Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-31940 | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 25-1255406 | |
Entity Address, Address Line One | One North Shore Center, | |
Entity Address, Address Line Two | 12 Federal Street, | |
Entity Address, City or Town | Pittsburgh, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15212 | |
City Area Code | 800 | |
Local Phone Number | 555-5455 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 324,924,869 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | FNB CORP/PA/ | |
Entity Central Index Key | 0000037808 | |
Current Fiscal Year End Date | --12-31 | |
New York Stock Exchange | Common Stock, par value $0.01 per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | FNB | |
Security Exchange Name | NYSE | |
New York Stock Exchange | Depositary Shares each representing 1/40th interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares each representing 1/40th interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E | |
Trading Symbol | FNBPrE | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Assets | |||
Cash and due from banks | $ 522 | $ 451 | |
Interest bearing deposits with banks | 87 | 37 | |
Cash and Cash Equivalents | 609 | 488 | |
Debt securities available for sale | 3,262 | 3,341 | |
Debt securities held to maturity (fair value of $3,229 and $3,155) | 3,192 | 3,254 | |
Loans held for sale (includes $45 and $14 measured at fair value) | [1] | 56 | 22 |
Loans and leases, net of unearned income of $1 and $3 | 23,070 | 22,153 | |
Allowance for credit losses | (194) | (180) | |
Net Loans and Leases | 22,876 | 21,973 | |
Premises and equipment, net | 329 | 330 | |
Goodwill | 2,262 | 2,255 | |
Core deposit and other intangible assets, net | 71 | 79 | |
Bank owned life insurance | 542 | 537 | |
Other assets | 1,130 | 823 | |
Total Assets | 34,329 | 33,102 | |
Liabilities | |||
Non-interest-bearing demand | 6,292 | 6,000 | |
Interest-bearing demand | 10,654 | 9,660 | |
Savings | 2,526 | 2,526 | |
Certificates and other time deposits | 5,122 | 5,269 | |
Total Deposits | 24,594 | 23,455 | |
Short-term borrowings | 3,144 | 4,129 | |
Long-term borrowings | 1,340 | 627 | |
Other liabilities | 431 | 283 | |
Total Liabilities | 29,509 | 28,494 | |
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 - 327,107,305 and 326,120,832 shares | 3 | 3 | |
Additional paid-in capital | 4,062 | 4,049 | |
Retained earnings | 744 | 576 | |
Accumulated other comprehensive loss | (69) | (106) | |
Treasury stock – 2,227,804 and 1,806,303 shares at cost | (27) | (21) | |
Total Stockholders’ Equity | 4,820 | 4,608 | |
Total Liabilities and Stockholders’ Equity | $ 34,329 | $ 33,102 | |
[1] | Amount represents loans for which we have elected the fair value option. See Note 17. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Statement of Financial Position [Abstract] | |||
Securities held to maturity, fair value | $ 3,229 | $ 3,155 | |
Loans held for sale, fair value | [1] | 45 | 14 |
Unearned income on loans | $ 1 | $ 3 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | $ 1,000 | |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | |
Preferred stock, shares issued | 110,877 | 110,877 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock, shares issued | 327,107,305 | 326,120,832 | |
Treasury stock, shares | 2,227,804 | 1,806,303 | |
[1] | Amount represents loans for which we have elected the fair value option. See Note 17. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest Income | ||||
Loans and leases, including fees | $ 274 | $ 260 | $ 819 | $ 757 |
Securities: | ||||
Taxable | 30 | 30 | 95 | 86 |
Tax-exempt | 8 | 8 | 24 | 21 |
Other | 2 | 0 | 3 | 1 |
Total Interest Income | 314 | 298 | 941 | 865 |
Interest Expense | ||||
Deposits | 56 | 38 | 161 | 95 |
Short-term borrowings | 18 | 20 | 66 | 54 |
Long-term borrowings | 10 | 5 | 23 | 15 |
Total Interest Expense | 84 | 63 | 250 | 164 |
Net Interest Income | 230 | 235 | 691 | 701 |
Provision for credit losses | 12 | 16 | 37 | 46 |
Net Interest Income After Provision for Credit Losses | 218 | 219 | 654 | 655 |
Non-Interest Income | ||||
Service charges | 33 | 32 | 95 | 93 |
Trust services | 7 | 6 | 21 | 19 |
Insurance commissions and fees | 6 | 5 | 15 | 15 |
Securities commissions and fees | 4 | 4 | 13 | 13 |
Capital markets income | 9 | 5 | 25 | 16 |
Mortgage banking operations | 9 | 6 | 21 | 17 |
Dividends on non-marketable equity securities | 5 | 4 | 14 | 12 |
Bank owned life insurance | 3 | 5 | 9 | 11 |
Other | 4 | 8 | 7 | 11 |
Total Non-Interest Income | 80 | 75 | 220 | 207 |
Non-Interest Expense | ||||
Salaries and employee benefits | 93 | 90 | 279 | 278 |
Net occupancy | 13 | 14 | 44 | 46 |
Equipment | 15 | 14 | 45 | 41 |
Amortization of intangibles | 4 | 4 | 11 | 12 |
Outside services | 16 | 17 | 47 | 49 |
FDIC insurance | 6 | 9 | 18 | 27 |
Bank shares and franchise taxes | 4 | 3 | 10 | 10 |
Other | 27 | 20 | 65 | 62 |
Total Non-Interest Expense | 178 | 171 | 519 | 525 |
Income Before Income Taxes | 120 | 123 | 355 | 337 |
Income taxes | 17 | 22 | 63 | 64 |
Net Income | 103 | 101 | 292 | 273 |
Preferred stock dividends | 2 | 2 | 6 | 6 |
Net Income Available to Common Stockholders | $ 101 | $ 99 | $ 286 | $ 267 |
Earnings per Common Share | ||||
Basic (in USD per share) | $ 0.31 | $ 0.30 | $ 0.88 | $ 0.82 |
Diluted (in USD per share) | $ 0.31 | $ 0.30 | $ 0.88 | $ 0.82 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 103 | $ 101 | $ 292 | $ 273 |
Securities available for sale: | ||||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $1 and $(3), $17 and $(14) | 6 | (12) | 60 | (51) |
Derivative instruments: | ||||
Unrealized (losses) gains arising during the period, net of tax (benefit) expense of $(1) and $0, $(7) and $2 | (4) | (24) | ||
Unrealized (losses) gains arising during the period, net of tax (benefit) expense of $(1) and $0, $(7) and $2 | 1 | 7 | ||
Reclassification adjustment for (gains) losses included in net income, net of tax expense (benefit) of $0, $0, $0 and $0 | 0 | (1) | ||
Reclassification adjustment for (gains) losses included in net income, net of tax expense (benefit) of $0, $0, $0 and $0 | 0 | (1) | ||
Pension and postretirement benefit obligations: | ||||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $0, $0, $0 and $0 | 1 | 0 | 2 | 1 |
Other Comprehensive Income (Loss) | 3 | (11) | 37 | (44) |
Comprehensive Income | $ 106 | $ 90 | $ 329 | $ 229 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gains (losses) arising during the period, tax expense | $ 1 | $ (3) | $ 17 | $ (14) |
Unrealized (losses) gains arising during the period, tax (benefit) expense | (1) | (7) | ||
Unrealized (losses) gains arising during the period, tax (benefit) expense | 0 | 2 | ||
Reclassification adjustment for (gains) losses included in net income, tax expense | 0 | 0 | ||
Reclassification adjustment for (gains) losses included in net income, tax expense | 0 | 0 | ||
Unrealized gains (losses) arising during the period, tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Balance at beginning 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) | 229 | 273 | (44) | ||||
Dividends declared: | |||||||
Preferred stock | (6) | (6) | |||||
Common stock | (118) | (118) | |||||
Issuance of common stock | 4 | 6 | (2) | ||||
Restricted stock compensation | 7 | 7 | |||||
Balance at end of period at Sep. 30, 2018 | 4,525 | 107 | 3 | 4,046 | 517 | (127) | (21) |
Balance at beginning of period at Jun. 30, 2018 | 4,473 | 107 | 3 | 4,043 | 457 | (116) | (21) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 90 | 101 | (11) | ||||
Dividends declared: | |||||||
Preferred stock | (2) | (2) | |||||
Common stock | (39) | (39) | |||||
Issuance of common stock | 1 | 1 | |||||
Restricted stock compensation | 2 | 2 | |||||
Balance at end of period at Sep. 30, 2018 | 4,525 | 107 | 3 | 4,046 | 517 | (127) | (21) |
Balance at beginning of period at Dec. 31, 2018 | 4,608 | 107 | 3 | 4,049 | 576 | (106) | (21) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 329 | 292 | 37 | ||||
Dividends declared: | |||||||
Preferred stock | (6) | (6) | |||||
Common stock | (118) | (118) | |||||
Issuance of common stock | (1) | 5 | (6) | ||||
Restricted stock compensation | 8 | 8 | |||||
Balance at end of period at Sep. 30, 2019 | 4,820 | 107 | 3 | 4,062 | 744 | (69) | (27) |
Balance at beginning of period at Jun. 30, 2019 | 4,753 | 107 | 3 | 4,057 | 683 | (72) | (25) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 106 | 103 | 3 | ||||
Dividends declared: | |||||||
Preferred stock | (2) | (2) | |||||
Common stock | (40) | (40) | |||||
Issuance of common stock | 1 | 3 | (2) | ||||
Restricted stock compensation | 2 | 2 | |||||
Balance at end of period at Sep. 30, 2019 | $ 4,820 | $ 107 | $ 3 | $ 4,062 | $ 744 | $ (69) | $ (27) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Preferred stock dividends per share (in USD per share) | $ 18.13 | $ 18.13 | $ 54.39 | $ 54.39 |
Common stock dividends per share (in USD per share) | $ 0.12 | $ 0.12 | $ 0.36 | $ 0.36 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities | ||
Net income | $ 292 | $ 273 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 33 | 82 |
Provision for credit losses | 37 | 46 |
Deferred tax expense | 36 | 29 |
Tax benefit of stock-based compensation | 1 | 0 |
Loans originated for sale | (983) | (865) |
Loans sold | 984 | 933 |
Net gain on sale of loans | (17) | (18) |
Net change in: | ||
Interest receivable | (8) | (8) |
Interest payable | 2 | 7 |
Bank owned life insurance | (5) | (7) |
Other, net | (235) | 45 |
Net cash flows provided by operating activities | 137 | 517 |
Investing Activities | ||
Net change in loans and leases | (1,200) | (1,055) |
Debt securities available for sale: | ||
Purchases | (395) | (1,029) |
Maturities | 543 | 422 |
Debt securities held to maturity: | ||
Purchases | (264) | (245) |
Maturities | 323 | 276 |
Increase in premises and equipment | (31) | (19) |
Net cash paid in business combinations and divestitures | 0 | 141 |
Loans sold, not originated for sale | 262 | 0 |
Other, net | (9) | 0 |
Net cash flows used in investing activities | (771) | (1,509) |
Financing Activities | ||
Demand (non-interest bearing and interest bearing) and savings accounts | 1,286 | 273 |
Time deposits | (145) | 831 |
Short-term borrowings | (984) | 1 |
Proceeds from issuance of long-term borrowings | 947 | 27 |
Repayment of long-term borrowings | (232) | (67) |
Net proceeds from issuance of common stock | 7 | 10 |
Cash dividends paid: | ||
Preferred stock | (6) | (6) |
Common stock | (118) | (118) |
Net cash flows provided by financing activities | 755 | 951 |
Net Increase (Decrease) in Cash and Cash Equivalents | 121 | (41) |
Cash and cash equivalents at beginning of period | 488 | 479 |
Cash and Cash Equivalents at End of Period | $ 609 | $ 438 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2019 | |
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; Washington, D.C.; and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina. As of September 30, 2019 , we had 369 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina and South Carolina. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2019 | |
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 (unaudited) include subsidiaries in which we have a controlling financial interest. We own and operate FNBPA, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, 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 interim unaudited 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 September 30, 2019 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. Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The interim operating results are not necessarily indicative of operating results FNB expects for the full year. These interim unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in our 2018 Annual Report on Form 10-K filed with the SEC on February 26, 2019 . For a detailed description of our significant accounting policies, see Note 1 "Summary of Significant Accounting Policies" in our 2018 Annual Report on Form 10-K . The accounting policies presented below have been added or amended for newly material items or the adoption of new accounting standards. 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 (unaudited). 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. 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 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. Cash flows from hedging activities are classified in the same category as the items hedged. Beginning in the first quarter of 2019, we adopted ASU 2017-12 which provides targeted improvements to the hedge accounting model that more closely aligns the accounting and reporting for hedging relationships with risk management activities. In addition, ASU 2017-12 provides administrative relief by easing documentation requirements, simplifying the application of hedge accounting by expanding the application of the shortcut method, eliminating the separate measurement and reporting of hedge ineffectiveness and generally requiring the entire effect of the hedging instrument and the hedged item to be presented in the same income statement line item. We believe these changes will provide users with more useful information about the effect of our risk management activities on the financial statements. Changes in fair value of a derivative instrument that has been designated and qualifies as a cash flow hedge, including any ineffectiveness, are recorded in accumulated other comprehensive income, net of tax. Amounts are reclassified from AOCI to the consolidated statements of income in the same line item used to present the earnings effect of the hedged item in the period or periods in which the hedged transaction affects earnings. Prior to 2019, the ineffective portion, if any, was reported in earnings immediately. At the hedge’s inception 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. At each reporting period thereafter, a statistical regression or qualitative analysis is performed to evaluate hedge effectiveness. 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. In addition, we enter into interest rate swap agreements to meet the interest rate 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. Leases We determine if an arrangement is, or contains, a lease at inception of the contract. As a lessee, we consider a contract to be, or contain, a lease if the contract conveys the right to control the use of an identified asset in exchange for consideration. We recognize in our Consolidated Balance Sheets the obligation to make lease payments and a right-of-use asset representing our right to use the underlying asset for the lease term. For an operating lease, the right-of-use asset and lease liability are included in other assets and other liabilities, respectively. Finance leases are included in premises and equipment, and other liabilities. We do not record leases with an initial term of 12 months or less on the Consolidated Balance Sheets, instead we recognize lease expense for these leases on a straight-line basis over the lease term. For leases that commenced before January 1, 2019, we have applied the modified retrospective transition method which resulted in comparative information not being restated. The new standard provides a number of optional practical expedients in transition. We elected the ‘package of practical expedients’, which permits us to not reassess our prior conclusions about lease identification, lease classification and initial direct costs. Right-of-use assets and liabilities are initially measured at the present value of lease payments over the lease term, discounted using the interest rate implicit in the lease at the commencement date. If the rate implicit in the lease cannot be readily determined, we discount the lease using our incremental borrowing rate which is derived by reference to FNB's secured borrowing rate. Our leases may include options to extend or terminate the lease. When it is reasonably certain that we will exercise such an option, the lease term includes those periods. Lease expense is recognized on a straight-line basis over the lease term. Right-of-use assets are reviewed for impairment when events or circumstances indicate that the carrying amount may not be recoverable. For operating leases, if deemed impaired, the right-of-use asset is written down and the remaining balance is subsequently amortized on a straight-line basis. We have real estate lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. As a lessor, when a lease meets certain criteria indicating that we effectively have transferred control of the underlying asset to the customer, the lease is classified as a sales-type lease. When a lease does not meet the criteria for a sales-type lease but meets the criteria of a direct financing lease, the lease is classified as a direct financing lease. When none of the required criteria for sales-type lease or direct-financing lease are met, the lease is classified as an operating lease. Both sales-type leases and direct financing leases are recognized as a net investment in the lease on the Consolidated Balance Sheets. The net investment comprises the lease receivable including any residual value of the underlying asset that is guaranteed by the customer or any other third party unrelated to us and the unguaranteed residual value of the underlying asset. Operating lease income is recognized over the lease term on a straight-line basis. We do not evaluate whether sales taxes and similar taxes imposed by a governmental authority on lease transactions and collected by us are our primary obligation as owner of the underlying leased asset and exclude from lease income all taxes collected. |
NEW ACCOUNTING STANDARDS
NEW ACCOUNTING STANDARDS | 9 Months Ended |
Sep. 30, 2019 | |
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 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. We adopted this Update in the first quarter of 2019 using a modified retrospective transition method. The presentation and disclosure guidance were applied prospectively. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. This Update was effective as of January 1, 2019. 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. We adopted this Update in the first quarter of 2019 using a modified retrospective transition method. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. This Update was effective as of January 1, 2019. 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 ASU 2019-01, Lease (Topic 842), Codification Improvements 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 sales-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. We adopted these Updates in the first quarter of 2019 under the modified retrospective transition method. In addition, the new standard provides a number of optional practical expedients in transition. We elected the ‘package of practical expedients,’ which permits us to not reassess our prior conclusions about lease identification, lease classification and initial direct costs. Standard Description 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 ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ASU 2019-05, Financial Instruments-Credit Losses, (Topic 326): Targeted Transition Relief These Updates replace the current long-standing 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 except for unconditionally cancellable commitments. 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 PCI loans and debt securities. 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 assets and regulatory capital. While these Updates change the measurement of the Allowance for Credit Losses (ACL), it does not change the credit risk of our lending portfolios or the ultimate losses in those portfolios. However, the CECL ACL methodology could produce higher volatility in the quarterly provision for credit losses than our current reserve process. We have created a cross-functional management steering group to govern implementation and the Audit and Risk Committees and the Board of Directors receive regular updates. For loans measured at amortized cost we have implemented a new modeling platform and integrated other auxiliary models to support a calculation of expected credit losses under CECL. We have made preliminary decisions on segmentation, a reasonable and supportable forecast period, a reversion method and period and a historical loss forecast covering the remaining contractual life, adjusted for prepayments as well as other criteria necessary to execute parallel runs beginning with the June 30, 2019 portfolio balances to ensure we are ready to calculate, review and report on our CECL ACL for the first quarter of 2020. Based on our portfolio composition and forecasts of relatively stable macroeconomic conditions over the next two years, we currently estimate that our CECL ACL on the originated portfolio will increase in the range of 25% and 35%, primarily driven by our consumer portfolios. We expect a corresponding decrease in our common equity tier 1 (CET1) regulatory capital on a fully phased-in basis of 14-20 basis points (bps) and 11-15 bps for our tangible common equity (TCE) ratio. In addition, the ACL will increase an estimated $65-75 million for the ACL “gross-up” for PCI Loans at transition with a corresponding increase to the PCI Loans carrying value. There is no capital impact related to the PCI Loans transition. The estimated ACL represents Management’s estimate of credit losses over the full expected remaining life of the financial assets and also take into account expected future changes in macroeconomic conditions. We will continue to evaluate and refine our loss estimates through the remainder of 2019. The impact of this Update will be dependent on the portfolio composition and credit quality, as well as historical experience, current conditions and forecasts of economic conditions and interest rates at the time of adoption. The impact to our AFS and HTM debt securities is expected to be immaterial. Oversight and testing, as well as the development of policies, internal controls and preparation for expanded disclosure requirements will extend through the remainder of 2019. This Update will be effective as of January 1, 2020. |
SECURITIES
SECURITIES | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The amortized cost and fair value of debt securities are as follows: TABLE 3.1 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities Available for Sale: September 30, 2019 U.S. government agencies $ 159 $ 1 $ (1 ) $ 159 U.S. government-sponsored entities 245 1 (1 ) 245 Residential mortgage-backed securities: Agency mortgage-backed securities 1,337 5 (4 ) 1,338 Agency collateralized mortgage obligations 1,178 13 (3 ) 1,188 Commercial mortgage-backed securities 309 8 (1 ) 316 States of the U.S. and political subdivisions 14 — — 14 Other debt securities 2 — — 2 Total debt securities available for sale $ 3,244 $ 28 $ (10 ) $ 3,262 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 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities Held to Maturity: September 30, 2019 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government agencies 2 — — 2 U.S. government-sponsored entities 190 — (1 ) 189 Residential mortgage-backed securities: Agency mortgage-backed securities 1,001 7 (3 ) 1,005 Agency collateralized mortgage obligations 686 7 (5 ) 688 Commercial mortgage-backed securities 202 4 — 206 States of the U.S. and political subdivisions 1,110 29 (1 ) 1,138 Total debt securities held to maturity $ 3,192 $ 47 $ (10 ) $ 3,229 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 There were no significant gross gains or gross losses realized on securities during the nine months ended September 30, 2019 or 2018 . As of September 30, 2019 , the amortized cost and fair value of debt securities, by contractual maturities, were as follows: TABLE 3.2 Available for Sale Held to Maturity (in millions) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 113 $ 113 $ 34 $ 34 Due after one year but within five years 147 148 177 176 Due after five years but within ten years 68 68 106 108 Due after ten years 92 91 986 1,012 420 420 1,303 1,330 Residential mortgage-backed securities: Agency mortgage-backed securities 1,337 1,338 1,001 1,005 Agency collateralized mortgage obligations 1,178 1,188 686 688 Commercial mortgage-backed securities 309 316 202 206 Total debt securities $ 3,244 $ 3,262 $ 3,192 $ 3,229 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 3.3 (dollars in millions) September 30, December 31, Securities pledged (carrying value): To secure public deposits, trust deposits and for other purposes as required by law $ 4,503 $ 3,874 As collateral for short-term borrowings 282 279 Securities pledged as a percent of total securities 74.1 % 63.0 % Following are summaries of the fair values and unrealized losses of temporarily-impaired debt securities, segregated by length of impairment: TABLE 3.4 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 September 30, 2019 U.S. government agencies 6 $ 48 $ — 13 $ 59 $ (1 ) 19 $ 107 $ (1 ) U.S. government-sponsored entities — — — 7 149 (1 ) 7 149 (1 ) Residential mortgage-backed securities: Agency mortgage-backed securities 17 281 (1 ) 25 343 (3 ) 42 624 (4 ) Agency collateralized mortgage obligations 4 113 — 33 229 (3 ) 37 342 (3 ) Commercial mortgage-backed securities 1 54 (1 ) — — — 1 54 (1 ) States of the U.S. and political subdivisions — — — 1 1 — 1 1 — Other debt securities — — — 1 2 — 1 2 — Total temporarily impaired debt securities AFS 28 $ 496 $ (2 ) 80 $ 783 $ (8 ) 108 $ 1,279 $ (10 ) 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 ) 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 September 30, 2019 U.S. government-sponsored entities — $ — $ — 10 $ 189 $ (1 ) 10 $ 189 $ (1 ) Residential mortgage-backed securities: Agency mortgage-backed securities 6 163 (1 ) 11 143 (2 ) 17 306 (3 ) Agency collateralized mortgage obligations 1 11 — 35 345 (5 ) 36 356 (5 ) Commercial mortgage-backed securities 2 77 — 2 9 — 4 86 — States of the U.S. and political subdivisions 10 36 — 7 30 (1 ) 17 66 (1 ) Total temporarily impaired debt securities HTM 19 $ 287 $ (1 ) 65 $ 716 $ (9 ) 84 $ 1,003 $ (10 ) 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 ) 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 nine months ended September 30, 2019 or 2018 . States of the U.S. and Political Subdivisions Our municipal bond portfolio with a carrying amount of $1.1 billion as of September 30, 2019 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 in the primary states within which we conduct business. The average holding size of the securities in the municipal bond portfolio is $3.3 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. |
LOANS AND LEASES
LOANS AND LEASES | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
LOANS AND LEASES | LOANS AND LEASES Following is a summary of loans and leases, net of unearned income: TABLE 4.1 (in millions) Originated Loans and Leases Loans Acquired in a Business Combination Total Loans and Leases September 30, 2019 Commercial real estate $ 6,864 $ 2,052 $ 8,916 Commercial and industrial 4,925 280 5,205 Commercial leases 417 — 417 Other 35 — 35 Total commercial loans and leases 12,241 2,332 14,573 Direct installment 1,692 71 1,763 Residential mortgages 2,891 409 3,300 Indirect installment 1,949 — 1,949 Consumer lines of credit 1,099 386 1,485 Total consumer loans 7,631 866 8,497 Total loans and leases, net of unearned income $ 19,872 $ 3,198 $ 23,070 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 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 primary market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; 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 4.2 (dollars in millions) September 30, December 31, Commercial construction, acquisition and development loans $ 1,272 $ 1,152 Percent of total loans and leases 5.5 % 5.2 % Commercial real estate: Percent owner-occupied 31.0 % 35.1 % Percent non-owner-occupied 69.0 % 64.9 % Additionally, as of September 30, 2019 and December 31, 2018 , we had residential construction loans of $393.9 million and $273.4 million , representing 1.7% and 1.2% of total loans and leases, respectively. 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 of our 2018 Annual Report on Form 10-K 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 4.3 (in millions) September 30, December 31, Accounted for under ASC 310-30: Outstanding balance $ 2,980 $ 3,768 Carrying amount 2,741 3,570 Accounted for under ASC 310-20: Outstanding balance 466 602 Carrying amount 452 513 Total loans acquired in a business combination: Outstanding balance 3,446 4,370 Carrying amount 3,193 4,083 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 off or charged off. The carrying amount of purchased credit impaired loans included in the table above totaled $1.6 million and $1.7 million September 30, 2019 and December 31, 2018 , representing 0.05% and 0.04% , 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 4.4 Nine Months Ended (in millions) 2019 2018 Balance at beginning of period $ 605 $ 708 Reduction due to unexpected early payoffs (70 ) (117 ) Reclass from non-accretable difference to accretable yield 81 185 Other — (1 ) Accretion (140 ) (170 ) Balance at end of period $ 476 $ 605 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. 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 the nine months ended September 30, 2019 , there was an overall improvement in cash flow expectations which resulted in a net reclassification of $80.7 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. This reclassification was $184.5 million for the nine months ended September 30, 2018 . The reclassification from the non-accretable difference to the accretable yield results in prospective yield adjustments on the loan pools. Credit Quality Management monitors the credit quality of our loan portfolio using several performance measures 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 original repayment terms due to the borrower’s financial distress. Following is a summary of non-performing assets: TABLE 4.5 (dollars in millions) September 30, December 31, Non-accrual loans $ 76 $ 79 Troubled debt restructurings 19 21 Total non-performing loans 95 100 Other real estate owned 24 35 Total non-performing assets $ 119 $ 135 Asset quality ratios: Non-performing loans / total loans and leases 0.41 % 0.45 % Non-performing loans + OREO / total loans and leases + OREO 0.52 % 0.61 % Non-performing assets / total assets 0.35 % 0.41 % 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 $3.9 million at September 30, 2019 and $6.3 million at December 31, 2018 . The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process at September 30, 2019 and December 31, 2018 totaled $8.5 million and $8.9 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 4.6 (in millions) 30-89 Days Past Due > 90 Days Past Due and Still Accruing Non- Accrual Total Past Due Current Total Loans and Leases Originated Loans and Leases September 30, 2019 Commercial real estate $ 6 $ — $ 25 $ 31 $ 6,833 $ 6,864 Commercial and industrial 11 — 23 34 4,891 4,925 Commercial leases 4 — 1 5 412 417 Other — — 1 1 34 35 Total commercial loans and leases 21 — 50 71 12,170 12,241 Direct installment 6 — 7 13 1,679 1,692 Residential mortgages 15 3 8 26 2,865 2,891 Indirect installment 10 1 3 14 1,935 1,949 Consumer lines of credit 3 1 4 8 1,091 1,099 Total consumer loans 34 5 22 61 7,570 7,631 Total originated loans and leases $ 55 $ 5 $ 72 $ 132 $ 19,740 $ 19,872 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 (in millions) 30-89 Days Past Due > 90 Days Past Due and Still Accruing Non- Accrual Total Past Due (1) (2) Current (Discount) Premium Total Loans Loans Acquired in a Business Combination September 30, 2019 Commercial real estate $ 15 $ 32 $ 4 $ 51 $ 2,151 $ (150 ) $ 2,052 Commercial and industrial 1 4 — 5 296 (21 ) 280 Total commercial loans 16 36 4 56 2,447 (171 ) 2,332 Direct installment 1 1 — 2 69 — 71 Residential mortgages 10 4 — 14 410 (15 ) 409 Consumer lines of credit 4 3 — 7 387 (8 ) 386 Total consumer loans 15 8 — 23 866 (23 ) 866 Total loans acquired in a business combination $ 31 $ 44 $ 4 $ 79 $ 3,313 $ (194 ) $ 3,198 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 (1) 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. (2) Past due information for loans acquired in a business combination is based on the contractual balance outstanding at September 30, 2019 and December 31, 2018 . We utilize the following categories to monitor credit quality within our commercial loan and lease portfolio: TABLE 4.7 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 4.8 Commercial Loan and Lease Credit Quality Categories (in millions) Pass Special Mention Substandard Doubtful Total Originated Loans and Leases September 30, 2019 Commercial real estate $ 6,570 $ 150 $ 143 $ 1 $ 6,864 Commercial and industrial 4,587 195 138 5 4,925 Commercial leases 408 6 3 — 417 Other 34 — 1 — 35 Total originated commercial loans and leases $ 11,599 $ 351 $ 285 $ 6 $ 12,241 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 Loans Acquired in a Business Combination September 30, 2019 Commercial real estate $ 1,772 $ 117 $ 163 $ — $ 2,052 Commercial and industrial 241 14 25 — 280 Total commercial loans acquired in a business combination $ 2,013 $ 131 $ 188 $ — $ 2,332 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 Credit quality information for loans acquired in a business combination is based on the contractual balance outstanding at September 30, 2019 and December 31, 2018 . 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, Fair Isaac Corporation (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 4.9 Consumer Loan Credit Quality by Payment Status (in millions) Performing Non- Performing Total Originated Loans September 30, 2019 Direct installment $ 1,679 $ 13 $ 1,692 Residential mortgages 2,875 16 2,891 Indirect installment 1,946 3 1,949 Consumer lines of credit 1,094 5 1,099 Total originated consumer loans $ 7,594 $ 37 $ 7,631 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 Loans Acquired in a Business Combination September 30, 2019 Direct installment $ 71 $ — $ 71 Residential mortgages 409 — 409 Consumer lines of credit 385 1 386 Total consumer loans acquired in a business combination $ 865 $ 1 $ 866 December 31, 2018 Direct installment $ 96 $ — $ 96 Residential mortgages 501 — 501 Consumer lines of credit 462 1 463 Total consumer loans acquired in a business combination $ 1,059 $ 1 $ 1,060 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.). 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 4.10 (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 Nine Months Ended Commercial real estate $ 29 $ 23 $ 2 $ 25 $ 1 $ 26 Commercial and industrial 29 15 — 15 5 17 Commercial leases 1 1 — 1 — 2 Total commercial loans and leases 59 39 2 41 6 45 Direct installment 16 13 — 13 — 14 Residential mortgages 19 16 — 16 — 16 Indirect installment 5 3 — 3 — 2 Consumer lines of credit 7 5 — 5 — 5 Total consumer loans 47 37 — 37 — 37 Total $ 106 $ 76 $ 2 $ 78 $ 6 $ 82 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 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 Interest income continued to accrue on certain impaired loans and totaled approximately $4.5 million and $4.3 million for the nine months ended September 30, 2019 and 2018 , 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 4.11 (in millions) September 30, December 31, Commercial real estate $ 2 $ 2 Commercial and industrial 1 4 Total commercial loans 3 6 Direct installment 1 1 Residential mortgages 1 — Total consumer loans 2 1 Total allowance on loans acquired in a business combination $ 5 $ 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 4.12 (in millions) Originated Acquired Total September 30, 2019 Accruing: Performing $ 20 $ — $ 20 Non-performing 16 3 19 Non-accrual 14 — 14 Total TDRs $ 50 $ 3 $ 53 December 31, 2018 Accruing: Performing $ 18 $ — $ 18 Non-performing 17 4 21 Non-accrual 9 — 9 Total TDRs $ 44 $ 4 $ 48 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 the nine months ended September 30, 2019 , we returned to performing status $3.8 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 September 30, 2019 and December 31, 2018 , respectively, and pooled reserves for individual loans of $0.8 million and $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 $3.7 million for September 30, 2019 and $4.0 million for December 31, 2018 . 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 4.13 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (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 $ — $ — 16 $ 4 $ 4 Commercial and industrial 1 — — 14 5 3 Total commercial loans 5 — — 30 9 7 Direct installment 15 1 1 47 2 2 Residential mortgages 4 1 1 14 1 1 Consumer lines of credit 7 — — 20 1 1 Total consumer loans 26 2 2 81 4 4 Total 31 $ 2 $ 2 111 $ 13 $ 11 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (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 3 $ 1 $ 1 4 $ — $ — Commercial and industrial 1 — — 12 1 1 Total commercial loans 4 1 1 16 1 1 Direct installment 15 1 1 65 4 3 Residential mortgages 4 — — 13 1 1 Indirect installment — — — — — — Consumer lines of credit 11 — — 25 1 1 Total consumer loans 30 1 1 103 6 5 Total 34 $ 2 $ 2 119 $ 7 $ 6 The year-to-date 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 4.14 Three Months Ended Nine Months Ended (dollars in millions) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Commercial real estate 1 $ — 5 $ 1 Commercial and industrial — — 1 — Total commercial loans 1 — 6 1 Direct installment 1 $ — 4 $ — Residential mortgages — — 1 — Consumer lines of credit 1 — 1 — Total consumer loans 2 — 6 — Total 3 $ — 12 $ 1 Three Months Ended Nine Months Ended (dollars in millions) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Commercial real estate 3 $ 1 3 $ 1 Commercial and industrial 2 — 1 — Total commercial loans 5 1 4 1 Direct installment 3 — 5 1 Residential mortgages 2 — 4 — Indirect installment — — — — Consumer lines of credit — — 3 — Total consumer loans 5 — 12 1 Total 10 $ 1 16 $ 2 |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES The allowance for credit losses addresses credit losses inherent in the existing loan and lease portfolio and is presented as a reserve against loans and leases on the Consolidated Balance Sheets. Loan and lease losses are charged off against the allowance for credit losses, with recoveries of amounts previously charged off credited to the allowance for credit losses. Provisions for credit losses are charged to operations based on management’s periodic evaluation of the appropriate level of the allowance for credit losses. Following is a summary of changes in the allowance for credit losses, by loan and lease class: TABLE 5.1 (in millions) Balance at Beginning of Period Charge- Offs Recoveries Net Charge- Offs Provision for Credit Losses Balance at End of Period Three Months Ended September 30, 2019 Commercial real estate $ 61 $ (1 ) $ — $ (1 ) $ (2 ) $ 58 Commercial and industrial 52 (3 ) 1 (2 ) 7 57 Commercial leases 9 — — — 1 10 Other 1 — — — 1 2 Total commercial loans and leases 123 (4 ) 1 (3 ) 7 127 Direct installment 13 — — — (1 ) 12 Residential mortgages 20 — — — 3 23 Indirect installment 18 (3 ) 1 (2 ) 2 18 Consumer lines of credit 9 — — — — 9 Total consumer loans 60 (3 ) 1 (2 ) 4 62 Total allowance on originated loans and leases 183 (7 ) 2 (5 ) 11 189 Purchased credit-impaired loans 1 — — — — 1 Other acquired loans 4 (2 ) 1 (1 ) 1 4 Total allowance on acquired loans 5 (2 ) 1 (1 ) 1 5 Total allowance for credit losses $ 188 $ (9 ) $ 3 $ (6 ) $ 12 $ 194 Nine Months Ended September 30, 2019 Commercial real estate $ 55 $ (3 ) $ 1 $ (2 ) $ 5 $ 58 Commercial and industrial 49 (7 ) 3 (4 ) 12 57 Commercial leases 8 — — — 2 10 Other 2 (2 ) — (2 ) 2 2 Total commercial loans and leases 114 (12 ) 4 (8 ) 21 127 Direct installment 14 (1 ) — (1 ) (1 ) 12 Residential mortgages 20 (1 ) — (1 ) 4 23 Indirect installment 15 (8 ) 3 (5 ) 8 18 Consumer lines of credit 10 (1 ) — (1 ) — 9 Total consumer loans 59 (11 ) 3 (8 ) 11 62 Total allowance on originated loans and leases 173 (23 ) 7 (16 ) 32 189 Purchased credit-impaired loans 1 — — — — 1 Other loans acquired in a business combination 6 (9 ) 2 (7 ) 5 4 Total allowance on loans acquired in a business combination 7 (9 ) 2 (7 ) 5 5 Total allowance for credit losses $ 180 $ (32 ) $ 9 $ (23 ) $ 37 $ 194 (in millions) Balance at Beginning of Period Charge- Offs Recoveries Net Charge- Offs Provision for Credit Losses Balance at End of Period Three Months Ended September 30, 2018 Commercial real estate $ 50 $ (1 ) $ 1 $ — $ 4 $ 54 Commercial and industrial 54 (2 ) — (2 ) 1 53 Commercial leases 7 — — — — 7 Other 2 (1 ) — (1 ) 1 2 Total commercial loans and leases 113 (4 ) 1 (3 ) 6 116 Direct installment 21 (10 ) — (10 ) 3 14 Residential mortgages 15 — — — 3 18 Indirect installment 14 (2 ) 1 (1 ) 2 15 Consumer lines of credit 10 (1 ) — (1 ) 1 10 Total consumer loans 60 (13 ) 1 (12 ) 9 57 Total allowance on originated loans and leases 173 (17 ) 2 (15 ) 15 173 Purchased credit-impaired loans 1 — — — — 1 Other acquired loans 3 (1 ) 1 — 1 4 Total allowance on acquired loans 4 (1 ) 1 — 1 5 Total allowance for credit losses $ 177 $ (18 ) $ 3 $ (15 ) $ 16 $ 178 Nine Months Ended September 30, 2018 Commercial real estate $ 50 $ (5 ) $ 1 $ (4 ) $ 8 $ 54 Commercial and industrial 52 (14 ) 2 (12 ) 13 53 Commercial leases 5 — — — 2 7 Other 2 (4 ) 1 (3 ) 3 2 Total commercial loans and leases 109 (23 ) 4 (19 ) 26 116 Direct installment 21 (16 ) 1 (15 ) 8 14 Residential mortgages 16 — — — 2 18 Indirect installment 12 (7 ) 3 (4 ) 7 15 Consumer lines of credit 10 (2 ) — (2 ) 2 10 Total consumer loans 59 (25 ) 4 (21 ) 19 57 Total allowance on originated loans and leases 168 (48 ) 8 (40 ) 45 173 Purchased credit-impaired loans 1 — — — — 1 Other loans acquired in a business combination 6 (5 ) 2 (3 ) 1 4 Total allowance on loans acquired in a business combination 7 (5 ) 2 (3 ) 1 5 Total allowance for credit losses $ 175 $ (53 ) $ 10 $ (43 ) $ 46 $ 178 Following is a summary of the individual and collective allowance for credit losses and corresponding loan and lease balances by class: TABLE 5.2 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 September 30, 2019 Commercial real estate $ 1 $ 57 $ 6,864 $ 12 $ 6,852 Commercial and industrial 5 52 4,925 12 4,913 Commercial leases — 10 417 — 417 Other — 2 35 — 35 Total commercial loans and leases 6 121 12,241 24 12,217 Direct installment — 12 1,692 — 1,692 Residential mortgages — 23 2,891 — 2,891 Indirect installment — 18 1,949 — 1,949 Consumer lines of credit — 9 1,099 — 1,099 Total consumer loans — 62 7,631 — 7,631 Total $ 6 $ 183 $ 19,872 $ 24 $ 19,848 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 The above table excludes loans acquired in a business combination that were pooled into groups of loans for evaluating impairment. |
LOAN SERVICING
LOAN SERVICING | 9 Months Ended |
Sep. 30, 2019 | |
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 is listed below: TABLE 6.1 (in millions) September 30, December 31, 2018 Mortgage loans sold with servicing retained $ 4,469 $ 3,968 The following table summarizes activity relating to mortgage loans sold with servicing retained: TABLE 6.2 Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Mortgage loans sold with servicing retained $ 354 $ 295 $ 937 $ 814 Pretax gains resulting from above loan sales (1) 10 6 23 15 Mortgage servicing fees (1) 3 3 8 7 (1) Recorded in mortgage banking operations on the Consolidated Statements of Income. Following is a summary of the MSR activity: TABLE 6.3 Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Balance at beginning of period $ 38.0 $ 33.0 $ 36.8 $ 29.1 Additions 3.5 3.5 9.8 9.5 Payoffs and curtailments (0.5 ) (0.6 ) (1.8 ) (1.5 ) Impairment charge (0.3 ) — (2.9 ) — Amortization (1.9 ) (0.6 ) (3.1 ) (1.8 ) Balance at end of period $ 38.8 $ 35.3 $ 38.8 $ 35.3 Fair value, beginning of period $ 39.8 $ 38.6 $ 41.1 $ 32.4 Fair value, end of period 40.5 41.7 40.5 41.7 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 6.4 (dollars in millions) September 30, December 31, Weighted average life (months) 75.0 82.2 Constant prepayment rate (annualized) 11.2 % 10.1 % Discount rate 9.7 % 9.7 % Effect on fair value due to change in interest rates: +0.25% $ 3 $ 3 +0.50% 5 5 -0.25% (3 ) (3 ) -0.50% (5 ) (6 ) 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 $3.4 million valuation allowance for MSRs as of September 30, 2019 , with $2.9 million added during the first nine months of 2019 . 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 SBA guaranteed portion of the loan, which is commonly known as a servicing spread. The unpaid principal balance of SBA-guaranteed loans serviced for investors was as follows: TABLE 6.5 (in millions) September 30, December 31, SBA loans sold to investors with servicing retained $ 241 $ 283 The following table summarizes activity relating to SBA loans sold with servicing retained: TABLE 6.6 Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 SBA loans sold with servicing retained $ 7 $ 10 $ 20 $ 34 Pretax gains resulting from above loan sales (1) 1 1 2 3 SBA servicing fees (1) 1 1 2 2 (1) Recorded in non-interest income. Following is a summary of the activity in SBA servicing rights: TABLE 6.7 Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Balance at beginning of period $ 4 $ 5 $ 4 $ 5 Additions — — — 1 Payoffs, curtailments and amortization (1 ) — (1 ) (1 ) Impairment (charge) / recovery — (1 ) — (1 ) Balance at end of period $ 3 $ 4 $ 3 $ 4 Fair value, beginning of period $ 4 $ 5 $ 4 $ 5 Fair value, end of period 3 4 3 4 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 6.8 September 30, 2019 December 31, 2018 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) 44.2 52.2 Constant prepayment rate (annualized) 15.9 % $ — $ — $ — $ — 12.5 % $ — $ — $ — $ — Discount rate 17.9 — — — — 19.4 — — — — 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 other non-interest income. We had a $1.1 million valuation allowance for SBA servicing rights as of September 30, 2019 , with $0.3 million added during the first nine months of 2019 . |
OPERATING LEASES
OPERATING LEASES | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
OPERATING LEASES | OPERATING LEASES We have operating leases primarily for certain branches, office space, land, and office equipment. Our operating leases expire at various dates through the year 2046 and generally include one or more options to renew. The exercise of lease renewal options is at our sole discretion. As of September 30, 2019 , we had operating lease right-of-use assets and operating lease liabilities of $124.1 million and $130.5 million , respectively. Certain of our lease agreements include rental payments based on a percentage of transactions and others include rental payments that periodically adjust to rates and charges stated in the agreements. Our operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of September 30, 2019 , we have certain operating lease agreements, primarily for administrative office space, that have not yet commenced. At commencement, it is expected that these leases will add approximately $28 million in right-of-use assets and other liabilities. These operating leases will commence between 2019 and 2020 with lease terms of 10 years to 15 years. The components of lease expense were as follows: TABLE 7.1 Three Months Ended Nine Months Ended (dollars in millions) 2019 2019 Operating lease cost $ 6 $ 20 Short-term lease cost 1 1 Variable lease cost 1 3 Sublease income — — Total lease cost $ 8 $ 24 Other information related to leases is as follows: TABLE 7.2 Nine Months Ended (dollars in millions) 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 19 Right-of-use assets obtained in exchange for lease obligations: Operating leases 22 Weighted average remaining lease term (years): Operating leases 9.78 Weighted average discount rate: Operating leases 3.0 % Maturities of operating lease liabilities were as follows: TABLE 7.3 (in millions) September 30, 2019 $ 6 2020 24 2021 22 2022 17 2023 13 Later years 72 Total lease payments 154 Less: Interest (24 ) Present value of lease liabilities $ 130 |
BORROWINGS
BORROWINGS | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS Following is a summary of short-term borrowings: TABLE 8.1 (in millions) September 30, December 31, Securities sold under repurchase agreements $ 259 $ 251 Federal Home Loan Bank advances 1,565 2,230 Federal funds purchased 1,214 1,535 Subordinated notes 106 113 Total short-term borrowings $ 3,144 $ 4,129 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 at least equal to the outstanding balance. Of the total short-term FHLB advances, 13.4% and 57.2% had overnight maturities as of September 30, 2019 and December 31, 2018 , respectively. At September 30, 2019 , $1.4 billion , or 86.6% , of the short-term FHLB advances were swapped to a fixed rate with maturities ranging from 2020 through 2024. This compares to $1.0 billion , of 42.8% , as of December 31, 2018 . Following is a summary of long-term borrowings: TABLE 8.2 (in millions) September 30, December 31, Federal Home Loan Bank advances $ 935 $ 270 Subordinated notes 90 87 Junior subordinated debt 66 111 Other subordinated debt 249 159 Total long-term borrowings $ 1,340 $ 627 Our banking affiliate has available credit with the FHLB of $8.1 billion , of which $2.5 billion was utilized as of September 30, 2019 . 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 2022 . Effective interest rates paid on the long-term advances ranged from 1.62% to 2.71% for the nine months ended September 30, 2019 and 1.39% to 4.19% for the year ended December 31, 2018 . During the first quarter of 2019 , we completed a debt offering in which we issued $120.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due in 2029. The net proceeds of the debt offering after deducting underwriting discounts and commissions and offering costs were $118.2 million . A portion of these proceeds were utilized to repurchase and retire $9.5 million and redeem $15.5 million in higher interest rate other subordinated debt assumed in the 2017 YDKN acquisition. We also redeemed $44.0 million of TPS that we previously assumed through various acquisitions. This subordinated debt is eligible for treatment as tier 2 capital for regulatory capital purposes. The junior subordinated debt is comprised of the debt securities issued by FNB in relation to our unconsolidated subsidiary trusts (collectively, the Trusts), which are unconsolidated variable interest entities, and are included on the Consolidated Balance Sheets in long-term borrowings. Since third-party investors are the primary beneficiaries, the Trusts are not consolidated in our Financial Statements. We record the distributions on the junior subordinated debt issued to the Trusts as interest expense. The following table provides information relating to the Trusts as of September 30, 2019 : TABLE 8.3 (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 3.77 % LIBOR + 165 basis points (bps) Yadkin Valley Statutory Trust I 25 1 22 12/15/2037 3.44 % LIBOR + 132 bps FNB Financial Services Capital Trust I 25 1 22 9/30/2035 3.56 % LIBOR + 146 bps Total $ 72 $ 3 $ 66 |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended |
Sep. 30, 2019 | |
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 9.1 September 30, 2019 December 31, 2018 Notional Fair Value Notional Fair Value (in millions) Amount Asset Liability Amount Asset Liability Gross Derivatives Subject to master netting arrangements: Interest rate contracts – designated $ 1,555 $ 2 $ — $ 1,155 $ — $ 3 Interest rate swaps – not designated 3,448 — 29 2,740 2 10 Equity contracts – not designated — — — 1 — — Total subject to master netting arrangements 5,003 2 29 3,896 2 13 Not subject to master netting arrangements: Interest rate swaps – not designated 3,448 201 — 2,740 40 26 Interest rate lock commitments – not designated 196 3 — 47 1 — Forward delivery commitments – not designated 265 1 — 55 — — Credit risk contracts – not designated 277 — 1 203 — — Equity contracts – not designated — — — 1 — — Total not subject to master netting arrangements 4,186 205 1 3,046 41 26 Total $ 9,189 $ 207 $ 30 $ 6,942 $ 43 $ 39 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 these exchanges as settled. 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, hedging the exposure to variability in expected future cash flows. The derivative’s gain or loss, including any ineffectiveness, 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. Prior to 2019, any ineffective portion of the gain or loss was reported in earnings immediately. The following table shows amounts reclassified from accumulated other comprehensive income: TABLE 9.2 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Nine Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Derivatives in cash flow hedging relationships: Interest rate contracts $ (31 ) $ 9 Interest income (expense) $ 2 $ 1 The following table represents gains (losses) recognized in the Consolidated Statements of Income on cash flow hedging relationships: TABLE 9.3 Nine Months Ended Nine Months Ended (in millions) Interest Income - Loans and Leases Interest Expense - Short-Term Borrowings Interest Income - Loans and Leases Interest Expense - Short-Term Borrowings Total amounts of income and expense line items presented in the Consolidated Statements of Income in which the effects of cash flow hedges are recorded $ 819 $ 66 $ 757 $ 54 The effects of cash flow hedging: Gain (loss) on cash flow hedging relationships — — — — Interest rate contracts — — — — Amount of gain (loss) reclassified from AOCI into net income (1 ) 3 — 2 Amount of gain (loss) reclassified from AOCI into income as a result of that a forecasted transaction is no longer probable of occurring — — — — As of September 30, 2019 , the maximum length of time over which forecasted interest cash flows are hedged is 5.2 years. In the twelve months that follow September 30, 2019 , we expect to reclassify from the amount currently reported in AOCI net derivative gains of $4.0 million ( $3.1 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 September 30, 2019 . There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness related to these cash flow hedges. Also, during the nine months ended September 30, 2019 and 2018 , 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 A description of interest rate swaps, interest rate lock commitments, forward delivery commitments and credit risk contracts can be found in Note 14 "Derivative Instruments and Hedging Activities" in the Consolidated Financial Statements of our 2018 Annual Report on Form 10-K filed with the SEC on February 26, 2019 . 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. Risk participation agreements sold with notional amounts totaling $212.9 million as of September 30, 2019 have remaining terms ranging from three months to nine 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 $0.4 million at September 30, 2019 and $0.1 million at December 31, 2018 . The fair values of risk participation agreements purchased and sold were $0.1 million and $0.4 million , respectively, at September 30, 2019 and $0.05 million and $0.11 million , respectively at December 31, 2018 . The following table presents the effect of certain derivative financial instruments on the Consolidated Statements of Income: TABLE 9.4 Nine Months Ended (in millions) Consolidated Statements of Income Location 2019 2018 Interest rate swaps Non-interest income - other $ — $ 1 Interest rate lock commitments Mortgage banking operations — — Forward delivery contracts Mortgage banking operations (1 ) 1 Credit risk contracts Non-interest income - other — — 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 $0.2 million and $0.7 million as of September 30, 2019 and December 31, 2018 , 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 9.5 Amount Not Offset in the Consolidated Balance Sheets (in millions) Net Amount Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Net Amount September 30, 2019 Derivative Assets Interest rate contracts: Designated $ 2 $ 1 $ — $ 1 Total $ 2 $ 1 $ — $ 1 Derivative Liabilities Interest rate contracts: Not designated $ 29 $ 29 $ — $ — Total $ 29 $ 29 $ — $ — 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 |
COMMITMENTS, CREDIT RISK AND CO
COMMITMENTS, CREDIT RISK AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2019 | |
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 10.1 (in millions) September 30, December 31, Commitments to extend credit $ 8,427 $ 7,378 Standby letters of credit 153 126 At September 30, 2019 , funding of 73.3% 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 Note 8. Other Legal Proceedings In the ordinary course of business, we may assert claims in legal proceedings against another party or parties, and 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 | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [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. As of September 30, 2019 , we had available up to 1,620,243 shares of common stock to issue under this Plan. TABLE 11.1 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. Nine Months Ended (dollars in millions) 2019 2018 Restricted stock units 1,182,197 958,720 Weighted average grant date fair values $ 13 $ 13 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 11.2 Nine Months Ended September 30, 2019 2018 Units Weighted Average Grant Price per Share Units Weighted Average Grant Price per Share Unvested units outstanding at beginning of period 2,556,174 $ 13.51 1,975,862 $ 13.64 Granted 1,182,197 10.94 958,720 13.21 Vested (655,208 ) 13.15 (257,712 ) 13.18 Forfeited/expired (325,253 ) 12.72 (209,438 ) 13.36 Dividend reinvestment 80,738 11.62 60,938 13.72 Unvested units outstanding at end of period 2,838,648 12.54 2,528,370 13.55 The following table provides certain information related to restricted stock units: TABLE 11.3 (in millions) Nine Months Ended 2019 2018 Stock-based compensation expense $ 8 $ 7 Tax benefit related to stock-based compensation expense 2 2 Fair value of units vested 7 3 As of September 30, 2019 , there was $17.3 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 September 30, 2019 are as follows: TABLE 11.4 (dollars in millions) Service- Based Units Performance- Based Units Total Unvested restricted stock units 1,911,335 927,313 2,838,648 Unrecognized compensation expense $ 12 $ 5 $ 17 Intrinsic value $ 22 $ 11 $ 33 Weighted average remaining life (in years) 2.01 1.98 2.00 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 11.5 Nine Months Ended September 30, 2019 2018 Shares Weighted Average Exercise Price per Share Shares Weighted Average Exercise Price per Share Options outstanding at beginning of period 458,354 $ 7.99 722,650 $ 7.96 Exercised (48,507 ) 7.48 (214,781 ) 7.91 Forfeited/expired (12,219 ) 6.51 (4,834 ) 11.65 Options outstanding and exercisable at end of period 397,628 8.10 503,035 7.97 The intrinsic value of outstanding and exercisable stock options at September 30, 2019 was $1.4 million . The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the option exercise price. Warrants In conjunction with the YDKN acquisition on March 11, 2017, the warrant issued by YDKN to the UST under the Capital Purchase Program 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 225,439 with a resulting lower exercise price of $8.86 per share as of June 30, 2019. The warrant, which was recorded at its fair value on March 11, 2017, was sold at auction by the UST and was exercised prior to expiring in July 2019. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Expense Federal and state income tax expense and the statutory tax rate and the actual effective tax rate consist of the following: TABLE 12.1 Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Current income taxes: Federal taxes $ (3 ) $ 8 $ 24 $ 31 State taxes — 1 3 4 Total current income taxes (3 ) 9 27 35 Deferred income taxes: Federal taxes 19 13 34 28 State taxes 1 — 2 1 Total deferred income taxes 20 13 36 29 Total income taxes $ 17 $ 22 $ 63 $ 64 Statutory tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effective tax rate 14.5 % 18.0 % 17.8 % 19.0 % The effective tax rate for the nine months ended September 30, 2019 and September 30, 2018 was lower than the statutory tax rate of 21% due to tax benefits resulting from tax-exempt income on investments and loans, tax credits and income from BOLI. The lower effective tax rate in 2019 is primarily due to the impact from renewable energy investment and historic tax credits realized in the third quarter of 2019. 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. Deferred tax assets and liabilities 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. Net deferred tax assets were $24.9 million and $67.5 million at September 30, 2019 and December 31, 2018 , respectively. |
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME | OTHER COMPREHENSIVE INCOME The following table presents changes in AOCI, net of tax, by component: TABLE 13.1 (in millions) Unrealized Net Losses on Debt Securities Available for Sale Unrealized Net Gains (Losses) on Derivative Instruments Unrecognized Pension and Postretirement Obligations Total Nine Months Ended September 30, 2019 Balance at beginning of period $ (46 ) $ 1 $ (61 ) $ (106 ) Other comprehensive (loss) income before reclassifications 60 (24 ) 2 38 Amounts reclassified from AOCI — (1 ) — (1 ) Net current period other comprehensive (loss) income 60 (25 ) 2 37 Balance at end of period $ 14 $ (24 ) $ (59 ) $ (69 ) 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 | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE 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 the weighted average number of shares of common stock outstanding are made only when such adjustments dilute earnings per common share. The following table sets forth the computation of basic and diluted earnings per common share: TABLE 14.1 Three Months Ended Nine Months Ended ( dollars in millions, except per share data) 2019 2018 2019 2018 Net income $ 103 $ 101 $ 292 $ 273 Less: Preferred stock dividends 2 2 6 6 Net income available to common stockholders $ 101 $ 99 $ 286 $ 267 Basic weighted average common shares outstanding 325,031,140 324,435,939 324,875,436 324,118,236 Net effect of dilutive stock options, warrants and restricted stock 1,068,730 1,217,192 893,725 1,556,470 Diluted weighted average common shares outstanding 326,099,870 325,653,131 325,769,161 325,674,706 Earnings per common share: Basic $ 0.31 $ 0.30 $ 0.88 $ 0.82 Diluted $ 0.31 $ 0.30 $ 0.88 $ 0.82 The following table shows the average shares excluded from the above calculation as their effect would have been anti-dilutive: TABLE 14.2 Three Months Ended Nine Months Ended 2019 2018 2019 2018 Average shares excluded from the diluted earnings per common share calculation 1 86 122 59 |
CASH FLOW INFORMATION
CASH FLOW INFORMATION | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
CASH FLOW INFORMATION | CASH FLOW INFORMATION Following is a summary of supplemental cash flow information: TABLE 15.1 Nine Months Ended 2019 2018 (in millions) Interest paid on deposits and other borrowings $ 248 $ 158 Income taxes paid 40 14 Transfers of loans to other real estate owned 5 10 Loans transferred to held for sale from portfolio 389 — Loans transferred to portfolio from held for sale 110 — |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 9 Months Ended |
Sep. 30, 2019 | |
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. Regency's financial information is included in the Consumer Finance segment in the 2018 tables that follow. 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 16.1 (in millions) Community Banking Wealth Management Insurance Consumer Finance Parent and Other Consolidated At or for the Three Months Ended September 30, 2019 Interest income $ 314 $ — $ — $ — $ — $ 314 Interest expense 79 — — — 5 84 Net interest income 235 — — — (5 ) 230 Provision for credit losses 12 — — — — 12 Non-interest income 65 12 5 — (2 ) 80 Non-interest expense (1) 158 8 4 — 4 174 Amortization of intangibles 3 — 1 — — 4 Income tax expense (benefit) 19 1 — — (3 ) 17 Net income (loss) 108 3 — — (8 ) 103 Total assets 34,207 29 36 — 57 34,329 Total intangibles 2,294 10 29 — — 2,333 At or for the Three Months Ended September 30, 2018 Interest income $ 291 $ — $ — $ 7 $ — $ 298 Interest expense 58 — — 1 4 63 Net interest income 233 — — 6 (4 ) 235 Provision for credit losses 14 — — 1 1 16 Non-interest income 56 11 5 — 3 75 Non-interest expense (1) 149 8 5 4 1 167 Amortization of intangibles 4 — — — — 4 Income tax expense (benefit) 22 1 — — (1 ) 22 Net income (loss) 100 2 — 1 (2 ) 101 Total assets 32,527 27 19 — 45 32,618 Total intangibles 2,308 10 12 — — 2,330 (1) Excludes amortization of intangibles, which is presented separately. (in millions) Community Banking Wealth Management Insurance Consumer Finance Parent and Other Consolidated At or for the Nine Months Ended September 30, 2019 Interest income $ 940 $ — $ — $ — $ 1 $ 941 Interest expense 236 — — — 14 250 Net interest income 704 — — — (13 ) 691 Provision for credit losses 37 — — — — 37 Non-interest income 177 35 14 — (6 ) 220 Non-interest expense (1) 462 26 12 — 8 508 Amortization of intangibles 10 — 1 — — 11 Income tax expense (benefit) 66 2 — — (5 ) 63 Net income (loss) 306 7 1 — (22 ) 292 Total assets 34,207 29 36 — 57 34,329 Total intangibles 2,294 10 29 — — 2,333 At or for the Nine Months Ended September 30, 2018 Interest income $ 840 $ — $ — $ 25 $ — $ 865 Interest expense 151 — — 2 11 164 Net interest income 689 — — 23 (11 ) 701 Provision for credit losses 39 — — 6 1 46 Non-interest income 160 33 12 2 — 207 Non-interest expense (1) 457 25 12 15 4 513 Amortization of intangibles 12 — — — — 12 Income tax expense (benefit) 65 2 — 1 (4 ) 64 Net income (loss) 276 6 — 3 (12 ) 273 Total assets 32,527 27 19 — 45 32,618 Total intangibles 2,308 10 12 — — 2,330 (1) Excludes amortization of intangibles, which is presented separately. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Refer to Note 24 "Fair Value Measurements" to the Consolidated Financial Statements of our 2018 Annual Report on Form 10-K filed with the SEC on February 26, 2019 for a description of additional valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis. The following table presents the balances of assets and liabilities measured at fair value on a recurring basis: TABLE 17.1 (in millions) Level 1 Level 2 Level 3 Total September 30, 2019 Assets Measured at Fair Value Debt securities available for sale U.S. government agencies $ — $ 159 $ — $ 159 U.S. government-sponsored entities — 245 — 245 Residential mortgage-backed securities: Agency mortgage-backed securities — 1,338 — 1,338 Agency collateralized mortgage obligations — 1,188 — 1,188 Commercial mortgage-backed securities — 316 — 316 States of the U.S. and political subdivisions — 14 — 14 Other debt securities — 2 — 2 Total debt securities available for sale — 3,262 — 3,262 Loans held for sale — 45 — 45 Derivative financial instruments Trading — 201 — 201 Not for trading — 3 3 6 Total derivative financial instruments — 204 3 207 Total assets measured at fair value on a recurring basis $ — $ 3,511 $ 3 $ 3,514 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 29 $ — $ 29 Not for trading — 1 — 1 Total derivative financial instruments — 30 — 30 Total liabilities measured at fair value on a recurring basis $ — $ 30 $ — $ 30 (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 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 17.2 (in millions) Interest Rate Lock Commitments Total Nine Months Ended September 30, 2019 Balance at beginning of period $ 1 $ 1 Purchases, issuances, sales and settlements: Purchases 3 3 Settlements (1 ) (1 ) Balance at end of period $ 3 $ 3 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 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. There were no transfers of assets or liabilities between the hierarchy levels during the first nine months of 2019 or 2018 . 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 described in Note 24 "Fair Value Measurements" in our 2018 Annual Report on Form 10-K . 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 17.3 (in millions) Level 1 Level 2 Level 3 Total September 30, 2019 Impaired loans $ — $ — $ 7 $ 7 Other real estate owned — — 2 2 Other assets - SBA servicing asset — — 3 3 Other assets - MSR — — 28 28 December 31, 2018 Impaired loans $ — $ — $ 15 $ 15 Other real estate owned — — 5 5 Other assets - SBA servicing asset — — 4 4 Substantially all of the fair value amounts in the table above were estimated at a date during the nine months or twelve months ended September 30, 2019 and December 31, 2018 , respectively. Consequently, the fair value information presented is not necessarily as of the period’s end. MSRs measured at fair value on a non-recurring basis of $31.9 million had a valuation allowance of $2.9 million included in earnings, bringing the September 30, 2019 carrying value to $28.5 million . Impaired loans measured or re-measured at fair value on a non-recurring basis during the nine months ended September 30, 2019 had a carrying amount of $6.7 million , which includes an allocated allowance for credit losses of $6.3 million . The allowance for credit losses includes a provision applicable to the current period fair value measurements of $11.2 million , which was included in the provision for credit losses for the nine months ended September 30, 2019 . OREO with a carrying amount of $2.4 million was written down to $1.6 million , resulting in a loss of $0.8 million , which was included in earnings for the nine months ended September 30, 2019 . Fair Value of Financial Instruments Refer to Note 24 "Fair Value Measurements" to the Consolidated Financial Statements of our 2018 Annual Report on Form 10-K filed with the SEC on February 26, 2019 for a description of methods and assumptions that were used to estimate the fair value of each financial instrument. The fair values of our financial instruments are as follows: TABLE 17.4 Fair Value Measurements (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 September 30, 2019 Financial Assets Cash and cash equivalents $ 609 $ 609 $ 609 $ — $ — Debt securities available for sale 3,262 3,262 — 3,262 — Debt securities held to maturity 3,192 3,229 — 3,229 — Net loans and leases, including loans held for sale 22,932 22,815 — 45 22,770 Loan servicing rights 42 44 — — 44 Derivative assets 207 207 — 204 3 Accrued interest receivable 108 108 108 — — Financial Liabilities Deposits 24,594 24,606 19,472 5,134 — Short-term borrowings 3,144 3,148 3,148 — — Long-term borrowings 1,340 1,348 — — 1,348 Derivative liabilities 30 30 — 30 — Accrued interest payable 22 22 22 — — 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 — — |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements (unaudited) include subsidiaries in which we have a controlling financial interest. We own and operate FNBPA, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, 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 interim unaudited 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 September 30, 2019 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. Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The interim operating results are not necessarily indicative of operating results FNB expects for the full year. These interim unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in our 2018 Annual Report on Form 10-K filed with the SEC on February 26, 2019 . For a detailed description of our significant accounting policies, see Note 1 "Summary of Significant Accounting Policies" in our 2018 Annual Report on Form 10-K . The accounting policies presented below have been added or amended for newly material items or the adoption of new accounting standards. |
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 (unaudited). 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. |
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 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. Cash flows from hedging activities are classified in the same category as the items hedged. Beginning in the first quarter of 2019, we adopted ASU 2017-12 which provides targeted improvements to the hedge accounting model that more closely aligns the accounting and reporting for hedging relationships with risk management activities. In addition, ASU 2017-12 provides administrative relief by easing documentation requirements, simplifying the application of hedge accounting by expanding the application of the shortcut method, eliminating the separate measurement and reporting of hedge ineffectiveness and generally requiring the entire effect of the hedging instrument and the hedged item to be presented in the same income statement line item. We believe these changes will provide users with more useful information about the effect of our risk management activities on the financial statements. Changes in fair value of a derivative instrument that has been designated and qualifies as a cash flow hedge, including any ineffectiveness, are recorded in accumulated other comprehensive income, net of tax. Amounts are reclassified from AOCI to the consolidated statements of income in the same line item used to present the earnings effect of the hedged item in the period or periods in which the hedged transaction affects earnings. Prior to 2019, the ineffective portion, if any, was reported in earnings immediately. At the hedge’s inception 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. At each reporting period thereafter, a statistical regression or qualitative analysis is performed to evaluate hedge effectiveness. 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. In addition, we enter into interest rate swap agreements to meet the interest rate 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. |
Leases, lessee | We determine if an arrangement is, or contains, a lease at inception of the contract. As a lessee, we consider a contract to be, or contain, a lease if the contract conveys the right to control the use of an identified asset in exchange for consideration. We recognize in our Consolidated Balance Sheets the obligation to make lease payments and a right-of-use asset representing our right to use the underlying asset for the lease term. For an operating lease, the right-of-use asset and lease liability are included in other assets and other liabilities, respectively. Finance leases are included in premises and equipment, and other liabilities. We do not record leases with an initial term of 12 months or less on the Consolidated Balance Sheets, instead we recognize lease expense for these leases on a straight-line basis over the lease term. For leases that commenced before January 1, 2019, we have applied the modified retrospective transition method which resulted in comparative information not being restated. The new standard provides a number of optional practical expedients in transition. We elected the ‘package of practical expedients’, which permits us to not reassess our prior conclusions about lease identification, lease classification and initial direct costs. Right-of-use assets and liabilities are initially measured at the present value of lease payments over the lease term, discounted using the interest rate implicit in the lease at the commencement date. If the rate implicit in the lease cannot be readily determined, we discount the lease using our incremental borrowing rate which is derived by reference to FNB's secured borrowing rate. Our leases may include options to extend or terminate the lease. When it is reasonably certain that we will exercise such an option, the lease term includes those periods. Lease expense is recognized on a straight-line basis over the lease term. Right-of-use assets are reviewed for impairment when events or circumstances indicate that the carrying amount may not be recoverable. For operating leases, if deemed impaired, the right-of-use asset is written down and the remaining balance is subsequently amortized on a straight-line basis. We have real estate lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. |
Leases, lessor | As a lessor, when a lease meets certain criteria indicating that we effectively have transferred control of the underlying asset to the customer, the lease is classified as a sales-type lease. When a lease does not meet the criteria for a sales-type lease but meets the criteria of a direct financing lease, the lease is classified as a direct financing lease. When none of the required criteria for sales-type lease or direct-financing lease are met, the lease is classified as an operating lease. Both sales-type leases and direct financing leases are recognized as a net investment in the lease on the Consolidated Balance Sheets. The net investment comprises the lease receivable including any residual value of the underlying asset that is guaranteed by the customer or any other third party unrelated to us and the unguaranteed residual value of the underlying asset. Operating lease income is recognized over the lease term on a straight-line basis. We do not evaluate whether sales taxes and similar taxes imposed by a governmental authority on lease transactions and collected by us are our primary obligation as owner of the underlying leased asset and exclude from lease income all taxes collected. |
New Accounting Standards | Standard Description 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. We adopted this Update in the first quarter of 2019 using a modified retrospective transition method. The presentation and disclosure guidance were applied prospectively. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. This Update was effective as of January 1, 2019. 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. We adopted this Update in the first quarter of 2019 using a modified retrospective transition method. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. This Update was effective as of January 1, 2019. 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 ASU 2019-01, Lease (Topic 842), Codification Improvements 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 sales-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. We adopted these Updates in the first quarter of 2019 under the modified retrospective transition method. In addition, the new standard provides a number of optional practical expedients in transition. We elected the ‘package of practical expedients,’ which permits us to not reassess our prior conclusions about lease identification, lease classification and initial direct costs. Standard Description 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 ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ASU 2019-05, Financial Instruments-Credit Losses, (Topic 326): Targeted Transition Relief These Updates replace the current long-standing 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 except for unconditionally cancellable commitments. 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 PCI loans and debt securities. 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 assets and regulatory capital. While these Updates change the measurement of the Allowance for Credit Losses (ACL), it does not change the credit risk of our lending portfolios or the ultimate losses in those portfolios. However, the CECL ACL methodology could produce higher volatility in the quarterly provision for credit losses than our current reserve process. We have created a cross-functional management steering group to govern implementation and the Audit and Risk Committees and the Board of Directors receive regular updates. For loans measured at amortized cost we have implemented a new modeling platform and integrated other auxiliary models to support a calculation of expected credit losses under CECL. We have made preliminary decisions on segmentation, a reasonable and supportable forecast period, a reversion method and period and a historical loss forecast covering the remaining contractual life, adjusted for prepayments as well as other criteria necessary to execute parallel runs beginning with the June 30, 2019 portfolio balances to ensure we are ready to calculate, review and report on our CECL ACL for the first quarter of 2020. Based on our portfolio composition and forecasts of relatively stable macroeconomic conditions over the next two years, we currently estimate that our CECL ACL on the originated portfolio will increase in the range of 25% and 35%, primarily driven by our consumer portfolios. We expect a corresponding decrease in our common equity tier 1 (CET1) regulatory capital on a fully phased-in basis of 14-20 basis points (bps) and 11-15 bps for our tangible common equity (TCE) ratio. In addition, the ACL will increase an estimated $65-75 million for the ACL “gross-up” for PCI Loans at transition with a corresponding increase to the PCI Loans carrying value. There is no capital impact related to the PCI Loans transition. The estimated ACL represents Management’s estimate of credit losses over the full expected remaining life of the financial assets and also take into account expected future changes in macroeconomic conditions. We will continue to evaluate and refine our loss estimates through the remainder of 2019. The impact of this Update will be dependent on the portfolio composition and credit quality, as well as historical experience, current conditions and forecasts of economic conditions and interest rates at the time of adoption. The impact to our AFS and HTM debt securities is expected to be immaterial. Oversight and testing, as well as the development of policies, internal controls and preparation for expanded disclosure requirements will extend through the remainder of 2019. This Update will be effective as of January 1, 2020. |
NEW ACCOUNTING STANDARDS (Table
NEW ACCOUNTING STANDARDS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements That Have Been Recently Adopted Or Will Be In the Future | 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 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. We adopted this Update in the first quarter of 2019 using a modified retrospective transition method. The presentation and disclosure guidance were applied prospectively. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. This Update was effective as of January 1, 2019. 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. We adopted this Update in the first quarter of 2019 using a modified retrospective transition method. The adoption of this Update did not have a material effect on our Consolidated Financial Statements. This Update was effective as of January 1, 2019. 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 ASU 2019-01, Lease (Topic 842), Codification Improvements 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 sales-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. We adopted these Updates in the first quarter of 2019 under the modified retrospective transition method. In addition, the new standard provides a number of optional practical expedients in transition. We elected the ‘package of practical expedients,’ which permits us to not reassess our prior conclusions about lease identification, lease classification and initial direct costs. Standard Description 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 ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ASU 2019-05, Financial Instruments-Credit Losses, (Topic 326): Targeted Transition Relief These Updates replace the current long-standing 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 except for unconditionally cancellable commitments. 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 PCI loans and debt securities. 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 assets and regulatory capital. While these Updates change the measurement of the Allowance for Credit Losses (ACL), it does not change the credit risk of our lending portfolios or the ultimate losses in those portfolios. However, the CECL ACL methodology could produce higher volatility in the quarterly provision for credit losses than our current reserve process. We have created a cross-functional management steering group to govern implementation and the Audit and Risk Committees and the Board of Directors receive regular updates. For loans measured at amortized cost we have implemented a new modeling platform and integrated other auxiliary models to support a calculation of expected credit losses under CECL. We have made preliminary decisions on segmentation, a reasonable and supportable forecast period, a reversion method and period and a historical loss forecast covering the remaining contractual life, adjusted for prepayments as well as other criteria necessary to execute parallel runs beginning with the June 30, 2019 portfolio balances to ensure we are ready to calculate, review and report on our CECL ACL for the first quarter of 2020. Based on our portfolio composition and forecasts of relatively stable macroeconomic conditions over the next two years, we currently estimate that our CECL ACL on the originated portfolio will increase in the range of 25% and 35%, primarily driven by our consumer portfolios. We expect a corresponding decrease in our common equity tier 1 (CET1) regulatory capital on a fully phased-in basis of 14-20 basis points (bps) and 11-15 bps for our tangible common equity (TCE) ratio. In addition, the ACL will increase an estimated $65-75 million for the ACL “gross-up” for PCI Loans at transition with a corresponding increase to the PCI Loans carrying value. There is no capital impact related to the PCI Loans transition. The estimated ACL represents Management’s estimate of credit losses over the full expected remaining life of the financial assets and also take into account expected future changes in macroeconomic conditions. We will continue to evaluate and refine our loss estimates through the remainder of 2019. The impact of this Update will be dependent on the portfolio composition and credit quality, as well as historical experience, current conditions and forecasts of economic conditions and interest rates at the time of adoption. The impact to our AFS and HTM debt securities is expected to be immaterial. Oversight and testing, as well as the development of policies, internal controls and preparation for expanded disclosure requirements will extend through the remainder of 2019. This Update will be effective as of January 1, 2020. |
SECURITIES (Tables)
SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 debt securities are as follows: TABLE 3.1 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities Available for Sale: September 30, 2019 U.S. government agencies $ 159 $ 1 $ (1 ) $ 159 U.S. government-sponsored entities 245 1 (1 ) 245 Residential mortgage-backed securities: Agency mortgage-backed securities 1,337 5 (4 ) 1,338 Agency collateralized mortgage obligations 1,178 13 (3 ) 1,188 Commercial mortgage-backed securities 309 8 (1 ) 316 States of the U.S. and political subdivisions 14 — — 14 Other debt securities 2 — — 2 Total debt securities available for sale $ 3,244 $ 28 $ (10 ) $ 3,262 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 |
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: September 30, 2019 U.S. Treasury $ 1 $ — $ — $ 1 U.S. government agencies 2 — — 2 U.S. government-sponsored entities 190 — (1 ) 189 Residential mortgage-backed securities: Agency mortgage-backed securities 1,001 7 (3 ) 1,005 Agency collateralized mortgage obligations 686 7 (5 ) 688 Commercial mortgage-backed securities 202 4 — 206 States of the U.S. and political subdivisions 1,110 29 (1 ) 1,138 Total debt securities held to maturity $ 3,192 $ 47 $ (10 ) $ 3,229 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 |
Amortized Cost and Fair Value of Securities, by Contractual Maturities | As of September 30, 2019 , the amortized cost and fair value of debt securities, by contractual maturities, were as follows: TABLE 3.2 Available for Sale Held to Maturity (in millions) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 113 $ 113 $ 34 $ 34 Due after one year but within five years 147 148 177 176 Due after five years but within ten years 68 68 106 108 Due after ten years 92 91 986 1,012 420 420 1,303 1,330 Residential mortgage-backed securities: Agency mortgage-backed securities 1,337 1,338 1,001 1,005 Agency collateralized mortgage obligations 1,178 1,188 686 688 Commercial mortgage-backed securities 309 316 202 206 Total debt securities $ 3,244 $ 3,262 $ 3,192 $ 3,229 |
Schedule of Securities Pledged as Collateral | Following is information relating to securities pledged: TABLE 3.3 (dollars in millions) September 30, December 31, Securities pledged (carrying value): To secure public deposits, trust deposits and for other purposes as required by law $ 4,503 $ 3,874 As collateral for short-term borrowings 282 279 Securities pledged as a percent of total securities 74.1 % 63.0 % |
Summaries of Fair Values and Unrealized Losses of Impaired 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: TABLE 3.4 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 September 30, 2019 U.S. government agencies 6 $ 48 $ — 13 $ 59 $ (1 ) 19 $ 107 $ (1 ) U.S. government-sponsored entities — — — 7 149 (1 ) 7 149 (1 ) Residential mortgage-backed securities: Agency mortgage-backed securities 17 281 (1 ) 25 343 (3 ) 42 624 (4 ) Agency collateralized mortgage obligations 4 113 — 33 229 (3 ) 37 342 (3 ) Commercial mortgage-backed securities 1 54 (1 ) — — — 1 54 (1 ) States of the U.S. and political subdivisions — — — 1 1 — 1 1 — Other debt securities — — — 1 2 — 1 2 — Total temporarily impaired debt securities AFS 28 $ 496 $ (2 ) 80 $ 783 $ (8 ) 108 $ 1,279 $ (10 ) 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 ) 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 September 30, 2019 U.S. government-sponsored entities — $ — $ — 10 $ 189 $ (1 ) 10 $ 189 $ (1 ) Residential mortgage-backed securities: Agency mortgage-backed securities 6 163 (1 ) 11 143 (2 ) 17 306 (3 ) Agency collateralized mortgage obligations 1 11 — 35 345 (5 ) 36 356 (5 ) Commercial mortgage-backed securities 2 77 — 2 9 — 4 86 — States of the U.S. and political subdivisions 10 36 — 7 30 (1 ) 17 66 (1 ) Total temporarily impaired debt securities HTM 19 $ 287 $ (1 ) 65 $ 716 $ (9 ) 84 $ 1,003 $ (10 ) 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 ) |
LOANS AND LEASES (Tables)
LOANS AND LEASES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Summary of Loans and Leases, Net of Unearned Income | Following is a summary of loans and leases, net of unearned income: TABLE 4.1 (in millions) Originated Loans and Leases Loans Acquired in a Business Combination Total Loans and Leases September 30, 2019 Commercial real estate $ 6,864 $ 2,052 $ 8,916 Commercial and industrial 4,925 280 5,205 Commercial leases 417 — 417 Other 35 — 35 Total commercial loans and leases 12,241 2,332 14,573 Direct installment 1,692 71 1,763 Residential mortgages 2,891 409 3,300 Indirect installment 1,949 — 1,949 Consumer lines of credit 1,099 386 1,485 Total consumer loans 7,631 866 8,497 Total loans and leases, net of unearned income $ 19,872 $ 3,198 $ 23,070 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 |
Certain Information Relating to Commercial Real Estate Loans | The following table shows certain information relating to commercial real estate loans: TABLE 4.2 (dollars in millions) September 30, December 31, Commercial construction, acquisition and development loans $ 1,272 $ 1,152 Percent of total loans and leases 5.5 % 5.2 % Commercial real estate: Percent owner-occupied 31.0 % 35.1 % Percent non-owner-occupied 69.0 % 64.9 % |
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 4.3 (in millions) September 30, December 31, Accounted for under ASC 310-30: Outstanding balance $ 2,980 $ 3,768 Carrying amount 2,741 3,570 Accounted for under ASC 310-20: Outstanding balance 466 602 Carrying amount 452 513 Total loans acquired in a business combination: Outstanding balance 3,446 4,370 Carrying amount 3,193 4,083 |
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 4.4 Nine Months Ended (in millions) 2019 2018 Balance at beginning of period $ 605 $ 708 Reduction due to unexpected early payoffs (70 ) (117 ) Reclass from non-accretable difference to accretable yield 81 185 Other — (1 ) Accretion (140 ) (170 ) Balance at end of period $ 476 $ 605 |
Summary of Non-Performing Assets | Following is a summary of non-performing assets: TABLE 4.5 (dollars in millions) September 30, December 31, Non-accrual loans $ 76 $ 79 Troubled debt restructurings 19 21 Total non-performing loans 95 100 Other real estate owned 24 35 Total non-performing assets $ 119 $ 135 Asset quality ratios: Non-performing loans / total loans and leases 0.41 % 0.45 % Non-performing loans + OREO / total loans and leases + OREO 0.52 % 0.61 % Non-performing assets / total assets 0.35 % 0.41 % |
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 4.6 (in millions) 30-89 Days Past Due > 90 Days Past Due and Still Accruing Non- Accrual Total Past Due Current Total Loans and Leases Originated Loans and Leases September 30, 2019 Commercial real estate $ 6 $ — $ 25 $ 31 $ 6,833 $ 6,864 Commercial and industrial 11 — 23 34 4,891 4,925 Commercial leases 4 — 1 5 412 417 Other — — 1 1 34 35 Total commercial loans and leases 21 — 50 71 12,170 12,241 Direct installment 6 — 7 13 1,679 1,692 Residential mortgages 15 3 8 26 2,865 2,891 Indirect installment 10 1 3 14 1,935 1,949 Consumer lines of credit 3 1 4 8 1,091 1,099 Total consumer loans 34 5 22 61 7,570 7,631 Total originated loans and leases $ 55 $ 5 $ 72 $ 132 $ 19,740 $ 19,872 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 (in millions) 30-89 Days Past Due > 90 Days Past Due and Still Accruing Non- Accrual Total Past Due (1) (2) Current (Discount) Premium Total Loans Loans Acquired in a Business Combination September 30, 2019 Commercial real estate $ 15 $ 32 $ 4 $ 51 $ 2,151 $ (150 ) $ 2,052 Commercial and industrial 1 4 — 5 296 (21 ) 280 Total commercial loans 16 36 4 56 2,447 (171 ) 2,332 Direct installment 1 1 — 2 69 — 71 Residential mortgages 10 4 — 14 410 (15 ) 409 Consumer lines of credit 4 3 — 7 387 (8 ) 386 Total consumer loans 15 8 — 23 866 (23 ) 866 Total loans acquired in a business combination $ 31 $ 44 $ 4 $ 79 $ 3,313 $ (194 ) $ 3,198 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 (1) 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. (2) Past due information for loans acquired in a business combination is based on the contractual balance outstanding at September 30, 2019 and December 31, 2018 . |
Loan, Credit Quality Indicators | We utilize the following categories to monitor credit quality within our commercial loan and lease portfolio: TABLE 4.7 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 |
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 4.8 Commercial Loan and Lease Credit Quality Categories (in millions) Pass Special Mention Substandard Doubtful Total Originated Loans and Leases September 30, 2019 Commercial real estate $ 6,570 $ 150 $ 143 $ 1 $ 6,864 Commercial and industrial 4,587 195 138 5 4,925 Commercial leases 408 6 3 — 417 Other 34 — 1 — 35 Total originated commercial loans and leases $ 11,599 $ 351 $ 285 $ 6 $ 12,241 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 Loans Acquired in a Business Combination September 30, 2019 Commercial real estate $ 1,772 $ 117 $ 163 $ — $ 2,052 Commercial and industrial 241 14 25 — 280 Total commercial loans acquired in a business combination $ 2,013 $ 131 $ 188 $ — $ 2,332 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 |
Summary of Consumer Loans by Payment Status | Following is a table showing consumer loans by payment status: TABLE 4.9 Consumer Loan Credit Quality by Payment Status (in millions) Performing Non- Performing Total Originated Loans September 30, 2019 Direct installment $ 1,679 $ 13 $ 1,692 Residential mortgages 2,875 16 2,891 Indirect installment 1,946 3 1,949 Consumer lines of credit 1,094 5 1,099 Total originated consumer loans $ 7,594 $ 37 $ 7,631 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 Loans Acquired in a Business Combination September 30, 2019 Direct installment $ 71 $ — $ 71 Residential mortgages 409 — 409 Consumer lines of credit 385 1 386 Total consumer loans acquired in a business combination $ 865 $ 1 $ 866 December 31, 2018 Direct installment $ 96 $ — $ 96 Residential mortgages 501 — 501 Consumer lines of credit 462 1 463 Total consumer loans acquired in a business combination $ 1,059 $ 1 $ 1,060 |
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 4.10 (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 Nine Months Ended Commercial real estate $ 29 $ 23 $ 2 $ 25 $ 1 $ 26 Commercial and industrial 29 15 — 15 5 17 Commercial leases 1 1 — 1 — 2 Total commercial loans and leases 59 39 2 41 6 45 Direct installment 16 13 — 13 — 14 Residential mortgages 19 16 — 16 — 16 Indirect installment 5 3 — 3 — 2 Consumer lines of credit 7 5 — 5 — 5 Total consumer loans 47 37 — 37 — 37 Total $ 106 $ 76 $ 2 $ 78 $ 6 $ 82 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 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 |
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 4.11 (in millions) September 30, December 31, Commercial real estate $ 2 $ 2 Commercial and industrial 1 4 Total commercial loans 3 6 Direct installment 1 1 Residential mortgages 1 — Total consumer loans 2 1 Total allowance on loans acquired in a business combination $ 5 $ 7 |
Summary of the composition of total TDRs | Following is a summary of the composition of total TDRs: TABLE 4.12 (in millions) Originated Acquired Total September 30, 2019 Accruing: Performing $ 20 $ — $ 20 Non-performing 16 3 19 Non-accrual 14 — 14 Total TDRs $ 50 $ 3 $ 53 December 31, 2018 Accruing: Performing $ 18 $ — $ 18 Non-performing 17 4 21 Non-accrual 9 — 9 Total TDRs $ 44 $ 4 $ 48 |
Summary of Troubled Debt Restructurings by Class of Loans | Following is a summary of TDR loans, by class: TABLE 4.13 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (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 $ — $ — 16 $ 4 $ 4 Commercial and industrial 1 — — 14 5 3 Total commercial loans 5 — — 30 9 7 Direct installment 15 1 1 47 2 2 Residential mortgages 4 1 1 14 1 1 Consumer lines of credit 7 — — 20 1 1 Total consumer loans 26 2 2 81 4 4 Total 31 $ 2 $ 2 111 $ 13 $ 11 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (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 3 $ 1 $ 1 4 $ — $ — Commercial and industrial 1 — — 12 1 1 Total commercial loans 4 1 1 16 1 1 Direct installment 15 1 1 65 4 3 Residential mortgages 4 — — 13 1 1 Indirect installment — — — — — — Consumer lines of credit 11 — — 25 1 1 Total consumer loans 30 1 1 103 6 5 Total 34 $ 2 $ 2 119 $ 7 $ 6 |
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 4.14 Three Months Ended Nine Months Ended (dollars in millions) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Commercial real estate 1 $ — 5 $ 1 Commercial and industrial — — 1 — Total commercial loans 1 — 6 1 Direct installment 1 $ — 4 $ — Residential mortgages — — 1 — Consumer lines of credit 1 — 1 — Total consumer loans 2 — 6 — Total 3 $ — 12 $ 1 Three Months Ended Nine Months Ended (dollars in millions) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Commercial real estate 3 $ 1 3 $ 1 Commercial and industrial 2 — 1 — Total commercial loans 5 1 4 1 Direct installment 3 — 5 1 Residential mortgages 2 — 4 — Indirect installment — — — — Consumer lines of credit — — 3 — Total consumer loans 5 — 12 1 Total 10 $ 1 16 $ 2 |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 5.1 (in millions) Balance at Beginning of Period Charge- Offs Recoveries Net Charge- Offs Provision for Credit Losses Balance at End of Period Three Months Ended September 30, 2019 Commercial real estate $ 61 $ (1 ) $ — $ (1 ) $ (2 ) $ 58 Commercial and industrial 52 (3 ) 1 (2 ) 7 57 Commercial leases 9 — — — 1 10 Other 1 — — — 1 2 Total commercial loans and leases 123 (4 ) 1 (3 ) 7 127 Direct installment 13 — — — (1 ) 12 Residential mortgages 20 — — — 3 23 Indirect installment 18 (3 ) 1 (2 ) 2 18 Consumer lines of credit 9 — — — — 9 Total consumer loans 60 (3 ) 1 (2 ) 4 62 Total allowance on originated loans and leases 183 (7 ) 2 (5 ) 11 189 Purchased credit-impaired loans 1 — — — — 1 Other acquired loans 4 (2 ) 1 (1 ) 1 4 Total allowance on acquired loans 5 (2 ) 1 (1 ) 1 5 Total allowance for credit losses $ 188 $ (9 ) $ 3 $ (6 ) $ 12 $ 194 Nine Months Ended September 30, 2019 Commercial real estate $ 55 $ (3 ) $ 1 $ (2 ) $ 5 $ 58 Commercial and industrial 49 (7 ) 3 (4 ) 12 57 Commercial leases 8 — — — 2 10 Other 2 (2 ) — (2 ) 2 2 Total commercial loans and leases 114 (12 ) 4 (8 ) 21 127 Direct installment 14 (1 ) — (1 ) (1 ) 12 Residential mortgages 20 (1 ) — (1 ) 4 23 Indirect installment 15 (8 ) 3 (5 ) 8 18 Consumer lines of credit 10 (1 ) — (1 ) — 9 Total consumer loans 59 (11 ) 3 (8 ) 11 62 Total allowance on originated loans and leases 173 (23 ) 7 (16 ) 32 189 Purchased credit-impaired loans 1 — — — — 1 Other loans acquired in a business combination 6 (9 ) 2 (7 ) 5 4 Total allowance on loans acquired in a business combination 7 (9 ) 2 (7 ) 5 5 Total allowance for credit losses $ 180 $ (32 ) $ 9 $ (23 ) $ 37 $ 194 (in millions) Balance at Beginning of Period Charge- Offs Recoveries Net Charge- Offs Provision for Credit Losses Balance at End of Period Three Months Ended September 30, 2018 Commercial real estate $ 50 $ (1 ) $ 1 $ — $ 4 $ 54 Commercial and industrial 54 (2 ) — (2 ) 1 53 Commercial leases 7 — — — — 7 Other 2 (1 ) — (1 ) 1 2 Total commercial loans and leases 113 (4 ) 1 (3 ) 6 116 Direct installment 21 (10 ) — (10 ) 3 14 Residential mortgages 15 — — — 3 18 Indirect installment 14 (2 ) 1 (1 ) 2 15 Consumer lines of credit 10 (1 ) — (1 ) 1 10 Total consumer loans 60 (13 ) 1 (12 ) 9 57 Total allowance on originated loans and leases 173 (17 ) 2 (15 ) 15 173 Purchased credit-impaired loans 1 — — — — 1 Other acquired loans 3 (1 ) 1 — 1 4 Total allowance on acquired loans 4 (1 ) 1 — 1 5 Total allowance for credit losses $ 177 $ (18 ) $ 3 $ (15 ) $ 16 $ 178 Nine Months Ended September 30, 2018 Commercial real estate $ 50 $ (5 ) $ 1 $ (4 ) $ 8 $ 54 Commercial and industrial 52 (14 ) 2 (12 ) 13 53 Commercial leases 5 — — — 2 7 Other 2 (4 ) 1 (3 ) 3 2 Total commercial loans and leases 109 (23 ) 4 (19 ) 26 116 Direct installment 21 (16 ) 1 (15 ) 8 14 Residential mortgages 16 — — — 2 18 Indirect installment 12 (7 ) 3 (4 ) 7 15 Consumer lines of credit 10 (2 ) — (2 ) 2 10 Total consumer loans 59 (25 ) 4 (21 ) 19 57 Total allowance on originated loans and leases 168 (48 ) 8 (40 ) 45 173 Purchased credit-impaired loans 1 — — — — 1 Other loans acquired in a business combination 6 (5 ) 2 (3 ) 1 4 Total allowance on loans acquired in a business combination 7 (5 ) 2 (3 ) 1 5 Total allowance for credit losses $ 175 $ (53 ) $ 10 $ (43 ) $ 46 $ 178 |
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 5.2 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 September 30, 2019 Commercial real estate $ 1 $ 57 $ 6,864 $ 12 $ 6,852 Commercial and industrial 5 52 4,925 12 4,913 Commercial leases — 10 417 — 417 Other — 2 35 — 35 Total commercial loans and leases 6 121 12,241 24 12,217 Direct installment — 12 1,692 — 1,692 Residential mortgages — 23 2,891 — 2,891 Indirect installment — 18 1,949 — 1,949 Consumer lines of credit — 9 1,099 — 1,099 Total consumer loans — 62 7,631 — 7,631 Total $ 6 $ 183 $ 19,872 $ 24 $ 19,848 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 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) | 9 Months Ended |
Sep. 30, 2019 | |
Mortgage Servicing Rights [Member] | |
Servicing Assets at Fair Value [Line Items] | |
Servicing Asset at Amortized Cost | The unpaid principal balance of mortgage loans serviced for others is listed below: TABLE 6.1 (in millions) September 30, December 31, 2018 Mortgage loans sold with servicing retained $ 4,469 $ 3,968 The following table summarizes activity relating to mortgage loans sold with servicing retained: TABLE 6.2 Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Mortgage loans sold with servicing retained $ 354 $ 295 $ 937 $ 814 Pretax gains resulting from above loan sales (1) 10 6 23 15 Mortgage servicing fees (1) 3 3 8 7 (1) Recorded in mortgage banking operations on the Consolidated Statements of Income. Following is a summary of the MSR activity: TABLE 6.3 Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Balance at beginning of period $ 38.0 $ 33.0 $ 36.8 $ 29.1 Additions 3.5 3.5 9.8 9.5 Payoffs and curtailments (0.5 ) (0.6 ) (1.8 ) (1.5 ) Impairment charge (0.3 ) — (2.9 ) — Amortization (1.9 ) (0.6 ) (3.1 ) (1.8 ) Balance at end of period $ 38.8 $ 35.3 $ 38.8 $ 35.3 Fair value, beginning of period $ 39.8 $ 38.6 $ 41.1 $ 32.4 Fair value, end of period 40.5 41.7 40.5 41.7 |
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 6.4 (dollars in millions) September 30, December 31, Weighted average life (months) 75.0 82.2 Constant prepayment rate (annualized) 11.2 % 10.1 % Discount rate 9.7 % 9.7 % Effect on fair value due to change in interest rates: +0.25% $ 3 $ 3 +0.50% 5 5 -0.25% (3 ) (3 ) -0.50% (5 ) (6 ) |
SBA-Guaranteed Loan Servicing [Member] | |
Servicing Assets at Fair Value [Line Items] | |
Servicing Asset at Amortized Cost | The unpaid principal balance of SBA-guaranteed loans serviced for investors was as follows: TABLE 6.5 (in millions) September 30, December 31, SBA loans sold to investors with servicing retained $ 241 $ 283 The following table summarizes activity relating to SBA loans sold with servicing retained: TABLE 6.6 Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 SBA loans sold with servicing retained $ 7 $ 10 $ 20 $ 34 Pretax gains resulting from above loan sales (1) 1 1 2 3 SBA servicing fees (1) 1 1 2 2 (1) Recorded in non-interest income. Following is a summary of the activity in SBA servicing rights: TABLE 6.7 Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Balance at beginning of period $ 4 $ 5 $ 4 $ 5 Additions — — — 1 Payoffs, curtailments and amortization (1 ) — (1 ) (1 ) Impairment (charge) / recovery — (1 ) — (1 ) Balance at end of period $ 3 $ 4 $ 3 $ 4 Fair value, beginning of period $ 4 $ 5 $ 4 $ 5 Fair value, end of period 3 4 3 4 |
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 6.8 September 30, 2019 December 31, 2018 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) 44.2 52.2 Constant prepayment rate (annualized) 15.9 % $ — $ — $ — $ — 12.5 % $ — $ — $ — $ — Discount rate 17.9 — — — — 19.4 — — — — |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost | The components of lease expense were as follows: TABLE 7.1 Three Months Ended Nine Months Ended (dollars in millions) 2019 2019 Operating lease cost $ 6 $ 20 Short-term lease cost 1 1 Variable lease cost 1 3 Sublease income — — Total lease cost $ 8 $ 24 |
Leases, Other Information | Other information related to leases is as follows: TABLE 7.2 Nine Months Ended (dollars in millions) 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 19 Right-of-use assets obtained in exchange for lease obligations: Operating leases 22 Weighted average remaining lease term (years): Operating leases 9.78 Weighted average discount rate: Operating leases 3.0 % |
Lessor, Operating Lease, Payments to be Received, Maturity | Maturities of operating lease liabilities were as follows: TABLE 7.3 (in millions) September 30, 2019 $ 6 2020 24 2021 22 2022 17 2023 13 Later years 72 Total lease payments 154 Less: Interest (24 ) Present value of lease liabilities $ 130 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Borrowings | Following is a summary of short-term borrowings: TABLE 8.1 (in millions) September 30, December 31, Securities sold under repurchase agreements $ 259 $ 251 Federal Home Loan Bank advances 1,565 2,230 Federal funds purchased 1,214 1,535 Subordinated notes 106 113 Total short-term borrowings $ 3,144 $ 4,129 |
Summary of Long-Term Borrowings | Following is a summary of long-term borrowings: TABLE 8.2 (in millions) September 30, December 31, Federal Home Loan Bank advances $ 935 $ 270 Subordinated notes 90 87 Junior subordinated debt 66 111 Other subordinated debt 249 159 Total long-term borrowings $ 1,340 $ 627 |
Junior Subordinated Debt Trusts | The following table provides information relating to the Trusts as of September 30, 2019 : TABLE 8.3 (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 3.77 % LIBOR + 165 basis points (bps) Yadkin Valley Statutory Trust I 25 1 22 12/15/2037 3.44 % LIBOR + 132 bps FNB Financial Services Capital Trust I 25 1 22 9/30/2035 3.56 % LIBOR + 146 bps Total $ 72 $ 3 $ 66 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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 9.1 September 30, 2019 December 31, 2018 Notional Fair Value Notional Fair Value (in millions) Amount Asset Liability Amount Asset Liability Gross Derivatives Subject to master netting arrangements: Interest rate contracts – designated $ 1,555 $ 2 $ — $ 1,155 $ — $ 3 Interest rate swaps – not designated 3,448 — 29 2,740 2 10 Equity contracts – not designated — — — 1 — — Total subject to master netting arrangements 5,003 2 29 3,896 2 13 Not subject to master netting arrangements: Interest rate swaps – not designated 3,448 201 — 2,740 40 26 Interest rate lock commitments – not designated 196 3 — 47 1 — Forward delivery commitments – not designated 265 1 — 55 — — Credit risk contracts – not designated 277 — 1 203 — — Equity contracts – not designated — — — 1 — — Total not subject to master netting arrangements 4,186 205 1 3,046 41 26 Total $ 9,189 $ 207 $ 30 $ 6,942 $ 43 $ 39 |
Summary of Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI) | The following table shows amounts reclassified from accumulated other comprehensive income: TABLE 9.2 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Nine Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Derivatives in cash flow hedging relationships: Interest rate contracts $ (31 ) $ 9 Interest income (expense) $ 2 $ 1 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table represents gains (losses) recognized in the Consolidated Statements of Income on cash flow hedging relationships: TABLE 9.3 Nine Months Ended Nine Months Ended (in millions) Interest Income - Loans and Leases Interest Expense - Short-Term Borrowings Interest Income - Loans and Leases Interest Expense - Short-Term Borrowings Total amounts of income and expense line items presented in the Consolidated Statements of Income in which the effects of cash flow hedges are recorded $ 819 $ 66 $ 757 $ 54 The effects of cash flow hedging: Gain (loss) on cash flow hedging relationships — — — — Interest rate contracts — — — — Amount of gain (loss) reclassified from AOCI into net income (1 ) 3 — 2 Amount of gain (loss) reclassified from AOCI into income as a result of that a forecasted transaction is no longer probable of occurring — — — — |
Schedule of Derivative Financial Instruments on the Consolidated Statements of Income | The following table presents the effect of certain derivative financial instruments on the Consolidated Statements of Income: TABLE 9.4 Nine Months Ended (in millions) Consolidated Statements of Income Location 2019 2018 Interest rate swaps Non-interest income - other $ — $ 1 Interest rate lock commitments Mortgage banking operations — — Forward delivery contracts Mortgage banking operations (1 ) 1 Credit risk contracts Non-interest income - other — — |
Schedule of Offsetting Assets and Liabilities | 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 9.5 Amount Not Offset in the Consolidated Balance Sheets (in millions) Net Amount Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Net Amount September 30, 2019 Derivative Assets Interest rate contracts: Designated $ 2 $ 1 $ — $ 1 Total $ 2 $ 1 $ — $ 1 Derivative Liabilities Interest rate contracts: Not designated $ 29 $ 29 $ — $ — Total $ 29 $ 29 $ — $ — 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 |
COMMITMENTS, CREDIT RISK AND _2
COMMITMENTS, CREDIT RISK AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 10.1 (in millions) September 30, December 31, Commitments to extend credit $ 8,427 $ 7,378 Standby letters of credit 153 126 |
STOCK INCENTIVE PLANS (Tables)
STOCK INCENTIVE PLANS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [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. Nine Months Ended (dollars in millions) 2019 2018 Restricted stock units 1,182,197 958,720 Weighted average grant date fair values $ 13 $ 13 |
Summary of Activity Relating to Restricted Stock Units | The following table summarizes the activity relating to restricted stock units during the periods indicated: TABLE 11.2 Nine Months Ended September 30, 2019 2018 Units Weighted Average Grant Price per Share Units Weighted Average Grant Price per Share Unvested units outstanding at beginning of period 2,556,174 $ 13.51 1,975,862 $ 13.64 Granted 1,182,197 10.94 958,720 13.21 Vested (655,208 ) 13.15 (257,712 ) 13.18 Forfeited/expired (325,253 ) 12.72 (209,438 ) 13.36 Dividend reinvestment 80,738 11.62 60,938 13.72 Unvested units outstanding at end of period 2,838,648 12.54 2,528,370 13.55 |
Schedule of Certain Information Related to Restricted Stock Units | The following table provides certain information related to restricted stock units: TABLE 11.3 (in millions) Nine Months Ended 2019 2018 Stock-based compensation expense $ 8 $ 7 Tax benefit related to stock-based compensation expense 2 2 Fair value of units vested 7 3 |
Components of Restricted Stock Units | The components of the restricted stock units as of September 30, 2019 are as follows: TABLE 11.4 (dollars in millions) Service- Based Units Performance- Based Units Total Unvested restricted stock units 1,911,335 927,313 2,838,648 Unrecognized compensation expense $ 12 $ 5 $ 17 Intrinsic value $ 22 $ 11 $ 33 Weighted average remaining life (in years) 2.01 1.98 2.00 |
Summary of Activity Relating to Stock Options | The following table summarizes the activity relating to stock options during the periods indicated: TABLE 11.5 Nine Months Ended September 30, 2019 2018 Shares Weighted Average Exercise Price per Share Shares Weighted Average Exercise Price per Share Options outstanding at beginning of period 458,354 $ 7.99 722,650 $ 7.96 Exercised (48,507 ) 7.48 (214,781 ) 7.91 Forfeited/expired (12,219 ) 6.51 (4,834 ) 11.65 Options outstanding and exercisable at end of period 397,628 8.10 503,035 7.97 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Federal and state income tax expense and the statutory tax rate and the actual effective tax rate consist of the following: TABLE 12.1 Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Current income taxes: Federal taxes $ (3 ) $ 8 $ 24 $ 31 State taxes — 1 3 4 Total current income taxes (3 ) 9 27 35 Deferred income taxes: Federal taxes 19 13 34 28 State taxes 1 — 2 1 Total deferred income taxes 20 13 36 29 Total income taxes $ 17 $ 22 $ 63 $ 64 Statutory tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effective tax rate 14.5 % 18.0 % 17.8 % 19.0 % |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Changes in AOCI, Net of Tax, by Component | The following table presents changes in AOCI, net of tax, by component: TABLE 13.1 (in millions) Unrealized Net Losses on Debt Securities Available for Sale Unrealized Net Gains (Losses) on Derivative Instruments Unrecognized Pension and Postretirement Obligations Total Nine Months Ended September 30, 2019 Balance at beginning of period $ (46 ) $ 1 $ (61 ) $ (106 ) Other comprehensive (loss) income before reclassifications 60 (24 ) 2 38 Amounts reclassified from AOCI — (1 ) — (1 ) Net current period other comprehensive (loss) income 60 (25 ) 2 37 Balance at end of period $ 14 $ (24 ) $ (59 ) $ (69 ) |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 14.1 Three Months Ended Nine Months Ended ( dollars in millions, except per share data) 2019 2018 2019 2018 Net income $ 103 $ 101 $ 292 $ 273 Less: Preferred stock dividends 2 2 6 6 Net income available to common stockholders $ 101 $ 99 $ 286 $ 267 Basic weighted average common shares outstanding 325,031,140 324,435,939 324,875,436 324,118,236 Net effect of dilutive stock options, warrants and restricted stock 1,068,730 1,217,192 893,725 1,556,470 Diluted weighted average common shares outstanding 326,099,870 325,653,131 325,769,161 325,674,706 Earnings per common share: Basic $ 0.31 $ 0.30 $ 0.88 $ 0.82 Diluted $ 0.31 $ 0.30 $ 0.88 $ 0.82 |
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 14.2 Three Months Ended Nine Months Ended 2019 2018 2019 2018 Average shares excluded from the diluted earnings per common share calculation 1 86 122 59 |
CASH FLOW INFORMATION (Tables)
CASH FLOW INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Supplemental Cash Flow Information | Following is a summary of supplemental cash flow information: TABLE 15.1 Nine Months Ended 2019 2018 (in millions) Interest paid on deposits and other borrowings $ 248 $ 158 Income taxes paid 40 14 Transfers of loans to other real estate owned 5 10 Loans transferred to held for sale from portfolio 389 — Loans transferred to portfolio from held for sale 110 — |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 16.1 (in millions) Community Banking Wealth Management Insurance Consumer Finance Parent and Other Consolidated At or for the Three Months Ended September 30, 2019 Interest income $ 314 $ — $ — $ — $ — $ 314 Interest expense 79 — — — 5 84 Net interest income 235 — — — (5 ) 230 Provision for credit losses 12 — — — — 12 Non-interest income 65 12 5 — (2 ) 80 Non-interest expense (1) 158 8 4 — 4 174 Amortization of intangibles 3 — 1 — — 4 Income tax expense (benefit) 19 1 — — (3 ) 17 Net income (loss) 108 3 — — (8 ) 103 Total assets 34,207 29 36 — 57 34,329 Total intangibles 2,294 10 29 — — 2,333 At or for the Three Months Ended September 30, 2018 Interest income $ 291 $ — $ — $ 7 $ — $ 298 Interest expense 58 — — 1 4 63 Net interest income 233 — — 6 (4 ) 235 Provision for credit losses 14 — — 1 1 16 Non-interest income 56 11 5 — 3 75 Non-interest expense (1) 149 8 5 4 1 167 Amortization of intangibles 4 — — — — 4 Income tax expense (benefit) 22 1 — — (1 ) 22 Net income (loss) 100 2 — 1 (2 ) 101 Total assets 32,527 27 19 — 45 32,618 Total intangibles 2,308 10 12 — — 2,330 (1) Excludes amortization of intangibles, which is presented separately. (in millions) Community Banking Wealth Management Insurance Consumer Finance Parent and Other Consolidated At or for the Nine Months Ended September 30, 2019 Interest income $ 940 $ — $ — $ — $ 1 $ 941 Interest expense 236 — — — 14 250 Net interest income 704 — — — (13 ) 691 Provision for credit losses 37 — — — — 37 Non-interest income 177 35 14 — (6 ) 220 Non-interest expense (1) 462 26 12 — 8 508 Amortization of intangibles 10 — 1 — — 11 Income tax expense (benefit) 66 2 — — (5 ) 63 Net income (loss) 306 7 1 — (22 ) 292 Total assets 34,207 29 36 — 57 34,329 Total intangibles 2,294 10 29 — — 2,333 At or for the Nine Months Ended September 30, 2018 Interest income $ 840 $ — $ — $ 25 $ — $ 865 Interest expense 151 — — 2 11 164 Net interest income 689 — — 23 (11 ) 701 Provision for credit losses 39 — — 6 1 46 Non-interest income 160 33 12 2 — 207 Non-interest expense (1) 457 25 12 15 4 513 Amortization of intangibles 12 — — — — 12 Income tax expense (benefit) 65 2 — 1 (4 ) 64 Net income (loss) 276 6 — 3 (12 ) 273 Total assets 32,527 27 19 — 45 32,618 Total intangibles 2,308 10 12 — — 2,330 (1) Excludes amortization of intangibles, which is presented separately. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 17.1 (in millions) Level 1 Level 2 Level 3 Total September 30, 2019 Assets Measured at Fair Value Debt securities available for sale U.S. government agencies $ — $ 159 $ — $ 159 U.S. government-sponsored entities — 245 — 245 Residential mortgage-backed securities: Agency mortgage-backed securities — 1,338 — 1,338 Agency collateralized mortgage obligations — 1,188 — 1,188 Commercial mortgage-backed securities — 316 — 316 States of the U.S. and political subdivisions — 14 — 14 Other debt securities — 2 — 2 Total debt securities available for sale — 3,262 — 3,262 Loans held for sale — 45 — 45 Derivative financial instruments Trading — 201 — 201 Not for trading — 3 3 6 Total derivative financial instruments — 204 3 207 Total assets measured at fair value on a recurring basis $ — $ 3,511 $ 3 $ 3,514 Liabilities Measured at Fair Value Derivative financial instruments Trading $ — $ 29 $ — $ 29 Not for trading — 1 — 1 Total derivative financial instruments — 30 — 30 Total liabilities measured at fair value on a recurring basis $ — $ 30 $ — $ 30 (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 |
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 17.2 (in millions) Interest Rate Lock Commitments Total Nine Months Ended September 30, 2019 Balance at beginning of period $ 1 $ 1 Purchases, issuances, sales and settlements: Purchases 3 3 Settlements (1 ) (1 ) Balance at end of period $ 3 $ 3 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 |
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 17.3 (in millions) Level 1 Level 2 Level 3 Total September 30, 2019 Impaired loans $ — $ — $ 7 $ 7 Other real estate owned — — 2 2 Other assets - SBA servicing asset — — 3 3 Other assets - MSR — — 28 28 December 31, 2018 Impaired loans $ — $ — $ 15 $ 15 Other real estate owned — — 5 5 Other assets - SBA servicing asset — — 4 4 |
Fair Values of Financial Instruments | The fair values of our financial instruments are as follows: TABLE 17.4 Fair Value Measurements (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 September 30, 2019 Financial Assets Cash and cash equivalents $ 609 $ 609 $ 609 $ — $ — Debt securities available for sale 3,262 3,262 — 3,262 — Debt securities held to maturity 3,192 3,229 — 3,229 — Net loans and leases, including loans held for sale 22,932 22,815 — 45 22,770 Loan servicing rights 42 44 — — 44 Derivative assets 207 207 — 204 3 Accrued interest receivable 108 108 108 — — Financial Liabilities Deposits 24,594 24,606 19,472 5,134 — Short-term borrowings 3,144 3,148 3,148 — — Long-term borrowings 1,340 1,348 — — 1,348 Derivative liabilities 30 30 — 30 — Accrued interest payable 22 22 22 — — 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 — — |
NATURE OF OPERATIONS (Detail)
NATURE OF OPERATIONS (Detail) | 9 Months Ended |
Sep. 30, 2019OfficeState | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states, Company operating financial services | State | 7 |
Number of banking offices | Office | 369 |
NEW ACCOUNTING STANDARDS (Detai
NEW ACCOUNTING STANDARDS (Details) $ in Millions | Jan. 01, 2020USD ($) | Sep. 30, 2019USD ($) | Jan. 01, 2019USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease, right-of-use asset | $ 124.1 | ||
Operating lease, liability | $ 130.5 | ||
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease, right-of-use asset | $ 116 | ||
Operating lease, liability | $ 126 | ||
Forecast [Member] | Minimum [Member] | Accounting Standards Update 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Percentage increase in the allowance for credit loss | 25.00% | ||
Increase (decrease) in common equity tier regulatory capital, phase in basis | (14.00%) | ||
Increase (decrease) in tangible common equity ratio | (0.11) | ||
Financing receivable, allowance for credit loss, period increase (decrease) | $ 65 | ||
Forecast [Member] | Maximum [Member] | Accounting Standards Update 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Percentage increase in the allowance for credit loss | 35.00% | ||
Increase (decrease) in common equity tier regulatory capital, phase in basis | (20.00%) | ||
Increase (decrease) in tangible common equity ratio | (0.15) | ||
Financing receivable, allowance for credit loss, period increase (decrease) | $ 75 |
SECURITIES - Amortized Cost and
SECURITIES - Amortized Cost and Fair Value of Securities Available for Sale (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 3,244 | $ 3,401 |
Gross Unrealized Gains | 28 | 5 |
Gross Unrealized Losses | (10) | (65) |
Total securities available for sale, fair value | 3,262 | 3,341 |
US Government Agencies [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 159 | 188 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (1) | (1) |
Total securities available for sale, fair value | 159 | 187 |
U.S. Government-Sponsored Entities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 245 | 317 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (1) | (4) |
Total securities available for sale, fair value | 245 | 313 |
Agency Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,337 | 1,465 |
Gross Unrealized Gains | 5 | 0 |
Gross Unrealized Losses | (4) | (36) |
Total securities available for sale, fair value | 1,338 | 1,429 |
Agency Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,178 | 1,179 |
Gross Unrealized Gains | 13 | 5 |
Gross Unrealized Losses | (3) | (23) |
Total securities available for sale, fair value | 1,188 | 1,161 |
Commercial Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 309 | 229 |
Gross Unrealized Gains | 8 | 0 |
Gross Unrealized Losses | (1) | (1) |
Total securities available for sale, fair value | 316 | 228 |
States of the U.S. and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 14 | 21 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Total securities available for sale, fair value | 14 | 21 |
Other Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2 | 2 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Total securities available for sale, fair value | $ 2 | $ 2 |
SECURITIES - Amortized Cost a_2
SECURITIES - Amortized Cost and Fair Value of Securities Held to Maturity (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | $ 3,192 | $ 3,254 |
Gross Unrealized Gains | 47 | 5 |
Gross Unrealized Losses | (10) | (104) |
Fair Value | 3,229 | 3,155 |
U.S. Treasury [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 1 | 1 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1 | 1 |
US Government Agencies [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 2 | 2 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 2 | 2 |
U.S. Government-Sponsored Entities [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 190 | 215 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (4) |
Fair Value | 189 | 211 |
Agency Mortgage-Backed Securities [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 1,001 | 1,036 |
Gross Unrealized Gains | 7 | 0 |
Gross Unrealized Losses | (3) | (26) |
Fair Value | 1,005 | 1,010 |
Agency Collateralized Mortgage Obligations [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 686 | 794 |
Gross Unrealized Gains | 7 | 1 |
Gross Unrealized Losses | (5) | (24) |
Fair Value | 688 | 771 |
Commercial Mortgage-Backed Securities [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 202 | 126 |
Gross Unrealized Gains | 4 | 1 |
Gross Unrealized Losses | 0 | (1) |
Fair Value | 206 | 126 |
States of the U.S. and Political Subdivisions [Member] | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 1,110 | 1,080 |
Gross Unrealized Gains | 29 | 3 |
Gross Unrealized Losses | (1) | (49) |
Fair Value | $ 1,138 | $ 1,034 |
SECURITIES - Amortized Cost a_3
SECURITIES - Amortized Cost and Fair Value of Securities, by Contractual Maturities (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Securities [Line Items] | ||
Available for sale, due in one year or less, amortized cost | $ 113 | |
Available for sale, due after one year but within five years, amortized cost | 147 | |
Available for sale, due after five years but within ten years, amortized cost | 68 | |
Available for sale, due after ten years, amortized cost | 92 | |
Available for sale, with contractual maturities, amortized cost | 420 | |
Amortized Cost | 3,244 | $ 3,401 |
Available for sale, due in one year or less, fair value | 113 | |
Available for sale, due after one year but within five years, fair value | 148 | |
Available for sale, due after five years but within ten years, fair value | 68 | |
Available for sale, due after ten years, fair value | 91 | |
Available for sale, with contractual maturities, fair value | 420 | |
Total securities available for sale, fair value | 3,262 | 3,341 |
Held to maturity, due in one year or less, amortized cost | 34 | |
Held to maturity, due after one year but within five years, amortized cost | 177 | |
Held to maturity, due after five years but within ten years, amortized cost | 106 | |
Held to maturity, due after ten years, amortized cost | 986 | |
Held to maturity, with contractual maturities, amortized cost | 1,303 | |
Amortized Cost | 3,192 | 3,254 |
Held to maturity, due in one year or less, fair value | 34 | |
Held to maturity, due after one year but within five years, fair value | 176 | |
Held to maturity, due after five years but within ten years, fair value | 108 | |
Held to maturity, due after ten years, fair value | 1,012 | |
Securities held to maturity, with contractual maturities, fair value | 1,330 | |
Held-to-maturity, fair value, net | 3,229 | 3,155 |
Agency Mortgage-Backed Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Available-for-sale, amortized cost | 1,337 | |
Amortized Cost | 1,337 | 1,465 |
Available for sale, fair value | 1,338 | |
Total securities available for sale, fair value | 1,338 | 1,429 |
Held-to-maturity, amortized cost | 1,001 | |
Amortized Cost | 1,001 | 1,036 |
Held-to-maturity, fair value | 1,005 | |
Held-to-maturity, fair value, net | 1,005 | 1,010 |
Agency Collateralized Mortgage Obligations [Member] | ||
Schedule Of Securities [Line Items] | ||
Available-for-sale, amortized cost | 1,178 | |
Amortized Cost | 1,178 | 1,179 |
Available for sale, fair value | 1,188 | |
Total securities available for sale, fair value | 1,188 | 1,161 |
Held-to-maturity, amortized cost | 686 | |
Amortized Cost | 686 | 794 |
Held-to-maturity, fair value | 688 | |
Held-to-maturity, fair value, net | 688 | 771 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Available-for-sale, amortized cost | 309 | |
Amortized Cost | 309 | 229 |
Available for sale, fair value | 316 | |
Total securities available for sale, fair value | 316 | 228 |
Held-to-maturity, amortized cost | 202 | |
Amortized Cost | 202 | 126 |
Held-to-maturity, fair value | 206 | |
Held-to-maturity, fair value, net | $ 206 | $ 126 |
SECURITIES - Schedule of Securi
SECURITIES - Schedule of Securities Pledged as Collateral (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Securities pledged (carrying value), to secure public deposits, trust deposits and for other purposes as required by law | $ 4,503 | $ 3,874 |
Securities pledged (carrying value), as collateral for short-term borrowings | $ 282 | $ 279 |
Securities pledged as a percent of total securities | 74.10% | 63.00% |
SECURITIES - Fair Values and Un
SECURITIES - Fair Values and Unrealized Losses of Impaired Securities, by Length of Impairment (Detail) $ in Millions | Sep. 30, 2019USD ($)Security | Dec. 31, 2018USD ($)Security |
Schedule Of Securities [Line Items] | ||
Number of available for sale securities, Less than 1 year | Security | 28 | 46 |
Number of available for sale securities, Greater than 1 year | Security | 80 | 136 |
Number of available for sale securities | Security | 108 | 182 |
Securities available for sale, less than 12 months, fair value | $ 496 | $ 679 |
Securities available for sale, 12 months or more, fair value | 783 | 1,988 |
Securities available for sale, fair value, total | 1,279 | 2,667 |
Securities available for sale, less than 12 months, unrealized losses | (2) | (7) |
Securities available for sale, 12 months or more, unrealized losses | (8) | (58) |
Securities available for sale, unrealized losses, total | $ (10) | $ (65) |
Number of securities held to maturity positions | Security | 84 | 373 |
Securities held to maturity, less than 12 months, fair value | $ 287 | $ 952 |
Securities held to maturity, greater than 12 months, fair value | 716 | 1,720 |
Securities held to maturity, fair value, total | 1,003 | 2,672 |
Securities held to maturity, less than 12 months, unrealized losses | (1) | (31) |
Securities held to maturity, greater than 12 months, unrealized losses | (9) | (73) |
Securities held to maturity, unrealized losses, total | $ (10) | $ (104) |
Less Than Twelve Months [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of securities held to maturity positions | Security | 19 | 210 |
Greater Than Twelve Months [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of securities held to maturity positions | Security | 65 | 163 |
US Government Agencies [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of available for sale securities, Less than 1 year | Security | 6 | 20 |
Number of available for sale securities, Greater than 1 year | Security | 13 | 0 |
Number of available for sale securities | Security | 19 | 20 |
Securities available for sale, less than 12 months, fair value | $ 48 | $ 145 |
Securities available for sale, 12 months or more, fair value | 59 | 0 |
Securities available for sale, fair value, total | 107 | 145 |
Securities available for sale, less than 12 months, unrealized losses | 0 | (1) |
Securities available for sale, 12 months or more, unrealized losses | (1) | 0 |
Securities available for sale, unrealized losses, total | $ (1) | $ (1) |
U.S. Government-Sponsored Entities [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of available for sale securities, Less than 1 year | Security | 0 | 1 |
Number of available for sale securities, Greater than 1 year | Security | 7 | 11 |
Number of available for sale securities | Security | 7 | 12 |
Securities available for sale, less than 12 months, fair value | $ 0 | $ 36 |
Securities available for sale, 12 months or more, fair value | 149 | 227 |
Securities available for sale, fair value, total | 149 | 263 |
Securities available for sale, less than 12 months, unrealized losses | 0 | 0 |
Securities available for sale, 12 months or more, unrealized losses | (1) | (4) |
Securities available for sale, unrealized losses, total | $ (1) | $ (4) |
Number of securities held to maturity positions | Security | 10 | 12 |
Securities held to maturity, less than 12 months, fair value | $ 0 | $ 0 |
Securities held to maturity, greater than 12 months, fair value | 189 | 211 |
Securities held to maturity, fair value, total | 189 | 211 |
Securities held to maturity, less than 12 months, unrealized losses | 0 | 0 |
Securities held to maturity, greater than 12 months, unrealized losses | (1) | (4) |
Securities held to maturity, unrealized losses, total | $ (1) | $ (4) |
U.S. Government-Sponsored Entities [Member] | Less Than Twelve Months [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of securities held to maturity positions | Security | 0 | 0 |
U.S. Government-Sponsored Entities [Member] | Greater Than Twelve Months [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of securities held to maturity positions | Security | 10 | 12 |
Agency Mortgage-Backed Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of available for sale securities, Less than 1 year | Security | 17 | 16 |
Number of available for sale securities, Greater than 1 year | Security | 25 | 71 |
Number of available for sale securities | Security | 42 | 87 |
Securities available for sale, less than 12 months, fair value | $ 281 | $ 259 |
Securities available for sale, 12 months or more, fair value | 343 | 1,159 |
Securities available for sale, fair value, total | 624 | 1,418 |
Securities available for sale, less than 12 months, unrealized losses | (1) | (4) |
Securities available for sale, 12 months or more, unrealized losses | (3) | (32) |
Securities available for sale, unrealized losses, total | $ (4) | $ (36) |
Number of securities held to maturity positions | Security | 17 | 90 |
Securities held to maturity, less than 12 months, fair value | $ 163 | $ 294 |
Securities held to maturity, greater than 12 months, fair value | 143 | 694 |
Securities held to maturity, fair value, total | 306 | 988 |
Securities held to maturity, less than 12 months, unrealized losses | (1) | (4) |
Securities held to maturity, greater than 12 months, unrealized losses | (2) | (22) |
Securities held to maturity, unrealized losses, total | $ (3) | $ (26) |
Agency Mortgage-Backed Securities [Member] | Less Than Twelve Months [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of securities held to maturity positions | Security | 6 | 43 |
Agency Mortgage-Backed Securities [Member] | Greater Than Twelve Months [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of securities held to maturity positions | Security | 11 | 47 |
Agency Collateralized Mortgage Obligations [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of available for sale securities, Less than 1 year | Security | 4 | 2 |
Number of available for sale securities, Greater than 1 year | Security | 33 | 47 |
Number of available for sale securities | Security | 37 | 49 |
Securities available for sale, less than 12 months, fair value | $ 113 | $ 82 |
Securities available for sale, 12 months or more, fair value | 229 | 590 |
Securities available for sale, fair value, total | 342 | 672 |
Securities available for sale, less than 12 months, unrealized losses | 0 | (1) |
Securities available for sale, 12 months or more, unrealized losses | (3) | (22) |
Securities available for sale, unrealized losses, total | $ (3) | $ (23) |
Number of securities held to maturity positions | Security | 36 | 52 |
Securities held to maturity, less than 12 months, fair value | $ 11 | $ 42 |
Securities held to maturity, greater than 12 months, fair value | 345 | 611 |
Securities held to maturity, fair value, total | 356 | 653 |
Securities held to maturity, less than 12 months, unrealized losses | 0 | 0 |
Securities held to maturity, greater than 12 months, unrealized losses | (5) | (24) |
Securities held to maturity, unrealized losses, total | $ (5) | $ (24) |
Agency Collateralized Mortgage Obligations [Member] | Less Than Twelve Months [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of securities held to maturity positions | Security | 1 | 3 |
Agency Collateralized Mortgage Obligations [Member] | Greater Than Twelve Months [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of securities held to maturity positions | Security | 35 | 49 |
Non Agency Collateralized Mortgage Obligations [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of available for sale securities, Less than 1 year | Security | 1 | |
Number of available for sale securities, Greater than 1 year | Security | 0 | |
Number of available for sale securities | Security | 1 | |
Securities available for sale, less than 12 months, fair value | $ 0 | |
Securities available for sale, 12 months or more, fair value | 0 | |
Securities available for sale, fair value, total | 0 | |
Securities available for sale, less than 12 months, unrealized losses | 0 | |
Securities available for sale, 12 months or more, unrealized losses | 0 | |
Securities available for sale, unrealized losses, total | $ 0 | |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of available for sale securities, Less than 1 year | Security | 1 | 4 |
Number of available for sale securities, Greater than 1 year | Security | 0 | 0 |
Number of available for sale securities | Security | 1 | 4 |
Securities available for sale, less than 12 months, fair value | $ 54 | $ 155 |
Securities available for sale, 12 months or more, fair value | 0 | 0 |
Securities available for sale, fair value, total | 54 | 155 |
Securities available for sale, less than 12 months, unrealized losses | (1) | (1) |
Securities available for sale, 12 months or more, unrealized losses | 0 | 0 |
Securities available for sale, unrealized losses, total | $ (1) | $ (1) |
Number of securities held to maturity positions | Security | 4 | 9 |
Securities held to maturity, less than 12 months, fair value | $ 77 | $ 26 |
Securities held to maturity, greater than 12 months, fair value | 9 | 43 |
Securities held to maturity, fair value, total | 86 | 69 |
Securities held to maturity, less than 12 months, unrealized losses | 0 | 0 |
Securities held to maturity, greater than 12 months, unrealized losses | 0 | (1) |
Securities held to maturity, unrealized losses, total | $ 0 | $ (1) |
Commercial Mortgage-Backed Securities [Member] | Less Than Twelve Months [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of securities held to maturity positions | Security | 2 | 5 |
Commercial Mortgage-Backed Securities [Member] | Greater Than Twelve Months [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of securities held to maturity positions | Security | 2 | 4 |
States of the U.S. and Political Subdivisions [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of available for sale securities, Less than 1 year | Security | 0 | 2 |
Number of available for sale securities, Greater than 1 year | Security | 1 | 6 |
Number of available for sale securities | Security | 1 | 8 |
Securities available for sale, less than 12 months, fair value | $ 0 | $ 2 |
Securities available for sale, 12 months or more, fair value | 1 | 10 |
Securities available for sale, fair value, total | 1 | 12 |
Securities available for sale, less than 12 months, unrealized losses | 0 | 0 |
Securities available for sale, 12 months or more, unrealized losses | 0 | 0 |
Securities available for sale, unrealized losses, total | $ 0 | $ 0 |
Number of securities held to maturity positions | Security | 17 | 210 |
Securities held to maturity, less than 12 months, fair value | $ 36 | $ 590 |
Securities held to maturity, greater than 12 months, fair value | 30 | 161 |
Securities held to maturity, fair value, total | 66 | 751 |
Securities held to maturity, less than 12 months, unrealized losses | 0 | (27) |
Securities held to maturity, greater than 12 months, unrealized losses | (1) | (22) |
Securities held to maturity, unrealized losses, total | $ (1) | $ (49) |
States of the U.S. and Political Subdivisions [Member] | Less Than Twelve Months [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of securities held to maturity positions | Security | 10 | 159 |
States of the U.S. and Political Subdivisions [Member] | Greater Than Twelve Months [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of securities held to maturity positions | Security | 7 | 51 |
Other Debt Securities [Member] | ||
Schedule Of Securities [Line Items] | ||
Number of available for sale securities, Less than 1 year | Security | 0 | 0 |
Number of available for sale securities, Greater than 1 year | Security | 1 | 1 |
Number of available for sale securities | Security | 1 | 1 |
Securities available for sale, less than 12 months, fair value | $ 0 | $ 0 |
Securities available for sale, 12 months or more, fair value | 2 | 2 |
Securities available for sale, fair value, total | 2 | 2 |
Securities available for sale, less than 12 months, unrealized losses | 0 | 0 |
Securities available for sale, 12 months or more, unrealized losses | 0 | 0 |
Securities available for sale, unrealized losses, total | $ 0 | $ 0 |
SECURITIES - Additional Informa
SECURITIES - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule Of Securities [Line Items] | ||
Gross gains | $ 0 | $ 0 |
Gross losses | 0 | 0 |
Other than temporary impairment losses, investments, debt available-for-sale securities | 0 | $ 0 |
Municipal bond portfolio, value | $ 1,100,000,000 | |
Percentage of formal credit enhancement insurance of municipalities | 63.00% | |
Municipal Bonds [Member] | Weighted Average [Member] | ||
Schedule Of Securities [Line Items] | ||
Average holding size of securities in bond portfolio | $ 3,300,000 | |
Municipal Bonds [Member] | Credit Concentration Risk [Member] | General Obligation Bonds [Member] | A Rating [Member] | Minimum [Member] | ||
Schedule Of Securities [Line Items] | ||
Percentage of portfolio | 100.00% | |
Municipal Bonds [Member] | Credit Concentration Risk [Member] | General Obligation Bonds [Member] | A Rating or Better [Member] | ||
Schedule Of Securities [Line Items] | ||
Percentage of portfolio | 99.00% | |
Municipal Bonds [Member] | Geographic Concentration Risk [Member] | Pennsylvania, Ohio and Maryland [Member] | ||
Schedule Of Securities [Line Items] | ||
Percentage of portfolio | 65.00% |
LOANS AND LEASES - Net of Unear
LOANS AND LEASES - Net of Unearned Income (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | $ 23,070 | $ 22,153 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 8,916 | 8,786 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 5,205 | 4,556 |
Commercial Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 417 | 373 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 35 | 46 |
Total Commercial Loans and Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 14,573 | 13,761 |
Direct Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 1,763 | 1,764 |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 3,300 | 3,113 |
Indirect Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 1,949 | 1,933 |
Consumer Lines of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 1,485 | 1,582 |
Consumer Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 8,497 | 8,392 |
Originated Loans and Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 19,872 | 18,062 |
Originated Loans and Leases [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 6,864 | 6,171 |
Originated Loans and Leases [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 4,925 | 4,140 |
Originated Loans and Leases [Member] | Commercial Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 417 | 373 |
Originated Loans and Leases [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 35 | 46 |
Originated Loans and Leases [Member] | Total Commercial Loans and Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 12,241 | 10,730 |
Originated Loans and Leases [Member] | Direct Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 1,692 | 1,668 |
Originated Loans and Leases [Member] | Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 2,891 | 2,612 |
Originated Loans and Leases [Member] | Indirect Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 1,949 | 1,933 |
Originated Loans and Leases [Member] | Consumer Lines of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 1,099 | 1,119 |
Originated Loans and Leases [Member] | Consumer Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 7,631 | 7,332 |
Loans Acquired in a Business Combination [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 3,198 | 4,091 |
Loans Acquired in a Business Combination [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 2,052 | 2,615 |
Loans Acquired in a Business Combination [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 280 | 416 |
Loans Acquired in a Business Combination [Member] | Commercial Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 0 | 0 |
Loans Acquired in a Business Combination [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 0 | 0 |
Loans Acquired in a Business Combination [Member] | Total Commercial Loans and Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 2,332 | 3,031 |
Loans Acquired in a Business Combination [Member] | Direct Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 71 | 96 |
Loans Acquired in a Business Combination [Member] | Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 409 | 501 |
Loans Acquired in a Business Combination [Member] | Indirect Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 0 | 0 |
Loans Acquired in a Business Combination [Member] | Consumer Lines of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | 386 | 463 |
Loans Acquired in a Business Combination [Member] | Consumer Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases, net of unearned income | $ 866 | $ 1,060 |
LOANS AND LEASES - Commercial R
LOANS AND LEASES - Commercial Real Estate Loans (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Commercial construction, acquisition and development loans | $ 1,272 | $ 1,152 |
Credit Concentration Risk [Member] | Commercial Construction Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percent of total loans and leases | 5.50% | 5.20% |
Loan Portfolio Diversification Risk [Member] | Commercial Real Estate Loans [Member] | Owner-Occupied [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percent of total loans and leases | 31.00% | 35.10% |
Loan Portfolio Diversification Risk [Member] | Commercial Real Estate Loans [Member] | Non-Owner-Occupied [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percent of total loans and leases | 69.00% | 64.90% |
LOANS AND LEASES - Additional I
LOANS AND LEASES - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying amount | $ 23,070 | $ 22,153 | ||||
Reclassification from non-accretable difference | $ 80.7 | $ 184.5 | ||||
Sustained period of delinquency for impairment evaluation | 90 days | |||||
Valuation for impairment of loans with pooled reserves | $ 1 | |||||
Minimum amount to allocate specific valuation allowance | 1 | |||||
Interest income on impaired loans | 4.5 | 4.3 | ||||
Restructured loans returned to performing status | 3.8 | |||||
Minimum reserves for commercial loan | 1 | |||||
Total loan on allowance | 194 | $ 178 | 180 | $ 188 | $ 177 | $ 175 |
Pooled reserves for all other classes of loans | $ 3.7 | 4 | ||||
Maximum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Past due period for loan to be in default | 12 months | |||||
Minimum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Past due period for loan to be in default | 90 days | |||||
Commercial Loans [Member] | ||||||
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 [Member] | ||||||
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 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Threshold period past due for default non-accrual status of trade accounts receivable | 180 days | |||||
Carrying value of OREO through foreclosure | $ 3.9 | 6.3 | ||||
Mortgage loans on real estate, foreclosure | $ 8.5 | $ 8.9 | ||||
Loan Portfolio Diversification Risk [Member] | Residential Construction Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of portfolio | 1.70% | 1.20% | ||||
Purchased Credit-Impaired Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying amount | $ 1.6 | $ 1.7 | ||||
Purchased Credit-Impaired Loans [Member] | Credit Concentration Risk [Member] | Acquired Loans Receivable [Member] | Maximum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of portfolio | 0.04% | |||||
Purchased Credit-Impaired Loans [Member] | Credit Concentration Risk [Member] | Acquired Loans Receivable [Member] | Minimum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of portfolio | 0.05% | |||||
Residential Construction Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying amount | $ 393.9 | $ 273.4 | ||||
Total Commercial Loans and Leases [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying amount | 14,573 | 13,761 | ||||
Total Commercial Loans and Leases [Member] | Specific Reserves for Commercial Troubled Debt Restructurings [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loan on allowance | 0.5 | 0.5 | ||||
Total Commercial Loans and Leases [Member] | Pooled Reserves For Commercial Troubled Debt Restructurings [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loan on allowance | $ 0.8 | $ 0.5 |
LOANS AND LEASES - Outstanding
LOANS AND LEASES - Outstanding Principal Balance and Carrying Amount of Loans Acquired in a Business Combination (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount | $ 23,070 | $ 22,153 |
Loans Acquired In A Business Combination Accounted For Under ASC 310-30 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 2,980 | 3,768 |
Carrying amount | 2,741 | 3,570 |
Loans Acquired In A Business Combination Accounted For Under ASC 310-20 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 466 | 602 |
Carrying amount | 452 | 513 |
Loans Acquired In Business Combination Including Purchased Credit Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 3,446 | 4,370 |
Carrying amount | $ 3,193 | $ 4,083 |
LOANS AND LEASES - Change in Ac
LOANS AND LEASES - Change in Accretable Yield of Acquired Loans (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 605 | $ 708 |
Reduction due to unexpected early payoffs | (70) | (117) |
Reclass from non-accretable difference to accretable yield | 80.7 | 184.5 |
Other | 0 | (1) |
Accretion | (140) | (170) |
Balance at end of period | $ 476 | $ 605 |
LOANS AND LEASES - Non-Performi
LOANS AND LEASES - Non-Performing Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings | $ 53 | $ 48 |
Non-Performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 76 | 79 |
Troubled debt restructurings | 19 | 21 |
Total non-performing loans | 95 | 100 |
Other real estate owned | 24 | 35 |
Total non-performing assets | $ 119 | $ 135 |
Non-performing loans / total loans and leases | 0.41% | 0.45% |
Non-performing loans OREO / total loans and leases OREO | 0.52% | 0.61% |
Non-performing assets / total assets | 0.35% | 0.41% |
LOANS AND LEASES - Age Analysis
LOANS AND LEASES - Age Analysis of Past Due Loans (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 23,070 | $ 22,153 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 8,916 | 8,786 |
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 5,205 | 4,556 |
Commercial Leases [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 417 | 373 |
Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 35 | 46 |
Total Commercial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 14,573 | 13,761 |
Direct Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,763 | 1,764 |
Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 3,300 | 3,113 |
Indirect Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,949 | 1,933 |
Consumer Lines of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,485 | 1,582 |
Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 8,497 | 8,392 |
Originated Loans and Leases [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 132 | 116 |
Non- Accrual | 72 | 58 |
Current | 19,740 | 17,946 |
Total Loans | 19,872 | 18,062 |
Originated Loans and Leases [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 55 | 53 |
Originated Loans and Leases [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 5 | 5 |
Originated Loans and Leases [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 31 | 24 |
Non- Accrual | 25 | 17 |
Current | 6,833 | 6,147 |
Total Loans | 6,864 | 6,171 |
Originated Loans and Leases [Member] | Commercial Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 6 | 7 |
Originated Loans and Leases [Member] | Commercial Real Estate [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Originated Loans and Leases [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 34 | 24 |
Non- Accrual | 23 | 19 |
Current | 4,891 | 4,116 |
Total Loans | 4,925 | 4,140 |
Originated Loans and Leases [Member] | Commercial and Industrial [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 11 | 5 |
Originated Loans and Leases [Member] | Commercial and Industrial [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Originated Loans and Leases [Member] | Commercial Leases [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 5 | 3 |
Non- Accrual | 1 | 2 |
Current | 412 | 370 |
Total Loans | 417 | 373 |
Originated Loans and Leases [Member] | Commercial Leases [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 4 | 1 |
Originated Loans and Leases [Member] | Commercial Leases [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Originated Loans and Leases [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1 | 1 |
Non- Accrual | 1 | 1 |
Current | 34 | 45 |
Total Loans | 35 | 46 |
Originated Loans and Leases [Member] | Other [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Originated Loans and Leases [Member] | Other [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Originated Loans and Leases [Member] | Total Commercial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 71 | 52 |
Non- Accrual | 50 | 39 |
Current | 12,170 | 10,678 |
Total Loans | 12,241 | 10,730 |
Originated Loans and Leases [Member] | Total Commercial Loans [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 21 | 13 |
Originated Loans and Leases [Member] | Total Commercial Loans [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Originated Loans and Leases [Member] | Direct Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 13 | 16 |
Non- Accrual | 7 | 8 |
Current | 1,679 | 1,652 |
Total Loans | 1,692 | 1,668 |
Originated Loans and Leases [Member] | Direct Installment [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 6 | 8 |
Originated Loans and Leases [Member] | Direct Installment [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Originated Loans and Leases [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 26 | 25 |
Non- Accrual | 8 | 6 |
Current | 2,865 | 2,587 |
Total Loans | 2,891 | 2,612 |
Originated Loans and Leases [Member] | Residential Mortgages [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 15 | 16 |
Originated Loans and Leases [Member] | Residential Mortgages [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 3 | 3 |
Originated Loans and Leases [Member] | Indirect Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 14 | 14 |
Non- Accrual | 3 | 2 |
Current | 1,935 | 1,919 |
Total Loans | 1,949 | 1,933 |
Originated Loans and Leases [Member] | Indirect Installment [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 10 | 11 |
Originated Loans and Leases [Member] | Indirect Installment [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1 | 1 |
Originated Loans and Leases [Member] | Consumer Lines of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 8 | 9 |
Non- Accrual | 4 | 3 |
Current | 1,091 | 1,110 |
Total Loans | 1,099 | 1,119 |
Originated Loans and Leases [Member] | Consumer Lines of Credit [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 3 | 5 |
Originated Loans and Leases [Member] | Consumer Lines of Credit [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1 | 1 |
Originated Loans and Leases [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 61 | 64 |
Non- Accrual | 22 | 19 |
Current | 7,570 | 7,268 |
Total Loans | 7,631 | 7,332 |
Originated Loans and Leases [Member] | Consumer Loan [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 34 | 40 |
Originated Loans and Leases [Member] | Consumer Loan [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 5 | 5 |
Acquired Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 79 | 120 |
Non- Accrual | 4 | 21 |
Current | 3,313 | 4,193 |
(Discount) Premium | (194) | (222) |
Total Loans | 3,198 | 4,091 |
Acquired Loans [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 31 | 46 |
Acquired Loans [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 44 | 53 |
Acquired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 51 | 60 |
Non- Accrual | 4 | 3 |
Current | 2,151 | 2,723 |
(Discount) Premium | (150) | (168) |
Total Loans | 2,052 | 2,615 |
Acquired Loans [Member] | Commercial Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 15 | 19 |
Acquired Loans [Member] | Commercial Real Estate [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 32 | 38 |
Acquired Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 5 | 24 |
Non- Accrual | 0 | 17 |
Current | 296 | 420 |
(Discount) Premium | (21) | (28) |
Total Loans | 280 | 416 |
Acquired Loans [Member] | Commercial and Industrial [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1 | 3 |
Acquired Loans [Member] | Commercial and Industrial [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 4 | 4 |
Acquired Loans [Member] | Total Commercial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 56 | 84 |
Non- Accrual | 4 | 20 |
Current | 2,447 | 3,143 |
(Discount) Premium | (171) | (196) |
Total Loans | 2,332 | 3,031 |
Acquired Loans [Member] | Total Commercial Loans [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 16 | 22 |
Acquired Loans [Member] | Total Commercial Loans [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 36 | 42 |
Acquired Loans [Member] | Direct Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2 | 5 |
Non- Accrual | 0 | 0 |
Current | 69 | 91 |
(Discount) Premium | 0 | 0 |
Total Loans | 71 | 96 |
Acquired Loans [Member] | Direct Installment [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1 | 3 |
Acquired Loans [Member] | Direct Installment [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1 | 2 |
Acquired Loans [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 14 | 19 |
Non- Accrual | 0 | 0 |
Current | 410 | 498 |
(Discount) Premium | (15) | (16) |
Total Loans | 409 | 501 |
Acquired Loans [Member] | Residential Mortgages [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 10 | 13 |
Acquired Loans [Member] | Residential Mortgages [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 4 | 6 |
Acquired Loans [Member] | Consumer Lines of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 7 | 12 |
Non- Accrual | 0 | 1 |
Current | 387 | 461 |
(Discount) Premium | (8) | (10) |
Total Loans | 386 | 463 |
Acquired Loans [Member] | Consumer Lines of Credit [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 4 | 8 |
Acquired Loans [Member] | Consumer Lines of Credit [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 3 | 3 |
Acquired Loans [Member] | Consumer Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 23 | 36 |
Non- Accrual | 0 | 1 |
Current | 866 | 1,050 |
(Discount) Premium | (23) | (26) |
Total Loans | 866 | 1,060 |
Acquired Loans [Member] | Consumer Loan [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 15 | 24 |
Acquired Loans [Member] | Consumer Loan [Member] | Equal to Greater than 90 Days Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | $ 8 | $ 11 |
LOANS AND LEASES - Commercial L
LOANS AND LEASES - Commercial Loans and Leases by Credit Quality (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | $ 23,070 | $ 22,153 |
Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 8,916 | 8,786 |
Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 5,205 | 4,556 |
Commercial Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 417 | 373 |
Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 35 | 46 |
Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 14,573 | 13,761 |
Originated Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 19,872 | 18,062 |
Originated Loans and Leases [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 6,864 | 6,171 |
Originated Loans and Leases [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 4,925 | 4,140 |
Originated Loans and Leases [Member] | Commercial Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 417 | 373 |
Originated Loans and Leases [Member] | Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 35 | 46 |
Originated Loans and Leases [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 12,241 | 10,730 |
Acquired Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 3,198 | 4,091 |
Acquired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 2,052 | 2,615 |
Acquired Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 280 | 416 |
Acquired Loans [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 2,332 | 3,031 |
Pass [Member] | Originated Loans and Leases [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 6,570 | 5,883 |
Pass [Member] | Originated Loans and Leases [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 4,587 | 3,879 |
Pass [Member] | Originated Loans and Leases [Member] | Commercial Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 408 | 366 |
Pass [Member] | Originated Loans and Leases [Member] | Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 34 | 45 |
Pass [Member] | Originated Loans and Leases [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 11,599 | 10,173 |
Pass [Member] | Acquired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 1,772 | 2,256 |
Pass [Member] | Acquired Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 241 | 355 |
Pass [Member] | Acquired Loans [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 2,013 | 2,611 |
Special Mention [Member] | Originated Loans and Leases [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 150 | 163 |
Special Mention [Member] | Originated Loans and Leases [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 195 | 180 |
Special Mention [Member] | Originated Loans and Leases [Member] | Commercial Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 6 | 1 |
Special Mention [Member] | Originated Loans and Leases [Member] | Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 0 | 0 |
Special Mention [Member] | Originated Loans and Leases [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 351 | 344 |
Special Mention [Member] | Acquired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 117 | 168 |
Special Mention [Member] | Acquired Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 14 | 18 |
Special Mention [Member] | Acquired Loans [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 131 | 186 |
Substandard [Member] | Originated Loans and Leases [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 143 | 125 |
Substandard [Member] | Originated Loans and Leases [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 138 | 81 |
Substandard [Member] | Originated Loans and Leases [Member] | Commercial Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 3 | 6 |
Substandard [Member] | Originated Loans and Leases [Member] | Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 1 | 1 |
Substandard [Member] | Originated Loans and Leases [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 285 | 213 |
Substandard [Member] | Acquired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 163 | 191 |
Substandard [Member] | Acquired Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 25 | 43 |
Substandard [Member] | Acquired Loans [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 188 | 234 |
Doubtful [Member] | Originated Loans and Leases [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 1 | 0 |
Doubtful [Member] | Originated Loans and Leases [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 5 | 0 |
Doubtful [Member] | Originated Loans and Leases [Member] | Commercial Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 0 | 0 |
Doubtful [Member] | Originated Loans and Leases [Member] | Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 0 | 0 |
Doubtful [Member] | Originated Loans and Leases [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 6 | 0 |
Doubtful [Member] | Acquired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 0 | 0 |
Doubtful [Member] | Acquired Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | 0 | 0 |
Doubtful [Member] | Acquired Loans [Member] | Total Commercial Loans and Leases [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total commercial loans and leases | $ 0 | $ 0 |
LOANS AND LEASES - Consumer Loa
LOANS AND LEASES - Consumer Loans by Payment Status (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Credit Quality [Line Items] | ||
Carrying amount | $ 23,070 | $ 22,153 |
Direct Installment [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 1,763 | 1,764 |
Residential Mortgages [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 3,300 | 3,113 |
Indirect Installment [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 1,949 | 1,933 |
Originated Loans and Leases [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 19,872 | 18,062 |
Originated Loans and Leases [Member] | Direct Installment [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 1,692 | 1,668 |
Originated Loans and Leases [Member] | Residential Mortgages [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 2,891 | 2,612 |
Originated Loans and Leases [Member] | Indirect Installment [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 1,949 | 1,933 |
Acquired Loans [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 3,198 | 4,091 |
Acquired Loans [Member] | Direct Installment [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 71 | 96 |
Acquired Loans [Member] | Residential Mortgages [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 409 | 501 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 7,631 | 7,332 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 7,594 | 7,297 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 37 | 35 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | Direct Installment [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 1,692 | 1,668 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | Direct Installment [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 1,679 | 1,654 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | Direct Installment [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 13 | 14 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | Residential Mortgages [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 2,891 | 2,612 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | Residential Mortgages [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 2,875 | 2,598 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | Residential Mortgages [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 16 | 14 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | Indirect Installment [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 1,949 | 1,933 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | Indirect Installment [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 1,946 | 1,931 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | Indirect Installment [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 3 | 2 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | Consumer Lines of Credit [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 1,099 | 1,119 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | Consumer Lines of Credit [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 1,094 | 1,114 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | Consumer Lines of Credit [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 5 | 5 |
Consumer Loan [Member] | Acquired Loans [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 866 | 1,060 |
Consumer Loan [Member] | Acquired Loans [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 865 | 1,059 |
Consumer Loan [Member] | Acquired Loans [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 1 | 1 |
Consumer Loan [Member] | Acquired Loans [Member] | Direct Installment [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 71 | 96 |
Consumer Loan [Member] | Acquired Loans [Member] | Direct Installment [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 71 | 96 |
Consumer Loan [Member] | Acquired Loans [Member] | Direct Installment [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 0 | 0 |
Consumer Loan [Member] | Acquired Loans [Member] | Residential Mortgages [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 409 | 501 |
Consumer Loan [Member] | Acquired Loans [Member] | Residential Mortgages [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 409 | 501 |
Consumer Loan [Member] | Acquired Loans [Member] | Residential Mortgages [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 0 | 0 |
Consumer Loan [Member] | Acquired Loans [Member] | Consumer Lines of Credit [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 386 | 463 |
Consumer Loan [Member] | Acquired Loans [Member] | Consumer Lines of Credit [Member] | Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | 385 | 462 |
Consumer Loan [Member] | Acquired Loans [Member] | Consumer Lines of Credit [Member] | Non-Performing [Member] | ||
Credit Quality [Line Items] | ||
Carrying amount | $ 1 | $ 1 |
LOANS AND LEASES - Impaired Loa
LOANS AND LEASES - Impaired Loans and Lease (Detail) - Originated Loans and Leases [Member] - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | $ 106 | $ 113 |
Recorded Investment With No Specific Reserve | 76 | 73 |
Recorded Investment With Specific Reserve | 2 | 14 |
Total Recorded Investment | 78 | 87 |
Specific Reserve | 6 | 4 |
Average Recorded Investment | 82 | 90 |
Commercial Real Estate [Member] | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 29 | 20 |
Recorded Investment With No Specific Reserve | 23 | 16 |
Recorded Investment With Specific Reserve | 2 | 1 |
Total Recorded Investment | 25 | 17 |
Specific Reserve | 1 | 0 |
Average Recorded Investment | 26 | 18 |
Commercial and Industrial [Member] | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 29 | 46 |
Recorded Investment With No Specific Reserve | 15 | 20 |
Recorded Investment With Specific Reserve | 0 | 13 |
Total Recorded Investment | 15 | 33 |
Specific Reserve | 5 | 4 |
Average Recorded Investment | 17 | 32 |
Commercial Leases [Member] | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 1 | 2 |
Recorded Investment With No Specific Reserve | 1 | 2 |
Recorded Investment With Specific Reserve | 0 | 0 |
Total Recorded Investment | 1 | 2 |
Specific Reserve | 0 | 0 |
Average Recorded Investment | 2 | 4 |
Total Commercial Loans and Leases [Member] | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 59 | 68 |
Recorded Investment With No Specific Reserve | 39 | 38 |
Recorded Investment With Specific Reserve | 2 | 14 |
Total Recorded Investment | 41 | 52 |
Specific Reserve | 6 | 4 |
Average Recorded Investment | 45 | 54 |
Direct Installment [Member] | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 16 | 17 |
Recorded Investment With No Specific Reserve | 13 | 14 |
Recorded Investment With Specific Reserve | 0 | 0 |
Total Recorded Investment | 13 | 14 |
Specific Reserve | 0 | 0 |
Average Recorded Investment | 14 | 14 |
Residential Mortgages [Member] | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 19 | 16 |
Recorded Investment With No Specific Reserve | 16 | 14 |
Recorded Investment With Specific Reserve | 0 | 0 |
Total Recorded Investment | 16 | 14 |
Specific Reserve | 0 | 0 |
Average Recorded Investment | 16 | 15 |
Indirect Installment [Member] | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 5 | 5 |
Recorded Investment With No Specific Reserve | 3 | 2 |
Recorded Investment With Specific Reserve | 0 | 0 |
Total Recorded Investment | 3 | 2 |
Specific Reserve | 0 | 0 |
Average Recorded Investment | 2 | 2 |
Consumer Lines of Credit [Member] | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 7 | 7 |
Recorded Investment With No Specific Reserve | 5 | 5 |
Recorded Investment With Specific Reserve | 0 | 0 |
Total Recorded Investment | 5 | 5 |
Specific Reserve | 0 | 0 |
Average Recorded Investment | 5 | 5 |
Consumer Loan [Member] | ||
Financial Receivables Impaired Or Restructured [Line Items] | ||
Unpaid Contractual Principal Balance | 47 | 45 |
Recorded Investment With No Specific Reserve | 37 | 35 |
Recorded Investment With Specific Reserve | 0 | 0 |
Total Recorded Investment | 37 | 35 |
Specific Reserve | 0 | 0 |
Average Recorded Investment | $ 37 | $ 36 |
LOANS AND LEASES - Additional A
LOANS AND LEASES - Additional Allowance for Credit Losses Relating to Acquired Loans (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loan on allowance | $ 194 | $ 188 | $ 180 | $ 178 | $ 177 | $ 175 |
Loans Acquired in a Business Combination [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loan on allowance | 5 | 7 | $ 5 | $ 7 | ||
Loans Acquired in a Business Combination [Member] | Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loan on allowance | 2 | 2 | ||||
Loans Acquired in a Business Combination [Member] | Commercial and Industrial [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loan on allowance | 1 | 4 | ||||
Loans Acquired in a Business Combination [Member] | Total Commercial Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loan on allowance | 3 | 6 | ||||
Loans Acquired in a Business Combination [Member] | Direct Installment [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loan on allowance | 1 | 1 | ||||
Loans Acquired in a Business Combination [Member] | Consumer Loan [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loan on allowance | 2 | 1 | ||||
Loans Acquired in a Business Combination [Member] | Residential Mortgages [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loan on allowance | $ 1 | $ 0 |
LOANS AND LEASES - Summary of P
LOANS AND LEASES - Summary of Payment Status of TDRs (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | $ 53 | $ 48 |
Originated Loans and Leases [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | 50 | 44 |
Acquired Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | 3 | 4 |
Performing [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | 20 | 18 |
Performing [Member] | Originated Loans and Leases [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | 20 | 18 |
Performing [Member] | Acquired Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | 0 | 0 |
Non-Performing [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | 19 | 21 |
Non-Performing [Member] | Originated Loans and Leases [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | 16 | 17 |
Non-Performing [Member] | Acquired Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | 3 | 4 |
Non-Accrual [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | 14 | 9 |
Non-Accrual [Member] | Originated Loans and Leases [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | 14 | 9 |
Non-Accrual [Member] | Acquired Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructurings ("TDRs") | $ 0 | $ 0 |
LOANS AND LEASES - Troubled Deb
LOANS AND LEASES - Troubled Debt Restructurings (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)Contract | Sep. 30, 2018USD ($)Contract | Sep. 30, 2019USD ($)Contract | Sep. 30, 2018USD ($)Contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 31 | 34 | 111 | 119 |
Pre- Modification Outstanding Recorded Investment | $ 2 | $ 2 | $ 13 | $ 7 |
Post- Modification Outstanding Recorded Investment | $ 2 | $ 2 | $ 11 | $ 6 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 4 | 3 | 16 | 4 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 1 | $ 4 | $ 0 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 1 | $ 4 | $ 0 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | 14 | 12 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 5 | $ 1 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 3 | $ 1 |
Total Commercial Loans and Leases [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 5 | 4 | 30 | 16 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 1 | $ 9 | $ 1 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 1 | $ 7 | $ 1 |
Direct Installment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 15 | 15 | 47 | 65 |
Pre- Modification Outstanding Recorded Investment | $ 1 | $ 1 | $ 2 | $ 4 |
Post- Modification Outstanding Recorded Investment | $ 1 | $ 1 | $ 2 | $ 3 |
Residential Mortgages [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 4 | 4 | 14 | 13 |
Pre- Modification Outstanding Recorded Investment | $ 1 | $ 0 | $ 1 | $ 1 |
Post- Modification Outstanding Recorded Investment | $ 1 | $ 0 | $ 1 | $ 1 |
Indirect Installment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | ||
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Consumer Lines of Credit [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 7 | 11 | 20 | 25 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 1 | $ 1 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 1 | $ 1 |
Consumer Loan [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 26 | 30 | 81 | 103 |
Pre- Modification Outstanding Recorded Investment | $ 2 | $ 1 | $ 4 | $ 6 |
Post- Modification Outstanding Recorded Investment | $ 2 | $ 1 | $ 4 | $ 5 |
LOANS AND LEASES - Originated T
LOANS AND LEASES - Originated Troubled Debt Restructurings, Payment Default (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)Contract | Sep. 30, 2018USD ($)Contract | Sep. 30, 2019USD ($)Contract | Sep. 30, 2018USD ($)Contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 3 | 10 | 12 | 16 |
Recorded Investment | $ | $ 0 | $ 1 | $ 1 | $ 2 |
Total Commercial Loans and Leases [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 1 | 5 | 6 | 4 |
Recorded Investment | $ | $ 0 | $ 1 | $ 1 | $ 1 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 1 | 3 | 5 | 3 |
Recorded Investment | $ | $ 0 | $ 1 | $ 1 | $ 1 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 0 | 2 | 1 | 1 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer Loan [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 2 | 5 | 6 | 12 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 1 |
Direct Installment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 1 | 3 | 4 | 5 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 1 |
Residential Mortgages [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 0 | 2 | 1 | 4 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Indirect Installment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | ||
Recorded Investment | $ | $ 0 | $ 0 | ||
Consumer Lines of Credit [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | Contract | 1 | 0 | 1 | 3 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - C
ALLOWANCE FOR CREDIT LOSSES - Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | $ 188 | $ 177 | $ 180 | $ 175 |
Charge- Offs | (9) | (18) | (32) | (53) |
Recoveries | 3 | 3 | 9 | 10 |
Net Charge- Offs | (6) | (15) | (23) | (43) |
Provision for credit losses | 12 | 16 | 37 | 46 |
Balance at End of Period | 194 | 178 | 194 | 178 |
Originated Loans and Leases [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 183 | 173 | 173 | 168 |
Charge- Offs | (7) | (17) | (23) | (48) |
Recoveries | 2 | 2 | 7 | 8 |
Net Charge- Offs | (5) | (15) | (16) | (40) |
Provision for credit losses | 11 | 15 | 32 | 45 |
Balance at End of Period | 189 | 173 | 189 | 173 |
Acquired Loans [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 5 | 4 | ||
Charge- Offs | (2) | (1) | ||
Recoveries | 1 | 1 | ||
Net Charge- Offs | (1) | 0 | ||
Provision for credit losses | 1 | 1 | ||
Balance at End of Period | 5 | 5 | 5 | 5 |
Loans Acquired in a Business Combination [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 7 | 7 | ||
Charge- Offs | (9) | (5) | ||
Recoveries | 2 | 2 | ||
Net Charge- Offs | (7) | (3) | ||
Provision for credit losses | 5 | 1 | ||
Balance at End of Period | 5 | 5 | 5 | 5 |
Commercial Real Estate [Member] | Originated Loans and Leases [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 61 | 50 | 55 | 50 |
Charge- Offs | (1) | (1) | (3) | (5) |
Recoveries | 0 | 1 | 1 | 1 |
Net Charge- Offs | (1) | 0 | (2) | (4) |
Provision for credit losses | (2) | 4 | 5 | 8 |
Balance at End of Period | 58 | 54 | 58 | 54 |
Commercial Real Estate [Member] | Loans Acquired in a Business Combination [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 2 | |||
Balance at End of Period | 2 | 2 | ||
Commercial and Industrial [Member] | Originated Loans and Leases [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 52 | 54 | 49 | 52 |
Charge- Offs | (3) | (2) | (7) | (14) |
Recoveries | 1 | 0 | 3 | 2 |
Net Charge- Offs | (2) | (2) | (4) | (12) |
Provision for credit losses | 7 | 1 | 12 | 13 |
Balance at End of Period | 57 | 53 | 57 | 53 |
Commercial and Industrial [Member] | Loans Acquired in a Business Combination [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 4 | |||
Balance at End of Period | 1 | 1 | ||
Commercial Leases [Member] | Originated Loans and Leases [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 9 | 7 | 8 | 5 |
Charge- Offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net Charge- Offs | 0 | 0 | 0 | 0 |
Provision for credit losses | 1 | 0 | 2 | 2 |
Balance at End of Period | 10 | 7 | 10 | 7 |
Other [Member] | Originated Loans and Leases [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 1 | 2 | 2 | 2 |
Charge- Offs | 0 | (1) | (2) | (4) |
Recoveries | 0 | 0 | 0 | 1 |
Net Charge- Offs | 0 | (1) | (2) | (3) |
Provision for credit losses | 1 | 1 | 2 | 3 |
Balance at End of Period | 2 | 2 | 2 | 2 |
Total Commercial Loans and Leases [Member] | Originated Loans and Leases [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 123 | 113 | 114 | 109 |
Charge- Offs | (4) | (4) | (12) | (23) |
Recoveries | 1 | 1 | 4 | 4 |
Net Charge- Offs | (3) | (3) | (8) | (19) |
Provision for credit losses | 7 | 6 | 21 | 26 |
Balance at End of Period | 127 | 116 | 127 | 116 |
Total Commercial Loans and Leases [Member] | Loans Acquired in a Business Combination [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 6 | |||
Balance at End of Period | 3 | 3 | ||
Direct Installment [Member] | Originated Loans and Leases [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 13 | 21 | 14 | 21 |
Charge- Offs | 0 | (10) | (1) | (16) |
Recoveries | 0 | 0 | 0 | 1 |
Net Charge- Offs | 0 | (10) | (1) | (15) |
Provision for credit losses | (1) | 3 | (1) | 8 |
Balance at End of Period | 12 | 14 | 12 | 14 |
Direct Installment [Member] | Loans Acquired in a Business Combination [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 1 | |||
Balance at End of Period | 1 | 1 | ||
Residential Mortgages [Member] | Originated Loans and Leases [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 20 | 15 | 20 | 16 |
Charge- Offs | 0 | 0 | (1) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net Charge- Offs | 0 | 0 | (1) | 0 |
Provision for credit losses | 3 | 3 | 4 | 2 |
Balance at End of Period | 23 | 18 | 23 | 18 |
Residential Mortgages [Member] | Loans Acquired in a Business Combination [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 0 | |||
Balance at End of Period | 1 | 1 | ||
Indirect Installment [Member] | Originated Loans and Leases [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 18 | 14 | 15 | 12 |
Charge- Offs | (3) | (2) | (8) | (7) |
Recoveries | 1 | 1 | 3 | 3 |
Net Charge- Offs | (2) | (1) | (5) | (4) |
Provision for credit losses | 2 | 2 | 8 | 7 |
Balance at End of Period | 18 | 15 | 18 | 15 |
Consumer Lines of Credit [Member] | Originated Loans and Leases [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 9 | 10 | 10 | 10 |
Charge- Offs | 0 | (1) | (1) | (2) |
Recoveries | 0 | 0 | 0 | 0 |
Net Charge- Offs | 0 | (1) | (1) | (2) |
Provision for credit losses | 0 | 1 | 0 | 2 |
Balance at End of Period | 9 | 10 | 9 | 10 |
Consumer Loan [Member] | Originated Loans and Leases [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 60 | 60 | 59 | 59 |
Charge- Offs | (3) | (13) | (11) | (25) |
Recoveries | 1 | 1 | 3 | 4 |
Net Charge- Offs | (2) | (12) | (8) | (21) |
Provision for credit losses | 4 | 9 | 11 | 19 |
Balance at End of Period | 62 | 57 | 62 | 57 |
Consumer Loan [Member] | Loans Acquired in a Business Combination [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 1 | |||
Balance at End of Period | 2 | 2 | ||
Purchased Credit-Impaired Loans [Member] | Acquired Loans [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 1 | 1 | ||
Charge- Offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Net Charge- Offs | 0 | 0 | ||
Provision for credit losses | 0 | 0 | ||
Balance at End of Period | 1 | 1 | 1 | 1 |
Purchased Credit-Impaired Loans [Member] | Loans Acquired in a Business Combination [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 1 | 1 | ||
Charge- Offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Net Charge- Offs | 0 | 0 | ||
Provision for credit losses | 0 | 0 | ||
Balance at End of Period | 1 | 1 | 1 | 1 |
Other Acquired Loans [Member] | Acquired Loans [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 4 | 3 | ||
Charge- Offs | (2) | (1) | ||
Recoveries | 1 | 1 | ||
Net Charge- Offs | (1) | 0 | ||
Provision for credit losses | 1 | 1 | ||
Balance at End of Period | 4 | 4 | 4 | 4 |
Other Loans Acquired In A Business Combination [Member] | Loans Acquired in a Business Combination [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at Beginning of Period | 6 | 6 | ||
Charge- Offs | (9) | (5) | ||
Recoveries | 2 | 2 | ||
Net Charge- Offs | (7) | (3) | ||
Provision for credit losses | 5 | 1 | ||
Balance at End of Period | $ 4 | $ 4 | $ 4 | $ 4 |
ALLOWANCE FOR CREDIT LOSSES - I
ALLOWANCE FOR CREDIT LOSSES - Individual and Collective Allowance for Credit Losses (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Valuation Allowance [Line Items] | ||
Originated loans and leases outstanding, loans and leases | $ 23,070 | $ 22,153 |
Commercial Real Estate [Member] | ||
Valuation Allowance [Line Items] | ||
Originated loans and leases outstanding, loans and leases | 8,916 | 8,786 |
Commercial and Industrial [Member] | ||
Valuation Allowance [Line Items] | ||
Originated loans and leases outstanding, loans and leases | 5,205 | 4,556 |
Commercial Leases [Member] | ||
Valuation Allowance [Line Items] | ||
Originated loans and leases outstanding, loans and leases | 417 | 373 |
Other [Member] | ||
Valuation Allowance [Line Items] | ||
Originated loans and leases outstanding, loans and leases | 35 | 46 |
Total Commercial Loans and Leases [Member] | ||
Valuation Allowance [Line Items] | ||
Originated loans and leases outstanding, loans and leases | 14,573 | 13,761 |
Direct Installment [Member] | ||
Valuation Allowance [Line Items] | ||
Originated loans and leases outstanding, loans and leases | 1,763 | 1,764 |
Residential Mortgages [Member] | ||
Valuation Allowance [Line Items] | ||
Originated loans and leases outstanding, loans and leases | 3,300 | 3,113 |
Indirect Installment [Member] | ||
Valuation Allowance [Line Items] | ||
Originated loans and leases outstanding, loans and leases | 1,949 | 1,933 |
Consumer Lines of Credit [Member] | ||
Valuation Allowance [Line Items] | ||
Originated loans and leases outstanding, loans and leases | 1,485 | 1,582 |
Consumer Loan [Member] | ||
Valuation Allowance [Line Items] | ||
Originated loans and leases outstanding, loans and leases | 8,497 | 8,392 |
Originated Loans and Leases [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 6 | 4 |
Originated allowance, collectively evaluated for impairment | 183 | 173 |
Originated loans and leases outstanding, loans and leases | 19,872 | 18,062 |
Originated loans and leases outstanding, individually evaluated for impairment | 24 | 18 |
Originated loans and leases outstanding, collectively evaluated for impairment | 19,848 | 18,044 |
Originated Loans and Leases [Member] | Commercial Real Estate [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 1 | 0 |
Originated allowance, collectively evaluated for impairment | 57 | 55 |
Originated loans and leases outstanding, loans and leases | 6,864 | 6,171 |
Originated loans and leases outstanding, individually evaluated for impairment | 12 | 7 |
Originated loans and leases outstanding, collectively evaluated for impairment | 6,852 | 6,164 |
Originated Loans and Leases [Member] | Commercial and Industrial [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 5 | 4 |
Originated allowance, collectively evaluated for impairment | 52 | 49 |
Originated loans and leases outstanding, loans and leases | 4,925 | 4,140 |
Originated loans and leases outstanding, individually evaluated for impairment | 12 | 11 |
Originated loans and leases outstanding, collectively evaluated for impairment | 4,913 | 4,129 |
Originated Loans and Leases [Member] | Commercial Leases [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 0 | 0 |
Originated allowance, collectively evaluated for impairment | 10 | 9 |
Originated loans and leases outstanding, loans and leases | 417 | 373 |
Originated loans and leases outstanding, individually evaluated for impairment | 0 | 0 |
Originated loans and leases outstanding, collectively evaluated for impairment | 417 | 373 |
Originated Loans and Leases [Member] | Other [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 0 | 0 |
Originated allowance, collectively evaluated for impairment | 2 | 2 |
Originated loans and leases outstanding, loans and leases | 35 | 46 |
Originated loans and leases outstanding, individually evaluated for impairment | 0 | 0 |
Originated loans and leases outstanding, collectively evaluated for impairment | 35 | 46 |
Originated Loans and Leases [Member] | Total Commercial Loans and Leases [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 6 | 4 |
Originated allowance, collectively evaluated for impairment | 121 | 115 |
Originated loans and leases outstanding, loans and leases | 12,241 | 10,730 |
Originated loans and leases outstanding, individually evaluated for impairment | 24 | 18 |
Originated loans and leases outstanding, collectively evaluated for impairment | 12,217 | 10,712 |
Originated Loans and Leases [Member] | Direct Installment [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 0 | 0 |
Originated allowance, collectively evaluated for impairment | 12 | 14 |
Originated loans and leases outstanding, loans and leases | 1,692 | 1,668 |
Originated loans and leases outstanding, individually evaluated for impairment | 0 | 0 |
Originated loans and leases outstanding, collectively evaluated for impairment | 1,692 | 1,668 |
Originated Loans and Leases [Member] | Residential Mortgages [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 0 | 0 |
Originated allowance, collectively evaluated for impairment | 23 | 19 |
Originated loans and leases outstanding, loans and leases | 2,891 | 2,612 |
Originated loans and leases outstanding, individually evaluated for impairment | 0 | 0 |
Originated loans and leases outstanding, collectively evaluated for impairment | 2,891 | 2,612 |
Originated Loans and Leases [Member] | Indirect Installment [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 0 | 0 |
Originated allowance, collectively evaluated for impairment | 18 | 15 |
Originated loans and leases outstanding, loans and leases | 1,949 | 1,933 |
Originated loans and leases outstanding, individually evaluated for impairment | 0 | 0 |
Originated loans and leases outstanding, collectively evaluated for impairment | 1,949 | 1,933 |
Originated Loans and Leases [Member] | Consumer Lines of Credit [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 0 | 0 |
Originated allowance, collectively evaluated for impairment | 9 | 10 |
Originated loans and leases outstanding, loans and leases | 1,099 | 1,119 |
Originated loans and leases outstanding, individually evaluated for impairment | 0 | 0 |
Originated loans and leases outstanding, collectively evaluated for impairment | 1,099 | 1,119 |
Originated Loans and Leases [Member] | Consumer Loan [Member] | ||
Valuation Allowance [Line Items] | ||
Originated allowance, individually evaluated for impairment | 0 | 0 |
Originated allowance, collectively evaluated for impairment | 62 | 58 |
Originated loans and leases outstanding, loans and leases | 7,631 | 7,332 |
Originated loans and leases outstanding, individually evaluated for impairment | 0 | 0 |
Originated loans and leases outstanding, collectively evaluated for impairment | $ 7,631 | $ 7,332 |
LOAN SERVICING - Activity in MS
LOAN SERVICING - Activity in MSR (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Servicing Assets at Fair Value [Line Items] | |||||
Mortgage banking operations | $ 9 | $ 6 | $ 21 | $ 17 | |
Mortgage Servicing Rights [Member] | |||||
Servicing Assets at Fair Value [Line Items] | |||||
Mortgage loans sold with servicing retained | 4,469 | 4,469 | $ 3,968 | ||
Mortgage loans sold with servicing retained | 354 | 295 | 937 | 814 | |
Pretax gains resulting from above loan sales | 10 | 6 | 23 | 15 | |
Mortgage banking operations | 3 | 3 | 8 | 7 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||||
Balance at beginning of period | 38 | 33 | 36.8 | 29.1 | |
Additions | 3.5 | 3.5 | 9.8 | 9.5 | |
Payoffs and curtailments | (0.5) | (0.6) | (1.8) | (1.5) | |
Impairment charge | (0.3) | 0 | (2.9) | 0 | |
Amortization | (1.9) | (0.6) | (3.1) | (1.8) | |
Balance at end of period | 38.8 | 35.3 | 38.8 | 35.3 | |
Loan servicing rights, fair value, start | 39.8 | 38.6 | 41.1 | 32.4 | |
Loan servicing rights, fair value, end | 40.5 | $ 41.7 | 40.5 | $ 41.7 | |
Valuation allowance for servicing rights | $ 3.4 | 3.4 | |||
Valuation allowance for servicing rights, increase | $ 2.9 |
LOAN SERVICING - Sensitivity of
LOAN SERVICING - Sensitivity of Fair Value to Changes in key Assumptions (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Mortgage Servicing Rights [Member] | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Weighted average life (months) | 75 months | 82 months 6 days |
Constant prepayment rate (annualized) | 11.20% | 10.10% |
Discount rate | 9.70% | 9.70% |
Sensitivity analysis of fair value, change in interest rates, plus .25% | $ 3 | $ 3 |
Sensitivity analysis of fair value, change in interest rates, plus .50% | 5 | 5 |
Sensitivity analysis of fair value, change in interest rates, minus .25% | (3) | (3) |
Sensitivity analysis of fair value, change in interest rates, minus .50% | $ (5) | $ (6) |
SBA-Guaranteed Loan Servicing [Member] | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Weighted average life (months) | 44 months 6 days | 52 months 6 days |
Constant prepayment rate (annualized) | 15.90% | 12.50% |
Discount rate | 17.90% | 19.40% |
Effect on fair value due to 10% adverse change of consistent repayment rate | $ 0 | $ 0 |
Effect on fair value due to 20% adverse change of consistent repayment rate | 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 |
Effect on fair value due to 10% adverse change of discount rate | 0 | 0 |
Effect on fair value due to 20% adverse change of 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-Guaranteed Loan Servicing Asset (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Servicing Assets at Fair Value [Line Items] | |||||
Service charges | $ 33 | $ 32 | $ 95 | $ 93 | |
SBA-Guaranteed Loan Servicing [Member] | |||||
Servicing Assets at Fair Value [Line Items] | |||||
SBA loans sold to investors with servicing retained | 241 | 241 | $ 283 | ||
SBA loans sold with servicing retained | 7 | 10 | 20 | 34 | |
Gain from sale of SBA loan, pretax | 1 | 1 | 2 | 3 | |
Service charges | 1 | 1 | 2 | 2 | |
Valuation allowance for servicing rights | 1.1 | 1.1 | |||
Valuation allowance for servicing rights, increase | 0.3 | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Balance at beginning of period | 4 | 5 | 4 | 5 | |
Additions | 0 | 0 | 0 | 1 | |
Payoffs, curtailments and amortization | (1) | 0 | (1) | (1) | |
Impairment (charge) / recovery | 0 | (1) | 0 | (1) | |
Balance at end of period | 3 | 4 | 3 | 4 | |
Loan servicing rights, fair value, start | 4 | 5 | 4 | 5 | |
Loan servicing rights, fair value, end | $ 3 | $ 4 | $ 3 | $ 4 |
OPERATING LEASES (Details)
OPERATING LEASES (Details) $ in Millions | Sep. 30, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Operating lease, right-of-use asset | $ 124.1 |
Operating lease, liability | 130.5 |
Operating lease, lease not yet commenced, expense | $ 28 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, lease not yet commenced, term of contract | 10 years |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, lease not yet commenced, term of contract | 15 years |
OPERATING LEASES - Lease Expens
OPERATING LEASES - Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 6 | $ 20 |
Short-term lease cost | 1 | 1 |
Variable lease cost | 1 | 3 |
Sublease income | 0 | 0 |
Total lease cost | $ 8 | $ 24 |
OPERATING LEASES - Other Inform
OPERATING LEASES - Other Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating lease, Cash paid for amounts included in the measurement of lease liabilities, operating | $ 19 |
Operating lease, right-of-use assets obtained in exchange for lease obligations | $ 22 |
Operating lease, weighted average remaining lease term (in years) | 9 years 9 months 10 days |
Operating lease, weighted average discount rate, percent | 3.00% |
OPERATING LEASES - Maturities (
OPERATING LEASES - Maturities (Details) $ in Millions | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 6 |
2020 | 24 |
2021 | 22 |
2022 | 17 |
2023 | 13 |
Later years | 72 |
Total lease payments | 154 |
Less: Interest | (24) |
Present value of lease liabilities | $ 130.5 |
BORROWINGS - Summary of Short-T
BORROWINGS - Summary of Short-Term Borrowings (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements | $ 259 | $ 251 |
Federal Home Loan Bank advances | 1,565 | 2,230 |
Federal funds purchased | 1,214 | 1,535 |
Subordinated notes | 106 | 113 |
Total short-term borrowings | $ 3,144 | $ 4,129 |
BORROWINGS - Additional Informa
BORROWINGS - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||||
Overnight maturities | 13.40% | 57.20% | ||
Short-term advances | $ 1,400,000,000 | $ 1,000,000,000 | ||
Short-term advances, percentage bearing fixed interest rate | 86.60% | 42.80% | ||
Repayments of subordinated debt | $ 9,500,000 | |||
Repayments of other long-term debt | 15,500,000 | |||
Redeemed amount | $ 232,000,000 | $ 67,000,000 | ||
FHLB [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit available with FHLB | 8,100,000,000 | |||
Credit with FHLB utilized | $ 2,500,000,000 | |||
Minimum [Member] | FHLB [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rates | 1.62% | 1.39% | ||
Maximum [Member] | FHLB [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rates | 2.71% | 4.19% | ||
Subordinated Notes Due 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term borrowings, face amount | 120,000,000 | |||
Proceeds from debt, net of issuance costs | 118,200,000 | |||
Trust Preferred Securities [Member] | ||||
Debt Instrument [Line Items] | ||||
Redeemed amount | $ 44,000,000 |
BORROWINGS - Summary of Long-Te
BORROWINGS - Summary of Long-Term Borrowings (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances | $ 935 | $ 270 |
Subordinated notes | 90 | 87 |
Junior subordinated debt | 66 | 111 |
Other subordinated debt | 249 | 159 |
Total long-term borrowings | $ 1,340 | $ 627 |
BORROWINGS - Junior Subordinate
BORROWINGS - Junior Subordinated Debt Trusts (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 66 | $ 111 |
Trust Preferred Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 72 | |
Common Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 3 | |
F.N.B. Statutory Trust II [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
Interest Rate | 3.77% | |
F.N.B. Statutory Trust II [Member] | LIBOR [Member] | ||
Subordinated Borrowing [Line Items] | ||
Basis spread on variable rate | 1.65% | |
F.N.B. Statutory Trust II [Member] | Trust Preferred Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
F.N.B. Statutory Trust II [Member] | Common Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 1 | |
Yadkin Valley Statutory Trust I [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
Interest Rate | 3.44% | |
Yadkin Valley Statutory Trust I [Member] | LIBOR [Member] | ||
Subordinated Borrowing [Line Items] | ||
Basis spread on variable rate | 1.32% | |
Yadkin Valley Statutory Trust I [Member] | Trust Preferred Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 25 | |
Yadkin Valley Statutory Trust I [Member] | Common Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 1 | |
FNB Financial Services Capital Trust I [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
Interest Rate | 3.56% | |
FNB Financial Services Capital Trust I [Member] | LIBOR [Member] | ||
Subordinated Borrowing [Line Items] | ||
Basis spread on variable rate | 1.46% | |
FNB Financial Services Capital Trust I [Member] | Trust Preferred Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 25 | |
FNB Financial Services Capital Trust I [Member] | Common Securities [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 1 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts and Gross Fair Values (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 9,189 | $ 6,942 |
Derivative asset, not offset against collateral | 2 | 2 |
Derivative liability, not offset against collateral | 29 | 13 |
Derivative asset, not subject to master netting arrangement | 205 | 41 |
Derivative liability, not subject to master netting arrangement | 1 | 26 |
Fair value, asset | 207 | 43 |
Fair value, liability | 30 | 39 |
Interest rate contracts - designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not offset against collateral | 2 | 0 |
Derivative liability, not offset against collateral | 0 | 3 |
Interest rate swaps - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not offset against collateral | 0 | 2 |
Derivative liability, not offset against collateral | 29 | 10 |
Derivative asset, not subject to master netting arrangement | 201 | 40 |
Derivative liability, not subject to master netting arrangement | 0 | 26 |
Equity contracts - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not offset against collateral | 0 | 0 |
Derivative liability, 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 |
Interest rate lock commitments – not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not subject to master netting arrangement | 3 | 1 |
Derivative liability, not subject to master netting arrangement | 0 | 0 |
Forward delivery commitments – not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not subject to master netting arrangement | 1 | 0 |
Derivative liability, not subject to master netting arrangement | 0 | 0 |
Credit risk contracts - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 212.9 | |
Derivative asset, not subject to master netting arrangement | 0 | 0 |
Derivative liability, not subject to master netting arrangement | 1 | 0 |
Subject to Master Netting Arrangements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 5,003 | 3,896 |
Subject to Master Netting Arrangements [Member] | Interest rate contracts - designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 1,555 | 1,155 |
Subject to Master Netting Arrangements [Member] | Interest rate swaps - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 3,448 | 2,740 |
Subject to Master Netting Arrangements [Member] | Equity contracts - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 0 | 1 |
Not Subject to Master Netting Arrangements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 4,186 | 3,046 |
Not Subject to Master Netting Arrangements [Member] | Interest rate swaps - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 3,448 | 2,740 |
Not Subject to Master Netting Arrangements [Member] | Equity contracts - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 0 | 1 |
Not Subject to Master Netting Arrangements [Member] | Interest rate lock commitments – not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 196 | 47 |
Not Subject to Master Netting Arrangements [Member] | Forward delivery commitments – not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 265 | 55 |
Not Subject to Master Netting Arrangements [Member] | Credit risk contracts - not designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 277 | $ 203 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Amounts Reclassified from AOCI (Detail) - Interest rate contracts [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ (31) | |
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ 9 | |
Amount of Gain (Loss) Reclassified from AOCI into Income | 0 | |
Amount of Gain (Loss) Reclassified from AOCI into Income | 0 | |
Interest Income (Expense) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Amount of Gain (Loss) Reclassified from AOCI into Income | $ 2 | |
Amount of Gain (Loss) Reclassified from AOCI into Income | $ 1 |
DERIVATIVE INSTRUMENTS AND HE_5
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of Cash Flow Hedging on Income Statement (Detail) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative [Line Items] | ||||
Loans and leases, including fees | $ 274 | $ 260 | $ 819 | $ 757 |
Short-term borrowings | $ 18 | $ 20 | 66 | 54 |
Interest rate contracts [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into net income | 0 | |||
Amount of Gain (Loss) Reclassified from AOCI into Income | 0 | |||
Interest Income - Loans and Leases [Member] | Interest rate contracts [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into net income | (1) | |||
Amount of Gain (Loss) Reclassified from AOCI into Income | 0 | |||
Amount of gain (loss) reclassified from AOCI into income as a result of that a forecasted transaction is no longer probable of occurring | 0 | 0 | ||
Interest Expense - Short-Term Borrowings [Member] | Interest rate contracts [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into net income | 3 | |||
Amount of Gain (Loss) Reclassified from AOCI into Income | 2 | |||
Amount of gain (loss) reclassified from AOCI into income as a result of that a forecasted transaction is no longer probable of occurring | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_6
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Notional amount | $ 9,189,000,000 | $ 6,942,000,000 | |
Additional amount in excess of posted collateral required in case of breached agreements | $ 200,000 | 700,000 | |
Interest rate contracts [Member] | |||
Derivative [Line Items] | |||
Maximum length of time hedged in interest rate cash flow hedge | 5 years 2 months 12 days | ||
Period to reclassification of cash flow hedge gain loss | 12 months | ||
Derivative gains to be reclassified within twelve months | $ 4,000,000 | ||
Derivative gains to be reclassified within twelve months, net of tax | 3,100,000 | ||
Derivative gain or loses excluded from assessment of hedge effectiveness | 0 | ||
Amount of gain (loss) reclassified from AOCI into net income | 0 | ||
Gains or losses from cash flow hedge derivatives reclassified to earnings | $ 0 | ||
Credit risk contracts - not designated [Member] | |||
Derivative [Line Items] | |||
Notional amount | 212,900,000 | ||
Maximum exposure under credit risk agreement assuming customer default | 400,000 | 100,000 | |
Credit risk derivatives, purchased at fair value | 100,000 | 50,000 | |
Credit risk derivatives, sold at fair value | $ 400,000 | $ 110,000 | |
Credit risk contracts - not designated [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Risk participation agreements, term | 3 months | ||
Credit risk contracts - not designated [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Risk participation agreements, term | 9 years |
DERIVATIVE INSTRUMENTS AND HE_7
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of Derivative Financial Instruments on Income Statement (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Interest Rate Swap [Member] | Non-interest income - other [Member] | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | $ 0 | $ 1 |
Interest Rate Lock Commitments [Member] | Mortgage banking operations [Member] | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | 0 | 0 |
Forward Delivery Contracts [Member] | Mortgage banking operations [Member] | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | (1) | 1 |
Credit Risk Contract [Member] | Non-interest income - other [Member] | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_8
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Net Amount Presented in the Balance Sheet | $ 2 | $ 2 |
Financial Instruments | 1 | 2 |
Cash Collateral | 0 | 0 |
Net Amount | 1 | 0 |
Interest rate contracts - designated [Member] | ||
Derivative [Line Items] | ||
Net Amount Presented in the Balance Sheet | 2 | 0 |
Financial Instruments | 1 | |
Cash Collateral | 0 | |
Net Amount | 1 | |
Interest rate swaps - not designated [Member] | ||
Derivative [Line Items] | ||
Net Amount Presented in the Balance Sheet | $ 0 | 2 |
Financial Instruments | 2 | |
Cash Collateral | 0 | |
Net Amount | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_9
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Net Amount Presented in the Consolidated Balance Sheets | $ 29 | $ 13 |
Financial Instruments | 29 | 12 |
Cash Collateral | 0 | 0 |
Net Amount | 0 | 1 |
Interest rate contracts - designated [Member] | ||
Derivative [Line Items] | ||
Net Amount Presented in the Consolidated Balance Sheets | 0 | 3 |
Financial Instruments | 3 | |
Cash Collateral | 0 | |
Net Amount | 0 | |
Interest rate swaps - not designated [Member] | ||
Derivative [Line Items] | ||
Net Amount Presented in the Consolidated Balance Sheets | 29 | 10 |
Financial Instruments | 29 | 9 |
Cash Collateral | 0 | 0 |
Net Amount | $ 0 | $ 1 |
COMMITMENTS, CREDIT RISK AND _3
COMMITMENTS, CREDIT RISK AND CONTINGENCIES - Off-Balance Sheet Credit Risk (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Extended credit and standby letters of credit | $ 153 | $ 126 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Extended credit and standby letters of credit | $ 8,427 | $ 7,378 |
COMMITMENTS, CREDIT RISK AND _4
COMMITMENTS, CREDIT RISK AND CONTINGENCIES - Additional Information (Detail) | Sep. 30, 2019 |
Commitments and Contingencies Disclosure [Abstract] | |
Percentage of Commitments to extend credit dependent upon the financial condition of the customers | 73.30% |
STOCK INCENTIVE PLANS - Additio
STOCK INCENTIVE PLANS - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 11, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock shares available under incentive compensation plans (in shares) | 1,620,243 | ||
Unrecognized compensation expense | $ 17 | ||
Intrinsic value of outstanding and exercisable stock options | 1.4 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | 17.3 | ||
Amount subject to accelerated vesting under Incentive Compensation Plan | $ 0.8 | ||
Service-Based Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of units issued, years | 3 years | ||
Unrecognized compensation expense | $ 12 | ||
Capital Purchase Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Warrant issued (in shares) | 225,439 | 207,320 | |
Warrant issued, exercise price (in dollars per share) | $ 8.86 | $ 9.63 |
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 | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | ||
Restricted stock units issued (in shares) | 1,182,197 | 958,720 |
Weighted average grant date fair values | $ 13 | $ 13 |
STOCK INCENTIVE PLANS - Restric
STOCK INCENTIVE PLANS - Restricted Stock Units Activity (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Shares, granted (in shares) | 1,182,197 | 958,720 |
Shares, unvested units outstanding at end of period (in shares) | 2,838,648 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Shares, unvested units outstanding at beginning of period (in shares) | 2,556,174 | 1,975,862 |
Shares, granted (in shares) | 1,182,197 | 958,720 |
Shares, vested (in shares) | (655,208) | (257,712) |
Shares, forfeited/expired (in shares) | (325,253) | (209,438) |
Shares, dividend reinvestment (in shares) | 80,738 | 60,938 |
Shares, unvested units outstanding at end of period (in shares) | 2,838,648 | 2,528,370 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Weighted average grant price, invested units outstanding at beginning of period (in USD per share) | $ 13.51 | $ 13.64 |
Weighted average grant price, granted (in USD per share) | 10.94 | 13.21 |
Weighted average grant price, vested (in USD per share) | 13.15 | 13.18 |
Weighted average grant price, forfeited/expired (in USD per share) | 12.72 | 13.36 |
Weighted average grant price, dividend reinvestment (in USD per share) | 11.62 | 13.72 |
Weighted average grant price, invested units outstanding at end of period (in USD per share) | $ 12.54 | $ 13.55 |
STOCK INCENTIVE PLANS - Sched_2
STOCK INCENTIVE PLANS - Schedule of Certain Information Related to Restricted Stock Units (Detail) - Restricted Stock [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 8 | $ 7 |
Tax benefit related to stock-based compensation expense | 2 | 2 |
Fair value of units vested | $ 7 | $ 3 |
STOCK INCENTIVE PLANS - Compone
STOCK INCENTIVE PLANS - Components of Restricted Stock Units (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock units (in shares) | shares | 2,838,648 |
Unrecognized compensation expense | $ 17 |
Intrinsic value | $ 33 |
Weighted average remaining life (in years) | 2 years |
Service-Based Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock units (in shares) | shares | 1,911,335 |
Unrecognized compensation expense | $ 12 |
Intrinsic value | $ 22 |
Weighted average remaining life (in years) | 2 years 3 days |
Performance-Based Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock units (in shares) | shares | 927,313 |
Unrecognized compensation expense | $ 5 |
Intrinsic value | $ 11 |
Weighted average remaining life (in years) | 1 year 11 months 23 days |
STOCK INCENTIVE PLANS - Stock O
STOCK INCENTIVE PLANS - Stock Options Units Activity (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
Shares, options outstanding at beginning of period (in shares) | 458,354 | 722,650 |
Shares, exercised (in shares) | (48,507) | (214,781) |
Shares, forfeited/expired (in shares) | (12,219) | (4,834) |
Shares, options outstanding and exercisable at end of period (in shares) | 397,628 | 503,035 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted average exercise price, options outstanding at beginning of period (in USD per share) | $ 7.99 | $ 7.96 |
Weighted average exercise price, exercised (in USD per share) | 7.48 | 7.91 |
Weighted average exercise price, forfeited/expired (in USD per share) | 6.51 | 11.65 |
Weighted average exercise price, options outstanding and exercisable at end of period (in USD per share) | $ 8.10 | $ 7.97 |
INCOME TAXES - Income Tax Expen
INCOME TAXES - Income Tax Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Current income taxes: Federal taxes | $ (3) | $ 8 | $ 24 | $ 31 |
Current income taxes: State taxes | 0 | 1 | 3 | 4 |
Total current income taxes | (3) | 9 | 27 | 35 |
Deferred income taxes: Federal taxes | 19 | 13 | 34 | 28 |
Deferred income taxes: State taxes | 1 | 0 | 2 | 1 |
Total deferred income taxes | 20 | 13 | 36 | 29 |
Income taxes | $ 17 | $ 22 | $ 63 | $ 64 |
Statutory tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Effective tax rate | 14.50% | 18.00% | 17.80% | 19.00% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets | $ 24.9 | $ 67.5 |
OTHER COMPREHENSIVE INCOME (Det
OTHER COMPREHENSIVE INCOME (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at beginning of period | $ 4,608 |
Other comprehensive (loss) income before reclassifications | 38 |
Amounts reclassified from AOCI | (1) |
Net current period other comprehensive (loss) income | 37 |
Balance at end of period | 4,820 |
Unrealized Net Losses on Debt Securities Available for Sale [Member] | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at beginning of period | (46) |
Other comprehensive (loss) income before reclassifications | 60 |
Amounts reclassified from AOCI | 0 |
Net current period other comprehensive (loss) income | 60 |
Balance at end of period | 14 |
Unrealized Net Gains (Losses) on Derivative Instruments [Member] | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at beginning of period | 1 |
Other comprehensive (loss) income before reclassifications | (24) |
Amounts reclassified from AOCI | (1) |
Net current period other comprehensive (loss) income | (25) |
Balance at end of period | (24) |
Unrecognized Pension and Postretirement Obligations [Member] | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at beginning of period | (61) |
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 | (59) |
Accumulated Other Comprehensive Income (Loss) [Member] | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at beginning of period | (106) |
Balance at end of period | $ (69) |
EARNINGS PER COMMON SHARE - Com
EARNINGS PER COMMON SHARE - Computation of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 103 | $ 101 | $ 292 | $ 273 |
Less: Preferred stock dividends | 2 | 2 | 6 | 6 |
Net Income Available to Common Stockholders | $ 101 | $ 99 | $ 286 | $ 267 |
Basic weighted average common shares outstanding (in shares) | 325,031,140 | 324,435,939 | 324,875,436 | 324,118,236 |
Net effect of dilutive stock options, warrants and restricted stock (in shares) | 1,068,730 | 1,217,192 | 893,725 | 1,556,470 |
Diluted weighted average common shares outstanding (in shares) | 326,099,870 | 325,653,131 | 325,769,161 | 325,674,706 |
Earnings per common share: | ||||
Basic (in USD per share) | $ 0.31 | $ 0.30 | $ 0.88 | $ 0.82 |
Diluted (in USD per share) | $ 0.31 | $ 0.30 | $ 0.88 | $ 0.82 |
EARNINGS PER COMMON SHARE - Ave
EARNINGS PER COMMON SHARE - Average Shares Excluded from Earnings Per Common Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Average shares excluded from the diluted earnings per common share calculation (in shares) | 1 | 86 | 122 | 59 |
CASH FLOW INFORMATION (Detail)
CASH FLOW INFORMATION (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid on deposits and other borrowings | $ 248 | $ 158 |
Income taxes paid | 40 | 14 |
Transfers of loans to other real estate owned | 5 | 10 |
Loans transferred to held for sale from portfolio | 389 | 0 |
Loans transferred to portfolio from held for sale | $ 110 | $ 0 |
BUSINESS SEGMENTS - Additional
BUSINESS SEGMENTS - Additional Information (Detail) - Segment | 1 Months Ended | 9 Months Ended |
Aug. 31, 2018 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 3 | |
Mariner Finance, LLC [Member] | ||
Segment Reporting Information [Line Items] | ||
Stock purchase agreement, stock sold, percentage | 100.00% |
BUSINESS SEGMENTS - Financial I
BUSINESS SEGMENTS - Financial Information for Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 314 | $ 298 | $ 941 | $ 865 | |
Interest expense | 84 | 63 | 250 | 164 | |
Net Interest Income | 230 | 235 | 691 | 701 | |
Provision for credit losses | 12 | 16 | 37 | 46 | |
Non-interest income | 80 | 75 | 220 | 207 | |
Non-interest expense | 174 | 167 | 508 | 513 | |
Amortization of intangibles | 4 | 4 | 11 | 12 | |
Income tax expense (benefit) | 17 | 22 | 63 | 64 | |
Net income (loss) | 103 | 101 | 292 | 273 | |
Total assets | 34,329 | 32,618 | 34,329 | 32,618 | $ 33,102 |
Total intangibles | 2,333 | 2,330 | 2,333 | 2,330 | |
Operating Segments [Member] | Community Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 314 | 291 | 940 | 840 | |
Interest expense | 79 | 58 | 236 | 151 | |
Net Interest Income | 235 | 233 | 704 | 689 | |
Provision for credit losses | 12 | 14 | 37 | 39 | |
Non-interest income | 65 | 56 | 177 | 160 | |
Non-interest expense | 158 | 149 | 462 | 457 | |
Amortization of intangibles | 3 | 4 | 10 | 12 | |
Income tax expense (benefit) | 19 | 22 | 66 | 65 | |
Net income (loss) | 108 | 100 | 306 | 276 | |
Total assets | 34,207 | 32,527 | 34,207 | 32,527 | |
Total intangibles | 2,294 | 2,308 | 2,294 | 2,308 | |
Operating Segments [Member] | Wealth Management [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net Interest Income | 0 | 0 | 0 | 0 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Non-interest income | 12 | 11 | 35 | 33 | |
Non-interest expense | 8 | 8 | 26 | 25 | |
Amortization of intangibles | 0 | 0 | 0 | 0 | |
Income tax expense (benefit) | 1 | 1 | 2 | 2 | |
Net income (loss) | 3 | 2 | 7 | 6 | |
Total assets | 29 | 27 | 29 | 27 | |
Total intangibles | 10 | 10 | 10 | 10 | |
Operating Segments [Member] | Insurance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net Interest Income | 0 | 0 | 0 | 0 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Non-interest income | 5 | 5 | 14 | 12 | |
Non-interest expense | 4 | 5 | 12 | 12 | |
Amortization of intangibles | 1 | 0 | 1 | 0 | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Net income (loss) | 0 | 0 | 1 | 0 | |
Total assets | 36 | 19 | 36 | 19 | |
Total intangibles | 29 | 12 | 29 | 12 | |
Operating Segments [Member] | Consumer Finance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 0 | 7 | 0 | 25 | |
Interest expense | 0 | 1 | 0 | 2 | |
Net Interest Income | 0 | 6 | 0 | 23 | |
Provision for credit losses | 0 | 1 | 0 | 6 | |
Non-interest income | 0 | 0 | 0 | 2 | |
Non-interest expense | 0 | 4 | 0 | 15 | |
Amortization of intangibles | 0 | 0 | 0 | 0 | |
Income tax expense (benefit) | 0 | 0 | 0 | 1 | |
Net income (loss) | 0 | 1 | 0 | 3 | |
Total assets | 0 | 0 | 0 | 0 | |
Total intangibles | 0 | 0 | 0 | 0 | |
Parent and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 0 | 0 | 1 | 0 | |
Interest expense | 5 | 4 | 14 | 11 | |
Net Interest Income | (5) | (4) | (13) | (11) | |
Provision for credit losses | 0 | 1 | 0 | 1 | |
Non-interest income | (2) | 3 | (6) | 0 | |
Non-interest expense | 4 | 1 | 8 | 4 | |
Amortization of intangibles | 0 | 0 | 0 | 0 | |
Income tax expense (benefit) | (3) | (1) | (5) | (4) | |
Net income (loss) | (8) | (2) | (22) | (12) | |
Total assets | 57 | 45 | 57 | 45 | |
Total intangibles | $ 0 | $ 0 | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets and Liabilities on Recurring Basis (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | $ 3,262 | $ 3,341 | |
Loans held for sale | [1] | 45 | 14 |
Derivative assets | 207 | 43 | |
Derivative liabilities | 30 | 39 | |
US Government Agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 159 | 187 | |
U.S. Government-Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 245 | 313 | |
Agency Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,188 | 1,161 | |
Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 316 | 228 | |
States of the U.S. and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 14 | 21 | |
Other Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 2 | 2 | |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 3,262 | 3,341 | |
Derivative assets | 204 | 42 | |
Derivative liabilities | 30 | 39 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Derivative assets | 3 | 1 | |
Derivative liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 3,262 | 3,341 | |
Loans held for sale | 45 | 14 | |
Derivative assets | 207 | 43 | |
Assets measured at fair value on a recurring basis, Total | 3,514 | 3,398 | |
Derivative liabilities | 30 | 39 | |
Liabilities measured at fair value on a recurring basis, Total | 30 | 39 | |
Fair Value, Recurring [Member] | Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 29 | 36 | |
Fair Value, Recurring [Member] | Not for Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 1 | 3 | |
Fair Value, Recurring [Member] | Trading Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 201 | 43 | |
Fair Value, Recurring [Member] | Non Trading Account Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 6 | ||
Fair Value, Recurring [Member] | US Government Agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 159 | 187 | |
Fair Value, Recurring [Member] | U.S. Government-Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 245 | 313 | |
Fair Value, Recurring [Member] | Agency Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,338 | 1,429 | |
Fair Value, Recurring [Member] | Agency Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,188 | 1,161 | |
Fair Value, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 316 | 228 | |
Fair Value, Recurring [Member] | States of the U.S. and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 14 | 21 | |
Fair Value, Recurring [Member] | Other Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 2 | 2 | |
Fair Value, Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Derivative assets | 0 | 0 | |
Assets measured at fair value on a recurring basis, Total | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Liabilities measured at fair value on a recurring basis, Total | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Not for Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Trading Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Non Trading Account Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | ||
Fair Value, Recurring [Member] | Level 1 [Member] | US Government Agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | U.S. Government-Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Agency Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Agency Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | States of the U.S. and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Other Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 3,262 | 3,341 | |
Loans held for sale | 45 | 14 | |
Derivative assets | 204 | 42 | |
Assets measured at fair value on a recurring basis, Total | 3,511 | 3,397 | |
Derivative liabilities | 30 | 39 | |
Liabilities measured at fair value on a recurring basis, Total | 30 | 39 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 29 | 36 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Not for Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 1 | 3 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Trading Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 201 | 42 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Non Trading Account Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 3 | ||
Fair Value, Recurring [Member] | Level 2 [Member] | US Government Agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 159 | 187 | |
Fair Value, Recurring [Member] | Level 2 [Member] | U.S. Government-Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 245 | 313 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Agency Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,338 | 1,429 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Agency Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,188 | 1,161 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 316 | 228 | |
Fair Value, Recurring [Member] | Level 2 [Member] | States of the U.S. and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 14 | 21 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Other Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 2 | 2 | |
Fair Value, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Derivative assets | 3 | 1 | |
Assets measured at fair value on a recurring basis, Total | 3 | 1 | |
Derivative liabilities | 0 | 0 | |
Liabilities measured at fair value on a recurring basis, Total | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Not for Trading Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Trading Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 1 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Non Trading Account Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 3 | ||
Fair Value, Recurring [Member] | Level 3 [Member] | US Government Agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | U.S. Government-Sponsored Entities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Agency Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Agency Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | States of the U.S. and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Level 3 [Member] | Other Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | $ 0 | $ 0 | |
[1] | Amount represents loans for which we have elected the fair value option. See Note 17. |
FAIR VALUE MEASUREMENTS - Rollf
FAIR VALUE MEASUREMENTS - Rollforward on Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 1 | $ 2 |
Purchases, issuances, sales and settlements: | ||
Purchases | 3 | 5 |
Settlements | (1) | (6) |
Balance at end of period | 3 | 1 |
Interest Rate Lock Commitments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 1 | 2 |
Purchases, issuances, sales and settlements: | ||
Purchases | 3 | 5 |
Settlements | (1) | (6) |
Balance at end of period | $ 3 | $ 1 |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Fair Value Measurements Disclosure [Line Items] | |||
Transfer of assets and liabilities between the hierarchy levels | $ 0 | $ 0 | |
Allocated allowance for loan losses | 6,300,000 | ||
Provision for fair value measurements included in allowance for loan losses | 11,200,000 | ||
Carrying amount of OREO | 2,400,000 | ||
Written down of OREO | 1,600,000 | ||
Loss from OREO included in earnings | 800,000 | ||
Fair Value, Nonrecurring [Member] | |||
Fair Value Measurements Disclosure [Line Items] | |||
Impaired loans, carrying amount | 6,700,000 | ||
Allocated allowance for loan losses | 7,000,000 | $ 15,000,000 | |
Mortgage Servicing Rights [Member] | |||
Fair Value Measurements Disclosure [Line Items] | |||
Valuation allowance for servicing rights | 3,400,000 | ||
Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value Measurements Disclosure [Line Items] | |||
Servicing asset, gross | 31,900,000 | ||
Servicing asset | 28,500,000 | ||
Valuation allowance for servicing rights | $ 2,900,000 |
FAIR VALUE MEASUREMENTS - Add_2
FAIR VALUE MEASUREMENTS - Additional Information on Non-Recurring Basis (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired loans | $ 6.3 | |||||
Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loan servicing rights, fair value | 0 | $ 0 | ||||
Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loan servicing rights, fair value | 0 | 0 | ||||
Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loan servicing rights, fair value | 44 | 45 | ||||
Fair Value, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired loans | 7 | 15 | ||||
Other real estate owned | 2 | 5 | ||||
Fair Value, Nonrecurring [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired loans | 0 | 0 | ||||
Other real estate owned | 0 | 0 | ||||
Fair Value, Nonrecurring [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired loans | 0 | 0 | ||||
Other real estate owned | 0 | 0 | ||||
Fair Value, Nonrecurring [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired loans | 7 | 15 | ||||
Other real estate owned | 2 | 5 | ||||
SBA-Guaranteed Loan Servicing [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loan servicing rights, fair value | 3 | $ 4 | 4 | $ 4 | $ 5 | $ 5 |
SBA-Guaranteed Loan Servicing [Member] | Fair Value, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loan servicing rights, fair value | 3 | 4 | ||||
SBA-Guaranteed Loan Servicing [Member] | Fair Value, Nonrecurring [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loan servicing rights, fair value | 0 | 0 | ||||
SBA-Guaranteed Loan Servicing [Member] | Fair Value, Nonrecurring [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loan servicing rights, fair value | 0 | 0 | ||||
SBA-Guaranteed Loan Servicing [Member] | Fair Value, Nonrecurring [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loan servicing rights, fair value | 3 | 4 | ||||
Mortgage Servicing Rights [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loan servicing rights, fair value | 40.5 | $ 39.8 | $ 41.1 | $ 41.7 | $ 38.6 | $ 32.4 |
Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loan servicing rights, fair value | 28 | |||||
Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loan servicing rights, fair value | 0 | |||||
Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loan servicing rights, fair value | 0 | |||||
Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loan servicing rights, fair value | $ 28 |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial Instruments (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 609 | $ 488 |
Debt securities available for sale | 3,262 | 3,341 |
Securities held to maturity | 3,192 | 3,254 |
Securities held to maturity, fair value | 3,229 | 3,155 |
Derivative assets | 207 | 43 |
Deposits | 24,594 | 23,455 |
Short-term borrowings | 3,144 | 4,129 |
Long-term borrowings | 1,340 | 627 |
Derivative liabilities | 30 | 39 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 609 | 488 |
Debt securities available for sale | 3,262 | 3,341 |
Securities held to maturity | 3,192 | 3,254 |
Net loans and leases | 22,932 | 21,995 |
Loan servicing rights | 42 | 41 |
Derivative assets | 207 | 43 |
Accrued interest receivable | 108 | 101 |
Deposits | 24,594 | 23,455 |
Short-term borrowings | 3,144 | 4,129 |
Long-term borrowings | 1,340 | 627 |
Derivative liabilities | 30 | 39 |
Accrued interest payable | 22 | 20 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 609 | 488 |
Debt securities available for sale | 3,262 | 3,341 |
Securities held to maturity, fair value | 3,229 | 3,155 |
Net loans and leases, fair value | 22,815 | 21,742 |
Loan servicing rights, fair value | 44 | 45 |
Derivative assets | 207 | 43 |
Accrued interest receivable | 108 | 101 |
Deposits, fair value | 24,606 | 23,411 |
Short-term borrowings, fair value | 3,148 | 4,130 |
Long-term borrowings, fair value | 1,348 | 618 |
Derivative liabilities | 30 | 39 |
Accrued interest payable | 22 | 20 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 609 | 488 |
Debt securities available for sale | 0 | 0 |
Securities held to maturity, fair value | 0 | 0 |
Net loans and leases, fair value | 0 | 0 |
Loan servicing rights, fair value | 0 | 0 |
Derivative assets | 0 | 0 |
Accrued interest receivable | 108 | 101 |
Deposits, fair value | 19,472 | 18,142 |
Short-term borrowings, fair value | 3,148 | 4,130 |
Long-term borrowings, fair value | 0 | 0 |
Derivative liabilities | 0 | 0 |
Accrued interest payable | 22 | 20 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Debt securities available for sale | 3,262 | 3,341 |
Securities held to maturity, fair value | 3,229 | 3,155 |
Net loans and leases, fair value | 45 | 14 |
Loan servicing rights, fair value | 0 | 0 |
Derivative assets | 204 | 42 |
Accrued interest receivable | 0 | 0 |
Deposits, fair value | 5,134 | 5,269 |
Short-term borrowings, fair value | 0 | 0 |
Long-term borrowings, fair value | 0 | 0 |
Derivative liabilities | 30 | 39 |
Accrued interest payable | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Debt securities available for sale | 0 | 0 |
Securities held to maturity, fair value | 0 | 0 |
Net loans and leases, fair value | 22,770 | 21,728 |
Loan servicing rights, fair value | 44 | 45 |
Derivative assets | 3 | 1 |
Accrued interest receivable | 0 | 0 |
Deposits, fair value | 0 | 0 |
Short-term borrowings, fair value | 0 | 0 |
Long-term borrowings, fair value | 1,348 | 618 |
Derivative liabilities | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |