (1 ) 5 46 (1 ) States of the U.S. and political subdivisions 16 57 (1 ) 37 121 (6 ) 53 178 (7 ) Total temporarily impaired debt securities HTM 73 $ 1,062 $ (8 ) 95 $ 984 $ (33 ) 168 $ 2,046 $ (41 ) We do not intend to sell the debt securities and it is not more likely than not that we will be required to sell the securities before recovery of their amortized cost basis. Other-Than-Temporary Impairment We evaluate our investment securities portfolio for OTTI on a quarterly basis. Impairment is assessed at the individual security level. We consider an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. We did not recognize any OTTI losses on securities for the years ended December 31, 2018 , 2017 and 2016 . States of the U.S. and Political Subdivisions Our municipal bond portfolio with a carrying amount of $1.1 billion as of December 31, 2018 is highly rated with an average rating of AA and 100% of the portfolio rated A or better, while 99% have stand-alone ratings of A or better. All of the securities in the municipal portfolio are general obligation bonds. Geographically, municipal bonds support our primary footprint as 65% of the securities are from municipalities located throughout Pennsylvania, Ohio, Maryland, North Carolina and South Carolina. The average holding size of the securities in the municipal bond portfolio is $3.1 million . In addition to the strong stand-alone ratings, 63% of the municipalities have some formal credit enhancement insurance that strengthens the creditworthiness of their issue. Management reviews the credit profile of each issuer on a quarterly basis. |
Other Securities
Other Securities | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift, Interest [Abstract] | |
Other Securities | OTHER SECURITIES Following is a summary of non-marketable equity securities: TABLE 5.1 December 31 2018 2017 (in millions) Federal Home Loan Bank stock $ 209 $ 160 Federal Reserve Bank stock 122 122 Other non-marketable equity securities 1 1 Total non-marketable equity securities $ 332 $ 283 We are a member of the FHLB of Pittsburgh and the FRB of Cleveland. Both institutions require members to purchase and hold a specified minimum level of stock based upon their membership, level of borrowings, collateral balances or participation in other programs. The FHLB and FRB stock is restricted in that they can only be sold back to the respective institutions. These non-marketable equity securities are included in other assets on the Consolidated Balance Sheets. The investments are carried at cost and evaluated for impairment periodically based on the ultimate recoverability of the par value. We determined there was no impairment at December 31, 2018 and 2017 . |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans and Leases | LOANS AND LEASES Following is a summary of loans and leases, net of unearned income: TABLE 6.1 (in millions) Originated Loans and Leases Loans Acquired in a Business Combination Total Loans and Leases December 31, 2018 Commercial real estate $ 6,171 $ 2,615 $ 8,786 Commercial and industrial 4,140 416 4,556 Commercial leases 373 — 373 Other 46 — 46 Total commercial loans and leases 10,730 3,031 13,761 Direct installment 1,668 96 1,764 Residential mortgages 2,612 501 3,113 Indirect installment 1,933 — 1,933 Consumer lines of credit 1,119 463 1,582 Total consumer loans 7,332 1,060 8,392 Total loans and leases, net of unearned income $ 18,062 $ 4,091 $ 22,153 December 31, 2017 Commercial real estate $ 5,175 $ 3,567 $ 8,742 Commercial and industrial 3,495 675 4,170 Commercial leases 267 — 267 Other 17 — 17 Total commercial loans and leases 8,954 4,242 13,196 Direct installment 1,756 150 1,906 Residential mortgages 2,036 667 2,703 Indirect installment 1,448 — 1,448 Consumer lines of credit 1,152 594 1,746 Total consumer loans 6,392 1,411 7,803 Total loans and leases, net of unearned income $ 15,346 $ 5,653 $ 20,999 The loans and leases portfolio categories are comprised of the following: • Commercial real estate includes both owner-occupied and non-owner-occupied loans secured by commercial properties; • Commercial and industrial includes loans to businesses that are not secured by real estate; • Commercial leases consist of leases for new or used equipment; • Other is comprised primarily of credit cards and mezzanine loans; • Direct installment is comprised of fixed-rate, closed-end consumer loans for personal, family or household use, such as home equity loans and automobile loans; • Residential mortgages consist of conventional and jumbo mortgage loans for 1-4 family properties; • Indirect installment is comprised of loans originated by approved third parties and underwritten by us, primarily automobile loans; and • Consumer lines of credit include home equity lines of credit and consumer lines of credit that are either unsecured or secured by collateral other than home equity. The loans and leases portfolio consists principally of loans to individuals and small- and medium-sized businesses within our primary market in seven states and the District of Columbia. Our market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina. The following table shows certain information relating to commercial real estate loans: TABLE 6.2 December 31 2018 2017 (dollars in millions) Commercial construction, acquisition and development loans $ 1,152 $ 1,170 Percent of total loans and leases 5.2 % 5.6 % Commercial real estate: Percent owner-occupied 35.1 % 35.3 % Percent non-owner-occupied 64.9 % 64.7 % As of December 31, 2018 and 2017 , we had residential construction loans of $273.4 million and $248.3 million , representing 1.2% and 1.1% of total loans and leases, respectively. We have extended credit to certain directors and executive officers and their related interests. These related-party loans were made in the ordinary course of business under normal credit terms and do not involve more than a normal risk of collection. Following is a summary of the activity for these loans to related parties during 2018 : TABLE 6.3 (in millions) Balance at beginning of period $ 20 New loans 1 Repayments (4 ) Other (1 ) Balance at end of period $ 16 Other represents the net change in loan balances resulting from changes in related parties during 2018 . Loans Acquired in a Business Combination All loans acquired in a business combination were initially recorded at fair value at the acquisition date. Refer to the Loans Acquired in a Business Combination section in Note 1, “Summary of Significant Accounting Policies,” for a discussion of ASC 310-20 and ASC 310-30 loans. The outstanding balance and the carrying amount of loans acquired in a business combination included in the Consolidated Balance Sheets are as follows: TABLE 6.4 December 31 2018 2017 (in millions) Accounted for under ASC 310-30: Outstanding balance $ 3,768 $ 5,176 Carrying amount 3,570 4,834 Accounted for under ASC 310-20: Outstanding balance 602 835 Carrying amount 513 813 Total loans acquired in a business combination: Outstanding balance 4,370 6,011 Carrying amount 4,083 5,647 The outstanding balance is the undiscounted sum of all amounts owed under the loan, including amounts deemed principal, interest, fees, penalties and other, whether or not currently due and whether or not any such amounts have been written or charged-off. The carrying amount of purchased credit impaired loans included in the table above totaled $1.7 million at December 31, 2018 and $1.9 million at December 31, 2017 , representing 0.04% and 0.03% , respectively, of the carrying amount of total loans acquired in a business combination as of each date. The following table provides changes in accretable yield for all loans acquired in business combinations that are accounted for under ASC 310-30. Loans accounted for under ASC 310-20 are not included in this table. TABLE 6.5 Year Ended December 31 2018 2017 (in millions) Balance at beginning of period $ 708 $ 467 Acquisitions — 445 Reduction due to unexpected early payoffs (146 ) (128 ) Reclass from non-accretable difference 267 156 Disposals/transfers (1 ) (4 ) Other (1 ) (1 ) Accretion (222 ) (227 ) Balance at end of period $ 605 $ 708 Cash flows expected to be collected on loans acquired in business combinations are estimated quarterly by incorporating several key assumptions similar to the initial estimate of fair value. These key assumptions include probability of default and the amount of actual prepayments after the acquisition date. Prepayments affect the estimated life of the loans and could change the amount of interest income, and possibly principal expected to be collected. In reforecasting future estimated cash flows, credit loss expectations are adjusted as necessary. Improved cash flow expectations for loans or pools are recorded first as a reversal of previously recorded impairment, if any, and then as an increase in prospective yield when all previously recorded impairment has been recaptured. Decreases in expected cash flows are recognized as impairment through a charge to the provision for credit losses and credit to the allowance for credit losses. The excess of cash flows expected to be collected at acquisition over recorded fair value is referred to as the accretable yield. The accretable yield is recognized into income over the remaining life of the loan, or pool of loans, using an effective yield method, since the timing and/or amount of cash flows expected to be collected can be reasonably estimated (the accretion model). The difference between the loan’s total scheduled principal and interest payments over all cash flows expected at acquisition is referred to as the non-accretable difference. The non-accretable difference represents contractually required principal and interest payments which we do not expect to collect. During 2018 , there was an overall improvement in cash flow expectations which resulted in a net reclassification of $266.5 million from the non-accretable difference to accretable yield primarily driven by overall improvement in the primary credit quality indicators of the majority of the acquired loan pools as well as increases to variable/adjustable interest rates throughout the year. This reclassification was $155.8 million for 2017 . The reclassification from the non-accretable difference to the accretable yield results in prospective yield adjustments on the loan pools and was also positively impacted by the sale of $56.5 million of acquired residential mortgage loans in the second quarter of 2018. Credit Quality Management monitors the credit quality of our loan portfolio using several performance measures to do so based on payment activity and borrower performance. Non-performing loans include non-accrual loans and non-performing TDRs. Past due loans are reviewed on a monthly basis to identify loans for non-accrual status. We place loans on non-accrual status and discontinue interest accruals on loans generally when principal or interest is due and has remained unpaid for a certain number of days, or when the full amount of principal and interest is due and has remained unpaid for a certain number of days, unless the loan is both well secured and in the process of collection. Commercial loans and leases are placed on non-accrual at 90 days, installment loans are placed on non-accrual at 120 days and residential mortgages and consumer lines of credit are placed on non-accrual at 180 days, though we may place a loan on non-accrual prior to these past due thresholds as warranted. When a loan is placed on non-accrual status, all unpaid accrued interest is reversed. Non-accrual loans may not be restored to accrual status until all delinquent principal and interest have been paid and the ultimate ability to collect the remaining principal and interest is reasonably assured. The majority of TDRs are loans in which we have granted a concession on the interest rate or the original repayment terms due to the borrower’s financial distress. Following is a summary of non-performing assets: TABLE 6.6 December 31 2018 2017 (dollars in millions) Non-accrual loans $ 79 $ 75 Troubled debt restructurings 21 23 Total non-performing loans 100 98 Other real estate owned 35 41 Total non-performing assets $ 135 $ 139 Asset quality ratios: Non-performing loans / total loans and leases 0.45 % 0.47 % Non-performing loans + OREO / total loans and leases + OREO 0.61 % 0.66 % Non-performing assets / total assets 0.41 % 0.44 % The carrying value of residential other real estate owned held as a result of obtaining physical possession upon completion of a foreclosure or through completion of a deed in lieu of foreclosure amounted to $6.3 million at December 31, 2018 and $3.6 million at December 31, 2017 . The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process at December 31, 2018 and December 31, 2017 totaled $8.9 million and $15.2 million , respectively. The following tables provide an analysis of the aging of loans by class segregated by loans and leases originated and loans acquired: TABLE 6.7 (in millions) 30-89 Days Past Due ≥ 90 Days Past Due and Still Accruing Non- Accrual Total Past Due (1) Current Total Loans and Leases Originated Loans and Leases December 31, 2018 Commercial real estate $ 7 $ — $ 17 $ 24 $ 6,147 $ 6,171 Commercial and industrial 5 — 19 24 4,116 4,140 Commercial leases 1 — 2 3 370 373 Other — — 1 1 45 46 Total commercial loans and leases 13 — 39 52 10,678 10,730 Direct installment 8 — 8 16 1,652 1,668 Residential mortgages 16 3 6 25 2,587 2,612 Indirect installment 11 1 2 14 1,919 1,933 Consumer lines of credit 5 1 3 9 1,110 1,119 Total consumer loans 40 5 19 64 7,268 7,332 Total originated loans and leases $ 53 $ 5 $ 58 $ 116 $ 17,946 $ 18,062 December 31, 2017 Commercial real estate $ 9 $ — $ 25 $ 34 $ 5,141 $ 5,175 Commercial and industrial 9 — 17 26 3,469 3,495 Commercial leases 1 — 2 3 264 267 Other — — 1 1 16 17 Total commercial loans and leases 19 — 45 64 8,890 8,954 Direct installment 13 5 9 27 1,729 1,756 Residential mortgages 14 3 5 22 2,014 2,036 Indirect installment 10 1 2 13 1,435 1,448 Consumer lines of credit 6 1 2 9 1,143 1,152 Total consumer loans 43 10 18 71 6,321 6,392 Total originated loans and leases $ 62 $ 10 $ 63 $ 135 $ 15,211 $ 15,346 (in millions) 30-89 Days Past Due ≥ 90 Days Past Due and Still Accruing Non- Accrual Total Past Due (2) (3) (4) Current (Discount)/ Premium Total Loans Loans Acquired in a Business Combination December 31, 2018 Commercial real estate $ 19 $ 38 $ 3 $ 60 $ 2,723 $ (168 ) $ 2,615 Commercial and industrial 3 4 17 24 420 (28 ) 416 Total commercial loans 22 42 20 84 3,143 (196 ) 3,031 Direct installment 3 2 — 5 91 — 96 Residential mortgages 13 6 — 19 498 (16 ) 501 Consumer lines of credit 8 3 1 12 461 (10 ) 463 Total consumer loans 24 11 1 36 1,050 (26 ) 1,060 Total loans acquired in a business combination $ 46 $ 53 $ 21 $ 120 $ 4,193 $ (222 ) $ 4,091 December 31, 2017 Commercial real estate $ 35 $ 63 $ 4 $ 102 $ 3,657 $ (192 ) $ 3,567 Commercial and industrial 3 7 6 16 698 (39 ) 675 Total commercial loans 38 70 10 118 4,355 (231 ) 4,242 Direct installment 5 2 — 7 142 1 150 Residential mortgages 17 15 — 32 676 (41 ) 667 Consumer lines of credit 7 3 1 11 596 (13 ) 594 Total consumer loans 29 20 1 50 1,414 (53 ) 1,411 Total loans acquired in a business combination $ 67 $ 90 $ 11 $ 168 $ 5,769 $ (284 ) $ 5,653 (1) Approximately $14.7 million of originated past-due or non-accrual loans were sold during the second quarter of 2018. (2) Past due information for loans acquired in a business combination is based on the contractual balance outstanding at December 31, 2018 and 2017 . (3) Loans acquired in a business combination are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if we can reasonably estimate the timing and amount of expected cash flows on such loans. In these instances, we do not consider acquired contractually delinquent loans to be non-accrual or non-performing and continue to recognize interest income on these loans using the accretion method. Loans acquired in a business combination are considered non-accrual or non-performing when, due to credit deterioration or other factors, we determine we are no longer able to reasonably estimate the timing and amount of expected cash flows on such loans. We do not recognize interest income on loans acquired in a business combination considered non-accrual or non-performing. (4) Approximately $28.5 million of acquired past-due or non-accrual loans were sold during the second quarter of 2018. We utilize the following categories to monitor credit quality within our commercial loan and lease portfolio: TABLE 6.8 Rating Category Definition Pass in general, the condition of the borrower and the performance of the loan is satisfactory or better Special Mention in general, the condition of the borrower has deteriorated, requiring an increased level of monitoring Substandard in general, the condition of the borrower has significantly deteriorated and the performance of the loan could further deteriorate if deficiencies are not corrected Doubtful in general, the condition of the borrower has significantly deteriorated and the collection in full of both principal and interest is highly questionable or improbable The use of these internally assigned credit quality categories within the commercial loan and lease portfolio permits management’s use of transition matrices to estimate a quantitative portion of credit risk. Our internal credit risk grading system is based on past experiences with similarly graded loans and leases and conforms with regulatory categories. In general, loan and lease risk ratings within each category are reviewed on an ongoing basis according to our policy for each class of loans and leases. Each quarter, management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the commercial loan and lease portfolio. Loans and leases within the Pass credit category or that migrate toward the Pass credit category generally have a lower risk of loss compared to loans and leases that migrate toward the Substandard or Doubtful credit categories. Accordingly, management applies higher risk factors to Substandard and Doubtful credit categories. The following tables present a summary of our commercial loans and leases by credit quality category segregated by loans and leases originated and loans acquired: TABLE 6.9 Commercial Loan and Lease Credit Quality Categories (in millions) Pass Special Mention Substandard Doubtful Total Originated Loans and Leases December 31, 2018 Commercial real estate $ 5,883 $ 163 $ 125 $ — $ 6,171 Commercial and industrial 3,879 180 81 — 4,140 Commercial leases 366 1 6 — 373 Other 45 — 1 — 46 Total originated commercial loans and leases $ 10,173 $ 344 $ 213 $ — $ 10,730 December 31, 2017 Commercial real estate $ 4,923 $ 152 $ 99 $ 1 $ 5,175 Commercial and industrial 3,267 133 92 3 3,495 Commercial leases 260 5 2 — 267 Other 16 — 1 — 17 Total originated commercial loans and leases $ 8,466 $ 290 $ 194 $ 4 $ 8,954 Loans Acquired in a Business Combination December 31, 2018 Commercial real estate $ 2,256 $ 168 $ 191 $ — $ 2,615 Commercial and industrial 355 18 43 — 416 Total commercial loans acquired in a business combination $ 2,611 $ 186 $ 234 $ — $ 3,031 December 31, 2017 Commercial real estate $ 3,103 $ 251 $ 213 $ — $ 3,567 Commercial and industrial 604 26 45 — 675 Total commercial loans acquired in a business combination $ 3,707 $ 277 $ 258 $ — $ 4,242 Credit quality information for loans acquired in a business combination is based on the contractual balance outstanding at December 31, 2018 and 2017 . We use delinquency transition matrices within the consumer and other loan classes to enable management to estimate a quantitative portion of credit risk. Each month, management analyzes payment and volume activity, FICO scores and other external factors such as unemployment, to determine how consumer loans are performing. Following is a table showing consumer loans by payment status: TABLE 6.10 Consumer Loan Credit Quality by Payment Status (in millions) Performing Non-Performing Total Originated Loans December 31, 2018 Direct installment $ 1,654 $ 14 $ 1,668 Residential mortgages 2,598 14 2,612 Indirect installment 1,931 2 1,933 Consumer lines of credit 1,114 5 1,119 Total originated consumer loans $ 7,297 $ 35 $ 7,332 December 31, 2017 Direct installment $ 1,739 $ 17 $ 1,756 Residential mortgages 2,020 16 2,036 Indirect installment 1,446 2 1,448 Consumer lines of credit 1,148 4 1,152 Total originated consumer loans $ 6,353 $ 39 $ 6,392 Loans Acquired in a Business Combination December 31, 2018 Direct installment $ 96 $ — $ 96 Residential mortgages 501 — 501 Indirect installment — — — Consumer lines of credit 462 1 463 Total consumer loans acquired in a business combination $ 1,059 $ 1 $ 1,060 December 31, 2017 Direct installment $ 150 $ — $ 150 Residential mortgages 667 — 667 Consumer lines of credit 592 2 594 Total consumer loans acquired in a business combination $ 1,409 $ 2 $ 1,411 Loans are designated as impaired when, in the opinion of management, based on current information and events, the collection of principal and interest in accordance with the loan and lease contract is doubtful. Typically, we do not consider loans for impairment unless a sustained period of delinquency (i.e., 90 -plus days) is noted or there are subsequent events that impact repayment probability (i.e., negative financial trends, bankruptcy filings, imminent foreclosure proceedings, etc.). Effective July 1, 2018, we changed our threshold for measuring impairment on a collective basis. Impairment is evaluated in the aggregate for newly impaired commercial loan relationships less than $1.0 million based on loan segment loss given default. Impairment is evaluated in the aggregate for consumer installment loans, residential mortgages, consumer lines of credit and commercial loan relationships less than $1.0 million based on loan segment loss given default. For commercial loan relationships greater than or equal to $1.0 million , a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of estimated future cash flows using a market interest rate or at the fair value of collateral if repayment is expected solely from the sale of the collateral. Consistent with our existing method of income recognition for loans, interest income on impaired loans, except those classified as non-accrual, is recognized using the accrual method. Impaired loans, or portions thereof, are charged off when deemed uncollectible. Following is a summary of information pertaining to loans and leases considered to be impaired, by class of loan and lease: TABLE 6.11 (in millions) Unpaid Contractual Principal Balance Recorded Investment With No Specific Reserve Recorded Investment With Specific Reserve Total Recorded Investment Specific Reserve Average Recorded Investment At or for the Year Ended Commercial real estate $ 20 $ 16 $ 1 $ 17 $ — $ 18 Commercial and industrial 46 20 13 33 4 32 Commercial leases 2 2 — 2 — 4 Other — — — — — — Total commercial loans and leases 68 38 14 52 4 54 Direct installment 17 14 — 14 — 14 Residential mortgages 16 14 — 14 — 15 Indirect installment 5 2 — 2 — 2 Consumer lines of credit 7 5 — 5 — 5 Total consumer loans 45 35 — 35 — 36 Total $ 113 $ 73 $ 14 $ 87 $ 4 $ 90 At or for the Year Ended Commercial real estate $ 27 $ 22 $ 3 $ 25 $ 1 $ 25 Commercial and industrial 29 11 4 15 3 24 Commercial leases 2 2 — 2 — 1 Total commercial loans and leases 58 35 7 42 4 50 Direct installment 19 17 — 17 — 17 Residential mortgages 18 16 — 16 — 16 Indirect installment 6 2 — 2 — 2 Consumer lines of credit 5 4 — 4 — 4 Total consumer loans 48 39 — 39 — 39 Total $ 106 $ 74 $ 7 $ 81 $ 4 $ 89 Interest income continued to accrue on certain impaired loans and totaled approximately $5.9 million , $6.1 million and $4.6 million during 2018 , 2017 and 2016 , respectively. The above tables include one loan acquired in a business combination with a specific reserve at December 31, 2018 . Following is a summary of the allowance for credit losses required for loans acquired in a business combination due to changes in credit quality subsequent to the acquisition date: TABLE 6.12 December 31 2018 2017 (in millions) Commercial real estate $ 2 $ 5 Commercial and industrial 4 — Total commercial loans 6 5 Direct installment 1 2 Total consumer loans 1 2 Total allowance on loans acquired in a business combination $ 7 $ 7 Troubled Debt Restructurings TDRs are loans whose contractual terms have been modified in a manner that grants a concession to a borrower experiencing financial difficulties. TDRs typically result from loss mitigation activities and could include the extension of a maturity date, interest rate reduction, principal forgiveness, deferral or decrease in payments for a period of time and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of collateral. Following is a summary of the composition of total TDRs: TABLE 6.13 (in millions) Originated Acquired Total December 31, 2018 Accruing: Performing $ 18 $ — $ 18 Non-performing 17 4 21 Non-accrual 9 — 9 Total TDRs $ 44 $ 4 $ 48 December 31, 2017 Accruing: Performing $ 20 $ — $ 20 Non-performing 20 3 23 Non-accrual 10 — 10 Total TDRs $ 50 $ 3 $ 53 TDRs that are accruing and performing include loans that met the criteria for non-accrual of interest prior to restructuring for which we can reasonably estimate the timing and amount of the expected cash flows on such loans and for which we expect to fully collect the new carrying value of the loans. During 2018 , we returned to performing status $4.0 million in restructured residential mortgage loans that have consistently met their modified obligations for more than six months. TDRs that are accruing and non-performing are comprised of consumer loans that have not demonstrated a consistent repayment pattern on the modified terms for more than six months, however it is expected that we will collect all future principal and interest payments. TDRs that are on non-accrual are not placed on accruing status until all delinquent principal and interest have been paid and the ultimate collectability of the remaining principal and interest is reasonably assured. Some loan modifications classified as TDRs may not ultimately result in the full collection of principal and interest, as modified, and may result in potential incremental losses which are factored into the allowance for credit losses. Excluding purchased credit impaired loans, commercial loans over $1.0 million whose terms have been modified in a TDR are generally placed on non-accrual, individually analyzed and measured for estimated impairment based on the fair value of the underlying collateral. Our allowance for credit losses included specific reserves for commercial TDRs and pooled reserves for individually impaired loans under $1.0 million based on loan segment loss given default. Our allowance for loan losses includes specific reserves for commercial TDRs of less than $0.5 million at December 31, 2018 and 2017 , respectively, and pooled reserves for individual loans of $0.5 million for those same respective periods, based on loan segment loss given default. Upon default, the amount of the recorded investment in the TDR in excess of the fair value of the collateral, less estimated selling costs, is generally considered a confirmed loss and is charged-off against the allowance for credit losses. All other classes of loans whose terms have been modified in a TDR are pooled and measured for estimated impairment based on the expected net present value of the estimated future cash flows of the pool. Our allowance for credit losses included pooled reserves for these classes of loans of $4.0 million at December 31, 2018 and 2017 , respectively. Upon default of an individual loan, our charge-off policy is followed for that class of loan. Following is a summary of TDR loans, by class: TABLE 6.14 Year Ended December 31 2018 2017 (dollars in millions) Number of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate 4 $ 1 $ 1 3 $ 2 $ 2 Commercial and industrial 10 — — 3 3 3 Total commercial loans 14 1 1 6 5 5 Direct installment 80 4 4 641 5 5 Residential mortgages 15 1 1 43 3 2 Indirect installment — — — 18 — — Consumer lines of credit 26 1 1 64 1 1 Total consumer loans 121 6 6 766 9 8 Total 135 $ 7 $ 7 772 $ 14 $ 13 The items in the above tables have been adjusted for loans that have been paid off and/or sold. Following is a summary of originated TDRs, by class, for which there was a payment default, excluding loans that have been paid off and/or sold. Default occurs when a loan is 90 days or more past due and is within 12 months of restructuring. TABLE 6.15 Year Ended December 31 2018 2017 (dollars in millions) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Commercial real estate 3 $ 1 1 $ — Commercial and industrial 1 — — — Total commercial loans 4 1 1 — Direct installment 7 1 131 1 Residential mortgages 4 — 6 — Indirect installment — — 17 — Consumer lines of credit 3 — 5 — Total consumer loans 14 1 159 1 Total 18 $ 2 160 $ 1 |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Allowance for Credit Losses | ALLOWANCE FOR CREDIT LOSSES Following is a summary of changes in the allowance for credit losses, by loan and lease class: TABLE 7.1 (in millions) Balance at Beginning of Year Charge- Offs Recoveries Net Charge- Offs Provision for Credit Losses Balance at End of Year Year Ended December 31, 2018 Commercial real estate $ 50 $ (7 ) $ 3 $ (4 ) $ 9 $ 55 Commercial and industrial 52 (20 ) 2 (18 ) 15 49 Commercial leases 5 (3 ) — (3 ) 6 8 Other 2 (4 ) — (4 ) 4 2 Total commercial loans and leases 109 (34 ) 5 (29 ) 34 114 Direct installment 21 (17 ) 2 (15 ) 8 14 Residential mortgages 16 — — — 4 20 Indirect installment 12 (9 ) 4 (5 ) 8 15 Consumer lines of credit 10 (3 ) — (3 ) 3 10 Total consumer loans 59 (29 ) 6 (23 ) 23 59 Total allowance on originated loans 168 (63 ) 11 (52 ) 57 173 Purchased credit-impaired loans 1 — — — — 1 Other loans acquired in a business combination 6 (7 ) 3 (4 ) 4 6 Total allowance on loans acquired in a business combination 7 (7 ) 3 (4 ) 4 7 Total allowance for credit losses $ 175 $ (70 ) $ 14 $ (56 ) $ 61 $ 180 (in millions) Balance at Beginning of Year Charge- Offs Recoveries Net Charge- Offs Provision for Credit Losses Balance at End of Year Year Ended December 31, 2017 Commercial real estate $ 47 $ (2 ) $ 2 $ — $ 3 $ 50 Commercial and industrial 48 (27 ) 2 (25 ) 29 52 Commercial leases 3 (1 ) — (1 ) 3 5 Other 1 (4 ) 1 (3 ) 4 2 Total commercial loans and leases 99 (34 ) 5 (29 ) 39 109 Direct installment 21 (12 ) 2 (10 ) 10 21 Residential mortgages 10 — — — 6 16 Indirect installment 11 (10 ) 4 (6 ) 7 12 Consumer lines of credit 10 (2 ) — (2 ) 2 10 Total consumer loans 52 (24 ) 6 (18 ) 25 59 Total allowance on originated loans 151 (58 ) 11 (47 ) 64 168 Purchased credit-impaired loans 1 (1 ) — (1 ) 1 1 Other loans acquired in a business combination 6 (1 ) 5 4 (4 ) 6 Total allowance on loans acquired in a business combination 7 (2 ) 5 3 (3 ) 7 Total allowance for credit losses $ 158 $ (60 ) $ 16 $ (44 ) $ 61 $ 175 Year Ended December 31, 2016 Commercial real estate $ 42 $ (7 ) $ 4 $ (3 ) $ 8 $ 47 Commercial and industrial 41 (19 ) 2 (17 ) 24 48 Commercial leases 2 (1 ) — (1 ) 2 3 Other 1 (3 ) — (3 ) 3 1 Total commercial loans and leases 86 (30 ) 6 (24 ) 37 99 Direct installment 21 (10 ) 2 (8 ) 8 21 Residential mortgages 8 — — — 2 10 Indirect installment 10 (8 ) 2 (6 ) 7 11 Consumer lines of credit 10 (2 ) — (2 ) 2 10 Total consumer loans 49 (20 ) 4 (16 ) 19 52 Total allowance on originated loans 135 (50 ) 10 (40 ) 56 151 Purchased credit-impaired loans 1 — — — — 1 Other loans acquired in a business combination 6 (1 ) 1 — — 6 Total allowance on loans acquired in a business combination 7 (1 ) 1 — — 7 Total allowance for credit losses $ 142 $ (51 ) $ 11 $ (40 ) $ 56 $ 158 Following is a summary of the individual and collective allowance for credit losses and corresponding loan and lease balances by class: TABLE 7.2 Allowance Loans and Leases Outstanding (in millions) Individually Evaluated for Impairment Collectively Evaluated for Impairment Loans and Leases Individually Evaluated for Impairment Collectively Evaluated for Impairment December 31, 2018 Commercial real estate $ — $ 55 $ 6,171 $ 7 $ 6,164 Commercial and industrial 4 49 4,140 11 4,129 Commercial leases — 9 373 — 373 Other — 2 46 — 46 Total commercial loans and leases 4 115 10,730 18 10,712 Direct installment — 14 1,668 — 1,668 Residential mortgages — 19 2,612 — 2,612 Indirect installment — 15 1,933 — 1,933 Consumer lines of credit — 10 1,119 — 1,119 Total consumer loans — 58 7,332 — 7,332 Total $ 4 $ 173 $ 18,062 $ 18 $ 18,044 December 31, 2017 Commercial real estate $ 1 $ 50 $ 5,175 $ 11 $ 5,164 Commercial and industrial 3 49 3,495 10 3,485 Commercial leases — 5 267 — 267 Other — 2 17 — 17 Total commercial loans and leases 4 106 8,954 21 8,933 Direct installment — 21 1,756 — 1,756 Residential mortgages — 16 2,036 — 2,036 Indirect installment — 12 1,448 — 1,448 Consumer lines of credit — 10 1,152 — 1,152 Total consumer loans — 59 6,392 — 6,392 Total $ 4 $ 165 $ 15,346 $ 21 $ 15,325 The above table excludes loans acquired in a business combination that were pooled into groups of loans for evaluating impairment. |
Loan Servicing
Loan Servicing | 12 Months Ended |
Dec. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Loan Servicing | LOAN SERVICING Mortgage Loan Servicing We retain the servicing rights on certain mortgage loans sold. The unpaid principal balance of mortgage loans serviced for others, as of December 31, 2018 and 2017 , is listed below: TABLE 8.1 December 31 2018 2017 (in millions) Mortgage loans sold with servicing retained $ 3,968 $ 3,257 The following table summarizes activity relating to mortgage loans sold with servicing retained: TABLE 8.2 Year Ended December 31 2018 2017 2016 (in millions) Mortgage loans sold with servicing retained $ 1,060 $ 1,769 $ 673 Pretax gains resulting from above loan sales (1) 19 22 13 Mortgage servicing fees (1) 9 8 4 (1) Recorded in mortgage banking operations on the Consolidated Statements of Income. Following is a summary of the MSR activity: TABLE 8.3 Year Ended December 31 2018 2017 2016 (in millions) Balance at beginning of period $ 29 $ 14 $ 9 Fair value of MSRs acquired — 8 — Additions 13 11 7 Payoffs and curtailments (2 ) (2 ) (1 ) Impairment charge (1 ) — — Amortization (2 ) (2 ) (1 ) Balance at end of period $ 37 $ 29 $ 14 Fair value, beginning of period $ 32 $ 18 $ 12 Fair value, end of period 41 32 18 The fair value of MSRs is highly sensitive to changes in assumptions and is determined by estimating the present value of the asset’s future cash flows utilizing market-based prepayment rates, discount rates and other assumptions validated through comparison to trade information, industry surveys and with the use of independent third-party valuations. Changes in prepayment speed assumptions have the most significant impact on the fair value of MSRs. Generally, as interest rates decline, mortgage loan prepayments accelerate due to increased refinance activity, which results in a decrease in the fair value of the MSR and as interest rates increase, mortgage loan prepayments decline, which results in an increase in the fair value of the MSR. Measurement of fair value is limited to the conditions existing and the assumptions utilized as of a particular point in time, and those assumptions may not be appropriate if they are applied at a different time. Following is a summary of the sensitivity of the fair value of MSRs to changes in key assumptions: TABLE 8.4 December 31 2018 2017 (dollars in millions) Weighted average life (months) 82.2 80.4 Constant prepayment rate (annualized) 10.1 % 9.9 % Discount rate 9.7 % 9.9 % Effect on fair value due to change in interest rates: +0.25% $ 3 $ 2 +0.50% 5 3 -0.25% (3 ) (2 ) -0.50% (6 ) (4 ) The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the changes in assumptions to fair value may not be linear. Also, in this table, the effects of an adverse variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumptions, while in reality, changes in one factor may result in changing another, which may magnify or contract the effect of the change. We had a $0.5 million valuation allowance for MSRs as of December 31, 2018 . SBA-Guaranteed Loan Servicing We retain the servicing rights on SBA-guaranteed loans sold to investors. The standard sale structure under the SBA Secondary Participation Guaranty Agreement provides for us to retain a portion of the cash flow from the interest payment received on the loan, which is commonly known as a servicing spread. The unpaid principal balance of SBA-guaranteed loans serviced for investors, as of December 31, 2018 and December 31, 2017 , was as follows: TABLE 8.5 December 31 2018 2017 (in millions) SBA loans sold to investors with servicing retained $ 283 $ 306 The following table summarizes activity relating to SBA loans sold with servicing retained: TABLE 8.6 Year Ended December 31 2018 2017 (in millions) SBA loans sold with servicing retained $ 41 $ 54 Pretax gains resulting from above loan sales (1) 4 2 SBA servicing fees (1) 3 2 (1) Recorded in non-interest income. Following is a summary of the activity in SBA servicing rights: TABLE 8.7 Year Ended December 31 2018 2017 (in millions) Balance at beginning of period $ 5 $ — Fair value of servicing rights acquired — 5 Additions 1 1 Payoffs, curtailments and amortization (1 ) (1 ) Impairment (charge) / recovery (1 ) — Balance at end of period $ 4 $ 5 Fair value, beginning of period $ 5 $ — Fair value, end of period 4 5 Following is a summary of key assumptions and the sensitivity of the SBA servicing rights to changes in these assumptions. The declines in fair values were immaterial in the scenarios presented. TABLE 8.8 December 31 2018 2017 Decline in fair value due to Decline in fair value due to (dollars in millions) Actual 10% adverse change 20% adverse change 1% adverse change 2% adverse change Actual 10% adverse change 20% adverse change 1% adverse change 2% adverse change Weighted-average life (months) 52.2 63.5 Constant prepayment rate 12.5 % $ — $ — $ — $ — 9.3 % $ — $ — $ — $ — Discount rate 19.4 — — — — 14.9 — — — — The fair value of the SBA servicing rights is compared to the amortized basis. If the amortized basis exceeds the fair value, the asset is considered impaired and is written down to fair value through a valuation allowance on the asset and a charge against SBA income. We had a $0.8 million valuation allowance for SBA servicing rights as of December 31, 2018 . |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | PREMISES AND EQUIPMENT Following is a summary of premises and equipment: TABLE 9.1 December 31 2018 2017 (in millions) Land $ 64 $ 67 Premises 238 240 Equipment 236 213 538 520 Accumulated depreciation (208 ) (183 ) Total premises and equipment, net $ 330 $ 337 Depreciation expense for premises and equipment is presented in the following table: TABLE 9.2 December 31 2018 2017 2016 (in millions) Depreciation expense for premises and equipment $ 39 $ 34 $ 23 We have operating leases extending to 2046 for certain land, office locations and equipment, many of which have renewal options. Leases that expire are generally expected to be replaced by other leases. Lease costs are expensed in accordance with ASC 840, Leases , taking into account escalation clauses. Rental expense is presented in the following table: TABLE 9.3 December 31 2018 2017 2016 (in millions) Rental expense $ 33 $ 29 $ 21 Following is a summary of future minimum lease payments for years following December 31, 2018 : TABLE 9.4 (in millions) 2019 $ 25 2020 21 2021 18 2022 13 2023 10 Later years 49 Total minimum rental commitment under leases $ 136 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The following table shows a rollforward of goodwill by line of business: TABLE 10.1 (in millions) Community Banking Wealth Manage- ment Insurance Consumer Finance Total Balance at January 1, 2017 $ 1,011 $ 8 $ 11 $ 2 $ 1,032 Goodwill (deductions) additions 1,217 — — — 1,217 Balance at December 31, 2017 2,228 8 11 2 2,249 Goodwill (deductions) additions 3 — 5 (2 ) 6 Balance at December 31, 2018 $ 2,231 $ 8 $ 16 $ — $ 2,255 We recorded goodwill in the Community Banking segment during 2017 and 2018 as a result of the purchase accounting adjustments relating to the various acquisitions described in Note 3, “Mergers and Acquisitions.” The addition of goodwill for the Insurance segment in 2018 was the result of the FNIA acquisition of a Maryland-based insurance agency on December 17, 2018. The deduction of goodwill for the Consumer Finance segment in 2018 was the result of the sale of Regency to Mariner Finance, LLC on August 31, 2018, as part of our strategy to enhance the overall positioning of our consumer banking operations. The following table shows a summary of core deposit intangibles and customer renewal lists: TABLE 10.2 (in millions) Core Deposit Intangibles Customer Renewal Lists Total December 31, 2018 Gross carrying amount $ 196 $ 15 $ 211 Accumulated amortization (122 ) (10 ) (132 ) Net carrying amount $ 74 $ 5 $ 79 December 31, 2017 Gross carrying amount $ 196 $ 12 $ 208 Accumulated amortization (107 ) (9 ) (116 ) Net carrying amount $ 89 $ 3 $ 92 Core deposit intangibles are being amortized primarily over 10 years using accelerated methods. Customer renewal lists are being amortized over their estimated useful lives, which range from eight to thirteen years. The following table summarizes amortization expense recognized: TABLE 10.3 December 31 2018 2017 2016 (in millions) Amortization expense $ 16 $ 18 $ 11 Following is a summary of the expected amortization expense on finite-lived intangible assets, assuming no new additions, for each of the five years following December 31, 2018 : TABLE 10.4 (in millions) 2019 $ 14 2020 13 2021 11 2022 10 2023 9 Total $ 57 Goodwill and other intangible assets are tested annually for impairment, and more frequently if events or changes in circumstances indicate the carrying value may not be recoverable. We completed this test in 2018 and 2017 and determined that our intangible assets are not impaired. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Deposits | DEPOSITS Following is a summary of deposits: TABLE 11.1 December 31 2018 2017 (in millions) Non-interest-bearing demand $ 6,000 $ 5,720 Interest-bearing demand 9,660 9,571 Savings 2,526 2,488 Certificates and other time deposits: Less than $100,000 2,816 2,461 $100,000 through $250,000 1,478 1,327 Greater than $250,000 975 833 Total certificates and other time deposits 5,269 4,621 Total deposits $ 23,455 $ 22,400 Following is a summary of the scheduled maturities of certificates and other time deposits for the years following December 31, 2018 : TABLE 11.2 (in millions) 2019 $ 3,255 2020 1,309 2021 222 2022 143 2023 209 Later years 131 Total $ 5,269 |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | SHORT-TERM BORROWINGS Following is a summary of short-term borrowings: TABLE 12.1 December 31 2018 2017 (in millions) Securities sold under repurchase agreements $ 251 $ 256 Federal Home Loan Bank advances 2,230 2,285 Federal funds purchased 1,535 1,000 Subordinated notes 113 138 Total short-term borrowings $ 4,129 $ 3,679 Borrowings with original maturities of one year or less are classified as short-term. Securities sold under repurchase agreements are comprised of customer repurchase agreements, which are sweep accounts with next-day maturities utilized by larger commercial customers to earn interest on their funds. Securities are pledged to these customers in an amount equal to the outstanding balance. Of the total short-term FHLB advances, 57.2% and 75.7% had overnight maturities as of December 31, 2018 and December 31, 2017 , respectively. The following represents weighted average interest rates on short-term borrowings: TABLE 12.2 December 31 2018 2017 2016 Year-to-date average 1.89 % 1.16 % 0.61 % Period-end 2.49 % 1.44 % 0.69 % |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | LONG-TERM BORROWINGS Following is a summary of long-term borrowings: TABLE 13.1 December 31 2018 2017 (in millions) Federal Home Loan Bank advances $ 270 $ 310 Subordinated notes 87 88 Junior subordinated debt 111 110 Other subordinated debt 159 160 Total long-term borrowings $ 627 $ 668 Scheduled annual maturities for the long-term borrowings for the years following December 31, 2018 are as follows: TABLE 13.2 (in millions) 2019 $ 158 2020 116 2021 56 2022 8 2023 40 Later years 249 Total $ 627 Federal Home Loan Bank advances Our banking affiliate has available credit with the FHLB of $7.4 billion , of which $2.5 billion was utilized as of December 31, 2018 . These advances are secured by loans collateralized by residential mortgages, home equity lines of credit, commercial real estate and FHLB stock and are scheduled to mature in various amounts periodically through the year 2021 . Effective interest rates paid on the long-term advances ranged from 1.39% to 4.19% for the year ended December 31, 2018 and 1.11% to 4.19% for the year ended December 31, 2017 . Subordinated notes Subordinated notes are unsecured and subordinated to our other indebtedness. The subordinated notes mature in various amounts periodically through the year 2028. At December 31, 2018 , all of the subordinated notes are redeemable by the holders prior to maturity at a discount equal to three to 12 months of interest, depending on the term of the note. We may require the holder to give 30 days prior written notice. No sinking fund is required and none has been established to retire the notes. The weighted average interest rate on the subordinated notes are presented in the following table: TABLE 13.3 December 31 2018 2017 2016 Subordinated notes weighted average interest rate 3.08 % 2.85 % 2.71 % Junior subordinated debt The junior subordinated debt is comprised of the debt securities issued by FNB in relation to our six unconsolidated subsidiary trusts (collectively, the Trusts), which are unconsolidated variable interest entities and are included on the Consolidated Balance Sheets in long-term borrowings. One hundred percent of the common equity of each Trust is owned by FNB. The Trusts were formed for the purpose of issuing FNB-obligated mandatorily redeemable capital securities, or TPS to third-party investors. The proceeds from the sale of TPS and the issuance of common equity by the Trusts were invested in junior subordinated debt securities issued by FNB, which are the sole assets of each Trust. Since third-party investors are the primary beneficiaries, the Trusts are not consolidated in our Financial Statements. The Trusts pay dividends on the TPS at the same rate as the distributions paid by us on the junior subordinated debt held by the Trusts. F.N.B. Statutory Trust II was formed by us, and the other five statutory trusts were assumed through acquisitions. The acquired statutory trusts were adjusted to fair value in conjunction with the various acquisitions. We record the distributions on the junior subordinated debt issued to the Trusts as interest expense. The TPS are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated debt. The TPS are eligible for redemption, at any time, at our discretion. Under capital guidelines, the junior subordinated debt, net of our investments in the Trusts, is included in tier 2 capital. We have entered into agreements which, when taken collectively, fully and unconditionally guarantee the obligations under the TPS subject to the terms of each of the guarantees. The following table provides information relating to the Trusts as of December 31, 2018 : TABLE 13.4 (dollars in millions) Trust Preferred Securities Common Securities Junior Subordinated Debt Stated Maturity Date Interest Rate Rate Reset Factor F.N.B. Statutory Trust II $ 22 $ 1 $ 22 6/15/2036 4.44 % LIBOR + 165 basis points (bps) Omega Financial Capital Trust I 26 1 27 10/18/2034 4.63 % LIBOR + 219 bps Yadkin Valley Statutory Trust I 25 1 21 12/15/2037 4.11 % LIBOR + 132 bps FNB Financial Services Capital Trust I 25 1 22 9/30/2035 4.26 % LIBOR + 146 bps American Community Capital Trust II 10 — 10 12/15/2033 5.19 % LIBOR + 280 bps Crescent Financial Capital Trust I 8 — 9 10/7/2033 5.54 % LIBOR + 310 bps Total $ 116 $ 4 $ 111 Other subordinated debt Subordinated Debt Due 2025. In an October 2015 debt offering, we issued $100.0 million aggregate principal amount of 4.875% subordinated notes due in October 2025. The net proceeds of the debt offering after deducting underwriting discounts and commissions and offering costs were $98.4 million , and as of December 31, 2018 , the carrying value was $98.9 million . These subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes. Subordinated Debt Due 2024. In conjunction with the YDKN acquisition, we assumed $15.5 million aggregate principal amount of 7.25% subordinated notes due in March 2024. These subordinated notes, which are eligible for treatment as tier 2 capital for regulatory capital purposes, were adjusted to fair value at the time of acquisition, and as of December 31, 2018 , the carrying value was $16.6 million . Subordinated Debt Due 2023. In conjunction with the YDKN acquisition, we assumed $38.1 million aggregate principal amount of 7.625% subordinated notes due in August 2023. These subordinated notes, which are eligible for treatment as tier 2 capital for regulatory capital purposes, were adjusted to fair value at the time of acquisition, and as of December 31, 2018 , the carrying value was $43.4 million . Additionally, on May 1, 2017, we repaid $7.5 million in other subordinated debt that we acquired from YDKN. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate risk, primarily by managing the amount, source, and duration of our assets and liabilities, and through the use of derivative instruments. Derivative instruments are used to reduce the effects that changes in interest rates may have on net income and cash flows. We also use derivative instruments to facilitate transactions on behalf of our customers. All derivatives are carried on the Consolidated Balance Sheets at fair value and do not take into account the effects of master netting arrangements we have with other financial institutions. Credit risk is included in the determination of the estimated fair value of derivatives. Derivative assets are reported in the Consolidated Balance Sheets in other assets and derivative liabilities are reported in the Consolidated Balance Sheets in other liabilities. Changes in fair value are recognized in earnings except for certain changes related to derivative instruments designated as part of a cash flow hedging relationship. The following table presents notional amounts and gross fair values of our derivative assets and derivative liabilities which are not offset in the Consolidated Balance Sheets. TABLE 14.1 December 31 2018 2017 Notional Amount Fair Value Notional Amount Fair Value (in millions) Asset Liability Asset Liability Gross Derivatives Subject to master netting arrangements: Interest rate contracts – designated $ 1,155 $ — $ 3 $ 705 $ — $ 2 Interest rate swaps – not designated 2,740 2 10 2,246 1 12 Equity contracts – not designated 1 — — 1 — — Total subject to master netting arrangements 3,896 2 13 2,952 1 14 Not subject to master netting arrangements: Interest rate swaps – not designated 2,740 40 26 2,245 28 15 Interest rate lock commitments – not designated 47 1 — 88 2 — Forward delivery commitments – not designated 55 — — 107 — — Credit risk contracts – not designated 203 — — 235 — — Equity contracts – not designated 1 — — 1 — — Total not subject to master netting arrangements 3,046 41 26 2,676 30 15 Total $ 6,942 $ 43 $ 39 $ 5,628 $ 31 $ 29 Certain derivative exchanges have enacted a rule change which in effect results in the legal characterization of variation margin payments for certain derivative contracts as settlement of the derivatives mark-to-market exposure and not collateral. Accordingly, we have changed our reporting of certain derivatives to record variation margin on trades cleared through exchanges that have adopted the rule change as settled where we had previously recorded cash collateral. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument. Derivatives Designated as Hedging Instruments under GAAP Interest Rate Contracts. We entered into interest rate derivative agreements to modify the interest rate characteristics of certain commercial loans and certain of our FHLB advances from variable rate to fixed rate in order to reduce the impact of changes in future cash flows due to market interest rate changes. These agreements are designated as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows). The effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same line item associated with the forecasted transaction when the forecasted transaction affects earnings. Any ineffective portion of the gain or loss is reported in earnings immediately. Following is a summary of key data related to interest rate contracts: TABLE 14.2 December 31 2018 2017 (in millions) Notional amount $ 1,155 $ 705 Fair value included in other assets — — Fair value included in other liabilities 3 2 The following table shows amounts reclassified from accumulated other comprehensive income: TABLE 14.3 December 31 2018 2017 (in millions) Total Net of Tax Total Net of Tax Reclassified from AOCI to interest income $ — $ — $ 1 $ 1 Reclassified from AOCI to interest expense (3 ) (2 ) 1 1 As of December 31, 2018 , the maximum length of time over which forecasted interest cash flows are hedged is six years. In the twelve months that follow December 31, 2018 , we expect to reclassify from the amount currently reported in AOCI net derivative gains of $3.4 million ( $2.7 million net of tax), in association with interest on the hedged loans and FHLB advances. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to December 31, 2018 . There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness related to these cash flow hedges. For the years ended December 31, 2018 and 2017 , there was no hedge ineffectiveness. Also, during the years ended December 31, 2018 and 2017 , there were no gains or losses from cash flow hedge derivatives reclassified to earnings because it became probable that the original forecasted transactions would not occur. Derivatives Not Designated as Hedging Instruments under GAAP Interest Rate Swaps. We enter into interest rate swap agreements to meet the financing, interest rate and equity risk management needs of qualifying commercial loan customers. These agreements provide the customer the ability to convert from variable to fixed interest rates. The credit risk associated with derivatives executed with customers is essentially the same as that involved in extending loans and is subject to normal credit policies and monitoring. Swap derivative transactions with customers are not subject to enforceable master netting arrangements and are generally secured by rights to non-financial collateral, such as real and personal property. We enter into positions with a derivative counterparty in order to offset our exposure on the fixed components of the customer interest rate swap agreements. We seek to minimize counterparty credit risk by entering into transactions only with high-quality financial dealer institutions. Following is a summary of key data related to interest rate swaps: TABLE 14.4 December 31 2018 2017 (in millions) Notional amount $ 5,480 $ 4,491 Fair value included in other assets 42 29 Fair value included in other liabilities 36 27 The interest rate swap agreement with the loan customer and with the counterparty is reported at fair value in other assets and other liabilities on the Consolidated Balance Sheets with any resulting gain or loss recorded in current period earnings as other income or other expense. Interest Rate Lock Commitments . Interest rate lock commitments represent an agreement to extend credit to a mortgage loan borrower, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to funding. We are bound to fund the loan at a specified rate, regardless of whether interest rates have changed between the commitment date and the loan funding date, subject to the loan approval process. The borrower is not obligated to perform under the commitment. As such, outstanding IRLCs subject us to interest rate risk and related price risk during the period from the commitment to the borrower through the loan funding date, or commitment expiration. The IRLCs generally range between 30 to 270 days. The IRLCs are reported at fair value in other assets and other liabilities on the Consolidated Balance Sheets with any resulting gain or loss recorded in current period earnings as mortgage banking operations income. Forward Delivery Commitments . Forward delivery commitments on mortgage-backed securities are used to manage the interest rate and price risk of our IRLCs and mortgage loan held for sale inventory by fixing the forward sale price that will be realized upon sale of the mortgage loans into the secondary market. Historical commitment-to-closing ratios are considered to estimate the quantity of mortgage loans that will fund within the terms of the IRLCs. The forward delivery contracts are reported at fair value in other assets and other liabilities on the Consolidated Balance Sheets with any resulting gain or loss recorded in current period earnings as mortgage banking operations income. Credit Risk Contracts. We purchase and sell credit protection under risk participation agreements to share with other counterparties some of the credit exposure related to interest rate derivative contracts or to take on credit exposure to generate revenue. We will make/receive payments under these agreements if a customer defaults on their obligation to perform under certain derivative swap contracts. Risk participation agreements sold with notional amounts totaling $140.6 million as of December 31, 2018 have remaining terms ranging from nine months to ten years. Under these agreements, our maximum exposure assuming a customer defaults on their obligation to perform under certain derivative swap contracts with third parties would be $0.1 million at both December 31, 2018 and 2017 . The fair values of risk participation agreements purchased and sold were $0.05 million and $(0.11) million , respectively, at December 31, 2018 and $0.04 million and $(0.1) million , respectively at December 31, 2017 . Counterparty Credit Risk We are party to master netting arrangements with most of our swap derivative dealer counterparties. Collateral, usually marketable securities and/or cash, is exchanged between FNB and our counterparties, and is generally subject to thresholds and transfer minimums. For swap transactions that require central clearing, we post cash to our clearing agency. Collateral positions are settled or valued daily, and adjustments to amounts received and pledged by us are made as appropriate to maintain proper collateralization for these transactions. Certain master netting agreements contain provisions that, if violated, could cause the counterparties to request immediate settlement or demand full collateralization under the derivative instrument. If we had breached our agreements with our derivative counterparties we would be required to settle our obligations under the agreements at the termination value and would be required to pay an additional $0.7 million and $0.9 million as of December 31, 2018 and 2017 , respectively, in excess of amounts previously posted as collateral with the respective counterparty. The following table presents a reconciliation of the net amounts of derivative assets and derivative liabilities presented in the Consolidated Balance Sheets to the net amounts that would result in the event of offset: TABLE 14.5 Amount Not Offset in the (in millions) Net Amount Financial Cash Net December 31, 2018 Derivative Assets Interest rate contracts: Not designated $ 2 $ 2 $ — $ — Total $ 2 $ 2 $ — $ — Derivative Liabilities Interest rate contracts: Designated $ 3 $ 3 $ — $ — Not designated 10 9 — 1 Total $ 13 $ 12 $ — $ 1 December 31, 2017 Derivative Assets Interest rate contracts: Not designated $ 1 $ 1 $ — $ — Total $ 1 $ 1 $ — $ — Derivative Liabilities Interest rate contracts: Designated $ 2 $ 2 $ — $ — Not designated 12 11 — 1 Total $ 14 $ 13 $ — $ 1 The following table presents the effect of certain derivative financial instruments on the Consolidated Statements of Income: TABLE 14.6 Year Ended December 31, (in millions) Consolidated Statements of Income Location 2018 2017 Interest Rate Contracts Interest income – loans and leases $ — $ 1 Interest Rate Contracts Interest expense – short-term borrowings (2 ) 1 Interest Rate Swaps Other income 1 (1 ) Credit Risk Contracts Other income — — |
Commitments, Credit Risk and Co
Commitments, Credit Risk and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Credit Risk and Contingencies | COMMITMENTS, CREDIT RISK AND CONTINGENCIES We have commitments to extend credit and standby letters of credit that involve certain elements of credit risk in excess of the amount stated in the Consolidated Balance Sheets. Our exposure to credit loss in the event of non-performance by the customer is represented by the contractual amount of those instruments. The credit risk associated with commitments to extend credit and standby letters of credit is essentially the same as that involved in extending loans and leases to customers and is subject to normal credit policies. Since many of these commitments expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. Following is a summary of off-balance sheet credit risk information: TABLE 15.1 December 31 2018 2017 (in millions) Commitments to extend credit $ 7,378 $ 6,958 Standby letters of credit 126 133 At December 31, 2018 , funding of 77.6% of the commitments to extend credit was dependent on the financial condition of the customer. We have the ability to withdraw such commitments at our discretion. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Based on management’s credit evaluation of the customer, collateral may be deemed necessary. Collateral requirements vary and may include accounts receivable, inventory, property, plant and equipment and income-producing commercial properties. Standby letters of credit are conditional commitments issued by us that may require payment at a future date. The credit risk involved in issuing letters of credit is actively monitored through review of the historical performance of our portfolios. In addition to the above commitments, subordinated notes issued by FNB Financial Services, LP, a wholly-owned finance subsidiary, are fully and unconditionally guaranteed by FNB. These subordinated notes are included in the summaries of short-term borrowings and long-term borrowings in Notes 12 and 13. Other Legal Proceedings In the ordinary course of business, we are routinely named as defendants in, or made parties to, pending and potential legal actions. Also, as regulated entities, we are subject to governmental and regulatory examinations, information-gathering requests, and may be subject to investigations and proceedings (both formal and informal). Such threatened claims, litigation, investigations, regulatory and administrative proceedings typically entail matters that are considered incidental to the normal conduct of business. Claims for significant monetary damages may be asserted in many of these types of legal actions, while claims for disgorgement, restitution, penalties and/or other remedial actions or sanctions may be sought in regulatory matters. In these instances, if we determine that we have meritorious defenses, we will engage in an aggressive defense. However, if management determines, in consultation with counsel, that settlement of a matter is in the best interest of our Company and our shareholders, we may do so. It is inherently difficult to predict the eventual outcomes of such matters given their complexity and the particular facts and circumstances at issue in each of these matters. However, on the basis of current knowledge and understanding, and advice of counsel, we do not believe that judgments, sanctions, settlements or orders, if any, that may arise from these matters (either individually or in the aggregate, after giving effect to applicable reserves and insurance coverage) will have a material adverse effect on our financial position or liquidity, although they could have a material effect on net income in a given period. In view of the inherent unpredictability of outcomes in litigation and governmental and regulatory matters, particularly where (i) the damages sought are indeterminate, (ii) the proceedings are in the early stages, or (iii) the matters involve novel legal theories or a large number of parties, as a matter of course, there is considerable uncertainty surrounding the timing or ultimate resolution of litigation and governmental and regulatory matters, including a possible eventual loss, fine, penalty, business or adverse reputational impact, if any, associated with each such matter. In accordance with applicable accounting guidance, we establish accruals for litigation and governmental and regulatory matters when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. In such cases, there may be a possible exposure to loss in excess of any amounts accrued. We will continue to monitor such matters for developments that could affect the amount of the accrual, and will adjust the accrual amount as appropriate. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. We believe that our accruals for legal proceedings are appropriate and, in the aggregate, are not material to our consolidated financial position, although future accruals could have a material effect on net income in a given period. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | STOCK INCENTIVE PLANS Restricted Stock We issue restricted stock awards to key employees under our Incentive Compensation Plan (Plan). We issue time-based awards and performance-based awards under this Plan, both of which are based on a three -year vesting period. The grant date fair value of the time-based awards is equal to the price of our common stock on the grant date. The fair value of the performance-based awards is based on a Monte-Carlo simulation valuation of our common stock as of the grant date. The assumptions used for this valuation include stock price volatility, risk-free interest rate and dividend yield. We issued 283,037 and 251,379 performance-based restricted stock units in 2018 and 2017 , respectively. As of December 31, 2018 , we had available up to 2,332,770 shares of common stock to issue under this Plan. The following table details our issuance of restricted stock units and the aggregate weighted average grant date fair values under these plans for the years indicated. TABLE 16.1 (dollars in millions) 2018 2017 2016 Restricted stock units 962,799 713,998 574,125 Weighted average grant date fair values $ 13 $ 10 $ 7 The unvested restricted stock unit awards are eligible to receive cash dividends or dividend equivalents which are ultimately used to purchase additional shares of stock and are subject to forfeiture if the requisite service period is not completed or the specified performance criteria are not met. These awards are subject to certain accelerated vesting provisions upon retirement, death, disability or in the event of a change of control as defined in the award agreements. The following table summarizes the activity relating to restricted stock units during the periods indicated: TABLE 16.2 2018 2017 2016 Units Weighted Average Grant Price per Share Units Weighted Average Grant Price per Share Units Weighted Average Grant Price per Share Unvested units outstanding at beginning of year 1,975,862 $ 13.64 1,836,363 $ 12.97 1,548,444 $ 12.85 Granted 962,799 13.21 713,998 14.67 574,125 12.86 Net adjustment due to performance — — (64,861 ) 13.85 72,070 11.79 Vested (258,031 ) 13.19 (542,580 ) 12.71 (384,704 ) 12.11 Forfeited/expired (214,743 ) 13.39 (31,018 ) 14.03 (31,394 ) 13.02 Dividend reinvestment 90,287 12.61 63,960 13.80 57,822 13.08 Unvested units outstanding at end of year 2,556,174 13.51 1,975,862 13.64 1,836,363 12.97 The following table provides certain information related to restricted stock units: TABLE 16.3 Year Ended December 31 2018 2017 2016 (in millions) Stock-based compensation expense $ 10 $ 8 $ 7 Tax benefit related to stock-based compensation expense 2 3 2 Fair value of units vested 3 8 5 As of December 31, 2018 , there was $13.6 million of unrecognized compensation cost related to unvested restricted stock units including $0.8 million that is subject to accelerated vesting under the Plan’s immediate vesting upon retirement. The components of the restricted stock units as of December 31, 2018 are as follows: TABLE 16.4 (dollars in millions) Service- Based Units Performance- Based Units Total Unvested restricted stock units 1,470,720 1,085,454 2,556,174 Unrecognized compensation expense $ 9 $ 5 $ 14 Intrinsic value $ 14 $ 11 $ 25 Weighted average remaining life (in years) 1.90 1.83 1.87 Stock Options All outstanding stock options were assumed from acquisitions and are fully vested. Upon consummation of our acquisitions, all outstanding stock options issued by the acquired companies were converted into equivalent FNB stock options. We issue shares of treasury stock or authorized but unissued shares to satisfy stock options exercised. The following table summarizes the activity relating to stock options during the periods indicated: TABLE 16.5 2018 Weighted Average Exercise Price per Share 2017 Weighted Average Exercise Price per Share 2016 Weighted Average Exercise Price per Share Options outstanding at beginning of year 722,650 $ 7.96 892,532 $ 8.95 435,340 $ 8.86 Assumed from acquisitions — — 207,645 8.92 1,707,036 7.83 Exercised (253,899 ) 7.77 (255,503 ) 10.21 (1,128,075 ) 7.18 Forfeited/expired (10,397 ) 11.98 (122,024 ) 12.12 (121,769 ) 9.33 Options outstanding and exercisable at end of year 458,354 7.99 722,650 7.96 892,532 8.95 The following table summarizes information about stock options outstanding at December 31, 2018 : TABLE 16.6 Range of Exercise Prices Options Outstanding and Exercisable Weighted Average Remaining Contractual Years Weighted Average Exercise Price $3.45 - $5.18 81,219 2.14 $ 4.80 $5.19 - $7.78 66,055 3.22 6.85 $7.79 - $11.37 311,080 3.41 9.07 458,354 The intrinsic value of outstanding and exercisable stock options at December 31, 2018 was $0.9 million . The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the option exercise price. The following table summarizes certain information relating to stock options exercised: TABLE 16.7 Year Ended December 31 2018 2017 2016 (in millions) Proceeds from stock options exercised $ 2 $ 2 $ 8 Tax benefit recognized from stock options exercised — — 2 Intrinsic value of stock options exercised 1 1 7 Warrants In conjunction with our participation in the UST’s CPP, we issued to the UST a warrant to purchase up to 1,302,083 shares of our common stock. Pursuant to Section 13(H) of the Warrant to Purchase Common Stock, the number of shares of common stock issuable upon exercise of the warrant was reduced in half to 651,042 shares on June 16, 2009, the date we completed a public offering. The warrant, which expired in January 2019 without being exercised, was sold at auction by the UST and had an exercise price of $11.52 per share. In conjunction with the ANNB acquisition on April 6, 2013, the warrant issued by ANNB to the UST under the CPP has been converted into a warrant to purchase up to 342,564 shares of our common stock at an exercise price of $3.57 per share. Subsequent adjustments related to actual dividends paid by us have increased the share amount of these warrants to 405,489 , with a resulting lower exercise price of $3.02 per share as of March 31, 2018, prior to being exercised in May 2018. In conjunction with the YDKN acquisition on March 11, 2017, the warrant issued by YDKN to the UST under the CPP has been converted into a warrant to purchase up to 207,320 shares of our common stock at an exercise price of $9.63 per share. Subsequent adjustments related to actual dividends paid by us have increased the share amount of these warrants to 213,986 , with a resulting lower exercise price of $9.33 per share as of December 31, 2018 . The warrant, which was recorded at its fair value on March 11, 2017, was sold at auction by the UST and expires in 2019. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plans | RETIREMENT PLANS We sponsor the Retirement Income Plan (RIP), a qualified noncontributory defined benefit pension plan that has been frozen. The RIP covered employees who satisfied minimum age and length of service requirements. Although not required, during 2018 , we made a $4.0 million contribution to the RIP. We also sponsor two supplemental non-qualified retirement plans that have been frozen. The ERISA Excess Retirement Plan provides retirement benefits equal to the difference, if any, between the maximum benefit allowable under the Internal Revenue Code and the amount that would be provided under the RIP, if no limits were applied. The Basic Retirement Plan (BRP) is applicable to certain officers whom the Board of Directors designates. Officers participating in the BRP receive a benefit based on a target benefit percentage based on years of service at retirement and a designated tier as determined by the Board of Directors. When a participant retires, the benefit under the BRP is a monthly benefit equal to the participant's aggregate target benefit percentage multiplied by the participant’s highest average monthly cash compensation, including bonuses, during five consecutive calendar years within the last ten calendar years of employment before 2009. This monthly benefit is reduced by the monthly benefit the participant receives from the Social Security Administration, the RIP, the ERISA Excess Retirement Plan and the annuity equivalent of the automatic contributions paid to participants under the qualified 401(k) defined contribution plan and the ERISA Excess Lost Match Plan. The following tables provide information relating to the accumulated benefit obligation, change in benefit obligation, change in plan assets, the plans’ funded status and the amount included in the Consolidated Balance Sheets for the qualified and non-qualified plans described above (collectively, the Plans): TABLE 17.1 December 31 2018 2017 Qualified Non-Qualified Total Qualified Non-Qualified Total (in millions) Accumulated benefit obligation $ 145 $ 18 $ 163 $ 161 $ 20 $ 181 Projected benefit obligation at beginning of year $ 162 $ 20 $ 182 $ 133 $ 20 $ 153 Acquisition — — — 30 — 30 Interest cost 6 — 6 6 1 7 Actuarial loss (12 ) (1 ) (13 ) 9 — 9 Benefits paid (11 ) (1 ) (12 ) (9 ) (1 ) (10 ) Settlement — — — (7 ) — (7 ) Projected benefit obligation at end of year $ 145 $ 18 $ 163 $ 162 $ 20 $ 182 Fair value of plan assets at beginning of year $ 164 $ — $ 164 $ 137 $ — $ 137 Acquisition — — — 25 — 25 Actual return on plan assets (7 ) — (7 ) 18 — 18 Corporation contribution 4 1 5 — 1 1 Benefits paid (11 ) (1 ) (12 ) (9 ) (1 ) (10 ) Settlement — — — (7 ) — (7 ) Fair value of plan assets at end of year $ 150 $ — $ 150 $ 164 $ — $ 164 Funded status of plans $ 5 $ (18 ) $ (13 ) $ 2 $ (20 ) $ (18 ) The unrecognized actuarial loss, prior service cost and net transition obligation are required to be recognized into earnings over the average remaining participant life due to the freezing of the RIP, which may, on a net basis reduce future earnings. Actuarial assumptions used in the determination of the projected benefit obligation in the Plans are as follows: TABLE 17.2 Assumptions at December 31 2018 2017 Weighted average discount rate 4.18 % 3.53 % Rates of average increase in compensation levels 3.50 3.50 The discount rate assumption at December 31, 2018 and 2017 was determined using a yield-curve based approach. A yield curve was produced for a universe containing the majority of U.S.-issued Aa-graded corporate bonds, all of which were non-callable (or callable with make-whole provisions), and after excluding the 10% of the bonds with the highest and lowest yields. The discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments. The net periodic pension cost and other comprehensive income for the Plans included the following components: TABLE 17.3 Year Ended December 31 2018 2017 2016 (in millions) Interest cost $ 6 $ 7 $ 6 Expected return on plan assets (11 ) (11 ) (9 ) Actuarial loss amortization 2 2 2 Total pension income (3 ) (2 ) (1 ) Other changes in plan assets and benefit obligations recognized in other comprehensive income: Current year actuarial loss 6 3 2 Amortization of actuarial loss (2 ) (2 ) (2 ) Total amount recognized in other comprehensive income 4 1 — Total amount recognized in net periodic benefit cost and other comprehensive income $ 1 $ (1 ) $ (1 ) The plans have an actuarial measurement date of December 31. Actuarial assumptions used in the determination of the net periodic pension cost in the Plans are as follows: TABLE 17.4 Assumptions for the Year Ended December 31 2018 2017 2016 Weighted average discount rate 4.19 % 3.96 % 4.19 % Rates of increase in compensation levels 3.50 3.50 3.50 Expected long-term rate of return on assets 7.25 7.25 7.25 The expected long-term rate of return on plan assets has been established by considering historical and anticipated expected returns on the asset classes invested in by the pension trust and the allocation strategy currently in place among those classes. The change in plan assets reflects benefits paid from the qualified pension plans of $10.1 million and $8.4 million for 2018 and 2017 , respectively. As stated above, we made a $4.0 million contribution to the RIP during 2018 . We did not make any contributions to the qualified pension plans during 2017 . For the non-qualified pension plans, the change in plan assets reflects benefits paid from and contributions made to the plans in the same amount. This amount represents the actual benefit payments paid from general assets of $1.4 million for 2018 and $1.3 million for 2017 . The impact of changes in the discount rate and expected long-term rate of return on plan assets would have had the following effects on 2018 pension expense: TABLE 17.5 (in millions) Estimated Effect on Pension Expense 0.5% decrease in the discount rate $ — 0.5% decrease in the expected long-term rate of return on plan assets 1 The following table provides information regarding estimated future cash flows relating to the Plans at December 31, 2018 : TABLE 17.6 (in millions) Expected employer contributions: 2019 $ 1 Expected benefit payments: 2019 10 2020 10 2021 10 2022 10 2023 11 2024 – 2028 53 The qualified pension plan contributions are deposited into a trust and the qualified benefit payments are made from trust assets. For the non-qualified plans, the contributions and the benefit payments are the same and reflect expected benefit amounts, which we pay from general assets. Our subsidiaries participate in a qualified 401(k) defined contribution plan under which employees may contribute a percentage of their salary. Employees are eligible to participate upon their first day of employment. Under this plan, we match 100% of the first 6% that the employee defers. During the second quarter of 2018, we made a one-time discretionary contribution of $0.9 million to the vast majority of our employees following the tax reform that was enacted in December 2017. Additionally, we may provide a performance-based company contribution of up to 3% if we exceed annual financial goals. Our contribution expense is presented in the following table: TABLE 17.7 Year Ended December 31 2018 2017 2016 (in millions) 401(k) contribution expense $ 15 $ 12 $ 9 We also sponsor an ERISA Excess Lost Match Plan for certain officers. This plan provides retirement benefits equal to the difference, if any, between the maximum benefit allowable under the Internal Revenue Code and the amount that would have been provided under the qualified 401(k) defined contribution plan, if no limits were applied. Pension Plan Investment Policy and Strategy Our investment strategy for the RIP is to diversify plan assets between a wide mix of securities within the equity and debt markets to allow the account the opportunity to meet the expected long-term rate of return requirements while minimizing short-term volatility. In this regard, the plan has targeted allocations within the equity securities category for domestic large cap, domestic mid cap, domestic small cap, real estate investment trusts, emerging market and international securities. Within the debt securities category, the plan has targeted allocation levels for U.S. Treasury, U.S. agency, domestic investment-grade bonds, high-yield bonds, inflation-protected securities and international bonds. The following table presents asset allocations for our pension plans as of December 31, 2018 and 2017 , and the target allocation for 2019 , by asset category: TABLE 17.8 Target Allocation Percentage of Plan Assets December 31 2019 2018 2017 Asset Category Equity securities 45 - 65 55 % 64 % Debt securities 30 - 50 41 33 Cash equivalents 0 - 10 4 3 At December 31, 2018 and 2017 , equity securities included 585,000 and 575,128 shares, respectively, of our common stock, representing 4.0% and 4.9% of total plan assets at December 31, 2018 and 2017 , respectively. Dividends received on our common stock held by the Plan were $0.3 million for both 2018 and 2017 . The fair values of our pension plan assets by asset category are as follows: TABLE 17.9 (in millions) Level 1 Level 2 Level 3 Total December 31, 2018 Asset Class Cash $ 6 $ — $ — $ 6 Equity securities: F.N.B. Corporation 6 — — 6 Other large-cap U.S. financial services companies 3 — — 3 Other large-cap U.S. companies 43 — — 43 International companies 1 — — 1 Mutual fund equity investments: U.S. equity index funds: U.S. small-cap equity index funds 3 — — 3 U.S. mid-cap equity index funds 4 — — 4 Non-U.S. equities growth fund 6 — — 6 U.S. equity funds: U.S. mid-cap 9 — — 9 U.S. small-cap 3 — — 3 Other 4 — — 4 Fixed income securities: U.S. government agencies — 49 — 49 Corporate bonds — 2 — 2 Fixed income mutual funds: U.S. investment-grade fixed income securities 11 — — 11 Total $ 99 $ 51 $ — $ 150 (in millions) Level 1 Level 2 Level 3 Total December 31, 2017 Asset Class Cash $ 6 $ — $ — $ 6 Equity securities: F.N.B. Corporation 8 — — 8 Other large-cap U.S. financial services companies 4 — — 4 Other large-cap U.S. companies 46 — — 46 International companies 1 — — 1 Other equity 1 — — 1 Mutual fund equity investments: U.S. equity index funds: U.S. large-cap equity index funds 3 — — 3 U.S. small-cap equity index funds 4 — — 4 U.S. mid-cap equity index funds 5 — — 5 Non-U.S. equities growth fund 14 — — 14 U.S. equity funds: U.S. mid-cap 9 — — 9 U.S. small-cap 3 — — 3 Other 6 — — 6 Fixed income securities: U.S. government agencies — 37 — 37 Corporate bonds — 6 — 6 Fixed income mutual funds: U.S. investment-grade fixed income securities 11 — — 11 Total $ 121 $ 43 $ — $ 164 The classifications for Level 1, Level 2 and Level 3 are discussed in Note 24, “Fair Value Measurements.” |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The TCJA included several changes to existing U.S. tax laws that impact us, most notably a reduction of the U.S. corporate income tax rate from 35% to 21% , which became effective January 1, 2018. We recognized the initial income tax effects of the TCJA in our 2017 Consolidated Financial Statements in accordance with SAB No. 118, which provides SEC staff guidance for the application of ASC 740, Income Taxes, in the reporting period in which the TCJA was signed into law. We recorded a provisional amount of $54.0 million at December 31, 2017 related to the remeasurement of deferred tax balances. Upon final analysis of available information and refinement of our calculations during 2018, we decreased our provisional amount by $1.9 million which is included as a component of income tax expense from continuing operations. We consider the TCJA remeasurement of our deferred taxes to be complete. The effects of changes in tax rates on deferred tax balances are applicable even in situations in which the related income tax effects of such items were originally recognized in other comprehensive income. This results in stranded tax effects for items that were recorded in AOCI rather than in income from continuing operations. In the fourth quarter of 2017, we elected to change our accounting policy to reclassify the income tax effects related to the TCJA of approximately $14.7 million from AOCI to retained earnings. This change in accounting policy results in the appropriate tax rate being recognized in AOCI for debt and equity investments, certain derivative transactions, and pension and other post-retirement benefit plans. Income Tax Expense Federal and state income tax expense consist of the following: TABLE 18.1 Year Ended December 31 2018 2017 2016 (in millions) Current income taxes: Federal taxes $ 41 $ 26 $ 58 State taxes 6 2 2 Total current income taxes 47 28 60 Deferred income taxes: Federal taxes 32 128 15 State taxes — 1 — Total deferred income taxes 32 129 15 Total income taxes $ 79 $ 157 $ 75 The following table provides a reconciliation between the statutory tax rate and the actual effective tax rate: TABLE 18.2 Year Ended December 31 2018 2017 2016 Statutory federal tax rate 21.0 % 35.0 % 35.0 % State taxes, net of federal benefit 1.1 0.5 0.7 Tax-exempt interest (2.1 ) (3.3 ) (2.9 ) Cash surrender value on BOLI (0.5 ) (1.1 ) (1.5 ) Tax credits (2.8 ) (2.6 ) (0.9 ) Affordable housing cost amortization, net of tax benefits 0.7 0.2 — Tax Cuts and Jobs Act revaluation of net deferred tax assets (0.4 ) 15.2 — Other items 0.6 0.2 0.2 Actual effective tax rate 17.6 % 44.1 % 30.6 % The effective tax rate for 2018 was 17.6% , as compared to 44.1% in 2017 . The effective tax rate of 17.6% in 2018 was lower than the 21% TCJA statutory federal tax rate due to tax-exempt income on investments and loans, tax credits and income from BOLI. The effective tax rate for 2017 was significantly higher at 44.1% than the 35% pre-TCJA statutory federal tax rate largely due to $54.0 million of income tax expense recorded from the revaluation of net DTAs in connection with the TCJA in 2017 . Income tax expense related to gains on the sale of securities is presented in the following table: TABLE 18.3 Year Ended December 31 2018 2017 2016 (in millions) Income tax expense related to gains on sale of securities $ — $ 2 $ — Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and tax purposes. DTAs and DTLs are measured based on the enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. As such, during December 2017, we remeasured our DTAs and DTLs as a result of the passage of the TCJA. The primary impact of this remeasurement was a reduction in DTAs and DTLs in connection with the reduction of the U.S. corporate income tax rate from 35% to 21% . The following table presents the tax effects of significant temporary differences that give rise to federal and state DTAs and DTLs: TABLE 18.4 December 31 2018 2017 (in millions) Deferred tax assets: Allowance for credit losses $ 40 $ 39 Discounts on loans acquired in a business combination 51 64 Net operating loss/tax credit carryforwards 43 47 Deferred compensation 10 9 Securities impairments 1 1 Pension and other defined benefit plans 5 7 Net unrealized securities losses 12 7 Other 9 8 Total 171 182 Valuation allowance (26 ) (27 ) Total deferred tax assets 145 155 Deferred tax liabilities: Loan costs (14 ) (7 ) Depreciation (17 ) (12 ) Prepaid expenses (1 ) (4 ) Amortizable intangibles (16 ) (18 ) Lease financing (18 ) (10 ) Mortgage servicing rights (8 ) (6 ) Other (4 ) (2 ) Total deferred tax liabilities (78 ) (59 ) Net deferred tax assets $ 67 $ 96 We establish a valuation allowance when it is more likely than not that we will not be able to realize the benefit of the DTAs or when future deductibility is uncertain. Periodically, the valuation allowance is reviewed and adjusted based on management’s assessment of realizable DTAs. As of December 31, 2018 , the valuation allowance primarily relates to unused federal and state net operating loss carryforwards expiring from 2019 to 2038 . We anticipate that neither the state net operating loss carryforwards nor the other net DTAs at certain of our subsidiaries will be utilized and, as such, have recorded a valuation allowance against the DTAs related to these items. As of December 31, 2018 , we had approximately $45.0 million of federal net operating loss and built-in loss carryforwards, $3.0 million of federal tax credit carryforwards, and $10.3 million of state net operating loss carryforwards to which we succeeded as a result of the YDKN acquisition. The utilization of these tax attributes is subject to annual limitations under Section 382 of the Internal Revenue Code, or a similar state-level statute, which will cause the utilization of these attributes to be deferred over a number of years, not to exceed beyond 2036 . We have determined that we will likely have sufficient taxable income in the years during which these tax attributes are available to be utilized and, consequently, have determined that no valuation allowance against the recorded DTA is warranted. Uncertain Tax Positions We account for uncertainties in income taxes in accordance with ASC 740, Income Taxes. At December 31, 2018 and 2017 , we have approximately $0.9 million and $0.7 million , respectively, of unrecognized tax benefits related to uncertain tax positions. As of December 31, 2018 , $0.7 million of these tax benefits would affect the effective tax rate if recognized. We recognize potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. To the extent interest is not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision. A tabular reconciliation of the unrecognized tax benefits is not presented as the impact of changes to uncertain tax positions on our income tax expense was immaterial. We file numerous income tax returns in the U.S. federal jurisdiction and in several state jurisdictions. We are no longer subject to U.S. federal income tax examinations for years prior to 2015 . With limited exception, we are no longer subject to state income tax examinations for years prior to 2015 . We anticipate that a reduction in the unrecognized tax benefit of up to $0.07 million may occur in the next twelve months from the expiration of statutes of limitations which would result in a reduction in income taxes. |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Other Comprehensive Income | OTHER COMPREHENSIVE INCOME The following table presents changes in AOCI, net of tax, by component: TABLE 19.1 (in millions) Unrealized Net Gains (Losses) on Debt Securities Available for Sale Unrealized Net Gains (Losses) on Derivative Instruments Unrecognized Pension and Postretirement Obligations Total Year Ended December 31, 2018 Balance at beginning of period $ (29 ) $ 5 $ (59 ) $ (83 ) Other comprehensive (loss) income before reclassifications (17 ) (2 ) (2 ) (21 ) Amounts reclassified from AOCI — (2 ) — (2 ) Net current period other comprehensive (loss) income (17 ) (4 ) (2 ) (23 ) Balance at end of period $ (46 ) $ 1 $ (61 ) $ (106 ) The amounts reclassified from AOCI related to debt securities AFS are included in net securities gains on the Consolidated Statements of Income, while the amounts reclassified from AOCI related to derivative instruments are included in interest income on loans and leases on the Consolidated Statements of Income. The tax (benefit) expense amounts reclassified from AOCI in connection with the debt securities AFS and derivative instruments reclassifications are included in income taxes on the Consolidated Statements of Income. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per common share: TABLE 20.1 Year Ended December 31 2018 2017 2016 (dollars in millions, except per share data) Net income $ 373 $ 199 $ 171 Less: Preferred stock dividends 8 8 8 Net income available to common stockholders $ 365 $ 191 $ 163 Basic weighted average common shares outstanding 324,207,198 302,195,295 206,244,498 Net effect of dilutive stock options, warrants and restricted stock 1,416,405 1,662,681 1,524,111 Diluted weighted average common shares outstanding 325,623,603 303,857,976 207,768,609 Earnings per common share: Basic $ 1.13 $ 0.63 $ 0.79 Diluted $ 1.12 $ 0.63 $ 0.78 The following table shows the average shares excluded from the above calculation as their effect would have been anti-dilutive: TABLE 20.2 Year Ended December 31 2018 2017 2016 Average shares excluded from the diluted earnings per common share calculation 81 910 9,980 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | REGULATORY MATTERS FNB and FNBPA are subject to various regulatory capital requirements administered by the federal banking agencies. Quantitative measures established by regulators to ensure capital adequacy require FNB and FNBPA to maintain minimum amounts and ratios of total, tier 1 and common equity tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of leverage ratio (as defined). Failure to meet minimum capital requirements could lead to initiation of certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our Consolidated Financial Statements, dividends and future merger and acquisition activity. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, FNB and FNBPA must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. FNB’s and FNBPA’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. As of December 31, 2018 , the most recent notification from the federal banking agencies categorized FNB and FNBPA as “well-capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events since the notification which management believes have changed this categorization. Following are the capital ratios for FNB and FNBPA: TABLE 21.1 Actual Well-Capitalized Requirements Minimum Capital Requirements plus Capital Conservation Buffer (dollars in millions) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 F.N.B. Corporation: Total capital $ 2,875 11.54 % $ 2,490 10.00 % $ 2,459 9.88 % Tier 1 capital 2,395 9.62 1,992 8.00 1,961 7.88 Common equity tier 1 2,289 9.19 1,619 6.50 1,588 6.38 Leverage 2,395 7.87 1,523 5.00 1,218 4.00 Risk-weighted assets 24,900 FNBPA: Total capital 2,735 10.99 2,489 10.00 2,458 9.88 Tier 1 capital 2,553 10.26 1,992 8.00 1,960 7.88 Common equity tier 1 2,473 9.94 1,618 6.50 1,587 6.38 Leverage 2,553 8.39 1,521 5.00 1,217 4.00 Risk-weighted assets 24,894 As of December 31, 2017 F.N.B. Corporation: Total capital $ 2,666 11.39 % $ 2,340 10.00 % $ 2,165 9.25 % Tier 1 capital 2,185 9.33 1,872 8.00 1,697 7.25 Common equity tier 1 2,078 8.88 1,521 6.50 1,346 5.75 Leverage 2,185 7.58 1,441 5.00 1,153 4.00 Risk-weighted assets 23,404 FNBPA: Total capital 2,504 10.74 2,333 10.00 2,158 9.25 Tier 1 capital 2,333 10.00 1,866 8.00 1,691 7.25 Common equity tier 1 2,253 9.66 1,516 6.50 1,341 5.75 Leverage 2,333 8.14 1,433 5.00 1,146 4.00 Risk-weighted assets 23,326 In accordance with Basel III standards, the implementation of capital requirements is transitional and phases-in from January 1, 2015 through January 1, 2019. The minimum capital requirements for each period above are based on the requirements that were in effect at that time. Our management believes that FNB and FNBPA will continue to meet all "well-capitalized" requirements after Basel III is completely phased-in. Due to usable vault cash, the aggregate cash reserves FNBPA was required to maintain with the FRB amounted to less than $1 million at December 31, 2018 . We also maintain deposits for various services such as check clearing. Certain limitations exist under applicable law and regulations by regulatory agencies regarding dividend distributions to a parent by our subsidiaries. As of December 31, 2018 , our subsidiaries had $356.1 million of retained earnings available for distribution to us without prior regulatory approval. Under current FRB regulations, FNBPA is limited in the amount it may lend to non-bank affiliates, including FNB. Such loans must be secured by specified collateral. In addition, any such loans to a non-bank affiliate may not exceed 10% of FNBPA’s capital and surplus and the aggregate of loans to all such affiliates may not exceed 20% of FNBPA’s capital and surplus. The maximum amount that may be borrowed by FNB affiliates under these provisions was $537.1 million at December 31, 2018 . |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Information | CASH FLOW INFORMATION Following is a summary of supplemental cash flow information: TABLE 22.1 Year Ended December 31 2018 2017 2016 (in millions) Interest paid on deposits and other borrowings $ 230 $ 129 $ 67 Income taxes paid 19 53 60 Transfers of loans to other real estate owned 12 35 15 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS We operate in three reportable segments: Community Banking, Wealth Management and Insurance. • The Community Banking segment provides commercial and consumer banking services. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, business credit, capital markets and lease financing. Consumer banking products and services include deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. • The Wealth Management segment provides a broad range of personal and corporate fiduciary services including the administration of decedent and trust estates. In addition, it offers various alternative products, including securities brokerage and investment advisory services, mutual funds and annuities. • The Insurance segment includes a full-service insurance agency offering all lines of commercial and personal insurance through major carriers. The Insurance segment also includes a reinsurer. • We also previously operated a Consumer Finance segment, which is no longer a reportable segment. This segment primarily made installment loans to individuals and purchased installment sales finance contracts from retail merchants. On August 31, 2018, as part of our strategy to enhance the overall positioning of our consumer banking operations, we sold 100 percent of the issued and outstanding capital stock of Regency to Mariner Finance, LLC. This transaction was completed to accomplish several strategic objectives, including enhancing the credit risk profile of the consumer loan portfolio, offering additional liquidity and selling a non-strategic business segment that no longer fits with our core business. The Consumer Finance segment is shown in the following tables to include Regency's financial information through August 31, 2018. The following tables provide financial information for these segments of FNB. The information provided under the caption “Parent and Other” represents operations not considered to be reportable segments and/or general operating expenses of FNB, and includes the parent company, other non-bank subsidiaries and eliminations and adjustments to reconcile to the Consolidated Financial Statements. TABLE 23.1 (in millions) Community Banking Wealth Manage- ment Insurance Consumer Finance Parent and Other Consolidated At or for the Year Ended December 31, 2018 Interest income $ 1,145 $ — $ — $ 25 $ — $ 1,170 Interest expense 219 — — 2 17 238 Net interest income 926 — — 23 (17 ) 932 Provision for credit losses 54 — — 6 1 61 Non-interest income 213 44 16 2 1 276 Non-interest expense (1) 609 33 17 15 5 679 Amortization of intangibles 15 1 — — — 16 Income tax expense (benefit) 82 2 — 1 (6 ) 79 Net income (loss) 379 8 (1 ) 3 (16 ) 373 Total assets 32,997 26 25 — 54 33,102 Total intangibles 2,304 10 20 — — 2,334 At or for the Year Ended Interest income $ 944 $ — $ — $ 40 $ (4 ) $ 980 Interest expense 118 — — 4 12 134 Net interest income 826 — — 36 (16 ) 846 Provision for credit losses 53 — — 8 — 61 Non-interest income 197 39 16 3 (3 ) 252 Non-interest expense (1) 597 30 15 21 — 663 Amortization of intangibles 17 1 — — — 18 Income tax expense (benefit) 153 3 — 5 (4 ) 157 Net income (loss) 203 5 1 5 (15 ) 199 Total assets 31,156 24 21 181 36 31,418 Total intangibles 2,317 10 12 2 — 2,341 At or for the Year Ended Interest income $ 641 $ — $ — $ 41 $ (3 ) $ 679 Interest expense 56 — — 4 7 67 Net interest income 585 — — 37 (10 ) 612 Provision for credit losses 49 — — 7 — 56 Non-interest income 149 35 15 3 (1 ) 201 Non-interest expense (1) 437 27 13 22 1 500 Amortization of intangibles 11 — — — — 11 Income tax expense (benefit) 72 3 1 4 (5 ) 75 Net income (loss) 165 5 1 7 (7 ) 171 Total assets 21,629 20 22 193 (19 ) 21,845 Total intangibles 1,062 10 12 2 — 1,086 (1) Excludes amortization of intangibles, which is presented separately. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS We use fair value measurements to record fair value adjustments to certain financial assets and liabilities and to determine fair value disclosures. Securities AFS, mortgage loans held for sale accounted for under FVO and derivatives are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record at fair value other assets on a non-recurring basis, such as certain impaired loans, OREO and certain other assets. Fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are not adjusted for transaction costs. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. In determining fair value, we use various valuation approaches, including market, income and cost approaches. ASC 820, Fair Value Measurements and Disclosures , establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability, which are developed based on market data obtained from independent sources. Unobservable inputs reflect our assumptions about the assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: TABLE 24.1 Measurement Category Definition Level 1 valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2 valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3 valuation is derived from other valuation methodologies including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies we use for financial instruments recorded at fair value on either a recurring or non-recurring basis: Securities Available For Sale These securities are recorded at fair value on a recurring basis. At December 31, 2018 , 100.0% of these securities used valuation methodologies involving market-based or market-derived information, collectively Level 1 and Level 2 measurements, to measure fair value. We closely monitor market conditions involving assets that have become less actively traded. If the fair value measurement is based upon recent observable market activity of such assets or comparable assets (other than forced or distressed transactions) that occur in sufficient volume, and do not require significant adjustment using unobservable inputs, those assets are classified as Level 1 or Level 2; if not, they are classified as Level 3. Making this assessment requires significant judgment. We use prices from independent pricing services and, to a lesser extent, indicative (non-binding) quotes from independent brokers, to measure the fair value of investment securities. We validate prices received from pricing services or brokers using a variety of methods, including, but not limited to, comparison to secondary pricing services, corroboration of pricing by reference to other independent market data such as secondary broker quotes and relevant benchmark indices, and review of pricing information by corporate personnel familiar with market liquidity and other market-related conditions. Derivative Financial Instruments We determine fair value for derivatives using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects contractual terms of the derivative, including the period to maturity and uses observable market based inputs, including interest rate curves and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of non-performance risk, we consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives and IRLCs utilize Level 3 inputs. Credit valuation estimates of current credit spreads are used to evaluate the likelihood of our default and the default of our counterparties. However, as of December 31, 2018 and 2017 , we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our non-IRLC derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The fair value of IRLCs is based upon the estimated fair value of the underlying mortgage loan, including the expected cash flows related to the MSRs and the estimated percentage of IRLCs that will result in a closed mortgage loan, and classified as Level 3. Loans Held For Sale Residential mortgage loans held for sale are carried at fair value under the FVO. Prior to 2017, residential mortgage loans held for sale were carried at the lower of cost or fair value accounting, under which, periodically, it may have been necessary to record non-recurring fair value adjustments. Fair value for residential mortgage loans held for sale, when recorded, is based on independent quoted market prices and is classified as Level 2. SBA loans held for sale are carried under lower of cost or fair value, for which, periodically, it may be necessary to record non-recurring fair value adjustments. Fair value for SBA loans held for sale, when recorded, is based on independent quoted market prices and is classified as Level 2. Impaired Loans We reserve for commercial loan relationships greater than or equal to $1.0 million that we consider impaired as defined in ASC 310 at the time we identify the loan as impaired based upon the present value of expected future cash flows available to pay the loan, or based upon the fair value of the collateral less estimated selling costs where a loan is collateral dependent. Collateral may be real estate and/or business assets including equipment, inventory and accounts receivable. We determine the fair value of real estate based on appraisals by licensed or certified appraisers. The value of business assets is generally based on amounts reported on the business’ financial statements. Management must rely on the financial statements prepared and certified by the borrower or their accountants in determining the value of these business assets on an ongoing basis, which may be subject to significant change over time. Based on the quality of information or statements provided, management may require the use of business asset appraisals and site-inspections to better value these assets. We may discount appraised and reported values based on management’s historical knowledge, changes in market conditions from the time of valuation or management’s knowledge of the borrower and the borrower’s business. Since not all valuation inputs are observable, we classify these non-recurring fair value determinations as Level 2 or Level 3 based on the lowest level of input that is significant to the fair value measurement. We review and evaluate impaired loans no less frequently than quarterly for additional impairment based on the same factors identified above. Other Real Estate Owned OREO is comprised principally of commercial and residential real estate properties obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is recorded at the lower of carrying amount of the loan or fair value less costs to sell. Subsequently, these assets are carried at the lower of carrying value or fair value less costs to sell. Accordingly, it may be necessary to record non-recurring fair value adjustments. Fair value is generally based upon appraisals by licensed or certified appraisers and other market information and is classified as Level 2 or Level 3. The following table presents the balances of assets and liabilities measured at fair value on a recurring basis: TABLE 24.2 (in millions) Level 1 Level 2 Level 3 Total December 31, 2018 Assets Measured at Fair Value Debt securities available for sale U.S. government agencies $ — $ 187 $ — $ 187 U.S. government-sponsored entities — 313 — 313 Residential mortgage-backed securities Agency mortgage-backed securities — 1,429 — 1,429 Agency collateralized mortgage obligations — 1,161 — 1,161 Commercial mortgage-backed securities — 228 — 228 States of the U.S. and political subdivisions — 21 — 21 Other debt securities — 2 — 2 Total debt securities available for sale — 3,341 — 3,341 Loans held for sale — 14 — 14 Derivative financial instruments Trading — 42 1 43 Total derivative financial instruments — 42 1 43 Total assets measured at fair value on a recurring basis $ — $ 3,397 $ 1 $ 3,398 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 36 $ — $ 36 Not for trading — 3 — 3 Total derivative financial instruments — 39 — 39 Total liabilities measured at fair value on a recurring basis $ — $ 39 $ — $ 39 (in millions) Level 1 Level 2 Level 3 Total December 31, 2017 Assets Measured at Fair Value Debt securities available for sale U.S. government-sponsored entities $ — $ 344 $ — $ 344 Residential mortgage-backed securities Agency mortgage-backed securities — 1,599 — 1,599 Agency collateralized mortgage obligations — 795 — 795 States of the U.S. and political subdivisions — 21 — 21 Other debt securities — 5 — 5 Total debt securities available for sale — 2,764 — 2,764 Equity securities available for sale Financial services industry — 1 — 1 Total equity securities available for sale — 1 — 1 Total securities available for sale — 2,765 — 2,765 Loans held for sale — 56 — 56 Derivative financial instruments Trading — 28 — 28 Not for trading — 1 2 3 Total derivative financial instruments — 29 2 31 Total assets measured at fair value on a recurring basis $ — $ 2,850 $ 2 $ 2,852 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 27 $ — $ 27 Not for trading — 2 — 2 Total derivative financial instruments — 29 — 29 Total liabilities measured at fair value on a recurring basis $ — $ 29 $ — $ 29 The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized Level 3 inputs to determine fair value: TABLE 24.3 (in millions) Other Equity Securities Residential Non-Agency Collateralized Mortgage Obligations Interest Total Year Ended December 31, 2018 Balance at beginning of period $ — $ — $ — $ 2 $ 2 Purchases, issuances, sales and settlements: Purchases — — — 5 5 Settlements — — — (6 ) (6 ) Balance at end of period $ — $ — $ — $ 1 $ 1 Year Ended December 31, 2017 Balance at beginning of period $ — $ 1 $ 1 $ — $ 2 Purchases, issuances, sales and settlements: Purchases 12 — — 2 14 Sales/redemptions (12 ) — (1 ) — (13 ) Settlements — — — (5 ) (5 ) Transfers from Level 3 — (1 ) — — (1 ) Transfers into Level 3 — — — 5 5 Balance at end of period $ — $ — $ — $ 2 $ 2 We review fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation attributes may result in reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in/out of Level 3 at fair value at the beginning of the period in which the changes occur. See the “Securities Available for Sale” discussion within this footnote for information relating to determining Level 3 fair values. There were no transfers of assets or liabilities between the hierarchy levels during 2018 . During 2017 , we acquired $12.0 million in other debt securities from YDKN that are measured at Level 3. These securities were sold during the second quarter of 2017. During 2017 , we transferred equity securities totaling $0.6 million from Level 3 to Level 2, as a result of increased trading activity relating to these securities. For the year ended December 31, 2018 , we recorded in earnings $0.6 million of unrealized gains relating to the adoption of ASU 2016-01 and market value adjustments on marketable equity securities. These unrealized gains included in earnings are in the other non-interest income line item in the Consolidated Statement of Income. For the year ended December 31, 2017 , there were no gains or losses included in earnings attributable to the change in unrealized gains or losses relating to assets still held as of those dates. The total realized net securities gains included in earnings are in the net securities gains line item in the Consolidated Statements of Income. In accordance with GAAP, from time to time, we measure certain assets at fair value on a non-recurring basis. These adjustments to fair value usually result from the application of the lower of cost or fair value accounting or write-downs of individual assets. Valuation methodologies used to measure these fair value adjustments were previously described. For assets measured at fair value on a non-recurring basis still held at the Balance Sheet date, the following table provides the hierarchy level and the fair value of the related assets or portfolios: TABLE 24.4 (in millions) Level 1 Level 2 Level 3 Total December 31, 2018 Impaired loans $ — $ — $ 15 $ 15 Other real estate owned — — 5 5 Other assets - SBA servicing asset — — 4 4 December 31, 2017 Impaired loans $ — $ 3 $ 1 $ 4 Other real estate owned — 10 11 21 Loans held for sale - SBA — — 36 36 Other assets - SBA servicing asset — — 5 5 Substantially all of the fair value amounts in the table above were estimated at a date during the twelve months ended December 31, 2018 and 2017 . Consequently, the fair value information presented is not necessarily as of the period’s end. Impaired loans measured or re-measured at fair value on a non-recurring basis during 2018 had a carrying amount of $15.4 million which includes an allocated allowance for credit losses of $4.2 million . The allowance for credit losses includes a provision applicable to the current period fair value measurements of $6.9 million , which was included in the provision for credit losses for 2018 . OREO with a carrying amount of $8.6 million was written down to $5.0 million , resulting in a loss of $3.6 million , which was included in earnings for 2018 . Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each financial instrument: Cash and Cash Equivalents, Accrued Interest Receivable and Accrued Interest Payable. For these short-term instruments, the carrying amount is a reasonable estimate of fair value. Securities. For both securities AFS and securities HTM, fair value equals the quoted market price from an active market, if available, and is classified within Level 1. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities or pricing models, and is classified as Level 2. Where there is limited market activity or significant valuation inputs are unobservable, securities are classified within Level 3. Under current market conditions, assumptions used to determine the fair value of Level 3 securities have greater subjectivity due to the lack of observable market transactions. Loans and Leases. The fair value of fixed rate loans and leases is estimated by discounting the future cash flows using the current rates at which similar loans and leases would be made to borrowers with similar credit ratings and for the same remaining maturities less an illiquidity discount, as the fair value measurement represents an exit price from a market participants' viewpoint. The fair value of variable and adjustable rate loans and leases approximates the carrying amount. Due to the significant judgment involved in evaluating credit quality, loans and leases are classified within Level 3 of the fair value hierarchy. Loan Servicing Rights . For both MSRs and SBA servicing rights, both classified as Level 3 assets, fair value is determined using a discounted cash flow valuation method. These models use significant unobservable inputs including discount rates, prepayment rates and cost to service which have greater subjectivity due to the lack of observable market transactions. Derivative Assets and Liabilities. See the “Derivative Financial Instruments” discussion included within this footnote . Deposits. The estimated fair value of demand deposits, savings accounts and certain money market deposits is the amount payable on demand at the reporting date because of the customers’ ability to withdraw funds immediately. The fair value of fixed-maturity deposits is estimated by discounting future cash flows using rates currently offered for deposits of similar remaining maturities. Short-Term Borrowings. The carrying amounts for short-term borrowings approximate fair value for amounts that mature in 90 days or less. The fair value of subordinated notes is estimated by discounting future cash flows using rates currently offered. Long-Term Borrowings. The fair value of long-term borrowings is estimated by discounting future cash flows based on the market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. Loan Commitments and Standby Letters of Credit. Estimates of the fair value of these off-balance sheet items were not made because of the short-term nature of these arrangements and the credit standing of the counterparties. Also, unfunded loan commitments relate principally to variable rate commercial loans, typically are non-binding, and fees are not normally assessed on these balances. Nature of Estimates . Many of the estimates presented herein are based upon the use of highly subjective information and assumptions and, accordingly, the results may not be precise. Management believes that fair value estimates may not be comparable to other financial institutions due to the wide range of permitted valuation techniques and numerous estimates which must be made. Further, because the disclosed fair value amounts were estimated as of the Balance Sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different. The fair values of our financial instruments are as follows: TABLE 24.5 Fair Value Measurements (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 December 31, 2018 Financial Assets Cash and cash equivalents $ 488 $ 488 $ 488 $ — $ — Debt securities available for sale 3,341 3,341 — 3,341 — Debt securities held to maturity 3,254 3,155 — 3,155 — Net loans and leases, including loans held for sale 21,995 21,742 — 14 21,728 Loan servicing rights 41 45 — — 45 Derivative assets 43 43 — 42 1 Accrued interest receivable 101 101 101 — — Financial Liabilities Deposits 23,455 23,411 18,142 5,269 — Short-term borrowings 4,129 4,130 4,130 — — Long-term borrowings 627 618 — — 618 Derivative liabilities 39 39 — 39 — Accrued interest payable 20 20 20 — — December 31, 2017 Financial Assets Cash and cash equivalents $ 479 $ 479 $ 479 $ — $ — Securities available for sale 2,765 2,765 — 2,765 — Debt securities held to maturity 3,242 3,218 — 3,218 — Net loans and leases, including loans held for sale 20,917 20,661 — 56 20,605 Loan servicing rights 34 38 — — 38 Derivative assets 31 31 — 29 2 Accrued interest receivable 94 94 94 — — Financial Liabilities Deposits 22,400 22,359 17,779 4,580 — Short-term borrowings 3,679 3,679 3,679 — — Long-term borrowings 668 675 — — 675 Derivative liabilities 29 29 — 29 — Accrued interest payable 12 12 12 — — |
Parent Company Financial Statem
Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Financial Statements | PARENT COMPANY FINANCIAL STATEMENTS The following is condensed financial information of F.N.B. Corporation (parent company only). In this information, the parent company’s investments in subsidiaries are stated at cost plus equity in undistributed earnings of subsidiaries since acquisition. This information should be read in conjunction with the Consolidated Financial Statements. TABLE 25.1 Balance Sheets (in millions) December 31 2018 2017 Assets Cash and cash equivalents $ 254 $ 166 Securities available for sale — 1 Other assets 19 22 Investment in bank subsidiary 4,754 4,554 Investments in and advances to non-bank subsidiaries 97 294 Total Assets $ 5,124 $ 5,037 Liabilities Other liabilities $ 32 $ 33 Advances from affiliates 197 306 Long-term borrowings 279 280 Subordinated notes: Short-term 7 8 Long-term 1 1 Total Liabilities 516 628 Stockholders’ Equity 4,608 4,409 Total Liabilities and Stockholders’ Equity $ 5,124 $ 5,037 TABLE 25.2 Statements of Income (in millions) Year Ended December 31 2018 2017 2016 Income Dividend income from subsidiaries: Bank $ 162 $ 149 $ 109 Non-bank 8 9 9 170 158 118 Interest income 4 5 5 Other income 5 — 3 Total Income 179 163 126 Expenses Interest expense 20 18 14 Other expenses 15 10 10 Total Expenses 35 28 24 Income Before Taxes and Equity in Undistributed Income of Subsidiaries 144 135 102 Income tax benefit 6 3 6 150 138 108 Equity in undistributed income (loss) of subsidiaries: Bank 225 60 61 Non-bank (2 ) 1 2 Net Income $ 373 $ 199 $ 171 TABLE 25.3 Statements of Cash Flows (in millions) Year Ended December 31 2018 2017 2016 Operating Activities Net income $ 373 $ 199 $ 171 Adjustments to reconcile net income to net cash flows from operating activities: Undistributed earnings from subsidiaries (222 ) (61 ) (63 ) Other, net (13 ) 6 (3 ) Net cash flows provided by operating activities 138 144 105 Investing Activities Proceeds from sale of securities available for sale 1 — 1 Net (increase) decrease in advances to subsidiaries 20 (10 ) (6 ) Payment for further investment in subsidiaries (22 ) (4 ) (71 ) Net cash received in business combinations 123 3 1 Net cash flows (used in) provided by investing activities 122 (11 ) (75 ) Financing Activities Net decrease in advance from affiliate (19 ) 10 6 Net decrease in short-term borrowings (1 ) — — Decrease in long-term debt (2 ) (2 ) (10 ) Increase in long-term debt 1 1 — Net proceeds from issuance of common stock 14 11 18 Tax benefit of stock-based compensation — — 2 Cash dividends paid: Preferred stock (8 ) (8 ) (8 ) Common stock (157 ) (143 ) (102 ) Net cash flows (used in) provided by financing activities (172 ) (131 ) (94 ) Net (Decrease) Increase in Cash and Cash Equivalents 88 2 (64 ) Cash and cash equivalents at beginning of year 166 164 228 Cash and Cash Equivalents at End of Year $ 254 $ 166 $ 164 Cash paid during the year for: Interest $ 17 $ 16 $ 14 |
Quarterly Earnings Summary (Una
Quarterly Earnings Summary (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Earnings Summary (Unaudited) [Abstract] | |
Quarterly Earnings Summary (Unaudited) | QUARTERLY EARNINGS SUMMARY (UNAUDITED) TABLE 26.1 Dollars in millions, except per share data Quarter Ended 2018 Dec. 31 Sept. 30 June 30 Mar. 31 Total interest income $ 305 $ 298 $ 294 $ 273 Total interest expense 73 63 55 47 Net interest income 232 235 239 226 Provision for credit losses 15 16 16 14 Total non-interest income 68 75 65 68 Total non-interest expense 170 171 183 171 Net income 100 101 85 87 Net income available to common stockholders 98 99 83 85 Per Common Share Basic earnings per share $ 0.30 $ 0.30 $ 0.26 $ 0.26 Diluted earnings per share 0.30 0.30 0.26 0.26 Cash dividends declared 0.12 0.12 0.12 0.12 Quarter Ended 2017 Total interest income $ 271 $ 263 $ 251 $ 195 Total interest expense 41 38 33 22 Net interest income 230 225 218 173 Provision for credit losses 16 17 17 11 Net securities gains — 3 — 3 Other non-interest income 65 63 66 52 Total non-interest expense 166 164 164 187 Net income 24 78 74 23 Net income available to common stockholders 22 76 72 21 Per Common Share Basic earnings per share $ 0.07 $ 0.23 $ 0.22 $ 0.09 Diluted earnings per share 0.07 0.23 0.22 0.09 Cash dividends declared 0.12 0.12 0.12 0.12 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements include subsidiaries in which we have a controlling financial interest. We own and operate FNBPA, FNTC, First National Investment Services Company, LLC, FNBIA, FNIA, Bank Capital Services, LLC, and F.N.B. Capital Corporation, LLC, and include results for each of these entities in the accompanying Consolidated Financial Statements. Companies in which we hold more than a 50% voting equity interest, or a controlling financial interest, or are a variable interest entity (VIE) in which we have the power to direct the activities of an entity that most significantly impact the entity’s economic performance and has an obligation to absorb losses or the right to receive benefits from the VIE which could potentially be significant to the VIE are consolidated. VIEs in which we do not hold the power to direct the activities of the entity that most significantly impact the entity’s economic performance or does not have an obligation to absorb losses or the right to receive benefits from the VIE which could potentially be significant to the VIE are not consolidated. Investments in companies that are not consolidated are accounted for using the equity method when we have the ability to exert significant influence. Investments in private investment partnerships that are accounted for under the equity method or the cost method are included in other assets and our proportional interest in the equity investments’ earnings are included in other non-interest income. Investment interests accounted for under the cost and equity methods are periodically evaluated for impairment. The accompanying Consolidated Financial Statements include all adjustments that are necessary, in the opinion of management, to fairly reflect our financial position and results of operations in accordance with GAAP. All significant intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on our net income and stockholders’ equity. Events occurring subsequent to December 31, 2018 have been evaluated for potential recognition or disclosure in the Consolidated Financial Statements through the date of the filing of the Consolidated Financial Statements with the Securities and Exchange Commission. |
Use of Estimates | Use of Estimates Our accounting and reporting policies conform with GAAP. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements. Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant changes include the allowance for credit losses, accounting for loans acquired in a business combination, fair value of financial instruments, goodwill and other intangible assets, litigation, income taxes and deferred tax assets. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers We earn certain revenues from contracts with customers. These revenues are recognized when control of the promised services is transferred to the customers in an amount that reflects the consideration we expect to be entitled to in an exchange for those services. In determining the appropriate revenue recognition for our contracts with customers, we consider whether the contract has commercial substance and is approved by both parties with identifiable contractual rights, payment terms, and the collectability of consideration is probable. Generally, we satisfy our performance obligations upon the completion of services at the amount to which we have the right to invoice or charge under contracts with an original expected duration of one year or less. We apply this guidance on a portfolio basis to contracts with similar characteristics and for which we believe the results would not differ materially from applying this guidance to individual contracts. Our services provided under contracts with customers are transferred at the point in time when the services are rendered. Generally, we do not defer incremental direct costs to obtain contracts with customers that would be amortized in one year or less under the practical expedient. These costs are recognized as expense, primarily salary and benefit expense, in the period incurred. Deposit Services . We recognize revenue on deposit services based on published fees for services provided. Demand and savings deposit customers have the right to cancel their depository arrangements and withdraw their deposited funds at any time without prior notice. When services involve deposited funds that can be retrieved by customers without penalties, we consider the service contract term to be day-to-day, where each day represents the renewal of the contract. The contract does not extend beyond the services performed and revenue is recognized at the end of the contract term (daily) as the performance obligation is satisfied. No deposit services fees exist for long-term deposit products beyond early withdrawal penalties, which are earned on these products at the time of early termination. Revenue from deposit services fees are reduced where we have a history of waived or reduced fees by customer request or due to a customer service issue, by historical experience, or another acceptable method in the same period as the related revenues. Revenues from deposit services are reported in the Consolidated Statements of Income as service charges and in the Community Banking segment as non-interest income. Wealth Management Services. Wealth advisory and trust services are provided on a month-to-month basis and invoiced as services are rendered. Fees are based on a fixed amount or a scale based on the level of services provided or assets under management. The customer has the right to terminate their services agreement at any time. We determine the value of services performed based on the fee schedule in effect at the time the services are performed. Revenues from wealth advisory and trust services are reported in the Consolidated Statements of Income as trust services and securities commissions and fees, and in the Wealth segment as non-interest income. Insurance Services. Insurance services include full-service insurance brokerage services offering numerous lines of commercial and personal insurance through major carriers to businesses and individuals within our geographic markets. We recognize revenue on insurance contracts in effect based on contractually specified commission payments on premiums that are paid by the customer to the insurance carrier. Contracts are cancellable at any time and we have no performance obligation to the customers beyond the time the insurance is placed into effect. Revenues from insurance services are reported in the Consolidated Statements of Income as insurance commissions and fees, and in the Insurance segment as non-interest income. |
Business Combinations | Business Combinations Business combinations are accounted for by applying the acquisition method . Under the acquisition method, identifiable assets acquired and liabilities assumed, and any non-controlling interest in the acquiree at the acquisition date are measured at their fair values as of that date, and are recognized separately from goodwill. Results of operations of the acquired entities are included in the Consolidated Statements of Income from the date of acquisition. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash items in transit and amounts due from the Federal Reserve Bank and other depository institutions (including interest-bearing deposits). |
Securities | Debt Securities Debt securities comprise a significant portion of our Consolidated Balance Sheets. Such securities can be classified as trading, HTM or AFS. As of December 31, 2018 and 2017 , we did not hold any trading debt securities. Debt securities HTM are the securities that management has the positive intent and ability to hold until their maturity. Such securities are carried at cost, adjusted for related amortization of premiums and accretion of discounts through interest income from securities, and subject to evaluation for OTTI. Debt securities that are not classified as trading or HTM are classified as AFS. Such securities are carried at fair value with net unrealized gains and losses deemed to be temporary and OTTI attributable to non-credit factors reported separately as a component of other comprehensive income, net of tax. We evaluate our debt securities in a loss position for OTTI on a quarterly basis at the individual security level based on our intent to sell. If we intend to sell the debt security or it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, OTTI must be recognized in earnings equal to the entire difference between the investments’ amortized cost basis and its fair value. If we do not intend to sell the debt security and it is not more likely than not that we will be required to sell the security before recovery of its amortized cost basis, OTTI must be separated into the amount representing credit loss and the amount related to all other market factors. The amount related to credit loss will be recognized in earnings. The amount related to other market factors will be recognized in other comprehensive income, net of applicable taxes. We perform our OTTI evaluation process in a consistent and systematic manner and include an evaluation of all available evidence. This process considers factors such as length of time and anticipated recovery period of the impairment, recent events specific to the issuer and recent experience regarding principal and interest payments. |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold plus accrued interest. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be sold or repledged by the secured party. The fair value of collateral either received from or provided to a third party is continually monitored and additional collateral is obtained or is requested to be returned to us as deemed appropriate. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities From time to time, we may enter into derivative transactions principally to protect against the risk of adverse price or interest rate movements on the value of certain assets and liabilities and on future cash flows. All derivative instruments are carried at fair value on the Consolidated Balance Sheets as either an asset or liability. Accounting for the changes in fair value of a derivative is dependent upon whether or not it has been designated in a formal, qualifying hedging relationship. For derivatives in qualifying hedging relationships, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking each hedge transaction. Changes in fair value of a derivative instrument that has been designated and qualifies as a cash flow hedge are recorded in accumulated other comprehensive income, net of tax. Amounts are reclassified from AOCI to the consolidated statements of income in the period or periods in which the hedged transaction affects earnings. At the hedge’s inception and at least quarterly thereafter, a formal assessment is performed to determine whether changes in the fair values or cash flows of the derivative instruments have been highly effective in offsetting changes in fair values or cash flows of the hedged items and whether they are expected to be highly effective in the future. If it is determined a derivative instrument has not been or will not continue to be highly effective as a hedge, hedge accounting is discontinued. Derivative gains and losses under cash flow hedges not effective in hedging the change in fair value or expected cash flows of the hedged item are recognized immediately in the consolidated statements of income. In addition, we enter into interest rate swap agreements to meet the financing, interest rate and equity risk management needs of qualifying commercial loan customers. These agreements provide the customer the ability to convert from variable to fixed interest rates. We then enter into positions with a derivative counterparty in order to offset our exposure on the fixed components of the customer agreements. The credit risk associated with derivatives executed with customers is essentially the same as that involved in extending loans and is subject to normal credit policies and monitoring. We seek to minimize counterparty credit risk by entering into transactions with only high-quality institutions. These arrangements meet the definition of derivatives, but are not designated as qualifying hedging relationships. The interest rate swap agreement with the loan customer and with the counterparty are reported at fair value in other assets and other liabilities on the Consolidated Balance Sheets with any resulting gain or loss recorded in current period earnings as other income. |
Loans Held for Sale and Loan Commitments | Loans Held for Sale and Loan Commitments Certain of our residential mortgage loans are originated or purchased for sale in the secondary mortgage loan market. Effective January 1, 2017, we made an automatic election to account for all future originated or purchased residential mortgage loans held for sale under the FVO. The FVO election is intended to better reflect the underlying economics and better facilitate the economic hedging of the loans. The FVO is applied on an instrument by instrument basis and is an irrevocable election. Additionally, with the election of the FVO, fees and costs associated with the origination and acquisition of residential mortgage loans held for sale are expensed as incurred, rather than deferred. Changes in fair value under the FVO are recorded in mortgage banking operations non-interest income on the consolidated statements of income. Fair value is determined on the basis of rates obtained in the respective secondary market for the type of loan held for sale. Prior to the FVO election, loans were generally sold at a premium or discount from the carrying amount of the loan which represented the lower of cost or fair value. Gain or loss on the sale of loans is recorded in mortgage banking operations non-interest income. Interest income on loans held for sale is recorded in interest income. We routinely issue interest rate lock commitments for residential mortgage loans that we intend to sell. These interest rate lock commitments are considered derivatives. We also enter into loan sale commitments to sell these loans when funded to mitigate the risk that the market value of residential mortgage loans may decline between the time the rate commitment is issued to the customer and the time we sell the loan. These loan sale commitments are also derivatives. Both types of derivatives are recorded at fair value on the Consolidated Balance Sheets with changes in fair value recorded in mortgage banking operations non-interest income. We also originate loans guaranteed by the SBA for the purchase of businesses, business startups, business expansion, equipment, and working capital. All SBA loans are underwritten and documented as prescribed by the SBA. The guaranteed portion of SBA loans originated with the intention to sell on the secondary market is classified as held for sale and carried at the lower of cost or fair value. At the time of the sale, we allocate the carrying value of the entire loan between the guaranteed portion sold and the unguaranteed portion retained based on their relative fair value which results in a discount recorded on the retained portion of the loan. The guaranteed portion is typically sold at a premium and the gain is recognized in other income for any net premium received in excess of the relative fair value of the portion of the loan transferred. The net carrying value of the retained portion of the loans is included in the appropriate commercial loan classification for disclosure purposes. |
Loans (Excluding Loans Acquired in a Business Combination) | Loans (Excluding Loans Acquired in a Business Combination) Loans we intend to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balances, net of any unearned income, deferred origination fees or costs, or premium or discounts on purchased loans. Interest income on loans is computed over the term of the loans using the effective interest method. Loan origination fees or costs and premiums or discounts are deferred and amortized over the term of the loan or loan commitment period as an adjustment to the related loan yield. |
Non-performing Loans | Non-performing Loans Interest is not accrued on loans where collectability is uncertain. We discontinue interest accruals on loans generally when principal or interest is due and has remained unpaid for a certain number of days unless the loan is both well secured and in the process of collection. Commercial loans are placed on non-accrual at 90 days, installment loans are placed on non-accrual at 120 days and residential mortgages and consumer lines of credit are generally placed on non-accrual at 180 days. Past due status is based on the contractual terms of the loan. When a loan is placed on non-accrual status, all unpaid interest is reversed against interest income and the amortization of deferred fees and costs is suspended. Payments subsequently received are generally applied to either principal or interest or both, depending on management’s evaluation of collectability. A loan is returned to accrual status when principal and interest are no longer past due and collectability is probable. This generally requires a sustained period of timely principal and interest payments. Loans are generally written off when deemed uncollectible or when they reach a predetermined number of days past due depending upon loan product, terms, and other factors. Recoveries of amounts previously charged off are credited to the allowance for credit losses. We consider a loan impaired when, based on current information and events, it is probable that we will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. The impairment loss is measured by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral, less estimated selling costs, if the loan is collateral dependent. Purchased credit impaired loans are not classified as non-performing assets as the loans are considered to be performing. Restructured loans are those in which concessions of terms have been made as a result of deterioration in a borrower’s financial condition. In general, the modification or restructuring of a debt constitutes a TDR if we for economic or legal reasons related to the borrower’s financial difficulties grant a concession to the borrower that we would not otherwise consider under current market conditions. Debt restructurings or loan modifications for a borrower occur in the normal course of business and do not necessarily constitute TDRs. To designate a loan as a TDR, the presence of both borrower financial distress and a concession of terms must exist. Additionally, a loan designated as a TDR does not necessarily result in the automatic placement of the loan on non-accrual status. When the full collection of principal and interest is reasonably assured on a loan designated as a TDR and the borrower does not otherwise meet the criteria for non-accrual status, we will continue to accrue interest on the loan. A restructured acquired loan that is accounted for as a component of a pool is not considered a TDR. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses is established as losses are estimated to have occurred through a provision charged to earnings. Loan losses are charged against the allowance for credit losses when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance for credit losses. Allowances for impaired commercial loans over $1.0 million are generally determined based on collateral values or the present value of estimated cash flows. All other impaired loans are evaluated in the aggregate based on loan segment loss given default. Changes in the allowance for credit losses related to impaired loans are charged or credited to the provision for credit losses. The allowance for credit losses is maintained at a level that, in management’s judgment, is believed appropriate to absorb probable losses associated with specifically identified loans, as well as estimated probable credit losses inherent in the remainder of the loan portfolio. The appropriateness of the allowance for credit losses is based on management’s evaluation of potential loan losses in the loan portfolio, which includes an assessment of past experience, current economic conditions in specific industries and geographic areas, general economic conditions, known and inherent risks in the loan portfolio, the estimated value of underlying collateral and residuals and changes in the composition of the loan portfolio. Determination of the allowance for credit losses is inherently subjective as it requires significant estimates, including the amounts and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans based on transition matrices with predefined loss emergence and lookback periods, and consideration of qualitative factors, all of which are susceptible to significant change. |
Loans Acquired in a Business Combination | Loans Acquired in a Business Combination Loans acquired in a business combination (impaired and non-impaired) are initially recorded at their acquisition-date fair values. Fair values are based on a discounted cash flow methodology that involves assumptions and judgments as to credit risk, default rates, loss severity, collateral values, discount rates, payment speeds, prepayment risk, and liquidity risk. The carryover of allowance for credit losses related to loans acquired in a business combination is prohibited as any credit losses in the loans are included in the determination of the fair value of the loans at the acquisition date. The allowance for credit losses on loans acquired in a business combination reflects only those losses incurred after acquisition and represents the present value of cash flows expected at acquisition that is no longer expected to be collected. At acquisition, we consider the following factors as indicators that an acquired loan has evidence of deterioration in credit quality and is therefore impaired and in the scope of ASC 310-30: • loans that were 90 days or more past due; • loans that had an internal risk rating of substandard or worse. Substandard is consistent with regulatory definitions and is defined as having a well-defined weakness that jeopardizes liquidation of the loan; • loans that were classified as non-accrual by the acquired bank at the time of acquisition; or • loans that had been previously modified in a TDR. Any loans acquired in a business combination that were not individually in the scope of ASC 310-30 because they didn’t meet the criteria above were pooled into groups of similar loans based on various factors including borrower type, loan purpose, and collateral type. For these pools, we used certain loan information, including outstanding principal balance, estimated expected losses, weighted average maturity, weighted average margin, and weighted average interest rate along with estimated prepayment rates, probability of default and loss given default to estimate the expected cash flow for each loan pool. We believe analogizing to ASC 310-30 is the more appropriate option to follow in accounting for discount accretion on non-impaired loans acquired in a business combination other than revolving loans and therefore account for such loans in accordance with ASC 310-30. ASC 310-30 guidance does not apply to revolving loans. Consequently, discount accretion on revolving loans acquired is accounted for using the ASC 310-20 approach. The excess of cash flows expected to be collected at acquisition over recorded fair value is referred to as the accretable yield. The accretable yield is recognized into income over the remaining life of the loan, or pool of loans, using an effective yield method, if the timing and/or amount of cash flows expected to be collected can be reasonably estimated (the accretion model). If the timing and/or amount of cash flows expected to be collected cannot be reasonably estimated, the cost recovery method of income recognition must be used. The difference between the loan’s total scheduled principal and interest payments over all cash flows expected at acquisition is referred to as the non-accretable difference. The non-accretable difference represents contractually required principal and interest payments which we do not expect to collect. Over the life of the acquired loan, we continue to estimate cash flows expected to be collected. Decreases in expected cash flows, other than from prepayments or rate adjustments, are recognized as impairments through a charge to the provision for credit losses resulting in an increase in the allowance for credit losses. Subsequent improvements in cash flows result in first, reversal of existing valuation allowances recognized subsequent to acquisition, if any, and next, an increase in the amount of accretable yield to be subsequently recognized on a prospective basis over the loan’s remaining life. Loans acquired in a business combination that met the criteria for non-accrual of interest prior to acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if we can reasonably estimate the timing and amount of expected cash flows on such loans. Accordingly, we do not consider contractually delinquent purchased credit impaired loans to be non-accrual or non-performing and continue to recognize interest income on these loans using the accretion model. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the asset’s estimated useful life. Leasehold improvements are expensed over the lesser of the asset’s estimated useful life or the term of the lease including renewal periods when reasonably assured. Useful lives are dependent upon the nature and condition of the asset and range from 3 to 40 years. Maintenance and repairs are charged to expense as incurred, while major improvements are capitalized and amortized to expense over the identified useful life. Premises and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. |
Cloud Computing Arrangements | Cloud Computing Arrangements W e evaluate fees paid for cloud computing arrangements to determine if those arrangements include the purchase of or license to use software that should be accounted for separately as internal-use software. If a contract includes the purchase or license to use software that should be accounted for separately as internal-use software, the contract is amortized over the software’s identified useful life in amortization of intangibles. For contracts that do not include a software license, the contract is accounted for as a service contract with fees paid recorded in other non-interest expense. In the third quarter of 2018, we early adopted, on a prospective basis, ASU 2018-15 (See Note 2) which allows for implementation costs for activities performed in cloud computing arrangements that are a service contract to be accounted for under the internal-use software guidance which allows for certain implementation costs to be capitalized depending on the nature of the costs and the project stage. Prior to the adoption of ASU 2018-15 all implementation costs for cloud computing arrangements that were a service contract were expensed as incurred. |
Other Real Estate Owned | Other Real Estate Owned OREO is comprised principally of commercial and residential real estate properties obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is included in other assets initially at the lower of estimated fair value of the asset less estimated selling costs or the carrying amount of the loan. Changes to the value subsequent to transfer are recorded in non-interest expense along with direct operating expenses. Gains or losses not previously recognized resulting from sales of OREO are recognized in non-interest income on the date of sale. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangible assets that have finite lives, such as core deposit intangibles, customer relationship intangibles and renewal lists, are amortized over their estimated useful lives and subject to periodic impairment testing. Core deposit intangibles are primarily amortized over ten years using accelerated methods. Customer renewal lists are amortized over their estimated useful lives which range from eight to thirteen years . Goodwill and other intangibles are subject to impairment testing at the reporting unit level, which must be conducted at least annually. We perform impairment testing during the fourth quarter of each year, or more frequently if impairment indicators exist. We also continue to monitor other intangibles for impairment and to evaluate carrying amounts, as necessary. Determining the fair value of a reporting unit under the goodwill impairment test is judgmental and often involves the use of significant estimates and assumptions. Similarly, estimates and assumptions are used in determining the fair value of other intangible assets. Estimates of fair value are primarily determined using discounted cash flows, market comparisons and recent transactions. These approaches use significant estimates and assumptions including projected future cash flows, discount rates reflecting the market rate of return, projected growth rates and determination and evaluation of appropriate market comparables. However, future events could cause us to conclude that goodwill or other intangibles have become impaired, which would result in recording an impairment loss. Any resulting impairment loss could have a material adverse impact on our financial condition and results of operations. |
Loan Servicing Rights | Loan Servicing Rights We have two primary classes of servicing rights, residential mortgage loan servicing and SBA-guaranteed loan servicing. We recognize the right to service residential mortgage loans and SBA-guaranteed loans for others as an asset whether we purchase the servicing rights or as a result from a sale of loans that we originated or purchased when the servicing is contractually separated from the underlying loan and retained by us. We initially record servicing rights at fair value in other assets, on the Consolidated Balance Sheets. Subsequently, servicing rights are measured at the lower of cost or fair value. Servicing rights are amortized in proportion to, and over the period of, estimated net servicing income in mortgage banking operations income for residential mortgage loans and non-interest income for SBA-guaranteed loans. The amount and timing of estimated future net cash flows are updated based on actual results and updated projections. Mortgage servicing rights are separated into pools based on common risk characteristics of the underlying loans and evaluated for impairment at least quarterly. SBA-guaranteed servicing rights are evaluated for impairment at least quarterly on an aggregate basis. Impairment, if any, is recognized when carrying value exceeds the fair value as determined by calculating the present value of expected net future cash flows. If impairment exists at the pool level for residential mortgage loans or on an aggregate basis for SBA-guaranteed loans, the servicing right is written down through a valuation allowance and is charged against mortgage banking operations income or other non-interest income, respectively. |
Bank-Owned Life Insurance (BOLI) | Bank Owned Life Insurance We have purchased life insurance policies on certain current and former directors, officers and employees for which the Corporation is the owner and beneficiary. These policies are recorded in the Consolidated Balance Sheets at their cash surrender value, or the amount that could be realized by surrendering the policies. Tax-exempt income from death benefits and changes in the net cash surrender value are recorded in bank owned life insurance income. |
Low Income Housing Tax Credit Partnerships | Low Income Housing Tax Credit Partnerships We invest in various affordable housing projects that qualify for LIHTCs. The net investments are recorded in other assets on the Consolidated Balance Sheets. These investments generate a return through the realization of federal tax credits. We use the proportional amortization method to account for a majority of our investments in these entities. LIHTCs that do not meet the requirements of the proportional amortization method are recognized using the equity method. |
Income Taxes | Income Taxes We file a consolidated federal income tax return. The provision for federal and state income taxes is based on income reported on the Consolidated Financial Statements, rather than the amounts reported on the respective income tax returns. DTAs and DTLs are computed using tax rates expected to apply to taxable income in the years in which those assets and liabilities are expected to be realized. The effect on DTAs and DTLs resulting from a change in tax rates is recognized as income or expense in the period that the change in tax rates is enacted. Beginning in the fourth quarter of 2017, we made an accounting policy election to reclassify the stranded tax effects that relate to a change in the federal tax rate from AOCI to retained earnings in accordance with newly adopted accounting guidance. We believe this change in accounting policy reduces the cost and complexity of accounting for stranded tax effects due to a change in federal tax rates. We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments are applied in the calculation of certain tax credits and in the calculation of the deferred income tax expense or benefit associated with certain deferred tax assets and liabilities. Significant changes to these estimates may result in an increase or decrease to our tax provision in a subsequent period. We recognize interest and/or penalties related to income tax matters in income tax expense. We assess the likelihood that we will be able to recover our DTAs. If recovery is not likely, we will increase our provision for income taxes by recording a valuation allowance against the DTAs that are unlikely to be recovered. We believe that we will ultimately recover the DTAs recorded on our Consolidated Balance Sheets. However, should there be a change in our ability to recover our DTAs, the effect of this change would be recorded through the provision for income taxes in the period during which such change occurs. We periodically review the tax positions we take on our tax return and apply a more likely than not recognition threshold for all tax positions that are uncertain. The amount recognized in the Consolidated Financial Statements is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the more likely than not test, no tax benefit is recorded. |
Marketing Costs | Marketing Costs Marketing costs are generally expensed as incurred. |
Per Share Amounts | Per Share Amounts Earnings per common share is computed using net income available to common stockholders, which is net income adjusted for preferred stock dividends. Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding, net of unvested shares of restricted stock. Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding, adjusted for the dilutive effect of potential common shares issuable for stock options, warrants and restricted shares, as calculated using the treasury stock method. Adjustments to net income available to common stockholders and the weighted average number of shares of common stock outstanding are made only when such adjustments dilute earnings per common share. Beginning in 2017, the assumed proceeds from applying the treasury stock method when computing diluted earnings per share excludes the amount of excess tax benefits that would have been recognized in accumulated paid-in capital in accordance with newly adopted accounting guidance. |
Retirement Plans | Retirement Plans FNB sponsors retirement plans for our employees. The calculation of the obligations and related expenses under these plans requires use of actuarial valuation methods and assumptions. The plans utilize assumptions and methods including reflecting trust assets at their fair value for the qualified pension plans and recognizing the overfunded and underfunded status of the plans on our Consolidated Balance Sheets. Gains and losses, prior service costs and credits are recognized in AOCI, net of tax, until they are amortized, or immediately upon curtailment. |
Stock Based Compensation | Stock-Based Compensation Our stock-based compensation awards require the measurement and recognition of compensation expense, based on estimated fair values, for all stock-based awards, including stock options and restricted stock units, made to employees and stock awards made to directors. Generally, these restricted stock unit awards to employees vest over a three -year service period and the stock awards made to directors vest immediately. We are required to estimate the fair value of stock-based awards on the date of grant. For time-based awards, the value of the award is recognized as expense in our Consolidated Statements of Income over the shorter of requisite service periods or the period through the date that the employee first becomes eligible to retire. Prior to 2018, we granted performance-based restricted stock unit awards that had market-based performance conditions. Compensation cost for awards with market-based performance targets is recognized based on the award’s grant date fair value. Beginning in 2018, we granted multiple-condition performance-based restricted stock unit awards. These awards were accounted for by considering the market condition in the grant date fair value and recognizing compensation expense over the service period based on the grant date fair value and the probability that the non-market based performance condition will be met. Prior to 2017, because stock-based compensation expense was based on awards that are ultimately expected to vest, stock-based compensation expense was reduced to account for estimated forfeitures. Beginning in 2017, we elected to change our accounting policy to account for forfeitures as they occur. The estimate for forfeitures prior to this election was immaterial to our Consolidated Financial Statements. We believe this change in accounting policy reduces the cost and complexity of accounting for stock-based compensation and is preferable to estimating forfeitures at the time of grant. |
New Accounting Standards | The following table summarizes accounting pronouncements issued by the FASB that we recently adopted or will be adopting in the future. TABLE 2.1 Standard Description Required Date of Adoption Financial Statements Impact Cloud Computing Arrangement ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract This Update aligns the requirements for capitalizing implementation costs of a hosting arrangement that is a service contract with that of internal-use software. January 1, 2020 Early adoption is permitted. We early adopted this Update in the third quarter of 2018 by a prospective application method. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. Standard Description Required Date of Adoption Financial Statements Impact Derivative and Hedging Activities ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities This Update improves the financial reporting of hedging to better align with a company’s risk management activities. In addition, this Update makes certain targeted improvements to simplify the application of the current hedge accounting guidance. January 1, 2019 Early adoption is permitted. This Update is to be applied using a modified retrospective method. The presentation and disclosure guidance are applied prospectively. The adoption of this Update is not expected to have a material effect on our Consolidated Financial Statements. Securities ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities This Update shortens the amortization period for the premium on certain purchased callable securities to the earliest call date. The accounting for purchased callable debt securities held at a discount does not change. January 1, 2019 Early adoption is permitted. This Update is to be applied using a modified retrospective transition method. The adoption of this Update is not expected to have a material effect on our Consolidated Financial Statements. Retirement Benefits ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost This Update requires that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the Consolidated Statements of Income and allows only the service cost component of net benefit cost to be eligible for capitalization. January 1, 2018 We adopted this Update in the first quarter of 2018 by a retrospective transition method. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. Statement of Cash Flows ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) This Update adds or clarifies guidance on eight cash flow issues. January 1, 2018 We adopted this Update in the first quarter of 2018 by retrospective application. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. Standard Description Required Date of Adoption Financial Statements Impact Credit Losses ASU 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses These Updates replace the current incurred loss impairment methodology with a methodology that reflects current expected credit losses (commonly referred to as CECL) for most financial assets measured at amortized cost and certain other instruments, including loans, HTM debt securities, net investments in leases and off-balance sheet credit exposures. CECL requires loss estimates for the remaining life of the financial asset at the time the asset is originated or acquired, considering historical experience, current conditions and reasonable and supportable forecasts. In addition, the Update will require the use of a modified AFS debt security impairment model and eliminate the current accounting for purchased credit impaired loans and debt securities. January 1, 2020 Early adoption is permitted for fiscal years beginning after December 15, 2018 These Updates are to be applied using a cumulative-effect adjustment to retained earnings. The CECL model is a significant change from existing GAAP and may result in a material change to our accounting for financial instruments and regulatory capital. We have created a cross-functional steering committee to govern implementation. We are in the process of implementing a new modeling platform and integrating other auxiliary models to support a calculation of expected credit losses under CECL. We have made preliminary decisions on segmentation and are finalizing other inputs necessary to execute parallel runs beginning in the second quarter of 2019 to ensure we are ready to calculate, review and report on our CECL allowance for credit losses for the first quarter of 2020. The impact of this Update will be dependent on the portfolio composition, credit quality and forecasts of economic conditions at the time of adoption. Extinguishments of Liabilities ASU 2016-04, Liabilities - Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products (a consensus of the Emerging Issues Task Force) This Update requires entities that sell prepaid stored-value products redeemable for goods, services or cash at third-party merchants to recognize breakage. January 1, 2018 We adopted this Update in the first quarter of 2018. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. Leases ASU 2016-02, Leases (Topic 842) ASU 2018-10, Codification Improvements to Topic 842, Leases ASU 2018-11, Leases (Topic 842), Targeted Improvements ASU 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors These Updates require lessees to put most leases on the Consolidated Balance Sheets but recognize expenses in the Consolidated Statements of Income similar to current accounting. In addition, the Update changes the guidance for sale-leaseback transactions, initial direct costs and lease executory costs for most entities. All entities will classify leases to determine how to recognize lease related revenue and expense. January 1, 2019 Early adoption is permitted. These Updates are to be applied using a modified retrospective application including a number of optional practical expedients. The adoption of these Updates will result in the recording of approximately $120 million in net right-of-use assets and corresponding lease liabilities of approximately $130 million for operating leases on our Consolidated Balance Sheets with no impact on our consolidated net income. Standard Description Required Date of Adoption Financial Statements Impact Financial Instruments – Recognition and Measurement ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities This Update amends the presentation and accounting for certain financial instruments, including liabilities measured at fair value under the FVO, and equity investments. The guidance also updates fair value presentation and disclosure requirements for financial instruments measured at amortized cost. January 1, 2018 We adopted this Update in the first quarter of 2018 by a cumulative-effect adjustment. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. During the first quarter of 2018, we transferred marketable equity securities totaling $1.1 million from securities AFS to other assets. Revenue Recognition ASU 2014-09, Revenue from Contracts with Customers (Topic 606) This Update, as amended, modifies the guidance used to recognize revenue from contracts with customers for transfers of goods and services and transfers of nonfinancial assets, unless those contracts are within the scope of other guidance. The guidance also requires new qualitative and quantitative disclosures about contract balances and performance obligations. January 1, 2018 We adopted these Updates in the first quarter of 2018 under the modified retrospective method. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Amounts Recorded on Consolidated Balance Sheets in Conjunction with Acquisition | The following table summarizes the amounts recorded on the Consolidated Balance Sheets as of each of the acquisition dates in conjunction with the acquisitions discussed above: TABLE 3.1 (in millions) YDKN Fifth Third Branches METR Fair value of consideration paid $ 1,785 $ — $ 404 Fair value of identifiable assets acquired: Cash and cash equivalents 197 199 47 Securities 940 — 723 Loans 5,114 95 1,863 Core deposit and other intangible assets 70 4 24 Fixed and other assets 459 14 127 Total identifiable assets acquired 6,780 312 2,784 Fair value of liabilities assumed: Deposits 5,177 302 2,328 Borrowings 969 — 228 Other liabilities 68 24 9 Total liabilities assumed 6,214 326 2,565 Fair value of net identifiable assets acquired 566 (14 ) 219 Goodwill recognized (1) $ 1,219 $ 14 $ 185 (1) All of the goodwill for these transactions has been recorded in the Community Banking segment. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Securities Available for Sale | The amortized cost and fair value of securities are as follows: TABLE 4.1 (in millions) Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Available for Sale: December 31, 2018 U.S. government agencies $ 188 $ — $ (1 ) $ 187 U.S. government-sponsored entities 317 — (4 ) 313 Residential mortgage-backed securities: Agency mortgage-backed securities 1,465 — (36 ) 1,429 Agency collateralized mortgage obligations 1,179 5 (23 ) 1,161 Commercial mortgage-backed securities 229 — (1 ) 228 States of the U.S. and political subdivisions 21 — — 21 Other debt securities 2 — — 2 Total debt securities available for sale $ 3,401 $ 5 $ (65 ) $ 3,341 December 31, 2017 U.S. government-sponsored entities $ 348 $ — $ (4 ) $ 344 Residential mortgage-backed securities: Agency mortgage-backed securities 1,615 1 (17 ) 1,599 Agency collateralized mortgage obligations 813 — (18 ) 795 States of the U.S. and political subdivisions 21 — — 21 Other debt securities 5 — — 5 Total debt securities available for sale 2,802 1 (39 ) 2,764 Equity securities 1 — — 1 Total securities available for sale $ 2,803 $ 1 $ (39 ) $ 2,765 |
Schedule of Amortized Cost and Fair Value of Securities Held to Maturity | (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities Held to Maturity: December 31, 2018 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government agencies 2 — — 2 U.S. government-sponsored entities 215 — (4 ) 211 Residential mortgage-backed securities: Agency mortgage-backed securities 1,036 — (26 ) 1,010 Agency collateralized mortgage obligations 794 1 (24 ) 771 Commercial mortgage-backed securities 126 1 (1 ) 126 States of the U.S. and political subdivisions 1,080 3 (49 ) 1,034 Total debt securities held to maturity $ 3,254 $ 5 $ (104 ) $ 3,155 December 31, 2017 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government-sponsored entities 247 — (4 ) 243 Residential mortgage-backed securities: Agency mortgage-backed securities 1,220 3 (9 ) 1,214 Agency collateralized mortgage obligations 777 — (20 ) 757 Commercial mortgage-backed securities 80 1 (1 ) 80 States of the U.S. and political subdivisions 917 13 (7 ) 923 Total debt securities held to maturity $ 3,242 $ 17 $ (41 ) $ 3,218 |
Gross Gains and Gross Losses Realized on Sales of Securities | Gross gains and gross losses were realized on securities as follows: TABLE 4.2 Year Ended December 31 2018 2017 2016 (in millions) Gross gains $ — $ 7 $ 1 Gross losses — (1 ) — Net gains $ — $ 6 $ 1 |
Amortized Cost and Fair Value of Securities, by Contractual Maturities | As of December 31, 2018 , the amortized cost and fair value of debt securities, by contractual maturities, were as follows: TABLE 4.3 Available for Sale Held to Maturity (in millions) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 95 $ 94 $ 42 $ 41 Due after one year but within five years 239 236 185 181 Due after five years but within ten years 68 68 116 116 Due after ten years 126 125 955 910 528 523 1,298 1,248 Residential mortgage-backed securities: Agency mortgage-backed securities 1,465 1,429 1,036 1,010 Agency collateralized mortgage obligations 1,179 1,161 794 771 Commercial mortgage-backed securities 229 228 126 126 Total debt securities $ 3,401 $ 3,341 $ 3,254 $ 3,155 |
Schedule of Securities Pledged as Collateral | Following is information relating to securities pledged: TABLE 4.4 December 31 2018 2017 (dollars in millions) Securities pledged (carrying value): To secure public deposits, trust deposits and for other purposes as required by law $ 3,874 $ 3,492 As collateral for short-term borrowings 279 264 Securities pledged as a percent of total securities 63.0 % 62.5 % |
Summaries of Fair Values and Unrealized Losses of Securities, Segregated by Length of Impairment | Following are summaries of the fair values and unrealized losses of temporarily impaired debt securities, segregated by length of impairment. The unrealized losses reported below are generally due to the higher interest rate environment. TABLE 4.5 Less than 12 Months 12 Months or More Total (dollars in millions) # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Debt Securities Available for Sale: December 31, 2018 U.S. government agencies 20 $ 145 $ (1 ) — $ — $ — 20 $ 145 $ (1 ) U.S. government-sponsored entities 1 36 — 11 227 (4 ) 12 263 (4 ) Residential mortgage-backed securities: Agency mortgage-backed securities 16 259 (4 ) 71 1,159 (32 ) 87 1,418 (36 ) Agency collateralized mortgage obligations 2 82 (1 ) 47 590 (22 ) 49 672 (23 ) Non-agency collateralized mortgage obligations 1 — — — — — 1 — — Commercial mortgage-backed securities 4 155 (1 ) — — — 4 155 (1 ) States of the U.S. and political subdivisions 2 2 — 6 10 — 8 12 — Other debt securities — — — 1 2 — 1 2 — Total temporarily impaired debt securities AFS 46 $ 679 $ (7 ) 136 $ 1,988 $ (58 ) 182 $ 2,667 $ (65 ) December 31, 2017 U.S. government-sponsored entities 7 $ 107 $ — 10 $ 201 $ (4 ) 17 $ 308 $ (4 ) Residential mortgage-backed securities: Agency mortgage-backed securities 43 977 (8 ) 28 473 (10 ) 71 1,450 (18 ) Agency collateralized mortgage obligations 14 409 (6 ) 33 336 (12 ) 47 745 (18 ) States of the U.S. and political subdivisions 7 11 — 1 1 — 8 12 — Other debt securities — — — 3 5 — 3 5 — Total temporarily impaired debt securities AFS 71 $ 1,504 $ (14 ) 75 $ 1,016 $ (26 ) 146 $ 2,520 $ (40 ) Less than 12 Months 12 Months or More Total (dollars in millions) # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Debt Securities Held to Maturity: December 31, 2018 U.S. government-sponsored entities — $ — $ — 12 $ 211 $ (4 ) 12 $ 211 $ (4 ) Residential mortgage-backed securities: Agency mortgage-backed securities 43 294 (4 ) 47 694 (22 ) 90 988 (26 ) Agency collateralized mortgage obligations 3 42 — 49 611 (24 ) 52 653 (24 ) Commercial mortgage-backed securities 5 26 — 4 43 (1 ) 9 69 (1 ) States of the U.S. and political subdivisions 159 590 (27 ) 51 161 (22 ) 210 751 (49 ) Total temporarily impaired debt securities HTM 210 $ 952 $ (31 ) 163 $ 1,720 $ (73 ) 373 $ 2,672 $ (104 ) December 31, 2017 U.S. government-sponsored entities 4 $ 55 $ — 10 $ 186 $ (4 ) 14 $ 241 $ (4 ) Residential mortgage-backed securities: Agency mortgage-backed securities 36 648 (5 ) 11 184 (4 ) 47 832 (9 ) Agency collateralized mortgage obligations 14 276 (2 ) 35 473 (18 ) 49 749 (20 ) Commercial mortgage-backed securities 3 26 — 2 20 (1 ) 5 46 (1 ) States of the U.S. and political subdivisions 16 57 (1 ) 37 121 (6 ) 53 178 (7 ) Total temporarily impaired debt securities HTM 73 $ 1,062 $ (8 ) 95 $ 984 $ (33 ) 168 $ 2,046 $ (41 ) |
Other Securities (Tables)
Other Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Other Securities | Following is a summary of non-marketable equity securities: TABLE 5.1 December 31 2018 2017 (in millions) Federal Home Loan Bank stock $ 209 $ 160 Federal Reserve Bank stock 122 122 Other non-marketable equity securities 1 1 Total non-marketable equity securities $ 332 $ 283 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of Loans and Leases, Net of Unearned Income | Following is a summary of loans and leases, net of unearned income: TABLE 6.1 (in millions) Originated Loans and Leases Loans Acquired in a Business Combination Total Loans and Leases December 31, 2018 Commercial real estate $ 6,171 $ 2,615 $ 8,786 Commercial and industrial 4,140 416 4,556 Commercial leases 373 — 373 Other 46 — 46 Total commercial loans and leases 10,730 3,031 13,761 Direct installment 1,668 96 1,764 Residential mortgages 2,612 501 3,113 Indirect installment 1,933 — 1,933 Consumer lines of credit 1,119 463 1,582 Total consumer loans 7,332 1,060 8,392 Total loans and leases, net of unearned income $ 18,062 $ 4,091 $ 22,153 December 31, 2017 Commercial real estate $ 5,175 $ 3,567 $ 8,742 Commercial and industrial 3,495 675 4,170 Commercial leases 267 — 267 Other 17 — 17 Total commercial loans and leases 8,954 4,242 13,196 Direct installment 1,756 150 1,906 Residential mortgages 2,036 667 2,703 Indirect installment 1,448 — 1,448 Consumer lines of credit 1,152 594 1,746 Total consumer loans 6,392 1,411 7,803 Total loans and leases, net of unearned income $ 15,346 $ 5,653 $ 20,999 |
Certain Information Relating to Commercial Real Estate Loans | The following table shows certain information relating to commercial real estate loans: TABLE 6.2 December 31 2018 2017 (dollars in millions) Commercial construction, acquisition and development loans $ 1,152 $ 1,170 Percent of total loans and leases 5.2 % 5.6 % Commercial real estate: Percent owner-occupied 35.1 % 35.3 % Percent non-owner-occupied 64.9 % 64.7 % |
Summary of Loans to Related Parties | Following is a summary of the activity for these loans to related parties during 2018 : TABLE 6.3 (in millions) Balance at beginning of period $ 20 New loans 1 Repayments (4 ) Other (1 ) Balance at end of period $ 16 |
Summary of Outstanding Principal Balance and Carrying Amount of Acquired Loans Acquired In A Business Combination | The outstanding balance and the carrying amount of loans acquired in a business combination included in the Consolidated Balance Sheets are as follows: TABLE 6.4 December 31 2018 2017 (in millions) Accounted for under ASC 310-30: Outstanding balance $ 3,768 $ 5,176 Carrying amount 3,570 4,834 Accounted for under ASC 310-20: Outstanding balance 602 835 Carrying amount 513 813 Total loans acquired in a business combination: Outstanding balance 4,370 6,011 Carrying amount 4,083 5,647 |
Schedule Of Changes In Accretable Yields Of Loans Acquired In A Business Combination | The following table provides changes in accretable yield for all loans acquired in business combinations that are accounted for under ASC 310-30. Loans accounted for under ASC 310-20 are not included in this table. TABLE 6.5 Year Ended December 31 2018 2017 (in millions) Balance at beginning of period $ 708 $ 467 Acquisitions — 445 Reduction due to unexpected early payoffs (146 ) (128 ) Reclass from non-accretable difference 267 156 Disposals/transfers (1 ) (4 ) Other (1 ) (1 ) Accretion (222 ) (227 ) Balance at end of period $ 605 $ 708 |
Summary of Non-Performing Assets | Following is a summary of non-performing assets: TABLE 6.6 December 31 2018 2017 (dollars in millions) Non-accrual loans $ 79 $ 75 Troubled debt restructurings 21 23 Total non-performing loans 100 98 Other real estate owned 35 41 Total non-performing assets $ 135 $ 139 Asset quality ratios: Non-performing loans / total loans and leases 0.45 % 0.47 % Non-performing loans + OREO / total loans and leases + OREO 0.61 % 0.66 % Non-performing assets / total assets 0.41 % 0.44 % |
Age Analysis of Past Due Loans, by Class | The following tables provide an analysis of the aging of loans by class segregated by loans and leases originated and loans acquired: TABLE 6.7 (in millions) 30-89 Days Past Due ≥ 90 Days Past Due and Still Accruing Non- Accrual Total Past Due (1) Current Total Loans and Leases Originated Loans and Leases December 31, 2018 Commercial real estate $ 7 $ — $ 17 $ 24 $ 6,147 $ 6,171 Commercial and industrial 5 — 19 24 4,116 4,140 Commercial leases 1 — 2 3 370 373 Other — — 1 1 45 46 Total commercial loans and leases 13 — 39 52 10,678 10,730 Direct installment 8 — 8 16 1,652 1,668 Residential mortgages 16 3 6 25 2,587 2,612 Indirect installment 11 1 2 14 1,919 1,933 Consumer lines of credit 5 1 3 9 1,110 1,119 Total consumer loans 40 5 19 64 7,268 7,332 Total originated loans and leases $ 53 $ 5 $ 58 $ 116 $ 17,946 $ 18,062 December 31, 2017 Commercial real estate $ 9 $ — $ 25 $ 34 $ 5,141 $ 5,175 Commercial and industrial 9 — 17 26 3,469 3,495 Commercial leases 1 — 2 3 264 267 Other — — 1 1 16 17 Total commercial loans and leases 19 — 45 64 8,890 8,954 Direct installment 13 5 9 27 1,729 1,756 Residential mortgages 14 3 5 22 2,014 2,036 Indirect installment 10 1 2 13 1,435 1,448 Consumer lines of credit 6 1 2 9 1,143 1,152 Total consumer loans 43 10 18 71 6,321 6,392 Total originated loans and leases $ 62 $ 10 $ 63 $ 135 $ 15,211 $ 15,346 (in millions) 30-89 Days Past Due ≥ 90 Days Past Due and Still Accruing Non- Accrual Total Past Due (2) (3) (4) Current (Discount)/ Premium Total Loans Loans Acquired in a Business Combination December 31, 2018 Commercial real estate $ 19 $ 38 $ 3 $ 60 $ 2,723 $ (168 ) $ 2,615 Commercial and industrial 3 4 17 24 420 (28 ) 416 Total commercial loans 22 42 20 84 3,143 (196 ) 3,031 Direct installment 3 2 — 5 91 — 96 Residential mortgages 13 6 — 19 498 (16 ) 501 Consumer lines of credit 8 3 1 12 461 (10 ) 463 Total consumer loans 24 11 1 36 1,050 (26 ) 1,060 Total loans acquired in a business combination $ 46 $ 53 $ 21 $ 120 $ 4,193 $ (222 ) $ 4,091 December 31, 2017 Commercial real estate $ 35 $ 63 $ 4 $ 102 $ 3,657 $ (192 ) $ 3,567 Commercial and industrial 3 7 6 16 698 (39 ) 675 Total commercial loans 38 70 10 118 4,355 (231 ) 4,242 Direct installment 5 2 — 7 142 1 150 Residential mortgages 17 15 — 32 676 (41 ) 667 Consumer lines of credit 7 3 1 11 596 (13 ) 594 Total consumer loans 29 20 1 50 1,414 (53 ) 1,411 Total loans acquired in a business combination $ 67 $ 90 $ 11 $ 168 $ 5,769 $ (284 ) $ 5,653 (1) Approximately $14.7 million of originated past-due or non-accrual loans were sold during the second quarter of 2018. (2) Past due information for loans acquired in a business combination is based on the contractual balance outstanding at December 31, 2018 and 2017 . (3) Loans acquired in a business combination are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if we can reasonably estimate the timing and amount of expected cash flows on such loans. In these instances, we do not consider acquired contractually delinquent loans to be non-accrual or non-performing and continue to recognize interest income on these loans using the accretion method. Loans acquired in a business combination are considered non-accrual or non-performing when, due to credit deterioration or other factors, we determine we are no longer able to reasonably estimate the timing and amount of expected cash flows on such loans. We do not recognize interest income on loans acquired in a business combination considered non-accrual or non-performing. (4) Approximately $28.5 million of acquired past-due or non-accrual loans were sold during the second quarter of 2018. |
Summary of Commercial Loans by Credit Quality | The following tables present a summary of our commercial loans and leases by credit quality category segregated by loans and leases originated and loans acquired: TABLE 6.9 Commercial Loan and Lease Credit Quality Categories (in millions) Pass Special Mention Substandard Doubtful Total Originated Loans and Leases December 31, 2018 Commercial real estate $ 5,883 $ 163 $ 125 $ — $ 6,171 Commercial and industrial 3,879 180 81 — 4,140 Commercial leases 366 1 6 — 373 Other 45 — 1 — 46 Total originated commercial loans and leases $ 10,173 $ 344 $ 213 $ — $ 10,730 December 31, 2017 Commercial real estate $ 4,923 $ 152 $ 99 $ 1 $ 5,175 Commercial and industrial 3,267 133 92 3 3,495 Commercial leases 260 5 2 — 267 Other 16 — 1 — 17 Total originated commercial loans and leases $ 8,466 $ 290 $ 194 $ 4 $ 8,954 Loans Acquired in a Business Combination December 31, 2018 Commercial real estate $ 2,256 $ 168 $ 191 $ — $ 2,615 Commercial and industrial 355 18 43 — 416 Total commercial loans acquired in a business combination $ 2,611 $ 186 $ 234 $ — $ 3,031 December 31, 2017 Commercial real estate $ 3,103 $ 251 $ 213 $ — $ 3,567 Commercial and industrial 604 26 45 — 675 Total commercial loans acquired in a business combination $ 3,707 $ 277 $ 258 $ — $ 4,242 |
Summary of Consumer Loans by Payment Status | Following is a table showing consumer loans by payment status: TABLE 6.10 Consumer Loan Credit Quality by Payment Status (in millions) Performing Non-Performing Total Originated Loans December 31, 2018 Direct installment $ 1,654 $ 14 $ 1,668 Residential mortgages 2,598 14 2,612 Indirect installment 1,931 2 1,933 Consumer lines of credit 1,114 5 1,119 Total originated consumer loans $ 7,297 $ 35 $ 7,332 December 31, 2017 Direct installment $ 1,739 $ 17 $ 1,756 Residential mortgages 2,020 16 2,036 Indirect installment 1,446 2 1,448 Consumer lines of credit 1,148 4 1,152 Total originated consumer loans $ 6,353 $ 39 $ 6,392 Loans Acquired in a Business Combination December 31, 2018 Direct installment $ 96 $ — $ 96 Residential mortgages 501 — 501 Indirect installment — — — Consumer lines of credit 462 1 463 Total consumer loans acquired in a business combination $ 1,059 $ 1 $ 1,060 December 31, 2017 Direct installment $ 150 $ — $ 150 Residential mortgages 667 — 667 Consumer lines of credit 592 2 594 Total consumer loans acquired in a business combination $ 1,409 $ 2 $ 1,411 |
Summary of Impaired Loans and Leases, by Class | Following is a summary of information pertaining to loans and leases considered to be impaired, by class of loan and lease: TABLE 6.11 (in millions) Unpaid Contractual Principal Balance Recorded Investment With No Specific Reserve Recorded Investment With Specific Reserve Total Recorded Investment Specific Reserve Average Recorded Investment At or for the Year Ended Commercial real estate $ 20 $ 16 $ 1 $ 17 $ — $ 18 Commercial and industrial 46 20 13 33 4 32 Commercial leases 2 2 — 2 — 4 Other — — — — — — Total commercial loans and leases 68 38 14 52 4 54 Direct installment 17 14 — 14 — 14 Residential mortgages 16 14 — 14 — 15 Indirect installment 5 2 — 2 — 2 Consumer lines of credit 7 5 — 5 — 5 Total consumer loans 45 35 — 35 — 36 Total $ 113 $ 73 $ 14 $ 87 $ 4 $ 90 At or for the Year Ended Commercial real estate $ 27 $ 22 $ 3 $ 25 $ 1 $ 25 Commercial and industrial 29 11 4 15 3 24 Commercial leases 2 2 — 2 — 1 Total commercial loans and leases 58 35 7 42 4 50 Direct installment 19 17 — 17 — 17 Residential mortgages 18 16 — 16 — 16 Indirect installment 6 2 — 2 — 2 Consumer lines of credit 5 4 — 4 — 4 Total consumer loans 48 39 — 39 — 39 Total $ 106 $ 74 $ 7 $ 81 $ 4 $ 89 |
Additional Allowance For Credit Losses Related To Loans Acquired In A Business Combination | Following is a summary of the allowance for credit losses required for loans acquired in a business combination due to changes in credit quality subsequent to the acquisition date: TABLE 6.12 December 31 2018 2017 (in millions) Commercial real estate $ 2 $ 5 Commercial and industrial 4 — Total commercial loans 6 5 Direct installment 1 2 Total consumer loans 1 2 Total allowance on loans acquired in a business combination $ 7 $ 7 |
Summary of Composition of Total TDRs | Following is a summary of the composition of total TDRs: TABLE 6.13 (in millions) Originated Acquired Total December 31, 2018 Accruing: Performing $ 18 $ — $ 18 Non-performing 17 4 21 Non-accrual 9 — 9 Total TDRs $ 44 $ 4 $ 48 December 31, 2017 Accruing: Performing $ 20 $ — $ 20 Non-performing 20 3 23 Non-accrual 10 — 10 Total TDRs $ 50 $ 3 $ 53 |
Summary of Troubled Debt Restructurings by Class of Loans | Following is a summary of TDR loans, by class: TABLE 6.14 Year Ended December 31 2018 2017 (dollars in millions) Number of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate 4 $ 1 $ 1 3 $ 2 $ 2 Commercial and industrial 10 — — 3 3 3 Total commercial loans 14 1 1 6 5 5 Direct installment 80 4 4 641 5 5 Residential mortgages 15 1 1 43 3 2 Indirect installment — — — 18 — — Consumer lines of credit 26 1 1 64 1 1 Total consumer loans 121 6 6 766 9 8 Total 135 $ 7 $ 7 772 $ 14 $ 13 |
Summary of Originated Troubled Debt Restructurings by Class of Loans and Leases, Payment Default | Following is a summary of originated TDRs, by class, for which there was a payment default, excluding loans that have been paid off and/or sold. Default occurs when a loan is 90 days or more past due and is within 12 months of restructuring. TABLE 6.15 Year Ended December 31 2018 2017 (dollars in millions) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Commercial real estate 3 $ 1 1 $ — Commercial and industrial 1 — — — Total commercial loans 4 1 1 — Direct installment 7 1 131 1 Residential mortgages 4 — 6 — Indirect installment — — 17 — Consumer lines of credit 3 — 5 — Total consumer loans 14 1 159 1 Total 18 $ 2 160 $ 1 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of Changes in Allowance for Credit Losses by Loan and Lease Class | Following is a summary of changes in the allowance for credit losses, by loan and lease class: TABLE 7.1 (in millions) Balance at Beginning of Year Charge- Offs Recoveries Net Charge- Offs Provision for Credit Losses Balance at End of Year Year Ended December 31, 2018 Commercial real estate $ 50 $ (7 ) $ 3 $ (4 ) $ 9 $ 55 Commercial and industrial 52 (20 ) 2 (18 ) 15 49 Commercial leases 5 (3 ) — (3 ) 6 8 Other 2 (4 ) — (4 ) 4 2 Total commercial loans and leases 109 (34 ) 5 (29 ) 34 114 Direct installment 21 (17 ) 2 (15 ) 8 14 Residential mortgages 16 — — — 4 20 Indirect installment 12 (9 ) 4 (5 ) 8 15 Consumer lines of credit 10 (3 ) — (3 ) 3 10 Total consumer loans 59 (29 ) 6 (23 ) 23 59 Total allowance on originated loans 168 (63 ) 11 (52 ) 57 173 Purchased credit-impaired loans 1 — — — — 1 Other loans acquired in a business combination 6 (7 ) 3 (4 ) 4 6 Total allowance on loans acquired in a business combination 7 (7 ) 3 (4 ) 4 7 Total allowance for credit losses $ 175 $ (70 ) $ 14 $ (56 ) $ 61 $ 180 (in millions) Balance at Beginning of Year Charge- Offs Recoveries Net Charge- Offs Provision for Credit Losses Balance at End of Year Year Ended December 31, 2017 Commercial real estate $ 47 $ (2 ) $ 2 $ — $ 3 $ 50 Commercial and industrial 48 (27 ) 2 (25 ) 29 52 Commercial leases 3 (1 ) — (1 ) 3 5 Other 1 (4 ) 1 (3 ) 4 2 Total commercial loans and leases 99 (34 ) 5 (29 ) 39 109 Direct installment 21 (12 ) 2 (10 ) 10 21 Residential mortgages 10 — — — 6 16 Indirect installment 11 (10 ) 4 (6 ) 7 12 Consumer lines of credit 10 (2 ) — (2 ) 2 10 Total consumer loans 52 (24 ) 6 (18 ) 25 59 Total allowance on originated loans 151 (58 ) 11 (47 ) 64 168 Purchased credit-impaired loans 1 (1 ) — (1 ) 1 1 Other loans acquired in a business combination 6 (1 ) 5 4 (4 ) 6 Total allowance on loans acquired in a business combination 7 (2 ) 5 3 (3 ) 7 Total allowance for credit losses $ 158 $ (60 ) $ 16 $ (44 ) $ 61 $ 175 Year Ended December 31, 2016 Commercial real estate $ 42 $ (7 ) $ 4 $ (3 ) $ 8 $ 47 Commercial and industrial 41 (19 ) 2 (17 ) 24 48 Commercial leases 2 (1 ) — (1 ) 2 3 Other 1 (3 ) — (3 ) 3 1 Total commercial loans and leases 86 (30 ) 6 (24 ) 37 99 Direct installment 21 (10 ) 2 (8 ) 8 21 Residential mortgages 8 — — — 2 10 Indirect installment 10 (8 ) 2 (6 ) 7 11 Consumer lines of credit 10 (2 ) — (2 ) 2 10 Total consumer loans 49 (20 ) 4 (16 ) 19 52 Total allowance on originated loans 135 (50 ) 10 (40 ) 56 151 Purchased credit-impaired loans 1 — — — — 1 Other loans acquired in a business combination 6 (1 ) 1 — — 6 Total allowance on loans acquired in a business combination 7 (1 ) 1 — — 7 Total allowance for credit losses $ 142 $ (51 ) $ 11 $ (40 ) $ 56 $ 158 |
Summary of Individual and Collective Allowance for Credit Losses and Loan and Lease Balances by Class | Following is a summary of the individual and collective allowance for credit losses and corresponding loan and lease balances by class: TABLE 7.2 Allowance Loans and Leases Outstanding (in millions) Individually Evaluated for Impairment Collectively Evaluated for Impairment Loans and Leases Individually Evaluated for Impairment Collectively Evaluated for Impairment December 31, 2018 Commercial real estate $ — $ 55 $ 6,171 $ 7 $ 6,164 Commercial and industrial 4 49 4,140 11 4,129 Commercial leases — 9 373 — 373 Other — 2 46 — 46 Total commercial loans and leases 4 115 10,730 18 10,712 Direct installment — 14 1,668 — 1,668 Residential mortgages — 19 2,612 — 2,612 Indirect installment — 15 1,933 — 1,933 Consumer lines of credit — 10 1,119 — 1,119 Total consumer loans — 58 7,332 — 7,332 Total $ 4 $ 173 $ 18,062 $ 18 $ 18,044 December 31, 2017 Commercial real estate $ 1 $ 50 $ 5,175 $ 11 $ 5,164 Commercial and industrial 3 49 3,495 10 3,485 Commercial leases — 5 267 — 267 Other — 2 17 — 17 Total commercial loans and leases 4 106 8,954 21 8,933 Direct installment — 21 1,756 — 1,756 Residential mortgages — 16 2,036 — 2,036 Indirect installment — 12 1,448 — 1,448 Consumer lines of credit — 10 1,152 — 1,152 Total consumer loans — 59 6,392 — 6,392 Total $ 4 $ 165 $ 15,346 $ 21 $ 15,325 The above table excludes loans acquired in a business combination that were pooled into groups of loans for evaluating impairment. |
Loan Servicing (Tables)
Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Mortgage Servicing Rights | |
Servicing Assets at Fair Value [Line Items] | |
Servicing Asset at Amortized Cost | The unpaid principal balance of mortgage loans serviced for others, as of December 31, 2018 and 2017 , is listed below: TABLE 8.1 December 31 2018 2017 (in millions) Mortgage loans sold with servicing retained $ 3,968 $ 3,257 The following table summarizes activity relating to mortgage loans sold with servicing retained: TABLE 8.2 Year Ended December 31 2018 2017 2016 (in millions) Mortgage loans sold with servicing retained $ 1,060 $ 1,769 $ 673 Pretax gains resulting from above loan sales (1) 19 22 13 Mortgage servicing fees (1) 9 8 4 (1) Recorded in mortgage banking operations on the Consolidated Statements of Income. Following is a summary of the MSR activity: TABLE 8.3 Year Ended December 31 2018 2017 2016 (in millions) Balance at beginning of period $ 29 $ 14 $ 9 Fair value of MSRs acquired — 8 — Additions 13 11 7 Payoffs and curtailments (2 ) (2 ) (1 ) Impairment charge (1 ) — — Amortization (2 ) (2 ) (1 ) Balance at end of period $ 37 $ 29 $ 14 Fair value, beginning of period $ 32 $ 18 $ 12 Fair value, end of period 41 32 18 |
Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | Following is a summary of the sensitivity of the fair value of MSRs to changes in key assumptions: TABLE 8.4 December 31 2018 2017 (dollars in millions) Weighted average life (months) 82.2 80.4 Constant prepayment rate (annualized) 10.1 % 9.9 % Discount rate 9.7 % 9.9 % Effect on fair value due to change in interest rates: +0.25% $ 3 $ 2 +0.50% 5 3 -0.25% (3 ) (2 ) -0.50% (6 ) (4 ) |
SBA-Guaranteed Loan Servicing | |
Servicing Assets at Fair Value [Line Items] | |
Servicing Asset at Amortized Cost | The unpaid principal balance of SBA-guaranteed loans serviced for investors, as of December 31, 2018 and December 31, 2017 , was as follows: TABLE 8.5 December 31 2018 2017 (in millions) SBA loans sold to investors with servicing retained $ 283 $ 306 The following table summarizes activity relating to SBA loans sold with servicing retained: TABLE 8.6 Year Ended December 31 2018 2017 (in millions) SBA loans sold with servicing retained $ 41 $ 54 Pretax gains resulting from above loan sales (1) 4 2 SBA servicing fees (1) 3 2 (1) Recorded in non-interest income. Following is a summary of the activity in SBA servicing rights: TABLE 8.7 Year Ended December 31 2018 2017 (in millions) Balance at beginning of period $ 5 $ — Fair value of servicing rights acquired — 5 Additions 1 1 Payoffs, curtailments and amortization (1 ) (1 ) Impairment (charge) / recovery (1 ) — Balance at end of period $ 4 $ 5 Fair value, beginning of period $ 5 $ — Fair value, end of period 4 5 |
Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | Following is a summary of key assumptions and the sensitivity of the SBA servicing rights to changes in these assumptions. The declines in fair values were immaterial in the scenarios presented. TABLE 8.8 December 31 2018 2017 Decline in fair value due to Decline in fair value due to (dollars in millions) Actual 10% adverse change 20% adverse change 1% adverse change 2% adverse change Actual 10% adverse change 20% adverse change 1% adverse change 2% adverse change Weighted-average life (months) 52.2 63.5 Constant prepayment rate 12.5 % $ — $ — $ — $ — 9.3 % $ — $ — $ — $ — Discount rate 19.4 — — — — 14.9 — — — — |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | Following is a summary of premises and equipment: TABLE 9.1 December 31 2018 2017 (in millions) Land $ 64 $ 67 Premises 238 240 Equipment 236 213 538 520 Accumulated depreciation (208 ) (183 ) Total premises and equipment, net $ 330 $ 337 |
Depreciation Expense for Premises and Equipment | Depreciation expense for premises and equipment is presented in the following table: TABLE 9.2 December 31 2018 2017 2016 (in millions) Depreciation expense for premises and equipment $ 39 $ 34 $ 23 |
Schedule of Rent Expense | Rental expense is presented in the following table: TABLE 9.3 December 31 2018 2017 2016 (in millions) Rental expense $ 33 $ 29 $ 21 |
Summary of Future Minimum Lease Payments | Following is a summary of future minimum lease payments for years following December 31, 2018 : TABLE 9.4 (in millions) 2019 $ 25 2020 21 2021 18 2022 13 2023 10 Later years 49 Total minimum rental commitment under leases $ 136 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Rollforward of Goodwill | The following table shows a rollforward of goodwill by line of business: TABLE 10.1 (in millions) Community Banking Wealth Manage- ment Insurance Consumer Finance Total Balance at January 1, 2017 $ 1,011 $ 8 $ 11 $ 2 $ 1,032 Goodwill (deductions) additions 1,217 — — — 1,217 Balance at December 31, 2017 2,228 8 11 2 2,249 Goodwill (deductions) additions 3 — 5 (2 ) 6 Balance at December 31, 2018 $ 2,231 $ 8 $ 16 $ — $ 2,255 |
Summary of Core Deposit Intangibles, Customer Renewal Lists and Mortgage Servicing Rights | The following table shows a summary of core deposit intangibles and customer renewal lists: TABLE 10.2 (in millions) Core Deposit Intangibles Customer Renewal Lists Total December 31, 2018 Gross carrying amount $ 196 $ 15 $ 211 Accumulated amortization (122 ) (10 ) (132 ) Net carrying amount $ 74 $ 5 $ 79 December 31, 2017 Gross carrying amount $ 196 $ 12 $ 208 Accumulated amortization (107 ) (9 ) (116 ) Net carrying amount $ 89 $ 3 $ 92 |
Schedule of Amortization Expense Recognized | The following table summarizes amortization expense recognized: TABLE 10.3 December 31 2018 2017 2016 (in millions) Amortization expense $ 16 $ 18 $ 11 |
Schedule of Expected Amortization Expenses on Finite-Lived Intangible Assets | Following is a summary of the expected amortization expense on finite-lived intangible assets, assuming no new additions, for each of the five years following December 31, 2018 : TABLE 10.4 (in millions) 2019 $ 14 2020 13 2021 11 2022 10 2023 9 Total $ 57 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Summary of Deposits | Following is a summary of deposits: TABLE 11.1 December 31 2018 2017 (in millions) Non-interest-bearing demand $ 6,000 $ 5,720 Interest-bearing demand 9,660 9,571 Savings 2,526 2,488 Certificates and other time deposits: Less than $100,000 2,816 2,461 $100,000 through $250,000 1,478 1,327 Greater than $250,000 975 833 Total certificates and other time deposits 5,269 4,621 Total deposits $ 23,455 $ 22,400 |
Summary of Scheduled Maturities of Certificates and Other Time Deposits | Following is a summary of the scheduled maturities of certificates and other time deposits for the years following December 31, 2018 : TABLE 11.2 (in millions) 2019 $ 3,255 2020 1,309 2021 222 2022 143 2023 209 Later years 131 Total $ 5,269 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Borrowings | Following is a summary of short-term borrowings: TABLE 12.1 December 31 2018 2017 (in millions) Securities sold under repurchase agreements $ 251 $ 256 Federal Home Loan Bank advances 2,230 2,285 Federal funds purchased 1,535 1,000 Subordinated notes 113 138 Total short-term borrowings $ 4,129 $ 3,679 |
Schedule of Weighted Average Interest Rates on Short-Term Borrowings | The following represents weighted average interest rates on short-term borrowings: TABLE 12.2 December 31 2018 2017 2016 Year-to-date average 1.89 % 1.16 % 0.61 % Period-end 2.49 % 1.44 % 0.69 % |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Borrowings | Following is a summary of long-term borrowings: TABLE 13.1 December 31 2018 2017 (in millions) Federal Home Loan Bank advances $ 270 $ 310 Subordinated notes 87 88 Junior subordinated debt 111 110 Other subordinated debt 159 160 Total long-term borrowings $ 627 $ 668 |
Scheduled Annual Maturities for Long-Term Borrowings | Scheduled annual maturities for the long-term borrowings for the years following December 31, 2018 are as follows: TABLE 13.2 (in millions) 2019 $ 158 2020 116 2021 56 2022 8 2023 40 Later years 249 Total $ 627 |
Schedule of Weighted Average Interest Rate on Subordinated Notes | The weighted average interest rate on the subordinated notes are presented in the following table: TABLE 13.3 December 31 2018 2017 2016 Subordinated notes weighted average interest rate 3.08 % 2.85 % 2.71 % |
Schedule of Junior Subordinated Debt Trusts | The following table provides information relating to the Trusts as of December 31, 2018 : TABLE 13.4 (dollars in millions) Trust Preferred Securities Common Securities Junior Subordinated Debt Stated Maturity Date Interest Rate Rate Reset Factor F.N.B. Statutory Trust II $ 22 $ 1 $ 22 6/15/2036 4.44 % LIBOR + 165 basis points (bps) Omega Financial Capital Trust I 26 1 27 10/18/2034 4.63 % LIBOR + 219 bps Yadkin Valley Statutory Trust I 25 1 21 12/15/2037 4.11 % LIBOR + 132 bps FNB Financial Services Capital Trust I 25 1 22 9/30/2035 4.26 % LIBOR + 146 bps American Community Capital Trust II 10 — 10 12/15/2033 5.19 % LIBOR + 280 bps Crescent Financial Capital Trust I 8 — 9 10/7/2033 5.54 % LIBOR + 310 bps Total $ 116 $ 4 $ 111 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative [Line Items] | |
Schedule of Notional Amounts and Gross Fair Values of Derivative Assets and Derivative Liabilities | The following table presents notional amounts and gross fair values of our derivative assets and derivative liabilities which are not offset in the Consolidated Balance Sheets. TABLE 14.1 December 31 2018 2017 Notional Amount Fair Value Notional Amount Fair Value (in millions) Asset Liability Asset Liability Gross Derivatives Subject to master netting arrangements: Interest rate contracts – designated $ 1,155 $ — $ 3 $ 705 $ — $ 2 Interest rate swaps – not designated 2,740 2 10 2,246 1 12 Equity contracts – not designated 1 — — 1 — — Total subject to master netting arrangements 3,896 2 13 2,952 1 14 Not subject to master netting arrangements: Interest rate swaps – not designated 2,740 40 26 2,245 28 15 Interest rate lock commitments – not designated 47 1 — 88 2 — Forward delivery commitments – not designated 55 — — 107 — — Credit risk contracts – not designated 203 — — 235 — — Equity contracts – not designated 1 — — 1 — — Total not subject to master netting arrangements 3,046 41 26 2,676 30 15 Total $ 6,942 $ 43 $ 39 $ 5,628 $ 31 $ 29 |
Summary of Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI) | The following table shows amounts reclassified from accumulated other comprehensive income: TABLE 14.3 December 31 2018 2017 (in millions) Total Net of Tax Total Net of Tax Reclassified from AOCI to interest income $ — $ — $ 1 $ 1 Reclassified from AOCI to interest expense (3 ) (2 ) 1 1 |
Derivative Assets | The following table presents a reconciliation of the net amounts of derivative assets and derivative liabilities presented in the Consolidated Balance Sheets to the net amounts that would result in the event of offset: Amount Not Offset in the (in millions) Net Amount Financial Cash Net December 31, 2018 Derivative Assets Interest rate contracts: Not designated 2 2 — — Total $ 2 $ 2 $ — $ — December 31, 2017 Derivative Assets Interest rate contracts: Not designated 1 1 — — Total $ 1 $ 1 $ — $ — |
Derivative Liabilities | The following table presents a reconciliation of the net amounts of derivative assets and derivative liabilities presented in the balance sheets to the net amounts that would result in the event of offset: Amount Not Offset in the (in millions) Net Amount Financial Cash Net Derivative Liabilities Interest rate contracts: Designated $ 3 $ 3 $ — $ — Not designated 10 9 — 1 Total $ 13 $ 12 $ — $ 1 Derivative Liabilities Interest rate contracts: Designated $ 2 $ 2 $ — $ — Not designated 12 11 — 1 Total $ 14 $ 13 $ — $ 1 |
Effect of Derivative Financial Instruments on Income Statement | The following table presents the effect of certain derivative financial instruments on the Consolidated Statements of Income: TABLE 14.6 Year Ended December 31, (in millions) Consolidated Statements of Income Location 2018 2017 Interest Rate Contracts Interest income – loans and leases $ — $ 1 Interest Rate Contracts Interest expense – short-term borrowings (2 ) 1 Interest Rate Swaps Other income 1 (1 ) Credit Risk Contracts Other income — — |
Designated as Hedging Instrument | |
Derivative [Line Items] | |
Summary of Key Data Related to Interest Rate | Following is a summary of key data related to interest rate contracts: TABLE 14.2 December 31 2018 2017 (in millions) Notional amount $ 1,155 $ 705 Fair value included in other assets — — Fair value included in other liabilities 3 2 |
Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Summary of Key Data Related to Interest Rate | Following is a summary of key data related to interest rate swaps: TABLE 14.4 December 31 2018 2017 (in millions) Notional amount $ 5,480 $ 4,491 Fair value included in other assets 42 29 Fair value included in other liabilities 36 27 |
Commitments, Credit Risk and _2
Commitments, Credit Risk and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Off-Balance Sheet Credit Risk Information | Following is a summary of off-balance sheet credit risk information: TABLE 15.1 December 31 2018 2017 (in millions) Commitments to extend credit $ 7,378 $ 6,958 Standby letters of credit 126 133 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Issuance of Restricted Stock Units and Aggregate Weighted Average Grant Date Fair Values | The following table details our issuance of restricted stock units and the aggregate weighted average grant date fair values under these plans for the years indicated. TABLE 16.1 (dollars in millions) 2018 2017 2016 Restricted stock units 962,799 713,998 574,125 Weighted average grant date fair values $ 13 $ 10 $ 7 |
Summary of Information Concerning Restricted Stock Units | The following table summarizes the activity relating to restricted stock units during the periods indicated: TABLE 16.2 2018 2017 2016 Units Weighted Average Grant Price per Share Units Weighted Average Grant Price per Share Units Weighted Average Grant Price per Share Unvested units outstanding at beginning of year 1,975,862 $ 13.64 1,836,363 $ 12.97 1,548,444 $ 12.85 Granted 962,799 13.21 713,998 14.67 574,125 12.86 Net adjustment due to performance — — (64,861 ) 13.85 72,070 11.79 Vested (258,031 ) 13.19 (542,580 ) 12.71 (384,704 ) 12.11 Forfeited/expired (214,743 ) 13.39 (31,018 ) 14.03 (31,394 ) 13.02 Dividend reinvestment 90,287 12.61 63,960 13.80 57,822 13.08 Unvested units outstanding at end of year 2,556,174 13.51 1,975,862 13.64 1,836,363 12.97 |
Schedule of Certain Information Related to Restricted Stock Units | The following table provides certain information related to restricted stock units: TABLE 16.3 Year Ended December 31 2018 2017 2016 (in millions) Stock-based compensation expense $ 10 $ 8 $ 7 Tax benefit related to stock-based compensation expense 2 3 2 Fair value of units vested 3 8 5 |
Components of Restricted Stock Units | The components of the restricted stock units as of December 31, 2018 are as follows: TABLE 16.4 (dollars in millions) Service- Based Units Performance- Based Units Total Unvested restricted stock units 1,470,720 1,085,454 2,556,174 Unrecognized compensation expense $ 9 $ 5 $ 14 Intrinsic value $ 14 $ 11 $ 25 Weighted average remaining life (in years) 1.90 1.83 1.87 |
Summary of Activity Related to Stock Options Units | The following table summarizes the activity relating to stock options during the periods indicated: TABLE 16.5 2018 Weighted Average Exercise Price per Share 2017 Weighted Average Exercise Price per Share 2016 Weighted Average Exercise Price per Share Options outstanding at beginning of year 722,650 $ 7.96 892,532 $ 8.95 435,340 $ 8.86 Assumed from acquisitions — — 207,645 8.92 1,707,036 7.83 Exercised (253,899 ) 7.77 (255,503 ) 10.21 (1,128,075 ) 7.18 Forfeited/expired (10,397 ) 11.98 (122,024 ) 12.12 (121,769 ) 9.33 Options outstanding and exercisable at end of year 458,354 7.99 722,650 7.96 892,532 8.95 |
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2018 : TABLE 16.6 Range of Exercise Prices Options Outstanding and Exercisable Weighted Average Remaining Contractual Years Weighted Average Exercise Price $3.45 - $5.18 81,219 2.14 $ 4.80 $5.19 - $7.78 66,055 3.22 6.85 $7.79 - $11.37 311,080 3.41 9.07 458,354 |
Summary of Stock Options Exercised | The following table summarizes certain information relating to stock options exercised: TABLE 16.7 Year Ended December 31 2018 2017 2016 (in millions) Proceeds from stock options exercised $ 2 $ 2 $ 8 Tax benefit recognized from stock options exercised — — 2 Intrinsic value of stock options exercised 1 1 7 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Accumulated Benefit Obligation, Change in Benefit Obligation, Change in Plan Assets, Plans' Funded Status and Amount Included in Consolidated Balance Sheets | The following tables provide information relating to the accumulated benefit obligation, change in benefit obligation, change in plan assets, the plans’ funded status and the amount included in the Consolidated Balance Sheets for the qualified and non-qualified plans described above (collectively, the Plans): TABLE 17.1 December 31 2018 2017 Qualified Non-Qualified Total Qualified Non-Qualified Total (in millions) Accumulated benefit obligation $ 145 $ 18 $ 163 $ 161 $ 20 $ 181 Projected benefit obligation at beginning of year $ 162 $ 20 $ 182 $ 133 $ 20 $ 153 Acquisition — — — 30 — 30 Interest cost 6 — 6 6 1 7 Actuarial loss (12 ) (1 ) (13 ) 9 — 9 Benefits paid (11 ) (1 ) (12 ) (9 ) (1 ) (10 ) Settlement — — — (7 ) — (7 ) Projected benefit obligation at end of year $ 145 $ 18 $ 163 $ 162 $ 20 $ 182 Fair value of plan assets at beginning of year $ 164 $ — $ 164 $ 137 $ — $ 137 Acquisition — — — 25 — 25 Actual return on plan assets (7 ) — (7 ) 18 — 18 Corporation contribution 4 1 5 — 1 1 Benefits paid (11 ) (1 ) (12 ) (9 ) (1 ) (10 ) Settlement — — — (7 ) — (7 ) Fair value of plan assets at end of year $ 150 $ — $ 150 $ 164 $ — $ 164 Funded status of plans $ 5 $ (18 ) $ (13 ) $ 2 $ (20 ) $ (18 ) |
Schedule of Actuarial Assumptions Used in Determination of Projected Benefit Obligation | Actuarial assumptions used in the determination of the projected benefit obligation in the Plans are as follows: TABLE 17.2 Assumptions at December 31 2018 2017 Weighted average discount rate 4.18 % 3.53 % Rates of average increase in compensation levels 3.50 3.50 |
Schedule of Net Periodic Pension Cost and Other Comprehensive Income | The net periodic pension cost and other comprehensive income for the Plans included the following components: TABLE 17.3 Year Ended December 31 2018 2017 2016 (in millions) Interest cost $ 6 $ 7 $ 6 Expected return on plan assets (11 ) (11 ) (9 ) Actuarial loss amortization 2 2 2 Total pension income (3 ) (2 ) (1 ) Other changes in plan assets and benefit obligations recognized in other comprehensive income: Current year actuarial loss 6 3 2 Amortization of actuarial loss (2 ) (2 ) (2 ) Total amount recognized in other comprehensive income 4 1 — Total amount recognized in net periodic benefit cost and other comprehensive income $ 1 $ (1 ) $ (1 ) |
Schedule of Actuarial Assumptions Used in Determination of Net Periodic Pension Cost | The plans have an actuarial measurement date of December 31. Actuarial assumptions used in the determination of the net periodic pension cost in the Plans are as follows: TABLE 17.4 Assumptions for the Year Ended December 31 2018 2017 2016 Weighted average discount rate 4.19 % 3.96 % 4.19 % Rates of increase in compensation levels 3.50 3.50 3.50 Expected long-term rate of return on assets 7.25 7.25 7.25 |
Schedule of Impact of Changes in Discount Rate, Return on Plan Assets on Pension Expense | The impact of changes in the discount rate and expected long-term rate of return on plan assets would have had the following effects on 2018 pension expense: TABLE 17.5 (in millions) Estimated Effect on Pension Expense 0.5% decrease in the discount rate $ — 0.5% decrease in the expected long-term rate of return on plan assets 1 |
Schedule of Estimated Future Cash Flows | The following table provides information regarding estimated future cash flows relating to the Plans at December 31, 2018 : TABLE 17.6 (in millions) Expected employer contributions: 2019 $ 1 Expected benefit payments: 2019 10 2020 10 2021 10 2022 10 2023 11 2024 – 2028 53 |
Schedule of Contribution Expense | Our contribution expense is presented in the following table: TABLE 17.7 Year Ended December 31 2018 2017 2016 (in millions) 401(k) contribution expense $ 15 $ 12 $ 9 |
Schedule of Asset Allocations for Pension Plans | The following table presents asset allocations for our pension plans as of December 31, 2018 and 2017 , and the target allocation for 2019 , by asset category: TABLE 17.8 Target Allocation Percentage of Plan Assets December 31 2019 2018 2017 Asset Category Equity securities 45 - 65 55 % 64 % Debt securities 30 - 50 41 33 Cash equivalents 0 - 10 4 3 |
Schedule of Fair Values of Pension Plan Assets by Asset Category | The fair values of our pension plan assets by asset category are as follows: TABLE 17.9 (in millions) Level 1 Level 2 Level 3 Total December 31, 2018 Asset Class Cash $ 6 $ — $ — $ 6 Equity securities: F.N.B. Corporation 6 — — 6 Other large-cap U.S. financial services companies 3 — — 3 Other large-cap U.S. companies 43 — — 43 International companies 1 — — 1 Mutual fund equity investments: U.S. equity index funds: U.S. small-cap equity index funds 3 — — 3 U.S. mid-cap equity index funds 4 — — 4 Non-U.S. equities growth fund 6 — — 6 U.S. equity funds: U.S. mid-cap 9 — — 9 U.S. small-cap 3 — — 3 Other 4 — — 4 Fixed income securities: U.S. government agencies — 49 — 49 Corporate bonds — 2 — 2 Fixed income mutual funds: U.S. investment-grade fixed income securities 11 — — 11 Total $ 99 $ 51 $ — $ 150 (in millions) Level 1 Level 2 Level 3 Total December 31, 2017 Asset Class Cash $ 6 $ — $ — $ 6 Equity securities: F.N.B. Corporation 8 — — 8 Other large-cap U.S. financial services companies 4 — — 4 Other large-cap U.S. companies 46 — — 46 International companies 1 — — 1 Other equity 1 — — 1 Mutual fund equity investments: U.S. equity index funds: U.S. large-cap equity index funds 3 — — 3 U.S. small-cap equity index funds 4 — — 4 U.S. mid-cap equity index funds 5 — — 5 Non-U.S. equities growth fund 14 — — 14 U.S. equity funds: U.S. mid-cap 9 — — 9 U.S. small-cap 3 — — 3 Other 6 — — 6 Fixed income securities: U.S. government agencies — 37 — 37 Corporate bonds — 6 — 6 Fixed income mutual funds: U.S. investment-grade fixed income securities 11 — — 11 Total $ 121 $ 43 $ — $ 164 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense Allocated Based on Separate Tax Return Basis | Federal and state income tax expense consist of the following: TABLE 18.1 Year Ended December 31 2018 2017 2016 (in millions) Current income taxes: Federal taxes $ 41 $ 26 $ 58 State taxes 6 2 2 Total current income taxes 47 28 60 Deferred income taxes: Federal taxes 32 128 15 State taxes — 1 — Total deferred income taxes 32 129 15 Total income taxes $ 79 $ 157 $ 75 |
Summary of Reconciliation Between the Statutory Tax Rate and Actual Effective Tax Rate | The following table provides a reconciliation between the statutory tax rate and the actual effective tax rate: TABLE 18.2 Year Ended December 31 2018 2017 2016 Statutory federal tax rate 21.0 % 35.0 % 35.0 % State taxes, net of federal benefit 1.1 0.5 0.7 Tax-exempt interest (2.1 ) (3.3 ) (2.9 ) Cash surrender value on BOLI (0.5 ) (1.1 ) (1.5 ) Tax credits (2.8 ) (2.6 ) (0.9 ) Affordable housing cost amortization, net of tax benefits 0.7 0.2 — Tax Cuts and Jobs Act revaluation of net deferred tax assets (0.4 ) 15.2 — Other items 0.6 0.2 0.2 Actual effective tax rate 17.6 % 44.1 % 30.6 % |
Income Tax Expense Related to Gains on Sale of Securities | Income tax expense related to gains on the sale of securities is presented in the following table: TABLE 18.3 Year Ended December 31 2018 2017 2016 (in millions) Income tax expense related to gains on sale of securities $ — $ 2 $ — |
Summary of Deferred Tax Assets and Liabilities from Tax Effects of Temporary Differences | The following table presents the tax effects of significant temporary differences that give rise to federal and state DTAs and DTLs: TABLE 18.4 December 31 2018 2017 (in millions) Deferred tax assets: Allowance for credit losses $ 40 $ 39 Discounts on loans acquired in a business combination 51 64 Net operating loss/tax credit carryforwards 43 47 Deferred compensation 10 9 Securities impairments 1 1 Pension and other defined benefit plans 5 7 Net unrealized securities losses 12 7 Other 9 8 Total 171 182 Valuation allowance (26 ) (27 ) Total deferred tax assets 145 155 Deferred tax liabilities: Loan costs (14 ) (7 ) Depreciation (17 ) (12 ) Prepaid expenses (1 ) (4 ) Amortizable intangibles (16 ) (18 ) Lease financing (18 ) (10 ) Mortgage servicing rights (8 ) (6 ) Other (4 ) (2 ) Total deferred tax liabilities (78 ) (59 ) Net deferred tax assets $ 67 $ 96 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Changes in AOCI, net of tax, by component | The following table presents changes in AOCI, net of tax, by component: TABLE 19.1 (in millions) Unrealized Net Gains (Losses) on Debt Securities Available for Sale Unrealized Net Gains (Losses) on Derivative Instruments Unrecognized Pension and Postretirement Obligations Total Year Ended December 31, 2018 Balance at beginning of period $ (29 ) $ 5 $ (59 ) $ (83 ) Other comprehensive (loss) income before reclassifications (17 ) (2 ) (2 ) (21 ) Amounts reclassified from AOCI — (2 ) — (2 ) Net current period other comprehensive (loss) income (17 ) (4 ) (2 ) (23 ) Balance at end of period $ (46 ) $ 1 $ (61 ) $ (106 ) |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share: TABLE 20.1 Year Ended December 31 2018 2017 2016 (dollars in millions, except per share data) Net income $ 373 $ 199 $ 171 Less: Preferred stock dividends 8 8 8 Net income available to common stockholders $ 365 $ 191 $ 163 Basic weighted average common shares outstanding 324,207,198 302,195,295 206,244,498 Net effect of dilutive stock options, warrants and restricted stock 1,416,405 1,662,681 1,524,111 Diluted weighted average common shares outstanding 325,623,603 303,857,976 207,768,609 Earnings per common share: Basic $ 1.13 $ 0.63 $ 0.79 Diluted $ 1.12 $ 0.63 $ 0.78 |
Schedule of Average Shares Excluded from Diluted Earnings Per Common Share Calculation | The following table shows the average shares excluded from the above calculation as their effect would have been anti-dilutive: TABLE 20.2 Year Ended December 31 2018 2017 2016 Average shares excluded from the diluted earnings per common share calculation 81 910 9,980 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Schedule of Capital Ratios | Following are the capital ratios for FNB and FNBPA: TABLE 21.1 Actual Well-Capitalized Requirements Minimum Capital Requirements plus Capital Conservation Buffer (dollars in millions) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 F.N.B. Corporation: Total capital $ 2,875 11.54 % $ 2,490 10.00 % $ 2,459 9.88 % Tier 1 capital 2,395 9.62 1,992 8.00 1,961 7.88 Common equity tier 1 2,289 9.19 1,619 6.50 1,588 6.38 Leverage 2,395 7.87 1,523 5.00 1,218 4.00 Risk-weighted assets 24,900 FNBPA: Total capital 2,735 10.99 2,489 10.00 2,458 9.88 Tier 1 capital 2,553 10.26 1,992 8.00 1,960 7.88 Common equity tier 1 2,473 9.94 1,618 6.50 1,587 6.38 Leverage 2,553 8.39 1,521 5.00 1,217 4.00 Risk-weighted assets 24,894 As of December 31, 2017 F.N.B. Corporation: Total capital $ 2,666 11.39 % $ 2,340 10.00 % $ 2,165 9.25 % Tier 1 capital 2,185 9.33 1,872 8.00 1,697 7.25 Common equity tier 1 2,078 8.88 1,521 6.50 1,346 5.75 Leverage 2,185 7.58 1,441 5.00 1,153 4.00 Risk-weighted assets 23,404 FNBPA: Total capital 2,504 10.74 2,333 10.00 2,158 9.25 Tier 1 capital 2,333 10.00 1,866 8.00 1,691 7.25 Common equity tier 1 2,253 9.66 1,516 6.50 1,341 5.75 Leverage 2,333 8.14 1,433 5.00 1,146 4.00 Risk-weighted assets 23,326 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Cash Flow Information | Following is a summary of supplemental cash flow information: TABLE 22.1 Year Ended December 31 2018 2017 2016 (in millions) Interest paid on deposits and other borrowings $ 230 $ 129 $ 67 Income taxes paid 19 53 60 Transfers of loans to other real estate owned 12 35 15 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Financial Information for Segments of FNB | The following tables provide financial information for these segments of FNB. The information provided under the caption “Parent and Other” represents operations not considered to be reportable segments and/or general operating expenses of FNB, and includes the parent company, other non-bank subsidiaries and eliminations and adjustments to reconcile to the Consolidated Financial Statements. TABLE 23.1 (in millions) Community Banking Wealth Manage- ment Insurance Consumer Finance Parent and Other Consolidated At or for the Year Ended December 31, 2018 Interest income $ 1,145 $ — $ — $ 25 $ — $ 1,170 Interest expense 219 — — 2 17 238 Net interest income 926 — — 23 (17 ) 932 Provision for credit losses 54 — — 6 1 61 Non-interest income 213 44 16 2 1 276 Non-interest expense (1) 609 33 17 15 5 679 Amortization of intangibles 15 1 — — — 16 Income tax expense (benefit) 82 2 — 1 (6 ) 79 Net income (loss) 379 8 (1 ) 3 (16 ) 373 Total assets 32,997 26 25 — 54 33,102 Total intangibles 2,304 10 20 — — 2,334 At or for the Year Ended Interest income $ 944 $ — $ — $ 40 $ (4 ) $ 980 Interest expense 118 — — 4 12 134 Net interest income 826 — — 36 (16 ) 846 Provision for credit losses 53 — — 8 — 61 Non-interest income 197 39 16 3 (3 ) 252 Non-interest expense (1) 597 30 15 21 — 663 Amortization of intangibles 17 1 — — — 18 Income tax expense (benefit) 153 3 — 5 (4 ) 157 Net income (loss) 203 5 1 5 (15 ) 199 Total assets 31,156 24 21 181 36 31,418 Total intangibles 2,317 10 12 2 — 2,341 At or for the Year Ended Interest income $ 641 $ — $ — $ 41 $ (3 ) $ 679 Interest expense 56 — — 4 7 67 Net interest income 585 — — 37 (10 ) 612 Provision for credit losses 49 — — 7 — 56 Non-interest income 149 35 15 3 (1 ) 201 Non-interest expense (1) 437 27 13 22 1 500 Amortization of intangibles 11 — — — — 11 Income tax expense (benefit) 72 3 1 4 (5 ) 75 Net income (loss) 165 5 1 7 (7 ) 171 Total assets 21,629 20 22 193 (19 ) 21,845 Total intangibles 1,062 10 12 2 — 1,086 (1) Excludes amortization of intangibles, which is presented separately. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of assets and liabilities measured at fair value on a recurring basis: TABLE 24.2 (in millions) Level 1 Level 2 Level 3 Total December 31, 2018 Assets Measured at Fair Value Debt securities available for sale U.S. government agencies $ — $ 187 $ — $ 187 U.S. government-sponsored entities — 313 — 313 Residential mortgage-backed securities Agency mortgage-backed securities — 1,429 — 1,429 Agency collateralized mortgage obligations — 1,161 — 1,161 Commercial mortgage-backed securities — 228 — 228 States of the U.S. and political subdivisions — 21 — 21 Other debt securities — 2 — 2 Total debt securities available for sale — 3,341 — 3,341 Loans held for sale — 14 — 14 Derivative financial instruments Trading — 42 1 43 Total derivative financial instruments — 42 1 43 Total assets measured at fair value on a recurring basis $ — $ 3,397 $ 1 $ 3,398 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 36 $ — $ 36 Not for trading — 3 — 3 Total derivative financial instruments — 39 — 39 Total liabilities measured at fair value on a recurring basis $ — $ 39 $ — $ 39 (in millions) Level 1 Level 2 Level 3 Total December 31, 2017 Assets Measured at Fair Value Debt securities available for sale U.S. government-sponsored entities $ — $ 344 $ — $ 344 Residential mortgage-backed securities Agency mortgage-backed securities — 1,599 — 1,599 Agency collateralized mortgage obligations — 795 — 795 States of the U.S. and political subdivisions — 21 — 21 Other debt securities — 5 — 5 Total debt securities available for sale — 2,764 — 2,764 Equity securities available for sale Financial services industry — 1 — 1 Total equity securities available for sale — 1 — 1 Total securities available for sale — 2,765 — 2,765 Loans held for sale — 56 — 56 Derivative financial instruments Trading — 28 — 28 Not for trading — 1 2 3 Total derivative financial instruments — 29 2 31 Total assets measured at fair value on a recurring basis $ — $ 2,850 $ 2 $ 2,852 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 27 $ — $ 27 Not for trading — 2 — 2 Total derivative financial instruments — 29 — 29 Total liabilities measured at fair value on a recurring basis $ — $ 29 $ — $ 29 |
Additional Information about Assets Measured at Fair Value on Recurring Basis | The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized Level 3 inputs to determine fair value: TABLE 24.3 (in millions) Other Equity Securities Residential Non-Agency Collateralized Mortgage Obligations Interest Total Year Ended December 31, 2018 Balance at beginning of period $ — $ — $ — $ 2 $ 2 Purchases, issuances, sales and settlements: Purchases — — — 5 5 Settlements — — — (6 ) (6 ) Balance at end of period $ — $ — $ — $ 1 $ 1 Year Ended December 31, 2017 Balance at beginning of period $ — $ 1 $ 1 $ — $ 2 Purchases, issuances, sales and settlements: Purchases 12 — — 2 14 Sales/redemptions (12 ) — (1 ) — (13 ) Settlements — — — (5 ) (5 ) Transfers from Level 3 — (1 ) — — (1 ) Transfers into Level 3 — — — 5 5 Balance at end of period $ — $ — $ — $ 2 $ 2 |
Additional Information about Assets Measured at Fair Value on Non-Recurring Basis | For assets measured at fair value on a non-recurring basis still held at the Balance Sheet date, the following table provides the hierarchy level and the fair value of the related assets or portfolios: TABLE 24.4 (in millions) Level 1 Level 2 Level 3 Total December 31, 2018 Impaired loans $ — $ — $ 15 $ 15 Other real estate owned — — 5 5 Other assets - SBA servicing asset — — 4 4 December 31, 2017 Impaired loans $ — $ 3 $ 1 $ 4 Other real estate owned — 10 11 21 Loans held for sale - SBA — — 36 36 Other assets - SBA servicing asset — — 5 5 |
Fair Values of Financial Instruments | The fair values of our financial instruments are as follows: TABLE 24.5 Fair Value Measurements (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 December 31, 2018 Financial Assets Cash and cash equivalents $ 488 $ 488 $ 488 $ — $ — Debt securities available for sale 3,341 3,341 — 3,341 — Debt securities held to maturity 3,254 3,155 — 3,155 — Net loans and leases, including loans held for sale 21,995 21,742 — 14 21,728 Loan servicing rights 41 45 — — 45 Derivative assets 43 43 — 42 1 Accrued interest receivable 101 101 101 — — Financial Liabilities Deposits 23,455 23,411 18,142 5,269 — Short-term borrowings 4,129 4,130 4,130 — — Long-term borrowings 627 618 — — 618 Derivative liabilities 39 39 — 39 — Accrued interest payable 20 20 20 — — December 31, 2017 Financial Assets Cash and cash equivalents $ 479 $ 479 $ 479 $ — $ — Securities available for sale 2,765 2,765 — 2,765 — Debt securities held to maturity 3,242 3,218 — 3,218 — Net loans and leases, including loans held for sale 20,917 20,661 — 56 20,605 Loan servicing rights 34 38 — — 38 Derivative assets 31 31 — 29 2 Accrued interest receivable 94 94 94 — — Financial Liabilities Deposits 22,400 22,359 17,779 4,580 — Short-term borrowings 3,679 3,679 3,679 — — Long-term borrowings 668 675 — — 675 Derivative liabilities 29 29 — 29 — Accrued interest payable 12 12 12 — — |
Parent Company Financial Stat_2
Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Consolidated Balance Sheet of Parent Company Only | Balance Sheets (in millions) December 31 2018 2017 Assets Cash and cash equivalents $ 254 $ 166 Securities available for sale — 1 Other assets 19 22 Investment in bank subsidiary 4,754 4,554 Investments in and advances to non-bank subsidiaries 97 294 Total Assets $ 5,124 $ 5,037 Liabilities Other liabilities $ 32 $ 33 Advances from affiliates 197 306 Long-term borrowings 279 280 Subordinated notes: Short-term 7 8 Long-term 1 1 Total Liabilities 516 628 Stockholders’ Equity 4,608 4,409 Total Liabilities and Stockholders’ Equity $ 5,124 $ 5,037 |
Statements of Income of Parent Company Only | Statements of Income (in millions) Year Ended December 31 2018 2017 2016 Income Dividend income from subsidiaries: Bank $ 162 $ 149 $ 109 Non-bank 8 9 9 170 158 118 Interest income 4 5 5 Other income 5 — 3 Total Income 179 163 126 Expenses Interest expense 20 18 14 Other expenses 15 10 10 Total Expenses 35 28 24 Income Before Taxes and Equity in Undistributed Income of Subsidiaries 144 135 102 Income tax benefit 6 3 6 150 138 108 Equity in undistributed income (loss) of subsidiaries: Bank 225 60 61 Non-bank (2 ) 1 2 Net Income $ 373 $ 199 $ 171 |
Statements of Cash Flows of Parent Company Only | Statements of Cash Flows (in millions) Year Ended December 31 2018 2017 2016 Operating Activities Net income $ 373 $ 199 $ 171 Adjustments to reconcile net income to net cash flows from operating activities: Undistributed earnings from subsidiaries (222 ) (61 ) (63 ) Other, net (13 ) 6 (3 ) Net cash flows provided by operating activities 138 144 105 Investing Activities Proceeds from sale of securities available for sale 1 — 1 Net (increase) decrease in advances to subsidiaries 20 (10 ) (6 ) Payment for further investment in subsidiaries (22 ) (4 ) (71 ) Net cash received in business combinations 123 3 1 Net cash flows (used in) provided by investing activities 122 (11 ) (75 ) Financing Activities Net decrease in advance from affiliate (19 ) 10 6 Net decrease in short-term borrowings (1 ) — — Decrease in long-term debt (2 ) (2 ) (10 ) Increase in long-term debt 1 1 — Net proceeds from issuance of common stock 14 11 18 Tax benefit of stock-based compensation — — 2 Cash dividends paid: Preferred stock (8 ) (8 ) (8 ) Common stock (157 ) (143 ) (102 ) Net cash flows (used in) provided by financing activities (172 ) (131 ) (94 ) Net (Decrease) Increase in Cash and Cash Equivalents 88 2 (64 ) Cash and cash equivalents at beginning of year 166 164 228 Cash and Cash Equivalents at End of Year $ 254 $ 166 $ 164 Cash paid during the year for: Interest $ 17 $ 16 $ 14 |
Quarterly Earnings Summary (U_2
Quarterly Earnings Summary (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Earnings Summary (Unaudited) [Abstract] | |
Quarterly Financial Information | TABLE 26.1 Dollars in millions, except per share data Quarter Ended 2018 Dec. 31 Sept. 30 June 30 Mar. 31 Total interest income $ 305 $ 298 $ 294 $ 273 Total interest expense 73 63 55 47 Net interest income 232 235 239 226 Provision for credit losses 15 16 16 14 Total non-interest income 68 75 65 68 Total non-interest expense 170 171 183 171 Net income 100 101 85 87 Net income available to common stockholders 98 99 83 85 Per Common Share Basic earnings per share $ 0.30 $ 0.30 $ 0.26 $ 0.26 Diluted earnings per share 0.30 0.30 0.26 0.26 Cash dividends declared 0.12 0.12 0.12 0.12 Quarter Ended 2017 Total interest income $ 271 $ 263 $ 251 $ 195 Total interest expense 41 38 33 22 Net interest income 230 225 218 173 Provision for credit losses 16 17 17 11 Net securities gains — 3 — 3 Other non-interest income 65 63 66 52 Total non-interest expense 166 164 164 187 Net income 24 78 74 23 Net income available to common stockholders 22 76 72 21 Per Common Share Basic earnings per share $ 0.07 $ 0.23 $ 0.22 $ 0.09 Diluted earnings per share 0.07 0.23 0.22 0.09 Cash dividends declared 0.12 0.12 0.12 0.12 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018OfficeState | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states, company operating financial services | State | 7 |
Number of banking offices | Office | 396 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Minimum corporation reserves for commercial loan | $ 1 | |
Core deposit intangibles amortization period, years | 10 years | |
Qualified affordable housing project investments | $ 43.7 | $ 20.9 |
Qualified affordable housing project investments, unfunded commitments | $ 57 | $ 67.2 |
Largest amount recognized in the financial statement of tax benefit threshold, minimum | Greater than 50% | |
Restricted Stock Units (RSUs) | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Vesting period of awards issued, years | 3 years | |
Total commercial loans | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of days placed on non-accrual | 90 days | |
Installment Loans | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of days placed on non-accrual | 120 days | |
Residential Mortgages | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of days placed on non-accrual | 180 days | |
Minimum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of the asset, years | 3 years | |
Estimated useful life of intangibles, years | 8 years | |
Maximum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of the asset, years | 40 years | |
Estimated useful life of intangibles, years | 13 years |
New Accounting Standards (Detai
New Accounting Standards (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Mar. 31, 2018 |
Accounting Standards Update 2016-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of new accounting principle in period of adoption | $ 1.1 | |
Forecast | Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use asset | $ 120 | |
Lease liabilities | $ 130 |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) $ / shares in Units, $ in Millions | Mar. 11, 2017USD ($)$ / sharesshares | Apr. 22, 2016USD ($)Branch | Feb. 13, 2016USD ($)shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill recorded as a result of merger | $ 2,255 | $ 2,249 | $ 1,032 | |||
Merger-related expenses | $ 0 | 57 | $ 37 | |||
Warrant Expires in 2019 | ||||||
Business Acquisition [Line Items] | ||||||
Warrant issued, exercise price (in usd per share) | $ / shares | $ 11.52 | |||||
Yadkin Financial Corporation (YDKN) | ||||||
Business Acquisition [Line Items] | ||||||
Assets acquired as a result of merger | $ 6,780 | |||||
Loans acquired as a result of merger | 5,114 | |||||
Deposits acquired as a result of merger | 5,177 | |||||
Value of acquisition | $ 1,785 | |||||
Common stock closing price (in usd per share) | $ / shares | $ 15.97 | |||||
Common shares issued (in shares) | shares | 111,619,622 | |||||
Common shares to be acquired, shares (in shares) | shares | 51,677,565 | |||||
Number of shares entitled to receive as per merger agreement, Ratio | 2.16 | |||||
Warrant issued, shares (in shares) | shares | 207,320 | |||||
Warrant issued, exercise price (in usd per share) | $ / shares | $ 9.33 | |||||
Goodwill recorded as a result of merger | $ 1,219 | |||||
Core deposit intangibles recorded as result of the acquisition | 70 | |||||
Merger-related expenses | $ 56.2 | |||||
Percentage of contract termination cost | 30.90% | |||||
Issuance costs incurred in connection with acquisition | $ 0.6 | |||||
Cash acquired as a result of merger | $ 197 | |||||
Yadkin Financial Corporation (YDKN) | Merger - Related Expenses | ||||||
Business Acquisition [Line Items] | ||||||
Severance costs | 24.30% | |||||
Yadkin Financial Corporation (YDKN) | Warrant Expires in 2019 | ||||||
Business Acquisition [Line Items] | ||||||
Warrant issued, shares (in shares) | shares | 207,320 | 213,986 | ||||
Warrant issued, exercise price (in usd per share) | $ / shares | $ 9.63 | |||||
Fifth Third Bank Branches | ||||||
Business Acquisition [Line Items] | ||||||
Assets acquired as a result of merger | $ 312.4 | |||||
Loans acquired as a result of merger | 95.4 | |||||
Deposits acquired as a result of merger | 302.5 | |||||
Value of acquisition | 0 | |||||
Goodwill recorded as a result of merger | 14 | |||||
Core deposit intangibles recorded as result of the acquisition | $ 4.1 | |||||
Number of branch-banking locations acquired | Branch | 17 | |||||
Cash acquired as a result of merger | $ 198.9 | |||||
Fixed and other assets acquired as a result of merger | $ 14.1 | |||||
Percentage of deposit premium paid | 1.97% | |||||
Metro Bancorp Inc | ||||||
Business Acquisition [Line Items] | ||||||
Assets acquired as a result of merger | $ 2,784 | |||||
Loans acquired as a result of merger | 1,863 | |||||
Deposits acquired as a result of merger | 2,328 | |||||
Value of acquisition | $ 404.2 | |||||
Common shares issued (in shares) | shares | 34,041,181 | |||||
Goodwill recorded as a result of merger | $ 185.1 | |||||
Core deposit intangibles recorded as result of the acquisition | 24.2 | |||||
Cash acquired as a result of merger | $ 47 | |||||
Common shares acquired (in shares) | shares | 14,345,319 |
Mergers and Acquisitions - Amou
Mergers and Acquisitions - Amounts Recorded on Consolidated Balance Sheets in Conjunction with Acquisition (Detail) - USD ($) $ in Millions | Mar. 11, 2017 | Apr. 22, 2016 | Feb. 13, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Liabilities assumed | ||||||
Goodwill recognized | $ 2,255 | $ 2,249 | $ 1,032 | |||
Yadkin Financial Corporation (YDKN) | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of consideration paid | $ 1,785 | |||||
Identifiable assets acquired | ||||||
Cash and cash equivalents | 197 | |||||
Securities | 940 | |||||
Loans | 5,114 | |||||
Core deposit and other intangible assets | 70 | |||||
Fixed and other assets | 459 | |||||
Total identifiable assets acquired | 6,780 | |||||
Liabilities assumed | ||||||
Deposits | 5,177 | |||||
Borrowings | 969 | |||||
Other liabilities | 68 | |||||
Total liabilities assumed | 6,214 | |||||
Fair value of net identifiable assets acquired | 566 | |||||
Goodwill recognized | $ 1,219 | |||||
Fifth Third Bank Branches | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of consideration paid | $ 0 | |||||
Identifiable assets acquired | ||||||
Cash and cash equivalents | 198.9 | |||||
Securities | 0 | |||||
Loans | 95.4 | |||||
Core deposit and other intangible assets | 4 | |||||
Fixed and other assets | 14 | |||||
Total identifiable assets acquired | 312.4 | |||||
Liabilities assumed | ||||||
Deposits | 302.5 | |||||
Borrowings | 0 | |||||
Other liabilities | 24 | |||||
Total liabilities assumed | 326 | |||||
Fair value of net identifiable assets acquired | (14) | |||||
Goodwill recognized | $ 14 | |||||
Metro Bancorp Inc | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of consideration paid | $ 404.2 | |||||
Identifiable assets acquired | ||||||
Cash and cash equivalents | 47 | |||||
Securities | 723 | |||||
Loans | 1,863 | |||||
Core deposit and other intangible assets | 24 | |||||
Fixed and other assets | 127 | |||||
Total identifiable assets acquired | 2,784 | |||||
Liabilities assumed | ||||||
Deposits | 2,328 | |||||
Borrowings | 228 | |||||
Other liabilities | 9 | |||||
Total liabilities assumed | 2,565 | |||||
Fair value of net identifiable assets acquired | 219 | |||||
Goodwill recognized | $ 185.1 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Securities Available for Sale (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 3,401 | |
Equity Securities, Available-for-sale, Amortized Cost | $ 1 | |
Amortized Cost | 2,803 | |
Debt Securities, Available-for-sale, Gross Unrealized Gain | 5 | |
Equity Securities, Available-for-sale, Gross Unrealized Gain | 0 | |
Gross Unrealized Gains | 1 | |
Debt Securities, Available-for-sale, Gross Unrealized Loss | (65) | |
Equity Securities, Available-for-sale, Gross Unrealized Loss | 0 | |
Gross Unrealized Losses | (39) | |
Debt Securities, Available-for-sale, Fair Value | 3,341 | |
Equity Securities, Available-for-sale, Fair Value | 1 | |
Fair Value | 3,341 | 2,765 |
U.S. government agencies | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 188 | |
Debt Securities, Available-for-sale, Gross Unrealized Gain | 0 | |
Debt Securities, Available-for-sale, Gross Unrealized Loss | (1) | |
Debt Securities, Available-for-sale, Fair Value | 187 | |
U.S. government-sponsored entities | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 317 | 348 |
Debt Securities, Available-for-sale, Gross Unrealized Gain | 0 | 0 |
Debt Securities, Available-for-sale, Gross Unrealized Loss | (4) | (4) |
Debt Securities, Available-for-sale, Fair Value | 313 | 344 |
Agency mortgage-backed securities | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 1,465 | 1,615 |
Debt Securities, Available-for-sale, Gross Unrealized Gain | 0 | 1 |
Debt Securities, Available-for-sale, Gross Unrealized Loss | (36) | (17) |
Debt Securities, Available-for-sale, Fair Value | 1,429 | 1,599 |
Agency collateralized mortgage obligations | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 1,179 | 813 |
Debt Securities, Available-for-sale, Gross Unrealized Gain | 5 | 0 |
Debt Securities, Available-for-sale, Gross Unrealized Loss | (23) | (18) |
Debt Securities, Available-for-sale, Fair Value | 1,161 | 795 |
Commercial mortgage-backed securities | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 229 | |
Debt Securities, Available-for-sale, Gross Unrealized Gain | 0 | |
Debt Securities, Available-for-sale, Gross Unrealized Loss | (1) | |
Debt Securities, Available-for-sale, Fair Value | 228 | |
States of the U.S. and political subdivisions | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 21 | 21 |
Debt Securities, Available-for-sale, Gross Unrealized Gain | 0 | 0 |
Debt Securities, Available-for-sale, Gross Unrealized Loss | 0 | 0 |
Debt Securities, Available-for-sale, Fair Value | 21 | 21 |
Other debt securities | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 2 | 5 |
Debt Securities, Available-for-sale, Gross Unrealized Gain | 0 | 0 |
Debt Securities, Available-for-sale, Gross Unrealized Loss | 0 | 0 |
Debt Securities, Available-for-sale, Fair Value | $ 2 | 5 |
Total debt securities available for sale | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 2,802 | |
Debt Securities, Available-for-sale, Gross Unrealized Gain | 1 | |
Debt Securities, Available-for-sale, Gross Unrealized Loss | (39) | |
Debt Securities, Available-for-sale, Fair Value | $ 2,764 |
Securities - Schedule of Amor_2
Securities - Schedule of Amortized Cost and Fair Value of Securities Held to Maturity (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 3,254 | $ 3,242 |
Gross Unrealized Gains | 5 | 17 |
Gross Unrealized Losses | (104) | (41) |
Securities held to maturity, Fair Value | 3,155 | 3,218 |
U.S. Treasury | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1 | 1 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Securities held to maturity, Fair Value | 1 | 1 |
U.S. government agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Securities held to maturity, Fair Value | 2 | |
U.S. government-sponsored entities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 215 | 247 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (4) | (4) |
Securities held to maturity, Fair Value | 211 | 243 |
Agency mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,036 | 1,220 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | (26) | (9) |
Securities held to maturity, Fair Value | 1,010 | 1,214 |
Agency collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 794 | 777 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (24) | (20) |
Securities held to maturity, Fair Value | 771 | 757 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 126 | 80 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (1) | (1) |
Securities held to maturity, Fair Value | 126 | 80 |
States of the U.S. and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,080 | 917 |
Gross Unrealized Gains | 3 | 13 |
Gross Unrealized Losses | (49) | (7) |
Securities held to maturity, Fair Value | $ 1,034 | $ 923 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Securities [Line Items] | |||
Net proceeds from sale of securities | $ 0 | $ 786,800,000 | $ 615,000,000 |
Debt securities, available-for-sale, realized gain (loss) | 3,700,000 | ||
Gross realized gain (loss) | 4,700,000 | ||
Gross losses | 1,000,000 | ||
Proceeds from sale of HTM securities | 0 | 57,100,000 | 0 |
HTM securities sold, carrying value | 54,900,000 | ||
Realized gain (loss) | 2,200,000 | ||
Realized gain on sale of HTM securities | 2,200,000 | ||
Realized loss on sale of HTM securities | $ 4,000 | ||
Return on sale of HTM securities, percent | 85.00% | ||
OTTI losses on debt securities | 0 | $ 0 | $ 0 |
Municipal bond portfolio, value | $ 1,100,000,000 | ||
Percentage of formal credit enhancement insurance of municipalities | 63.00% | ||
Municipal Bonds | Weighted Average | |||
Schedule Of Securities [Line Items] | |||
Average holding size of securities in bond portfolio | $ 3,100,000 | ||
Municipal Bonds | Credit Concentration Risk | General Obligation Bonds | A Rating | Minimum | |||
Schedule Of Securities [Line Items] | |||
Percentage of portfolio | 100.00% | ||
Municipal Bonds | Credit Concentration Risk | General Obligation Bonds | A Rating or Better | |||
Schedule Of Securities [Line Items] | |||
Percentage of portfolio | 99.00% | ||
Municipal Bonds | Geographic Concentration Risk | Pennsylvania, Ohio and Maryland | |||
Schedule Of Securities [Line Items] | |||
Percentage of portfolio | 65.00% |
Securities - Gross Gains and Gr
Securities - Gross Gains and Gross Losses Realized on Sales of Securities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross gains | $ 0 | $ 7 | $ 1 |
Gross losses | 0 | (1) | 0 |
Net gains | $ 0 | $ 6 | $ 1 |
Securities - Schedule of Securi
Securities - Schedule of Securities Pledged as Collateral (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
To secure public deposits, trust deposits and for other purposes as required by law | $ 3,874 | $ 3,492 |
As collateral for short-term borrowings | $ 279 | $ 264 |
Securities pledged as a percent of total securities | 63.00% | 62.50% |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities, by Contractual Maturities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Securities [Line Items] | ||
Available for sale, due in one year or less, amortized cost | $ 95 | |
Available for sale, due after one year but within five years, amortized cost | 239 | |
Available for sale, due after five year but within ten years, amortized cost | 68 | |
Available for sale, due after ten years, amortized cost | 126 | |
Available for sale, with contractual maturities, amortized cost | 528 | |
Available for sale, due in one year or less, fair value | 94 | |
Available for sale, due after one year but within five years, fair value | 236 | |
Available for sale, due after five year but within ten years, fair value | 68 | |
Available for sale, due after ten years, fair value | 125 | |
Available for sale, with contractual maturities, fair value | 523 | |
Held to maturity, due in one year or less, amortized cost | 42 | |
Held to maturity, due after one year but within five years, amortized cost | 185 | |
Held to maturity, due after five year but within ten years, amortized cost | 116 | |
Held to maturity, due after ten years, amortized cost | 955 | |
Securities held to maturity, with contractual maturities, amortized cost | 1,298 | |
Held to maturity, due in one year or less, fair value | 41 | |
Held to maturity, due after one year but within five years, fair value | 181 | |
Held to maturity, due after five year but within ten years, fair value | 116 | |
Held to maturity, due after ten years, fair value | 910 | |
Securities held to maturity, with contractual maturities, fair value | 1,248 | |
Debt securities, available-for-sale, amortized cost | 3,401 | |
Debt Securities, Available-for-sale, Fair Value | 3,341 | |
Securities held to maturity, amortized cost | 3,254 | |
Securities held to maturity, Fair Value | 3,155 | $ 3,218 |
Agency mortgage-backed securities | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, maturity, amortized cost | 1,465 | |
Debt securities, available-for-sale, fair value | 1,429 | |
Debt securities, available-for-sale, amortized cost | 1,465 | 1,615 |
Debt Securities, Available-for-sale, Fair Value | 1,429 | 1,599 |
Securities held to maturity, amortized cost | 1,036 | |
Securities held to maturity, Fair Value | 1,010 | 1,214 |
Agency collateralized mortgage obligations | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, maturity, amortized cost | 1,179 | |
Debt securities, available-for-sale, fair value | 1,161 | |
Debt securities, available-for-sale, amortized cost | 1,179 | 813 |
Debt Securities, Available-for-sale, Fair Value | 1,161 | 795 |
Securities held to maturity, amortized cost | 794 | |
Securities held to maturity, Fair Value | 771 | 757 |
Commercial mortgage-backed securities | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, maturity, amortized cost | 229 | |
Debt securities, available-for-sale, fair value | 228 | |
Debt securities, available-for-sale, amortized cost | 229 | |
Debt Securities, Available-for-sale, Fair Value | 228 | |
Securities held to maturity, amortized cost | 126 | |
Securities held to maturity, Fair Value | $ 126 | $ 80 |
Securities - Summaries of Fair
Securities - Summaries of Fair Values and Unrealized Losses of Securities, Segregated by Length of Impairment (Detail) $ in Millions | Dec. 31, 2018USD ($)Security | Dec. 31, 2017USD ($)Security |
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | Security | 46 | 71 |
Debt securities, available-for-sale, 12 months or longer, number of positions | Security | 136 | 75 |
Debt securities, available-for-sale, number of positions | Security | 182 | 146 |
Debt securities, available-for-sale, less than 12 months | $ 679 | $ 1,504 |
Debt securities, available-for-sale, 12 months or longer | 1,988 | 1,016 |
Debt securities, available-for-sale, unrealized loss position | 2,667 | 2,520 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | (7) | (14) |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | (58) | (26) |
Debt securities, available-for-sale, accumulated loss | $ (65) | $ (40) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 373 | 168 |
Securities held to maturity, less than 12 months, fair value | $ 952 | $ 1,062 |
Securities held to maturity, less than 12 months, unrealized losses | (31) | (8) |
Securities held to maturity, greater than 12 months, fair value | 1,720 | 984 |
Securities held to maturity, greater than 12 months, unrealized losses | (73) | (33) |
Securities held to maturity, fair value, total | 2,672 | 2,046 |
Securities held to maturity, unrealized losses, total | $ (104) | $ (41) |
U.S. government agencies | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | Security | 20 | |
Debt securities, available-for-sale, 12 months or longer, number of positions | Security | 0 | |
Debt securities, available-for-sale, number of positions | Security | 20 | |
Debt securities, available-for-sale, less than 12 months | $ 145 | |
Debt securities, available-for-sale, 12 months or longer | 0 | |
Debt securities, available-for-sale, unrealized loss position | 145 | |
Debt securities, available-for-sale, less than 12 months, accumulated loss | (1) | |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | 0 | |
Debt securities, available-for-sale, accumulated loss | $ (1) | |
U.S. government-sponsored entities | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | Security | 1 | 7 |
Debt securities, available-for-sale, 12 months or longer, number of positions | Security | 11 | 10 |
Debt securities, available-for-sale, number of positions | Security | 12 | 17 |
Debt securities, available-for-sale, less than 12 months | $ 36 | $ 107 |
Debt securities, available-for-sale, 12 months or longer | 227 | 201 |
Debt securities, available-for-sale, unrealized loss position | 263 | 308 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | (4) | (4) |
Debt securities, available-for-sale, accumulated loss | $ (4) | $ (4) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 12 | 14 |
Securities held to maturity, less than 12 months, fair value | $ 0 | $ 55 |
Securities held to maturity, less than 12 months, unrealized losses | 0 | 0 |
Securities held to maturity, greater than 12 months, fair value | 211 | 186 |
Securities held to maturity, greater than 12 months, unrealized losses | (4) | (4) |
Securities held to maturity, fair value, total | 211 | 241 |
Securities held to maturity, unrealized losses, total | $ (4) | $ (4) |
Agency mortgage-backed securities | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | Security | 16 | 43 |
Debt securities, available-for-sale, 12 months or longer, number of positions | Security | 71 | 28 |
Debt securities, available-for-sale, number of positions | Security | 87 | 71 |
Debt securities, available-for-sale, less than 12 months | $ 259 | $ 977 |
Debt securities, available-for-sale, 12 months or longer | 1,159 | 473 |
Debt securities, available-for-sale, unrealized loss position | 1,418 | 1,450 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | (4) | (8) |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | (32) | (10) |
Debt securities, available-for-sale, accumulated loss | $ (36) | $ (18) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 90 | 47 |
Securities held to maturity, less than 12 months, fair value | $ 294 | $ 648 |
Securities held to maturity, less than 12 months, unrealized losses | (4) | (5) |
Securities held to maturity, greater than 12 months, fair value | 694 | 184 |
Securities held to maturity, greater than 12 months, unrealized losses | (22) | (4) |
Securities held to maturity, fair value, total | 988 | 832 |
Securities held to maturity, unrealized losses, total | $ (26) | $ (9) |
Agency collateralized mortgage obligations | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | Security | 2 | 14 |
Debt securities, available-for-sale, 12 months or longer, number of positions | Security | 47 | 33 |
Debt securities, available-for-sale, number of positions | Security | 49 | 47 |
Debt securities, available-for-sale, less than 12 months | $ 82 | $ 409 |
Debt securities, available-for-sale, 12 months or longer | 590 | 336 |
Debt securities, available-for-sale, unrealized loss position | 672 | 745 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | (1) | (6) |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | (22) | (12) |
Debt securities, available-for-sale, accumulated loss | $ (23) | $ (18) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 52 | 49 |
Securities held to maturity, less than 12 months, fair value | $ 42 | $ 276 |
Securities held to maturity, less than 12 months, unrealized losses | 0 | (2) |
Securities held to maturity, greater than 12 months, fair value | 611 | 473 |
Securities held to maturity, greater than 12 months, unrealized losses | (24) | (18) |
Securities held to maturity, fair value, total | 653 | 749 |
Securities held to maturity, unrealized losses, total | $ (24) | $ (20) |
Non-agency collateralized mortgage obligations | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | Security | 1 | |
Debt securities, available-for-sale, 12 months or longer, number of positions | Security | 0 | |
Debt securities, available-for-sale, number of positions | Security | 1 | |
Debt securities, available-for-sale, less than 12 months | $ 0 | |
Debt securities, available-for-sale, 12 months or longer | 0 | |
Debt securities, available-for-sale, unrealized loss position | 0 | |
Debt securities, available-for-sale, less than 12 months, accumulated loss | 0 | |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | 0 | |
Debt securities, available-for-sale, accumulated loss | $ 0 | |
Commercial mortgage-backed securities | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | Security | 4 | |
Debt securities, available-for-sale, 12 months or longer, number of positions | Security | 0 | |
Debt securities, available-for-sale, number of positions | Security | 4 | |
Debt securities, available-for-sale, less than 12 months | $ 155 | |
Debt securities, available-for-sale, 12 months or longer | 0 | |
Debt securities, available-for-sale, unrealized loss position | 155 | |
Debt securities, available-for-sale, less than 12 months, accumulated loss | (1) | |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | 0 | |
Debt securities, available-for-sale, accumulated loss | $ (1) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 9 | 5 |
Securities held to maturity, less than 12 months, fair value | $ 26 | $ 26 |
Securities held to maturity, less than 12 months, unrealized losses | 0 | 0 |
Securities held to maturity, greater than 12 months, fair value | 43 | 20 |
Securities held to maturity, greater than 12 months, unrealized losses | (1) | (1) |
Securities held to maturity, fair value, total | 69 | 46 |
Securities held to maturity, unrealized losses, total | $ (1) | $ (1) |
States of the U.S. and political subdivisions | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | Security | 2 | 7 |
Debt securities, available-for-sale, 12 months or longer, number of positions | Security | 6 | 1 |
Debt securities, available-for-sale, number of positions | Security | 8 | 8 |
Debt securities, available-for-sale, less than 12 months | $ 2 | $ 11 |
Debt securities, available-for-sale, 12 months or longer | 10 | 1 |
Debt securities, available-for-sale, unrealized loss position | 12 | 12 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, accumulated loss | $ 0 | $ 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 210 | 53 |
Securities held to maturity, less than 12 months, fair value | $ 590 | $ 57 |
Securities held to maturity, less than 12 months, unrealized losses | (27) | (1) |
Securities held to maturity, greater than 12 months, fair value | 161 | 121 |
Securities held to maturity, greater than 12 months, unrealized losses | (22) | (6) |
Securities held to maturity, fair value, total | 751 | 178 |
Securities held to maturity, unrealized losses, total | $ (49) | $ (7) |
Other debt securities | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | Security | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, number of positions | Security | 1 | 3 |
Debt securities, available-for-sale, number of positions | Security | 1 | 3 |
Debt securities, available-for-sale, less than 12 months | $ 0 | $ 0 |
Debt securities, available-for-sale, 12 months or longer | 2 | 5 |
Debt securities, available-for-sale, unrealized loss position | 2 | 5 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, accumulated loss | $ 0 | $ 0 |
Less than 12 Months | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 210 | 73 |
Less than 12 Months | U.S. government-sponsored entities | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 0 | 4 |
Less than 12 Months | Agency mortgage-backed securities | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 43 | 36 |
Less than 12 Months | Agency collateralized mortgage obligations | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 3 | 14 |
Less than 12 Months | Commercial mortgage-backed securities | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 5 | 3 |
Less than 12 Months | States of the U.S. and political subdivisions | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 159 | 16 |
12 Months or More | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 163 | 95 |
12 Months or More | U.S. government-sponsored entities | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 12 | 10 |
12 Months or More | Agency mortgage-backed securities | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 47 | 11 |
12 Months or More | Agency collateralized mortgage obligations | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 49 | 35 |
12 Months or More | Commercial mortgage-backed securities | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 4 | 2 |
12 Months or More | States of the U.S. and political subdivisions | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Number of positions | Security | 51 | 37 |
Other Securities - Additional I
Other Securities - Additional Information (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Federal Home Loan Bank stock | $ 209,000,000 | $ 160,000,000 |
Federal Reserve Bank stock | 122,000,000 | 122,000,000 |
Other non-marketable equity securities | 1,000,000 | 1,000,000 |
Total non-marketable equity securities | 332,000,000 | 283,000,000 |
Other non-marketable equity securities, impairment | $ 0 | $ 0 |
Loans and Leases - Summary of L
Loans and Leases - Summary of Loans and Leases, Net of Unearned Income (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | $ 22,153 | $ 20,999 |
Total commercial loans and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 13,761 | 13,196 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 8,786 | 8,742 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 4,556 | 4,170 |
Commercial leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 373 | 267 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 46 | 17 |
Total consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 8,392 | 7,803 |
Direct installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 1,764 | 1,906 |
Residential mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 3,113 | 2,703 |
Indirect installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 1,933 | 1,448 |
Consumer lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 1,582 | 1,746 |
Originated Loans and Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 18,062 | 15,346 |
Originated Loans and Leases | Total commercial loans and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 10,730 | 8,954 |
Originated Loans and Leases | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 6,171 | 5,175 |
Originated Loans and Leases | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 4,140 | 3,495 |
Originated Loans and Leases | Commercial leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 373 | 267 |
Originated Loans and Leases | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 46 | 17 |
Originated Loans and Leases | Total consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 7,332 | 6,392 |
Originated Loans and Leases | Direct installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 1,668 | 1,756 |
Originated Loans and Leases | Residential mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 2,612 | 2,036 |
Originated Loans and Leases | Indirect installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 1,933 | 1,448 |
Originated Loans and Leases | Consumer lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 1,119 | 1,152 |
Loans Acquired in a Business Combination | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 4,091 | 5,653 |
Loans Acquired in a Business Combination | Total commercial loans and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 3,031 | 4,242 |
Loans Acquired in a Business Combination | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 2,615 | 3,567 |
Loans Acquired in a Business Combination | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 416 | 675 |
Loans Acquired in a Business Combination | Commercial leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Loans Acquired in a Business Combination | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Loans Acquired in a Business Combination | Total consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 1,060 | 1,411 |
Loans Acquired in a Business Combination | Direct installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 96 | 150 |
Loans Acquired in a Business Combination | Residential mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 501 | 667 |
Loans Acquired in a Business Combination | Indirect installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Loans Acquired in a Business Combination | Consumer lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | $ 463 | $ 594 |
Loans and Leases - Certain Info
Loans and Leases - Certain Information Relating to Commercial Real Estate Loans (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Commercial construction, acquisition and development loans | $ 1,152 | $ 1,170 |
Credit concentration risk | Commercial construction loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percent of total loans and leases | 5.20% | 5.60% |
Loan portfolio diversification risk | Commercial real estate loans | Percent owner-occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percent of total loans and leases | 35.10% | 35.30% |
Loan portfolio diversification risk | Commercial real estate loans | Percent non-owner-occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percent of total loans and leases | 64.90% | 64.70% |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying amount | $ 22,153 | $ 20,999 | |||
Reclassification from non-accretable difference | $ 266.5 | 155.8 | |||
Sustained period of delinquency for impairment evaluation | 90 days | ||||
Minimum reserves for commercial loan | $ 1 | ||||
Valuation for impairment of loans with pooled reserves | 1 | ||||
Minimum amount to allocate specific valuation allowance | 1 | ||||
Interest income on impaired loans still accruing | 5.9 | 6.1 | $ 4.6 | ||
Restructured loans returned to performing status | 4 | ||||
Reserves in allowance for loan losses | 180 | 175 | $ 158 | $ 142 | |
Pooled reserves for all other classes of loans | 4 | 4 | |||
Purchased credit-impaired loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying amount | $ 1.7 | $ 1.9 | |||
Loan portfolio diversification risk | Residential construction loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of portfolio | 1.20% | 1.10% | |||
Credit concentration risk | Acquired loans receivable | Purchased credit-impaired loans | Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of portfolio | 0.04% | ||||
Credit concentration risk | Acquired loans receivable | Purchased credit-impaired loans | Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of portfolio | 0.03% | ||||
Total commercial loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Threshold period past due for default non-accrual status of trade accounts receivable | 90 days | ||||
Installment Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Threshold period past due for default non-accrual status of trade accounts receivable | 120 days | ||||
Residential Mortgages | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Proceeds from sale of acquired residential mortgage loans | $ 56.5 | ||||
Threshold period past due for default non-accrual status of trade accounts receivable | 180 days | ||||
Carrying value of OREO through foreclosure | $ 6.3 | $ 3.6 | |||
Mortgage loans on real estate, foreclosure | 8.9 | 15.2 | |||
Total commercial loans and leases | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying amount | 13,761 | 13,196 | |||
Specific reserves for commercial TDRs | Total commercial loans and leases | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Reserves in allowance for loan losses | 0.5 | ||||
Pooled reserves for individual commercial loans | Total commercial loans and leases | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Reserves in allowance for loan losses | 0 | 0.5 | |||
Residential construction loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying amount | $ 273.4 | $ 248.3 |
Loans and Leases - Summary of_2
Loans and Leases - Summary of Loans to Related Parties (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |
Balance at beginning of period | $ 20 |
New loans | 1 |
Repayments | (4) |
Other | 1 |
Balance at end of period | $ 16 |
Loans and Leases - Summary of O
Loans and Leases - Summary of Outstanding Principal Balance and Carrying Amount of Acquired Loans (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount | $ 22,153 | $ 20,999 |
Accounted for under ASC 310-30: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 3,768 | 5,176 |
Carrying amount | 3,570 | 4,834 |
Accounted for under ASC 310-20: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 602 | 835 |
Carrying amount | 513 | 813 |
Total loans acquired in a business combination: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 4,370 | 6,011 |
Carrying amount | $ 4,083 | $ 5,647 |
Loans and Leases - Summary of C
Loans and Leases - Summary of Change in Accretable Yield of Acquired Loans (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 708 | $ 467 |
Acquisitions | 0 | 445 |
Reduction due to unexpected early payoffs | (146) | (128) |
Reclass from non-accretable difference | 266.5 | 155.8 |
Disposals/transfers | (1) | (4) |
Other | (1) | (1) |
Accretion | (222) | (227) |
Balance at end of period | $ 605 | $ 708 |
Loans and Leases - Summary of N
Loans and Leases - Summary of Non-Performing Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings | $ 48 | $ 53 |
Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 79 | 75 |
Troubled debt restructurings | 21 | 23 |
Total non-performing loans | 100 | 98 |
Other real estate owned | 35 | 41 |
Total non-performing assets | $ 135 | $ 139 |
Non-performing loans / total loans and leases | 0.45% | 0.47% |
Non-performing loans OREO / total loans and leases OREO | 0.61% | 0.66% |
Non-performing assets / total assets | 0.41% | 0.44% |
Loans and Leases - Age Analysis
Loans and Leases - Age Analysis of Past Due Loans, by Class (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and Leases | $ 22,153 | $ 20,999 | |
Total commercial loans and leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and Leases | 13,761 | 13,196 | |
Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and Leases | 8,786 | 8,742 | |
Commercial and industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and Leases | 4,556 | 4,170 | |
Commercial leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and Leases | 373 | 267 | |
Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and Leases | 46 | 17 | |
Total consumer loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and Leases | 8,392 | 7,803 | |
Direct installment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and Leases | 1,764 | 1,906 | |
Residential mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and Leases | 3,113 | 2,703 | |
Indirect installment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and Leases | 1,933 | 1,448 | |
Consumer lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and Leases | 1,582 | 1,746 | |
Originated Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 116 | 135 | |
Non- Accrual | 58 | 63 | |
Current | 17,946 | 15,211 | |
Total Loans and Leases | 18,062 | 15,346 | |
Loans and leases receivable, loans sold | $ 14.7 | ||
Originated Loans and Leases | Total commercial loans and leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 52 | 64 | |
Non- Accrual | 39 | 45 | |
Current | 10,678 | 8,890 | |
Total Loans and Leases | 10,730 | 8,954 | |
Originated Loans and Leases | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 24 | 34 | |
Non- Accrual | 17 | 25 | |
Current | 6,147 | 5,141 | |
Total Loans and Leases | 6,171 | 5,175 | |
Originated Loans and Leases | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 24 | 26 | |
Non- Accrual | 19 | 17 | |
Current | 4,116 | 3,469 | |
Total Loans and Leases | 4,140 | 3,495 | |
Originated Loans and Leases | Commercial leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3 | 3 | |
Non- Accrual | 2 | 2 | |
Current | 370 | 264 | |
Total Loans and Leases | 373 | 267 | |
Originated Loans and Leases | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1 | 1 | |
Non- Accrual | 1 | 1 | |
Current | 45 | 16 | |
Total Loans and Leases | 46 | 17 | |
Originated Loans and Leases | Total consumer loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 64 | 71 | |
Non- Accrual | 19 | 18 | |
Current | 7,268 | 6,321 | |
Total Loans and Leases | 7,332 | 6,392 | |
Originated Loans and Leases | Direct installment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 16 | 27 | |
Non- Accrual | 8 | 9 | |
Current | 1,652 | 1,729 | |
Total Loans and Leases | 1,668 | 1,756 | |
Originated Loans and Leases | Residential mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 25 | 22 | |
Non- Accrual | 6 | 5 | |
Current | 2,587 | 2,014 | |
Total Loans and Leases | 2,612 | 2,036 | |
Originated Loans and Leases | Indirect installment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 14 | 13 | |
Non- Accrual | 2 | 2 | |
Current | 1,919 | 1,435 | |
Total Loans and Leases | 1,933 | 1,448 | |
Originated Loans and Leases | Consumer lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 9 | 9 | |
Non- Accrual | 3 | 2 | |
Current | 1,110 | 1,143 | |
Total Loans and Leases | 1,119 | 1,152 | |
Loans Acquired in a Business Combination | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 120 | 168 | |
Non- Accrual | 21 | 11 | |
Current | 4,193 | 5,769 | |
(Discount)/ Premium | (222) | (284) | |
Total Loans and Leases | 4,091 | 5,653 | |
Loans and leases receivable, loans sold | $ 28.5 | ||
Loans Acquired in a Business Combination | Total commercial loans and leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and Leases | 3,031 | 4,242 | |
Loans Acquired in a Business Combination | Total commercial loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 84 | 118 | |
Non- Accrual | 20 | 10 | |
Current | 3,143 | 4,355 | |
(Discount)/ Premium | (196) | (231) | |
Total Loans and Leases | 3,031 | 4,242 | |
Loans Acquired in a Business Combination | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 60 | 102 | |
Non- Accrual | 3 | 4 | |
Current | 2,723 | 3,657 | |
(Discount)/ Premium | (168) | (192) | |
Total Loans and Leases | 2,615 | 3,567 | |
Loans Acquired in a Business Combination | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 24 | 16 | |
Non- Accrual | 17 | 6 | |
Current | 420 | 698 | |
(Discount)/ Premium | (28) | (39) | |
Total Loans and Leases | 416 | 675 | |
Loans Acquired in a Business Combination | Total consumer loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 36 | 50 | |
Non- Accrual | 1 | 1 | |
Current | 1,050 | 1,414 | |
(Discount)/ Premium | (26) | (53) | |
Total Loans and Leases | 1,060 | 1,411 | |
Loans Acquired in a Business Combination | Direct installment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5 | 7 | |
Non- Accrual | 0 | 0 | |
Current | 91 | 142 | |
(Discount)/ Premium | 0 | 1 | |
Total Loans and Leases | 96 | 150 | |
Loans Acquired in a Business Combination | Residential mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 19 | 32 | |
Non- Accrual | 0 | 0 | |
Current | 498 | 676 | |
(Discount)/ Premium | (16) | (41) | |
Total Loans and Leases | 501 | 667 | |
Loans Acquired in a Business Combination | Consumer lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 12 | 11 | |
Non- Accrual | 1 | 1 | |
Current | 461 | 596 | |
(Discount)/ Premium | (10) | (13) | |
Total Loans and Leases | 463 | 594 | |
30-89 Days Past Due | Originated Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 53 | 62 | |
30-89 Days Past Due | Originated Loans and Leases | Total commercial loans and leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 13 | 19 | |
30-89 Days Past Due | Originated Loans and Leases | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 7 | 9 | |
30-89 Days Past Due | Originated Loans and Leases | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5 | 9 | |
30-89 Days Past Due | Originated Loans and Leases | Commercial leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1 | 1 | |
30-89 Days Past Due | Originated Loans and Leases | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
30-89 Days Past Due | Originated Loans and Leases | Total consumer loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 40 | 43 | |
30-89 Days Past Due | Originated Loans and Leases | Direct installment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 8 | 13 | |
30-89 Days Past Due | Originated Loans and Leases | Residential mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 16 | 14 | |
30-89 Days Past Due | Originated Loans and Leases | Indirect installment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 11 | 10 | |
30-89 Days Past Due | Originated Loans and Leases | Consumer lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5 | 6 | |
30-89 Days Past Due | Loans Acquired in a Business Combination | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 46 | 67 | |
30-89 Days Past Due | Loans Acquired in a Business Combination | Total commercial loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 22 | 38 | |
30-89 Days Past Due | Loans Acquired in a Business Combination | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 19 | 35 | |
30-89 Days Past Due | Loans Acquired in a Business Combination | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3 | 3 | |
30-89 Days Past Due | Loans Acquired in a Business Combination | Total consumer loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 24 | 29 | |
30-89 Days Past Due | Loans Acquired in a Business Combination | Direct installment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3 | 5 | |
30-89 Days Past Due | Loans Acquired in a Business Combination | Residential mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 13 | 17 | |
30-89 Days Past Due | Loans Acquired in a Business Combination | Consumer lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 8 | 7 | |
≥ 90 Days Past Due and Still Accruing | Originated Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5 | 10 | |
≥ 90 Days Past Due and Still Accruing | Originated Loans and Leases | Total commercial loans and leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
≥ 90 Days Past Due and Still Accruing | Originated Loans and Leases | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
≥ 90 Days Past Due and Still Accruing | Originated Loans and Leases | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
≥ 90 Days Past Due and Still Accruing | Originated Loans and Leases | Commercial leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
≥ 90 Days Past Due and Still Accruing | Originated Loans and Leases | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
≥ 90 Days Past Due and Still Accruing | Originated Loans and Leases | Total consumer loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5 | 10 | |
≥ 90 Days Past Due and Still Accruing | Originated Loans and Leases | Direct installment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 5 | |
≥ 90 Days Past Due and Still Accruing | Originated Loans and Leases | Residential mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3 | 3 | |
≥ 90 Days Past Due and Still Accruing | Originated Loans and Leases | Indirect installment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1 | 1 | |
≥ 90 Days Past Due and Still Accruing | Originated Loans and Leases | Consumer lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1 | 1 | |
≥ 90 Days Past Due and Still Accruing | Loans Acquired in a Business Combination | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 53 | 90 | |
≥ 90 Days Past Due and Still Accruing | Loans Acquired in a Business Combination | Total commercial loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 42 | 70 | |
≥ 90 Days Past Due and Still Accruing | Loans Acquired in a Business Combination | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 38 | 63 | |
≥ 90 Days Past Due and Still Accruing | Loans Acquired in a Business Combination | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4 | 7 | |
≥ 90 Days Past Due and Still Accruing | Loans Acquired in a Business Combination | Total consumer loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 11 | 20 | |
≥ 90 Days Past Due and Still Accruing | Loans Acquired in a Business Combination | Direct installment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2 | 2 | |
≥ 90 Days Past Due and Still Accruing | Loans Acquired in a Business Combination | Residential mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6 | 15 | |
≥ 90 Days Past Due and Still Accruing | Loans Acquired in a Business Combination | Consumer lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 3 | $ 3 |
Loans and Leases - Summary of_3
Loans and Leases - Summary of Commercial Loans and Leases by Credit Quality (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | $ 22,153 | $ 20,999 |
Total commercial loans and leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 13,761 | 13,196 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 8,786 | 8,742 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 4,556 | 4,170 |
Commercial leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 373 | 267 |
Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 46 | 17 |
Originated Loans and Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 18,062 | 15,346 |
Originated Loans and Leases | Total commercial loans and leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 10,730 | 8,954 |
Originated Loans and Leases | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 6,171 | 5,175 |
Originated Loans and Leases | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 4,140 | 3,495 |
Originated Loans and Leases | Commercial leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 373 | 267 |
Originated Loans and Leases | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 46 | 17 |
Loans Acquired in a Business Combination | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 4,091 | 5,653 |
Loans Acquired in a Business Combination | Total commercial loans and leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 3,031 | 4,242 |
Loans Acquired in a Business Combination | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 2,615 | 3,567 |
Loans Acquired in a Business Combination | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 416 | 675 |
Pass | Originated Loans and Leases | Total commercial loans and leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 10,173 | 8,466 |
Pass | Originated Loans and Leases | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 5,883 | 4,923 |
Pass | Originated Loans and Leases | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 3,879 | 3,267 |
Pass | Originated Loans and Leases | Commercial leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 366 | 260 |
Pass | Originated Loans and Leases | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 45 | 16 |
Pass | Loans Acquired in a Business Combination | Total commercial loans and leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 2,611 | 3,707 |
Pass | Loans Acquired in a Business Combination | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 2,256 | 3,103 |
Pass | Loans Acquired in a Business Combination | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 355 | 604 |
Special Mention | Originated Loans and Leases | Total commercial loans and leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 344 | 290 |
Special Mention | Originated Loans and Leases | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 163 | 152 |
Special Mention | Originated Loans and Leases | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 180 | 133 |
Special Mention | Originated Loans and Leases | Commercial leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 1 | 5 |
Special Mention | Originated Loans and Leases | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Special Mention | Loans Acquired in a Business Combination | Total commercial loans and leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 186 | 277 |
Special Mention | Loans Acquired in a Business Combination | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 168 | 251 |
Special Mention | Loans Acquired in a Business Combination | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 18 | 26 |
Substandard | Originated Loans and Leases | Total commercial loans and leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 213 | 194 |
Substandard | Originated Loans and Leases | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 125 | 99 |
Substandard | Originated Loans and Leases | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 81 | 92 |
Substandard | Originated Loans and Leases | Commercial leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 6 | 2 |
Substandard | Originated Loans and Leases | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 1 | 1 |
Substandard | Loans Acquired in a Business Combination | Total commercial loans and leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 234 | 258 |
Substandard | Loans Acquired in a Business Combination | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 191 | 213 |
Substandard | Loans Acquired in a Business Combination | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 43 | 45 |
Doubtful | Originated Loans and Leases | Total commercial loans and leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 4 |
Doubtful | Originated Loans and Leases | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 1 |
Doubtful | Originated Loans and Leases | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 3 |
Doubtful | Originated Loans and Leases | Commercial leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Doubtful | Originated Loans and Leases | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Doubtful | Loans Acquired in a Business Combination | Total commercial loans and leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Doubtful | Loans Acquired in a Business Combination | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Doubtful | Loans Acquired in a Business Combination | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases | $ 0 | $ 0 |
Loans and Leases - Summary of_4
Loans and Leases - Summary of Consumer Loans by Payment Status (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Credit Quality [Line Items] | ||
Total Loans and Leases | $ 22,153 | $ 20,999 |
Direct installment | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 1,764 | 1,906 |
Residential mortgages | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 3,113 | 2,703 |
Indirect installment | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 1,933 | 1,448 |
Originated Loans and Leases | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 18,062 | 15,346 |
Originated Loans and Leases | Direct installment | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 1,668 | 1,756 |
Originated Loans and Leases | Residential mortgages | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 2,612 | 2,036 |
Originated Loans and Leases | Indirect installment | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 1,933 | 1,448 |
Loans Acquired in a Business Combination | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 4,091 | 5,653 |
Loans Acquired in a Business Combination | Direct installment | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 96 | 150 |
Loans Acquired in a Business Combination | Residential mortgages | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 501 | 667 |
Total consumer loans | Originated Loans and Leases | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 7,332 | 6,392 |
Total consumer loans | Originated Loans and Leases | Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 7,297 | 6,353 |
Total consumer loans | Originated Loans and Leases | Non-Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 35 | 39 |
Total consumer loans | Originated Loans and Leases | Direct installment | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 1,668 | 1,756 |
Total consumer loans | Originated Loans and Leases | Direct installment | Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 1,654 | 1,739 |
Total consumer loans | Originated Loans and Leases | Direct installment | Non-Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 14 | 17 |
Total consumer loans | Originated Loans and Leases | Residential mortgages | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 2,612 | 2,036 |
Total consumer loans | Originated Loans and Leases | Residential mortgages | Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 2,598 | 2,020 |
Total consumer loans | Originated Loans and Leases | Residential mortgages | Non-Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 14 | 16 |
Total consumer loans | Originated Loans and Leases | Indirect installment | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 1,933 | 1,448 |
Total consumer loans | Originated Loans and Leases | Indirect installment | Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 1,931 | 1,446 |
Total consumer loans | Originated Loans and Leases | Indirect installment | Non-Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 2 | 2 |
Total consumer loans | Originated Loans and Leases | Consumer lines of credit | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 1,119 | 1,152 |
Total consumer loans | Originated Loans and Leases | Consumer lines of credit | Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 1,114 | 1,148 |
Total consumer loans | Originated Loans and Leases | Consumer lines of credit | Non-Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 5 | 4 |
Total consumer loans | Loans Acquired in a Business Combination | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 1,060 | 1,411 |
Total consumer loans | Loans Acquired in a Business Combination | Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 1,059 | 1,409 |
Total consumer loans | Loans Acquired in a Business Combination | Non-Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 1 | 2 |
Total consumer loans | Loans Acquired in a Business Combination | Direct installment | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 96 | 150 |
Total consumer loans | Loans Acquired in a Business Combination | Direct installment | Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 96 | 150 |
Total consumer loans | Loans Acquired in a Business Combination | Direct installment | Non-Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Total consumer loans | Loans Acquired in a Business Combination | Residential mortgages | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 501 | 667 |
Total consumer loans | Loans Acquired in a Business Combination | Residential mortgages | Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 501 | 667 |
Total consumer loans | Loans Acquired in a Business Combination | Residential mortgages | Non-Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Total consumer loans | Loans Acquired in a Business Combination | Indirect installment | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 0 | |
Total consumer loans | Loans Acquired in a Business Combination | Indirect installment | Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 0 | |
Total consumer loans | Loans Acquired in a Business Combination | Indirect installment | Non-Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 0 | |
Total consumer loans | Loans Acquired in a Business Combination | Consumer lines of credit | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 463 | 594 |
Total consumer loans | Loans Acquired in a Business Combination | Consumer lines of credit | Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | 462 | 592 |
Total consumer loans | Loans Acquired in a Business Combination | Consumer lines of credit | Non-Performing | ||
Credit Quality [Line Items] | ||
Total Loans and Leases | $ 1 | $ 2 |
Loans and Leases - Summary of I
Loans and Leases - Summary of Impaired Loans and Lease, by Class (Detail) - Originated Loans and Leases - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | $ 113 | $ 106 |
Recorded Investment With No Specific Reserve | 73 | 74 |
Recorded Investment With Specific Reserve | 14 | 7 |
Total Recorded Investment | 87 | 81 |
Specific Reserve | 4 | 4 |
Average Recorded Investment | 90 | 89 |
Total commercial loans and leases | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 68 | 58 |
Recorded Investment With No Specific Reserve | 38 | 35 |
Recorded Investment With Specific Reserve | 14 | 7 |
Total Recorded Investment | 52 | 42 |
Specific Reserve | 4 | 4 |
Average Recorded Investment | 54 | 50 |
Commercial real estate | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 20 | 27 |
Recorded Investment With No Specific Reserve | 16 | 22 |
Recorded Investment With Specific Reserve | 1 | 3 |
Total Recorded Investment | 17 | 25 |
Specific Reserve | 0 | 1 |
Average Recorded Investment | 18 | 25 |
Commercial and industrial | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 46 | 29 |
Recorded Investment With No Specific Reserve | 20 | 11 |
Recorded Investment With Specific Reserve | 13 | 4 |
Total Recorded Investment | 33 | 15 |
Specific Reserve | 4 | 3 |
Average Recorded Investment | 32 | 24 |
Commercial leases | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 2 | 2 |
Recorded Investment With No Specific Reserve | 2 | 2 |
Recorded Investment With Specific Reserve | 0 | 0 |
Total Recorded Investment | 2 | 2 |
Specific Reserve | 0 | 0 |
Average Recorded Investment | 4 | 1 |
Other | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 0 | |
Recorded Investment With No Specific Reserve | 0 | |
Recorded Investment With Specific Reserve | 0 | |
Total Recorded Investment | 0 | |
Specific Reserve | 0 | |
Average Recorded Investment | 0 | |
Total consumer loans | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 45 | 48 |
Recorded Investment With No Specific Reserve | 35 | 39 |
Recorded Investment With Specific Reserve | 0 | 0 |
Total Recorded Investment | 35 | 39 |
Specific Reserve | 0 | 0 |
Average Recorded Investment | 36 | 39 |
Direct installment | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 17 | 19 |
Recorded Investment With No Specific Reserve | 14 | 17 |
Recorded Investment With Specific Reserve | 0 | 0 |
Total Recorded Investment | 14 | 17 |
Specific Reserve | 0 | 0 |
Average Recorded Investment | 14 | 17 |
Residential mortgages | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 16 | 18 |
Recorded Investment With No Specific Reserve | 14 | 16 |
Recorded Investment With Specific Reserve | 0 | 0 |
Total Recorded Investment | 14 | 16 |
Specific Reserve | 0 | 0 |
Average Recorded Investment | 15 | 16 |
Indirect installment | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 5 | 6 |
Recorded Investment With No Specific Reserve | 2 | 2 |
Recorded Investment With Specific Reserve | 0 | 0 |
Total Recorded Investment | 2 | 2 |
Specific Reserve | 0 | 0 |
Average Recorded Investment | 2 | 2 |
Consumer lines of credit | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 7 | 5 |
Recorded Investment With No Specific Reserve | 5 | 4 |
Recorded Investment With Specific Reserve | 0 | 0 |
Total Recorded Investment | 5 | 4 |
Specific Reserve | 0 | 0 |
Average Recorded Investment | $ 5 | $ 4 |
Loans and Leases - Additional A
Loans and Leases - Additional Allowance for Credit Losses Relating to Loans Acquired In Business Combination (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and leases receivable, allowance | $ 180 | $ 175 | $ 158 | $ 142 |
Loans Acquired in a Business Combination | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and leases receivable, allowance | 7 | 7 | $ 7 | $ 7 |
Loans Acquired in a Business Combination | Total commercial loans and leases | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and leases receivable, allowance | 6 | 5 | ||
Loans Acquired in a Business Combination | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and leases receivable, allowance | 2 | 5 | ||
Loans Acquired in a Business Combination | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and leases receivable, allowance | 4 | 0 | ||
Loans Acquired in a Business Combination | Total consumer loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and leases receivable, allowance | 1 | 2 | ||
Loans Acquired in a Business Combination | Direct installment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and leases receivable, allowance | $ 1 | $ 2 |
Loans and Leases - Summary of P
Loans and Leases - Summary of Payment Status of Originated TDRs (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings ("TDRs") | $ 48 | $ 53 |
Performing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings ("TDRs") | 18 | 20 |
Non-Performing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings ("TDRs") | 21 | 23 |
Non-accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings ("TDRs") | 9 | 10 |
Originated Loans and Leases | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings ("TDRs") | 44 | 50 |
Originated Loans and Leases | Performing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings ("TDRs") | 18 | 20 |
Originated Loans and Leases | Non-Performing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings ("TDRs") | 17 | 20 |
Originated Loans and Leases | Non-accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings ("TDRs") | 9 | 10 |
Loans Acquired in a Business Combination | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings ("TDRs") | 4 | 3 |
Loans Acquired in a Business Combination | Performing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings ("TDRs") | 0 | 0 |
Loans Acquired in a Business Combination | Non-Performing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings ("TDRs") | 4 | 3 |
Loans Acquired in a Business Combination | Non-accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings ("TDRs") | $ 0 | $ 0 |
Loans and Leases - Summary of T
Loans and Leases - Summary of Troubled Debt Restructurings by Class of Loans (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)Contract | Dec. 31, 2017USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 135 | 772 |
Pre-Modification Outstanding Recorded Investment | $ 7 | $ 14 |
Post- Modification Outstanding Recorded Investment | $ 7 | $ 13 |
Total commercial loans and leases | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 14 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 1 | $ 5 |
Post- Modification Outstanding Recorded Investment | $ 1 | $ 5 |
Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 4 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 1 | $ 2 |
Post- Modification Outstanding Recorded Investment | $ 1 | $ 2 |
Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 10 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 3 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 3 |
Total consumer loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 121 | 766 |
Pre-Modification Outstanding Recorded Investment | $ 6 | $ 9 |
Post- Modification Outstanding Recorded Investment | $ 6 | $ 8 |
Direct installment | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 80 | 641 |
Pre-Modification Outstanding Recorded Investment | $ 4 | $ 5 |
Post- Modification Outstanding Recorded Investment | $ 4 | $ 5 |
Residential mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 15 | 43 |
Pre-Modification Outstanding Recorded Investment | $ 1 | $ 3 |
Post- Modification Outstanding Recorded Investment | $ 1 | $ 2 |
Indirect installment | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 18 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Consumer lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 26 | 64 |
Pre-Modification Outstanding Recorded Investment | $ 1 | $ 1 |
Post- Modification Outstanding Recorded Investment | $ 1 | $ 1 |
Loans and Leases - Summary of_5
Loans and Leases - Summary of Originated Troubled Debt Restructurings by Class of Loans and Leases, Payment Default (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)Contract | Dec. 31, 2017USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 18 | 160 |
Recorded Investment | $ | $ 2 | $ 1 |
Total commercial loans and leases | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 4 | 1 |
Recorded Investment | $ | $ 1 | $ 0 |
Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 3 | 1 |
Recorded Investment | $ | $ 1 | $ 0 |
Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Total consumer loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 14 | 159 |
Recorded Investment | $ | $ 1 | $ 1 |
Direct installment | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 7 | 131 |
Recorded Investment | $ | $ 1 | $ 1 |
Residential mortgages | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 4 | 6 |
Recorded Investment | $ | $ 0 | $ 0 |
Indirect installment | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 17 |
Recorded Investment | $ | $ 0 | $ 0 |
Consumer lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 3 | 5 |
Recorded Investment | $ | $ 0 | $ 0 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary of Changes in Allowance for Credit Losses by Loan and Lease Class (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | $ 175 | $ 158 | $ 175 | $ 158 | $ 142 | ||||||
Charge- Offs | (70) | (60) | (51) | ||||||||
Recoveries | 14 | 16 | 11 | ||||||||
Net Charge- Offs | (56) | (44) | (40) | ||||||||
Provision for credit losses | $ 15 | $ 16 | $ 16 | 14 | $ 16 | $ 17 | $ 17 | 11 | 61 | 61 | 56 |
Balance at End of Year | 180 | 175 | 180 | 175 | 158 | ||||||
Originated Loans and Leases | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 168 | 151 | 168 | 151 | 135 | ||||||
Charge- Offs | (63) | (58) | (50) | ||||||||
Recoveries | 11 | 11 | 10 | ||||||||
Net Charge- Offs | (52) | (47) | (40) | ||||||||
Provision for credit losses | 57 | 64 | 56 | ||||||||
Balance at End of Year | 173 | 168 | 173 | 168 | 151 | ||||||
Loans Acquired in a Business Combination | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 7 | 7 | 7 | 7 | 7 | ||||||
Charge- Offs | (7) | (2) | (1) | ||||||||
Recoveries | 3 | 5 | 1 | ||||||||
Net Charge- Offs | (4) | 3 | 0 | ||||||||
Provision for credit losses | 4 | (3) | 0 | ||||||||
Balance at End of Year | 7 | 7 | 7 | 7 | 7 | ||||||
Total commercial loans and leases | Originated Loans and Leases | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 109 | 99 | 109 | 99 | 86 | ||||||
Charge- Offs | (34) | (34) | (30) | ||||||||
Recoveries | 5 | 5 | 6 | ||||||||
Net Charge- Offs | (29) | (29) | (24) | ||||||||
Provision for credit losses | 34 | 39 | 37 | ||||||||
Balance at End of Year | 114 | 109 | 114 | 109 | 99 | ||||||
Total commercial loans and leases | Loans Acquired in a Business Combination | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 5 | 5 | |||||||||
Balance at End of Year | 6 | 5 | 6 | 5 | |||||||
Commercial real estate | Originated Loans and Leases | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 50 | 47 | 50 | 47 | 42 | ||||||
Charge- Offs | (7) | (2) | (7) | ||||||||
Recoveries | 3 | 2 | 4 | ||||||||
Net Charge- Offs | (4) | 0 | (3) | ||||||||
Provision for credit losses | 9 | 3 | 8 | ||||||||
Balance at End of Year | 55 | 50 | 55 | 50 | 47 | ||||||
Commercial real estate | Loans Acquired in a Business Combination | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 5 | 5 | |||||||||
Balance at End of Year | 2 | 5 | 2 | 5 | |||||||
Commercial and industrial | Originated Loans and Leases | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 52 | 48 | 52 | 48 | 41 | ||||||
Charge- Offs | (20) | (27) | (19) | ||||||||
Recoveries | 2 | 2 | 2 | ||||||||
Net Charge- Offs | (18) | (25) | (17) | ||||||||
Provision for credit losses | 15 | 29 | 24 | ||||||||
Balance at End of Year | 49 | 52 | 49 | 52 | 48 | ||||||
Commercial and industrial | Loans Acquired in a Business Combination | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 0 | 0 | |||||||||
Balance at End of Year | 4 | 0 | 4 | 0 | |||||||
Commercial leases | Originated Loans and Leases | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 5 | 3 | 5 | 3 | 2 | ||||||
Charge- Offs | (3) | (1) | (1) | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Net Charge- Offs | (3) | (1) | (1) | ||||||||
Provision for credit losses | 6 | 3 | 2 | ||||||||
Balance at End of Year | 8 | 5 | 8 | 5 | 3 | ||||||
Other | Originated Loans and Leases | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 2 | 1 | 2 | 1 | 1 | ||||||
Charge- Offs | (4) | (4) | (3) | ||||||||
Recoveries | 0 | 1 | 0 | ||||||||
Net Charge- Offs | (4) | (3) | (3) | ||||||||
Provision for credit losses | 4 | 4 | 3 | ||||||||
Balance at End of Year | 2 | 2 | 2 | 2 | 1 | ||||||
Total consumer loans | Originated Loans and Leases | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 59 | 52 | 59 | 52 | 49 | ||||||
Charge- Offs | (29) | (24) | (20) | ||||||||
Recoveries | 6 | 6 | 4 | ||||||||
Net Charge- Offs | (23) | (18) | (16) | ||||||||
Provision for credit losses | 23 | 25 | 19 | ||||||||
Balance at End of Year | 59 | 59 | 59 | 59 | 52 | ||||||
Total consumer loans | Loans Acquired in a Business Combination | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 2 | 2 | |||||||||
Balance at End of Year | 1 | 2 | 1 | 2 | |||||||
Direct installment | Originated Loans and Leases | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 21 | 21 | 21 | 21 | 21 | ||||||
Charge- Offs | (17) | (12) | (10) | ||||||||
Recoveries | 2 | 2 | 2 | ||||||||
Net Charge- Offs | (15) | (10) | (8) | ||||||||
Provision for credit losses | 8 | 10 | 8 | ||||||||
Balance at End of Year | 14 | 21 | 14 | 21 | 21 | ||||||
Direct installment | Loans Acquired in a Business Combination | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 2 | 2 | |||||||||
Balance at End of Year | 1 | 2 | 1 | 2 | |||||||
Residential mortgages | Originated Loans and Leases | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 16 | 10 | 16 | 10 | 8 | ||||||
Charge- Offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Net Charge- Offs | 0 | 0 | 0 | ||||||||
Provision for credit losses | 4 | 6 | 2 | ||||||||
Balance at End of Year | 20 | 16 | 20 | 16 | 10 | ||||||
Indirect installment | Originated Loans and Leases | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 12 | 11 | 12 | 11 | 10 | ||||||
Charge- Offs | (9) | (10) | (8) | ||||||||
Recoveries | 4 | 4 | 2 | ||||||||
Net Charge- Offs | (5) | (6) | (6) | ||||||||
Provision for credit losses | 8 | 7 | 7 | ||||||||
Balance at End of Year | 15 | 12 | 15 | 12 | 11 | ||||||
Consumer lines of credit | Originated Loans and Leases | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 10 | 10 | 10 | 10 | 10 | ||||||
Charge- Offs | (3) | (2) | (2) | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Net Charge- Offs | (3) | (2) | (2) | ||||||||
Provision for credit losses | 3 | 2 | 2 | ||||||||
Balance at End of Year | 10 | 10 | 10 | 10 | 10 | ||||||
Purchased credit-impaired loans | Loans Acquired in a Business Combination | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | 1 | 1 | 1 | 1 | 1 | ||||||
Charge- Offs | 0 | (1) | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Net Charge- Offs | 0 | (1) | 0 | ||||||||
Provision for credit losses | 0 | 1 | 0 | ||||||||
Balance at End of Year | 1 | 1 | 1 | 1 | 1 | ||||||
Other loans acquired in a business combination | Loans Acquired in a Business Combination | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance at Beginning of Year | $ 6 | $ 6 | 6 | 6 | 6 | ||||||
Charge- Offs | (7) | (1) | (1) | ||||||||
Recoveries | 3 | 5 | 1 | ||||||||
Net Charge- Offs | (4) | 4 | 0 | ||||||||
Provision for credit losses | 4 | (4) | 0 | ||||||||
Balance at End of Year | $ 6 | $ 6 | $ 6 | $ 6 | $ 6 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Summary of Individual and Collective Allowance for Credit Losses and Loan and Lease Balances by Class (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Valuation Allowance [Line Items] | ||
Total Loans and Leases | $ 22,153 | $ 20,999 |
Total commercial loans and leases | ||
Valuation Allowance [Line Items] | ||
Total Loans and Leases | 13,761 | 13,196 |
Commercial real estate | ||
Valuation Allowance [Line Items] | ||
Total Loans and Leases | 8,786 | 8,742 |
Commercial and industrial | ||
Valuation Allowance [Line Items] | ||
Total Loans and Leases | 4,556 | 4,170 |
Commercial leases | ||
Valuation Allowance [Line Items] | ||
Total Loans and Leases | 373 | 267 |
Other | ||
Valuation Allowance [Line Items] | ||
Total Loans and Leases | 46 | 17 |
Total consumer loans | ||
Valuation Allowance [Line Items] | ||
Total Loans and Leases | 8,392 | 7,803 |
Direct installment | ||
Valuation Allowance [Line Items] | ||
Total Loans and Leases | 1,764 | 1,906 |
Residential mortgages | ||
Valuation Allowance [Line Items] | ||
Total Loans and Leases | 3,113 | 2,703 |
Indirect installment | ||
Valuation Allowance [Line Items] | ||
Total Loans and Leases | 1,933 | 1,448 |
Consumer lines of credit | ||
Valuation Allowance [Line Items] | ||
Total Loans and Leases | 1,582 | 1,746 |
Originated Loans and Leases | ||
Valuation Allowance [Line Items] | ||
Allowance, individually evaluated for impairment | 4 | 4 |
Allowance, collectively evaluated for impairment | 173 | 165 |
Total Loans and Leases | 18,062 | 15,346 |
Loans and leases outstanding, individually evaluated for impairment | 18 | 21 |
Loans and leases outstanding, collectively evaluated for impairment | 18,044 | 15,325 |
Originated Loans and Leases | Total commercial loans and leases | ||
Valuation Allowance [Line Items] | ||
Allowance, individually evaluated for impairment | 4 | 4 |
Allowance, collectively evaluated for impairment | 115 | 106 |
Total Loans and Leases | 10,730 | 8,954 |
Loans and leases outstanding, individually evaluated for impairment | 18 | 21 |
Loans and leases outstanding, collectively evaluated for impairment | 10,712 | 8,933 |
Originated Loans and Leases | Commercial real estate | ||
Valuation Allowance [Line Items] | ||
Allowance, individually evaluated for impairment | 0 | 1 |
Allowance, collectively evaluated for impairment | 55 | 50 |
Total Loans and Leases | 6,171 | 5,175 |
Loans and leases outstanding, individually evaluated for impairment | 7 | 11 |
Loans and leases outstanding, collectively evaluated for impairment | 6,164 | 5,164 |
Originated Loans and Leases | Commercial and industrial | ||
Valuation Allowance [Line Items] | ||
Allowance, individually evaluated for impairment | 4 | 3 |
Allowance, collectively evaluated for impairment | 49 | 49 |
Total Loans and Leases | 4,140 | 3,495 |
Loans and leases outstanding, individually evaluated for impairment | 11 | 10 |
Loans and leases outstanding, collectively evaluated for impairment | 4,129 | 3,485 |
Originated Loans and Leases | Commercial leases | ||
Valuation Allowance [Line Items] | ||
Allowance, individually evaluated for impairment | 0 | 0 |
Allowance, collectively evaluated for impairment | 9 | 5 |
Total Loans and Leases | 373 | 267 |
Loans and leases outstanding, individually evaluated for impairment | 0 | 0 |
Loans and leases outstanding, collectively evaluated for impairment | 373 | 267 |
Originated Loans and Leases | Other | ||
Valuation Allowance [Line Items] | ||
Allowance, individually evaluated for impairment | 0 | 0 |
Allowance, collectively evaluated for impairment | 2 | 2 |
Total Loans and Leases | 46 | 17 |
Loans and leases outstanding, individually evaluated for impairment | 0 | 0 |
Loans and leases outstanding, collectively evaluated for impairment | 46 | 17 |
Originated Loans and Leases | Total consumer loans | ||
Valuation Allowance [Line Items] | ||
Allowance, individually evaluated for impairment | 0 | 0 |
Allowance, collectively evaluated for impairment | 58 | 59 |
Total Loans and Leases | 7,332 | 6,392 |
Loans and leases outstanding, individually evaluated for impairment | 0 | 0 |
Loans and leases outstanding, collectively evaluated for impairment | 7,332 | 6,392 |
Originated Loans and Leases | Direct installment | ||
Valuation Allowance [Line Items] | ||
Allowance, individually evaluated for impairment | 0 | 0 |
Allowance, collectively evaluated for impairment | 14 | 21 |
Total Loans and Leases | 1,668 | 1,756 |
Loans and leases outstanding, individually evaluated for impairment | 0 | 0 |
Loans and leases outstanding, collectively evaluated for impairment | 1,668 | 1,756 |
Originated Loans and Leases | Residential mortgages | ||
Valuation Allowance [Line Items] | ||
Allowance, individually evaluated for impairment | 0 | 0 |
Allowance, collectively evaluated for impairment | 19 | 16 |
Total Loans and Leases | 2,612 | 2,036 |
Loans and leases outstanding, individually evaluated for impairment | 0 | 0 |
Loans and leases outstanding, collectively evaluated for impairment | 2,612 | 2,036 |
Originated Loans and Leases | Indirect installment | ||
Valuation Allowance [Line Items] | ||
Allowance, individually evaluated for impairment | 0 | 0 |
Allowance, collectively evaluated for impairment | 15 | 12 |
Total Loans and Leases | 1,933 | 1,448 |
Loans and leases outstanding, individually evaluated for impairment | 0 | 0 |
Loans and leases outstanding, collectively evaluated for impairment | 1,933 | 1,448 |
Originated Loans and Leases | Consumer lines of credit | ||
Valuation Allowance [Line Items] | ||
Allowance, individually evaluated for impairment | 0 | 0 |
Allowance, collectively evaluated for impairment | 10 | 10 |
Total Loans and Leases | 1,119 | 1,152 |
Loans and leases outstanding, individually evaluated for impairment | 0 | 0 |
Loans and leases outstanding, collectively evaluated for impairment | $ 1,119 | $ 1,152 |
Loan Servicing - Mortgage Servi
Loan Servicing - Mortgage Servicing Rights Activity (Detail) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Servicing Assets at Fair Value [Line Items] | |||
Mortgage banking operations | $ 22 | $ 20 | $ 12 |
Mortgage Servicing Rights | |||
Servicing Assets at Fair Value [Line Items] | |||
SBA loans sold to investors with servicing retained | 3,968 | 3,257 | |
Mortgage loans sold with servicing retained | 1,060 | 1,769 | 673 |
Pretax gains resulting from above loan sales | 19 | 22 | 13 |
Mortgage banking operations | 9 | 8 | 4 |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Balance at beginning of period | 29 | 14 | 9 |
Fair value of MSRs acquired | 0 | 8 | 0 |
Additions | 13 | 11 | 7 |
Payoffs and curtailments | (2) | (2) | (1) |
Impairment charge | (1) | 0 | 0 |
Amortization | (2) | (2) | (1) |
Balance at end of period | 37 | 29 | 14 |
Fair value, beginning of period | 32 | 18 | 12 |
Fair value, end of period | $ 41 | $ 32 | $ 18 |
Loan Servicing - Sensitivity of
Loan Servicing - Sensitivity of Fair Value to Changes in key Assumptions (Detail) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Mortgage Servicing Rights | ||
Servicing Assets at Fair Value [Line Items] | ||
Weighted average life (months) | 82 months 5 days | 80 months 12 days |
Constant prepayment rate (annualized) | 10.10% | 9.90% |
Discount rate | 9.70% | 9.90% |
Sensitivity analysis of fair value of interests continued to be held by transferor servicing assets or liabilities impact of zero point two five percent favorable change in prepayment speed | $ 3 | $ 2 |
Sensitivity analysis of fair value of interests continued to be held by transferor servicing assets or liabilities impact of zero point five zero percent favorable change in prepayment speed | 5 | 3 |
Sensitivity analysis of fair value of interests continued to be held by transferor servicing assets or liabilities impact of zero point two five percent adverse change in prepayment speed | (3) | (2) |
Sensitivity analysis of fair value of interests continued to be held by transferor servicing assets or liabilities impact of zero point five zero percent adverse change in prepayment speed | $ (6) | $ (4) |
SBA-Guaranteed Loan Servicing | ||
Servicing Assets at Fair Value [Line Items] | ||
Weighted average life (months) | 52 months 5 days | 63 months 16 days |
Constant prepayment rate (annualized) | 12.47% | 9.29% |
Discount rate | 19.37% | 14.87% |
Sensitivity analysis of fair value, transferor's interests in transferred financial assets, impact of 10 percent adverse change in prepayment speed | $ 0 | $ 0 |
Sensitivity analysis of fair value, transferor's interests in transferred financial assets, impact of 20 percent adverse change in prepayment speed | 0 | 0 |
Sensitivity analysis of fair value, transferor's interests in transferred financial assets, impact of 1 percent adverse change in prepayment speed | 0 | 0 |
Sensitivity analysis of fair value, transferor's interests in transferred financial assets, impact of 2 percent adverse change in prepayment speed | 0 | 0 |
Sensitivity analysis of fair value, transferor's interests in transferred financial assets, impact of 10 percent adverse change in discount rate | 0 | 0 |
Sensitivity analysis of fair value, transferor's interests in transferred financial assets, impact of 20 percent adverse change in discount rate | 0 | 0 |
Sensitivity analysis of fair value, transferor's interests in transferred financial assets, impact of 1 percent adverse change in discount rate | 0 | 0 |
Sensitivity analysis of fair value, transferor's interests in transferred financial assets, impact of 2 percent adverse change in discount rate | $ 0 | $ 0 |
Loan Servicing - Activity in SB
Loan Servicing - Activity in SBA and Mortgage Loans Servicing Asset (Detail) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Servicing Assets at Fair Value [Line Items] | |||
Service charges | $ 126 | $ 120 | $ 97 |
Mortgage Servicing Rights | |||
Servicing Assets at Fair Value [Line Items] | |||
SBA loans sold to investors with servicing retained | 3,968 | 3,257 | |
Mortgage loans sold with servicing retained | 1,060 | 1,769 | 673 |
Pretax gains resulting from above loan sales | 19 | 22 | 13 |
Valuation allowance for impairment of recognized servicing assets, balance | 0.5 | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Balance at beginning of period | 29 | 14 | 9 |
Additions | 13 | 11 | 7 |
Impairment (charge) / recovery | (1) | 0 | 0 |
Balance at end of period | 37 | 29 | 14 |
Fair value, beginning of period | 32 | 18 | 12 |
Fair value, end of period | 41 | 32 | 18 |
SBA-Guaranteed Loan Servicing | |||
Servicing Assets at Fair Value [Line Items] | |||
SBA loans sold to investors with servicing retained | 283 | 306 | |
Mortgage loans sold with servicing retained | 41 | 54 | |
Pretax gains resulting from above loan sales | 4 | 2 | |
Service charges | 3 | 2 | |
Valuation allowance for impairment of recognized servicing assets, balance | 0.8 | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Balance at beginning of period | 5 | 0 | |
Fair value of servicing rights acquired | 0 | 5 | |
Additions | 1 | 1 | |
Payoffs, curtailments and amortization | (1) | (1) | |
Impairment (charge) / recovery | (1) | 0 | |
Balance at end of period | 4 | 5 | 0 |
Fair value, beginning of period | 5 | 0 | |
Fair value, end of period | $ 4 | $ 5 | $ 0 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 64 | $ 67 |
Premises | 238 | 240 |
Equipment | 236 | 213 |
Property Plant and Equipment Gross | 538 | 520 |
Accumulated depreciation | (208) | (183) |
Total premises and equipment, net | $ 330 | $ 337 |
Premises and Equipment - Deprec
Premises and Equipment - Depreciation Expense for Premises and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense for premises and equipment | $ 39 | $ 34 | $ 23 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Rent Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Rental expense | $ 33 | $ 29 | $ 21 |
Premises and Equipment - Summ_2
Premises and Equipment - Summary of Future Minimum Lease Payments (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Abstract] | |
2,019 | $ 25 |
2,020 | 21 |
2,021 | 18 |
2,022 | 13 |
2,023 | 10 |
Later years | 49 |
Total minimum rental commitment under leases | $ 136 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Rollforward of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 2,249 | $ 1,032 |
Goodwill (deductions) additions | 6 | 1,217 |
Goodwill, Ending Balance | 2,255 | 2,249 |
Community Banking | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 2,228 | 1,011 |
Goodwill (deductions) additions | 3 | 1,217 |
Goodwill, Ending Balance | 2,231 | 2,228 |
Wealth Management | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 8 | 8 |
Goodwill (deductions) additions | 0 | 0 |
Goodwill, Ending Balance | 8 | 8 |
Insurance | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 11 | 11 |
Goodwill (deductions) additions | 5 | 0 |
Goodwill, Ending Balance | 16 | 11 |
Consumer Finance | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 2 | 2 |
Goodwill (deductions) additions | (2) | 0 |
Goodwill, Ending Balance | $ 0 | $ 2 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Core Deposit Intangibles, Customer Renewal Lists and Mortgage Servicing Rights (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 211 | $ 208 |
Accumulated amortization | (132) | (116) |
Net carrying amount | 79 | 92 |
Core Deposit Intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 196 | 196 |
Accumulated amortization | (122) | (107) |
Net carrying amount | 74 | 89 |
Customer Renewal Lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 15 | 12 |
Accumulated amortization | (10) | (9) |
Net carrying amount | $ 5 | $ 3 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period of intangible assets, years | 8 years |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period of intangible assets, years | 13 years |
Core Deposit Intangibles | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period of intangible assets, years | 10 years |
Customer Renewal Lists | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period of intangible assets, years | 8 years |
Customer Renewal Lists | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period of intangible assets, years | 13 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Amortization Expense Recognized (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 16 | $ 18 | $ 11 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Schedule of Expected Amortization Expense on Finite-Lived Intangible Assets (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 14 |
2,020 | 13 |
2,021 | 11 |
2,022 | 10 |
2,023 | 9 |
Total | $ 57 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Non-interest-bearing demand | $ 6,000 | $ 5,720 |
Interest-bearing demand | 9,660 | 9,571 |
Savings | 2,526 | 2,488 |
Less than $100,000 | 2,816 | 2,461 |
$100,000 through $250,000 | 1,478 | 1,327 |
Greater than $250,000 | 975 | 833 |
Total certificates and other time deposits | 5,269 | 4,621 |
Total Deposits | $ 23,455 | $ 22,400 |
Deposits - Summary of Scheduled
Deposits - Summary of Scheduled Maturities of Certificates and Other Time Deposits (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
2,019 | $ 3,255 | |
2,020 | 1,309 | |
2,021 | 222 | |
2,022 | 143 | |
2,023 | 209 | |
Later years | 131 | |
Total certificates and other time deposits | $ 5,269 | $ 4,621 |
Short-Term Borrowings - Summary
Short-Term Borrowings - Summary of Short-Term Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements | $ 251 | $ 256 |
Federal Home Loan Bank advances | 2,230 | 2,285 |
Federal funds purchased | 1,535 | 1,000 |
Subordinated notes | 113 | 138 |
Total short-term borrowings | $ 4,129 | $ 3,679 |
Short-term advances, overnight maturities | 57.20% | 75.70% |
Short-Term Borrowings - Schedul
Short-Term Borrowings - Schedule of Weighted Average Interest Rates on Short-Term Borrowings (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |||
Year-to-date average | 1.89% | 1.16% | 0.61% |
Period-end | 2.49% | 1.44% | 0.69% |
Long-Term Borrowings - Summary
Long-Term Borrowings - Summary of Long-Term Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances | $ 270 | $ 310 |
Subordinated notes | 87 | 88 |
Junior subordinated debt | 111 | 110 |
Other subordinated debt | 159 | 160 |
Total long-term borrowings | $ 627 | $ 668 |
Long-Term Borrowings - Schedule
Long-Term Borrowings - Scheduled Annual Maturities for Long-Term Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2,019 | $ 158 | |
2,020 | 116 | |
2,021 | 56 | |
2,022 | 8 | |
2,023 | 40 | |
Later years | 249 | |
Total long-term borrowings | $ 627 | $ 668 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) $ in Millions | May 01, 2017USD ($) | Oct. 31, 2015USD ($) | Dec. 31, 2018USD ($)Trust | Dec. 31, 2017 | Mar. 11, 2017USD ($) |
Debt Instrument [Line Items] | |||||
Number of unconsolidated subsidiary trusts | Trust | 6 | ||||
Percent of the common equity of each Trust owned by the Corporation | 100.00% | ||||
FHLB | |||||
Debt Instrument [Line Items] | |||||
Credit available with FHLB | $ 7,400 | ||||
Credit with FHLB used | $ 2,500 | ||||
Federal Home Loan Bank advances are scheduled to mature periodically through the year | 2,021 | ||||
Subordinated Notes | |||||
Debt Instrument [Line Items] | |||||
Written notice for holder | 30 days | ||||
4.875% Subordinated Notes Due in 2025 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 100 | ||||
Debt instrument interest rate percentage | 4.875% | ||||
Proceeds from issuance of notes | $ 98.4 | ||||
Long-term borrowings, carrying value | $ 98.9 | ||||
7.25% Subordinated Notes Due in 2024 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 15.5 | ||||
Debt instrument interest rate percentage | 7.25% | ||||
Long-term borrowings, carrying value | 16.6 | ||||
7.625% Subordinated Notes Due in 2023 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 38.1 | ||||
Debt instrument interest rate percentage | 7.625% | ||||
Long-term borrowings, carrying value | $ 43.4 | ||||
Minimum | FHLB | |||||
Debt Instrument [Line Items] | |||||
Effective interest rates | 1.39% | 1.11% | |||
Minimum | Subordinated Notes | |||||
Debt Instrument [Line Items] | |||||
Months prior to maturity, interest discount | 3 months | ||||
Maximum | FHLB | |||||
Debt Instrument [Line Items] | |||||
Effective interest rates | 4.19% | 4.19% | |||
Maximum | Subordinated Notes | |||||
Debt Instrument [Line Items] | |||||
Months prior to maturity, interest discount | 12 months | ||||
Yadkin Financial Corporation (YDKN) | |||||
Debt Instrument [Line Items] | |||||
Repayments of subordinated debt | $ 7.5 |
Long-Term Borrowings - Summar_2
Long-Term Borrowings - Summary of Weighted Average Interest Rate on Subordinated Notes (Detail) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | |||
Subordinated notes weighted average interest rate | 3.08% | 2.85% | 2.71% |
Long-Term Borrowings - Junior S
Long-Term Borrowings - Junior Subordinated Debt Trusts (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 111 | $ 110 |
Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 116 | |
Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 4 | |
F.N.B. Statutory Trust II | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
Stated Maturity Date | Jun. 15, 2036 | |
Interest Rate | 4.44% | |
Description of variable rate | LIBOR + 165 basis points (bps) | |
Basis points | 1.65% | |
F.N.B. Statutory Trust II | Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
F.N.B. Statutory Trust II | Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 1 | |
Omega Financial Capital Trust I | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 27 | |
Stated Maturity Date | Oct. 18, 2034 | |
Interest Rate | 4.63% | |
Description of variable rate | LIBOR + 219 bps | |
Basis points | 2.19% | |
Omega Financial Capital Trust I | Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 26 | |
Omega Financial Capital Trust I | Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 1 | |
Yadkin Valley Statutory Trust I | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 21 | |
Stated Maturity Date | Dec. 15, 2037 | |
Interest Rate | 4.11% | |
Description of variable rate | LIBOR + 132 bps | |
Basis points | 1.32% | |
Yadkin Valley Statutory Trust I | Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 25 | |
Yadkin Valley Statutory Trust I | Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 1 | |
FNB Financial Services Capital Trust I | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
Stated Maturity Date | Sep. 30, 2035 | |
Interest Rate | 4.26% | |
Description of variable rate | LIBOR + 146 bps | |
Basis points | 1.46% | |
FNB Financial Services Capital Trust I | Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 25 | |
FNB Financial Services Capital Trust I | Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 1 | |
American Community Capital Trust II | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 10 | |
Stated Maturity Date | Dec. 15, 2033 | |
Interest Rate | 5.19% | |
Description of variable rate | LIBOR + 280 bps | |
Basis points | 2.80% | |
American Community Capital Trust II | Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 10 | |
American Community Capital Trust II | Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 0 | |
Crescent Financial Capital Trust I | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 9 | |
Stated Maturity Date | Oct. 7, 2033 | |
Interest Rate | 5.54% | |
Description of variable rate | LIBOR + 310 bps | |
Basis points | 3.10% | |
Crescent Financial Capital Trust I | Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 8 | |
Crescent Financial Capital Trust I | Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Schedule of Notional Amounts and Gross Fair Values of Derivative Assets and Derivative Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 6,942 | $ 5,628 |
Derivative asset, fair value, amount not offset against collateral | 2 | 1 |
Derivative liability, fair value, amount not offset against collateral | 13 | 14 |
Derivative asset, not subject to master netting arrangement | 41 | 30 |
Derivative liability, not subject to master netting arrangement | 26 | 15 |
Derivative asset | 43 | 31 |
Derivative liabilities | 39 | 29 |
Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, amount not offset against collateral | 0 | 0 |
Derivative liability, fair value, amount not offset against collateral | 3 | 2 |
Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, amount not offset against collateral | 2 | 1 |
Derivative liability, fair value, amount not offset against collateral | 10 | 12 |
Derivative asset, not subject to master netting arrangement | 40 | 28 |
Derivative liability, not subject to master netting arrangement | 26 | 15 |
Equity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, amount not offset against collateral | 0 | 0 |
Derivative liability, fair value, amount not offset against collateral | 0 | 0 |
Derivative asset, not subject to master netting arrangement | 0 | 0 |
Derivative liability, not subject to master netting arrangement | 0 | 0 |
Credit Risk Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 140.6 | |
Derivative asset, not subject to master netting arrangement | 0 | 0 |
Derivative liability, not subject to master netting arrangement | 0 | 0 |
Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not subject to master netting arrangement | 1 | 2 |
Derivative liability, not subject to master netting arrangement | 0 | 0 |
Forward Delivery Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not subject to master netting arrangement | 0 | 0 |
Derivative liability, not subject to master netting arrangement | 0 | 0 |
Subject to Master Netting Arrangement | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 3,896 | 2,952 |
Subject to Master Netting Arrangement | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 1,155 | 705 |
Subject to Master Netting Arrangement | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 2,740 | 2,246 |
Subject to Master Netting Arrangement | Equity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 1 | 1 |
Not Subject to Master Netting Arrangement | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 3,046 | 2,676 |
Not Subject to Master Netting Arrangement | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 2,740 | 2,245 |
Not Subject to Master Netting Arrangement | Equity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 1 | 1 |
Not Subject to Master Netting Arrangement | Credit Risk Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 203 | 235 |
Not Subject to Master Netting Arrangement | Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 47 | 88 |
Not Subject to Master Netting Arrangement | Forward Delivery Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 55 | $ 107 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Notional amount | $ 6,942,000,000 | $ 5,628,000,000 |
Additional amount in excess of posted collateral required in case of breached agreements | $ 700,000 | 900,000 |
Interest Rate Contracts | ||
Derivative [Line Items] | ||
Maximum length of time hedged in interest rate cash flow hedge | 6 years | |
Period to reclassification of cash flow hedge gain loss | 12 months | |
Derivative gains to be reclassified within twelve months | $ 3,400,000 | |
Derivative gains to be reclassified within twelve months, net of tax | 2,700,000 | |
Hedge ineffectiveness | 0 | 0 |
Gains or losses from cash flow hedge derivatives reclassified to earnings | $ 0 | 0 |
Interest Rate Lock Commitments | Minimum | ||
Derivative [Line Items] | ||
Lock in period for interest rates | 30 days | |
Interest Rate Lock Commitments | Maximum | ||
Derivative [Line Items] | ||
Lock in period for interest rates | 270 days | |
Credit Risk Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 140,600,000 | |
Maximum exposure under credit risk agreement assuming customer default | 100,000 | 100,000 |
Credit risk derivatives, purchased at fair value | 0 | 40,000 |
Credit risk derivatives, sold at fair value | $ (110,000) | $ (100,000) |
Credit Risk Contracts | Minimum | ||
Derivative [Line Items] | ||
Risk participation agreements, term | 9 months | |
Credit Risk Contracts | Maximum | ||
Derivative [Line Items] | ||
Risk participation agreements, term | 10 years |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Summary of Key Data Related to Interest Rate (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 6,942 | $ 5,628 |
Fair value included in other assets | 43 | 31 |
Fair value included in other liabilities | 39 | 29 |
Designated as Hedging Instrument | Interest Rate Contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 1,155 | 705 |
Fair value included in other assets | 0 | 0 |
Designated as Hedging Instrument | Trading | Interest Rate Contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value included in other liabilities | 3 | 2 |
Not Designated as Hedging Instrument | Interest Rate Swap | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 5,480 | 4,491 |
Fair value included in other assets | 42 | 29 |
Not Designated as Hedging Instrument | Trading | Interest Rate Swap | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value included in other liabilities | $ 36 | $ 27 |
Derivative Instrument and Hedgi
Derivative Instrument and Hedging Activities - Summary of Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Reclassified from AOCI to interest expense | $ 73 | $ 63 | $ 55 | $ 47 | $ 41 | $ 38 | $ 33 | $ 22 | $ 238 | $ 134 | $ 67 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Before Tax Amount | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Reclassified from AOCI to interest income | 0 | 1 | |||||||||
Reclassified from AOCI to interest expense | (3) | 1 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Of Tax Amount | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Reclassified from AOCI to interest income | 0 | 1 | |||||||||
Reclassified from AOCI to interest expense | $ (2) | $ 1 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Derivative Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Net Amount Presented in the Balance Sheet | $ 2 | $ 1 |
Gross amounts not offset in the consolidated balance sheets financial instruments, derivative assets | 2 | 1 |
Gross amounts not offset in the consolidated balance sheets cash collateral received, derivative assets | 0 | 0 |
Net Amount | 0 | 0 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Net Amount Presented in the Balance Sheet | 2 | 1 |
Gross amounts not offset in the consolidated balance sheets financial instruments, derivative assets | 2 | 1 |
Gross amounts not offset in the consolidated balance sheets cash collateral received, derivative assets | 0 | 0 |
Net Amount | $ 0 | $ 0 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Derivative Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Net Amount Presented in the Balance Sheet | $ 13 | $ 14 |
Gross amount not offset in the balance sheet financial instruments, derivative liabilities | 12 | 13 |
Gross amount not offset in the balance sheet cash collateral pledged, derivative liabilities | 0 | 0 |
Net Amount | 1 | 1 |
Interest Rate Contracts | ||
Derivative [Line Items] | ||
Net Amount Presented in the Balance Sheet | 3 | 2 |
Gross amount not offset in the balance sheet financial instruments, derivative liabilities | 3 | 2 |
Gross amount not offset in the balance sheet cash collateral pledged, derivative liabilities | 0 | 0 |
Net Amount | 0 | 0 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Net Amount Presented in the Balance Sheet | 10 | 12 |
Gross amount not offset in the balance sheet financial instruments, derivative liabilities | 9 | 11 |
Gross amount not offset in the balance sheet cash collateral pledged, derivative liabilities | 0 | 0 |
Net Amount | $ 1 | $ 1 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Effect of Derivative Financial Instruments on Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Rate Contracts | Interest income – loans and leases | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | $ 0 | $ 1 |
Interest Rate Contracts | Interest expense – short-term borrowings | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | (2) | 1 |
Interest Rate Swap | Other income | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | 1 | (1) |
Credit Risk Contracts | Other income | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | $ 0 | $ 0 |
Commitments, Credit Risk and _3
Commitments, Credit Risk and Contingencies - Summary of Off-Balance Sheet Credit Risk Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Extended credit and standby letters of credit | $ 126 | $ 133 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Extended credit and standby letters of credit | $ 7,378 | $ 6,958 |
Commitments, Credit Risk and _4
Commitments, Credit Risk and Contingencies - Additional Information (Detail) | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | |
Percentage of commitments to extend credit dependent upon the financial condition of the customers | 77.60% |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2018 | Mar. 11, 2017 | Apr. 06, 2013 | Jun. 15, 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock awards issued (in shares) | 962,799 | 713,998 | 574,125 | ||||
Common stock shares available under incentive compensation plans (in shares) | 2,332,770 | ||||||
Unrecognized compensation expense | $ 14 | ||||||
Intrinsic value of outstanding and exercisable stock options | $ 0.9 | ||||||
Common shares available for purchase under warrants (in shares) | 651,042 | ||||||
Annapolis Bancorp, Inc. (ANNB) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Warrant issued, exercise price (in usd per share) | $ 3.02 | ||||||
Warrant issued, shares (in shares) | 342,564 | ||||||
Warrants converted to purchase common stock (in shares) | 405,489 | ||||||
Yadkin Financial Corporation (YDKN) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Warrant issued, exercise price (in usd per share) | $ 9.33 | ||||||
Warrant issued, shares (in shares) | 207,320 | ||||||
Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period of awards issued, years | 3 years | ||||||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock awards issued (in shares) | 962,799 | 713,998 | 574,125 | ||||
Unrecognized compensation expense | $ 13.6 | ||||||
Amount subject to accelerated vesting under Incentive Compensation Plan | $ 0.8 | ||||||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common shares available for purchase under warrants (in shares) | 1,302,083 | ||||||
Service- Based Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period of awards issued, years | 3 years | ||||||
Unrecognized compensation expense | $ 9 | ||||||
Performance- Based Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation expense | $ 5 | ||||||
Performance- Based Units | Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock awards issued (in shares) | 283,037 | 251,379 | |||||
Warrant Expires in 2019 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Warrant issued, exercise price (in usd per share) | $ 11.52 | ||||||
Warrant Expires in 2019 | Annapolis Bancorp, Inc. (ANNB) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Warrant issued, exercise price (in usd per share) | $ 3.57 | ||||||
Warrant Expires in 2019 | Yadkin Financial Corporation (YDKN) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Warrant issued, exercise price (in usd per share) | $ 9.63 | ||||||
Warrant issued, shares (in shares) | 213,986 | 207,320 |
Stock Incentive Plans - Schedul
Stock Incentive Plans - Schedule of Issuance of Restricted Stock Units and Aggregate Weighted Average Grant Date Fair Values (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Restricted stock awards (in shares) | 962,799 | 713,998 | 574,125 |
Weighted average grant date fair values | $ 13 | $ 10 | $ 7 |
Stock Incentive Plans - Summary
Stock Incentive Plans - Summary of Information Concerning Restricted Stock Units (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Units | |||
Shares, granted (in shares) | 962,799 | 713,998 | 574,125 |
Shares, unvested shares outstanding at end of year (in shares) | 2,556,174 | ||
Restricted Stock | |||
Units | |||
Shares, unvested shares outstanding at beginning of year (in shares) | 1,975,862 | 1,836,363 | 1,548,444 |
Shares, granted (in shares) | 962,799 | 713,998 | 574,125 |
Shares, net adjustment due to performance (in shares) | 0 | (64,861) | 72,070 |
Shares, vested (in shares) | (258,031) | (542,580) | (384,704) |
Shares, forfeited/expired (in shares) | (214,743) | (31,018) | (31,394) |
Shares, dividend reinvestment (in shares) | 90,287 | 63,960 | 57,822 |
Shares, unvested shares outstanding at end of year (in shares) | 2,556,174 | 1,975,862 | 1,836,363 |
Weighted Average Grant Price per Share | |||
Weighted average grant price per share, unvested shares outstanding at beginning of year (USD per share) | $ 13.64 | $ 12.97 | $ 12.85 |
Weighted average grant price per share, granted (USD per share) | 13.21 | 14.67 | 12.86 |
Weighted average grant price per share, net adjustment due to performance (USD per share) | 0 | 13.85 | 11.79 |
Weighted average grant price per share, vested (USD per share) | 13.19 | 12.71 | 12.11 |
Weighted average grant price per share, forfeited/expired (USD per share) | 13.39 | 14.03 | 13.02 |
Weighted average grant price per share, dividend reinvestment (USD per share) | 12.61 | 13.80 | 13.08 |
Weighted average grant price per share, unvested shares outstanding at end of year (USD per share) | $ 13.51 | $ 13.64 | $ 12.97 |
Stock Incentive Plans - Sched_2
Stock Incentive Plans - Schedule of Certain Information Related to Restricted Stock Units (Detail) - Restricted Stock - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 10 | $ 8 | $ 7 |
Tax benefit related to stock-based compensation expense | 2 | 3 | 2 |
Fair value of units vested | $ 3 | $ 8 | $ 5 |
Stock Incentive Plans - Compone
Stock Incentive Plans - Components of Restricted Stock Units (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock awards (in shares) | shares | 2,556,174 |
Unrecognized compensation expense | $ 14 |
Intrinsic value | $ 25 |
Weighted average remaining life (in years) | 1 year 10 months 13 days |
Service- Based Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock awards (in shares) | shares | 1,470,720 |
Unrecognized compensation expense | $ 9 |
Intrinsic value | $ 14 |
Weighted average remaining life (in years) | 1 year 10 months 25 days |
Performance- Based Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock awards (in shares) | shares | 1,085,454 |
Unrecognized compensation expense | $ 5 |
Intrinsic value | $ 11 |
Weighted average remaining life (in years) | 1 year 10 months |
Stock Incentive Plans - Summa_2
Stock Incentive Plans - Summary of Activity Related to Stock Options Units (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options Outstanding and Exercisable | |||
Shares, options outstanding at beginning of year (in shares) | 722,650 | 892,532 | 435,340 |
Shares, assumed from acquisitions (in shares) | 0 | 207,645 | 1,707,036 |
Shares, exercised (in shares) | (253,899) | (255,503) | (1,128,075) |
Shares, forfeited/expired (in shares) | (10,397) | (122,024) | (121,769) |
Shares, options outstanding and exercisable at end of year (in shares) | 458,354 | 722,650 | 892,532 |
Weighted Average Exercise Price per Share | |||
Weighted average price per share, options outstanding at beginning of year (USD per share) | $ 7.96 | $ 8.95 | $ 8.86 |
Weighted average price per share, assumed from acquisition (USD per share) | 0 | 8.92 | 7.83 |
Weighted average price per share, exercised (USD per share) | 7.77 | 10.21 | 7.18 |
Weighted average price per share, forfeited/expired (USD per share) | 11.98 | 12.12 | 9.33 |
Weighted average price per share, options outstanding and exercisable at end of year (USD per share) | $ 7.99 | $ 7.96 | $ 8.95 |
Stock Incentive Plans - Summa_3
Stock Incentive Plans - Summary of Stock Options Outstanding (Detail) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding and Exercisable (in shares) | shares | 458,354 |
$3.45 - $5.18 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (USD per share) | $ 3.45 |
Range of Exercise Prices, Maximum (USD per share) | $ 5.18 |
Options Outstanding and Exercisable (in shares) | shares | 81,219 |
Weighted Average Remaining Contractual Years | 2 years 1 month 20 days |
Weighted Average Exercise Price (USD per share) | $ 4.80 |
$5.19 - $7.78 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (USD per share) | 5.19 |
Range of Exercise Prices, Maximum (USD per share) | $ 7.78 |
Options Outstanding and Exercisable (in shares) | shares | 66,055 |
Weighted Average Remaining Contractual Years | 3 years 2 months 19 days |
Weighted Average Exercise Price (USD per share) | $ 6.85 |
$7.79 - $11.37 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum (USD per share) | 7.79 |
Range of Exercise Prices, Maximum (USD per share) | $ 11.37 |
Options Outstanding and Exercisable (in shares) | shares | 311,080 |
Weighted Average Remaining Contractual Years | 3 years 4 months 27 days |
Weighted Average Exercise Price (USD per share) | $ 9.07 |
Stock Incentive Plans - Summa_4
Stock Incentive Plans - Summary of Stock Options Exercised (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Proceeds from stock options exercised | $ 2 | $ 2 | $ 8 |
Tax benefit recognized from stock options exercised | 0 | 0 | 2 |
Intrinsic value of stock options exercised | $ 1 | $ 1 | $ 7 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)Retirement_Planshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2008 | |
Retirement Plans [Line Items] | ||||
Corporation contribution | $ 900,000 | $ 5,000,000 | $ 1,000,000 | |
Number of supplemental non-qualified retirement plans sponsored by the Corporation | Retirement_Plan | 2 | |||
Consecutive calendar years used to calculate BRP benefits | 5 years | |||
Term of employment for consideration of BRP | 10 years | |||
Percentage of non callable corporate bonds | A yield curve was produced for a universe containing the majority of U.S.-issued Aa-graded corporate bonds, all of which were non-callable (or callable with make-whole provisions), and after excluding the 10% of the bonds with the highest and lowest yields. | |||
Benefits paid | $ 12,000,000 | 10,000,000 | ||
Percent of employer match | 100.00% | |||
Employee contribution percentage | 6.00% | |||
Additional discretionary contribution, annual financial goals, percentage | 3.00% | |||
Dividends received on common stock | $ 300,000 | $ 300,000 | ||
Common Stock | ||||
Retirement Plans [Line Items] | ||||
Common stock, shares | shares | 585,000 | 575,128 | ||
Percentage of common stock on total plan assets | 4.00% | 4.90% | ||
Non Qualified Pension Plans | ||||
Retirement Plans [Line Items] | ||||
Benefits paid | $ 1,400,000 | $ 1,300,000 | ||
Qualified Pension Plans | ||||
Retirement Plans [Line Items] | ||||
Corporation contribution | 0 | |||
Benefits paid | 10,100,000 | $ 8,400,000 | ||
Retirement Income Plan (RIP) | ||||
Retirement Plans [Line Items] | ||||
Corporation contribution | $ 4,000,000 |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Accumulated Benefit Obligation, Change in Benefit Obligation, Change in Plan Assets, Plans' Funded Status and Amount Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Benefit Obligation | ||||
Accumulated benefit obligation | $ 163 | $ 181 | ||
Projected benefit obligation at beginning of year | 182 | 153 | ||
Acquisition | 0 | 30 | ||
Interest cost | 6 | 7 | $ 6 | |
Actuarial loss | (13) | 9 | ||
Benefits paid | (12) | (10) | ||
Settlement | 0 | (7) | ||
Projected benefit obligation at end of year | 163 | 182 | 153 | |
Fair Value of Plan Assets | ||||
Fair value of plan assets at beginning of year | 164 | 137 | ||
Acquisition | 0 | 25 | ||
Actual return on plan assets | (7) | 18 | ||
Corporation contribution | $ 0.9 | 5 | 1 | |
Benefits paid | (12) | (10) | ||
Settlement | 0 | (7) | ||
Fair value of plan assets at end of year | 150 | 164 | 137 | |
Funded status of plans | (13) | (18) | ||
Qualified Pension Plans | ||||
Benefit Obligation | ||||
Accumulated benefit obligation | 145 | 161 | ||
Projected benefit obligation at beginning of year | 162 | 133 | ||
Acquisition | 0 | 30 | ||
Interest cost | 6 | 6 | ||
Actuarial loss | (12) | 9 | ||
Benefits paid | (11) | (9) | ||
Settlement | 0 | (7) | ||
Projected benefit obligation at end of year | 145 | 162 | 133 | |
Fair Value of Plan Assets | ||||
Fair value of plan assets at beginning of year | 164 | 137 | ||
Acquisition | 0 | 25 | ||
Actual return on plan assets | (7) | 18 | ||
Corporation contribution | 4 | 0 | ||
Benefits paid | (11) | (9) | ||
Settlement | 0 | (7) | ||
Fair value of plan assets at end of year | 150 | 164 | 137 | |
Funded status of plans | 5 | 2 | ||
Non Qualified Pension Plans | ||||
Benefit Obligation | ||||
Accumulated benefit obligation | 18 | 20 | ||
Projected benefit obligation at beginning of year | 20 | 20 | ||
Acquisition | 0 | 0 | ||
Interest cost | 0 | 1 | ||
Actuarial loss | (1) | 0 | ||
Benefits paid | (1) | (1) | ||
Settlement | 0 | 0 | ||
Projected benefit obligation at end of year | 18 | 20 | 20 | |
Fair Value of Plan Assets | ||||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Acquisition | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Corporation contribution | 1 | 1 | ||
Benefits paid | (1) | (1) | ||
Settlement | 0 | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | $ 0 | |
Funded status of plans | $ (18) | $ (20) |
Retirement Plans - Schedule o_2
Retirement Plans - Schedule of Actuarial Assumptions Used in Determination of Projected Benefit Obligation (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Retirement Benefits [Abstract] | ||
Weighted average discount rate | 4.18% | 3.53% |
Rates of average increase in compensation levels | 3.50% | 3.50% |
Retirement Plans - Schedule o_3
Retirement Plans - Schedule of Net Periodic Pension Cost and Other Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Interest cost | $ 6 | $ 7 | $ 6 |
Expected return on plan assets | (11) | (11) | (9) |
Actuarial loss amortization | 2 | 2 | 2 |
Total pension income | (3) | (2) | (1) |
Current year actuarial loss | 6 | 3 | 2 |
Amortization of actuarial loss | (2) | (2) | (2) |
Total amount recognized in other comprehensive income | 4 | 1 | 0 |
Total amount recognized in net periodic benefit cost and other comprehensive income | $ 1 | $ (1) | $ (1) |
Retirement Plans - Schedule o_4
Retirement Plans - Schedule of Actuarial Assumptions Used in Determination of Net Periodic Pension Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Weighted average discount rate | 4.19% | 3.96% | 4.19% |
Rates of increase in compensation levels | 3.50% | 3.50% | 3.50% |
Expected long-term rate of return on assets | 7.25% | 7.25% | 7.25% |
Retirement Plans - Schedule o_5
Retirement Plans - Schedule of Impact of Changes in Discount Rate, Return on Plan Assets on Pension Expense (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Retirement Benefits [Abstract] | |
0.5% decrease in the discount rate | $ 0 |
0.5% decrease in the expected long-term rate of return on plan assets | $ 1 |
Retirement Plans - Schedule o_6
Retirement Plans - Schedule of Estimated Future Cash Flows (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Retirement Benefits [Abstract] | |
Expected employer contributions: 2019 | $ 1 |
Expected benefit payments: 2019 | 10 |
Expected benefit payments: 2020 | 10 |
Expected benefit payments: 2021 | 10 |
Expected benefit payments: 2022 | 10 |
Expected benefit payments: 2023 | 11 |
Expected benefit payments: 2024 - 2028 | $ 53 |
Retirement Plans - Schedule o_7
Retirement Plans - Schedule of Contribution Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
401(k) contribution expense | $ 15 | $ 12 | $ 9 |
Retirement Plans - Schedule o_8
Retirement Plans - Schedule of Asset Allocations for Pension Plans (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 55.00% | 64.00% |
Total debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 41.00% | 33.00% |
Cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 4.00% | 3.00% |
Minimum | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 45.00% | |
Minimum | Total debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 30.00% | |
Minimum | Cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | |
Maximum | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 65.00% | |
Maximum | Total debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 50.00% | |
Maximum | Cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 10.00% |
Retirement Plans - Schedule o_9
Retirement Plans - Schedule of Fair Value of Pension Plan Assets by Asset Category (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 150 | $ 164 | $ 137 |
Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 6 | |
Common Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 8 | |
Other equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | ||
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4 | 6 | |
Fixed income securities: | U.S. government agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 49 | 37 | |
Fixed income securities: | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 6 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 99 | 121 | |
Level 1 | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 6 | |
Level 1 | Common Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 8 | |
Level 1 | Other equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | ||
Level 1 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4 | 6 | |
Level 1 | Fixed income securities: | U.S. government agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 | Fixed income securities: | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 51 | 43 | |
Level 2 | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Common Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Other equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 2 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Fixed income securities: | U.S. government agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 49 | 37 | |
Level 2 | Fixed income securities: | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 6 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Common Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Other equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 3 | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Fixed income securities: | U.S. government agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | Fixed income securities: | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Small Cap Equities | U.S. equity funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 3 | |
Small Cap Equities | Level 1 | U.S. equity funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 3 | |
Small Cap Equities | Level 2 | U.S. equity funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Small Cap Equities | Level 3 | U.S. equity funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Mid-Cap Equities | U.S. equity funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9 | 9 | |
Mid-Cap Equities | Level 1 | U.S. equity funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9 | 9 | |
Mid-Cap Equities | Level 2 | U.S. equity funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Mid-Cap Equities | Level 3 | U.S. equity funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Fixed income mutual funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11 | 11 | |
UNITED STATES | Level 1 | Fixed income mutual funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11 | 11 | |
UNITED STATES | Level 2 | Fixed income mutual funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Level 3 | Fixed income mutual funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Large Cap Equities | U.S. equity index funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | ||
UNITED STATES | Large Cap Equities | Level 1 | U.S. equity index funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | ||
UNITED STATES | Large Cap Equities | Level 2 | U.S. equity index funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
UNITED STATES | Large Cap Equities | Level 3 | U.S. equity index funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
UNITED STATES | Small Cap Equities | U.S. equity index funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 4 | |
UNITED STATES | Small Cap Equities | Level 1 | U.S. equity index funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 4 | |
UNITED STATES | Small Cap Equities | Level 2 | U.S. equity index funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Small Cap Equities | Level 3 | U.S. equity index funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Mid-Cap Equities | U.S. equity index funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4 | 5 | |
UNITED STATES | Mid-Cap Equities | Level 1 | U.S. equity index funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4 | 5 | |
UNITED STATES | Mid-Cap Equities | Level 2 | U.S. equity index funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Mid-Cap Equities | Level 3 | U.S. equity index funds: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Financial Services Sector | Large Cap Equities | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 4 | |
UNITED STATES | Financial Services Sector | Large Cap Equities | Level 1 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 4 | |
UNITED STATES | Financial Services Sector | Large Cap Equities | Level 2 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Financial Services Sector | Large Cap Equities | Level 3 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Other Sectors | Large Cap Equities | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 43 | 46 | |
UNITED STATES | Other Sectors | Large Cap Equities | Level 1 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 43 | 46 | |
UNITED STATES | Other Sectors | Large Cap Equities | Level 2 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Other Sectors | Large Cap Equities | Level 3 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-US | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1 | |
Non-US | Mutual fund equity investments: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 14 | |
Non-US | Level 1 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1 | |
Non-US | Level 1 | Mutual fund equity investments: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 14 | |
Non-US | Level 2 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-US | Level 2 | Mutual fund equity investments: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-US | Level 3 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-US | Level 3 | Mutual fund equity investments: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | ||||
Income tax expense | $ 54,000 | |||
Tax cuts and jobs act of 2017, change in tax rate, provisional adjustment | $ 1,900 | |||
Reclassification due to tax reform | $ 14,700 | $ 0 | ||
Effective income tax rate | 17.60% | 44.10% | 30.60% | |
Unrecognized tax benefits | $ 700 | $ 900 | $ 700 | |
Unrecognized tax benefits which affect the effective tax rate if recognized | 700 | |||
Reduction in the unrecognized tax benefit due to statutes of limitations for next twelve months | $ 70 | |||
Minimum | ||||
Income Tax Contingency [Line Items] | ||||
Expiration of unused state net operating loss carryforwards | 2,019 | |||
Maximum | ||||
Income Tax Contingency [Line Items] | ||||
Expiration of unused state net operating loss carryforwards | 2,038 | |||
Yadkin Financial Corporation (YDKN) | Maximum | ||||
Income Tax Contingency [Line Items] | ||||
Expiration of unused state net operating loss carryforwards | 2,036 | |||
Yadkin Financial Corporation (YDKN) | Federal | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | $ 45,000 | |||
Tax credit carryforward | 3,000 | |||
Yadkin Financial Corporation (YDKN) | State | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | $ 10,300 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense Allocated Based on Separate Tax Return Basis (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current income taxes: Federal taxes | $ 41 | $ 26 | $ 58 |
Current income taxes: State taxes | 6 | 2 | 2 |
Total current income taxes | 47 | 28 | 60 |
Deferred income taxes: Federal taxes | 32 | 128 | 15 |
Deferred income taxes: State taxes | 0 | 1 | 0 |
Total deferred income taxes | 32 | 129 | 15 |
Total income taxes | $ 79 | $ 157 | $ 75 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation Between the Statutory Tax Rate and Actual Effective Tax Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 21.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 1.10% | 0.50% | 0.70% |
Tax-exempt interest | (2.10%) | (3.30%) | (2.90%) |
Cash surrender value of life insurance | (0.50%) | (1.10%) | (1.50%) |
Tax credits | (2.80%) | (2.60%) | (0.90%) |
TCJA deferred tax corporate rate change | 0.70% | 0.20% | 0.00% |
Tax Cuts and Jobs Act revaluation of net deferred tax assets | (0.40%) | 15.20% | 0.00% |
Other items | 0.60% | 0.20% | 0.20% |
Actual effective tax rate | 17.60% | 44.10% | 30.60% |
Income tax expense | $ 54 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense Related to Gains on Sale of Securities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense related to gains on sale of securities | $ 0 | $ 2 | $ 0 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities from Tax Effects of Temporary Differences (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Allowance for credit losses | $ 40 | $ 39 |
Discounts on loans acquired in a business combination | 51 | 64 |
Net operating loss/tax credit carryforwards | 43 | 47 |
Deferred compensation | 10 | 9 |
Securities impairments | 1 | 1 |
Pension and other defined benefit plans | 5 | 7 |
Net unrealized securities losses | 12 | 7 |
Other | 9 | 8 |
Total | 171 | 182 |
Valuation allowance | (26) | (27) |
Total deferred tax assets | 145 | 155 |
Loan costs | (14) | (7) |
Depreciation | (17) | (12) |
Prepaid expenses | (1) | (4) |
Amortizable intangibles | (16) | (18) |
Lease financing | (18) | (10) |
Mortgage servicing rights | (8) | (6) |
Other | (4) | (2) |
Total deferred tax liabilities | (78) | (59) |
Net deferred tax assets | $ 67 | $ 96 |
Other Comprehensive Income - Ch
Other Comprehensive Income - Changes in AOCI, Net of Tax, by Component (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at beginning of period | $ 4,409 |
Other comprehensive (loss) income before reclassifications | (21) |
Amounts reclassified from AOCI | (2) |
Net current period other comprehensive (loss) income | (23) |
Balance at end of period | 4,608 |
Unrealized Net Gains (Losses) on Debt Securities Available for Sale | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at beginning of period | (29) |
Other comprehensive (loss) income before reclassifications | (17) |
Amounts reclassified from AOCI | 0 |
Net current period other comprehensive (loss) income | (17) |
Balance at end of period | (46) |
Unrealized Net Gains (Losses) on Derivative Instruments | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at beginning of period | 5 |
Other comprehensive (loss) income before reclassifications | (2) |
Amounts reclassified from AOCI | (2) |
Net current period other comprehensive (loss) income | (4) |
Balance at end of period | 1 |
Unrecognized Pension and Postretirement Obligations | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at beginning of period | (59) |
Other comprehensive (loss) income before reclassifications | (2) |
Amounts reclassified from AOCI | 0 |
Net current period other comprehensive (loss) income | (2) |
Balance at end of period | (61) |
Accumulated Other Comprehensive Income (Loss) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at beginning of period | (83) |
Balance at end of period | $ (106) |
Earnings Per Common Share - Com
Earnings Per Common Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 100 | $ 101 | $ 85 | $ 87 | $ 24 | $ 78 | $ 74 | $ 23 | $ 373 | $ 199 | $ 171 |
Less: Preferred stock dividends | 8 | 8 | 8 | ||||||||
Net Income Available to Common Stockholders | $ 98 | $ 99 | $ 83 | $ 85 | $ 22 | $ 76 | $ 72 | $ 21 | $ 365 | $ 191 | $ 163 |
Basic weighted average common shares outstanding (in shares) | 324,207,198 | 302,195,295 | 206,244,498 | ||||||||
Net effect of dilutive stock options, warrants and restricted stock (in shares) | 1,416,405 | 1,662,681 | 1,524,111 | ||||||||
Diluted weighted average common shares outstanding (in shares) | 325,623,603 | 303,857,976 | 207,768,609 | ||||||||
Earnings per common share: | |||||||||||
Basic (in usd per share) | $ 0.30 | $ 0.30 | $ 0.26 | $ 0.26 | $ 0.07 | $ 0.23 | $ 0.22 | $ 0.09 | $ 1.13 | $ 0.63 | $ 0.79 |
Diluted (in usd per share) | $ 0.30 | $ 0.30 | $ 0.26 | $ 0.26 | $ 0.07 | $ 0.23 | $ 0.22 | $ 0.09 | $ 1.12 | $ 0.63 | $ 0.78 |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Average Shares Excluded from Diluted Earnings Per Common Share Calculation (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Average shares excluded from the diluted earnings per common share calculation (in shares) | 81 | 910 | 9,980 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Capital Ratios (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital, actual amount | $ 2,875 | $ 2,666 |
Tier 1 capital, actual amount | 2,395 | 2,185 |
Common equity tier 1, actual amount | 2,289 | 2,078 |
Leverage, actual amount | 2,395 | 2,185 |
Risk weighted assets, actual amount | $ 24,900 | $ 23,404 |
Total capital, actual ratio | 11.54% | 11.39% |
Total capital, actual ratio tier 1 capital, actual ratio | 9.62% | 9.33% |
Common equity tier 1, actual ratio | 9.19% | 8.88% |
Leverage, actual ratio | 7.87% | 7.58% |
Total capital, well-capitalized requirements amount | $ 2,490 | $ 2,340 |
Tier 1 capital, well-capitalized requirements amount | 1,992 | 1,872 |
Common equity tier 1, well-capitalized requirements amount | 1,619 | 1,521 |
Leverage, well-capitalized requirements amount | $ 1,523 | $ 1,441 |
Total capital, well-capitalized requirements ratio | 10.00% | 10.00% |
Tier 1 capital, well-capitalized requirements ratio | 8.00% | 8.00% |
Common equity tier 1, well-capitalized requirements ratio | 6.50% | 6.50% |
Leverage, well-capitalized requirements ratio | 5.00% | 5.00% |
Total capital, minimum capital requirements amount | $ 2,459 | $ 2,165 |
Tier 1 capital, minimum capital requirements amount | 1,961 | 1,697 |
Common equity tier 1, minimum capital requirements amount | 1,588 | 1,346 |
Leverage, minimum capital requirements amount | $ 1,218 | $ 1,153 |
Total capital, minimum capital requirements ratio | 9.88% | 9.25% |
Tier 1 capital, minimum capital requirements ratio | 7.88% | 7.25% |
Common equity tier 1, minimum capital requirements ratio | 6.38% | 5.75% |
Leverage, minimum capital requirements ratio | 4.00% | 4.00% |
FNBPA | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital, actual amount | $ 2,735 | $ 2,504 |
Tier 1 capital, actual amount | 2,553 | 2,333 |
Common equity tier 1, actual amount | 2,473 | 2,253 |
Leverage, actual amount | 2,553 | 2,333 |
Risk weighted assets, actual amount | $ 24,894 | $ 23,326 |
Total capital, actual ratio | 10.99% | 10.74% |
Total capital, actual ratio tier 1 capital, actual ratio | 10.26% | 10.00% |
Common equity tier 1, actual ratio | 9.94% | 9.66% |
Leverage, actual ratio | 8.39% | 8.14% |
Total capital, well-capitalized requirements amount | $ 2,489 | $ 2,333 |
Tier 1 capital, well-capitalized requirements amount | 1,992 | 1,866 |
Common equity tier 1, well-capitalized requirements amount | 1,618 | 1,516 |
Leverage, well-capitalized requirements amount | $ 1,521 | $ 1,433 |
Total capital, well-capitalized requirements ratio | 10.00% | 10.00% |
Tier 1 capital, well-capitalized requirements ratio | 8.00% | 8.00% |
Common equity tier 1, well-capitalized requirements ratio | 6.50% | 6.50% |
Leverage, well-capitalized requirements ratio | 5.00% | 5.00% |
Total capital, minimum capital requirements amount | $ 2,458 | $ 2,158 |
Tier 1 capital, minimum capital requirements amount | 1,960 | 1,691 |
Common equity tier 1, minimum capital requirements amount | 1,587 | 1,341 |
Leverage, minimum capital requirements amount | $ 1,217 | $ 1,146 |
Total capital, minimum capital requirements ratio | 9.88% | 9.25% |
Tier 1 capital, minimum capital requirements ratio | 7.88% | 7.25% |
Common equity tier 1, minimum capital requirements ratio | 6.38% | 5.75% |
Leverage, minimum capital requirements ratio | 4.00% | 4.00% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Banking and Thrift [Abstract] | |
Aggregate cash reserves with FRB (less than) | $ 1 |
Retained earnings available for distribution | 356.1 |
Maximum amount loans that corporation can borrower under current provisions | $ 537.1 |
Cash Flow Information - Summary
Cash Flow Information - Summary of Cash Flow Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Cash Flows [Abstract] | |||
Interest paid on deposits and other borrowings | $ 230 | $ 129 | $ 67 |
Income taxes paid | 19 | 53 | 60 |
Transfers of loans to other real estate owned | $ 12 | $ 35 | $ 15 |
Business Segments - Additional
Business Segments - Additional Information (Detail) - Segment | 1 Months Ended | 12 Months Ended |
Aug. 31, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 3 | |
Mariner Finance, LLC | ||
Segment Reporting Information [Line Items] | ||
Stock purchase agreement, stock sold, percentage | 100.00% |
Business Segments - Financial I
Business Segments - Financial Information for Segments of FNB (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Interest income | $ 305 | $ 298 | $ 294 | $ 273 | $ 271 | $ 263 | $ 251 | $ 195 | $ 1,170 | $ 980 | $ 679 |
Interest expense | 73 | 63 | 55 | 47 | 41 | 38 | 33 | 22 | 238 | 134 | 67 |
Net Interest Income | 232 | 235 | 239 | 226 | 230 | 225 | 218 | 173 | 932 | 846 | 612 |
Provision for credit losses | 15 | 16 | 16 | 14 | 16 | 17 | 17 | 11 | 61 | 61 | 56 |
Non-interest income | 276 | 252 | 201 | ||||||||
Non-interest expense | 679 | 663 | 500 | ||||||||
Amortization of intangibles | 16 | 18 | 11 | ||||||||
Income tax expense (benefit) | 79 | 157 | 75 | ||||||||
Net income (loss) | 100 | $ 101 | $ 85 | $ 87 | 24 | $ 78 | $ 74 | $ 23 | 373 | 199 | 171 |
Total assets | 33,102 | 31,418 | 33,102 | 31,418 | 21,845 | ||||||
Total intangibles | 2,334 | 2,341 | 2,334 | 2,341 | 1,086 | ||||||
Operating Segments | Community Banking | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 1,145 | 944 | 641 | ||||||||
Interest expense | 219 | 118 | 56 | ||||||||
Net Interest Income | 926 | 826 | 585 | ||||||||
Provision for credit losses | 54 | 53 | 49 | ||||||||
Non-interest income | 213 | 197 | 149 | ||||||||
Non-interest expense | 609 | 597 | 437 | ||||||||
Amortization of intangibles | 15 | 17 | 11 | ||||||||
Income tax expense (benefit) | 82 | 153 | 72 | ||||||||
Net income (loss) | 379 | 203 | 165 | ||||||||
Total assets | 32,997 | 31,156 | 32,997 | 31,156 | 21,629 | ||||||
Total intangibles | 2,304 | 2,317 | 2,304 | 2,317 | 1,062 | ||||||
Operating Segments | Wealth Management | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Net Interest Income | 0 | 0 | 0 | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Non-interest income | 44 | 39 | 35 | ||||||||
Non-interest expense | 33 | 30 | 27 | ||||||||
Amortization of intangibles | 1 | 1 | 0 | ||||||||
Income tax expense (benefit) | 2 | 3 | 3 | ||||||||
Net income (loss) | 8 | 5 | 5 | ||||||||
Total assets | 26 | 24 | 26 | 24 | 20 | ||||||
Total intangibles | 10 | 10 | 10 | 10 | 10 | ||||||
Operating Segments | Insurance | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Net Interest Income | 0 | 0 | 0 | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Non-interest income | 16 | 16 | 15 | ||||||||
Non-interest expense | 17 | 15 | 13 | ||||||||
Amortization of intangibles | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 1 | ||||||||
Net income (loss) | (1) | 1 | 1 | ||||||||
Total assets | 25 | 21 | 25 | 21 | 22 | ||||||
Total intangibles | 20 | 12 | 20 | 12 | 12 | ||||||
Operating Segments | Consumer Finance | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 25 | 40 | 41 | ||||||||
Interest expense | 2 | 4 | 4 | ||||||||
Net Interest Income | 23 | 36 | 37 | ||||||||
Provision for credit losses | 6 | 8 | 7 | ||||||||
Non-interest income | 2 | 3 | 3 | ||||||||
Non-interest expense | 15 | 21 | 22 | ||||||||
Amortization of intangibles | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 1 | 5 | 4 | ||||||||
Net income (loss) | 3 | 5 | 7 | ||||||||
Total assets | 0 | 181 | 0 | 181 | 193 | ||||||
Total intangibles | 0 | 2 | 0 | 2 | 2 | ||||||
Parent and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 0 | (4) | (3) | ||||||||
Interest expense | 17 | 12 | 7 | ||||||||
Net Interest Income | (17) | (16) | (10) | ||||||||
Provision for credit losses | 1 | 0 | 0 | ||||||||
Non-interest income | 1 | (3) | (1) | ||||||||
Non-interest expense | 5 | 0 | 1 | ||||||||
Amortization of intangibles | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | (6) | (4) | (5) | ||||||||
Net income (loss) | (16) | (15) | (7) | ||||||||
Total assets | 54 | 36 | 54 | 36 | (19) | ||||||
Total intangibles | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Measurements Disclosure [Line Items] | ||
Percentage of securities using market-based information | 100.00% | |
Minimum reserves for commercial loan | $ 1,000,000 | |
Retained earnings | 576,000,000 | $ 368,000,000 |
Allocated allowance for loan losses | 4,200,000 | |
Provision for fair value measurements included in allowance for loan losses | 6,900,000 | |
Carrying amount of OREO | 8,600,000 | |
Written down of OREO | 5,000,000 | |
Loss from OREO included in earnings | $ 3,600,000 | |
Short-term borrowings approximate fair value for amounts that mature, days, less than | 90 days | |
Fair value, measurements, nonrecurring | ||
Fair Value Measurements Disclosure [Line Items] | ||
Impaired loans, carrying amount | $ 15,400,000 | |
Allocated allowance for loan losses | 15,000,000 | 4,000,000 |
Assets Still Held | ||
Fair Value Measurements Disclosure [Line Items] | ||
Change in unrealized gains or losses included in earnings relating to assets still held | 0 | |
Equity securities | ||
Fair Value Measurements Disclosure [Line Items] | ||
Transfer of equity security to non-marketable equity securities, included in other assets | 0 | |
Fair value, net derivative asset (liability) measured on recurring basis, unobservable inputs reconciliation, transfers, net | 600,000 | |
Yadkin Financial Corporation (YDKN) | Other debt securities | ||
Fair Value Measurements Disclosure [Line Items] | ||
Certain loans acquired in transfer not accounted for as debt securities, outstanding balance | $ 12,000,000 | |
Accounting Standards Update 2016-01 | ||
Fair Value Measurements Disclosure [Line Items] | ||
Retained earnings | $ 600,000 |
Fair Value Measurements - Balan
Fair Value Measurements - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | $ 3,341 | ||
Equity securities, available-for-sale | $ 1 | ||
Securities available for sale | 3,341 | 2,765 | |
Loans held for sale | [1] | 14 | 56 |
Derivative financial instruments | 43 | 31 | |
Derivative financial instruments | 39 | 29 | |
U.S. government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 187 | ||
U.S. government-sponsored entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 313 | 344 | |
Agency collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,161 | 795 | |
Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 228 | ||
States of the U.S. and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 21 | 21 | |
Other debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 2 | 5 | |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | ||
Securities available for sale | 0 | ||
Derivative financial instruments | 0 | 0 | |
Derivative financial instruments | 0 | 0 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 3,341 | ||
Securities available for sale | 2,765 | ||
Derivative financial instruments | 42 | 29 | |
Derivative financial instruments | 39 | 29 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | ||
Securities available for sale | 0 | ||
Derivative financial instruments | 1 | 2 | |
Derivative financial instruments | 0 | 0 | |
Fair value, measurements, recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 3,341 | 2,764 | |
Equity securities, available-for-sale | 1 | ||
Securities available for sale | 2,765 | ||
Loans held for sale | 14 | 56 | |
Derivative financial instruments | 43 | 31 | |
Assets, Fair Value Disclosure | 3,398 | 2,852 | |
Derivative financial instruments | 39 | 29 | |
Financial Liabilities Fair Value Disclosure | 39 | 29 | |
Fair value, measurements, recurring | U.S. government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 187 | ||
Fair value, measurements, recurring | U.S. government-sponsored entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 313 | 344 | |
Fair value, measurements, recurring | Agency mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,429 | 1,599 | |
Fair value, measurements, recurring | Agency collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,161 | 795 | |
Fair value, measurements, recurring | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 228 | ||
Fair value, measurements, recurring | States of the U.S. and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 21 | 21 | |
Fair value, measurements, recurring | Other debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 2 | 5 | |
Fair value, measurements, recurring | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 43 | 28 | |
Fair value, measurements, recurring | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 3 | ||
Fair value, measurements, recurring | Financial services industry | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities, available-for-sale | 1 | ||
Fair value, measurements, recurring | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 36 | 27 | |
Fair value, measurements, recurring | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 3 | 2 | |
Fair value, measurements, recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Equity securities, available-for-sale | 0 | ||
Securities available for sale | 0 | ||
Loans held for sale | 0 | 0 | |
Derivative financial instruments | 0 | 0 | |
Assets, Fair Value Disclosure | 0 | 0 | |
Derivative financial instruments | 0 | 0 | |
Financial Liabilities Fair Value Disclosure | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | U.S. government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | ||
Fair value, measurements, recurring | Level 1 | U.S. government-sponsored entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | Agency mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | Agency collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | ||
Fair value, measurements, recurring | Level 1 | States of the U.S. and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | Other debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 0 | ||
Fair value, measurements, recurring | Level 1 | Financial services industry | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities, available-for-sale | 0 | ||
Fair value, measurements, recurring | Level 1 | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 0 | 0 | |
Fair value, measurements, recurring | Level 1 | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 0 | 0 | |
Fair value, measurements, recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 3,341 | 2,764 | |
Equity securities, available-for-sale | 1 | ||
Securities available for sale | 2,765 | ||
Loans held for sale | 14 | 56 | |
Derivative financial instruments | 42 | 29 | |
Assets, Fair Value Disclosure | 3,397 | 2,850 | |
Derivative financial instruments | 39 | 29 | |
Financial Liabilities Fair Value Disclosure | 39 | 29 | |
Fair value, measurements, recurring | Level 2 | U.S. government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 187 | ||
Fair value, measurements, recurring | Level 2 | U.S. government-sponsored entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 313 | 344 | |
Fair value, measurements, recurring | Level 2 | Agency mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,429 | 1,599 | |
Fair value, measurements, recurring | Level 2 | Agency collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,161 | 795 | |
Fair value, measurements, recurring | Level 2 | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 228 | ||
Fair value, measurements, recurring | Level 2 | States of the U.S. and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 21 | 21 | |
Fair value, measurements, recurring | Level 2 | Other debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 2 | 5 | |
Fair value, measurements, recurring | Level 2 | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 42 | 28 | |
Fair value, measurements, recurring | Level 2 | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 1 | ||
Fair value, measurements, recurring | Level 2 | Financial services industry | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities, available-for-sale | 1 | ||
Fair value, measurements, recurring | Level 2 | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 36 | 27 | |
Fair value, measurements, recurring | Level 2 | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 3 | 2 | |
Fair value, measurements, recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Equity securities, available-for-sale | 0 | ||
Securities available for sale | 0 | ||
Loans held for sale | 0 | 0 | |
Derivative financial instruments | 1 | 2 | |
Assets, Fair Value Disclosure | 1 | 2 | |
Derivative financial instruments | 0 | 0 | |
Financial Liabilities Fair Value Disclosure | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | U.S. government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | ||
Fair value, measurements, recurring | Level 3 | U.S. government-sponsored entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | Agency mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | Agency collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | ||
Fair value, measurements, recurring | Level 3 | States of the U.S. and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | Other debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 1 | 0 | |
Fair value, measurements, recurring | Level 3 | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 2 | ||
Fair value, measurements, recurring | Level 3 | Financial services industry | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities, available-for-sale | 0 | ||
Fair value, measurements, recurring | Level 3 | Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | 0 | 0 | |
Fair value, measurements, recurring | Level 3 | Not for trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative financial instruments | $ 0 | $ 0 | |
[1] | Amount represents loans for which we have elected the fair value option. See Note 24. |
Fair Value Measurements - Add_2
Fair Value Measurements - Additional Information about Assets Measured at Fair Value on Recurring Basis (Detail) - Fair value, measurements, recurring - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 2 | $ 2 |
Purchases | 5 | 14 |
Sales/redemptions | (13) | |
Settlements | (6) | (5) |
Transfers from Level 3 | (1) | |
Transfers into Level 3 | 5 | |
Balance at end of period | 1 | 2 |
Other debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Purchases | 0 | 12 |
Sales/redemptions | (12) | |
Settlements | 0 | 0 |
Transfers from Level 3 | 0 | |
Transfers into Level 3 | 0 | |
Balance at end of period | 0 | 0 |
Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 0 | 1 |
Purchases | 0 | 0 |
Sales/redemptions | 0 | |
Settlements | 0 | 0 |
Transfers from Level 3 | (1) | |
Transfers into Level 3 | 0 | |
Balance at end of period | 0 | 0 |
Residential Non-Agency Collateralized Mortgage Obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 0 | 1 |
Purchases | 0 | 0 |
Sales/redemptions | (1) | |
Settlements | 0 | 0 |
Transfers from Level 3 | 0 | |
Transfers into Level 3 | 0 | |
Balance at end of period | 0 | 0 |
Interest Rate Lock Commitments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 2 | 0 |
Purchases | 5 | 2 |
Sales/redemptions | 0 | |
Settlements | (6) | (5) |
Transfers from Level 3 | 0 | |
Transfers into Level 3 | 5 | |
Balance at end of period | $ 1 | $ 2 |
Fair Value Measurements - Add_3
Fair Value Measurements - Additional Information about Assets Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | $ 4.2 | |||
Loans held for sale | [1] | 14 | $ 56 | |
Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 15 | 4 | ||
Other real estate owned | 5 | 21 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 0 | 0 | ||
Level 1 | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 0 | 0 | ||
Other real estate owned | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 0 | 0 | ||
Level 2 | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 0 | 3 | ||
Other real estate owned | 0 | 10 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 45 | 38 | ||
Level 3 | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 15 | 1 | ||
Other real estate owned | 5 | 11 | ||
SBA-Guaranteed Loan Servicing | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 4 | 5 | $ 0 | |
SBA-Guaranteed Loan Servicing | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held for sale | 36 | |||
Other assets | 4 | 5 | ||
SBA-Guaranteed Loan Servicing | Level 1 | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held for sale | 0 | |||
Other assets | 0 | 0 | ||
SBA-Guaranteed Loan Servicing | Level 2 | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held for sale | 0 | |||
Other assets | 0 | 0 | ||
SBA-Guaranteed Loan Servicing | Level 3 | Fair value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held for sale | 36 | |||
Other assets | $ 4 | $ 5 | ||
[1] | Amount represents loans for which we have elected the fair value option. See Note 24. |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Corporation's Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial Assets | ||||
Cash and cash equivalents | $ 488 | $ 479 | $ 371 | $ 489 |
Debt securities available for sale | 3,341 | |||
Securities available for sale | 3,341 | 2,765 | ||
Securities held to maturity | 3,254 | 3,242 | ||
Securities held to maturity | 3,155 | 3,218 | ||
Derivative financial instruments | 43 | 31 | ||
Financial Liabilities | ||||
Deposits | 23,455 | 22,400 | ||
Short-term borrowings | 4,129 | 3,679 | ||
Long-term borrowings | 627 | 668 | ||
Derivative liabilities | 39 | 29 | ||
Carrying Amount | ||||
Financial Assets | ||||
Cash and cash equivalents | 488 | 479 | ||
Debt securities available for sale | 3,341 | |||
Securities available for sale | 2,765 | |||
Securities held to maturity | 3,254 | 3,242 | ||
Net loans and leases, including loans held for sale | 21,995 | 20,917 | ||
Loan servicing rights | 41 | 34 | ||
Derivative financial instruments | 43 | 31 | ||
Accrued interest receivable | 101 | 94 | ||
Financial Liabilities | ||||
Deposits | 23,455 | 22,400 | ||
Short-term borrowings | 4,129 | 3,679 | ||
Long-term borrowings | 627 | 668 | ||
Derivative liabilities | 39 | 29 | ||
Accrued interest payable | 20 | 12 | ||
Fair Value | ||||
Financial Assets | ||||
Cash and cash equivalents | 488 | 479 | ||
Debt securities available for sale | 3,341 | |||
Securities available for sale | 2,765 | |||
Securities held to maturity | 3,155 | 3,218 | ||
Net loans and leases, including loans held for sale | 21,742 | 20,661 | ||
Loan servicing rights | 45 | 38 | ||
Derivative financial instruments | 43 | 31 | ||
Accrued interest receivable | 101 | 94 | ||
Financial Liabilities | ||||
Deposits | 23,411 | 22,359 | ||
Short-term borrowings | 4,130 | 3,679 | ||
Long-term borrowings | 618 | 675 | ||
Derivative liabilities | 39 | 29 | ||
Accrued interest payable | 20 | 12 | ||
Level 1 | ||||
Financial Assets | ||||
Cash and cash equivalents | 488 | 479 | ||
Debt securities available for sale | 0 | |||
Securities available for sale | 0 | |||
Securities held to maturity | 0 | 0 | ||
Net loans and leases, including loans held for sale | 0 | 0 | ||
Loan servicing rights | 0 | 0 | ||
Derivative financial instruments | 0 | 0 | ||
Accrued interest receivable | 101 | 94 | ||
Financial Liabilities | ||||
Deposits | 18,142 | 17,779 | ||
Short-term borrowings | 4,130 | 3,679 | ||
Long-term borrowings | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Accrued interest payable | 20 | 12 | ||
Level 2 | ||||
Financial Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Debt securities available for sale | 3,341 | |||
Securities available for sale | 2,765 | |||
Securities held to maturity | 3,155 | 3,218 | ||
Net loans and leases, including loans held for sale | 14 | 56 | ||
Loan servicing rights | 0 | 0 | ||
Derivative financial instruments | 42 | 29 | ||
Accrued interest receivable | 0 | 0 | ||
Financial Liabilities | ||||
Deposits | 5,269 | 4,580 | ||
Short-term borrowings | 0 | 0 | ||
Long-term borrowings | 0 | 0 | ||
Derivative liabilities | 39 | 29 | ||
Accrued interest payable | 0 | 0 | ||
Level 3 | ||||
Financial Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Debt securities available for sale | 0 | |||
Securities available for sale | 0 | |||
Securities held to maturity | 0 | 0 | ||
Net loans and leases, including loans held for sale | 21,728 | 20,605 | ||
Loan servicing rights | 45 | 38 | ||
Derivative financial instruments | 1 | 2 | ||
Accrued interest receivable | 0 | 0 | ||
Financial Liabilities | ||||
Deposits | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term borrowings | 618 | 675 | ||
Derivative liabilities | 0 | 0 | ||
Accrued interest payable | $ 0 | $ 0 |
Parent Company Financial Stat_3
Parent Company Financial Statements - Consolidated Balance Sheet of Parent Company Only (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 488 | $ 479 | $ 371 | $ 489 |
Debt securities available for sale | 3,341 | |||
Other assets | 823 | 810 | ||
Total Assets | 33,102 | 31,418 | 21,845 | |
Other liabilities | 283 | 262 | ||
Long-term borrowings | 627 | 668 | ||
Long-term | 87 | 88 | ||
Total Liabilities | 28,494 | 27,009 | ||
Stockholders' Equity | 4,608 | 4,409 | 2,572 | 2,096 |
Total Liabilities and Stockholders’ Equity | 33,102 | 31,418 | ||
Parent Company | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 254 | 166 | $ 164 | $ 228 |
Debt securities available for sale | 0 | 1 | ||
Other assets | 19 | 22 | ||
Total Assets | 5,124 | 5,037 | ||
Other liabilities | 32 | 33 | ||
Advances from affiliates | 197 | 306 | ||
Long-term borrowings | 279 | 280 | ||
Short-term | 7 | 8 | ||
Long-term | 1 | 1 | ||
Total Liabilities | 516 | 628 | ||
Stockholders' Equity | 4,608 | 4,409 | ||
Total Liabilities and Stockholders’ Equity | 5,124 | 5,037 | ||
Parent Company | Bank Subsidiary | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Investment in and advances to subsidiaries | 4,754 | 4,554 | ||
Parent Company | Non-bank Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Investment in and advances to subsidiaries | $ 97 | $ 294 |
Parent Company Financial Stat_4
Parent Company Financial Statements - Statements of Income of Parent Company Only (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest income | $ 305 | $ 298 | $ 294 | $ 273 | $ 271 | $ 263 | $ 251 | $ 195 | $ 1,170 | $ 980 | $ 679 |
Interest income | 1 | 1 | 0 | ||||||||
Interest expense | 73 | 63 | 55 | 47 | 41 | 38 | 33 | 22 | 238 | 134 | 67 |
Income tax benefit | (79) | (157) | (75) | ||||||||
Net income | 100 | $ 101 | $ 85 | $ 87 | 24 | $ 78 | $ 74 | $ 23 | 373 | 199 | 171 |
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Dividend income from subsidiaries: | 170 | 158 | 118 | ||||||||
Interest income | 4 | 5 | 5 | ||||||||
Interest income | 5 | 0 | 3 | ||||||||
Total Income | 179 | 163 | 126 | ||||||||
Interest expense | 20 | 18 | 14 | ||||||||
Other expenses | 15 | 10 | 10 | ||||||||
Total Expenses | 35 | 28 | 24 | ||||||||
Income Before Taxes and Equity in Undistributed Income of Subsidiaries | 144 | 135 | 102 | ||||||||
Income tax benefit | 6 | 3 | 6 | ||||||||
Income after income taxes | 150 | 138 | 108 | ||||||||
Equity in undistributed income (loss) of subsidiaries: | 222 | 61 | 222 | 61 | 63 | ||||||
Net income | 373 | 199 | 171 | ||||||||
Parent Company | Bank | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Dividend income from subsidiaries: | 162 | 149 | 109 | ||||||||
Equity in undistributed income (loss) of subsidiaries: | 225 | 60 | 225 | 60 | 61 | ||||||
Parent Company | Non-Bank | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Dividend income from subsidiaries: | 8 | 9 | 9 | ||||||||
Equity in undistributed income (loss) of subsidiaries: | $ (2) | $ 1 | $ (2) | $ 1 | $ 2 |
Parent Company Financial Stat_5
Parent Company Financial Statements - Statements of Cash Flows of Parent Company Only (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | |||||||||||
Net income | $ 100 | $ 101 | $ 85 | $ 87 | $ 24 | $ 78 | $ 74 | $ 23 | $ 373 | $ 199 | $ 171 |
Other, net | (27) | (97) | 10 | ||||||||
Net cash flows provided by operating activities | 611 | 279 | 293 | ||||||||
Investing Activities | |||||||||||
Proceeds from sale of securities available for sale | 0 | 786.8 | 615 | ||||||||
Net cash received in business combinations and divestitures | 134 | 197 | 246 | ||||||||
Net cash flows used in investing activities | (1,920) | (1,529) | (1,260) | ||||||||
Financing Activities | |||||||||||
Decrease in long-term debt | (77) | (199) | (173) | ||||||||
Increase in long-term debt | 37 | 155 | 46 | ||||||||
Net proceeds from issuance of common stock | 14 | 11 | 18 | ||||||||
Tax benefit of stock-based compensation | 0 | 0 | 2 | ||||||||
Preferred stock | (8) | (8) | (8) | ||||||||
Common stock | (157) | (143) | (102) | ||||||||
Net cash flows provided by financing activities | 1,318 | 1,358 | 849 | ||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 9 | 108 | (118) | ||||||||
Cash and cash equivalents at beginning of year | 479 | 371 | 479 | 371 | 489 | ||||||
Cash and Cash Equivalents at End of Year | 488 | 479 | 488 | 479 | 371 | ||||||
Interest | 230 | 129 | 67 | ||||||||
Parent Company | |||||||||||
Operating Activities | |||||||||||
Net income | 373 | 199 | 171 | ||||||||
Undistributed earnings from subsidiaries | (222) | (61) | (222) | (61) | (63) | ||||||
Other, net | (13) | 6 | (3) | ||||||||
Net cash flows provided by operating activities | 138 | 144 | 105 | ||||||||
Investing Activities | |||||||||||
Proceeds from sale of securities available for sale | 1 | 0 | 1 | ||||||||
Net (increase) decrease in advances to subsidiaries | 20 | (10) | (6) | ||||||||
Payment for further investment in subsidiaries | (22) | (4) | (71) | ||||||||
Net cash received in business combinations and divestitures | 123 | 3 | 1 | ||||||||
Net cash flows used in investing activities | 122 | (11) | (75) | ||||||||
Financing Activities | |||||||||||
Net decrease in advance from affiliate | (19) | 10 | 6 | ||||||||
Net decrease in short-term borrowings | (1) | 0 | 0 | ||||||||
Decrease in long-term debt | (2) | (2) | (10) | ||||||||
Increase in long-term debt | 1 | 1 | 0 | ||||||||
Net proceeds from issuance of common stock | 14 | 11 | 18 | ||||||||
Tax benefit of stock-based compensation | 0 | 0 | 2 | ||||||||
Preferred stock | (8) | (8) | (8) | ||||||||
Common stock | (157) | (143) | (102) | ||||||||
Net cash flows provided by financing activities | (172) | (131) | (94) | ||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 88 | 2 | (64) | ||||||||
Cash and cash equivalents at beginning of year | $ 166 | $ 164 | 166 | 164 | 228 | ||||||
Cash and Cash Equivalents at End of Year | $ 254 | $ 166 | 254 | 166 | 164 | ||||||
Interest | $ 17 | $ 16 | $ 14 |
Quarterly Earnings Summary (U_3
Quarterly Earnings Summary (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Earnings Summary (Unaudited) [Abstract] | |||||||||||
Interest income | $ 305 | $ 298 | $ 294 | $ 273 | $ 271 | $ 263 | $ 251 | $ 195 | $ 1,170 | $ 980 | $ 679 |
Interest expense | 73 | 63 | 55 | 47 | 41 | 38 | 33 | 22 | 238 | 134 | 67 |
Net Interest Income | 232 | 235 | 239 | 226 | 230 | 225 | 218 | 173 | 932 | 846 | 612 |
Provision for credit losses | 15 | 16 | 16 | 14 | 16 | 17 | 17 | 11 | 61 | 61 | 56 |
Net securities gains | 0 | 3 | 0 | 3 | 0 | 6 | 1 | ||||
Total non-interest income | 68 | 75 | 65 | 68 | 65 | 63 | 66 | 52 | 16 | 11 | 9 |
Total non-interest expense | 170 | 171 | 183 | 171 | 166 | 164 | 164 | 187 | 695 | 681 | 511 |
Net income | 100 | 101 | 85 | 87 | 24 | 78 | 74 | 23 | 373 | 199 | 171 |
Net income available to common stockholders | $ 98 | $ 99 | $ 83 | $ 85 | $ 22 | $ 76 | $ 72 | $ 21 | $ 365 | $ 191 | $ 163 |
Earnings per Common Share | |||||||||||
Basic (in usd per share) | $ 0.30 | $ 0.30 | $ 0.26 | $ 0.26 | $ 0.07 | $ 0.23 | $ 0.22 | $ 0.09 | $ 1.13 | $ 0.63 | $ 0.79 |
Diluted (in usd per share) | 0.30 | 0.30 | 0.26 | 0.26 | 0.07 | 0.23 | 0.22 | 0.09 | 1.12 | 0.63 | 0.78 |
Cash Dividends per Common Share (in usd per share) | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.48 | $ 0.48 | $ 0.48 |