Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 16, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-09718 | |
Entity Registrant Name | PNC Financial Services Group, Inc. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 25-1435979 | |
Entity Address, Address Line One | The Tower at PNC Plaza | |
Entity Address, Address Line Two | 300 Fifth Avenue | |
Entity Address, City or Town | Pittsburgh | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15222-2401 | |
City Area Code | 888 | |
Local Phone Number | 762-2265 | |
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 | 424,858,349 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000713676 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock, par value $5.00 | NEW YORK STOCK EXCHANGE, INC. | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $5.00 | |
Trading Symbol | PNC | |
Security Exchange Name | NYSE | |
Depositary Shares Each Representing a 1/4,000 Interest in a Share of Fixed-to- Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P | NEW YORK STOCK EXCHANGE, INC. | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares Each Representing a 1/4,000 Interest in a Share of Fixed-to- Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P | |
Trading Symbol | PNC P | |
Security Exchange Name | NYSE |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest Income | ||
Loans | $ 1,996 | $ 2,480 |
Investment securities | 421 | 582 |
Other | 66 | 138 |
Total interest income | 2,483 | 3,200 |
Interest Expense | ||
Deposits | 40 | 375 |
Borrowed funds | 95 | 314 |
Total interest expense | 135 | 689 |
Net interest income | 2,348 | 2,511 |
Noninterest Income | ||
Total noninterest income | 1,872 | 1,825 |
Total revenue | 4,220 | 4,336 |
Provision For (Recapture of) Credit Losses | (551) | 914 |
Noninterest Expense | ||
Personnel | 1,477 | 1,369 |
Occupancy | 215 | 207 |
Equipment | 293 | 287 |
Marketing | 45 | 58 |
Other | 544 | 622 |
Total noninterest expense | 2,574 | 2,543 |
Income from continuing operations before income taxes and noncontrolling interests | 2,197 | 879 |
Income taxes from continuing operations | 371 | 120 |
Net income from continuing operations | 1,826 | 759 |
Income from discontinued operations before taxes | 181 | |
Income taxes from discontinued operations | 25 | |
Net income from discontinued operations | 156 | |
Net income | 1,826 | 915 |
Less: Net income attributable to noncontrolling interests | 10 | 7 |
Preferred stock dividends | 57 | 63 |
Preferred stock discount accretion and redemptions | 1 | 1 |
Net income attributable to common shareholders | $ 1,758 | $ 844 |
Earnings Per Share, Basic [Abstract] | ||
Basic earnings from continuing operations (in dollars per share) | $ 4.11 | $ 1.59 |
Basic earnings per common share from discontinued operations (in dollars per share) | 0.37 | |
Basic earnings per common share (in dollars per share) | 4.11 | 1.96 |
Earnings Per Share, Diluted [Abstract] | ||
Diluted earnings from continuing operations (in dollars per share) | 4.10 | 1.59 |
Diluted earnings per common share from discontinued operations (in dollars per share) | 0.36 | |
Diluted earnings per common share (in dollars per share) | $ 4.10 | $ 1.95 |
Average Common Shares Outstanding | ||
Basic (in shares) | 426 | 429 |
Diluted (in shares) | 426 | 430 |
Asset management | ||
Noninterest Income | ||
Total noninterest income | $ 226 | $ 201 |
Consumer services | ||
Noninterest Income | ||
Total noninterest income | 384 | 377 |
Corporate services | ||
Noninterest Income | ||
Total noninterest income | 555 | 526 |
Residential mortgage | ||
Noninterest Income | ||
Total noninterest income | 105 | 210 |
Service charges on deposits | ||
Noninterest Income | ||
Total noninterest income | 119 | 168 |
Other | ||
Noninterest Income | ||
Total noninterest income | $ 483 | $ 343 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income from continuing operations | $ 1,826 | $ 759 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | ||
Net change in Other | 1 | 8 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (1,938) | 2,251 |
Income tax benefit (expense) related to items of other comprehensive income | 458 | (532) |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (1,480) | 1,719 |
Net income from discontinued operations | 156 | |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (1,480) | 1,719 |
Comprehensive income | 346 | 2,634 |
Less: Comprehensive income attributable to noncontrolling interests | 10 | 7 |
Comprehensive income attributable to PNC | 336 | 2,627 |
Discontinued Operations, Disposed of by Sale | ||
Other comprehensive income (loss), before tax and net of reclassifications into Net income | ||
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (34) | |
Income tax benefit (expense) related to items of other comprehensive income | 8 | |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (26) | |
Continuing Operations | ||
Other comprehensive income (loss), before tax and net of reclassifications into Net income | ||
Net change in debt securities | (1,194) | 1,480 |
Net change in cash flow hedge derivatives | (775) | 785 |
Pension and other postretirement benefit plan adjustments | 30 | 12 |
Net change in Other | 1 | 8 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (1,938) | 2,285 |
Income tax benefit (expense) related to items of other comprehensive income | 458 | (540) |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | $ (1,480) | $ 1,745 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and due from banks | $ 7,455 | $ 7,017 | |
Interest-earning deposits with banks | 86,161 | 85,173 | |
Loans held for sale | [1] | 1,967 | 1,597 |
Investment securities – available for sale | 96,799 | 87,358 | |
Investment securities – held to maturity | 1,456 | 1,441 | |
Loans | [1] | 237,013 | 241,928 |
Allowance for loan and lease losses | (4,714) | (5,361) | |
Net loans | 232,299 | 236,567 | |
Equity investments | 6,386 | 6,052 | |
Mortgage servicing rights | 1,680 | 1,242 | |
Goodwill | 9,317 | 9,233 | |
Other | [1] | 30,894 | 30,999 |
Total assets | 474,414 | 466,679 | |
Deposits | |||
Noninterest-bearing | 120,641 | 112,637 | |
Interest-bearing | 254,426 | 252,708 | |
Total deposits | 375,067 | 365,345 | |
Borrowed funds | |||
Federal Home Loan Bank borrowings | 1,500 | 3,500 | |
Bank notes and senior debt | 22,139 | 24,271 | |
Subordinated debt | 6,241 | 6,403 | |
Other | [2] | 3,150 | 3,021 |
Total borrowed funds | 33,030 | 37,195 | |
Allowance for unfunded lending related commitments | 507 | 584 | |
Accrued expenses and other liabilities | 11,931 | 9,514 | |
Total liabilities | 420,535 | 412,638 | |
Equity | |||
Preferred stock | [3] | ||
Common stock ($5 par value, Authorized 800 shares, issued 543 shares) | 2,713 | 2,713 | |
Capital surplus | 15,879 | 15,884 | |
Retained earnings | 48,113 | 46,848 | |
Accumulated other comprehensive income | 1,290 | 2,770 | |
Common stock held in treasury at cost: 118 and 119 shares | (14,146) | (14,205) | |
Total shareholders’ equity | 53,849 | 54,010 | |
Noncontrolling interests | 30 | 31 | |
Total equity | 53,879 | 54,041 | |
Total liabilities and equity | $ 474,414 | $ 466,679 | |
[1] | Our consolidated assets included the following for which we have elected the fair value option: Loans held for sale of $1.6 billion, Loans of $1.4 billion and Other assets of $0.1 billion at March 31, 2021. Comparable amounts at December 31, 2020 were $1.2 billion, $1.4 billion and $0.1 billion, respectively. | ||
[2] | Our consolidated liabilities included Other borrowed funds of less than $0.1 billion at both March 31, 2021 and December 31, 2020, for which we have elected the fair value option. | ||
[3] | Par value less than $0.5 million at each date. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, authorized (shares) | 800,000,000 | 800,000,000 |
Common stock, issued (shares) | 543,000,000 | 543,000,000 |
Common stock held in treasury at cost (shares) | 118,000,000 | 119,000,000 |
Preferred stock (less than) | $ 0.5 | $ 0.5 |
Portion at Fair Value, Fair Value Disclosure | ||
Loans held for sale, fair value | 1,600 | 1,200 |
Loans, fair value | 1,400 | 1,400 |
Other assets, fair value | 100 | 100 |
Other borrowed funds, fair value | $ 100 | $ 100 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities | ||
Net income | $ 1,826 | $ 915 |
Adjustments to reconcile net income to net cash provided (used) by operating activities | ||
Provision for (recapture of) credit losses | (551) | 914 |
Depreciation and amortization | 375 | 328 |
Deferred income taxes | (138) | (226) |
Changes in fair value of mortgage servicing rights | (323) | 620 |
Undistributed earnings of BlackRock | (56) | |
Net change in | ||
Trading securities and other short-term investments | 564 | (1,014) |
Loans held for sale | (342) | (452) |
Other assets | (822) | (6,912) |
Accrued expenses and other liabilities | 245 | 5,376 |
Other | (54) | (189) |
Net cash provided (used) by operating activities | 780 | (696) |
Sales | ||
Securities available for sale | 5,558 | 5,447 |
Loans | 406 | 314 |
Repayments/maturities | ||
Securities available for sale | 7,263 | 4,332 |
Securities held to maturity | 14 | 12 |
Purchases | ||
Securities available for sale | (22,094) | (11,889) |
Securities held to maturity | (21) | (4) |
Loans | (778) | (100) |
Net change in | ||
Federal funds sold and resale agreements | (136) | 965 |
Interest-earning deposits with banks | (988) | 3,427 |
Loans | 5,043 | |
Loans | (25,758) | |
Other | (339) | (125) |
Net cash provided (used) by investing activities | (6,072) | (23,379) |
Net change in | ||
Noninterest-bearing deposits | 8,096 | 8,857 |
Interest-bearing deposits | 1,718 | 7,829 |
Federal funds purchased and repurchase agreements | (3) | 2,306 |
Short-term Federal Home Loan Bank borrowings | (400) | |
Other borrowed funds | 168 | 1,044 |
Sales/issuances | ||
Federal Home Loan Bank borrowings | 9,060 | |
Bank notes and senior debt | 3,486 | |
Other borrowed funds | 188 | 172 |
Common and treasury stock | 27 | 23 |
Repayments/maturities | ||
Federal Home Loan Bank borrowings | (2,000) | (1,510) |
Bank notes and senior debt | (1,650) | (2,100) |
Other borrowed funds | (198) | (172) |
Acquisition of treasury stock | (66) | (1,522) |
Preferred stock cash dividends paid | (57) | (63) |
Common stock cash dividends paid | (493) | (503) |
Net cash provided (used) by financing activities | 5,730 | 26,507 |
Net Increase (Decrease) In Cash And Due From Banks And Restricted Cash | 438 | 2,432 |
Net cash provided by discontinued operations | 126 | |
Net cash provided (used) by continuing operations | 438 | 2,306 |
Cash and due from banks and restricted cash at beginning of period | 7,017 | 5,061 |
Cash and due from banks and restricted cash at end of period | 7,455 | 7,493 |
Cash and due from banks at end of period (unrestricted cash) | 6,698 | 7,161 |
Restricted cash | 757 | 332 |
Supplemental Disclosures | ||
Interest paid | 188 | 638 |
Income taxes paid | 15 | 36 |
Income taxes refunded | 4 | 5 |
Leased assets obtained in exchange for new operating lease liabilities | 12 | 57 |
Non-cash Investing and Financing Items | ||
Transfer from loans to loans held for sale, net | 344 | 313 |
Transfer from loans to foreclosed assets | $ 7 | $ 37 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounting Policies | B USINESS PNC is one of the largest diversified financial services companies in the U.S. and is headquartered in Pittsburgh, Pennsylvania. CCOUNTING P OLICIES Basis of Financial Statement Presentation Our consolidated financial statements include the accounts of the parent company and its subsidiaries, most of which are wholly-owned, certain partnership interests and VIEs. We prepared these consolidated financial statements in accordance with GAAP. We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation, which did not have a material impact on our consolidated financial condition or results of operations. In our opinion, the unaudited interim consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. We have also considered the impact of subsequent events on these consolidated financial statements. When preparing these unaudited interim consolidated financial statements, we have assumed that you have read the audited consolidated financial statements included in our 2020 Form 10-K. Reference is made to Note 1 Accounting Policies in our 2020 Form 10-K for a detailed description of significant accounting policies. These interim consolidated financial statements serve to update our 2020 Form 10-K and may not include all information and Notes necessary to constitute a complete set of financial statements. There have been no significant changes to our accounting policies as disclosed in our 2020 Form 10-K. Use of Estimates We prepared these consolidated financial statements using financial information available at the time of preparation, which requires us to make estimates and assumptions that affect the amounts reported. Our most significant estimates pertain to the ACL and our fair value measurements. Actual results may differ from the estimates and the differences may be material to the consolidated financial statements. Recently Adopted Accounting Standards Accounting Standards Update Description Financial Statement Impact Income Tax Simplification - ASU 2019-12 Issued December 2019 • Simplifies the accounting for income taxes by eliminating certain exceptions in ASC 740, Income Taxes , relating to the approach for intraperiod tax allocation, the recognition of deferred tax liabilities for outside basis differences and the methodology for calculating income taxes in an interim period. • Clarifies areas of the income tax guidance around franchise taxes partially based on income, step-ups in the tax basis of goodwill, and enacted changes in tax laws. • Specifies that an entity is no longer required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. • Adopted January 1, 2021. • The adoption of this standard did not impact our consolidated results of operations or our consolidated financial position. PNC will no longer allocate the consolidated amount of current and deferred income tax expense to certain qualifying stand-alone entities, which may impact the presentation of parent company tax expense subsequent to adoption. Accounting Standards Update Description Financial Statement Impact Reference Rate Reform - ASU 2020-04 Issued March 2020 Reference Rate Reform Scope - ASU 2021-01 Issued January 2021 • Provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform (codified in ASC 848). • Includes optional expedients related to contract modifications that allow an entity to account for modifications (if certain criteria are met) as if the modifications were only minor (assets within the scope of ASC 310, Receivables ), were not substantial (assets within the scope of ASC 470, Debt ) and/or did not result in remeasurements or reclassifications (assets within the scope of ASC 842, Leases , and other Topics) of the existing contract. • Includes optional expedients related to hedging relationships within the scope of ASC 815, Derivatives & Hedging , whereby changes to the critical terms of a hedging relationship do not require dedesignation if certain criteria are met. In addition, potential sources of ineffectiveness as a result of reference rate reform may be disregarded when performing some effectiveness assessments. • Includes optional expedients and exceptions for contract modifications and hedge accounting that apply to derivative instruments impacted by the market-wide discounting transition. • Allows for a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. • Guidance in these ASUs are effective as of March 12, 2020 through December 31, 2022. • ASU 2020-04 was adopted March 12, 2020. ASU 2021-01 was retrospectively adopted October 1, 2020. • Refer to Note 1 Accounting Policies in the 2020 Form 10-K for more information on elections of optional expedients that occurred in 2020. • During the first quarter of 2021, we elected to apply certain optional expedients to derivative instruments that were modified in the first quarter due to the adoption of fallback language recommended by the ISDA to address the anticipated cessation of LIBOR. These optional expedients remove the requirement to remeasure contract modifications or dedesignate hedging relationships due to reference rate reform. • As of March 31, 2021, we have not yet elected to apply any optional expedients for contract modifications and hedging relationships to any other financial instruments. However, we plan to elect these optional expedients in the future. Accounting Standards Update Description Financial Statement Impact SEC Paragraph Amendments – ASU 2020-09 Issued October 2020 • Amends the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered, and issuers’ affiliates whose securities collateralize securities registered or being registered in Regulation S-X. • Improves disclosure requirements for both investors and registrants. • Provides investors with material information given the specific facts and circumstances, making the disclosures easier to understand and reducing the costs and burdens to registrants. • Adopted January 4, 2021. • In accordance with the requirements of this ASU, we included Exhibit 22 in the Exhibit Index of Item 6 of this Report to disclose PNC’s guarantee of the PNC Capital Trust C preferred securities. |
Acquisition and Divestiture Act
Acquisition and Divestiture Activity | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisition and Divestiture Activity | A CQUISITION A ND D IVESTITURE A CTIVITY Pending Acquisition of BBVA USA Bancshares, Inc. On November 16, 2020, we announced a definitive agreement with BBVA, S.A. to acquire BBVA including its U.S. banking subsidiary, BBVA USA, for a fixed purchase price of $11.6 billion in cash. BBVA USA has over 600 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. The transaction is expected to add approximately $102 billion in total assets, $86 billion of deposits and $66 billion of loans to PNC’s Consolidated Balance Sheet and to close in mid-2021, subject to customary closing conditions, including receipt of regulatory approvals. Sale of Equity Investment in BlackRock, Inc. In May 2020, PNC completed the sale of its 31.6 million shares of BlackRock, Inc. common and preferred stock through a registered secondary offering at a price of $420 per share. In addition, BlackRock repurchased 2.65 million shares from PNC at a price of $414.96 per share. The total proceeds from the sale were $14.2 billion in cash, net of $0.2 billion in expenses, and resulted in a gain on sale of $4.3 billion. Additionally, PNC contributed 500,000 BlackRock shares to the PNC Foundation. Following the sale and donation, PNC has divested its entire investment in BlackRock and only holds shares of BlackRock stock in a fiduciary capacity for clients of PNC. The following table summarizes the results from the discontinued operations of BlackRock included in the Consolidated Income Statement: Table 34: Consolidated Income Statement - Discontinued Operations Three months ended March 31 In millions 2020 Noninterest income $ 181 Total revenue 181 Income from discontinued operations before income taxes and noncontrolling interests 181 Income taxes 25 Net income from discontinued operations $ 156 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investment Securities Disclosure [Abstract] | |
Investment Securities | I NVESTMENT S ECURITIES Table 35: Investment Securities Summary March 31, 2021 (a) December 31, 2020 (a) In millions Amortized Unrealized Fair Amortized Unrealized Fair Gains Losses Gains Losses Securities Available for Sale U.S. Treasury and government agencies $ 25,670 $ 546 $ (266) $ 25,950 $ 19,821 $ 903 $ (13) $ 20,711 Residential mortgage-backed Agency 50,499 1,227 (172) 51,554 47,355 1,566 (10) 48,911 Non-agency 1,181 252 (9) 1,424 1,272 243 (14) 1,501 Commercial mortgage-backed Agency 2,219 68 (3) 2,284 2,571 119 (2) 2,688 Non-agency 4,191 60 (15) 4,236 3,678 78 (67) 3,689 Asset-backed 5,969 89 (17) 6,041 5,060 100 (10) 5,150 Other 5,077 238 (5) 5,310 4,415 293 4,708 Total securities available for sale (b) $ 94,806 $ 2,480 $ (487) $ 96,799 $ 84,172 $ 3,302 $ (116) $ 87,358 Securities Held to Maturity U.S. Treasury and government agencies $ 800 $ 74 $ 874 $ 795 $ 125 $ 920 Other 656 36 $ (7) 685 646 42 $ (3) 685 Total securities held to maturity (c) $ 1,456 $ 110 $ (7) $ 1,559 $ 1,441 $ 167 $ (3) $ 1,605 (a) The accrued interest associated with our available for sale portfolio totaled $244 million and $238 million at March 31, 2021 and December 31, 2020, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet. (b) Amortized cost is presented net of allowance of $105 million and $79 million for securities available for sale at March 31, 2021 and December 31, 2020, respectively. (c) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. 85% of our securities held to maturity were rated AAA/AA as of both March 31, 2021 and December 31, 2020. The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Securities available for sale are carried at fair value with net unrealized gains and losses included in Shareholders’ equity as AOCI, unless credit related. Net unrealized gains and losses are determined by taking the difference between the fair value of a security and its amortized cost, net of any allowance. Securities held to maturity are carried at amortized cost less any allowance. Investment securities at March 31, 2021 included $1.8 billion of net unsettled purchases which represent non-cash investing activity, and accordingly, are not reflected on the Consolidated Statement of Cash Flows. The comparable amount for March 31, 2020 was $0.4 billion. We maintain the allowance for investment securities at levels that we believe to be appropriate as of the balance sheet date based on estimation of expected credit losses on our portfolio. As of March 31, 2021, the allowance for investment securities was $108 million and primarily related to non-agency commercial mortgage-backed securities in the available for sale portfolio. The provision for credit losses on investment securities totaled $26 million for the three months ended March 31, 2021. Table 36 presents the gross unrealized losses and fair value of securities available for sale that do not have an associated allowance for investment securities as of March 31, 2021. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities included in the table have been evaluated to determine if a credit loss exists. As part of that assessment, as of March 31, 2021, we concluded that we do not intend to sell and believe we will not be required to sell these securities prior to recovery of the amortized cost basis. Table 36: Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses Unrealized loss position Unrealized loss position Total In millions Unrealized Fair Unrealized Fair Unrealized Fair March 31, 2021 U.S. Treasury and government agencies $ (266) $ 12,798 $ (266) $ 12,798 Residential mortgage-backed Agency (170) 19,019 $ (2) $ 75 (172) 19,094 Non-agency (9) 165 (9) 165 Commercial mortgage-backed Agency (2) 190 (1) 69 (3) 259 Non-agency (1) 275 (5) 911 (6) 1,186 Asset-backed (12) 1,707 (5) 794 (17) 2,501 Other (4) 457 (4) 457 Total securities available for sale $ (455) $ 34,446 $ (22) $ 2,014 $ (477) $ 36,460 December 31, 2020 U.S. Treasury and government agencies $ (13) $ 603 $ (13) $ 603 Residential mortgage-backed Agency (8) 3,152 $ (2) $ 82 (10) 3,234 Non-agency (7) 119 (7) 73 (14) 192 Commercial mortgage-backed Agency (2) 149 (2) 149 Non-agency (13) 972 (7) 714 (20) 1,686 Asset-backed (1) 339 (9) 706 (10) 1,045 Total securities available for sale $ (42) $ 5,185 $ (27) $ 1,724 $ (69) $ 6,909 Information relating to gross realized securities gains and losses from the sales of securities is set forth in the following table: Table 37: Gains (Losses) on Sales of Securities Available for Sale Three months ended March 31 Gross Gains Gross Losses Net Gains Tax Expense 2021 $ 159 $ (134) $ 25 $ 5 2020 $ 184 $ (2) $ 182 $ 38 The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at March 31, 2021: Table 38: Contractual Maturity of Debt Securities March 31, 2021 1 Year or Less After 1 Year After 5 Years After 10 Total Securities Available for Sale U.S. Treasury and government agencies $ 2,685 $ 15,164 $ 6,237 $ 1,584 $ 25,670 Residential mortgage-backed Agency 2 205 2,248 48,044 50,499 Non-agency 2 1,179 1,181 Commercial mortgage-backed Agency 545 662 1,012 2,219 Non-agency 202 210 3,779 4,191 Asset-backed 86 2,322 1,274 2,287 5,969 Other 733 1,826 1,672 846 5,077 Total securities available for sale at amortized cost $ 3,506 $ 20,264 $ 12,305 $ 58,731 $ 94,806 Fair value $ 3,529 $ 20,700 $ 12,405 $ 60,165 $ 96,799 Weighted-average yield, GAAP basis (a) 1.68 % 1.58 % 1.72 % 2.62 % 2.25 % Securities Held to Maturity U.S. Treasury and government agencies $ 199 $ 315 $ 286 $ 800 Other $ 71 396 109 80 656 Total securities held to maturity at amortized cost $ 71 $ 595 $ 424 $ 366 $ 1,456 Fair value $ 72 $ 626 $ 490 $ 371 $ 1,559 Weighted-average yield, GAAP basis (a) 3.70 % 3.21 % 3.93 % 2.48 % 3.28 % (a) Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. At March 31, 2021, there were no securities of a single issuer, other than FNMA and FHLMC, that exceeded 10% of total shareholders’ equity. The FNMA and FHLMC investments had a total amortized cost of $30.8 billion and $18.9 billion and fair value of $31.7 billion and $18.8 billion, respectively. The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings. Table 39: Fair Value of Securities Pledged and Accepted as Collateral In millions March 31 December 31 Pledged to others $ 21,794 $ 22,841 Accepted from others: Permitted by contract or custom to sell or repledge $ 817 $ 683 Permitted amount repledged to others $ 817 $ 683 The securities pledged to others include positions held in our portfolio of investment securities, trading securities and securities accepted as collateral from others that we are permitted by contract or custom to sell or repledge, and were used to secure public and trust deposits, repurchase agreements and for other purposes. |
Loans and Related Allowance for
Loans and Related Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2021 | |
Asset Quality [Abstract] | |
Loans and Related Allowance for Credit Losses | L OANS A ND R ELATED A LLOWANCE F OR C REDIT L OSSES Loan Portfolio Our loan portfolio consists of two portfolio segments – Commercial and Consumer. Each of these segments comprises multiple loan classes. Classes are characterized by similarities in risk attributes and the manner in which we monitor and assess credit risk. Commercial Consumer • Commercial and industrial • Home equity • Commercial real estate • Residential real estate • Equipment lease financing • Automobile • Credit card • Education • Other consumer See Note 1 Accounting Policies included in Item 8 of our 2020 Form 10-K for additional information on our loan related policies. Credit Quality We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk within the loan portfolio based on our defined loan classes. In doing so, we use several credit quality indicators, including trends in delinquency rates, nonperforming status, analysis of PD and LGD ratings, updated credit scores, and originated and updated LTV ratios. The measurement of delinquency status is based on the contractual terms of each loan. Loans that are 30 days or more past due in terms of payment are considered delinquent. Loan delinquencies include government insured or guaranteed loans, loans accounted for under the fair value option and PCD loans. The following table presents the composition and delinquency status of our loan portfolio at March 31, 2021 and December 31, 2020. Pursuant to the interagency guidance issued in April 2020 and in connection with the credit reporting rules from the CARES Act, the delinquency status of loans modified due to COVID-19 related hardships aligns with the rules set forth for banks to report delinquency status to the credit agencies. These rules require that COVID-19 related loan modifications be reported as follows: • if current at the time of modification, the loan remains current throughout the modification period, • if delinquent at the time of modification and the borrower was not made current as part of the modification, the loan maintains its reported delinquent status during the modification period, or • if delinquent at the time of modification and the borrower was made current as part of the modification or became current during the modification period, the loan is reported as current. As a result, certain loans modified due to COVID-19 related hardships are not being reported as past due as of March 31, 2021 and December 31, 2020 based on the contractual terms of the loan, even where borrowers may not be making payments on their loans during the modification period. Loan modifications due to COVID-19 related hardships that permanently reduce either the contractual interest rate or the principal balance of a loan do not qualify for TDR relief under the CARES Act or the interagency guidance. Table 40: Analysis of Loan Portfolio (a) (b) Accruing Dollars in millions Current or Less 30-59 60-89 90 Days Total Nonperforming Fair Value Total Loans March 31, 2021 Commercial Commercial and industrial $ 129,130 $ 80 $ 13 $ 63 $ 156 $ 512 $ 129,798 Commercial real estate 28,085 12 1 13 221 28,319 Equipment lease financing 6,351 21 1 22 16 6,389 Total commercial 163,566 113 15 63 191 749 164,506 Consumer Home equity 22,706 43 20 63 656 $ 68 23,493 Residential real estate 20,862 162 73 275 510 (c) 541 505 22,418 Automobile 13,305 76 19 6 101 178 13,584 Credit card 5,561 31 24 52 107 7 5,675 Education 2,692 49 25 76 150 (c) 2,842 Other consumer 4,464 11 6 7 24 7 4,495 Total consumer 69,590 372 167 416 955 1,389 573 72,507 Total $ 233,156 $ 485 $ 182 $ 479 $ 1,146 $ 2,138 $ 573 $ 237,013 Percentage of total loans 98.38 % 0.20 % 0.08 % 0.20 % 0.48 % 0.90 % 0.24 % 100.00 % December 31, 2020 Commercial Commercial and industrial $ 131,245 $ 106 $ 26 $ 30 $ 162 $ 666 $ 132,073 Commercial real estate 28,485 6 1 7 224 28,716 Equipment lease financing 6,345 31 5 36 33 6,414 Total commercial 166,075 143 32 30 205 923 167,203 Consumer Home equity 23,318 50 21 71 645 $ 54 24,088 Residential real estate 20,945 181 78 319 578 (c) 528 509 22,560 Automobile 13,863 134 34 12 180 175 14,218 Credit card 6,074 43 30 60 133 8 6,215 Education 2,785 55 29 77 161 (c) 2,946 Other consumer 4,656 14 10 11 35 7 4,698 Total consumer 71,641 477 202 479 1,158 1,363 563 74,725 Total $ 237,716 $ 620 $ 234 $ 509 $ 1,363 $ 2,286 $ 563 $ 241,928 Percentage of total loans 98.27 % 0.26 % 0.10 % 0.21 % 0.56 % 0.94 % 0.23 % 100.00 % (a) Amounts in table represent loans held for investment and do not include any associated valuation allowance. (b) The accrued interest associated with our loan portfolio totaled $0.7 billion at both March 31, 2021 and December 31, 2020 and is included in Other assets on the Consolidated Balance Sheet. (c) Past due loan amounts include government insured or guaranteed Residential real estate loans and Education loans totaling $0.4 billion and $0.1 billion at March 31, 2021. Comparable amounts at December 31, 2020 were $0.4 billion and $0.2 billion. (d) Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policies. Given that these loans are not accounted for at amortized cost, these loans have been excluded from the nonperforming loan population. (e) Net of unearned income, unamortized deferred fees and costs on originated loans, and premiums or discounts on purchased loans totaling $1.4 billion and $1.3 billion at March 31, 2021 and December 31, 2020, respectively. (f) Collateral dependent loans totaled $1.4 billion and $1.5 billion at March 31, 2021 and December 31, 2020, respectively. The majority of these loans are within the Home equity and Residential real estate loan classes and are secured by consumer real estate. At March 31, 2021, we pledged $28.6 billion of commercial loans to the Federal Reserve Bank and $66.9 billion of residential real estate and other loans to the FHLB as collateral for the ability to borrow, if necessary. The comparable amounts at December 31, 2020 were $30.1 billion and $69.0 billion, respectively. Amounts pledged reflect the unpaid principal balances. Nonperforming Assets Nonperforming assets include nonperforming loans and leases, OREO and foreclosed assets. Nonperforming loans are those loans accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable. Interest income is not recognized on these loans. Loans accounted for under the fair value option are reported as performing loans, however, when nonaccrual criteria is met interest income is not recognized on these loans. Additionally, certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest are not reported as The following table presents our nonperforming assets as of March 31, 2021 and December 31, 2020 , respectively: Table 41: Nonperforming Assets Dollars in millions March 31 December 31 Nonperforming loans Commercial $ 749 $ 923 Consumer (a) 1,389 1,363 Total nonperforming loans (b) 2,138 2,286 OREO and foreclosed assets 41 51 Total nonperforming assets $ 2,179 $ 2,337 Nonperforming loans to total loans 0.90 % 0.94 % Nonperforming assets to total loans, OREO and foreclosed assets 0.92 % 0.97 % Nonperforming assets to total assets 0.46 % 0.50 % (a) Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status. (b) Nonperforming loans for which there is no related ALLL totaled $0.7 billion at March 31, 2021, and is primarily comprised of loans with a fair value of collateral that exceeds the amortized cost basis. The comparable amount at December 31, 2020 was $0.8 billion. Nonperforming loans also include certain loans whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties. In accordance with applicable accounting guidance, these loans are considered TDRs. See Note 1 Accounting Policies included in Item 8 of our 2020 Form 10-K and the Troubled Debt Restructurings section of this Note 4 for additional information on TDRs. Total nonperforming loans in Table 41 include TDRs of $0.9 billion at both March 31, 2021 and December 31, 2020. TDRs that are performing, including consumer credit card TDR loans, totaled $0.7 billion at both March 31, 2021 and December 31, 2020 and are excluded from nonperforming loans. Additional Credit Quality Indicators by Loan Class Commercial Loan Classes See Note 4 Loans and Related Allowance for Credit Losses included in Item 8 of our 2020 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk associated with each loan class. The following table presents credit quality indicators for the Commercial loan classes: Table 42: Commercial Credit Quality Indicators (a) Term Loans by Origination Year March 31, 2021 - In millions 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Commercial and industrial Pass Rated $ 13,796 $ 19,870 $ 12,404 $ 7,540 $ 5,559 $ 10,715 $ 53,161 $ 51 $ 123,096 Criticized 158 429 725 603 317 594 3,856 20 6,702 Total commercial and industrial 13,954 20,299 13,129 8,143 5,876 11,309 57,017 71 129,798 Commercial real estate Pass Rated 1,041 3,261 6,034 3,195 2,675 8,673 239 25,118 Criticized 132 137 663 166 487 1,597 19 3,201 Total commercial real estate 1,173 3,398 6,697 3,361 3,162 10,270 258 28,319 Equipment lease financing Pass Rated 339 1,360 1,142 868 678 1,711 6,098 Criticized 11 71 73 79 34 23 291 Total equipment lease financing 350 1,431 1,215 947 712 1,734 6,389 Total commercial $ 15,477 $ 25,128 $ 21,041 $ 12,451 $ 9,750 $ 23,313 $ 57,275 $ 71 $ 164,506 Term Loans by Origination Year December 31, 2020 - In millions 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Commercial and industrial Pass Rated $ 31,680 $ 13,340 $ 8,209 $ 5,956 $ 4,242 $ 7,141 $ 54,775 $ 53 $ 125,396 Criticized 339 702 578 334 224 351 4,130 19 6,677 Total commercial and industrial 32,019 14,042 8,787 6,290 4,466 7,492 58,905 72 132,073 Commercial real estate Pass Rated 3,709 6,268 3,426 2,841 2,341 6,792 218 25,595 Criticized 319 548 148 423 400 1,159 124 3,121 Total commercial real estate 4,028 6,816 3,574 3,264 2,741 7,951 342 28,716 Equipment lease financing Pass Rated 1,429 1,202 942 738 405 1,350 6,066 Criticized 78 92 86 39 22 31 348 Total equipment lease financing 1,507 1,294 1,028 777 427 1,381 6,414 Total commercial $ 37,554 $ 22,152 $ 13,389 $ 10,331 $ 7,634 $ 16,824 $ 59,247 $ 72 $ 167,203 (a) Loans in our commercial portfolio are classified as Pass Rated or Criticized based on the regulatory definitions, which are driven by the PD and LGD ratings that we assign. The Criticized classification includes loans that were rated special mention, substandard or doubtful as of March 31, 2021 and December 31, 2020. Consumer Loan Classes See Note 4 Loans and Related Allowance for Credit Losses included in Item 8 of our 2020 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk associated with each loan class. Home Equity and Residential Real Estate The following table presents credit quality indicators for the home equity and residential real estate loan classes: Table 43: Home Equity and Residential Real Estate Credit Quality Indicators Term Loans by Origination Year March 31, 2021 - In millions 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Home equity Current estimated LTV ratios . Greater than 100% $ 8 $ 41 $ 13 $ 10 $ 73 $ 471 $ 254 $ 870 Greater than or equal to 80% to 100% $ 35 253 200 39 27 139 1,384 615 2,692 Less than 80% 196 3,019 1,560 482 712 4,081 6,418 3,463 19,931 Total home equity $ 231 $ 3,280 $ 1,801 $ 534 $ 749 $ 4,293 $ 8,273 $ 4,332 $ 23,493 Updated FICO scores Greater than or equal to 780 $ 127 $ 1,925 $ 960 $ 273 $ 467 $ 2,640 $ 5,148 $ 1,844 $ 13,384 720 to 779 84 947 505 138 164 865 1,950 1,084 5,737 660 to 719 19 346 264 83 80 428 905 678 2,803 Less than 660 1 61 71 39 37 350 255 628 1,442 No FICO score available 1 1 1 1 10 15 98 127 Total home equity $ 231 $ 3,280 $ 1,801 $ 534 $ 749 $ 4,293 $ 8,273 $ 4,332 $ 23,493 Residential real estate Current estimated LTV ratios Greater than 100% $ 4 $ 56 $ 23 $ 28 $ 150 $ 261 Greater than or equal to 80% to 100% $ 346 142 274 70 113 328 1,273 Less than 80% 2,175 7,157 2,995 856 1,485 5,286 19,954 Government insured or guaranteed loans 8 29 25 39 829 930 Total residential real estate $ 2,521 $ 7,311 $ 3,354 $ 974 $ 1,665 $ 6,593 $ 22,418 Updated FICO scores Greater than or equal to 780 $ 1,409 $ 5,220 $ 2,411 $ 661 $ 1,206 $ 3,564 $ 14,471 720 to 779 1,061 1,767 708 182 308 1,056 5,082 660 to 719 51 267 166 81 85 518 1,168 Less than 660 43 38 23 24 501 629 No FICO score available 6 2 2 3 125 138 Government insured or guaranteed loans 8 29 25 39 829 930 Total residential real estate $ 2,521 $ 7,311 $ 3,354 $ 974 $ 1,665 $ 6,593 $ 22,418 Term Loans by Origination Year December 31, 2020 - In millions 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Home equity Current estimated LTV ratios . Greater than 100% $ 8 $ 44 $ 18 $ 15 $ 9 $ 88 $ 580 $ 279 $ 1,041 Greater than or equal to 80% to 100% 517 320 59 42 25 158 1,781 591 3,493 Less than 80% 2,909 1,636 513 773 660 3,754 6,433 2,876 19,554 Total home equity $ 3,434 $ 2,000 $ 590 $ 830 $ 694 $ 4,000 $ 8,794 $ 3,746 $ 24,088 Updated FICO scores Greater than or equal to 780 $ 2,019 $ 1,094 $ 311 $ 525 $ 449 $ 2,467 $ 5,382 $ 1,480 $ 13,727 720 to 779 1,028 558 153 181 145 777 2,137 941 5,920 660 to 719 334 273 86 84 66 402 985 625 2,855 Less than 660 52 74 39 39 33 345 277 620 1,479 No FICO score available 1 1 1 1 1 9 13 80 107 Total home equity $ 3,434 $ 2,000 $ 590 $ 830 $ 694 $ 4,000 $ 8,794 $ 3,746 $ 24,088 Residential real estate Current estimated LTV ratios Greater than 100% $ 3 $ 52 $ 26 $ 42 $ 41 $ 160 $ 324 Greater than or equal to 80% to 100% 495 422 127 156 124 307 1,631 Less than 80% 7,491 3,656 992 1,706 1,847 3,991 19,683 Government insured or guaranteed loans 7 28 27 38 57 765 922 Total residential real estate $ 7,996 $ 4,158 $ 1,172 $ 1,942 $ 2,069 $ 5,223 $ 22,560 Updated FICO scores Greater than or equal to 780 $ 5,425 $ 3,099 $ 814 $ 1,432 $ 1,538 $ 2,551 $ 14,859 720 to 779 2,268 820 220 340 335 818 4,801 660 to 719 252 161 76 98 92 475 1,154 Less than 660 40 48 33 31 41 485 678 No FICO score available 4 2 2 3 6 129 146 Government insured or guaranteed loans 7 28 27 38 57 765 922 Total residential real estate $ 7,996 $ 4,158 $ 1,172 $ 1,942 $ 2,069 $ 5,223 $ 22,560 Automobile, Credit Card, Education and Other Consumer The following table presents credit quality indicators for the automobile, credit card, education and other consumer loan classes: Table 44: Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes Term Loans by Origination Year March 31, 2021 - In millions 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Updated FICO Scores Automobile FICO score greater than or equal to 780 $ 775 $ 1,545 $ 1,701 $ 688 $ 362 $ 216 $ 5,287 720 to 779 242 1,067 1,380 678 320 157 3,844 660 to 719 63 591 1,076 590 240 106 2,666 Less than 660 4 228 723 535 208 89 1,787 Total automobile $ 1,084 $ 3,431 $ 4,880 $ 2,491 $ 1,130 $ 568 $ 13,584 Credit card FICO score greater than or equal to 780 $ 1,513 $ 3 $ 1,516 720 to 779 1,541 11 1,552 660 to 719 1,621 25 1,646 Less than 660 817 46 863 No FICO score available or required (a) 94 4 98 Total credit card $ 5,586 $ 89 $ 5,675 Education FICO score greater than or equal to 780 $ 1 $ 64 $ 86 $ 70 $ 55 $ 450 $ 726 720 to 779 4 34 44 37 27 202 348 660 to 719 4 10 14 14 8 90 140 Less than 660 1 1 3 2 2 35 44 No FICO score available or required (a) 3 12 9 5 3 1 33 Education loans using FICO credit metric 13 121 156 128 95 778 1,291 Other internal credit metrics 1,551 1,551 Total education $ 13 $ 121 $ 156 $ 128 $ 95 $ 2,329 $ 2,842 Other consumer FICO score greater than or equal to 780 $ 31 $ 135 $ 150 $ 49 $ 15 $ 40 $ 73 $ 1 $ 494 720 to 779 33 169 206 65 16 23 109 621 660 to 719 27 111 185 68 13 14 107 525 Less than 660 1 34 81 34 7 7 47 1 212 Other consumer loans using FICO credit metric 92 449 622 216 51 84 336 2 1,852 Other internal credit metrics 32 29 28 29 26 126 2,365 8 2,643 Total other consumer $ 124 $ 478 $ 650 $ 245 $ 77 $ 210 $ 2,701 $ 10 $ 4,495 Term Loans by Origination Year December 31, 2020 - In millions 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Updated FICO Scores Automobile FICO score greater than or equal to 780 $ 1,807 $ 1,915 $ 807 $ 452 $ 246 $ 58 $ 5,285 720 to 779 1,098 1,581 789 381 167 44 4,060 660 to 719 617 1,222 684 288 109 31 2,951 Less than 660 192 776 598 240 87 29 1,922 Total automobile $ 3,714 $ 5,494 $ 2,878 $ 1,361 $ 609 $ 162 $ 14,218 Credit card FICO score greater than or equal to 780 $ 1,635 $ 3 $ 1,638 720 to 779 1,724 11 1,735 660 to 719 1,765 26 1,791 Less than 660 902 51 953 No FICO score available or required (a) 94 4 98 Total credit card $ 6,120 $ 95 $ 6,215 Education FICO score greater than or equal to 780 $ 34 $ 90 $ 74 $ 59 $ 50 $ 428 $ 735 720 to 779 24 46 38 28 20 190 346 660 to 719 15 15 14 9 6 90 149 Less than 660 3 2 3 2 2 37 49 No FICO score available or required (a) 16 10 6 3 1 36 Education loans using FICO credit metric 92 163 135 101 78 746 1,315 Other internal credit metrics 1,631 1,631 Total education $ 92 $ 163 $ 135 $ 101 $ 78 $ 2,377 $ 2,946 Other consumer FICO score greater than or equal to 780 $ 162 $ 187 $ 63 $ 21 $ 5 $ 42 $ 86 $ 1 $ 567 720 to 779 197 247 82 22 5 22 123 698 660 to 719 127 210 81 17 3 14 117 1 570 Less than 660 28 86 41 9 2 8 53 1 228 Other consumer loans using FICO credit metric 514 730 267 69 15 86 379 3 2,063 Other internal credit metrics 67 33 37 26 60 75 2,334 3 2,635 Total other consumer $ 581 $ 763 $ 304 $ 95 $ 75 $ 161 $ 2,713 $ 6 $ 4,698 (a) Loans with no FICO score available or required generally refers to new accounts issued to borrowers with limited credit history, accounts for which we cannot obtain an updated FICO score (e.g., recent profile changes), cards issued with a business name and/or cards secured by collateral. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk. Troubled Debt Restructurings Table 45 quantifies the number of loans that were classified as TDRs as well as the change in the loans’ balance as a result of becoming a TDR during the three months ended March 31, 2021 and March 31, 2020. Additionally, the table provides information about the types of TDR concessions. See Note 1 Accounting Policies and Note 4 Loans and Related Allowance for Credit Losses included in Item 8 of our 2020 Form 10-K for additional discussion of TDRs. Table 45: Financial Impact and TDRs by Concession Type (a) Pre-TDR Post-TDR Amortized Cost Basis (c) During the three months ended March 31, 2021 Number Principal Rate Other Total Commercial 19 $ 93 $ 94 $ 94 Consumer 2,096 32 $ 16 12 28 Total TDRs 2,115 $ 125 $ 16 $ 106 $ 122 During the three months ended March 31, 2020 Commercial 13 $ 62 $ 6 $ 37 $ 43 Consumer 3,567 36 $ 22 10 32 Total TDRs 3,580 $ 98 $ 6 $ 22 $ 47 $ 75 (a) Impact of partial charge-offs at TDR date is included in this table. (b) Represents the amortized cost basis of the loans as of the quarter end prior to TDR designation. (c) Represents the amortized cost basis of the TDRs as of the end of the quarter in which the TDR occurs. After a loan is determined to be a TDR, we continue to track its performance under its most recent restructured terms. We consider a TDR to have subsequently defaulted when it becomes 60 days past due after the most recent date the loan was restructured. Loans that were both (i) classified as TDRs within the last twelve months from the balance sheet date, and (ii) subsequently defaulted during the the three months ended March 31, 2021 and March 31, 2020 totaled $15 million and $29 million, respectively. Allowance for Credit Losses We maintain the ACL related to loans at levels that we believe to be appropriate to absorb expected credit losses in the portfolios as of the balance sheet date. See Note 1 Accounting Policies included in Item 8 of our 2020 Form 10-K for a discussion of the methodologies used to determine this allowance. A rollforward of the ACL related to loans follows: Table 46: Rollforward of Allowance for Credit Losses (a) Three months ended March 31, 2021 Three Months Ended March 31, 2020 In millions Commercial Consumer Total Commercial Consumer Total Allowance for loan and lease losses Beginning balance $ 3,337 $ 2,024 $ 5,361 $ 1,812 $ 930 $ 2,742 Adoption of ASU 2016-13 (b) (304) 767 463 Beginning balance, adjusted 3,337 2,024 5,361 1,508 1,697 3,205 Charge-offs (69) (174) (243) (83) (221) (304) Recoveries 18 79 97 24 68 92 Net (charge-offs) (51) (95) (146) (59) (153) (212) Provision for (recapture of) credit losses (204) (298) (502) 531 421 952 Other 1 1 (1) (1) Ending balance $ 3,083 $ 1,631 $ 4,714 $ 1,979 $ 1,965 $ 3,944 Allowance for unfunded lending related commitments (c) Beginning balance $ 485 $ 99 $ 584 $ 316 $ 2 $ 318 Adoption of ASU 2016-13 (b) 53 126 179 Beginning balance, adjusted 485 99 584 369 128 497 Provision for (recapture of) credit losses (82) 5 (77) (25) (22) (47) Ending balance $ 403 $ 104 $ 507 $ 344 $ 106 $ 450 Allowance for credit losses at March 31 $ 3,486 $ 1,735 $ 5,221 $ 2,323 $ 2,071 $ 4,394 Allowance for credit losses at December 31 $ 3,822 $ 2,123 $ 5,945 $ 2,128 $ 932 $ 3,060 (a) Excludes allowances for investment securities and other financial assets, which together totaled $136 million and $21 million at March 31, 2021 and March 31, 2020, respectively. (b) Represents the impact of adopting ASU 2016-13, Financial Instruments - Credit Losses on January 1, 2020 and our transition from an incurred loss methodology for our reserves to an expected credit loss methodology. (c) See Note 8 Commitments for additional information about the underlying commitments related to this allowance. The ACL at March 31, 2021 totaled $5.2 billion, a $0.7 billion decrease compared to December 31, 2020. This decrease in reserves was primarily attributable to the improved economic outlook and portfolio changes, partially offset by increases in qualitative factor reserves due to portfolio sensitivity from specific customers and segments still impacted by the pandemic. The following summarizes the changes in these factors that influenced the current ACL: • The economic scenarios used for the period ended March 31, 2021 were designed to reflect an improved near-term economic outlook in comparison to the scenarios used for the period ended December 31, 2020. This improvement was the result of declining COVID-19 cases, more rapid vaccine distribution, the passage of the American Rescue Plan stimulus package and economic momentum fueled by increased consumer spending. • Portfolio changes primarily reflecting decreases in both commercial and consumer loan balances drove reserve declines at March 31, 2021. Declines were attributable to lower utilization of loan commitments and softer loan production in the commercial portfolio and paydowns outpacing new originations in the consumer portfolio. • Increases in qualitative factor reserves at March 31, 2021 were attributable to the considerable uncertainty that remains regarding overall lifetime loss content for both our commercial and consumer portfolios, specifically as it relates to our customers that are less likely to benefit from the economic recovery currently underway. For commercial borrowers, there are concerns around industries that are dependent on in-person gatherings, hospitality and tourism. For consumer borrowers, payment behavior once the government stimulus wanes is also difficult to predict. The ACL at March 31, 2020 totaled $4.4 billion, a $1.3 billion increase in reserves compared to December 31, 2019. This increase reflected the day-one CECL transition adjustment along with the significantly adverse economic impacts of the pandemic and its resulting effects on credit quality and loan growth in the first quarter of 2020. |
Loan Sale and Servicing Activit
Loan Sale and Servicing Activities and Variable Interest Entities | 3 Months Ended |
Mar. 31, 2021 | |
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] | |
Loan Sale and Servicing Activities and Variable Interest Entities | L OAN S ALE AND S ERVICING A CTIVITIES AND V ARIABLE I NTEREST E NTITIES Loan Sale and Servicing Activities As more fully described in Note 5 Loan Sale and Servicing Activities and Variable Interest Entities in Item 8 of our 2020 Form 10-K, we have transferred residential and commercial mortgage loans in securitization or sales transactions in which we have continuing involvement. Our continuing involvement generally consists of servicing, repurchasing previously transferred loans under certain conditions and loss share arrangements, and, in limited circumstances, holding of mortgage-backed securities issued by the securitization SPEs. We earn servicing and other ancillary fees for our role as servicer and, depending on the contractual terms of the servicing arrangement, we can be terminated as servicer with or without cause. At the consummation date of each type of loan transfer where we retain the servicing, we recognize a servicing right at fair value. See Note 8 Commitments and Note 11 Fair Value for information on our servicing rights, including the carrying value of servicing assets. The following table provides cash flows associated with our loan sale and servicing activities: Table 47: Cash Flows Associated with Loan Sale and Servicing Activities In millions Residential Commercial Cash Flows - Three months ended March 31, 2021 Sales of loans (b) $ 1,239 $ 988 Repurchases of previously transferred loans (c) $ 93 $ 33 Servicing fees (d) $ 82 $ 38 Servicing advances recovered/(funded), net $ 17 $ (10) Cash flows on mortgage-backed securities held (e) $ 2,555 $ 29 Cash Flows - Three months ended March 31, 2020 Sales of loans (b) $ 1,334 $ 493 Repurchases of previously transferred loans (c) $ 95 $ 15 Servicing fees (d) $ 85 $ 33 Servicing advances recovered/(funded), net $ 12 $ 12 Cash flows on mortgage-backed securities held (e) $ 1,361 $ 37 (a) Represents cash flow information associated with both commercial mortgage loan transfers and servicing activities. (b) Gains/losses recognized on sales of loans were insignificant for the periods presented. (c) Includes both residential and commercial mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our ROAP option, as well as residential mortgage loans repurchased due to alleged breaches of origination covenants or representations and warranties made to purchasers. (d) Includes contractually specified servicing fees, late charges and ancillary fees. (e) Represents cash flows on securities where we transferred to and/or service loans for a securitization SPE and we hold securities issued by that SPE. The carrying values of such securities held were $15.4 billion, $16.5 billion and $17.1 billion in residential mortgage-backed securities and $0.8 billion in commercial mortgage-backed securities at March 31, 2021, December 31, 2020 and March 31, 2020. Table 48 presents information about the principal balances of transferred loans that we service and are not recorded on our Consolidated Balance Sheet. We would only experience a loss on these transferred loans if we were required to repurchase a loan, where the repurchase price exceeded the loan's fair value, due to a breach in representations and warranties or a loss sharing arrangement associated with our continuing involvement with these loans. The estimate of losses related to breaches in representations and warranties was insignificant at March 31, 2021. Table 48: Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others In millions Residential Mortgages Commercial Mortgages (a) March 31, 2021 Total principal balance $ 41,096 $ 41,735 Delinquent loans (b) $ 450 $ 126 December 31, 2020 Total principal balance $ 43,351 $ 40,790 Delinquent loans (b) $ 453 $ 136 Three months ended March 31, 2021 Net charge-offs (c) $ 2 $ 153 Three months ended March 31, 2020 Net charge-offs (c) $ 8 $ 99 (a) Represents information at the securitization level in which we have sold loans and we are the servicer for the securitization. (b) Serviced delinquent loans are 90 days or more past due or are in process of foreclosure. (c) Net charge-offs for Residential mortgages represent credit losses less recoveries distributed and as reported to investors during the period. Net charge-offs for Commercial mortgages represent credit losses less recoveries distributed and as reported by the trustee for commercial mortgage-backed securitizations. Realized losses for Agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information. Variable Interest Entities (VIEs) As discussed in Note 5 Loan Sale and Servicing Activities and Variable Interest Entities in Item 8 of our 2020 Form 10-K, we are involved with various entities in the normal course of business that are deemed to be VIEs. The following table provides a summary of non-consolidated VIEs with which we have significant continuing involvement but are not the primary beneficiary. We have excluded certain transactions with non-consolidated VIEs from the balances presented in Table 49 where we have determined that our continuing involvement is not significant. We do not consider our continuing involvement to be significant when it relates to a VIE where we only invest in securities issued by the VIE and were not involved in the design of the VIE or where no transfers have occurred between us and the VIE. In addition, where we only have lending arrangements in the normal course of business with entities that could be VIEs, we have excluded these transactions with non-consolidated entities from the balances presented in Table 49. These loans are included as part of the asset quality disclosures that we make in Note 4 Loans and Related Allowance for Credit Losses. Table 49: Non-Consolidated VIEs In millions PNC Risk of Loss (a) Carrying Value of Assets Carrying Value of Liabilities March 31, 2021 Mortgage-backed securitizations (b) $ 16,883 $ 16,883 (c) $ 1 Tax credit investments and other 3,094 3,077 (d) 1,425 (e) Total $ 19,977 $ 19,960 $ 1,426 December 31, 2020 Mortgage-backed securitizations (b) $ 18,207 $ 18,207 (c) $ 1 Tax credit investments and other 3,121 2,894 (d) 1,198 (e) Total $ 21,328 $ 21,101 $ 1,199 (a) Represents loans, investments and other assets related to non-consolidated VIEs, net of collateral (if applicable). The risk of loss excludes any potential tax recapture associated with tax credit investments. (b) Amounts reflect involvement with securitization SPEs where we transferred to and/or service loans for an SPE and we hold securities issued by that SPE. Values disclosed in the PNC Risk of Loss column represent our maximum exposure to loss for those securities’ holdings. (c) Included in Investment securities, Mortgage servicing rights and Other assets on our Consolidated Balance Sheet. (d) Included in Investment securities, Loans, Equity investments and Other assets on our Consolidated Balance Sheet. (e) Included in Deposits and Other liabilities on our Consolidated Balance Sheet. We make certain equity investments in various tax credit limited partnerships or LLCs. The purpose of these investments is to achieve a satisfactory return on capital and to assist us in achieving goals associated with the CRA. Within Income taxes, during both the three months ended March 31, 2021 and March 31, 2020, we recognized less than $0.1 billion of amortization, tax credits and other tax benefits associated with qualified investments in low income housing tax credits. |
Goodwill and Mortgage Servicing
Goodwill and Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Mortgage Servicing Rights | G OODWILL AND M ORTGAGE S ERVICING R IGHTS Goodwill See Note 6 Goodwill and Mortgage Servicing Rights in the Notes to Consolidated Financial Statements included in Item 8 of our 2020 Form 10-K for more information regarding our goodwill. Mortgage Servicing Rights We recognize the right to service mortgage loans for others as an intangible asset when the servicing income we receive is more than adequate compensation. MSRs are purchased or originated when loans are sold with servicing retained. MSRs totaled $1.7 billion and $1.2 billion at March 31, 2021 and December 31, 2020, respectively, and consisted of loan servicing contracts for commercial and residential mortgages measured at fair value. MSRs are subject to declines in value from actual or expected prepayment of the underlying loans and defaults, as well as market driven changes in interest rates. We manage this risk by economically hedging the fair value of MSRs with securities and derivative instruments which are expected to increase (or decrease) in value when the value of MSRs decreases (or increases). Changes in the commercial and residential MSRs follow: Table 50: Mortgage Servicing Rights Commercial MSRs Residential MSRs In millions 2021 2020 2021 2020 January 1 $ 569 $ 649 $ 673 $ 995 Additions: From loans sold with servicing retained 18 11 13 10 Purchases 13 19 71 18 Changes in fair value due to: Time and payoffs (a) (28) (35) (73) (39) Other (b) 129 (167) 295 (379) March 31 $ 701 $ 477 $ 979 $ 605 Related unpaid principal balance at March 31 $ 256,198 $ 225,769 $ 117,287 $ 118,104 Servicing advances at March 31 $ 447 $ 145 $ 126 $ 99 (a) Represents decrease in MSR value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period. (b) Represents MSR value changes resulting primarily from market-driven changes in interest rates. Sensitivity Analysis The fair value of commercial and residential MSRs and significant inputs to the valuation models as of March 31, 2021 and December 31, 2020 are shown in Tables 51 and 52. The expected and actual rates of mortgage loan prepayments are significant factors driving the fair value. Management uses both internal proprietary models and a third-party model to estimate future commercial mortgage loan prepayments and a third-party model to estimate future residential mortgage loan prepayments. These models have been refined based on current market conditions and management judgment. Future interest rates are another important factor in the valuation of MSRs. Management utilizes market implied forward interest rates to estimate the future direction of mortgage and discount rates. The forward rates utilized are derived from the current yield curve for U.S. dollar interest rate swaps and are consistent with pricing of capital markets instruments. Changes in the shape and slope of the forward curve in future periods may result in volatility in the fair value estimate. A sensitivity analysis of the hypothetical effect on the fair value of MSRs to adverse changes in key assumptions is presented in Tables 51 and 52. These sensitivities do not include the impact of the related hedging activities. Changes in fair value generally cannot be extrapolated because the relationship of the change in the assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of the MSRs is calculated independently without changing any other assumption. In reality, changes in one factor may result in changes in another ( e.g. , changes in mortgage interest rates, which drive changes in prepayment rate estimates, could result in changes in the interest rate spread), which could either magnify or counteract the sensitivities. The following tables set forth the fair value of commercial and residential MSRs and the sensitivity analysis of the hypothetical effect on the fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions. Table 51: Commercial Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions March 31 December 31 Fair value $ 701 $ 569 Weighted-average life (years) 4.7 4.4 Weighted-average constant prepayment rate 4.87 % 4.87 % Decline in fair value from 10% adverse change $ 11 $ 9 Decline in fair value from 20% adverse change $ 22 $ 18 Effective discount rate 7.39 % 7.33 % Decline in fair value from 10% adverse change $ 20 $ 15 Decline in fair value from 20% adverse change $ 40 $ 31 Table 52: Residential Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions March 31 December 31 Fair value $ 979 $ 673 Weighted-average life (years) 6.2 3.8 Weighted-average constant prepayment rate 10.72 % 21.13 % Decline in fair value from 10% adverse change $ 38 $ 41 Decline in fair value from 20% adverse change $ 79 $ 82 Weighted-average option adjusted spread 944 bps 922 bps Decline in fair value from 10% adverse change $ 34 $ 20 Decline in fair value from 20% adverse change $ 66 $ 38 Fees from mortgage loan servicing, which includes contractually specified servicing fees, late fees and ancillary fees were $0.1 billion for the three months ended March 31, 2021 and 2020. We also generate servicing fees from fee-based activities provided to others for which we do not have an associated servicing asset. Fees from commercial and residential MSRs are reported within Noninterest income on our Consolidated Income Statement in Corporate services and Residential mortgage, respectively. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | L EASES Table 53: Lessor Income Three months ended In millions 2021 2020 Product Sales-type leases and direct financing leases (a) $ 62 $ 71 Operating leases (b) 20 27 Lessor income $ 82 $ 98 (a) Included in Loan interest income on the Consolidated Income Statement. (b) Included in Corporate services on the Consolidated Income Statement. |
Leases | L EASES Table 53: Lessor Income Three months ended In millions 2021 2020 Product Sales-type leases and direct financing leases (a) $ 62 $ 71 Operating leases (b) 20 27 Lessor income $ 82 $ 98 (a) Included in Loan interest income on the Consolidated Income Statement. (b) Included in Corporate services on the Consolidated Income Statement. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Guarantees [Abstract] | |
Commitments | COMMITMENTSIn the normal course of business, we have various commitments outstanding, certain of which are not included on our Consolidated Balance Sheet. The following table presents our outstanding commitments to extend credit along with other commitments as of March 31, 2021 and December 31, 2020, respectively.Table 54: Commitments to Extend Credit and Other Commitments In millions March 31 December 31 Commitments to extend credit Commercial $ 154,482 $ 153,089 Home equity lines of credit 16,604 16,626 Credit card 31,132 31,019 Other 8,195 7,087 Total commitments to extend credit 210,413 207,821 Net outstanding standby letters of credit (a) 9,090 9,053 Standby bond purchase agreements (b) 1,543 1,448 Other commitments (c) 2,733 2,046 Total commitments to extend credit and other commitments $ 223,779 $ 220,368 (a) Net outstanding standby letters of credit include $3.7 billion and $3.8 billion at March 31, 2021 and December 31, 2020, respectively, which support remarketing programs. (b) We enter into standby bond purchase agreements to support municipal bond obligations. (c) Includes $1.1 billion related to investments in qualified affordable housing projects for both March 31, 2021 and December 31, 2020. Commitments to Extend Credit Commitments to extend credit, or net unfunded loan commitments, represent arrangements to lend funds or provide liquidity subject to specified contractual conditions. These commitments generally have fixed expiration dates, may require payment of a fee, and generally contain termination clauses in the event the customer’s credit quality deteriorates. Net Outstanding Standby Letters of Credit We issue standby letters of credit and share in the risk of standby letters of credit issued by other financial institutions, in each case to support obligations of our customers to third parties, such as insurance requirements and the facilitation of transactions involving capital markets product execution. Approximately 97% of our net outstanding standby letters of credit were rated as Pass as of March 31, 2021, with the remainder rated as Criticized. An internal credit rating of Pass indicates the expected risk of loss is currently low, while a rating of Criticized indicates a higher degree of risk. If the customer fails to meet its financial or performance obligation to the third party under the terms of the contract or there is a need to support a remarketing program, then upon a draw by a beneficiary, subject to the terms of the letter of credit, we would be obligated to make payment to them. The standby letters of credit outstanding on March 31, 2021 had terms ranging from less than one year to six years. As of March 31, 2021, assets of $1.3 billion secured certain specifically identified standby letters of credit. In addition, a portion of the remaining standby letters of credit issued on behalf of specific customers is also secured by collateral or guarantees that secure the customers’ other obligations to us. The carrying amount of the liability for our obligations related to standby letters of credit and participations in standby letters of credit was $0.1 billion at March 31, 2021 and is included in Other liabilities on our Consolidated Balance Sheet. |
Total Equity and Other Comprehe
Total Equity and Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
Other Comprehensive Income [Abstract] | |
Total Equity and Other Comprehensive Income Disclosure | T OTAL E QUITY A ND O THER C OMPREHENSIVE I NCOME Table 55: Rollforward of Total Equity Shareholders’ Equity In millions Shares Common Capital Capital Retained Accumulated Treasury Non- Total Equity Three months ended Balance at December 31, 2019 (a) 433 $ 2,712 $ 3,993 $ 12,376 $ 42,215 $ 799 $ (12,781) $ 29 $ 49,343 Cumulative effect of ASU 2016-13 adoption (b) (671) (671) Balance at January 1, 2020 (a) 433 $ 2,712 $ 3,993 $ 12,376 $ 41,544 $ 799 $ (12,781) $ 29 $ 48,672 Net income 908 7 915 Other comprehensive income, net of tax 1,719 1,719 Cash dividends declared - Common (503) (503) Cash dividends declared - Preferred (63) (63) Preferred stock discount accretion 1 (1) Treasury stock activity (9) 49 (1,359) (1,310) Other (131) (9) (140) Balance at March 31, 2020 (a) 424 $ 2,712 $ 3,994 $ 12,294 $ 41,885 $ 2,518 $ (14,140) $ 27 $ 49,290 Balance at December 31, 2020 (a) 424 $ 2,713 $ 3,517 $ 12,367 $ 46,848 $ 2,770 $ (14,205) $ 31 $ 54,041 Net income 1,816 10 1,826 Other comprehensive income (loss), net of tax (1,480) (1,480) Cash dividends declared - Common (493) (493) Cash dividends declared - Preferred (57) (57) Preferred stock discount accretion 1 (1) Treasury stock activity 1 69 59 128 Other (75) (11) (86) Balance at March 31, 2021 (a) 425 $ 2,713 $ 3,518 $ 12,361 $ 48,113 $ 1,290 $ (14,146) $ 30 $ 53,879 (a) The par value of our preferred stock outstanding was less than $0.5 million at each date and, therefore, is excluded from this presentation. (b) Represents the cumulative effect of adopting ASU 2016-13 - Financial Instruments - Credit Losses . Details of other comprehensive income (loss) are as follows: Table 56: Other Comprehensive Income (Loss) Three months ended March 31 2021 2020 In millions Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Debt securities Net unrealized gains (losses) on securities $ (1,181) $ 278 $ (903) $ 1,662 $ (381) $ 1,281 Less: Net realized gains (losses) reclassified to earnings (a) 13 (3) 10 182 (42) 140 Net change (1,194) 281 (913) 1,480 (339) 1,141 Cash flow hedge derivatives Net unrealized gains (losses) on cash flow hedge derivatives (640) 151 (489) 830 (190) 640 Less: Net realized gains (losses) reclassified to earnings (a) 135 (32) 103 45 (10) 35 Net change (775) 183 (592) 785 (180) 605 Pension and other postretirement benefit plan adjustments Net pension and other postretirement benefit plan activity and other reclassified to 30 (7) 23 12 (3) 9 Net change 30 (7) 23 12 (3) 9 Other Net unrealized gains (losses) on other transactions 1 1 2 8 (18) (10) Net change 1 1 2 8 (18) (10) Total other comprehensive income (loss) from continuing operations (1,938) 458 (1,480) 2,285 (540) 1,745 Total other comprehensive income (loss) from discontinued operations (34) 8 (26) Total other comprehensive income (loss) $ (1,938) $ 458 $ (1,480) $ 2,251 $ (532) $ 1,719 (a) Reclassifications for pre-tax debt securities and cash flow hedges are recorded in interest income and noninterest income on the Consolidated Income Statement. (b) Reclassifications include amortization of actuarial losses (gains) and amortization of prior period services costs (credits) which are recorded in noninterest expense on the Consolidated Income Statement. Table 57: Accumulated Other Comprehensive Income (Loss) Components In millions, after-tax Debt securities Cash flow hedge derivatives Pension and other postretirement benefit plan adjustments Other Accumulated other Comprehensive Income from Continuing Operations Accumulated other Comprehensive Income from Discontinued Operations Total Three months ended Balance at December 31, 2019 $ 1,067 $ 276 $ (408) $ (21) $ 914 $ (115) $ 799 Net activity 1,141 605 9 (10) 1,745 (26) 1,719 Balance at March 31, 2020 $ 2,208 $ 881 $ (399) $ (31) $ 2,659 $ (141) $ 2,518 Balance at December 31, 2020 $ 2,462 $ 659 $ (345) $ (6) $ 2,770 $ 2,770 Net activity (913) (592) 23 2 (1,480) (1,480) Balance at March 31, 2021 $ 1,549 $ 67 $ (322) $ (4) $ 1,290 $ 1,290 The following table provides the dividends per share for PNC's common and preferred stock: Table 58: Dividends Per Share (a) Three months ended March 31 2021 2020 Common Stock $ 1.15 $ 1.15 Preferred Stock Series B $ 0.45 $ 0.45 Series O $ 3,375 $ 3,375 Series P $ 1,531 $ 1,531 Series Q (b) $ 1,344 (a) Dividends are payable quarterly other than Series O, Series R and Series S preferred stock, which are payable semiannually, with the Series O payable in different quarters from the Series R and Series S preferred stock. (b) On September 1, 2020, PNC redeemed all 4,800 shares of its Series Q Preferred Stock, as well as all 19.2 million Depositary Shares representing fractional interest in such shares. On April 1, 2021, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.15 per share payable on May 5, 2021. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | E ARNINGS P ER S HARE Table 59: Basic and Diluted Earnings Per Common Share Three months ended In millions, except per share data 2021 2020 Basic Net income from continuing operations $ 1,826 $ 759 Less: Net income attributable to noncontrolling interests 10 7 Preferred stock dividends 57 63 Preferred stock discount accretion and redemptions 1 1 Net income from continuing operations attributable to common shareholders 1,758 688 Less: Dividends and undistributed earnings allocated to nonvested restricted shares 8 3 Net income from continuing operations attributable to basic common shareholders $ 1,750 $ 685 Net income from discontinued operations attributable to common shareholders $ 156 Less: Undistributed earnings allocated to nonvested restricted shares 1 Net income from discontinued operations attributable to basic common shareholders $ 155 Basic weighted-average common shares outstanding 426 429 Basic earnings per common share from continuing operations (a) $ 4.11 $ 1.59 Basic earnings per common share from discontinued operations (a) $ 0.37 Basic earnings per common share $ 4.11 $ 1.96 Diluted Net income from continuing operations attributable to diluted common shareholders $ 1,750 $ 685 Net income from discontinued operations attributable to basic common shareholders $ 155 Less: Impact of earnings per share dilution from discontinued operations 1 Net income from discontinued operations attributable to diluted common shareholders $ 154 Basic weighted-average common shares outstanding 426 429 Dilutive potential common shares 1 Diluted weighted-average common shares outstanding 426 430 Diluted earnings per common share from continuing operations (a) $ 4.10 $ 1.59 Diluted earnings per common share from discontinued operations (a) $ 0.36 Diluted earnings per common share $ 4.10 $ 1.95 (a) Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities). |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value [Abstract] | |
Fair Value | F AIR V ALUE Fair Value Measurement We measure certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability on the measurement date, and is determined using an exit price in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair value hierarchy established by GAAP requires us to maximize the use of observable inputs when measuring fair value. For more information regarding the fair value hierarchy, see Note 15 Fair Value in Item 8 of our 2020 Form 10-K. Assets and Liabilities Measured at Fair Value on a Recurring Basis For more information on the valuation methodologies used to measure assets and liabilities at fair value on a recurring basis, see Note 15 Fair Value in Item 8 of our 2020 Form 10-K. The following table summarizes our assets and liabilities measured at fair value on a recurring basis, including instruments for which we have elected the fair value option. Table 60: Fair Value Measurements – Recurring Basis Summary March 31, 2021 December 31, 2020 In millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Residential mortgage loans held for sale $ 1,087 $ 165 $ 1,252 $ 691 $ 163 $ 854 Commercial mortgage loans held for sale 329 56 385 305 57 362 Securities available for sale U.S. Treasury and government agencies $ 21,997 3,953 25,950 $ 16,675 4,036 20,711 Residential mortgage-backed Agency 51,554 51,554 48,911 48,911 Non-agency 108 1,316 1,424 136 1,365 1,501 Commercial mortgage-backed Agency 2,284 2,284 2,688 2,688 Non-agency 4,225 11 4,236 3,678 11 3,689 Asset-backed 5,847 194 6,041 4,951 199 5,150 Other 5,238 72 5,310 4,636 72 4,708 Total securities available for sale 21,997 73,209 1,593 96,799 16,675 69,036 1,647 87,358 Loans 730 711 1,441 718 647 1,365 Equity investments (a) 1,133 1,343 2,725 1,070 1,263 2,629 Residential mortgage servicing rights 979 979 673 673 Commercial mortgage servicing rights 701 701 569 569 Trading securities (b) 576 1,012 1,588 548 1,690 2,238 Financial derivatives (b) (c) 4,853 63 4,916 6,415 118 6,533 Other assets 384 93 477 373 81 454 Total assets (d) $ 24,090 $ 81,313 $ 5,611 $ 111,263 $ 18,666 $ 78,936 $ 5,137 $ 103,035 Liabilities Other borrowed funds $ 790 $ 46 $ 2 $ 838 $ 661 $ 44 $ 2 $ 707 Financial derivatives (c) (e) 2,796 227 3,023 2,483 273 2,756 Other liabilities 73 73 43 43 Total liabilities (f) $ 790 $ 2,842 $ 302 $ 3,934 $ 661 $ 2,527 $ 318 $ 3,506 (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (b) Included in Other assets on the Consolidated Balance Sheet. (c) Amounts at March 31, 2021 and December 31, 2020 are presented gross and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. See Note 12 Financial Derivatives for additional information related to derivative offsetting. (d) Total assets at fair value as a percentage of total consolidated assets was 23% and 22% as of March 31, 2021 and December 31, 2020, respectively. Level 3 assets as a percentage of total assets at fair value was 5% at both March 31, 2021 and December 31, 2020. Level 3 assets as a percentage of total consolidated assets was 1% at both March 31, 2021 and December 31, 2020. (e) Included in Other liabilities on the Consolidated Balance Sheet. (f) Total liabilities at fair value as a percentage of total consolidated liabilities was 1% at both March 31, 2021 and December 31, 2020. Level 3 liabilities as a percentage of total liabilities at fair value was 8% and 9% as of March 31, 2021 and December 31, 2020, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both March 31, 2021 and December 31, 2020. Table 61: Reconciliation of Level 3 Assets and Liabilities Three Months Ended March 31, 2021 Total realized / unrealized Unrealized Level 3 Instruments Only Fair Value Dec. 31, 2020 Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage loans $ 163 $ 1 $ 35 $ (16) $ (16) $ 3 $ (5) (e) $ 165 Commercial mortgage 57 (1) 56 Securities available for sale Residential mortgage- 1,365 9 $ 16 (74) 1,316 Commercial mortgage- 11 11 Asset-backed 199 1 3 (9) 194 Other 72 1 (1) 72 Total securities 1,647 10 19 1 (84) 1,593 Loans 647 10 88 (3) (28) (3) (e) 711 $ 11 Equity investments 1,263 67 40 (27) 1,343 63 Residential mortgage 673 295 71 $ 13 (73) 979 295 Commercial mortgage 569 129 13 18 (28) 701 129 Financial derivatives 118 (14) 1 (42) 63 (11) Total assets $ 5,137 $ 497 $ 19 $ 249 $ (46) $ 31 $ (271) $ 3 $ (8) $ 5,611 $ 487 Liabilities Other borrowed funds $ 2 $ 1 $ (1) $ 2 Financial derivatives 273 $ (14) $ 2 (34) 227 $ (30) Other liabilities 43 35 30 (35) 73 4 Total liabilities $ 318 $ 21 $ 2 $ 31 $ (70) $ 302 $ (26) Net gains (losses) $ 476 (f) $ 513 (g) Three Months Ended March 31, 2020 Total realized / unrealized Unrealized gains/losses on assets and liabilities held on Consolidated Balance Sheet at Mar. 31, 2020 Level 3 Instruments Only Fair Value Dec. 31, 2019 Included in Earnings Included in Other comprehensive income (b) Purchases Sales Issuances Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value Mar. 31, 2020 Assets Residential mortgage loans $ 2 $ 2 $(1) $ 4 $ (3) (e) $ 4 Commercial mortgage 64 $ (1) $ (3) 60 $ (1) Securities available for sale Residential mortgage- 1,741 16 $ (222) (93) 1,442 Asset-backed 240 2 (29) (11) 202 Other 74 (5) 4 73 Total securities 2,055 18 (256) 4 (104) 1,717 Loans 300 11 16 (26) 362 (d) (8) (e) 655 11 Equity investments 1,276 (69) 71 (58) 1,220 (64) Residential mortgage 995 (379) 18 $ 10 (39) 605 (379) Commercial mortgage 649 (167) 19 11 (35) 477 (166) Trading securities Financial derivatives 54 101 2 (22) 135 75 Other assets Total assets $ 5,395 $ (486) $ (256) $ 132 $ (85) $ 21 $ 159 $ 4 $ (11) $ 4,873 $ (524) Liabilities Other borrowed funds $ 7 $ 12 $ (14) $ 5 Financial derivatives 200 $ 8 $ 1 (24) 185 $ 10 Other liabilities 137 2 11 (78) $ 2 $ (2) 72 (6) Total liabilities $ 344 $ 10 $ 1 $ 23 $ (116) $ 2 $ (2) $ 262 $ 4 Net gains (losses) $ (496) (f) $ (528) (g) (a) Losses for assets are bracketed while losses for liabilities are not. (b) The difference in unrealized gains and losses for the period included in Other comprehensive income and changes in unrealized gains and losses for the period included in Other comprehensive income for securities available for sale held at the end of the reporting period were not significant. (c) The amount of the total gains or losses for the period included in earnings that is attributable to the change in unrealized gains or losses related to those assets and liabilities held at the end of the reporting period. (d) Upon adoption of ASU 2016-13 - Credit Losses , we discontinued the accounting for purchased impaired loans and elected the one-time fair value option election for some of these loans and certain nonperforming loans. (e) Residential mortgage loan transfers out of Level 3 are primarily driven by residential mortgage loans transferring to OREO as well as reclassification of mortgage loans held for sale to held for investment. (f) Net gains (losses) realized and unrealized included in earnings related to Level 3 assets and liabilities included amortization and accretion. The amortization and accretion amounts were included in Interest income on the Consolidated Income Statement and the remaining net gains (losses) realized and unrealized were included in Noninterest income on the Consolidated Income Statement. (g) Net unrealized gains (losses) related to assets and liabilities held at the end of the reporting period were included in Noninterest income on the Consolidated Income Statement. An instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Changes from one quarter to the next related to the observability of inputs to a fair value measurement may result in a reclassification (transfer) of assets or liabilities between hierarchy levels. Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities follows: Table 62: Fair Value Measurements – Recurring Quantitative Information March 31, 2021 Level 3 Instruments Only Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a) Commercial mortgage loans held for sale $ 56 Discounted cash flow Spread over the benchmark curve (b) 620bps - 6,350bps (4,038bps) Residential mortgage-backed 1,316 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 37.6% (10.2%) Constant default rate 0.0% - 18.8% (6.0%) Loss severity 25.0% -95.7% (48.6%) Spread over the benchmark curve (b) 155bps weighted-average Asset-backed securities 194 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 40.0% (8.4%) Constant default rate 1.4% - 6.0% (2.9%) Loss severity 30.0% - 100.0% (55.3%) Spread over the benchmark curve (b) 197bps weighted-average Loans - Residential real estate 429 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (81.5%) Loss severity 0.0% - 100.0% (10.0%) Discount rate 4.8% - 6.8% (5.1%) 130 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 3.2% weighted-average Loans - Home equity 20 Consensus pricing (c) Cumulative default rate 3.6% -100.0% (85.5%) Loss severity 0.0% - 98.4% (31.5%) Discount rate 4.8% - 6.8% (6.2%) 132 Consensus pricing (c) Credit and liquidity discount 4.7% - 92.0% (44.0%) Equity investments 1,343 Multiple of adjusted earnings Multiple of earnings 4.0x - 20.1x (8.8x) Residential mortgage servicing rights 979 Discounted cash flow Constant prepayment rate 0.0% - 31.4% (10.7%) Spread over the benchmark curve (b) 383bps - 2,893bps (944bps) Commercial mortgage servicing rights 701 Discounted cash flow Constant prepayment rate 4.1% - 13.6% (4.9%) Discount rate 5.5% - 7.6% (7.4%) Financial derivatives - Swaps related to (201) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 162.3% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation resolution date Q2 2022 Insignificant Level 3 assets, net of 210 Total Level 3 assets, net of liabilities (e) $ 5,309 December 31, 2020 Level 3 Instruments Only Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a) Commercial mortgage loans held for sale $ 57 Discounted cash flow Spread over the benchmark curve (b) 630bps - 5,275bps (3,406bps) Residential mortgage-backed 1,365 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 37.6% (8.6%) Constant default rate 0.0% - 12.2% (4.7%) Loss severity 25.0% - 95.7% (48.8%) Spread over the benchmark curve (b) 242bps weighted-average Asset-backed securities 199 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% -22.0% (7.4%) Constant default rate 1.0% - 6.0% (3.3%) Loss severity 30.0% - 100.0% (58.1%) Spread over the benchmark curve (b) 291bps weighted-average Loans - Residential real estate 434 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (82.1%) Loss severity 0.0% - 100.0% (11.2%) Discount rate 4.8% - 6.8% (5.1%) 132 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 3.2% weighted-average Loans - Home equity 21 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (88.5%) Loss severity 0.0% -98.4% (33.3%) Discount rate 4.8% - 6.8% (6.3%) 60 Consensus pricing (c) Credit and Liquidity discount 17.5% -97.0% (57.7%) Equity investments 1,263 Multiple of adjusted earnings Multiple of earnings 5.0x - 15.9x (8.7x) Residential mortgage servicing rights 673 Discounted cash flow Constant prepayment rate 0.0% - 77.5% (21.1%) Spread over the benchmark curve (b) 325bps - 2,783bps (922bps) Commercial mortgage servicing rights 569 Discounted cash flow Constant prepayment rate 4.0% - 16.1% (4.9%) Discount rate 4.7% - 7.8% (7.3%) Financial derivatives - Swaps related to (252) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 162.3% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation Q2 2022 Insignificant Level 3 assets, net of 298 Total Level 3 assets, net of liabilities (e) $ 4,819 (a) Unobservable inputs were weighted by the relative fair value of the instruments. (b) The assumed yield spread over the benchmark curve for each instrument is generally intended to incorporate non-interest rate risks, such as credit and liquidity risks. (c) Consensus pricing refers to fair value estimates that are generally internally developed using information such as dealer quotes or other third-party provided valuations or comparable asset prices. (d) Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain financial derivative assets and liabilities, trading securities, other securities, residential mortgage loans held for sale, other assets, other borrowed funds and other liabilities. (e) Consisted of total Level 3 assets of $5.6 billion and total Level 3 liabilities of $0.3 billion as of March 31, 2021 and $5.1 billion and $0.3 billion as of December 31, 2020, respectively. Financial Assets Accounted for at Fair Value on a Nonrecurring Basis We may be required to measure certain financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment and are included in Table 63. For more information regarding the valuation methodologies of our financial assets measured at fair value on a nonrecurring basis, see Note 15 Fair Value in Item 8 of our 2020 Form 10-K. Table 63: Fair Value Measurements – Nonrecurring (a) (b) (c) Fair Value Gains (Losses) In millions March 31 December 31 March 31 March 31 Assets Nonaccrual loans $ 345 $ 332 $ (17) $ (28) Loans held for sale 243 (17) OREO and foreclosed assets 2 18 (1) Long-lived assets 6 20 (2) (1) Total assets $ 596 $ 370 $ (36) $ (30) (a) All Level 3 as of March 31, 2021 and December 31, 2020, except for $243 million included in Loans held for sale which was categorized as Level 2 as of March 31, 2021. (b) Valuation techniques applied were fair value of property or collateral. (c) Unobservable inputs used were appraised value/sales price, broker opinions or projected income/required improvement costs. Additional quantitative information was not meaningful for the periods presented. Financial Instruments Accounted for under Fair Value Option We elect the fair value option to account for certain financial instruments. For more information on these financial instruments for which the fair value option election has been made, see Note 15 Fair Value in Item 8 of our 2020 Form 10-K. Fair values and aggregate unpaid principal balances of certain items for which we elected the fair value option follow: Table 64: Fair Value Option – Fair Value and Principal Balances March 31, 2021 December 31, 2020 In millions Fair Value Aggregate Unpaid Difference Fair Value Aggregate Unpaid Difference Assets Residential mortgage loans held for sale Accruing loans less than 90 days past due $ 1,204 $ 1,172 $ 32 $ 831 $ 793 $ 38 Accruing loans 90 days or more past due 3 3 4 4 Nonaccrual loans 45 54 (9) 20 24 (4) Total $ 1,252 $ 1,229 $ 23 $ 855 $ 821 $ 34 Commercial mortgage loans held for sale (a) Accruing loans less than 90 days past due $ 380 $ 396 $ (16) $ 357 $ 370 $ (13) Nonaccrual loans 5 6 (1) 5 6 (1) Total $ 385 $ 402 $ (17) $ 362 $ 376 $ (14) Loans Accruing loans less than 90 days past due $ 622 $ 632 $ (10) $ 519 $ 530 $ (11) Accruing loans 90 days or more past due 246 260 (14) 283 295 (12) Nonaccrual loans 573 845 (272) 563 820 (257) Total $ 1,441 $ 1,737 $ (296) $ 1,365 $ 1,645 $ (280) Other assets $ 93 $ 91 $ 2 $ 81 $ 69 $ 12 Liabilities Other borrowed funds $ 28 $ 28 $ 32 $ 33 $ (1) (a) There were no accruing loans 90 days or more past due within this category at March 31, 2021 or December 31, 2020. The changes in fair value for items for which we elected the fair value option are as follows: Table 65: Fair Value Option – Changes in Fair Value (a) Gains (Losses) Three months ended March 31 March 31 In millions 2021 2020 Assets Residential mortgage loans held for sale $ 16 $ 46 Commercial mortgage loans held for sale $ 20 $ 48 Loans $ 14 $ 18 Other assets $ 14 $ (36) (a) The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts. Additional Fair Value Information Related to Financial Instruments Not Recorded at Fair Value The following table presents the carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of all other financial instruments that are not recorded on our Consolidated Balance Sheet at fair value as of March 31, 2021 and December 31, 2020. For more information regarding the methods and assumptions used to estimate the fair values of financial instruments included in Table 66, see Note 15 Fair Value in Item 8 of our 2020 Form 10-K. Table 66: Additional Fair Value Information Related to Other Financial Instruments Carrying Fair Value In millions Amount Total Level 1 Level 2 Level 3 March 31, 2021 Assets Cash and due from banks $ 7,455 $ 7,455 $ 7,455 Interest-earning deposits with banks 86,161 86,161 $ 86,161 Securities held to maturity 1,459 1,559 874 485 $ 200 Net loans (excludes leases) 224,468 228,650 228,650 Other assets 3,783 3,782 3,780 2 Total assets $ 323,326 $ 327,607 $ 8,329 $ 90,426 $ 228,852 Liabilities Time deposits $ 18,813 $ 18,651 $ 18,651 Borrowed funds 32,192 32,790 31,129 $ 1,661 Unfunded lending related commitments 507 507 507 Other liabilities 486 486 486 Total liabilities $ 51,998 $ 52,434 $ 50,266 $ 2,168 December 31, 2020 Assets Cash and due from banks $ 7,017 $ 7,017 $ 7,017 Interest-earning deposits with banks 85,173 85,173 $ 85,173 Securities held to maturity 1,445 1,604 920 489 $ 195 Net loans (excludes leases) 228,788 233,688 233,688 Other assets 3,601 3,600 3,559 41 Total assets $ 326,024 $ 331,082 $ 7,937 $ 89,221 $ 233,924 Liabilities Time deposits $ 19,692 $ 19,662 $ 19,662 Borrowed funds 36,488 37,192 35,571 $ 1,621 Unfunded lending related commitments 584 584 584 Other liabilities 413 413 413 Total liabilities $ 57,177 $ 57,851 $ 55,646 $ 2,205 The aggregate fair values in Table 66 represent only a portion of the total market value of our assets and liabilities as, in accordance with the guidance related to fair values about financial instruments, we exclude the following: • financial instruments recorded at fair value on a recurring basis (as they are disclosed in Table 60); • investments accounted for under the equity method, • equity securities without a readily determinable fair value that apply for the alternative measurement approach to fair value under ASU 2016-01, • real and personal property, • lease financing, • loan customer relationships, • deposit customer intangibles, • mortgage servicing rights (MSRs), • retail branch networks, • fee-based businesses, such as asset management and brokerage, • trademarks and brand names, • trade receivables and payables due in one year or less, and • deposit liabilities with no defined or contractual maturities under ASU 2016-01, and • insurance contracts. |
Financial Derivatives
Financial Derivatives | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Derivatives | F INANCIAL D ERIVATIVES We use a variety of financial derivatives to both mitigate exposure to market (primarily interest rate) and credit risks inherent in our business activities, as well as to facilitate customer risk management activities. We manage these risks as part of our overall asset and liability management process and through our credit policies and procedures. Derivatives represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or another type of asset to the other party based on a notional amount and an underlying as specified in the contract. Derivative transactions are often measured in terms of notional amount, but this amount is generally not exchanged and it is not recorded on the balance sheet. The notional amount is the basis to which the underlying is applied to determine required payments under the derivative contract. The underlying is a referenced interest rate, security price, credit spread or other index. Residential and commercial real estate loan commitments associated with loans to be sold also qualify as derivative instruments. For more information regarding derivatives see Note 1 Accounting Policies and Note 16 Financial Derivatives in the Notes to Consolidated Financial Statements included in Item 8 of our 2020 Form 10-K. The following table presents the notional amounts and gross fair values of all derivative assets and liabilities held by us: Table 67: Total Gross Derivatives (a) March 31, 2021 December 31, 2020 In millions Notional / Asset Fair Liability Fair Notional / Asset Fair Liability Fair Derivatives used for hedging Interest rate contracts (d): Fair value hedges $ 22,802 $ 24,153 Cash flow hedges 35,017 $ 14 $ 99 22,875 $ 14 Foreign exchange contracts: Net investment hedges 1,081 30 1,075 $ 22 Total derivatives designated for hedging $ 58,900 $ 14 $ 129 $ 48,103 $ 14 $ 22 Derivatives not used for hedging Derivatives used for mortgage banking activities (e): Interest rate contracts: Swaps $ 26,974 $ 50,511 Futures (f) 2,883 2,841 Mortgage-backed commitments 14,979 $ 144 $ 82 11,288 $ 147 $ 77 Other 4,307 58 16 1,831 11 2 Total interest rate contracts 49,143 202 98 66,471 158 79 Derivatives used for customer-related activities: Interest rate contracts: Swaps 278,447 3,614 1,578 280,125 5,475 1,601 Futures (f) 965 1,235 Mortgage-backed commitments 7,324 36 30 4,178 11 14 Other 22,475 157 123 20,125 193 88 Total interest rate contracts 309,211 3,807 1,731 305,663 5,679 1,703 Commodity contracts: Swaps 7,032 558 533 6,149 350 323 Other 3,247 120 120 2,770 61 61 Total commodity contracts 10,279 678 653 8,919 411 384 Foreign exchange contracts and other 26,183 186 172 26,620 267 243 Total derivatives for customer-related activities 345,673 4,671 2,556 341,202 6,357 2,330 Derivatives used for other risk management activities: Foreign exchange contracts and other 10,836 29 240 10,931 4 325 Total derivatives not designated for hedging $ 405,652 $ 4,902 $ 2,894 $ 418,604 $ 6,519 $ 2,734 Total gross derivatives $ 464,552 $ 4,916 $ 3,023 $ 466,707 $ 6,533 $ 2,756 Less: Impact of legally enforceable master netting agreements 904 904 720 720 Less: Cash collateral received/paid 716 1,295 1,434 1,452 Total derivatives $ 3,296 $ 824 $ 4,379 $ 584 (a) Centrally cleared derivatives are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet . (b) Included in Other assets on our Consolidated Balance Sheet. (c) Included in Other liabilities on our Consolidated Balance Sheet. (d) Represents primarily swaps. (e) Includes both residential and commercial mortgage banking activities. (f) Futures contracts are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet. All derivatives are carried on our Consolidated Balance Sheet at fair value. Derivative balances are presented on the Consolidated Balance Sheet on a net basis taking into consideration the effects of legally enforceable master netting agreements and, when appropriate, any related cash collateral exchanged with counterparties. Further discussion regarding the offsetting rights associated with these legally enforceable master netting agreements is included in the Offsetting, Counterparty Credit Risk and Contingent Features section of this Note 12. Any nonperformance risk, including credit risk, is included in the determination of the estimated net fair value of the derivatives. Derivatives Designated As Hedging Instruments Certain derivatives used to manage interest rate and foreign exchange risk as part of our asset and liability risk management activities are designated as accounting hedges. Derivatives hedging the risks associated with changes in the fair value of assets or liabilities are considered fair value hedges, derivatives hedging the variability of expected future cash flows are considered cash flow hedges, and derivatives hedging a net investment in a foreign subsidiary are considered net investment hedges. Designating derivatives as accounting hedges allows for gains and losses on those derivatives to be recognized in the same period and in the same income statement line item as the earnings impact of the hedged items. Fair Value Hedges We enter into receive-fixed, pay-variable interest rate swaps to hedge changes in the fair value of outstanding fixed-rate debt caused by fluctuations in market interest rates. We also enter into pay-fixed, receive-variable interest rate swaps and zero-coupon swaps to hedge changes in the fair value of fixed rate and zero-coupon investment securities caused by fluctuations in market interest rates. Gains and losses on the interest rate swaps designated in these hedge relationships, along with the offsetting gains and losses on the hedged items attributable to the hedged risk, are recognized in current earnings within the same income statement line item. Cash Flow Hedges We enter into receive-fixed, pay-variable interest rate swaps and interest rate caps and floors to modify the interest rate characteristics of designated commercial loans from variable to fixed in order to reduce the impact of changes in future cash flows due to market interest rate changes. We also periodically enter into forward purchase and sale contracts to hedge the variability of the consideration that will be paid or received related to the purchase or sale of investment securities. The forecasted purchase or sale is consummated upon gross settlement of the forward contract itself. For these cash flow hedges, gains and losses on the hedging instruments are recorded in AOCI and are then reclassified into earnings in the same period the hedged cash flows affect earnings and within the same income statement line as the hedged cash flows. In the 12 months that follow March 31, 2021, we expect to reclassify an insignificant amount of net derivative gains from AOCI to interest income for these cash flow hedge strategies. This reclassified amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to March 31, 2021. As of March 31, 2021, the maximum length of time over which forecasted transactions are hedged is ten years. Further detail regarding gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table: Table 68: Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b) Location and Amount of Gains (Losses) Recognized in Income Interest Income Interest Expense Noninterest Income In millions Loans Investment Securities Borrowed Funds Other For the three months ended March 31, 2021 Total amounts on the Consolidated Income Statement $ 1,996 $ 421 $ 95 $ 483 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (8) $ 646 Derivatives $ 9 $ (664) Amounts related to interest settlements on derivatives $ (1) $ 134 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 100 $ 22 $ 13 For the three months ended March 31, 2020 Total amounts on the Consolidated Income Statement $ 2,480 $ 582 $ 314 $ 343 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 234 $ (1,361) Derivatives $ (231) $ 1,339 Amounts related to interest settlements on derivatives $ (2) $ 59 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 42 $ 2 $ 1 (a) For all periods presented, there were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for any of the fair value or cash flow hedge strategies. (b) All cash flow and fair value hedge derivatives were interest rate contracts for the periods presented. (c) Includes an insignificant amount of fair value hedge adjustments related to discontinued hedge relationships. Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table: Table 69: Hedged Items - Fair Value Hedges March 31, 2021 December 31, 2020 In millions Carrying Value of the Hedged Items Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a) Carrying Value of the Hedged Items Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a) Investment securities - available for sale (b) $ 2,778 $ 22 $ 2,785 $ 30 Borrowed funds $ 23,936 $ 966 $ 25,797 $ 1,611 (a) Includes $(0.1) billion of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships at both March 31, 2021 and December 31, 2020, respectively. (b) Carrying value shown represents amortized cost. Net Investment Hedges We enter into foreign currency forward contracts to hedge non-U.S. dollar net investments in foreign subsidiaries against adverse changes in foreign exchange rates. We assess whether the hedging relationship is highly effective in achieving offsetting changes in the value of the hedge and hedged item by qualitatively verifying that the critical terms of the hedge and hedged item match at the inception of the hedging relationship and on an ongoing basis. Net investment hedge derivatives are classified as foreign exchange contracts. There were no components of derivative gains or losses excluded from the assessment of the hedge effectiveness for all periods presented. Net gains (losses) on net investment hedge derivatives recognized in OCI were $(8) million and $75 million for the three months ended March 31, 2021 and 2020, respectively. Derivatives Not Designated As Hedging Instruments For additional information on derivatives not designated as hedging instruments under GAAP, see Note 16 Financial Derivatives in the Notes to Consolidated Financial Statements included in Item 8 of our 2020 Form 10-K. Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table: Table 70: Gains (Losses) on Derivatives Not Designated for Hedging Three months ended In millions 2021 2020 Derivatives used for mortgage banking activities: Interest rate contracts (a) $ (322) $ 654 Derivatives used for customer-related activities: Interest rate contracts 82 2 Foreign exchange contracts and other 22 11 Gains (losses) from customer-related activities (b) 104 13 Derivatives used for other risk management activities: Foreign exchange contracts and other (b) 48 207 Total gains (losses) from derivatives not designated as hedging instruments $ (170) $ 874 (a) Included in Residential mortgage, Corporate services and Other noninterest income on our Consolidated Income Statement. (b) Included in Other noninterest income on our Consolidated Income Statement. Offsetting, Counterparty Credit Risk and Contingent Features We generally utilize a net presentation on the Consolidated Balance Sheet for those derivative financial instruments entered into with counterparties under legally enforceable master netting agreements. The master netting agreements reduce credit risk by permitting the closeout netting of all outstanding derivative instruments under the master netting agreement with the same counterparty upon the occurrence of an event of default. The master netting agreement also may require the exchange of cash or marketable securities to collateralize either party’s net position. For additional information on derivative offsetting, counterparty credit risk and contingent features, see Note 16 Financial Derivatives in the Notes to Consolidated Financial Statements included in Item 8 of our 2020 Form 10-K. Table 71 shows the impact legally enforceable master netting agreements had on our derivative assets and derivative liabilities as of March 31, 2021 and December 31, 2020. The table includes cash collateral held or pledged under legally enforceable master netting Table 71: Derivative Assets and Liabilities Offsetting In millions Amounts Offset on the Securities Collateral Held/Pledged Under Master Netting Agreements Gross Fair Value Cash Net Net Amounts March 31, 2021 Derivative assets Interest rate contracts: Over-the-counter cleared $ 101 $ 101 $ 101 Over-the-counter 3,922 $ 620 $ 700 2,602 $ 263 2,339 Commodity contracts 678 190 8 480 480 Foreign exchange and other contracts 215 94 8 113 1 112 Total derivative assets $ 4,916 $ 904 $ 716 $ 3,296 (a) $ 264 $ 3,032 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 158 $ 158 $ 158 Over-the-counter 1,770 $ 653 $ 792 325 325 Commodity contracts 653 184 407 62 62 Foreign exchange and other contracts 442 67 96 279 279 Total derivative liabilities $ 3,023 $ 904 $ 1,295 $ 824 (b) $ 824 December 31, 2020 Derivative assets Interest rate contracts: Over-the-counter cleared $ 48 $ 48 $ 48 Over-the-counter 5,803 $ 430 $ 1,426 3,947 $ 531 3,416 Commodity contracts 411 209 4 198 198 Foreign exchange and other contracts 271 81 4 186 1 185 Total derivative assets $ 6,533 $ 720 $ 1,434 $ 4,379 (a) $ 532 $ 3,847 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 42 $ 42 $ 42 Over-the-counter 1,740 $ 462 $ 1,179 99 99 Commodity contracts 384 182 103 99 99 Foreign exchange and other contracts 590 76 170 344 344 Total derivative liabilities $ 2,756 $ 720 $ 1,452 $ 584 (b) $ 584 (a) Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet. (b) Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet. In addition to using master netting agreements and other collateral agreements to reduce credit risk associated with derivative instruments, we also seek to manage credit risk by evaluating credit ratings of counterparties and by using internal credit analysis, limits and monitoring procedures. At March 31, 2021, we held cash, U.S. government securities and mortgage-backed securities totaling $1.5 billion under master netting agreements and other collateral agreements to collateralize net derivative assets due from counterparties, and we pledged cash totaling $2.0 billion under these agreements to collateralize net derivative liabilities owed to counterparties and to meet initial margin requirements. These totals may differ from the amounts presented in the preceding offsetting table because these totals may include collateral exchanged under an agreement that does not qualify as a master netting agreement or because the total amount of collateral held or pledged exceeds the net derivative fair values with the counterparty as of the balance sheet date due to timing or other factors, such as initial margin. To the extent not netted against the derivative fair values under a master netting agreement, the receivable for cash pledged is included in Other assets and the obligation for cash held is included in Other liabilities on our Consolidated Balance Sheet. Securities held from counterparties are not recognized on our balance sheet. Likewise securities we have pledged to counterparties remain on our balance sheet. Certain derivative agreements contain various credit-risk related contingent provisions, such as those that require our debt to maintain a specified credit rating from one or more of the major credit rating agencies. If our debt ratings were to fall below such specified ratings, the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position on March 31, 2021 was $1.8 billion for which we had posted collateral of $1.3 billion in the normal course of business. The maximum additional amount of collateral we would have been required to post if the credit-risk-related contingent features underlying these agreements had been triggered on March 31, 2021 would be $0.5 billion. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2021 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | L EGAL P ROCEEDINGS We establish accruals for legal proceedings, including litigation and regulatory and governmental investigations and inquiries, when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. Any such accruals are adjusted thereafter as appropriate to reflect changed circumstances. When we are able to do so, we also determine estimates of possible losses or ranges of possible losses, whether in excess of any related accrued liability or where there is no accrued liability, for disclosed legal proceedings (“Disclosed Matters,” which are those matters disclosed in this Note 13 as well as those matters disclosed in Note 21 Legal Proceedings in Part II, Item 8 of our 2020 Form 10-K (such prior disclosure referred to as “Prior Disclosure”)). For Disclosed Matters where we are able to estimate such possible losses or ranges of possible losses, as of March 31, 2021, we estimate that it is reasonably possible that we could incur losses in excess of related accrued liabilities, if any, in an aggregate amount less than $100 million. The estimates included in this amount are based on our analysis of currently available information and are subject to significant judgment and a variety of assumptions and uncertainties. As new information is obtained we may change our estimates. Due to the inherent subjectivity of the assessments and unpredictability of outcomes of legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to us from the legal proceedings in question. Thus, our exposure and ultimate losses may be higher, and possibly significantly so, than the amounts accrued or this aggregate amount. As a result of the types of factors described in Note 21 Legal Proceedings in Part II, Item 8 of our 2020 Form 10-K, we are unable, at this time, to estimate the losses that are reasonably possible to be incurred or ranges of such losses with respect to some of the matters disclosed, and the aggregate estimated amount provided above does not include an estimate for every Disclosed Matter. Therefore, as the estimated aggregate amount disclosed above does not include all of the Disclosed Matters, the amount disclosed above does not represent our maximum reasonably possible loss exposure for all of the Disclosed Matters. The estimated aggregate amount also does not reflect any of our exposure to matters not so disclosed, as discussed below under “Other.” We include in some of the descriptions of individual Disclosed Matters certain quantitative information related to the plaintiff’s claim against us as alleged in the plaintiff’s pleadings or other public filings or otherwise publicly available information. While information of this type may provide insight into the potential magnitude of a matter, it does not necessarily represent our estimate of reasonably possible loss or our judgment as to any currently appropriate accrual. Some of our exposure in Disclosed Matters may be offset by applicable insurance coverage. We do not consider the possible availability of insurance coverage in determining the amounts of any accruals (although we record the amount of related insurance recoveries that are deemed probable up to the amount of the accrual) or in determining any estimates of possible losses or ranges of possible losses. USAA Patent Infringement Litigation In January 2021, USAA filed a motion to dismiss or transfer PNC Bank’s declaratory judgment complaint in PNC Bank, N.A. v. United Services Automobile Association (Case No. 2:20-cv-1886), pending in the United States District Court for the Western District of Pennsylvania. In February 2021, in United Services Automobile Association v. PNC Bank N.A. (Case No. 2:20-cv-319), pending in the United States District Court for the Eastern District of Texas, we answered the amended complaint and asserted counterclaims alleging that the plaintiff infringed four patents owned by PNC Bank, as well as for a declaratory judgment that PNC Bank does not infringe certain patents asserted by the plaintiff. In March 2021, the plaintiff filed a motion to dismiss two of the patent infringement counterclaims, as well as to sever the patent infringement counterclaims for trial. In March 2021, USAA filed another lawsuit ( United Services Automobile Association v. PNC Bank N.A. (Case No. 2:21-cv-110)) in the United States District Court for the Eastern District of Texas against PNC Bank for patent infringement. The complaint alleges that PNC’s mobile remote deposit capture systems infringe two patents owned by the plaintiff. The plaintiff seeks, among other things, a judgment that PNC is infringing each of the patents, damages for willful infringement, and attorneys’ fees. On April 19, 2021, we moved to consolidate this action with the other action brought by USAA pending in the same district. On April 22, 2021, we filed motions to dismiss and transfer this action. Other Regulatory and Governmental Inquiries We are the subject of investigations, audits, examinations and other forms of regulatory and governmental inquiry covering a broad range of issues in our consumer, mortgage, brokerage, securities and other financial services businesses, as well as other aspects of our operations. In some cases, these inquiries are part of reviews of specified activities at multiple industry participants; in others, they are directed at PNC individually. From time to time, these inquiries have involved and may in the future involve or lead to regulatory enforcement actions and other administrative proceedings. These inquiries have also led to and may in the future lead to civil or criminal judicial proceedings. Some of these inquiries result in remedies including fines, penalties, restitution, or alterations in our business practices, and in additional expenses and collateral costs and other consequences. Such remedies and other consequences typically have not been material to us from a financial standpoint, but could be in the future. Even if not financially material, they may result in significant reputational harm or other adverse consequences. Our practice is to cooperate fully with regulatory and governmental investigations, audits and other inquiries, including those described in Prior Disclosure. Other In addition to the proceedings or other matters described in Prior Disclosure, PNC and persons to whom we may have indemnification obligations, in the normal course of business, are subject to various other pending and threatened legal proceedings in which claims for monetary damages and other relief are asserted. We do not anticipate, at the present time, that the ultimate aggregate liability, if any, arising out of such other legal proceedings will have a material adverse effect on our financial position. However, we cannot now determine whether or not any claims asserted against us or others to whom we may have indemnification obligations, whether in the proceedings or other matters described above or otherwise, will have a material adverse effect on our results of operations in any future reporting period, which will depend on, among other things, the amount of the loss resulting from the claim and the amount of income otherwise reported for the reporting period. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | S EGMENT R EPORTING We have three reportable business segments: • Retail Banking • Corporate & Institutional Banking • Asset Management Group Results of individual businesses are presented based on our internal management reporting practices. There is no comprehensive, authoritative body of guidance for management accounting equivalent to GAAP; therefore, the financial results of our individual businesses are not necessarily comparable with similar information for any other company. We periodically refine our internal methodologies as management reporting practices are enhanced. To the extent significant and practicable, retrospective application of new methodologies is made to prior period reportable business segment results and disclosures to create comparability with the current period. During the second quarter of 2020, we divested our entire 22.4% investment in BlackRock, which had previously been reported as a separate business segment. See Note 2 Acquisition and Divestiture Activity for additional information. Total business segment financial results differ from total consolidated net income. These differences are reflected in the “Other” category in the Table 72. “Other” includes residual activities that do not meet the criteria for disclosure as a separate reportable business, such as asset and liability management activities including net securities gains or losses, ACL for investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, certain corporate overhead, tax adjustments that are not allocated to business segments, exited businesses and differences between business segment performance reporting and financial statement reporting (GAAP). The “Other” category also included our BlackRock held for sale asset for the three months ended March 31, 2020. Assets, revenue and earnings attributable to foreign activities were not material in the periods presented for comparison. Financial results are presented, to the extent practicable, as if each business operated on a stand-alone basis. Additionally, we have aggregated the results for corporate support functions within “Other” for financial reporting purposes. Net interest income in business segment results reflects our internal funds transfer pricing methodology. Assets receive a funding charge and liabilities and capital receive a funding credit based on a transfer pricing methodology that incorporates product repricing characteristics, tenor and other factors. We have allocated the ALLL and the allowance for unfunded lending related commitments based on the loan exposures within each business segment’s portfolio. Key reserve assumptions and estimation processes react to and are influenced by observed changes in loan portfolio performance experience, the financial strength of the borrower and economic conditions. Key reserve assumptions are periodically updated. Business Segment Results Table 72: Results of Businesses Three months ended March 31 Retail Banking Corporate & Asset Other Consolidated (a) 2021 Income Statement Net interest income $ 1,362 $ 991 $ 93 $ (98) $ 2,348 Noninterest income 654 807 229 182 1,872 Total revenue 2,016 1,798 322 84 4,220 Provision for (recapture of) credit losses (257) (282) (9) (3) (551) Depreciation and amortization 63 47 4 120 234 Other noninterest expense 1,413 664 198 65 2,340 Income (loss) from continuing operations before income taxes (benefit) and 797 1,369 129 (98) 2,197 Income taxes (benefit) from continuing operations 183 308 30 (150) 371 Net income from continuing operations 614 1,061 99 52 1,826 Less: Net income attributable to noncontrolling interests 7 3 10 Net income from continuing operations excluding noncontrolling interests $ 607 $ 1,058 $ 99 $ 52 $ 1,816 Average Assets $ 92,891 $ 170,531 $ 8,873 $ 195,925 $ 468,220 2020 Income Statement Net interest income $ 1,456 $ 950 $ 88 $ 17 $ 2,511 Noninterest income 788 694 204 139 1,825 Total revenue 2,244 1,644 292 156 4,336 Provision for credit losses 445 458 3 8 914 Depreciation and amortization 57 48 11 124 240 Other noninterest expense 1,471 674 208 (50) 2,303 Income from continuing operations before income taxes (benefit) and 271 464 70 74 879 Income taxes (benefit) from continuing operations 62 94 16 (52) 120 Net income from continuing operations 209 370 54 126 759 Less: Net income attributable to noncontrolling interests 8 (1) 7 Net income from continuing operations excluding noncontrolling interests $ 201 $ 370 $ 54 $ 127 $ 752 Average Assets $ 97,062 $ 172,502 $ 7,801 $ 135,071 $ 412,436 (a) There were no material intersegment revenues for the three months ended March 31, 2021 and 2020. Business Segment Products and Services Retail Banking provides deposit, lending, brokerage, insurance services, investment management and cash management products and services to consumer and small business customers. Our customers are serviced through our branch network, ATMs, call centers, online banking and mobile channels. The branch network is located primarily in markets across the Mid-Atlantic, Midwest and Southeast. Our national expansion strategy is designed to grow customers with digitally-led banking and a thin branch network in markets outside of our existing retail branch network. Deposit products include checking, savings and money market accounts and certificates of deposit. Lending products include residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans and personal and small business loans and lines of credit. The residential mortgage loans are directly originated within our branch network and nationwide, and are typically underwritten to agency and/or third-party standards, and either sold, servicing retained, or held on our balance sheet. Brokerage, investment management and cash management products and services include managed, education, retirement and trust accounts. Corporate & Institutional Banking provides lending, treasury management and capital markets-related products and services to mid-sized and large corporations, and government and not-for-profit entities. Lending products include secured and unsecured loans, letters of credit and equipment leases. The Treasury Management business provides payables, receivables, deposit and account services, liquidity and investments, and online and mobile banking products and services to our clients. Capital markets-related products and services include foreign exchange, derivatives, fixed income, securities underwriting, loan syndications, mergers and acquisitions advisory and equity capital markets advisory related services. We also provide commercial loan servicing and technology solutions for the commercial real estate finance industry. Products and services are provided nationally. Asset Management Group provides personal wealth management for high net worth and ultra high net worth clients and institutional asset management. The Asset Management group is composed of two distinct operating units: • Personal Wealth Management, inclusive of Hawthorn, provides products and services to individuals and their families including investment and retirement planning, customized investment management, private banking, and trust management and administration for individuals and their families. The business also provides multi-generational family planning including estate, financial, tax planning, fiduciary, investment management and consulting, private banking, personal administrative services, asset custody and customized performance reporting to ultra high net worth clients. • Institutional asset management provides outsourced chief investment officer, custody, private real estate, cash and fixed income client solutions, and fiduciary retirement advisory services to institutional clients including corporations, healthcare systems, insurance companies, unions, municipalities and non-profits. |
Fee-Based Revenue from Contract
Fee-Based Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Fee-Based Revenue from Contracts with Customers | F EE - BASED R EVENUE FROM C ONTRACTS WITH C USTOMERS As more fully described in Note 24 Fee-based Revenue from Contracts with Customers in our 2020 Form 10-K, a subset of our noninterest income relates to certain fee-based revenue within the scope of ASC Topic 606 - Revenue from Contracts with Customers (Topic 606). Fee-based revenue within the scope of Topic 606 is recognized within our three reportable business segments: Retail Banking, Corporate & Institutional Banking and Asset Management Group. Interest income, income from lease contracts, fair value gains from financial instruments (including derivatives), income from mortgage servicing rights and guarantee products, letter of credit fees, non-refundable fees associated with acquiring or originating a loan and gains from the sale of financial assets are outside of the scope of Topic 606. The following tables present noninterest income within the scope of Topic 606 disaggregated by segment. A description of the fee-based revenue and how it is recognized for each segment’s principal services and products is included in our 2020 Form 10-K. Retail Banking Table 73: Retail Banking Noninterest Income Disaggregation Three months ended In millions 2021 2020 Product Debit card fees $ 138 $ 129 Deposit account fees 108 158 Brokerage fees 102 93 Net credit card fees (a) 47 41 Merchant services 32 49 Other 57 56 Total in-scope noninterest income by product $ 484 $ 526 Reconciliation to total Retail Banking noninterest income Total in-scope noninterest income $ 484 $ 526 Total out-of-scope noninterest income (b) 170 262 Total Retail Banking noninterest income $ 654 $ 788 (a) Net credit card fees consists of interchange fees of $120 million and $118 million and credit card reward costs of $73 million and $77 million for the three months ended March 31, 2021 and 2020, respectively. (b) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. Corporate & Institutional Banking Table 74: Corporate & Institutional Banking Noninterest Income Disaggregation Three months ended In millions 2021 2020 Product Treasury management fees $ 235 $ 216 Capital markets fees 192 175 Commercial mortgage banking activities 31 26 Other 29 20 Total in-scope noninterest income by product $ 487 $ 437 Reconciliation to total Corporate & Institutional Banking noninterest income Total in-scope noninterest income $ 487 $ 437 Total out-of-scope noninterest income (a) 320 257 Total Corporate & Institutional Banking noninterest income $ 807 $ 694 (a) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. Asset Management Group Table 75: Asset Management Group Noninterest Income Disaggregation Three months ended In millions 2021 2020 Customer Type Personal $ 173 $ 150 Institutional 53 51 Total in-scope noninterest income by customer type $ 226 $ 201 Reconciliation to Asset Management Group noninterest income Total in-scope noninterest income $ 226 $ 201 Total out-of-scope noninterest income (a) 3 3 Total Asset Management Group noninterest income $ 229 $ 204 (a) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | S UBSEQUENT E VENTS |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | B USINESS PNC is one of the largest diversified financial services companies in the U.S. and is headquartered in Pittsburgh, Pennsylvania. Basis of Financial Statement Presentation Our consolidated financial statements include the accounts of the parent company and its subsidiaries, most of which are wholly-owned, certain partnership interests and VIEs. We prepared these consolidated financial statements in accordance with GAAP. We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation, which did not have a material impact on our consolidated financial condition or results of operations. In our opinion, the unaudited interim consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. We have also considered the impact of subsequent events on these consolidated financial statements. |
Use of Estimates | Use of Estimates We prepared these consolidated financial statements using financial information available at the time of preparation, which requires us to make estimates and assumptions that affect the amounts reported. Our most significant estimates pertain to the ACL and our fair value measurements. Actual results may differ from the estimates and the differences may be material to the consolidated financial statements. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Accounting Standards Update Description Financial Statement Impact Income Tax Simplification - ASU 2019-12 Issued December 2019 • Simplifies the accounting for income taxes by eliminating certain exceptions in ASC 740, Income Taxes , relating to the approach for intraperiod tax allocation, the recognition of deferred tax liabilities for outside basis differences and the methodology for calculating income taxes in an interim period. • Clarifies areas of the income tax guidance around franchise taxes partially based on income, step-ups in the tax basis of goodwill, and enacted changes in tax laws. • Specifies that an entity is no longer required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. • Adopted January 1, 2021. • The adoption of this standard did not impact our consolidated results of operations or our consolidated financial position. PNC will no longer allocate the consolidated amount of current and deferred income tax expense to certain qualifying stand-alone entities, which may impact the presentation of parent company tax expense subsequent to adoption. Accounting Standards Update Description Financial Statement Impact Reference Rate Reform - ASU 2020-04 Issued March 2020 Reference Rate Reform Scope - ASU 2021-01 Issued January 2021 • Provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform (codified in ASC 848). • Includes optional expedients related to contract modifications that allow an entity to account for modifications (if certain criteria are met) as if the modifications were only minor (assets within the scope of ASC 310, Receivables ), were not substantial (assets within the scope of ASC 470, Debt ) and/or did not result in remeasurements or reclassifications (assets within the scope of ASC 842, Leases , and other Topics) of the existing contract. • Includes optional expedients related to hedging relationships within the scope of ASC 815, Derivatives & Hedging , whereby changes to the critical terms of a hedging relationship do not require dedesignation if certain criteria are met. In addition, potential sources of ineffectiveness as a result of reference rate reform may be disregarded when performing some effectiveness assessments. • Includes optional expedients and exceptions for contract modifications and hedge accounting that apply to derivative instruments impacted by the market-wide discounting transition. • Allows for a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. • Guidance in these ASUs are effective as of March 12, 2020 through December 31, 2022. • ASU 2020-04 was adopted March 12, 2020. ASU 2021-01 was retrospectively adopted October 1, 2020. • Refer to Note 1 Accounting Policies in the 2020 Form 10-K for more information on elections of optional expedients that occurred in 2020. • During the first quarter of 2021, we elected to apply certain optional expedients to derivative instruments that were modified in the first quarter due to the adoption of fallback language recommended by the ISDA to address the anticipated cessation of LIBOR. These optional expedients remove the requirement to remeasure contract modifications or dedesignate hedging relationships due to reference rate reform. • As of March 31, 2021, we have not yet elected to apply any optional expedients for contract modifications and hedging relationships to any other financial instruments. However, we plan to elect these optional expedients in the future. Accounting Standards Update Description Financial Statement Impact SEC Paragraph Amendments – ASU 2020-09 Issued October 2020 • Amends the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered, and issuers’ affiliates whose securities collateralize securities registered or being registered in Regulation S-X. • Improves disclosure requirements for both investors and registrants. • Provides investors with material information given the specific facts and circumstances, making the disclosures easier to understand and reducing the costs and burdens to registrants. • Adopted January 4, 2021. • In accordance with the requirements of this ASU, we included Exhibit 22 in the Exhibit Index of Item 6 of this Report to disclose PNC’s guarantee of the PNC Capital Trust C preferred securities. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Accounting Standards Update Description Financial Statement Impact Income Tax Simplification - ASU 2019-12 Issued December 2019 • Simplifies the accounting for income taxes by eliminating certain exceptions in ASC 740, Income Taxes , relating to the approach for intraperiod tax allocation, the recognition of deferred tax liabilities for outside basis differences and the methodology for calculating income taxes in an interim period. • Clarifies areas of the income tax guidance around franchise taxes partially based on income, step-ups in the tax basis of goodwill, and enacted changes in tax laws. • Specifies that an entity is no longer required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. • Adopted January 1, 2021. • The adoption of this standard did not impact our consolidated results of operations or our consolidated financial position. PNC will no longer allocate the consolidated amount of current and deferred income tax expense to certain qualifying stand-alone entities, which may impact the presentation of parent company tax expense subsequent to adoption. Accounting Standards Update Description Financial Statement Impact Reference Rate Reform - ASU 2020-04 Issued March 2020 Reference Rate Reform Scope - ASU 2021-01 Issued January 2021 • Provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform (codified in ASC 848). • Includes optional expedients related to contract modifications that allow an entity to account for modifications (if certain criteria are met) as if the modifications were only minor (assets within the scope of ASC 310, Receivables ), were not substantial (assets within the scope of ASC 470, Debt ) and/or did not result in remeasurements or reclassifications (assets within the scope of ASC 842, Leases , and other Topics) of the existing contract. • Includes optional expedients related to hedging relationships within the scope of ASC 815, Derivatives & Hedging , whereby changes to the critical terms of a hedging relationship do not require dedesignation if certain criteria are met. In addition, potential sources of ineffectiveness as a result of reference rate reform may be disregarded when performing some effectiveness assessments. • Includes optional expedients and exceptions for contract modifications and hedge accounting that apply to derivative instruments impacted by the market-wide discounting transition. • Allows for a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. • Guidance in these ASUs are effective as of March 12, 2020 through December 31, 2022. • ASU 2020-04 was adopted March 12, 2020. ASU 2021-01 was retrospectively adopted October 1, 2020. • Refer to Note 1 Accounting Policies in the 2020 Form 10-K for more information on elections of optional expedients that occurred in 2020. • During the first quarter of 2021, we elected to apply certain optional expedients to derivative instruments that were modified in the first quarter due to the adoption of fallback language recommended by the ISDA to address the anticipated cessation of LIBOR. These optional expedients remove the requirement to remeasure contract modifications or dedesignate hedging relationships due to reference rate reform. • As of March 31, 2021, we have not yet elected to apply any optional expedients for contract modifications and hedging relationships to any other financial instruments. However, we plan to elect these optional expedients in the future. Accounting Standards Update Description Financial Statement Impact SEC Paragraph Amendments – ASU 2020-09 Issued October 2020 • Amends the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered, and issuers’ affiliates whose securities collateralize securities registered or being registered in Regulation S-X. • Improves disclosure requirements for both investors and registrants. • Provides investors with material information given the specific facts and circumstances, making the disclosures easier to understand and reducing the costs and burdens to registrants. • Adopted January 4, 2021. • In accordance with the requirements of this ASU, we included Exhibit 22 in the Exhibit Index of Item 6 of this Report to disclose PNC’s guarantee of the PNC Capital Trust C preferred securities. |
Acquisition and Divestiture A_2
Acquisition and Divestiture Activity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Consolidated Income Statement - Discontinued Operations | The following table summarizes the results from the discontinued operations of BlackRock included in the Consolidated Income Statement: Table 34: Consolidated Income Statement - Discontinued Operations Three months ended March 31 In millions 2020 Noninterest income $ 181 Total revenue 181 Income from discontinued operations before income taxes and noncontrolling interests 181 Income taxes 25 Net income from discontinued operations $ 156 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investment Securities Disclosure [Abstract] | |
Investment Securities Summary | The following table summarizes our available for sale and held to maturity portfolios by major security type: Table 35: Investment Securities Summary March 31, 2021 (a) December 31, 2020 (a) In millions Amortized Unrealized Fair Amortized Unrealized Fair Gains Losses Gains Losses Securities Available for Sale U.S. Treasury and government agencies $ 25,670 $ 546 $ (266) $ 25,950 $ 19,821 $ 903 $ (13) $ 20,711 Residential mortgage-backed Agency 50,499 1,227 (172) 51,554 47,355 1,566 (10) 48,911 Non-agency 1,181 252 (9) 1,424 1,272 243 (14) 1,501 Commercial mortgage-backed Agency 2,219 68 (3) 2,284 2,571 119 (2) 2,688 Non-agency 4,191 60 (15) 4,236 3,678 78 (67) 3,689 Asset-backed 5,969 89 (17) 6,041 5,060 100 (10) 5,150 Other 5,077 238 (5) 5,310 4,415 293 4,708 Total securities available for sale (b) $ 94,806 $ 2,480 $ (487) $ 96,799 $ 84,172 $ 3,302 $ (116) $ 87,358 Securities Held to Maturity U.S. Treasury and government agencies $ 800 $ 74 $ 874 $ 795 $ 125 $ 920 Other 656 36 $ (7) 685 646 42 $ (3) 685 Total securities held to maturity (c) $ 1,456 $ 110 $ (7) $ 1,559 $ 1,441 $ 167 $ (3) $ 1,605 (a) The accrued interest associated with our available for sale portfolio totaled $244 million and $238 million at March 31, 2021 and December 31, 2020, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet. (b) Amortized cost is presented net of allowance of $105 million and $79 million for securities available for sale at March 31, 2021 and December 31, 2020, respectively. (c) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. 85% of our securities held to maturity were rated AAA/AA as of both March 31, 2021 and December 31, 2020. |
Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses | Table 36: Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses Unrealized loss position Unrealized loss position Total In millions Unrealized Fair Unrealized Fair Unrealized Fair March 31, 2021 U.S. Treasury and government agencies $ (266) $ 12,798 $ (266) $ 12,798 Residential mortgage-backed Agency (170) 19,019 $ (2) $ 75 (172) 19,094 Non-agency (9) 165 (9) 165 Commercial mortgage-backed Agency (2) 190 (1) 69 (3) 259 Non-agency (1) 275 (5) 911 (6) 1,186 Asset-backed (12) 1,707 (5) 794 (17) 2,501 Other (4) 457 (4) 457 Total securities available for sale $ (455) $ 34,446 $ (22) $ 2,014 $ (477) $ 36,460 December 31, 2020 U.S. Treasury and government agencies $ (13) $ 603 $ (13) $ 603 Residential mortgage-backed Agency (8) 3,152 $ (2) $ 82 (10) 3,234 Non-agency (7) 119 (7) 73 (14) 192 Commercial mortgage-backed Agency (2) 149 (2) 149 Non-agency (13) 972 (7) 714 (20) 1,686 Asset-backed (1) 339 (9) 706 (10) 1,045 Total securities available for sale $ (42) $ 5,185 $ (27) $ 1,724 $ (69) $ 6,909 |
Gains (losses) on Sales Of Securities Available for Sale | Information relating to gross realized securities gains and losses from the sales of securities is set forth in the following table: Table 37: Gains (Losses) on Sales of Securities Available for Sale Three months ended March 31 Gross Gains Gross Losses Net Gains Tax Expense 2021 $ 159 $ (134) $ 25 $ 5 2020 $ 184 $ (2) $ 182 $ 38 |
Contractual Maturity of Securities | The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at March 31, 2021: Table 38: Contractual Maturity of Debt Securities March 31, 2021 1 Year or Less After 1 Year After 5 Years After 10 Total Securities Available for Sale U.S. Treasury and government agencies $ 2,685 $ 15,164 $ 6,237 $ 1,584 $ 25,670 Residential mortgage-backed Agency 2 205 2,248 48,044 50,499 Non-agency 2 1,179 1,181 Commercial mortgage-backed Agency 545 662 1,012 2,219 Non-agency 202 210 3,779 4,191 Asset-backed 86 2,322 1,274 2,287 5,969 Other 733 1,826 1,672 846 5,077 Total securities available for sale at amortized cost $ 3,506 $ 20,264 $ 12,305 $ 58,731 $ 94,806 Fair value $ 3,529 $ 20,700 $ 12,405 $ 60,165 $ 96,799 Weighted-average yield, GAAP basis (a) 1.68 % 1.58 % 1.72 % 2.62 % 2.25 % Securities Held to Maturity U.S. Treasury and government agencies $ 199 $ 315 $ 286 $ 800 Other $ 71 396 109 80 656 Total securities held to maturity at amortized cost $ 71 $ 595 $ 424 $ 366 $ 1,456 Fair value $ 72 $ 626 $ 490 $ 371 $ 1,559 Weighted-average yield, GAAP basis (a) 3.70 % 3.21 % 3.93 % 2.48 % 3.28 % (a) Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. |
Fair Value of Securities Pledged and Accepted as Collateral | The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings. Table 39: Fair Value of Securities Pledged and Accepted as Collateral In millions March 31 December 31 Pledged to others $ 21,794 $ 22,841 Accepted from others: Permitted by contract or custom to sell or repledge $ 817 $ 683 Permitted amount repledged to others $ 817 $ 683 |
Loans and Related Allowance f_2
Loans and Related Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Asset Quality [Abstract] | |
Summary Of The Classification Of Portfolio Segments | Commercial Consumer • Commercial and industrial • Home equity • Commercial real estate • Residential real estate • Equipment lease financing • Automobile • Credit card • Education • Other consumer |
Analysis of Loan Portfolio | Table 40: Analysis of Loan Portfolio (a) (b) Accruing Dollars in millions Current or Less 30-59 60-89 90 Days Total Nonperforming Fair Value Total Loans March 31, 2021 Commercial Commercial and industrial $ 129,130 $ 80 $ 13 $ 63 $ 156 $ 512 $ 129,798 Commercial real estate 28,085 12 1 13 221 28,319 Equipment lease financing 6,351 21 1 22 16 6,389 Total commercial 163,566 113 15 63 191 749 164,506 Consumer Home equity 22,706 43 20 63 656 $ 68 23,493 Residential real estate 20,862 162 73 275 510 (c) 541 505 22,418 Automobile 13,305 76 19 6 101 178 13,584 Credit card 5,561 31 24 52 107 7 5,675 Education 2,692 49 25 76 150 (c) 2,842 Other consumer 4,464 11 6 7 24 7 4,495 Total consumer 69,590 372 167 416 955 1,389 573 72,507 Total $ 233,156 $ 485 $ 182 $ 479 $ 1,146 $ 2,138 $ 573 $ 237,013 Percentage of total loans 98.38 % 0.20 % 0.08 % 0.20 % 0.48 % 0.90 % 0.24 % 100.00 % December 31, 2020 Commercial Commercial and industrial $ 131,245 $ 106 $ 26 $ 30 $ 162 $ 666 $ 132,073 Commercial real estate 28,485 6 1 7 224 28,716 Equipment lease financing 6,345 31 5 36 33 6,414 Total commercial 166,075 143 32 30 205 923 167,203 Consumer Home equity 23,318 50 21 71 645 $ 54 24,088 Residential real estate 20,945 181 78 319 578 (c) 528 509 22,560 Automobile 13,863 134 34 12 180 175 14,218 Credit card 6,074 43 30 60 133 8 6,215 Education 2,785 55 29 77 161 (c) 2,946 Other consumer 4,656 14 10 11 35 7 4,698 Total consumer 71,641 477 202 479 1,158 1,363 563 74,725 Total $ 237,716 $ 620 $ 234 $ 509 $ 1,363 $ 2,286 $ 563 $ 241,928 Percentage of total loans 98.27 % 0.26 % 0.10 % 0.21 % 0.56 % 0.94 % 0.23 % 100.00 % (a) Amounts in table represent loans held for investment and do not include any associated valuation allowance. (b) The accrued interest associated with our loan portfolio totaled $0.7 billion at both March 31, 2021 and December 31, 2020 and is included in Other assets on the Consolidated Balance Sheet. (c) Past due loan amounts include government insured or guaranteed Residential real estate loans and Education loans totaling $0.4 billion and $0.1 billion at March 31, 2021. Comparable amounts at December 31, 2020 were $0.4 billion and $0.2 billion. (d) Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policies. Given that these loans are not accounted for at amortized cost, these loans have been excluded from the nonperforming loan population. (e) Net of unearned income, unamortized deferred fees and costs on originated loans, and premiums or discounts on purchased loans totaling $1.4 billion and $1.3 billion at March 31, 2021 and December 31, 2020, respectively. |
Nonperforming Assets | The following table presents our nonperforming assets as of March 31, 2021 and December 31, 2020 , respectively: Table 41: Nonperforming Assets Dollars in millions March 31 December 31 Nonperforming loans Commercial $ 749 $ 923 Consumer (a) 1,389 1,363 Total nonperforming loans (b) 2,138 2,286 OREO and foreclosed assets 41 51 Total nonperforming assets $ 2,179 $ 2,337 Nonperforming loans to total loans 0.90 % 0.94 % Nonperforming assets to total loans, OREO and foreclosed assets 0.92 % 0.97 % Nonperforming assets to total assets 0.46 % 0.50 % (a) Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status. (b) Nonperforming loans for which there is no related ALLL totaled $0.7 billion at March 31, 2021, and is primarily comprised of loans with a fair value of collateral that exceeds the amortized cost basis. The comparable amount at December 31, 2020 was $0.8 billion. |
Credit Quality Indicators By Loan Class | The following table presents credit quality indicators for the Commercial loan classes: Table 42: Commercial Credit Quality Indicators (a) Term Loans by Origination Year March 31, 2021 - In millions 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Commercial and industrial Pass Rated $ 13,796 $ 19,870 $ 12,404 $ 7,540 $ 5,559 $ 10,715 $ 53,161 $ 51 $ 123,096 Criticized 158 429 725 603 317 594 3,856 20 6,702 Total commercial and industrial 13,954 20,299 13,129 8,143 5,876 11,309 57,017 71 129,798 Commercial real estate Pass Rated 1,041 3,261 6,034 3,195 2,675 8,673 239 25,118 Criticized 132 137 663 166 487 1,597 19 3,201 Total commercial real estate 1,173 3,398 6,697 3,361 3,162 10,270 258 28,319 Equipment lease financing Pass Rated 339 1,360 1,142 868 678 1,711 6,098 Criticized 11 71 73 79 34 23 291 Total equipment lease financing 350 1,431 1,215 947 712 1,734 6,389 Total commercial $ 15,477 $ 25,128 $ 21,041 $ 12,451 $ 9,750 $ 23,313 $ 57,275 $ 71 $ 164,506 Term Loans by Origination Year December 31, 2020 - In millions 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Commercial and industrial Pass Rated $ 31,680 $ 13,340 $ 8,209 $ 5,956 $ 4,242 $ 7,141 $ 54,775 $ 53 $ 125,396 Criticized 339 702 578 334 224 351 4,130 19 6,677 Total commercial and industrial 32,019 14,042 8,787 6,290 4,466 7,492 58,905 72 132,073 Commercial real estate Pass Rated 3,709 6,268 3,426 2,841 2,341 6,792 218 25,595 Criticized 319 548 148 423 400 1,159 124 3,121 Total commercial real estate 4,028 6,816 3,574 3,264 2,741 7,951 342 28,716 Equipment lease financing Pass Rated 1,429 1,202 942 738 405 1,350 6,066 Criticized 78 92 86 39 22 31 348 Total equipment lease financing 1,507 1,294 1,028 777 427 1,381 6,414 Total commercial $ 37,554 $ 22,152 $ 13,389 $ 10,331 $ 7,634 $ 16,824 $ 59,247 $ 72 $ 167,203 (a) Loans in our commercial portfolio are classified as Pass Rated or Criticized based on the regulatory definitions, which are driven by the PD and LGD ratings that we assign. The Criticized classification includes loans that were rated special mention, substandard or doubtful as of March 31, 2021 and December 31, 2020. The following table presents credit quality indicators for the home equity and residential real estate loan classes: Table 43: Home Equity and Residential Real Estate Credit Quality Indicators Term Loans by Origination Year March 31, 2021 - In millions 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Home equity Current estimated LTV ratios . Greater than 100% $ 8 $ 41 $ 13 $ 10 $ 73 $ 471 $ 254 $ 870 Greater than or equal to 80% to 100% $ 35 253 200 39 27 139 1,384 615 2,692 Less than 80% 196 3,019 1,560 482 712 4,081 6,418 3,463 19,931 Total home equity $ 231 $ 3,280 $ 1,801 $ 534 $ 749 $ 4,293 $ 8,273 $ 4,332 $ 23,493 Updated FICO scores Greater than or equal to 780 $ 127 $ 1,925 $ 960 $ 273 $ 467 $ 2,640 $ 5,148 $ 1,844 $ 13,384 720 to 779 84 947 505 138 164 865 1,950 1,084 5,737 660 to 719 19 346 264 83 80 428 905 678 2,803 Less than 660 1 61 71 39 37 350 255 628 1,442 No FICO score available 1 1 1 1 10 15 98 127 Total home equity $ 231 $ 3,280 $ 1,801 $ 534 $ 749 $ 4,293 $ 8,273 $ 4,332 $ 23,493 Residential real estate Current estimated LTV ratios Greater than 100% $ 4 $ 56 $ 23 $ 28 $ 150 $ 261 Greater than or equal to 80% to 100% $ 346 142 274 70 113 328 1,273 Less than 80% 2,175 7,157 2,995 856 1,485 5,286 19,954 Government insured or guaranteed loans 8 29 25 39 829 930 Total residential real estate $ 2,521 $ 7,311 $ 3,354 $ 974 $ 1,665 $ 6,593 $ 22,418 Updated FICO scores Greater than or equal to 780 $ 1,409 $ 5,220 $ 2,411 $ 661 $ 1,206 $ 3,564 $ 14,471 720 to 779 1,061 1,767 708 182 308 1,056 5,082 660 to 719 51 267 166 81 85 518 1,168 Less than 660 43 38 23 24 501 629 No FICO score available 6 2 2 3 125 138 Government insured or guaranteed loans 8 29 25 39 829 930 Total residential real estate $ 2,521 $ 7,311 $ 3,354 $ 974 $ 1,665 $ 6,593 $ 22,418 Term Loans by Origination Year December 31, 2020 - In millions 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Home equity Current estimated LTV ratios . Greater than 100% $ 8 $ 44 $ 18 $ 15 $ 9 $ 88 $ 580 $ 279 $ 1,041 Greater than or equal to 80% to 100% 517 320 59 42 25 158 1,781 591 3,493 Less than 80% 2,909 1,636 513 773 660 3,754 6,433 2,876 19,554 Total home equity $ 3,434 $ 2,000 $ 590 $ 830 $ 694 $ 4,000 $ 8,794 $ 3,746 $ 24,088 Updated FICO scores Greater than or equal to 780 $ 2,019 $ 1,094 $ 311 $ 525 $ 449 $ 2,467 $ 5,382 $ 1,480 $ 13,727 720 to 779 1,028 558 153 181 145 777 2,137 941 5,920 660 to 719 334 273 86 84 66 402 985 625 2,855 Less than 660 52 74 39 39 33 345 277 620 1,479 No FICO score available 1 1 1 1 1 9 13 80 107 Total home equity $ 3,434 $ 2,000 $ 590 $ 830 $ 694 $ 4,000 $ 8,794 $ 3,746 $ 24,088 Residential real estate Current estimated LTV ratios Greater than 100% $ 3 $ 52 $ 26 $ 42 $ 41 $ 160 $ 324 Greater than or equal to 80% to 100% 495 422 127 156 124 307 1,631 Less than 80% 7,491 3,656 992 1,706 1,847 3,991 19,683 Government insured or guaranteed loans 7 28 27 38 57 765 922 Total residential real estate $ 7,996 $ 4,158 $ 1,172 $ 1,942 $ 2,069 $ 5,223 $ 22,560 Updated FICO scores Greater than or equal to 780 $ 5,425 $ 3,099 $ 814 $ 1,432 $ 1,538 $ 2,551 $ 14,859 720 to 779 2,268 820 220 340 335 818 4,801 660 to 719 252 161 76 98 92 475 1,154 Less than 660 40 48 33 31 41 485 678 No FICO score available 4 2 2 3 6 129 146 Government insured or guaranteed loans 7 28 27 38 57 765 922 Total residential real estate $ 7,996 $ 4,158 $ 1,172 $ 1,942 $ 2,069 $ 5,223 $ 22,560 The following table presents credit quality indicators for the automobile, credit card, education and other consumer loan classes: Table 44: Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes Term Loans by Origination Year March 31, 2021 - In millions 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Updated FICO Scores Automobile FICO score greater than or equal to 780 $ 775 $ 1,545 $ 1,701 $ 688 $ 362 $ 216 $ 5,287 720 to 779 242 1,067 1,380 678 320 157 3,844 660 to 719 63 591 1,076 590 240 106 2,666 Less than 660 4 228 723 535 208 89 1,787 Total automobile $ 1,084 $ 3,431 $ 4,880 $ 2,491 $ 1,130 $ 568 $ 13,584 Credit card FICO score greater than or equal to 780 $ 1,513 $ 3 $ 1,516 720 to 779 1,541 11 1,552 660 to 719 1,621 25 1,646 Less than 660 817 46 863 No FICO score available or required (a) 94 4 98 Total credit card $ 5,586 $ 89 $ 5,675 Education FICO score greater than or equal to 780 $ 1 $ 64 $ 86 $ 70 $ 55 $ 450 $ 726 720 to 779 4 34 44 37 27 202 348 660 to 719 4 10 14 14 8 90 140 Less than 660 1 1 3 2 2 35 44 No FICO score available or required (a) 3 12 9 5 3 1 33 Education loans using FICO credit metric 13 121 156 128 95 778 1,291 Other internal credit metrics 1,551 1,551 Total education $ 13 $ 121 $ 156 $ 128 $ 95 $ 2,329 $ 2,842 Other consumer FICO score greater than or equal to 780 $ 31 $ 135 $ 150 $ 49 $ 15 $ 40 $ 73 $ 1 $ 494 720 to 779 33 169 206 65 16 23 109 621 660 to 719 27 111 185 68 13 14 107 525 Less than 660 1 34 81 34 7 7 47 1 212 Other consumer loans using FICO credit metric 92 449 622 216 51 84 336 2 1,852 Other internal credit metrics 32 29 28 29 26 126 2,365 8 2,643 Total other consumer $ 124 $ 478 $ 650 $ 245 $ 77 $ 210 $ 2,701 $ 10 $ 4,495 Term Loans by Origination Year December 31, 2020 - In millions 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Updated FICO Scores Automobile FICO score greater than or equal to 780 $ 1,807 $ 1,915 $ 807 $ 452 $ 246 $ 58 $ 5,285 720 to 779 1,098 1,581 789 381 167 44 4,060 660 to 719 617 1,222 684 288 109 31 2,951 Less than 660 192 776 598 240 87 29 1,922 Total automobile $ 3,714 $ 5,494 $ 2,878 $ 1,361 $ 609 $ 162 $ 14,218 Credit card FICO score greater than or equal to 780 $ 1,635 $ 3 $ 1,638 720 to 779 1,724 11 1,735 660 to 719 1,765 26 1,791 Less than 660 902 51 953 No FICO score available or required (a) 94 4 98 Total credit card $ 6,120 $ 95 $ 6,215 Education FICO score greater than or equal to 780 $ 34 $ 90 $ 74 $ 59 $ 50 $ 428 $ 735 720 to 779 24 46 38 28 20 190 346 660 to 719 15 15 14 9 6 90 149 Less than 660 3 2 3 2 2 37 49 No FICO score available or required (a) 16 10 6 3 1 36 Education loans using FICO credit metric 92 163 135 101 78 746 1,315 Other internal credit metrics 1,631 1,631 Total education $ 92 $ 163 $ 135 $ 101 $ 78 $ 2,377 $ 2,946 Other consumer FICO score greater than or equal to 780 $ 162 $ 187 $ 63 $ 21 $ 5 $ 42 $ 86 $ 1 $ 567 720 to 779 197 247 82 22 5 22 123 698 660 to 719 127 210 81 17 3 14 117 1 570 Less than 660 28 86 41 9 2 8 53 1 228 Other consumer loans using FICO credit metric 514 730 267 69 15 86 379 3 2,063 Other internal credit metrics 67 33 37 26 60 75 2,334 3 2,635 Total other consumer $ 581 $ 763 $ 304 $ 95 $ 75 $ 161 $ 2,713 $ 6 $ 4,698 (a) Loans with no FICO score available or required generally refers to new accounts issued to borrowers with limited credit history, accounts for which we cannot obtain an updated FICO score (e.g., recent profile changes), cards issued with a business name and/or cards secured by collateral. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk. |
Financial Impact and TDRs by Concession Type | Table 45: Financial Impact and TDRs by Concession Type (a) Pre-TDR Post-TDR Amortized Cost Basis (c) During the three months ended March 31, 2021 Number Principal Rate Other Total Commercial 19 $ 93 $ 94 $ 94 Consumer 2,096 32 $ 16 12 28 Total TDRs 2,115 $ 125 $ 16 $ 106 $ 122 During the three months ended March 31, 2020 Commercial 13 $ 62 $ 6 $ 37 $ 43 Consumer 3,567 36 $ 22 10 32 Total TDRs 3,580 $ 98 $ 6 $ 22 $ 47 $ 75 (a) Impact of partial charge-offs at TDR date is included in this table. (b) Represents the amortized cost basis of the loans as of the quarter end prior to TDR designation. (c) Represents the amortized cost basis of the TDRs as of the end of the quarter in which the TDR occurs. |
Rollforward of Allowance for Credit Losses | A rollforward of the ACL related to loans follows: Table 46: Rollforward of Allowance for Credit Losses (a) Three months ended March 31, 2021 Three Months Ended March 31, 2020 In millions Commercial Consumer Total Commercial Consumer Total Allowance for loan and lease losses Beginning balance $ 3,337 $ 2,024 $ 5,361 $ 1,812 $ 930 $ 2,742 Adoption of ASU 2016-13 (b) (304) 767 463 Beginning balance, adjusted 3,337 2,024 5,361 1,508 1,697 3,205 Charge-offs (69) (174) (243) (83) (221) (304) Recoveries 18 79 97 24 68 92 Net (charge-offs) (51) (95) (146) (59) (153) (212) Provision for (recapture of) credit losses (204) (298) (502) 531 421 952 Other 1 1 (1) (1) Ending balance $ 3,083 $ 1,631 $ 4,714 $ 1,979 $ 1,965 $ 3,944 Allowance for unfunded lending related commitments (c) Beginning balance $ 485 $ 99 $ 584 $ 316 $ 2 $ 318 Adoption of ASU 2016-13 (b) 53 126 179 Beginning balance, adjusted 485 99 584 369 128 497 Provision for (recapture of) credit losses (82) 5 (77) (25) (22) (47) Ending balance $ 403 $ 104 $ 507 $ 344 $ 106 $ 450 Allowance for credit losses at March 31 $ 3,486 $ 1,735 $ 5,221 $ 2,323 $ 2,071 $ 4,394 Allowance for credit losses at December 31 $ 3,822 $ 2,123 $ 5,945 $ 2,128 $ 932 $ 3,060 (a) Excludes allowances for investment securities and other financial assets, which together totaled $136 million and $21 million at March 31, 2021 and March 31, 2020, respectively. (b) Represents the impact of adopting ASU 2016-13, Financial Instruments - Credit Losses on January 1, 2020 and our transition from an incurred loss methodology for our reserves to an expected credit loss methodology. |
Loan Sale and Servicing Activ_2
Loan Sale and Servicing Activities and Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Loan Sale and Servicing Activities and Variable Interest Entities [Abstract] | |
Cash Flows Associated with Loan Sale and Servicing Activities | The following table provides cash flows associated with our loan sale and servicing activities: Table 47: Cash Flows Associated with Loan Sale and Servicing Activities In millions Residential Commercial Cash Flows - Three months ended March 31, 2021 Sales of loans (b) $ 1,239 $ 988 Repurchases of previously transferred loans (c) $ 93 $ 33 Servicing fees (d) $ 82 $ 38 Servicing advances recovered/(funded), net $ 17 $ (10) Cash flows on mortgage-backed securities held (e) $ 2,555 $ 29 Cash Flows - Three months ended March 31, 2020 Sales of loans (b) $ 1,334 $ 493 Repurchases of previously transferred loans (c) $ 95 $ 15 Servicing fees (d) $ 85 $ 33 Servicing advances recovered/(funded), net $ 12 $ 12 Cash flows on mortgage-backed securities held (e) $ 1,361 $ 37 (a) Represents cash flow information associated with both commercial mortgage loan transfers and servicing activities. (b) Gains/losses recognized on sales of loans were insignificant for the periods presented. (c) Includes both residential and commercial mortgage government insured or guaranteed loans eligible for repurchase through the exercise of our ROAP option, as well as residential mortgage loans repurchased due to alleged breaches of origination covenants or representations and warranties made to purchasers. (d) Includes contractually specified servicing fees, late charges and ancillary fees. |
Principal Balance, Delinquent Loans (Loans 90 Days or More Past Due), and Net Charge-Offs Related to Serviced Loans | Table 48: Principal Balance, Delinquent Loans and Net Charge-offs Related to Serviced Loans For Others In millions Residential Mortgages Commercial Mortgages (a) March 31, 2021 Total principal balance $ 41,096 $ 41,735 Delinquent loans (b) $ 450 $ 126 December 31, 2020 Total principal balance $ 43,351 $ 40,790 Delinquent loans (b) $ 453 $ 136 Three months ended March 31, 2021 Net charge-offs (c) $ 2 $ 153 Three months ended March 31, 2020 Net charge-offs (c) $ 8 $ 99 (a) Represents information at the securitization level in which we have sold loans and we are the servicer for the securitization. (b) Serviced delinquent loans are 90 days or more past due or are in process of foreclosure. (c) Net charge-offs for Residential mortgages represent credit losses less recoveries distributed and as reported to investors during the period. Net charge-offs for Commercial mortgages represent credit losses less recoveries distributed and as reported by the trustee for commercial mortgage-backed securitizations. Realized losses for Agency securitizations are not reflected as we do not manage the underlying real estate upon foreclosure and, as such, do not have access to loss information. |
Non-Consolidated VIEs | Table 49: Non-Consolidated VIEs In millions PNC Risk of Loss (a) Carrying Value of Assets Carrying Value of Liabilities March 31, 2021 Mortgage-backed securitizations (b) $ 16,883 $ 16,883 (c) $ 1 Tax credit investments and other 3,094 3,077 (d) 1,425 (e) Total $ 19,977 $ 19,960 $ 1,426 December 31, 2020 Mortgage-backed securitizations (b) $ 18,207 $ 18,207 (c) $ 1 Tax credit investments and other 3,121 2,894 (d) 1,198 (e) Total $ 21,328 $ 21,101 $ 1,199 (a) Represents loans, investments and other assets related to non-consolidated VIEs, net of collateral (if applicable). The risk of loss excludes any potential tax recapture associated with tax credit investments. (b) Amounts reflect involvement with securitization SPEs where we transferred to and/or service loans for an SPE and we hold securities issued by that SPE. Values disclosed in the PNC Risk of Loss column represent our maximum exposure to loss for those securities’ holdings. (c) Included in Investment securities, Mortgage servicing rights and Other assets on our Consolidated Balance Sheet. (d) Included in Investment securities, Loans, Equity investments and Other assets on our Consolidated Balance Sheet. (e) Included in Deposits and Other liabilities on our Consolidated Balance Sheet. |
Goodwill and Mortgage Servici_2
Goodwill and Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Mortgage Servicing Rights | Changes in the commercial and residential MSRs follow: Table 50: Mortgage Servicing Rights Commercial MSRs Residential MSRs In millions 2021 2020 2021 2020 January 1 $ 569 $ 649 $ 673 $ 995 Additions: From loans sold with servicing retained 18 11 13 10 Purchases 13 19 71 18 Changes in fair value due to: Time and payoffs (a) (28) (35) (73) (39) Other (b) 129 (167) 295 (379) March 31 $ 701 $ 477 $ 979 $ 605 Related unpaid principal balance at March 31 $ 256,198 $ 225,769 $ 117,287 $ 118,104 Servicing advances at March 31 $ 447 $ 145 $ 126 $ 99 (a) Represents decrease in MSR value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period. (b) Represents MSR value changes resulting primarily from market-driven changes in interest rates. |
Commercial Mortgage Loan Servicing Assets - Key Valuation Assumptions | The following tables set forth the fair value of commercial and residential MSRs and the sensitivity analysis of the hypothetical effect on the fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions. Table 51: Commercial Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions March 31 December 31 Fair value $ 701 $ 569 Weighted-average life (years) 4.7 4.4 Weighted-average constant prepayment rate 4.87 % 4.87 % Decline in fair value from 10% adverse change $ 11 $ 9 Decline in fair value from 20% adverse change $ 22 $ 18 Effective discount rate 7.39 % 7.33 % Decline in fair value from 10% adverse change $ 20 $ 15 Decline in fair value from 20% adverse change $ 40 $ 31 |
Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions | The following tables set forth the fair value of commercial and residential MSRs and the sensitivity analysis of the hypothetical effect on the fair value of MSRs to immediate adverse changes of 10% and 20% in those assumptions. Table 52: Residential Mortgage Servicing Rights – Key Valuation Assumptions Dollars in millions March 31 December 31 Fair value $ 979 $ 673 Weighted-average life (years) 6.2 3.8 Weighted-average constant prepayment rate 10.72 % 21.13 % Decline in fair value from 10% adverse change $ 38 $ 41 Decline in fair value from 20% adverse change $ 79 $ 82 Weighted-average option adjusted spread 944 bps 922 bps Decline in fair value from 10% adverse change $ 34 $ 20 Decline in fair value from 20% adverse change $ 66 $ 38 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Components of Lease Income | Table 53: Lessor Income Three months ended In millions 2021 2020 Product Sales-type leases and direct financing leases (a) $ 62 $ 71 Operating leases (b) 20 27 Lessor income $ 82 $ 98 (a) Included in Loan interest income on the Consolidated Income Statement. (b) Included in Corporate services on the Consolidated Income Statement. |
Sales-type Lease, Lease Income | Table 53: Lessor Income Three months ended In millions 2021 2020 Product Sales-type leases and direct financing leases (a) $ 62 $ 71 Operating leases (b) 20 27 Lessor income $ 82 $ 98 (a) Included in Loan interest income on the Consolidated Income Statement. (b) Included in Corporate services on the Consolidated Income Statement. |
Direct Financing Lease, Lease Income | Table 53: Lessor Income Three months ended In millions 2021 2020 Product Sales-type leases and direct financing leases (a) $ 62 $ 71 Operating leases (b) 20 27 Lessor income $ 82 $ 98 (a) Included in Loan interest income on the Consolidated Income Statement. (b) Included in Corporate services on the Consolidated Income Statement. |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Guarantees [Abstract] | |
Commitments to Extend Credit and Other Commitments | Table 54: Commitments to Extend Credit and Other Commitments In millions March 31 December 31 Commitments to extend credit Commercial $ 154,482 $ 153,089 Home equity lines of credit 16,604 16,626 Credit card 31,132 31,019 Other 8,195 7,087 Total commitments to extend credit 210,413 207,821 Net outstanding standby letters of credit (a) 9,090 9,053 Standby bond purchase agreements (b) 1,543 1,448 Other commitments (c) 2,733 2,046 Total commitments to extend credit and other commitments $ 223,779 $ 220,368 (a) Net outstanding standby letters of credit include $3.7 billion and $3.8 billion at March 31, 2021 and December 31, 2020, respectively, which support remarketing programs. (b) We enter into standby bond purchase agreements to support municipal bond obligations. (c) Includes $1.1 billion related to investments in qualified affordable housing projects for both March 31, 2021 and December 31, 2020. |
Total Equity and Other Compre_2
Total Equity and Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Comprehensive Income [Abstract] | |
Rollforward of Total Equity | Activity in total equity for the three months ended March 31, 2021 and 2020 is as follows: Table 55: Rollforward of Total Equity Shareholders’ Equity In millions Shares Common Capital Capital Retained Accumulated Treasury Non- Total Equity Three months ended Balance at December 31, 2019 (a) 433 $ 2,712 $ 3,993 $ 12,376 $ 42,215 $ 799 $ (12,781) $ 29 $ 49,343 Cumulative effect of ASU 2016-13 adoption (b) (671) (671) Balance at January 1, 2020 (a) 433 $ 2,712 $ 3,993 $ 12,376 $ 41,544 $ 799 $ (12,781) $ 29 $ 48,672 Net income 908 7 915 Other comprehensive income, net of tax 1,719 1,719 Cash dividends declared - Common (503) (503) Cash dividends declared - Preferred (63) (63) Preferred stock discount accretion 1 (1) Treasury stock activity (9) 49 (1,359) (1,310) Other (131) (9) (140) Balance at March 31, 2020 (a) 424 $ 2,712 $ 3,994 $ 12,294 $ 41,885 $ 2,518 $ (14,140) $ 27 $ 49,290 Balance at December 31, 2020 (a) 424 $ 2,713 $ 3,517 $ 12,367 $ 46,848 $ 2,770 $ (14,205) $ 31 $ 54,041 Net income 1,816 10 1,826 Other comprehensive income (loss), net of tax (1,480) (1,480) Cash dividends declared - Common (493) (493) Cash dividends declared - Preferred (57) (57) Preferred stock discount accretion 1 (1) Treasury stock activity 1 69 59 128 Other (75) (11) (86) Balance at March 31, 2021 (a) 425 $ 2,713 $ 3,518 $ 12,361 $ 48,113 $ 1,290 $ (14,146) $ 30 $ 53,879 (a) The par value of our preferred stock outstanding was less than $0.5 million at each date and, therefore, is excluded from this presentation. (b) Represents the cumulative effect of adopting ASU 2016-13 - Financial Instruments - Credit Losses |
Other Comprehensive Income (Loss) | Details of other comprehensive income (loss) are as follows: Table 56: Other Comprehensive Income (Loss) Three months ended March 31 2021 2020 In millions Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Debt securities Net unrealized gains (losses) on securities $ (1,181) $ 278 $ (903) $ 1,662 $ (381) $ 1,281 Less: Net realized gains (losses) reclassified to earnings (a) 13 (3) 10 182 (42) 140 Net change (1,194) 281 (913) 1,480 (339) 1,141 Cash flow hedge derivatives Net unrealized gains (losses) on cash flow hedge derivatives (640) 151 (489) 830 (190) 640 Less: Net realized gains (losses) reclassified to earnings (a) 135 (32) 103 45 (10) 35 Net change (775) 183 (592) 785 (180) 605 Pension and other postretirement benefit plan adjustments Net pension and other postretirement benefit plan activity and other reclassified to 30 (7) 23 12 (3) 9 Net change 30 (7) 23 12 (3) 9 Other Net unrealized gains (losses) on other transactions 1 1 2 8 (18) (10) Net change 1 1 2 8 (18) (10) Total other comprehensive income (loss) from continuing operations (1,938) 458 (1,480) 2,285 (540) 1,745 Total other comprehensive income (loss) from discontinued operations (34) 8 (26) Total other comprehensive income (loss) $ (1,938) $ 458 $ (1,480) $ 2,251 $ (532) $ 1,719 (a) Reclassifications for pre-tax debt securities and cash flow hedges are recorded in interest income and noninterest income on the Consolidated Income Statement. (b) Reclassifications include amortization of actuarial losses (gains) and amortization of prior period services costs (credits) which are recorded in noninterest expense on the Consolidated Income Statement. |
Accumulated Other Comprehensive Income (Loss) Components | Table 57: Accumulated Other Comprehensive Income (Loss) Components In millions, after-tax Debt securities Cash flow hedge derivatives Pension and other postretirement benefit plan adjustments Other Accumulated other Comprehensive Income from Continuing Operations Accumulated other Comprehensive Income from Discontinued Operations Total Three months ended Balance at December 31, 2019 $ 1,067 $ 276 $ (408) $ (21) $ 914 $ (115) $ 799 Net activity 1,141 605 9 (10) 1,745 (26) 1,719 Balance at March 31, 2020 $ 2,208 $ 881 $ (399) $ (31) $ 2,659 $ (141) $ 2,518 Balance at December 31, 2020 $ 2,462 $ 659 $ (345) $ (6) $ 2,770 $ 2,770 Net activity (913) (592) 23 2 (1,480) (1,480) Balance at March 31, 2021 $ 1,549 $ 67 $ (322) $ (4) $ 1,290 $ 1,290 |
Dividends Declared | The following table provides the dividends per share for PNC's common and preferred stock: Table 58: Dividends Per Share (a) Three months ended March 31 2021 2020 Common Stock $ 1.15 $ 1.15 Preferred Stock Series B $ 0.45 $ 0.45 Series O $ 3,375 $ 3,375 Series P $ 1,531 $ 1,531 Series Q (b) $ 1,344 (a) Dividends are payable quarterly other than Series O, Series R and Series S preferred stock, which are payable semiannually, with the Series O payable in different quarters from the Series R and Series S preferred stock. (b) On September 1, 2020, PNC redeemed all 4,800 shares of its Series Q Preferred Stock, as well as all 19.2 million Depositary Shares representing fractional interest in such shares. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings per Common Share | Table 59: Basic and Diluted Earnings Per Common Share Three months ended In millions, except per share data 2021 2020 Basic Net income from continuing operations $ 1,826 $ 759 Less: Net income attributable to noncontrolling interests 10 7 Preferred stock dividends 57 63 Preferred stock discount accretion and redemptions 1 1 Net income from continuing operations attributable to common shareholders 1,758 688 Less: Dividends and undistributed earnings allocated to nonvested restricted shares 8 3 Net income from continuing operations attributable to basic common shareholders $ 1,750 $ 685 Net income from discontinued operations attributable to common shareholders $ 156 Less: Undistributed earnings allocated to nonvested restricted shares 1 Net income from discontinued operations attributable to basic common shareholders $ 155 Basic weighted-average common shares outstanding 426 429 Basic earnings per common share from continuing operations (a) $ 4.11 $ 1.59 Basic earnings per common share from discontinued operations (a) $ 0.37 Basic earnings per common share $ 4.11 $ 1.96 Diluted Net income from continuing operations attributable to diluted common shareholders $ 1,750 $ 685 Net income from discontinued operations attributable to basic common shareholders $ 155 Less: Impact of earnings per share dilution from discontinued operations 1 Net income from discontinued operations attributable to diluted common shareholders $ 154 Basic weighted-average common shares outstanding 426 429 Dilutive potential common shares 1 Diluted weighted-average common shares outstanding 426 430 Diluted earnings per common share from continuing operations (a) $ 4.10 $ 1.59 Diluted earnings per common share from discontinued operations (a) $ 0.36 Diluted earnings per common share $ 4.10 $ 1.95 (a) Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities). |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value [Abstract] | |
Fair Value Measurements - Recurring Basis Summary | Table 60: Fair Value Measurements – Recurring Basis Summary March 31, 2021 December 31, 2020 In millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Residential mortgage loans held for sale $ 1,087 $ 165 $ 1,252 $ 691 $ 163 $ 854 Commercial mortgage loans held for sale 329 56 385 305 57 362 Securities available for sale U.S. Treasury and government agencies $ 21,997 3,953 25,950 $ 16,675 4,036 20,711 Residential mortgage-backed Agency 51,554 51,554 48,911 48,911 Non-agency 108 1,316 1,424 136 1,365 1,501 Commercial mortgage-backed Agency 2,284 2,284 2,688 2,688 Non-agency 4,225 11 4,236 3,678 11 3,689 Asset-backed 5,847 194 6,041 4,951 199 5,150 Other 5,238 72 5,310 4,636 72 4,708 Total securities available for sale 21,997 73,209 1,593 96,799 16,675 69,036 1,647 87,358 Loans 730 711 1,441 718 647 1,365 Equity investments (a) 1,133 1,343 2,725 1,070 1,263 2,629 Residential mortgage servicing rights 979 979 673 673 Commercial mortgage servicing rights 701 701 569 569 Trading securities (b) 576 1,012 1,588 548 1,690 2,238 Financial derivatives (b) (c) 4,853 63 4,916 6,415 118 6,533 Other assets 384 93 477 373 81 454 Total assets (d) $ 24,090 $ 81,313 $ 5,611 $ 111,263 $ 18,666 $ 78,936 $ 5,137 $ 103,035 Liabilities Other borrowed funds $ 790 $ 46 $ 2 $ 838 $ 661 $ 44 $ 2 $ 707 Financial derivatives (c) (e) 2,796 227 3,023 2,483 273 2,756 Other liabilities 73 73 43 43 Total liabilities (f) $ 790 $ 2,842 $ 302 $ 3,934 $ 661 $ 2,527 $ 318 $ 3,506 (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (b) Included in Other assets on the Consolidated Balance Sheet. (c) Amounts at March 31, 2021 and December 31, 2020 are presented gross and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. See Note 12 Financial Derivatives for additional information related to derivative offsetting. (d) Total assets at fair value as a percentage of total consolidated assets was 23% and 22% as of March 31, 2021 and December 31, 2020, respectively. Level 3 assets as a percentage of total assets at fair value was 5% at both March 31, 2021 and December 31, 2020. Level 3 assets as a percentage of total consolidated assets was 1% at both March 31, 2021 and December 31, 2020. (e) Included in Other liabilities on the Consolidated Balance Sheet. (f) Total liabilities at fair value as a percentage of total consolidated liabilities was 1% at both March 31, 2021 and December 31, 2020. Level 3 liabilities as a percentage of total liabilities at fair value was 8% and 9% as of March 31, 2021 and December 31, 2020, respectively. Level 3 liabilities as a percentage of total consolidated liabilities was less than 1% at both March 31, 2021 and December 31, 2020. |
Reconciliation of Level 3 Assets and Liabilities | Reconciliations of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2021 and 2020 follow: Table 61: Reconciliation of Level 3 Assets and Liabilities Three Months Ended March 31, 2021 Total realized / unrealized Unrealized Level 3 Instruments Only Fair Value Dec. 31, 2020 Included in Included Purchases Sales Issuances Settlements Transfers Transfers Fair Assets Residential mortgage loans $ 163 $ 1 $ 35 $ (16) $ (16) $ 3 $ (5) (e) $ 165 Commercial mortgage 57 (1) 56 Securities available for sale Residential mortgage- 1,365 9 $ 16 (74) 1,316 Commercial mortgage- 11 11 Asset-backed 199 1 3 (9) 194 Other 72 1 (1) 72 Total securities 1,647 10 19 1 (84) 1,593 Loans 647 10 88 (3) (28) (3) (e) 711 $ 11 Equity investments 1,263 67 40 (27) 1,343 63 Residential mortgage 673 295 71 $ 13 (73) 979 295 Commercial mortgage 569 129 13 18 (28) 701 129 Financial derivatives 118 (14) 1 (42) 63 (11) Total assets $ 5,137 $ 497 $ 19 $ 249 $ (46) $ 31 $ (271) $ 3 $ (8) $ 5,611 $ 487 Liabilities Other borrowed funds $ 2 $ 1 $ (1) $ 2 Financial derivatives 273 $ (14) $ 2 (34) 227 $ (30) Other liabilities 43 35 30 (35) 73 4 Total liabilities $ 318 $ 21 $ 2 $ 31 $ (70) $ 302 $ (26) Net gains (losses) $ 476 (f) $ 513 (g) Three Months Ended March 31, 2020 Total realized / unrealized Unrealized gains/losses on assets and liabilities held on Consolidated Balance Sheet at Mar. 31, 2020 Level 3 Instruments Only Fair Value Dec. 31, 2019 Included in Earnings Included in Other comprehensive income (b) Purchases Sales Issuances Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value Mar. 31, 2020 Assets Residential mortgage loans $ 2 $ 2 $(1) $ 4 $ (3) (e) $ 4 Commercial mortgage 64 $ (1) $ (3) 60 $ (1) Securities available for sale Residential mortgage- 1,741 16 $ (222) (93) 1,442 Asset-backed 240 2 (29) (11) 202 Other 74 (5) 4 73 Total securities 2,055 18 (256) 4 (104) 1,717 Loans 300 11 16 (26) 362 (d) (8) (e) 655 11 Equity investments 1,276 (69) 71 (58) 1,220 (64) Residential mortgage 995 (379) 18 $ 10 (39) 605 (379) Commercial mortgage 649 (167) 19 11 (35) 477 (166) Trading securities Financial derivatives 54 101 2 (22) 135 75 Other assets Total assets $ 5,395 $ (486) $ (256) $ 132 $ (85) $ 21 $ 159 $ 4 $ (11) $ 4,873 $ (524) Liabilities Other borrowed funds $ 7 $ 12 $ (14) $ 5 Financial derivatives 200 $ 8 $ 1 (24) 185 $ 10 Other liabilities 137 2 11 (78) $ 2 $ (2) 72 (6) Total liabilities $ 344 $ 10 $ 1 $ 23 $ (116) $ 2 $ (2) $ 262 $ 4 Net gains (losses) $ (496) (f) $ (528) (g) (a) Losses for assets are bracketed while losses for liabilities are not. (b) The difference in unrealized gains and losses for the period included in Other comprehensive income and changes in unrealized gains and losses for the period included in Other comprehensive income for securities available for sale held at the end of the reporting period were not significant. (c) The amount of the total gains or losses for the period included in earnings that is attributable to the change in unrealized gains or losses related to those assets and liabilities held at the end of the reporting period. (d) Upon adoption of ASU 2016-13 - Credit Losses , we discontinued the accounting for purchased impaired loans and elected the one-time fair value option election for some of these loans and certain nonperforming loans. (e) Residential mortgage loan transfers out of Level 3 are primarily driven by residential mortgage loans transferring to OREO as well as reclassification of mortgage loans held for sale to held for investment. (f) Net gains (losses) realized and unrealized included in earnings related to Level 3 assets and liabilities included amortization and accretion. The amortization and accretion amounts were included in Interest income on the Consolidated Income Statement and the remaining net gains (losses) realized and unrealized were included in Noninterest income on the Consolidated Income Statement. (g) Net unrealized gains (losses) related to assets and liabilities held at the end of the reporting period were included in Noninterest income on the Consolidated Income Statement. |
Fair Value Measurements - Recurring Quantitative Information | Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities follows: Table 62: Fair Value Measurements – Recurring Quantitative Information March 31, 2021 Level 3 Instruments Only Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a) Commercial mortgage loans held for sale $ 56 Discounted cash flow Spread over the benchmark curve (b) 620bps - 6,350bps (4,038bps) Residential mortgage-backed 1,316 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 37.6% (10.2%) Constant default rate 0.0% - 18.8% (6.0%) Loss severity 25.0% -95.7% (48.6%) Spread over the benchmark curve (b) 155bps weighted-average Asset-backed securities 194 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 40.0% (8.4%) Constant default rate 1.4% - 6.0% (2.9%) Loss severity 30.0% - 100.0% (55.3%) Spread over the benchmark curve (b) 197bps weighted-average Loans - Residential real estate 429 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (81.5%) Loss severity 0.0% - 100.0% (10.0%) Discount rate 4.8% - 6.8% (5.1%) 130 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 3.2% weighted-average Loans - Home equity 20 Consensus pricing (c) Cumulative default rate 3.6% -100.0% (85.5%) Loss severity 0.0% - 98.4% (31.5%) Discount rate 4.8% - 6.8% (6.2%) 132 Consensus pricing (c) Credit and liquidity discount 4.7% - 92.0% (44.0%) Equity investments 1,343 Multiple of adjusted earnings Multiple of earnings 4.0x - 20.1x (8.8x) Residential mortgage servicing rights 979 Discounted cash flow Constant prepayment rate 0.0% - 31.4% (10.7%) Spread over the benchmark curve (b) 383bps - 2,893bps (944bps) Commercial mortgage servicing rights 701 Discounted cash flow Constant prepayment rate 4.1% - 13.6% (4.9%) Discount rate 5.5% - 7.6% (7.4%) Financial derivatives - Swaps related to (201) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 162.3% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation resolution date Q2 2022 Insignificant Level 3 assets, net of 210 Total Level 3 assets, net of liabilities (e) $ 5,309 December 31, 2020 Level 3 Instruments Only Fair Value Valuation Techniques Unobservable Inputs Range (Weighted-Average) (a) Commercial mortgage loans held for sale $ 57 Discounted cash flow Spread over the benchmark curve (b) 630bps - 5,275bps (3,406bps) Residential mortgage-backed 1,365 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% - 37.6% (8.6%) Constant default rate 0.0% - 12.2% (4.7%) Loss severity 25.0% - 95.7% (48.8%) Spread over the benchmark curve (b) 242bps weighted-average Asset-backed securities 199 Priced by a third-party vendor using a discounted cash flow pricing model Constant prepayment rate 1.0% -22.0% (7.4%) Constant default rate 1.0% - 6.0% (3.3%) Loss severity 30.0% - 100.0% (58.1%) Spread over the benchmark curve (b) 291bps weighted-average Loans - Residential real estate 434 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (82.1%) Loss severity 0.0% - 100.0% (11.2%) Discount rate 4.8% - 6.8% (5.1%) 132 Discounted cash flow Loss severity 8.0% weighted-average Discount rate 3.2% weighted-average Loans - Home equity 21 Consensus pricing (c) Cumulative default rate 3.6% - 100.0% (88.5%) Loss severity 0.0% -98.4% (33.3%) Discount rate 4.8% - 6.8% (6.3%) 60 Consensus pricing (c) Credit and Liquidity discount 17.5% -97.0% (57.7%) Equity investments 1,263 Multiple of adjusted earnings Multiple of earnings 5.0x - 15.9x (8.7x) Residential mortgage servicing rights 673 Discounted cash flow Constant prepayment rate 0.0% - 77.5% (21.1%) Spread over the benchmark curve (b) 325bps - 2,783bps (922bps) Commercial mortgage servicing rights 569 Discounted cash flow Constant prepayment rate 4.0% - 16.1% (4.9%) Discount rate 4.7% - 7.8% (7.3%) Financial derivatives - Swaps related to (252) Discounted cash flow Estimated conversion factor of Visa Class B shares into Class A shares 162.3% weighted-average Estimated annual growth rate of Visa Class A share price 16.0% Estimated length of litigation Q2 2022 Insignificant Level 3 assets, net of 298 Total Level 3 assets, net of liabilities (e) $ 4,819 (a) Unobservable inputs were weighted by the relative fair value of the instruments. (b) The assumed yield spread over the benchmark curve for each instrument is generally intended to incorporate non-interest rate risks, such as credit and liquidity risks. (c) Consensus pricing refers to fair value estimates that are generally internally developed using information such as dealer quotes or other third-party provided valuations or comparable asset prices. (d) Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain financial derivative assets and liabilities, trading securities, other securities, residential mortgage loans held for sale, other assets, other borrowed funds and other liabilities. (e) Consisted of total Level 3 assets of $5.6 billion and total Level 3 liabilities of $0.3 billion as of March 31, 2021 and $5.1 billion and $0.3 billion as of December 31, 2020, respectively. |
Fair Value Measurements - Nonrecurring | Assets measured at fair value on a nonrecurring basis follow: Table 63: Fair Value Measurements – Nonrecurring (a) (b) (c) Fair Value Gains (Losses) In millions March 31 December 31 March 31 March 31 Assets Nonaccrual loans $ 345 $ 332 $ (17) $ (28) Loans held for sale 243 (17) OREO and foreclosed assets 2 18 (1) Long-lived assets 6 20 (2) (1) Total assets $ 596 $ 370 $ (36) $ (30) (a) All Level 3 as of March 31, 2021 and December 31, 2020, except for $243 million included in Loans held for sale which was categorized as Level 2 as of March 31, 2021. (b) Valuation techniques applied were fair value of property or collateral. (c) Unobservable inputs used were appraised value/sales price, broker opinions or projected income/required improvement costs. Additional quantitative information was not meaningful for the periods presented. |
Fair Value Option - Fair Value and Principal Balances | Fair values and aggregate unpaid principal balances of certain items for which we elected the fair value option follow: Table 64: Fair Value Option – Fair Value and Principal Balances March 31, 2021 December 31, 2020 In millions Fair Value Aggregate Unpaid Difference Fair Value Aggregate Unpaid Difference Assets Residential mortgage loans held for sale Accruing loans less than 90 days past due $ 1,204 $ 1,172 $ 32 $ 831 $ 793 $ 38 Accruing loans 90 days or more past due 3 3 4 4 Nonaccrual loans 45 54 (9) 20 24 (4) Total $ 1,252 $ 1,229 $ 23 $ 855 $ 821 $ 34 Commercial mortgage loans held for sale (a) Accruing loans less than 90 days past due $ 380 $ 396 $ (16) $ 357 $ 370 $ (13) Nonaccrual loans 5 6 (1) 5 6 (1) Total $ 385 $ 402 $ (17) $ 362 $ 376 $ (14) Loans Accruing loans less than 90 days past due $ 622 $ 632 $ (10) $ 519 $ 530 $ (11) Accruing loans 90 days or more past due 246 260 (14) 283 295 (12) Nonaccrual loans 573 845 (272) 563 820 (257) Total $ 1,441 $ 1,737 $ (296) $ 1,365 $ 1,645 $ (280) Other assets $ 93 $ 91 $ 2 $ 81 $ 69 $ 12 Liabilities Other borrowed funds $ 28 $ 28 $ 32 $ 33 $ (1) (a) There were no accruing loans 90 days or more past due within this category at March 31, 2021 or December 31, 2020. |
Fair Value Option - Changes in Fair Value | The changes in fair value for items for which we elected the fair value option are as follows: Table 65: Fair Value Option – Changes in Fair Value (a) Gains (Losses) Three months ended March 31 March 31 In millions 2021 2020 Assets Residential mortgage loans held for sale $ 16 $ 46 Commercial mortgage loans held for sale $ 20 $ 48 Loans $ 14 $ 18 Other assets $ 14 $ (36) (a) The impact on earnings of offsetting hedged items or hedging instruments is not reflected in these amounts. |
Additional Fair Value Information Related to Other Financial Instruments | Table 66: Additional Fair Value Information Related to Other Financial Instruments Carrying Fair Value In millions Amount Total Level 1 Level 2 Level 3 March 31, 2021 Assets Cash and due from banks $ 7,455 $ 7,455 $ 7,455 Interest-earning deposits with banks 86,161 86,161 $ 86,161 Securities held to maturity 1,459 1,559 874 485 $ 200 Net loans (excludes leases) 224,468 228,650 228,650 Other assets 3,783 3,782 3,780 2 Total assets $ 323,326 $ 327,607 $ 8,329 $ 90,426 $ 228,852 Liabilities Time deposits $ 18,813 $ 18,651 $ 18,651 Borrowed funds 32,192 32,790 31,129 $ 1,661 Unfunded lending related commitments 507 507 507 Other liabilities 486 486 486 Total liabilities $ 51,998 $ 52,434 $ 50,266 $ 2,168 December 31, 2020 Assets Cash and due from banks $ 7,017 $ 7,017 $ 7,017 Interest-earning deposits with banks 85,173 85,173 $ 85,173 Securities held to maturity 1,445 1,604 920 489 $ 195 Net loans (excludes leases) 228,788 233,688 233,688 Other assets 3,601 3,600 3,559 41 Total assets $ 326,024 $ 331,082 $ 7,937 $ 89,221 $ 233,924 Liabilities Time deposits $ 19,692 $ 19,662 $ 19,662 Borrowed funds 36,488 37,192 35,571 $ 1,621 Unfunded lending related commitments 584 584 584 Other liabilities 413 413 413 Total liabilities $ 57,177 $ 57,851 $ 55,646 $ 2,205 |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Total Gross Derivatives | Table 67: Total Gross Derivatives (a) March 31, 2021 December 31, 2020 In millions Notional / Asset Fair Liability Fair Notional / Asset Fair Liability Fair Derivatives used for hedging Interest rate contracts (d): Fair value hedges $ 22,802 $ 24,153 Cash flow hedges 35,017 $ 14 $ 99 22,875 $ 14 Foreign exchange contracts: Net investment hedges 1,081 30 1,075 $ 22 Total derivatives designated for hedging $ 58,900 $ 14 $ 129 $ 48,103 $ 14 $ 22 Derivatives not used for hedging Derivatives used for mortgage banking activities (e): Interest rate contracts: Swaps $ 26,974 $ 50,511 Futures (f) 2,883 2,841 Mortgage-backed commitments 14,979 $ 144 $ 82 11,288 $ 147 $ 77 Other 4,307 58 16 1,831 11 2 Total interest rate contracts 49,143 202 98 66,471 158 79 Derivatives used for customer-related activities: Interest rate contracts: Swaps 278,447 3,614 1,578 280,125 5,475 1,601 Futures (f) 965 1,235 Mortgage-backed commitments 7,324 36 30 4,178 11 14 Other 22,475 157 123 20,125 193 88 Total interest rate contracts 309,211 3,807 1,731 305,663 5,679 1,703 Commodity contracts: Swaps 7,032 558 533 6,149 350 323 Other 3,247 120 120 2,770 61 61 Total commodity contracts 10,279 678 653 8,919 411 384 Foreign exchange contracts and other 26,183 186 172 26,620 267 243 Total derivatives for customer-related activities 345,673 4,671 2,556 341,202 6,357 2,330 Derivatives used for other risk management activities: Foreign exchange contracts and other 10,836 29 240 10,931 4 325 Total derivatives not designated for hedging $ 405,652 $ 4,902 $ 2,894 $ 418,604 $ 6,519 $ 2,734 Total gross derivatives $ 464,552 $ 4,916 $ 3,023 $ 466,707 $ 6,533 $ 2,756 Less: Impact of legally enforceable master netting agreements 904 904 720 720 Less: Cash collateral received/paid 716 1,295 1,434 1,452 Total derivatives $ 3,296 $ 824 $ 4,379 $ 584 (a) Centrally cleared derivatives are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet . (b) Included in Other assets on our Consolidated Balance Sheet. (c) Included in Other liabilities on our Consolidated Balance Sheet. (d) Represents primarily swaps. (e) Includes both residential and commercial mortgage banking activities. (f) Futures contracts are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet. |
Schedule of Fair Value and Cash Flow Hedges | Further detail regarding gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table: Table 68: Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b) Location and Amount of Gains (Losses) Recognized in Income Interest Income Interest Expense Noninterest Income In millions Loans Investment Securities Borrowed Funds Other For the three months ended March 31, 2021 Total amounts on the Consolidated Income Statement $ 1,996 $ 421 $ 95 $ 483 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ (8) $ 646 Derivatives $ 9 $ (664) Amounts related to interest settlements on derivatives $ (1) $ 134 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 100 $ 22 $ 13 For the three months ended March 31, 2020 Total amounts on the Consolidated Income Statement $ 2,480 $ 582 $ 314 $ 343 Gains (losses) on fair value hedges recognized on: Hedged items (c) $ 234 $ (1,361) Derivatives $ (231) $ 1,339 Amounts related to interest settlements on derivatives $ (2) $ 59 Gains (losses) on cash flow hedges (d): Amount of derivative gains (losses) reclassified from AOCI $ 42 $ 2 $ 1 (a) For all periods presented, there were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for any of the fair value or cash flow hedge strategies. (b) All cash flow and fair value hedge derivatives were interest rate contracts for the periods presented. (c) Includes an insignificant amount of fair value hedge adjustments related to discontinued hedge relationships. |
Schedule of Fair Value Hedges | Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table: Table 69: Hedged Items - Fair Value Hedges March 31, 2021 December 31, 2020 In millions Carrying Value of the Hedged Items Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a) Carrying Value of the Hedged Items Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a) Investment securities - available for sale (b) $ 2,778 $ 22 $ 2,785 $ 30 Borrowed funds $ 23,936 $ 966 $ 25,797 $ 1,611 (a) Includes $(0.1) billion of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships at both March 31, 2021 and December 31, 2020, respectively. (b) Carrying value shown represents amortized cost. |
Gains (Losses) on Derivatives Not Designated as Hedging Instruments under GAAP | Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table: Table 70: Gains (Losses) on Derivatives Not Designated for Hedging Three months ended In millions 2021 2020 Derivatives used for mortgage banking activities: Interest rate contracts (a) $ (322) $ 654 Derivatives used for customer-related activities: Interest rate contracts 82 2 Foreign exchange contracts and other 22 11 Gains (losses) from customer-related activities (b) 104 13 Derivatives used for other risk management activities: Foreign exchange contracts and other (b) 48 207 Total gains (losses) from derivatives not designated as hedging instruments $ (170) $ 874 (a) Included in Residential mortgage, Corporate services and Other noninterest income on our Consolidated Income Statement. (b) Included in Other noninterest income on our Consolidated Income Statement. |
Derivative Assets And Liabilities Offsetting | Table 71: Derivative Assets and Liabilities Offsetting In millions Amounts Offset on the Securities Collateral Held/Pledged Under Master Netting Agreements Gross Fair Value Cash Net Net Amounts March 31, 2021 Derivative assets Interest rate contracts: Over-the-counter cleared $ 101 $ 101 $ 101 Over-the-counter 3,922 $ 620 $ 700 2,602 $ 263 2,339 Commodity contracts 678 190 8 480 480 Foreign exchange and other contracts 215 94 8 113 1 112 Total derivative assets $ 4,916 $ 904 $ 716 $ 3,296 (a) $ 264 $ 3,032 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 158 $ 158 $ 158 Over-the-counter 1,770 $ 653 $ 792 325 325 Commodity contracts 653 184 407 62 62 Foreign exchange and other contracts 442 67 96 279 279 Total derivative liabilities $ 3,023 $ 904 $ 1,295 $ 824 (b) $ 824 December 31, 2020 Derivative assets Interest rate contracts: Over-the-counter cleared $ 48 $ 48 $ 48 Over-the-counter 5,803 $ 430 $ 1,426 3,947 $ 531 3,416 Commodity contracts 411 209 4 198 198 Foreign exchange and other contracts 271 81 4 186 1 185 Total derivative assets $ 6,533 $ 720 $ 1,434 $ 4,379 (a) $ 532 $ 3,847 Derivative liabilities Interest rate contracts: Over-the-counter cleared $ 42 $ 42 $ 42 Over-the-counter 1,740 $ 462 $ 1,179 99 99 Commodity contracts 384 182 103 99 99 Foreign exchange and other contracts 590 76 170 344 344 Total derivative liabilities $ 2,756 $ 720 $ 1,452 $ 584 (b) $ 584 (a) Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet. (b) Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Results of Businesses | Table 72: Results of Businesses Three months ended March 31 Retail Banking Corporate & Asset Other Consolidated (a) 2021 Income Statement Net interest income $ 1,362 $ 991 $ 93 $ (98) $ 2,348 Noninterest income 654 807 229 182 1,872 Total revenue 2,016 1,798 322 84 4,220 Provision for (recapture of) credit losses (257) (282) (9) (3) (551) Depreciation and amortization 63 47 4 120 234 Other noninterest expense 1,413 664 198 65 2,340 Income (loss) from continuing operations before income taxes (benefit) and 797 1,369 129 (98) 2,197 Income taxes (benefit) from continuing operations 183 308 30 (150) 371 Net income from continuing operations 614 1,061 99 52 1,826 Less: Net income attributable to noncontrolling interests 7 3 10 Net income from continuing operations excluding noncontrolling interests $ 607 $ 1,058 $ 99 $ 52 $ 1,816 Average Assets $ 92,891 $ 170,531 $ 8,873 $ 195,925 $ 468,220 2020 Income Statement Net interest income $ 1,456 $ 950 $ 88 $ 17 $ 2,511 Noninterest income 788 694 204 139 1,825 Total revenue 2,244 1,644 292 156 4,336 Provision for credit losses 445 458 3 8 914 Depreciation and amortization 57 48 11 124 240 Other noninterest expense 1,471 674 208 (50) 2,303 Income from continuing operations before income taxes (benefit) and 271 464 70 74 879 Income taxes (benefit) from continuing operations 62 94 16 (52) 120 Net income from continuing operations 209 370 54 126 759 Less: Net income attributable to noncontrolling interests 8 (1) 7 Net income from continuing operations excluding noncontrolling interests $ 201 $ 370 $ 54 $ 127 $ 752 Average Assets $ 97,062 $ 172,502 $ 7,801 $ 135,071 $ 412,436 (a) There were no material intersegment revenues for the three months ended March 31, 2021 and 2020. |
Fee-Based Revenue from Contra_2
Fee-Based Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Retail Banking Noninterest Income Disaggregation | Table 73: Retail Banking Noninterest Income Disaggregation Three months ended In millions 2021 2020 Product Debit card fees $ 138 $ 129 Deposit account fees 108 158 Brokerage fees 102 93 Net credit card fees (a) 47 41 Merchant services 32 49 Other 57 56 Total in-scope noninterest income by product $ 484 $ 526 Reconciliation to total Retail Banking noninterest income Total in-scope noninterest income $ 484 $ 526 Total out-of-scope noninterest income (b) 170 262 Total Retail Banking noninterest income $ 654 $ 788 (a) Net credit card fees consists of interchange fees of $120 million and $118 million and credit card reward costs of $73 million and $77 million for the three months ended March 31, 2021 and 2020, respectively. (b) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. |
Corporate & Institutional Banking Noninterest Income Disaggregation | Table 74: Corporate & Institutional Banking Noninterest Income Disaggregation Three months ended In millions 2021 2020 Product Treasury management fees $ 235 $ 216 Capital markets fees 192 175 Commercial mortgage banking activities 31 26 Other 29 20 Total in-scope noninterest income by product $ 487 $ 437 Reconciliation to total Corporate & Institutional Banking noninterest income Total in-scope noninterest income $ 487 $ 437 Total out-of-scope noninterest income (a) 320 257 Total Corporate & Institutional Banking noninterest income $ 807 $ 694 (a) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. |
Asset Management Group Noninterest Income Disaggregation | Table 75: Asset Management Group Noninterest Income Disaggregation Three months ended In millions 2021 2020 Customer Type Personal $ 173 $ 150 Institutional 53 51 Total in-scope noninterest income by customer type $ 226 $ 201 Reconciliation to Asset Management Group noninterest income Total in-scope noninterest income $ 226 $ 201 Total out-of-scope noninterest income (a) 3 3 Total Asset Management Group noninterest income $ 229 $ 204 (a) Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606. |
Acquisition and Divestiture A_3
Acquisition and Divestiture Activity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 16, 2020 | May 31, 2020 | Mar. 31, 2020 | Jun. 30, 2021 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash provided by operating activities of discontinued operations | $ 126 | |||
Discontinued Operations, Disposed of by Sale | BlackRock, Inc. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, number of shares contributed | 500,000 | |||
Registered Secondary Offering | Discontinued Operations, Disposed of by Sale | BlackRock, Inc. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale of stock, number of shares issued in transaction (in shares) | 31,600,000 | |||
Sale of stock, price per share (in dollars per share) | $ 420 | |||
Sale of stock, consideration received on transaction | $ 14,200 | |||
Payments of stock issuance costs | 200 | |||
Gain (loss) on disposition of business | $ 4,300 | |||
BlackRock, Inc. | Discontinued Operations, Disposed of by Sale | BlackRock, Inc. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale of stock, number of shares issued in transaction (in shares) | 2,650,000 | |||
Sale of stock, price per share (in dollars per share) | $ 414.96 | |||
BBVA USA Bancshares, Inc. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Business combination, consideration transferred | $ 11,600 | |||
BBVA USA Bancshares, Inc. | Forecast | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Business combination, recognized identifiable assets acquired and liabilities assumed, assets | $ 102,000 | |||
Business combination, recognized identifiable assets acquired and liabilities assumed, deposits | 86,000 | |||
Business combination, recognized identifiable assets acquired and liabilities assumed, loans | $ 66,000 |
Acquisition and Divestiture A_4
Acquisition and Divestiture Activity (Consolidated Income Statement - Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income from discontinued operations before income taxes and noncontrolling interests | $ 181 | |
Income taxes | 25 | |
Net income from discontinued operations | 156 | |
BlackRock, Inc. | Discontinued Operations, Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Noninterest income | 181 | |
Total revenue | 181 | |
Income from discontinued operations before income taxes and noncontrolling interests | 181 | |
Income taxes | 25 | |
Net income from discontinued operations | $ 156 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Investments [Line Items] | ||
Net unsettled investment purchases | $ 1,800 | $ 400 |
Investment securities, allowance for credit loss | 108 | |
Provision for credit losses on investment securities | 26 | |
Federal National Mortgage Association Certificates and Obligations (FNMA) | ||
Schedule of Investments [Line Items] | ||
Debt securities amortized cost amount of debt securities exceeds 10 percent of shareholders equity | 30,800 | |
Fair value of debt securities of a single issuer that exceeeds 10 percent of shareholders equity | 31,700 | |
Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans | ||
Schedule of Investments [Line Items] | ||
Debt securities amortized cost amount of debt securities exceeds 10 percent of shareholders equity | 18,900 | |
Fair value of debt securities of a single issuer that exceeeds 10 percent of shareholders equity | $ 18,800 |
Investment Securities (Summary)
Investment Securities (Summary) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | $ 94,806 | $ 84,172 |
Securities available for sale debt securities, unrealized gains | 2,480 | 3,302 |
Securities available for sale debt securities, unrealized losses | (487) | (116) |
Investment securities – available for sale | 96,799 | 87,358 |
Held to maturity securities, amortized cost | 1,456 | 1,441 |
Held-to-maturity securities, unrealized gains | 110 | 167 |
Held-to-maturity securities, unrealized losses | (7) | (3) |
Held-to-maturity securities, fair value | 1,559 | 1,605 |
Debt securities, available-for-sale, accrued interest | 244 | 238 |
Debt securities, available-for-sale, allowance for credit loss | $ 105 | $ 79 |
Credit Concentration Risk | Fitch, AAA or AA Rating | ||
Debt Securities, Held-to-maturity [Abstract] | ||
Concentration risk, percentage | 85.00% | 85.00% |
U.S. Treasury and government agencies | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | $ 25,670 | $ 19,821 |
Securities available for sale debt securities, unrealized gains | 546 | 903 |
Securities available for sale debt securities, unrealized losses | (266) | (13) |
Investment securities – available for sale | 25,950 | 20,711 |
Held to maturity securities, amortized cost | 800 | 795 |
Held-to-maturity securities, unrealized gains | 74 | 125 |
Held-to-maturity securities, fair value | 874 | 920 |
Residential mortgage-backed | Mortgage-backed Securities Agency | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | 50,499 | 47,355 |
Securities available for sale debt securities, unrealized gains | 1,227 | 1,566 |
Securities available for sale debt securities, unrealized losses | (172) | (10) |
Investment securities – available for sale | 51,554 | 48,911 |
Residential mortgage-backed | Mortgage-backed Securities Non-agency | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | 1,181 | 1,272 |
Securities available for sale debt securities, unrealized gains | 252 | 243 |
Securities available for sale debt securities, unrealized losses | (9) | (14) |
Investment securities – available for sale | 1,424 | 1,501 |
Commercial mortgage-backed | Mortgage-backed Securities Agency | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | 2,219 | 2,571 |
Securities available for sale debt securities, unrealized gains | 68 | 119 |
Securities available for sale debt securities, unrealized losses | (3) | (2) |
Investment securities – available for sale | 2,284 | 2,688 |
Commercial mortgage-backed | Mortgage-backed Securities Non-agency | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | 4,191 | 3,678 |
Securities available for sale debt securities, unrealized gains | 60 | 78 |
Securities available for sale debt securities, unrealized losses | (15) | (67) |
Investment securities – available for sale | 4,236 | 3,689 |
Asset-backed | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | 5,969 | 5,060 |
Securities available for sale debt securities, unrealized gains | 89 | 100 |
Securities available for sale debt securities, unrealized losses | (17) | (10) |
Investment securities – available for sale | 6,041 | 5,150 |
Other | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities available for sale debt securities, amortized cost | 5,077 | 4,415 |
Securities available for sale debt securities, unrealized gains | 238 | 293 |
Securities available for sale debt securities, unrealized losses | (5) | |
Investment securities – available for sale | 5,310 | 4,708 |
Held to maturity securities, amortized cost | 656 | 646 |
Held-to-maturity securities, unrealized gains | 36 | 42 |
Held-to-maturity securities, unrealized losses | (7) | (3) |
Held-to-maturity securities, fair value | $ 685 | $ 685 |
Investment Securities (Gross Un
Investment Securities (Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | $ (455) | $ (42) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 34,446 | 5,185 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (22) | (27) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 2,014 | 1,724 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (477) | (69) |
Debt securities, available-for-sale, unrealized loss position | 36,460 | 6,909 |
U.S. Treasury and government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (266) | (13) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 12,798 | 603 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (266) | (13) |
Debt securities, available-for-sale, unrealized loss position | 12,798 | 603 |
Residential mortgage-backed | Mortgage-backed Securities Agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (170) | (8) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 19,019 | 3,152 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (2) | (2) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 75 | 82 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (172) | (10) |
Debt securities, available-for-sale, unrealized loss position | 19,094 | 3,234 |
Residential mortgage-backed | Mortgage-backed Securities Non-agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (7) | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 119 | |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (9) | (7) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 165 | 73 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (9) | (14) |
Debt securities, available-for-sale, unrealized loss position | 165 | 192 |
Commercial mortgage-backed | Mortgage-backed Securities Agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (2) | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 190 | |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (1) | (2) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 69 | 149 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (3) | (2) |
Debt securities, available-for-sale, unrealized loss position | 259 | 149 |
Commercial mortgage-backed | Mortgage-backed Securities Non-agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (1) | (13) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 275 | 972 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (5) | (7) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 911 | 714 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (6) | (20) |
Debt securities, available-for-sale, unrealized loss position | 1,186 | 1,686 |
Asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (12) | (1) |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 1,707 | 339 |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | (5) | (9) |
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer - fair value | 794 | 706 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (17) | (10) |
Debt securities, available-for-sale, unrealized loss position | 2,501 | $ 1,045 |
Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss | (4) | |
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months - fair value | 457 | |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | (4) | |
Debt securities, available-for-sale, unrealized loss position | $ 457 |
Investment Securities (Gains (L
Investment Securities (Gains (Losses) on Sales of Securities Available for Sale) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investment Securities Disclosure [Abstract] | ||
Gross Gains | $ 159 | $ 184 |
Gross Losses | (134) | (2) |
Net Gains | 25 | 182 |
Tax Expense | $ 5 | $ 38 |
Investment Securities (Contract
Investment Securities (Contractual Maturity of Securities) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | $ 3,506 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 20,264 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 12,305 | |
Available for Sale Securities, Amortized Cost, After 10 years | 58,731 | |
Securities available for sale debt securities, amortized cost | 94,806 | $ 84,172 |
Available-for-sale Securities, Fair value, 1 year or less | 3,529 | |
Available-for-sale Securities, Fair value, After 1 year through 5 years | 20,700 | |
Available-for-sale Securities, Fair value, After 5 years through 10 years | 12,405 | |
Available-for-sale Securities, Fair value, After 10 years | 60,165 | |
Available-for-sale securities, fair value | $ 96,799 | 87,358 |
Weighted-average yield, GAAP basis, available for sale securities | 2.25% | |
Held to Maturity Securities, Amortized Cost, 1 year or less | $ 71 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 595 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 424 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 366 | |
Held to maturity securities, amortized cost | 1,456 | 1,441 |
Held-to-maturity Securities, Fair Value, 1 year or less | 72 | |
Held-to-maturity Securities, Fair Value, After 1 year through 5 years | 626 | |
Held-to-maturity Securities, Fair Value, After 5 years through 10 years | 490 | |
Held-to-maturity Securities, Fair Value, After 10 years | 371 | |
Held-to-maturity Securities, Debt Maturities, Fair Value, Total | $ 1,559 | $ 1,605 |
Weighted-average yield, GAAP basis, held to maturity securities | 3.28% | |
1 Year or Less | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 1.68% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.70% | |
After 1 Year through 5 Years | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 1.58% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.21% | |
After 5 Years through 10 Years | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 1.72% | |
Weighted-average yield, GAAP basis, held to maturity securities | 3.93% | |
After 10 Years | ||
Debt Securities [Line Items] | ||
Weighted-average yield, GAAP basis, available for sale securities | 2.62% | |
Weighted-average yield, GAAP basis, held to maturity securities | 2.48% | |
U.S. Treasury and government agencies | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | $ 2,685 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 15,164 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 6,237 | |
Available for Sale Securities, Amortized Cost, After 10 years | 1,584 | |
Securities available for sale debt securities, amortized cost | 25,670 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 199 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 315 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 286 | |
Held to maturity securities, amortized cost | 800 | |
Residential mortgage-backed | Mortgage-backed Securities Agency | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 2 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 205 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 2,248 | |
Available for Sale Securities, Amortized Cost, After 10 years | 48,044 | |
Securities available for sale debt securities, amortized cost | 50,499 | |
Residential mortgage-backed | Mortgage-backed Securities Non-agency | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 2 | |
Available for Sale Securities, Amortized Cost, After 10 years | 1,179 | |
Securities available for sale debt securities, amortized cost | 1,181 | |
Commercial mortgage-backed | Mortgage-backed Securities Agency | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 545 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 662 | |
Available for Sale Securities, Amortized Cost, After 10 years | 1,012 | |
Securities available for sale debt securities, amortized cost | 2,219 | |
Commercial mortgage-backed | Mortgage-backed Securities Non-agency | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 202 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 210 | |
Available for Sale Securities, Amortized Cost, After 10 years | 3,779 | |
Securities available for sale debt securities, amortized cost | 4,191 | |
Asset-backed | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 86 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 2,322 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 1,274 | |
Available for Sale Securities, Amortized Cost, After 10 years | 2,287 | |
Securities available for sale debt securities, amortized cost | 5,969 | |
Other | ||
Debt Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost, 1 year or less | 733 | |
Available for Sale Securities, Amortized Cost, After 1 year through 5 years | 1,826 | |
Available for Sale Securities, Amortized Cost, After 5 years through 10 years | 1,672 | |
Available for Sale Securities, Amortized Cost, After 10 years | 846 | |
Securities available for sale debt securities, amortized cost | 5,077 | |
Held to Maturity Securities, Amortized Cost, 1 year or less | 71 | |
Held to Maturity Securities, Amortized Cost, After 1 year through 5 years | 396 | |
Held to Maturity Securities, Amortized Cost, After 5 years through 10 years | 109 | |
Held to Maturity Securities, Amortized Cost, After 10 years | 80 | |
Held to maturity securities, amortized cost | $ 656 |
Investment Securities (Fair Val
Investment Securities (Fair Value of Securities Pledged and Accepted as Collateral) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Investment Securities Disclosure [Abstract] | ||
Pledged to others | $ 21,794 | $ 22,841 |
Permitted by contract or custom to sell or repledge | 817 | 683 |
Permitted amount repledged to others | $ 817 | $ 683 |
Loans and Related Allowance f_3
Loans and Related Allowance for Credit Losses (Analysis of Loan Portfolio) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | $ 237,013 | $ 241,928 |
Percentage of total loans, past due | 100.00% | 100.00% |
Unearned income, unamortized deferred fees and costs on originated loans, and premiums or discounts on purchased loans | $ 1,400 | $ 1,300 |
Collateral Dependent | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 1,400 | 1,500 |
Other Assets | ||
Financing Receivable, Past Due [Line Items] | ||
Accrued interest on loan portfolio | 700 | 700 |
Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | $ 233,156 | $ 237,716 |
Percentage of total loans, past due | 98.38% | 98.27% |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | $ 485 | $ 620 |
Percentage of total loans, past due | 0.20% | 0.26% |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | $ 182 | $ 234 |
Percentage of total loans, past due | 0.08% | 0.10% |
90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | $ 479 | $ 509 |
Percentage of total loans, past due | 0.20% | 0.21% |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | $ 1,146 | $ 1,363 |
Percentage of total loans, past due | 0.48% | 0.56% |
Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | $ 2,138 | $ 2,286 |
Percentage of total loans, past due | 0.90% | 0.94% |
Fair Value Option Nonaccrual Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | $ 573 | $ 563 |
Percentage of total loans, nonaccrual, past due | 0.24% | 0.23% |
Total commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | $ 164,506 | $ 167,203 |
Total commercial | Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 163,566 | 166,075 |
Total commercial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 113 | 143 |
Total commercial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 15 | 32 |
Total commercial | 90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 63 | 30 |
Total commercial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 191 | 205 |
Total commercial | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 749 | 923 |
Total consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 72,507 | 74,725 |
Total consumer | Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 69,590 | 71,641 |
Total consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 372 | 477 |
Total consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 167 | 202 |
Total consumer | 90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 416 | 479 |
Total consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 955 | 1,158 |
Total consumer | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 1,389 | 1,363 |
Total consumer | Fair Value Option Nonaccrual Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 573 | 563 |
Commercial and industrial | Total commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 129,798 | 132,073 |
Commercial and industrial | Total commercial | Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 129,130 | 131,245 |
Commercial and industrial | Total commercial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 80 | 106 |
Commercial and industrial | Total commercial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 13 | 26 |
Commercial and industrial | Total commercial | 90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 63 | 30 |
Commercial and industrial | Total commercial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 156 | 162 |
Commercial and industrial | Total commercial | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 512 | 666 |
Commercial real estate | Total commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 28,319 | 28,716 |
Commercial real estate | Total commercial | Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 28,085 | 28,485 |
Commercial real estate | Total commercial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 12 | 6 |
Commercial real estate | Total commercial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 1 | 1 |
Commercial real estate | Total commercial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 13 | 7 |
Commercial real estate | Total commercial | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 221 | 224 |
Equipment lease financing | Total commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 6,389 | 6,414 |
Equipment lease financing | Total commercial | Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 6,351 | 6,345 |
Equipment lease financing | Total commercial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 21 | 31 |
Equipment lease financing | Total commercial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 1 | 5 |
Equipment lease financing | Total commercial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 22 | 36 |
Equipment lease financing | Total commercial | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 16 | 33 |
Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 23,493 | 24,088 |
Home equity | Total consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 23,493 | 24,088 |
Home equity | Total consumer | Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 22,706 | 23,318 |
Home equity | Total consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 43 | 50 |
Home equity | Total consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 20 | 21 |
Home equity | Total consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 63 | 71 |
Home equity | Total consumer | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 656 | 645 |
Home equity | Total consumer | Fair Value Option Nonaccrual Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 68 | 54 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 22,418 | 22,560 |
Residential real estate | Government insured or guaranteed loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 930 | 922 |
Residential real estate | Total consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 22,418 | 22,560 |
Residential real estate | Total consumer | Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 20,862 | 20,945 |
Residential real estate | Total consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 162 | 181 |
Residential real estate | Total consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 73 | 78 |
Residential real estate | Total consumer | 90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 275 | 319 |
Residential real estate | Total consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 510 | 578 |
Residential real estate | Total consumer | Total Past Due | Government insured or guaranteed loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 400 | 400 |
Residential real estate | Total consumer | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 541 | 528 |
Residential real estate | Total consumer | Fair Value Option Nonaccrual Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 505 | 509 |
Automobile | Total consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 13,584 | 14,218 |
Automobile | Total consumer | Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 13,305 | 13,863 |
Automobile | Total consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 76 | 134 |
Automobile | Total consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 19 | 34 |
Automobile | Total consumer | 90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 6 | 12 |
Automobile | Total consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 101 | 180 |
Automobile | Total consumer | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 178 | 175 |
Credit card | Total consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 5,675 | 6,215 |
Credit card | Total consumer | Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 5,561 | 6,074 |
Credit card | Total consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 31 | 43 |
Credit card | Total consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 24 | 30 |
Credit card | Total consumer | 90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 52 | 60 |
Credit card | Total consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 107 | 133 |
Credit card | Total consumer | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 7 | 8 |
Education | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 2,842 | 2,946 |
Education | Total consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 2,842 | 2,946 |
Education | Total consumer | Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 2,692 | 2,785 |
Education | Total consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 49 | 55 |
Education | Total consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 25 | 29 |
Education | Total consumer | 90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 76 | 77 |
Education | Total consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 150 | 161 |
Education | Total consumer | Total Past Due | Government insured or guaranteed loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 100 | 200 |
Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 4,495 | 4,698 |
Other consumer | Total consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | 4,495 | 4,698 |
Other consumer | Total consumer | Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 4,464 | 4,656 |
Other consumer | Total consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 11 | 14 |
Other consumer | Total consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 6 | 10 |
Other consumer | Total consumer | 90 Days Or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 7 | 11 |
Other consumer | Total consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, past due | 24 | 35 |
Other consumer | Total consumer | Nonperforming Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, before allowance for credit loss | $ 7 | $ 7 |
Loans and Related Allowance f_4
Loans and Related Allowance for Credit Losses (Narrative) (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021USD ($)portfolio_segment | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of portfolio segments | portfolio_segment | 2 | |||
Allowance for credit loss | $ 5,221 | $ 4,394 | $ 5,945 | $ 3,060 |
Increase (decrease) in allowance for credit loss | (700) | 1,300 | ||
Performing Financial Instruments | ||||
Troubled debt restructurings (TDRs) | 700 | 700 | ||
TDRs | ||||
Amortized Cost - Subsequently Defaulted TDRs | 15 | $ 29 | ||
TDRs | Nonperforming loans | ||||
Troubled debt restructurings (TDRs) | 900 | 900 | ||
Federal Reserve Bank | ||||
Loans pledged as collateral for the ability to borrow | 28,600 | 30,100 | ||
Federal Home Loan Bank | ||||
Loans pledged as collateral for the ability to borrow | $ 66,900 | $ 69,000 |
Loans and Related Allowance f_5
Loans and Related Allowance for Credit Losses (Nonperforming Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Nonperforming loans, without allowance for credit losses | $ 700 | $ 800 |
Minimum | ||
Threshold period of financing receivable past due, writeoff | 120 days | |
Maximum | ||
Threshold period of financing receivable past due, writeoff | 180 days | |
Nonperforming loans | ||
Nonaccrual loans | $ 2,138 | 2,286 |
OREO and foreclosed assets | 41 | 51 |
Total nonperforming assets | $ 2,179 | $ 2,337 |
Nonperforming loans to total loans | 0.90% | 0.94% |
Nonperforming assets to total loans, OREO and foreclosed assets | 0.92% | 0.97% |
Nonperforming assets to total assets | 0.46% | 0.50% |
Total commercial | Nonperforming loans | ||
Nonaccrual loans | $ 749 | $ 923 |
Total consumer | Nonperforming loans | ||
Nonaccrual loans | $ 1,389 | $ 1,363 |
Loans and Related Allowance f_6
Loans and Related Allowance for Credit Losses (Commercial Lending Asset Quality Indicators) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 237,013 | $ 241,928 |
Total commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 15,477 | 37,554 |
Financing receivable, originated in year one | 25,128 | 22,152 |
Financing receivable, originated in year two | 21,041 | 13,389 |
Financing receivable, originated in year three | 12,451 | 10,331 |
Financing receivable, originated in year four | 9,750 | 7,634 |
Prior | 23,313 | 16,824 |
Revolving Loans | 57,275 | 59,247 |
Revolving Loans Converted to Term | 71 | 72 |
Total Loans | 164,506 | 167,203 |
Total commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 13,954 | 32,019 |
Financing receivable, originated in year one | 20,299 | 14,042 |
Financing receivable, originated in year two | 13,129 | 8,787 |
Financing receivable, originated in year three | 8,143 | 6,290 |
Financing receivable, originated in year four | 5,876 | 4,466 |
Prior | 11,309 | 7,492 |
Revolving Loans | 57,017 | 58,905 |
Revolving Loans Converted to Term | 71 | 72 |
Total Loans | 129,798 | 132,073 |
Total commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 1,173 | 4,028 |
Financing receivable, originated in year one | 3,398 | 6,816 |
Financing receivable, originated in year two | 6,697 | 3,574 |
Financing receivable, originated in year three | 3,361 | 3,264 |
Financing receivable, originated in year four | 3,162 | 2,741 |
Prior | 10,270 | 7,951 |
Revolving Loans | 258 | 342 |
Revolving Loans Converted to Term | ||
Total Loans | 28,319 | 28,716 |
Total commercial | Equipment lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 350 | 1,507 |
Financing receivable, originated in year one | 1,431 | 1,294 |
Financing receivable, originated in year two | 1,215 | 1,028 |
Financing receivable, originated in year three | 947 | 777 |
Financing receivable, originated in year four | 712 | 427 |
Prior | 1,734 | 1,381 |
Total Loans | 6,389 | 6,414 |
Pass Rated | Total commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 13,796 | 31,680 |
Financing receivable, originated in year one | 19,870 | 13,340 |
Financing receivable, originated in year two | 12,404 | 8,209 |
Financing receivable, originated in year three | 7,540 | 5,956 |
Financing receivable, originated in year four | 5,559 | 4,242 |
Prior | 10,715 | 7,141 |
Revolving Loans | 53,161 | 54,775 |
Revolving Loans Converted to Term | 51 | 53 |
Total Loans | 123,096 | 125,396 |
Pass Rated | Total commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 1,041 | 3,709 |
Financing receivable, originated in year one | 3,261 | 6,268 |
Financing receivable, originated in year two | 6,034 | 3,426 |
Financing receivable, originated in year three | 3,195 | 2,841 |
Financing receivable, originated in year four | 2,675 | 2,341 |
Prior | 8,673 | 6,792 |
Revolving Loans | 239 | 218 |
Total Loans | 25,118 | 25,595 |
Pass Rated | Total commercial | Equipment lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 339 | 1,429 |
Financing receivable, originated in year one | 1,360 | 1,202 |
Financing receivable, originated in year two | 1,142 | 942 |
Financing receivable, originated in year three | 868 | 738 |
Financing receivable, originated in year four | 678 | 405 |
Prior | 1,711 | 1,350 |
Total Loans | 6,098 | 6,066 |
Criticized | Total commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 158 | 339 |
Financing receivable, originated in year one | 429 | 702 |
Financing receivable, originated in year two | 725 | 578 |
Financing receivable, originated in year three | 603 | 334 |
Financing receivable, originated in year four | 317 | 224 |
Prior | 594 | 351 |
Revolving Loans | 3,856 | 4,130 |
Revolving Loans Converted to Term | 20 | 19 |
Total Loans | 6,702 | 6,677 |
Criticized | Total commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 132 | 319 |
Financing receivable, originated in year one | 137 | 548 |
Financing receivable, originated in year two | 663 | 148 |
Financing receivable, originated in year three | 166 | 423 |
Financing receivable, originated in year four | 487 | 400 |
Prior | 1,597 | 1,159 |
Revolving Loans | 19 | 124 |
Total Loans | 3,201 | 3,121 |
Criticized | Total commercial | Equipment lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 11 | 78 |
Financing receivable, originated in year one | 71 | 92 |
Financing receivable, originated in year two | 73 | 86 |
Financing receivable, originated in year three | 79 | 39 |
Financing receivable, originated in year four | 34 | 22 |
Prior | 23 | 31 |
Total Loans | $ 291 | $ 348 |
Loans and Related Allowance f_7
Loans and Related Allowance for Credit Losses (Home Equity and Residential Real Estate Credit Quality Indicators) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 237,013 | $ 241,928 |
Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 231 | 3,434 |
Financing receivable, originated in year one | 3,280 | 2,000 |
Financing receivable, originated in year two | 1,801 | 590 |
Financing receivable, originated in year three | 534 | 830 |
Financing receivable, originated in year four | 749 | 694 |
Prior | 4,293 | 4,000 |
Revolving Loans | 8,273 | 8,794 |
Revolving Loans Converted to Term | 4,332 | 3,746 |
Total Loans | 23,493 | 24,088 |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 2,521 | 7,996 |
Financing receivable, originated in year one | 7,311 | 4,158 |
Financing receivable, originated in year two | 3,354 | 1,172 |
Financing receivable, originated in year three | 974 | 1,942 |
Financing receivable, originated in year four | 1,665 | 2,069 |
Prior | 6,593 | 5,223 |
Total Loans | 22,418 | 22,560 |
Greater than or equal to 780 | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 127 | 2,019 |
Financing receivable, originated in year one | 1,925 | 1,094 |
Financing receivable, originated in year two | 960 | 311 |
Financing receivable, originated in year three | 273 | 525 |
Financing receivable, originated in year four | 467 | 449 |
Prior | 2,640 | 2,467 |
Revolving Loans | 5,148 | 5,382 |
Revolving Loans Converted to Term | 1,844 | 1,480 |
Total Loans | 13,384 | 13,727 |
Greater than or equal to 780 | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 1,409 | 5,425 |
Financing receivable, originated in year one | 5,220 | 3,099 |
Financing receivable, originated in year two | 2,411 | 814 |
Financing receivable, originated in year three | 661 | 1,432 |
Financing receivable, originated in year four | 1,206 | 1,538 |
Prior | 3,564 | 2,551 |
Total Loans | 14,471 | 14,859 |
720 to 779 | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 84 | 1,028 |
Financing receivable, originated in year one | 947 | 558 |
Financing receivable, originated in year two | 505 | 153 |
Financing receivable, originated in year three | 138 | 181 |
Financing receivable, originated in year four | 164 | 145 |
Prior | 865 | 777 |
Revolving Loans | 1,950 | 2,137 |
Revolving Loans Converted to Term | 1,084 | 941 |
Total Loans | 5,737 | 5,920 |
720 to 779 | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 1,061 | 2,268 |
Financing receivable, originated in year one | 1,767 | 820 |
Financing receivable, originated in year two | 708 | 220 |
Financing receivable, originated in year three | 182 | 340 |
Financing receivable, originated in year four | 308 | 335 |
Prior | 1,056 | 818 |
Total Loans | 5,082 | 4,801 |
660 to 719 | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 19 | 334 |
Financing receivable, originated in year one | 346 | 273 |
Financing receivable, originated in year two | 264 | 86 |
Financing receivable, originated in year three | 83 | 84 |
Financing receivable, originated in year four | 80 | 66 |
Prior | 428 | 402 |
Revolving Loans | 905 | 985 |
Revolving Loans Converted to Term | 678 | 625 |
Total Loans | 2,803 | 2,855 |
660 to 719 | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 51 | 252 |
Financing receivable, originated in year one | 267 | 161 |
Financing receivable, originated in year two | 166 | 76 |
Financing receivable, originated in year three | 81 | 98 |
Financing receivable, originated in year four | 85 | 92 |
Prior | 518 | 475 |
Total Loans | 1,168 | 1,154 |
Less than 660 | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 1 | 52 |
Financing receivable, originated in year one | 61 | 74 |
Financing receivable, originated in year two | 71 | 39 |
Financing receivable, originated in year three | 39 | 39 |
Financing receivable, originated in year four | 37 | 33 |
Prior | 350 | 345 |
Revolving Loans | 255 | 277 |
Revolving Loans Converted to Term | 628 | 620 |
Total Loans | 1,442 | 1,479 |
Less than 660 | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 40 | |
Financing receivable, originated in year one | 43 | 48 |
Financing receivable, originated in year two | 38 | 33 |
Financing receivable, originated in year three | 23 | 31 |
Financing receivable, originated in year four | 24 | 41 |
Prior | 501 | 485 |
Total Loans | 629 | 678 |
No FICO score available | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 1 | |
Financing receivable, originated in year one | 1 | 1 |
Financing receivable, originated in year two | 1 | 1 |
Financing receivable, originated in year three | 1 | 1 |
Financing receivable, originated in year four | 1 | 1 |
Prior | 10 | 9 |
Revolving Loans | 15 | 13 |
Revolving Loans Converted to Term | 98 | 80 |
Total Loans | 127 | 107 |
No FICO score available | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 4 | |
Financing receivable, originated in year one | 6 | 2 |
Financing receivable, originated in year two | 2 | 2 |
Financing receivable, originated in year three | 2 | 3 |
Financing receivable, originated in year four | 3 | 6 |
Prior | 125 | 129 |
Total Loans | 138 | 146 |
Government insured or guaranteed loans | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 7 | |
Financing receivable, originated in year one | 8 | 28 |
Financing receivable, originated in year two | 29 | 27 |
Financing receivable, originated in year three | 25 | 38 |
Financing receivable, originated in year four | 39 | 57 |
Prior | 829 | 765 |
Total Loans | 930 | 922 |
Greater than 100% | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 8 | |
Financing receivable, originated in year one | 8 | 44 |
Financing receivable, originated in year two | 41 | 18 |
Financing receivable, originated in year three | 13 | 15 |
Financing receivable, originated in year four | 10 | 9 |
Prior | 73 | 88 |
Revolving Loans | 471 | 580 |
Revolving Loans Converted to Term | 254 | 279 |
Total Loans | 870 | 1,041 |
Greater than 100% | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 3 | |
Financing receivable, originated in year one | 4 | 52 |
Financing receivable, originated in year two | 56 | 26 |
Financing receivable, originated in year three | 23 | 42 |
Financing receivable, originated in year four | 28 | 41 |
Prior | 150 | 160 |
Total Loans | 261 | 324 |
Greater than or equal to 80% to 100% | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 35 | 517 |
Financing receivable, originated in year one | 253 | 320 |
Financing receivable, originated in year two | 200 | 59 |
Financing receivable, originated in year three | 39 | 42 |
Financing receivable, originated in year four | 27 | 25 |
Prior | 139 | 158 |
Revolving Loans | 1,384 | 1,781 |
Revolving Loans Converted to Term | 615 | 591 |
Total Loans | 2,692 | 3,493 |
Greater than or equal to 80% to 100% | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 346 | 495 |
Financing receivable, originated in year one | 142 | 422 |
Financing receivable, originated in year two | 274 | 127 |
Financing receivable, originated in year three | 70 | 156 |
Financing receivable, originated in year four | 113 | 124 |
Prior | 328 | 307 |
Total Loans | 1,273 | 1,631 |
Less than 80% | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 196 | 2,909 |
Financing receivable, originated in year one | 3,019 | 1,636 |
Financing receivable, originated in year two | 1,560 | 513 |
Financing receivable, originated in year three | 482 | 773 |
Financing receivable, originated in year four | 712 | 660 |
Prior | 4,081 | 3,754 |
Revolving Loans | 6,418 | 6,433 |
Revolving Loans Converted to Term | 3,463 | 2,876 |
Total Loans | 19,931 | 19,554 |
Less than 80% | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 2,175 | 7,491 |
Financing receivable, originated in year one | 7,157 | 3,656 |
Financing receivable, originated in year two | 2,995 | 992 |
Financing receivable, originated in year three | 856 | 1,706 |
Financing receivable, originated in year four | 1,485 | 1,847 |
Prior | 5,286 | 3,991 |
Total Loans | $ 19,954 | $ 19,683 |
Loans and Related Allowance f_8
Loans and Related Allowance for Credit Losses (Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 237,013 | $ 241,928 |
Automobile | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 1,084 | 3,714 |
Financing receivable, originated in year one | 3,431 | 5,494 |
Financing receivable, originated in year two | 4,880 | 2,878 |
Financing receivable, originated in year three | 2,491 | 1,361 |
Financing receivable, originated in year four | 1,130 | 609 |
Prior | 568 | 162 |
Total Loans | 13,584 | 14,218 |
Automobile | Greater than or equal to 780 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 775 | 1,807 |
Financing receivable, originated in year one | 1,545 | 1,915 |
Financing receivable, originated in year two | 1,701 | 807 |
Financing receivable, originated in year three | 688 | 452 |
Financing receivable, originated in year four | 362 | 246 |
Prior | 216 | 58 |
Total Loans | 5,287 | 5,285 |
Automobile | 720 to 779 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 242 | 1,098 |
Financing receivable, originated in year one | 1,067 | 1,581 |
Financing receivable, originated in year two | 1,380 | 789 |
Financing receivable, originated in year three | 678 | 381 |
Financing receivable, originated in year four | 320 | 167 |
Prior | 157 | 44 |
Total Loans | 3,844 | 4,060 |
Automobile | 660 to 719 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 63 | 617 |
Financing receivable, originated in year one | 591 | 1,222 |
Financing receivable, originated in year two | 1,076 | 684 |
Financing receivable, originated in year three | 590 | 288 |
Financing receivable, originated in year four | 240 | 109 |
Prior | 106 | 31 |
Total Loans | 2,666 | 2,951 |
Automobile | Less than 660 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 4 | 192 |
Financing receivable, originated in year one | 228 | 776 |
Financing receivable, originated in year two | 723 | 598 |
Financing receivable, originated in year three | 535 | 240 |
Financing receivable, originated in year four | 208 | 87 |
Prior | 89 | 29 |
Total Loans | 1,787 | 1,922 |
Credit card | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 5,586 | 6,120 |
Revolving Loans Converted to Term | 89 | 95 |
Total Loans | 5,675 | 6,215 |
Credit card | Greater than or equal to 780 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 1,513 | 1,635 |
Revolving Loans Converted to Term | 3 | 3 |
Total Loans | 1,516 | 1,638 |
Credit card | 720 to 779 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 1,541 | 1,724 |
Revolving Loans Converted to Term | 11 | 11 |
Total Loans | 1,552 | 1,735 |
Credit card | 660 to 719 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 1,621 | 1,765 |
Revolving Loans Converted to Term | 25 | 26 |
Total Loans | 1,646 | 1,791 |
Credit card | Less than 660 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 817 | 902 |
Revolving Loans Converted to Term | 46 | 51 |
Total Loans | 863 | 953 |
Credit card | No FICO Score Available Or Required | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 94 | 94 |
Revolving Loans Converted to Term | 4 | 4 |
Total Loans | 98 | 98 |
Education | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 13 | 92 |
Financing receivable, originated in year one | 121 | 163 |
Financing receivable, originated in year two | 156 | 135 |
Financing receivable, originated in year three | 128 | 101 |
Financing receivable, originated in year four | 95 | 78 |
Prior | 2,329 | 2,377 |
Total Loans | 2,842 | 2,946 |
Education | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 13 | 92 |
Financing receivable, originated in year one | 121 | 163 |
Financing receivable, originated in year two | 156 | 135 |
Financing receivable, originated in year three | 128 | 101 |
Financing receivable, originated in year four | 95 | 78 |
Prior | 778 | 746 |
Total Loans | 1,291 | 1,315 |
Education | Greater than or equal to 780 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 1 | 34 |
Financing receivable, originated in year one | 64 | 90 |
Financing receivable, originated in year two | 86 | 74 |
Financing receivable, originated in year three | 70 | 59 |
Financing receivable, originated in year four | 55 | 50 |
Prior | 450 | 428 |
Total Loans | 726 | 735 |
Education | 720 to 779 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 4 | 24 |
Financing receivable, originated in year one | 34 | 46 |
Financing receivable, originated in year two | 44 | 38 |
Financing receivable, originated in year three | 37 | 28 |
Financing receivable, originated in year four | 27 | 20 |
Prior | 202 | 190 |
Total Loans | 348 | 346 |
Education | 660 to 719 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 4 | 15 |
Financing receivable, originated in year one | 10 | 15 |
Financing receivable, originated in year two | 14 | 14 |
Financing receivable, originated in year three | 14 | 9 |
Financing receivable, originated in year four | 8 | 6 |
Prior | 90 | 90 |
Total Loans | 140 | 149 |
Education | Less than 660 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 1 | 3 |
Financing receivable, originated in year one | 1 | 2 |
Financing receivable, originated in year two | 3 | 3 |
Financing receivable, originated in year three | 2 | 2 |
Financing receivable, originated in year four | 2 | 2 |
Prior | 35 | 37 |
Total Loans | 44 | 49 |
Education | No FICO Score Available Or Required | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 3 | 16 |
Financing receivable, originated in year one | 12 | 10 |
Financing receivable, originated in year two | 9 | 6 |
Financing receivable, originated in year three | 5 | 3 |
Financing receivable, originated in year four | 3 | |
Prior | 1 | 1 |
Total Loans | 33 | 36 |
Education | Other internal credit metrics | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | ||
Financing receivable, originated in year one | ||
Prior | 1,551 | 1,631 |
Total Loans | 1,551 | 1,631 |
Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 124 | 581 |
Financing receivable, originated in year one | 478 | 763 |
Financing receivable, originated in year two | 650 | 304 |
Financing receivable, originated in year three | 245 | 95 |
Financing receivable, originated in year four | 77 | 75 |
Prior | 210 | 161 |
Revolving Loans | 2,701 | 2,713 |
Revolving Loans Converted to Term | 10 | 6 |
Total Loans | 4,495 | 4,698 |
Other consumer | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 92 | 514 |
Financing receivable, originated in year one | 449 | 730 |
Financing receivable, originated in year two | 622 | 267 |
Financing receivable, originated in year three | 216 | 69 |
Financing receivable, originated in year four | 51 | 15 |
Prior | 84 | 86 |
Revolving Loans | 336 | 379 |
Revolving Loans Converted to Term | 2 | 3 |
Total Loans | 1,852 | 2,063 |
Other consumer | Greater than or equal to 780 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 31 | 162 |
Financing receivable, originated in year one | 135 | 187 |
Financing receivable, originated in year two | 150 | 63 |
Financing receivable, originated in year three | 49 | 21 |
Financing receivable, originated in year four | 15 | 5 |
Prior | 40 | 42 |
Revolving Loans | 73 | 86 |
Revolving Loans Converted to Term | 1 | 1 |
Total Loans | 494 | 567 |
Other consumer | 720 to 779 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 33 | 197 |
Financing receivable, originated in year one | 169 | 247 |
Financing receivable, originated in year two | 206 | 82 |
Financing receivable, originated in year three | 65 | 22 |
Financing receivable, originated in year four | 16 | 5 |
Prior | 23 | 22 |
Revolving Loans | 109 | 123 |
Revolving Loans Converted to Term | ||
Total Loans | 621 | 698 |
Other consumer | 660 to 719 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 27 | 127 |
Financing receivable, originated in year one | 111 | 210 |
Financing receivable, originated in year two | 185 | 81 |
Financing receivable, originated in year three | 68 | 17 |
Financing receivable, originated in year four | 13 | 3 |
Prior | 14 | 14 |
Revolving Loans | 107 | 117 |
Revolving Loans Converted to Term | 1 | |
Total Loans | 525 | 570 |
Other consumer | Less than 660 | Using FICO Credit Metric | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 1 | 28 |
Financing receivable, originated in year one | 34 | 86 |
Financing receivable, originated in year two | 81 | 41 |
Financing receivable, originated in year three | 34 | 9 |
Financing receivable, originated in year four | 7 | 2 |
Prior | 7 | 8 |
Revolving Loans | 47 | 53 |
Revolving Loans Converted to Term | 1 | 1 |
Total Loans | 212 | 228 |
Other consumer | Other internal credit metrics | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated in current year | 32 | 67 |
Financing receivable, originated in year one | 29 | 33 |
Financing receivable, originated in year two | 28 | 37 |
Financing receivable, originated in year three | 29 | 26 |
Financing receivable, originated in year four | 26 | 60 |
Prior | 126 | 75 |
Revolving Loans | 2,365 | 2,334 |
Revolving Loans Converted to Term | 8 | 3 |
Total Loans | $ 2,643 | $ 2,635 |
Loans and Related Allowance f_9
Loans and Related Allowance for Credit Losses (Financial Impact and TDRs by Concession Type) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 2,115 | 3,580 |
Pre-TDR Amortized Cost Basis | $ 125 | $ 98 |
Post-TDR Amortized Cost Basis | 122 | 75 |
Principal Forgiveness | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Amortized Cost Basis | 6 | |
Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Amortized Cost Basis | 16 | 22 |
Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Amortized Cost Basis | $ 106 | $ 47 |
Total commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 19 | 13 |
Pre-TDR Amortized Cost Basis | $ 93 | $ 62 |
Post-TDR Amortized Cost Basis | 94 | 43 |
Total commercial | Principal Forgiveness | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Amortized Cost Basis | 6 | |
Total commercial | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Amortized Cost Basis | ||
Total commercial | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Amortized Cost Basis | $ 94 | $ 37 |
Total consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 2,096 | 3,567 |
Pre-TDR Amortized Cost Basis | $ 32 | $ 36 |
Post-TDR Amortized Cost Basis | 28 | 32 |
Total consumer | Principal Forgiveness | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Amortized Cost Basis | ||
Total consumer | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Amortized Cost Basis | 16 | 22 |
Total consumer | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-TDR Amortized Cost Basis | $ 12 | $ 10 |
Loans and Related Allowance _10
Loans and Related Allowance for Credit Losses (Rollforward of Allowance for Credit Losses of Loans and Leases) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 5,361 | $ 2,742 | ||
Charge-offs | (243) | (304) | ||
Recoveries | 97 | 92 | ||
Net (charge-offs) | (146) | (212) | ||
Provision for (recapture of) credit losses | (502) | 952 | ||
Other | 1 | (1) | ||
Ending balance | 4,714 | 3,944 | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 584 | 318 | ||
Provision for (recapture of) credit losses | (77) | (47) | ||
Ending balance | 507 | 450 | ||
Allowance for credit loss | 5,221 | 4,394 | $ 5,945 | $ 3,060 |
Allowances for investment securities and other financial assets | 136 | 21 | ||
Total commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 3,337 | 1,812 | ||
Charge-offs | (69) | (83) | ||
Recoveries | 18 | 24 | ||
Net (charge-offs) | (51) | (59) | ||
Provision for (recapture of) credit losses | (204) | 531 | ||
Other | 1 | (1) | ||
Ending balance | 3,083 | 1,979 | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 485 | 316 | ||
Provision for (recapture of) credit losses | (82) | (25) | ||
Ending balance | 403 | 344 | ||
Allowance for credit loss | 3,486 | 2,323 | 3,822 | 2,128 |
Total consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2,024 | 930 | ||
Charge-offs | (174) | (221) | ||
Recoveries | 79 | 68 | ||
Net (charge-offs) | (95) | (153) | ||
Provision for (recapture of) credit losses | (298) | 421 | ||
Ending balance | 1,631 | 1,965 | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 99 | 2 | ||
Provision for (recapture of) credit losses | 5 | (22) | ||
Ending balance | 104 | 106 | ||
Allowance for credit loss | 1,735 | 2,071 | $ 2,123 | $ 932 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 463 | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 179 | |||
Cumulative Effect, Period of Adoption, Adjustment | Total commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (304) | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 53 | |||
Cumulative Effect, Period of Adoption, Adjustment | Total consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 767 | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 126 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 5,361 | 3,205 | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 584 | 497 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Total commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 3,337 | 1,508 | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | 485 | 369 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | Total consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2,024 | 1,697 | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | $ 99 | $ 128 |
Loan Sale and Servicing Activ_3
Loan Sale and Servicing Activities and Variable Interest Entities (Cash Flows Associated with Loan Sale and Servicing Activities) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Residential mortgage loans held for sale | |||
Cash flows from sales of loans | $ 1,239 | $ 1,334 | |
Cash flows from repurchases of previously transferred loans | 93 | 95 | |
Cash flows from servicing fees | 82 | 85 | |
Cash flows from servicing advances recovered/(funded), net | 17 | 12 | |
Cash flows on mortgage-backed securities held | 2,555 | 1,361 | |
Carrying value of mortgage-backed securities held | 15,400 | 17,100 | $ 16,500 |
Commercial mortgage loans held for sale | |||
Cash flows from sales of loans | 988 | 493 | |
Cash flows from repurchases of previously transferred loans | 33 | 15 | |
Cash flows from servicing fees | 38 | 33 | |
Cash flows from servicing advances recovered/(funded), net | (10) | 12 | |
Cash flows on mortgage-backed securities held | 29 | 37 | |
Carrying value of mortgage-backed securities held | $ 800 | $ 800 | $ 800 |
Loan Sale and Servicing Activ_4
Loan Sale and Servicing Activities and Variable Interest Entities (Principal Balance, Delinquent Loans (Loans 90 Days or More Past Due), and Net Charge-Offs Related to Serviced Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Residential mortgage loans held for sale | |||
Total principal balance | $ 41,096 | $ 43,351 | |
Delinquent loans | 450 | 453 | |
Net charge-offs | 2 | $ 8 | |
Commercial mortgage loans held for sale | |||
Total principal balance | 41,735 | 40,790 | |
Delinquent loans | 126 | $ 136 | |
Net charge-offs | $ 153 | $ 99 |
Loan Sale and Servicing Activ_5
Loan Sale and Servicing Activities and Variable Interest Entities (Non-Consolidated VIEs) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
PNC Risk of Loss | $ 19,977 | $ 21,328 |
Carrying Value of Assets Owned by PNC | 474,414 | 466,679 |
Carrying Value of Liabilities Owned by PNC | 420,535 | 412,638 |
Variable Interest Entity, Primary Beneficiary | ||
Carrying Value of Assets Owned by PNC | 19,960 | 21,101 |
Carrying Value of Liabilities Owned by PNC | 1,426 | 1,199 |
Variable Interest Entity, Primary Beneficiary | Mortgage-Backed Securitizations | ||
PNC Risk of Loss | 16,883 | 18,207 |
Carrying Value of Assets Owned by PNC | 16,883 | 18,207 |
Carrying Value of Liabilities Owned by PNC | 1 | 1 |
Variable Interest Entity, Primary Beneficiary | Tax Credit Investments And Other | ||
PNC Risk of Loss | 3,094 | 3,121 |
Carrying Value of Assets Owned by PNC | 3,077 | 2,894 |
Carrying Value of Liabilities Owned by PNC | $ 1,425 | $ 1,198 |
Loan Sale and Servicing Activ_6
Loan Sale and Servicing Activities and Variable Interest Entities Loan Sale and Servicing Activities and Variable Interest Entities (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Low Income Housing Tax Credit Investments | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortization, tax credits, and other tax benefits recognized low income housing tax credit investments (less than) | $ 100 | $ 100 |
Goodwill Mortgage Servicing Rig
Goodwill Mortgage Servicing Rights (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Mortgage servicing rights | $ 1,680 | $ 1,242 | |
Fees from mortgage and other loan servicing | $ 100 | $ 100 |
Goodwill and Mortgage Servici_3
Goodwill and Mortgage Servicing Rights (Mortgage Servicing Rights) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Mortgage servicing rights, beginning balance | $ 1,242 | |
Mortgage servicing rights, ending balance | 1,680 | |
Mortgage Servicing Rights | Commercial real estate | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Mortgage servicing rights, beginning balance | 569 | $ 649 |
Mortgage servicing rights, ending balance | 701 | 477 |
Unpaid principal balance of loans serviced for others at end of period | 256,198 | 225,769 |
Servicing advances | 447 | 145 |
Mortgage Servicing Rights | Commercial real estate | Time and Payoffs | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (28) | (35) |
Mortgage Servicing Rights | Commercial real estate | Other | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | 129 | (167) |
Mortgage Servicing Rights | Commercial real estate | From loans sold with servicing retained | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | 18 | 11 |
Mortgage Servicing Rights | Commercial real estate | Purchases | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | 13 | 19 |
Mortgage Servicing Rights | Residential mortgage loans held for sale | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Mortgage servicing rights, beginning balance | 673 | 995 |
Mortgage servicing rights, ending balance | 979 | 605 |
Unpaid principal balance of loans serviced for others at end of period | 117,287 | 118,104 |
Servicing advances | 126 | 99 |
Mortgage Servicing Rights | Residential mortgage loans held for sale | Time and Payoffs | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | (73) | (39) |
Mortgage Servicing Rights | Residential mortgage loans held for sale | Other | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Changes in Fair Value | 295 | (379) |
Mortgage Servicing Rights | Residential mortgage loans held for sale | From loans sold with servicing retained | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | 13 | 10 |
Mortgage Servicing Rights | Residential mortgage loans held for sale | Purchases | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Additions | $ 71 | $ 18 |
Goodwill Mortgage Servicing R_2
Goodwill Mortgage Servicing Rights (Commercial and Residential Mortgage Loan Servicing Assets - Key Valuation Assumptions) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||||
Fair Value | $ 1,680 | $ 1,242 | ||
Mortgage Servicing Rights | Commercial real estate | ||||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||||
Fair Value | $ 701 | $ 569 | $ 477 | $ 649 |
Weighted-average life (years) | 4 years 8 months 12 days | 4 years 4 months 24 days | ||
Decline in fair value from 10% adverse change in prepayment rate | $ 11 | $ 9 | ||
Decline in fair value from 20% adverse change in prepayment rate | 22 | 18 | ||
Decline in fair value from 10% adverse change in interest rate | 20 | 15 | ||
Decline in fair value from 20% adverse change in interest rate | 40 | 31 | ||
Mortgage Servicing Rights | Residential mortgage loans held for sale | ||||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||||
Fair Value | $ 979 | $ 673 | $ 605 | $ 995 |
Weighted-average life (years) | 6 years 2 months 12 days | 3 years 9 months 18 days | ||
Decline in fair value from 10% adverse change in prepayment rate | $ 38 | $ 41 | ||
Decline in fair value from 20% adverse change in prepayment rate | $ 79 | $ 82 | ||
Spread over the benchmark curve | 9.44% | 9.22% | ||
Decline in fair value from 10% adverse change in adjusted spread | $ 34 | $ 20 | ||
Decline in fair value from 20% adverse change in adjusted spread | $ 66 | $ 38 | ||
Mortgage Servicing Rights | Measurement Input, Constant Prepayment Rate | Commercial real estate | ||||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||||
Servicing asset, measurement input | 0.0487 | 0.0487 | ||
Mortgage Servicing Rights | Measurement Input, Constant Prepayment Rate | Residential mortgage loans held for sale | ||||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||||
Servicing asset, measurement input | 0.1072 | 0.2113 | ||
Mortgage Servicing Rights | Measurement Input, Discount Rate | Commercial real estate | ||||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||||
Servicing asset, measurement input | 0.0739 | 0.0733 |
Leases (Lessor Income) (Details
Leases (Lessor Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Sales-type leases and direct financing leases | $ 62 | $ 71 |
Operating leases | 20 | 27 |
Lessor income | $ 82 | $ 98 |
Commitments (Other Commitments)
Commitments (Other Commitments) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||
Commitments | $ 223,779 | $ 220,368 |
Liability Related To Investments In Low Income Housing Tax Credits | 1,100 | 1,100 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitments | 210,413 | 207,821 |
Commitments to extend credit | Total commercial | ||
Other Commitments [Line Items] | ||
Commitments | 154,482 | 153,089 |
Commitments to extend credit | Home equity lines of credit | ||
Other Commitments [Line Items] | ||
Commitments | 16,604 | 16,626 |
Commitments to extend credit | Credit card | ||
Other Commitments [Line Items] | ||
Commitments | 31,132 | 31,019 |
Commitments to extend credit | Other | ||
Other Commitments [Line Items] | ||
Commitments | 8,195 | 7,087 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Commitments | 9,090 | 9,053 |
Standby letters of credit | Remarketing Programs | ||
Other Commitments [Line Items] | ||
Commitments | 3,700 | 3,800 |
Standby bond purchase agreements | ||
Other Commitments [Line Items] | ||
Commitments | 1,543 | 1,448 |
Other commitments | ||
Other Commitments [Line Items] | ||
Commitments | $ 2,733 | $ 2,046 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) $ in Billions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Minimum | |
Loss Contingencies [Line Items] | |
Standby letter of credit, term | 1 year |
Maximum | |
Loss Contingencies [Line Items] | |
Standby letter of credit, term | 6 years |
Standby letters of credit | |
Loss Contingencies [Line Items] | |
Internal credit ratings (as a percentage of portfolio) - Pass | 97.00% |
Standby letters of credit - Assets securing certain specifically identified standby letters of credit | $ 1.3 |
Standby letters of credit and participations in standby letters of credit - Liability carrying amount | $ 0.1 |
Total Equity and Other Compre_3
Total Equity and Other Comprehensive Income (Rollforward of Total Equity) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Common Stock [Abstract] | ||||
Equity, Beginning Balance | $ 54,041 | $ 49,343 | ||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||
Net income | 1,826 | 915 | ||
Other comprehensive income (loss), net of tax | (1,480) | 1,719 | ||
Dividends, Cash [Abstract] | ||||
Common | (493) | (503) | ||
Preferred | (57) | (63) | ||
Treasury stock activity | 128 | (1,310) | ||
Other | (86) | (140) | ||
Equity, Ending Balance | 53,879 | 49,290 | $ 49,343 | |
Par value less than $.5 million at each date | $ 0.5 | 0.5 | 0.5 | $ 0.5 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Common Stock [Abstract] | ||||
Equity, Beginning Balance | (671) | |||
Dividends, Cash [Abstract] | ||||
Equity, Ending Balance | (671) | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Common Stock [Abstract] | ||||
Equity, Beginning Balance | $ 48,672 | |||
Dividends, Cash [Abstract] | ||||
Equity, Ending Balance | $ 48,672 | |||
Common Stock | ||||
Common Stock [Abstract] | ||||
Beginning Balance (in shares) | 424 | 433 | ||
Treasury stock activity, shares | 1 | (9) | ||
Ending Balance, (in shares) | 425 | 424 | 433 | |
Equity, Beginning Balance | $ 2,713 | $ 2,712 | ||
Dividends, Cash [Abstract] | ||||
Equity, Ending Balance | 2,713 | $ 2,712 | $ 2,712 | |
Common Stock | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Common Stock [Abstract] | ||||
Beginning Balance (in shares) | 433 | |||
Ending Balance, (in shares) | 433 | |||
Equity, Beginning Balance | $ 2,712 | |||
Dividends, Cash [Abstract] | ||||
Equity, Ending Balance | $ 2,712 | |||
Capital Surplus - Preferred Stock | ||||
Common Stock [Abstract] | ||||
Equity, Beginning Balance | 3,517 | 3,993 | ||
Dividends, Cash [Abstract] | ||||
Preferred stock discount accretion | 1 | 1 | ||
Equity, Ending Balance | 3,518 | 3,994 | 3,993 | |
Capital Surplus - Preferred Stock | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Common Stock [Abstract] | ||||
Equity, Beginning Balance | 3,993 | |||
Dividends, Cash [Abstract] | ||||
Equity, Ending Balance | 3,993 | |||
Capital Surplus - Common Stock and Other | ||||
Common Stock [Abstract] | ||||
Equity, Beginning Balance | 12,367 | 12,376 | ||
Dividends, Cash [Abstract] | ||||
Treasury stock activity | 69 | 49 | ||
Other | (75) | (131) | ||
Equity, Ending Balance | 12,361 | 12,294 | 12,376 | |
Capital Surplus - Common Stock and Other | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Common Stock [Abstract] | ||||
Equity, Beginning Balance | 12,376 | |||
Dividends, Cash [Abstract] | ||||
Equity, Ending Balance | 12,376 | |||
Retained Earnings | ||||
Common Stock [Abstract] | ||||
Equity, Beginning Balance | 46,848 | 42,215 | ||
Net income | 1,816 | 908 | ||
Dividends, Cash [Abstract] | ||||
Common | (493) | (503) | ||
Preferred | (57) | (63) | ||
Preferred stock discount accretion | (1) | (1) | ||
Equity, Ending Balance | 48,113 | 41,885 | 42,215 | |
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||
Common Stock [Abstract] | ||||
Equity, Beginning Balance | (671) | |||
Dividends, Cash [Abstract] | ||||
Equity, Ending Balance | (671) | |||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Common Stock [Abstract] | ||||
Equity, Beginning Balance | 41,544 | |||
Dividends, Cash [Abstract] | ||||
Equity, Ending Balance | 41,544 | |||
Accumulated Other Comprehensive Income (Loss) | ||||
Common Stock [Abstract] | ||||
Equity, Beginning Balance | 2,770 | 799 | ||
Other comprehensive income (loss), net of tax | (1,480) | 1,719 | ||
Dividends, Cash [Abstract] | ||||
Equity, Ending Balance | 1,290 | 2,518 | 799 | |
Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Common Stock [Abstract] | ||||
Equity, Beginning Balance | 799 | |||
Dividends, Cash [Abstract] | ||||
Equity, Ending Balance | 799 | |||
Treasury Stock | ||||
Common Stock [Abstract] | ||||
Equity, Beginning Balance | (14,205) | (12,781) | ||
Dividends, Cash [Abstract] | ||||
Treasury stock activity | 59 | (1,359) | ||
Equity, Ending Balance | (14,146) | (14,140) | (12,781) | |
Treasury Stock | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Common Stock [Abstract] | ||||
Equity, Beginning Balance | (12,781) | |||
Dividends, Cash [Abstract] | ||||
Equity, Ending Balance | (12,781) | |||
Non- controlling Interests | ||||
Common Stock [Abstract] | ||||
Equity, Beginning Balance | 31 | 29 | ||
Net income | 10 | 7 | ||
Dividends, Cash [Abstract] | ||||
Other | (11) | (9) | ||
Equity, Ending Balance | $ 30 | 27 | 29 | |
Non- controlling Interests | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Common Stock [Abstract] | ||||
Equity, Beginning Balance | $ 29 | |||
Dividends, Cash [Abstract] | ||||
Equity, Ending Balance | $ 29 |
Total Equity and Other Compre_4
Total Equity and Other Comprehensive Income (Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax [Abstract] | ||
Net unrealized gains (losses) on securities, pre-tax | $ (1,181) | $ 1,662 |
Less: Net realized gains (losses) reclassified to earnings | 13 | 182 |
Net increase (decrease), pre-tax | (1,194) | 1,480 |
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax [Abstract] | ||
Net unrealized gains (losses) on securities, tax effect | 278 | (381) |
Less: Net realized gains (losses) reclassified to earnings, tax effect | (3) | (42) |
Effect of income taxes | 281 | (339) |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, After Reclassification Adjustments, after Tax [Abstract] | ||
Net unrealized gains (losses) on securities, after tax | (903) | 1,281 |
Less: Net realized gains (losses) reclassified to earnings, after tax | 10 | 140 |
Net increase (decrease), after-tax | (913) | 1,141 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract] | ||
Net unrealized gains (losses) on cash flow hedges, pre-tax | (640) | 830 |
Less: Net realized gains (losses) reclassified to earnings, pre-tax | 135 | 45 |
Net increase (decrease), pre-tax | (775) | 785 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract] | ||
Net unrealized gains (losses) on cash flow hedges, tax effect | 151 | (190) |
Less: Net realized gains (losses) reclassified to earnings, tax effect | (32) | (10) |
Effect of income taxes | 183 | (180) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | ||
Net unrealized gains (losses) on cash flow hedges, after tax | (489) | 640 |
Less: Net realized gains (losses) reclassified to earnings, after tax | 103 | 35 |
Net increase (decrease), after-tax | (592) | 605 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax [Abstract] | ||
Net pension and other postretirement benefit plan activity and other reclassified to earnings, pre-tax | 30 | 12 |
Net increase (decrease), pre-tax | 30 | 12 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract] | ||
Net pension and other postretirement benefit plan activity and other reclassified to earnings, tax effect | (7) | (3) |
Effect of income taxes | (7) | (3) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract] | ||
Net pension and other postretirement benefit plan activity and other reclassified to earnings, after-tax | 23 | 9 |
Net increase (decrease), after-tax | 23 | 9 |
Other Comprehensive Income Other Adjustments [Abstract] | ||
Net unrealized gains (losses) on other transactions, pre-tax | 1 | 8 |
Net increase (decrease), pre-tax | 1 | 8 |
Net unrealized gains (losses) on other transactions, tax effect | 1 | (18) |
Effect of income taxes | 1 | (18) |
Net unrealized gains (losses) on other transactions, after tax | 2 | (10) |
Net increase (decrease), after-tax | 2 | (10) |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (1,938) | 2,251 |
Total other comprehensive income (loss), tax effect | 458 | (532) |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | (1,480) | 1,719 |
Continuing Operations | ||
Other Comprehensive Income Other Adjustments [Abstract] | ||
Net unrealized gains (losses) on other transactions, pre-tax | 1 | 8 |
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (1,938) | 2,285 |
Total other comprehensive income (loss), tax effect | 458 | (540) |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | $ (1,480) | 1,745 |
Discontinued Operations | ||
Other Comprehensive Income Other Adjustments [Abstract] | ||
Other comprehensive income (loss), before tax and net of reclassifications into Net income | (34) | |
Total other comprehensive income (loss), tax effect | 8 | |
Other comprehensive income (loss), after tax and net of reclassifications into Net income | $ (26) |
Total Equity and Other Compre_5
Total Equity and Other Comprehensive Income (Accumulated Other Comprehensive Income (Loss) Components) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Equity, Beginning Balance | $ 54,041 | $ 49,343 |
Other comprehensive income (loss), net of tax | (1,480) | 1,719 |
Equity, Ending Balance | 53,879 | 49,290 |
Continuing Operations | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), net of tax | (1,480) | 1,745 |
Discontinued Operations | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), net of tax | (26) | |
Debt securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Equity, Beginning Balance | 2,462 | 1,067 |
Other comprehensive income (loss), net of tax | (913) | 1,141 |
Equity, Ending Balance | 1,549 | 2,208 |
Cash flow hedge derivatives | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Equity, Beginning Balance | 659 | 276 |
Other comprehensive income (loss), net of tax | (592) | 605 |
Equity, Ending Balance | 67 | 881 |
Pension and other postretirement benefit plan adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Equity, Beginning Balance | (345) | (408) |
Other comprehensive income (loss), net of tax | 23 | 9 |
Equity, Ending Balance | (322) | (399) |
Other | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Equity, Beginning Balance | (6) | (21) |
Other comprehensive income (loss), net of tax | 2 | (10) |
Equity, Ending Balance | (4) | (31) |
Total | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Equity, Beginning Balance | 2,770 | 799 |
Other comprehensive income (loss), net of tax | (1,480) | 1,719 |
Equity, Ending Balance | 1,290 | 2,518 |
Total | Continuing Operations | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Equity, Beginning Balance | 2,770 | 914 |
Other comprehensive income (loss), net of tax | (1,480) | 1,745 |
Equity, Ending Balance | 1,290 | 2,659 |
Total | Discontinued Operations | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Equity, Beginning Balance | (115) | |
Other comprehensive income (loss), net of tax | (26) | |
Equity, Ending Balance | $ (141) |
Total Equity and Other Compre_6
Total Equity and Other Comprehensive Income (Dividends per Share) (Details) - $ / shares | Apr. 01, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Sep. 01, 2020 |
Class of Stock [Line Items] | |||||
Common stock held in treasury at cost (shares) | 118,000,000 | 119,000,000 | |||
Common Stock | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Common, per share (in dollars per share) | $ 1.15 | $ 1.15 | |||
Common Stock | Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Common, per share (in dollars per share) | $ 1.15 | ||||
Series B | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | 0.45 | 0.45 | |||
Series O | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | 3,375 | 3,375 | |||
Series P | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | $ 1,531 | 1,531 | |||
Series Q | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared, Preferred, per share (in dollars per share) | $ 1,344 | ||||
Treasury stock, preferred (shares) | 4,800 | ||||
Depositary Shares | |||||
Class of Stock [Line Items] | |||||
Common stock held in treasury at cost (shares) | 19,200,000 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net income from continuing operations | $ 1,826 | $ 759 |
Net income attributable to noncontrolling interests | 10 | 7 |
Preferred stock dividends | 57 | 63 |
Preferred stock discount accretion and redemptions | 1 | 1 |
Net income from continuing operations attributable to common shareholders | 1,758 | 688 |
Less: Dividends and undistributed earnings allocated to nonvested restricted shares | 8 | 3 |
Net income from continuing operations attributable to basic common shareholders | 1,750 | 685 |
Net income from discontinued operations attributable to common shareholders | 156 | |
Less: Undistributed earnings allocated to nonvested restricted shares | 1 | |
Net income from discontinued operations attributable to basic common shareholders | $ 155 | |
Basic weighted-average common shares outstanding (in shares) | 426 | 429 |
Basic earnings (loss) per common share from continuing operations (in dollars per share) | $ 4.11 | $ 1.59 |
Basic earnings per common share from discontinued operations (in dollars per share) | 0.37 | |
Basic earnings per common share (in dollars per share) | $ 4.11 | $ 1.96 |
Less: Impact of earnings per share dilution from discontinued operations | $ 1 | |
Net income from discontinued operations attributable to diluted common shareholders | $ 154 | |
Dilutive potential common shares (in shares) | 1 | |
Diluted weighted-average common shares outstanding (in shares) | 426 | 430 |
Diluted earnings (loss) per common share from continuing operations (in dollars per share) | $ 4.10 | $ 1.59 |
Diluted earnings per common share from discontinued operations (in dollars per share) | 0.36 | |
Diluted earnings per common share (in dollars per share) | $ 4.10 | $ 1.95 |
Fair Value (Recurring Fair Valu
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Assets | ||
Investment securities – available for sale | $ 96,799 | $ 87,358 |
Mortgage servicing rights | 1,680 | 1,242 |
Financial derivatives | 3,296 | 4,379 |
Liabilities | ||
Financial derivatives | $ 824 | $ 584 |
Assets At Fair Value | Assets, Total | ||
Liabilities | ||
Concentration risk, percentage | 23.00% | 22.00% |
Level 3 Assets | Assets, Total | ||
Liabilities | ||
Concentration risk, percentage | 5.00% | 5.00% |
Level 3 Assets | Assets | ||
Liabilities | ||
Concentration risk, percentage | 1.00% | 1.00% |
Liabilities At Fair Value | Liabilities, Total | ||
Liabilities | ||
Concentration risk, percentage | 1.00% | 1.00% |
Level Three Liabilities | Liabilities, Total | ||
Liabilities | ||
Concentration risk, percentage | 8.00% | 9.00% |
Level Three Liabilities | Liability | ||
Liabilities | ||
Concentration risk, percentage | 1.00% | 1.00% |
Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | $ 96,799 | $ 87,358 |
Loans | 1,441 | 1,365 |
Equity investments | 2,725 | 2,629 |
Trading securities | 1,588 | 2,238 |
Financial derivatives | 4,916 | 6,533 |
Other assets | 477 | 454 |
Total Assets | 111,263 | 103,035 |
Liabilities | ||
Other borrowed funds | 838 | 707 |
Financial derivatives | 3,023 | 2,756 |
Other liabilities | 73 | 43 |
Total liabilities | 3,934 | 3,506 |
Level 1 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 21,997 | 16,675 |
Equity investments | 1,133 | 1,070 |
Trading securities | 576 | 548 |
Other assets | 384 | 373 |
Total Assets | 24,090 | 18,666 |
Liabilities | ||
Other borrowed funds | 790 | 661 |
Total liabilities | 790 | 661 |
Level 2 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 73,209 | 69,036 |
Loans | 730 | 718 |
Trading securities | 1,012 | 1,690 |
Financial derivatives | 4,853 | 6,415 |
Other assets | 93 | 81 |
Total Assets | 81,313 | 78,936 |
Liabilities | ||
Other borrowed funds | 46 | 44 |
Financial derivatives | 2,796 | 2,483 |
Total liabilities | 2,842 | 2,527 |
Level 3 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 1,593 | 1,647 |
Loans | 711 | 647 |
Equity investments | 1,343 | 1,263 |
Financial derivatives | 63 | 118 |
Total Assets | 5,611 | 5,137 |
Liabilities | ||
Other borrowed funds | 2 | 2 |
Financial derivatives | 227 | 273 |
Other liabilities | 73 | 43 |
Total liabilities | 302 | 318 |
Residential mortgage loans held for sale | Fair Value, Recurring | ||
Assets | ||
Loans held for sale | 1,252 | 854 |
Residential mortgage loans held for sale | Level 2 | Fair Value, Recurring | ||
Assets | ||
Loans held for sale | 1,087 | 691 |
Residential mortgage loans held for sale | Level 3 | Fair Value, Recurring | ||
Assets | ||
Loans held for sale | 165 | 163 |
Commercial mortgage loans held for sale | Fair Value, Recurring | ||
Assets | ||
Loans held for sale | 385 | 362 |
Commercial mortgage loans held for sale | Level 2 | Fair Value, Recurring | ||
Assets | ||
Loans held for sale | 329 | 305 |
Commercial mortgage loans held for sale | Level 3 | Fair Value, Recurring | ||
Assets | ||
Loans held for sale | 56 | 57 |
U.S. Treasury and government agencies | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 25,950 | 20,711 |
U.S. Treasury and government agencies | Level 1 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 21,997 | 16,675 |
U.S. Treasury and government agencies | Level 2 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 3,953 | 4,036 |
Residential mortgage-backed | Mortgage-backed Securities Agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 51,554 | 48,911 |
Residential mortgage-backed | Mortgage-backed Securities Non-agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 1,424 | 1,501 |
Residential mortgage-backed | Level 2 | Mortgage-backed Securities Agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 51,554 | 48,911 |
Residential mortgage-backed | Level 2 | Mortgage-backed Securities Non-agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 108 | 136 |
Residential mortgage-backed | Level 3 | Mortgage-backed Securities Non-agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 1,316 | 1,365 |
Commercial mortgage-backed | Mortgage-backed Securities Agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 2,284 | 2,688 |
Commercial mortgage-backed | Mortgage-backed Securities Non-agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 4,236 | 3,689 |
Commercial mortgage-backed | Level 2 | Mortgage-backed Securities Agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 2,284 | 2,688 |
Commercial mortgage-backed | Level 2 | Mortgage-backed Securities Non-agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 4,225 | 3,678 |
Commercial mortgage-backed | Level 3 | Mortgage-backed Securities Non-agency | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 11 | 11 |
Asset-backed | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 6,041 | 5,150 |
Asset-backed | Level 2 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 5,847 | 4,951 |
Asset-backed | Level 3 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 194 | 199 |
Other | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 5,310 | 4,708 |
Other | Level 2 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 5,238 | 4,636 |
Other | Level 3 | Fair Value, Recurring | ||
Assets | ||
Investment securities – available for sale | 72 | 72 |
Residential mortgage servicing rights | Fair Value, Recurring | ||
Assets | ||
Mortgage servicing rights | 979 | 673 |
Residential mortgage servicing rights | Level 3 | Fair Value, Recurring | ||
Assets | ||
Mortgage servicing rights | 979 | 673 |
Commercial mortgage servicing rights | Fair Value, Recurring | ||
Assets | ||
Mortgage servicing rights | 701 | 569 |
Commercial mortgage servicing rights | Level 3 | Fair Value, Recurring | ||
Assets | ||
Mortgage servicing rights | $ 701 | $ 569 |
Fair Value (Reconciliation of R
Fair Value (Reconciliation of Recurring Fair Value Measurements) (Details) - Fair Value, Recurring - Level 3 - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 5,137 | $ 5,395 |
Included in Earnings | 497 | (486) |
Included in other comprehensive income | 19 | (256) |
Purchases | 249 | 132 |
Sales | (46) | (85) |
Issuances | 31 | 21 |
Settlements | (271) | 159 |
Transfers into Level 3 | 3 | 4 |
Transfers out of Level 3 | (8) | (11) |
Ending Balance | 5,611 | 4,873 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 487 | (524) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 318 | 344 |
Included in Earnings | 21 | 10 |
Purchases | ||
Sales | 2 | 1 |
Issuances | 31 | 23 |
Settlements | (70) | (116) |
Transfers into Level 3 | 2 | |
Transfers out of Level 3 | (2) | |
Ending Balance | 302 | 262 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | (26) | 4 |
Fair Value Additional Information [Abstract] | ||
Net gains (losses) included in earnings (realized and unrealized) relating to Level 3 assets and liabilities | 476 | (496) |
Net unrealized gains (losses) relating to Level 3 assets and liabilities | 513 | (528) |
Loans held for sale | Residential mortgage loans held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 163 | 2 |
Included in Earnings | 1 | |
Purchases | 35 | 2 |
Sales | (16) | (1) |
Settlements | (16) | |
Transfers into Level 3 | 3 | 4 |
Transfers out of Level 3 | (5) | (3) |
Ending Balance | 165 | 4 |
Loans held for sale | Commercial mortgage loans held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 57 | 64 |
Included in Earnings | (1) | (1) |
Settlements | (3) | |
Ending Balance | 56 | 60 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | (1) | |
Securities available for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1,647 | 2,055 |
Included in Earnings | 10 | 18 |
Included in other comprehensive income | 19 | (256) |
Purchases | 1 | 4 |
Settlements | (84) | (104) |
Ending Balance | 1,593 | 1,717 |
Securities available for sale | Residential mortgage-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1,365 | 1,741 |
Included in Earnings | 9 | 16 |
Included in other comprehensive income | 16 | (222) |
Settlements | (74) | (93) |
Ending Balance | 1,316 | 1,442 |
Securities available for sale | Commercial mortgage-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 11 | |
Ending Balance | 11 | |
Securities available for sale | Asset-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 199 | 240 |
Included in Earnings | 1 | 2 |
Included in other comprehensive income | 3 | (29) |
Settlements | (9) | (11) |
Ending Balance | 194 | 202 |
Securities available for sale | Other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 72 | 74 |
Included in other comprehensive income | (5) | |
Purchases | 1 | 4 |
Settlements | (1) | |
Ending Balance | 72 | 73 |
Loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 647 | 300 |
Included in Earnings | 10 | 11 |
Purchases | 88 | 16 |
Sales | (3) | (26) |
Issuances | ||
Settlements | (28) | 362 |
Transfers out of Level 3 | (3) | (8) |
Ending Balance | 711 | 655 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 11 | 11 |
Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1,263 | 1,276 |
Included in Earnings | 67 | (69) |
Purchases | 40 | 71 |
Sales | (27) | (58) |
Ending Balance | 1,343 | 1,220 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 63 | (64) |
Mortgage Servicing Rights | Residential mortgage loans held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 673 | 995 |
Included in Earnings | 295 | (379) |
Purchases | 71 | 18 |
Issuances | 13 | 10 |
Settlements | (73) | (39) |
Ending Balance | 979 | 605 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 295 | (379) |
Mortgage Servicing Rights | Commercial mortgage loans held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 569 | 649 |
Included in Earnings | 129 | (167) |
Purchases | 13 | 19 |
Issuances | 18 | 11 |
Settlements | (28) | (35) |
Ending Balance | 701 | 477 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | 129 | (166) |
Derivative | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 118 | 54 |
Included in Earnings | (14) | 101 |
Purchases | 1 | 2 |
Settlements | (42) | (22) |
Ending Balance | 63 | 135 |
Unrealized gains/losses on assets held on Consolidated Balance Sheet | (11) | 75 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 273 | 200 |
Included in Earnings | (14) | 8 |
Sales | 2 | 1 |
Settlements | (34) | (24) |
Ending Balance | 227 | 185 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | (30) | 10 |
Other borrowed funds | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 2 | 7 |
Issuances | 1 | 12 |
Settlements | (1) | (14) |
Ending Balance | 2 | 5 |
Other liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 43 | 137 |
Included in Earnings | 35 | 2 |
Issuances | 30 | 11 |
Settlements | (35) | (78) |
Transfers into Level 3 | 2 | |
Transfers out of Level 3 | (2) | |
Ending Balance | 73 | 72 |
Unrealized gains/losses on liabilities held on Consolidated Balance Sheet | $ 4 | $ (6) |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurements- Recurring Quantitative Information) (Details) - Fair Value, Recurring $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 111,263 | $ 103,035 |
Financial and nonfinancial liabilities, fair value disclosure | (3,934) | (3,506) |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | 5,611 | 5,137 |
Financial and nonfinancial liabilities, fair value disclosure | (302) | (318) |
Total recurring assets net of recurring liabilities - fair value | 5,309 | 4,819 |
Level 3 | Loans held for sale | Commercial mortgage loans held for sale | Discounted Cash Flow, Spread Over the Benchmark Curve | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 56 | $ 57 |
Level 3 | Loans held for sale | Commercial mortgage loans held for sale | Discounted cash flow | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 6.20% | 6.30% |
Level 3 | Loans held for sale | Commercial mortgage loans held for sale | Discounted cash flow | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 63.50% | 52.75% |
Level 3 | Loans held for sale | Commercial mortgage loans held for sale | Discounted cash flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 40.38% | 34.06% |
Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 1,316 | $ 1,365 |
Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 1.55% | 2.42% |
Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 194 | $ 199 |
Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 1.97% | 2.91% |
Level 3 | Loans - Residential real estate | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 130 | $ 132 |
Level 3 | Loans - Residential real estate | Consensus Pricing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 429 | $ 434 |
Level 3 | Loans - Residential real estate | Consensus Pricing | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 3.60% | 3.60% |
Level 3 | Loans - Residential real estate | Consensus Pricing | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 100.00% | 100.00% |
Level 3 | Loans - Residential real estate | Consensus Pricing | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 81.50% | 82.10% |
Level 3 | Loans - Residential real estate | Consensus Pricing | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and liquidity discount | 17.50% | |
Level 3 | Loans - Residential real estate | Consensus Pricing | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and liquidity discount | 97.00% | |
Level 3 | Loans - Residential real estate | Consensus Pricing | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and liquidity discount | 57.70% | |
Level 3 | Loans - Home equity | Consensus Pricing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 20 | $ 21 |
Level 3 | Loans - Home equity | Consensus Pricing | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 3.60% | 3.60% |
Level 3 | Loans - Home equity | Consensus Pricing | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 100.00% | 100.00% |
Level 3 | Loans - Home equity | Consensus Pricing | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cumulative default rate | 85.50% | 88.50% |
Level 3 | Loans - Home equity | Consensus Pricing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 132 | $ 60 |
Level 3 | Loans - Home equity | Consensus Pricing | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and liquidity discount | 4.70% | |
Level 3 | Loans - Home equity | Consensus Pricing | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and liquidity discount | 92.00% | |
Level 3 | Loans - Home equity | Consensus Pricing | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and liquidity discount | 44.00% | |
Level 3 | Equity investments | Multiple of adjusted earnings | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 1,343 | $ 1,263 |
Level 3 | Equity investments | Multiple of adjusted earnings | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multiple of earnings | 0.040 | 0.050 |
Level 3 | Equity investments | Multiple of adjusted earnings | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multiple of earnings | 0.201 | 0.159 |
Level 3 | Equity investments | Multiple of adjusted earnings | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multiple of earnings | 0.088 | 0.087 |
Level 3 | Mortgage Servicing Rights | Commercial mortgage loans held for sale | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 701 | $ 569 |
Level 3 | Mortgage Servicing Rights | Residential mortgage loans held for sale | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 979 | $ 673 |
Level 3 | Mortgage Servicing Rights | Residential mortgage loans held for sale | Discounted cash flow | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 3.83% | 3.25% |
Level 3 | Mortgage Servicing Rights | Residential mortgage loans held for sale | Discounted cash flow | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 28.93% | 27.83% |
Level 3 | Mortgage Servicing Rights | Residential mortgage loans held for sale | Discounted cash flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Spread over the benchmark curve | 9.44% | 9.22% |
Level 3 | Derivative | Visa Class B Swap | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial and nonfinancial liabilities, fair value disclosure | $ (201) | $ (252) |
Estimated growth rate of Visa Class A share price | 16.00% | 16.00% |
Level 3 | Derivative | Visa Class B Swap | Discounted cash flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated conversion factor of Class B shares into Class A shares | 162.30% | 162.30% |
Level 3 | Insignificant Assets, Net of Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring assets - fair value | $ 210 | |
Financial and nonfinancial liabilities, fair value disclosure | $ 298 | |
Measurement Input, Constant Prepayment Rate | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.010 | 0.010 |
Measurement Input, Constant Prepayment Rate | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.376 | 0.376 |
Measurement Input, Constant Prepayment Rate | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.102 | 0.086 |
Measurement Input, Constant Prepayment Rate | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.010 | 0.010 |
Measurement Input, Constant Prepayment Rate | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.400 | 0.220 |
Measurement Input, Constant Prepayment Rate | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.084 | 0.074 |
Measurement Input, Constant Prepayment Rate | Level 3 | Mortgage Servicing Rights | Commercial mortgage loans held for sale | Discounted cash flow | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.041 | 0.040 |
Measurement Input, Constant Prepayment Rate | Level 3 | Mortgage Servicing Rights | Commercial mortgage loans held for sale | Discounted cash flow | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.136 | 0.161 |
Measurement Input, Constant Prepayment Rate | Level 3 | Mortgage Servicing Rights | Commercial mortgage loans held for sale | Discounted cash flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.049 | 0.049 |
Measurement Input, Constant Prepayment Rate | Level 3 | Mortgage Servicing Rights | Residential mortgage loans held for sale | Discounted cash flow | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0 | 0 |
Measurement Input, Constant Prepayment Rate | Level 3 | Mortgage Servicing Rights | Residential mortgage loans held for sale | Discounted cash flow | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.314 | 0.775 |
Measurement Input, Constant Prepayment Rate | Level 3 | Mortgage Servicing Rights | Residential mortgage loans held for sale | Discounted cash flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.107 | 0.211 |
Measurement Input, Constant Default Rate | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0 | 0 |
Measurement Input, Constant Default Rate | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.188 | 0.122 |
Measurement Input, Constant Default Rate | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.060 | 0.047 |
Measurement Input, Constant Default Rate | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.014 | 0.010 |
Measurement Input, Constant Default Rate | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.060 | 0.060 |
Measurement Input, Constant Default Rate | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.029 | 0.033 |
Measurement Input, Loss Severity | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.250 | 0.250 |
Measurement Input, Loss Severity | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.957 | 0.957 |
Measurement Input, Loss Severity | Level 3 | Securities available for sale | Residential mortgage-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.486 | 0.488 |
Measurement Input, Loss Severity | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.300 | 0.300 |
Measurement Input, Loss Severity | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 1 | 1 |
Measurement Input, Loss Severity | Level 3 | Securities available for sale | Asset-backed | Priced By A Third Party Vendor Using Discounted Cash Flow Pricing Model | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, measurement input | 0.553 | 0.581 |
Measurement Input, Loss Severity | Level 3 | Loans - Residential real estate | Discounted cash flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.080 | 0.080 |
Measurement Input, Loss Severity | Level 3 | Loans - Residential real estate | Consensus Pricing | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0 | 0 |
Measurement Input, Loss Severity | Level 3 | Loans - Residential real estate | Consensus Pricing | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 1 | 1 |
Measurement Input, Loss Severity | Level 3 | Loans - Residential real estate | Consensus Pricing | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.100 | 0.112 |
Measurement Input, Loss Severity | Level 3 | Loans - Home equity | Consensus Pricing | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0 | 0 |
Measurement Input, Loss Severity | Level 3 | Loans - Home equity | Consensus Pricing | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.984 | 0.984 |
Measurement Input, Loss Severity | Level 3 | Loans - Home equity | Consensus Pricing | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.315 | 0.333 |
Measurement Input, Discount Rate | Level 3 | Loans - Residential real estate | Discounted cash flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.032 | 0.032 |
Measurement Input, Discount Rate | Level 3 | Loans - Residential real estate | Consensus Pricing | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.048 | 0.048 |
Measurement Input, Discount Rate | Level 3 | Loans - Residential real estate | Consensus Pricing | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.068 | 0.068 |
Measurement Input, Discount Rate | Level 3 | Loans - Residential real estate | Consensus Pricing | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.051 | 0.051 |
Measurement Input, Discount Rate | Level 3 | Loans - Home equity | Consensus Pricing | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.048 | 0.048 |
Measurement Input, Discount Rate | Level 3 | Loans - Home equity | Consensus Pricing | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.068 | 0.068 |
Measurement Input, Discount Rate | Level 3 | Loans - Home equity | Consensus Pricing | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.062 | 0.063 |
Measurement Input, Discount Rate | Level 3 | Mortgage Servicing Rights | Commercial mortgage loans held for sale | Discounted cash flow | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.055 | 0.047 |
Measurement Input, Discount Rate | Level 3 | Mortgage Servicing Rights | Commercial mortgage loans held for sale | Discounted cash flow | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.076 | 0.078 |
Measurement Input, Discount Rate | Level 3 | Mortgage Servicing Rights | Commercial mortgage loans held for sale | Discounted cash flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing asset, measurement input | 0.074 | 0.073 |
Fair Value (Nonrecurring Fair V
Fair Value (Nonrecurring Fair Value Measurements) (Details) - Fair Value, Nonrecurring - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | $ 596 | $ 370 | |
Nonrecurring Assets - Gains (Losses) | (36) | $ (30) | |
Level 3 | Nonaccrual loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | 345 | 332 | |
Nonrecurring Assets - Gains (Losses) | (17) | (28) | |
Level 3 | OREO and foreclosed assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | 2 | 18 | |
Nonrecurring Assets - Gains (Losses) | (1) | ||
Level 3 | Long-lived assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | 6 | $ 20 | |
Nonrecurring Assets - Gains (Losses) | (2) | $ (1) | |
Level 2 | Loans held for sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Assets - Fair Value | 243 | ||
Nonrecurring Assets - Gains (Losses) | $ (17) |
Fair Value (Fair Value Option -
Fair Value (Fair Value Option - Fair Value and Principal Balances) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Other assets | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | $ 93 | $ 81 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 91 | 69 |
Fair value option aggregate difference assets | 2 | 12 |
Other borrowed funds | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value of liabilities for which fair value option was elected | 28 | 32 |
Aggregate unpaid principal balance, other borrowed funds | 28 | 33 |
Difference, Other borrowed funds | (1) | |
Residential mortgage loans held for sale | Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 1,252 | 855 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 1,229 | 821 |
Fair value option aggregate difference assets | 23 | 34 |
Residential mortgage loans held for sale | Loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 1,441 | 1,365 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 1,737 | 1,645 |
Fair value option aggregate difference assets | (296) | (280) |
Residential mortgage loans held for sale | Accruing loans less than 90 days past due | Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 1,204 | 831 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 1,172 | 793 |
Fair value option aggregate difference assets | 32 | 38 |
Residential mortgage loans held for sale | Accruing loans less than 90 days past due | Loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 622 | 519 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 632 | 530 |
Fair value option aggregate difference assets | (10) | (11) |
Residential mortgage loans held for sale | Accruing loans 90 days or more past due | Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 3 | 4 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 3 | 4 |
Residential mortgage loans held for sale | Accruing loans 90 days or more past due | Loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 246 | 283 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 260 | 295 |
Fair value option aggregate difference assets | (14) | (12) |
Residential mortgage loans held for sale | Nonaccrual loans | Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 45 | 20 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 54 | 24 |
Fair value option aggregate difference assets | (9) | (4) |
Residential mortgage loans held for sale | Nonaccrual loans | Loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 573 | 563 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 845 | 820 |
Fair value option aggregate difference assets | (272) | (257) |
Commercial real estate | Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 385 | 362 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 402 | 376 |
Fair value option aggregate difference assets | (17) | (14) |
Commercial real estate | Accruing loans less than 90 days past due | Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 380 | 357 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 396 | 370 |
Fair value option aggregate difference assets | (16) | (13) |
Commercial real estate | Nonaccrual loans | Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value - assets | 5 | 5 |
Aggregate unpaid principal balance of assets for which fair value option was elected | 6 | 6 |
Fair value option aggregate difference assets | $ (1) | $ (1) |
Fair Value (Fair Value Option_2
Fair Value (Fair Value Option - Changes in Fair Value) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Loans held for sale | Residential mortgage loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) - FVO: changes in fair value | $ 16 | $ 46 |
Loans held for sale | Commercial mortgage loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) - FVO: changes in fair value | 20 | 48 |
Loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) - FVO: changes in fair value | 14 | 18 |
Other assets | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gains (losses) - FVO: changes in fair value | $ 14 | $ (36) |
Fair Value (Additional Fair Val
Fair Value (Additional Fair Value Information Related To Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Securities held to maturity | $ 1,559 | $ 1,605 |
Carrying Amount | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 7,455 | 7,017 |
Interest-earning deposits with banks | 86,161 | 85,173 |
Securities held to maturity | 1,459 | 1,445 |
Net loans (excludes leases) | 224,468 | 228,788 |
Other assets | 3,783 | 3,601 |
Total assets | 323,326 | 326,024 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Time deposits | 18,813 | 19,692 |
Borrowed funds | 32,192 | 36,488 |
Unfunded loan commitments and letters of credit | 507 | 584 |
Other liabilities | 486 | 413 |
Total liabilities | 51,998 | 57,177 |
Fair Value | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 7,455 | 7,017 |
Interest-earning deposits with banks | 86,161 | 85,173 |
Securities held to maturity | 1,559 | 1,604 |
Net loans (excludes leases) | 228,650 | 233,688 |
Other assets | 3,782 | 3,600 |
Total assets | 327,607 | 331,082 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Time deposits | 18,651 | 19,662 |
Borrowed funds | 32,790 | 37,192 |
Unfunded loan commitments and letters of credit | 507 | 584 |
Other liabilities | 486 | 413 |
Total liabilities | 52,434 | 57,851 |
Fair Value | Level 1 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Cash and due from banks | 7,455 | 7,017 |
Securities held to maturity | 874 | 920 |
Total assets | 8,329 | 7,937 |
Fair Value | Level 2 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Interest-earning deposits with banks | 86,161 | 85,173 |
Securities held to maturity | 485 | 489 |
Other assets | 3,780 | 3,559 |
Total assets | 90,426 | 89,221 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Time deposits | 18,651 | 19,662 |
Borrowed funds | 31,129 | 35,571 |
Other liabilities | 486 | 413 |
Total liabilities | 50,266 | 55,646 |
Fair Value | Level 3 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings | ||
Securities held to maturity | 200 | 195 |
Net loans (excludes leases) | 228,650 | 233,688 |
Other assets | 2 | 41 |
Total assets | 228,852 | 233,924 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings | ||
Borrowed funds | 1,661 | 1,621 |
Unfunded loan commitments and letters of credit | 507 | 584 |
Total liabilities | $ 2,168 | $ 2,205 |
Financial Derivatives (Total De
Financial Derivatives (Total Derivatives) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative, notional amount | $ 464,552 | $ 466,707 |
Derivative asset, fair value | 4,916 | 6,533 |
Derivative liability, fair value | 3,023 | 2,756 |
Derivative asset, fair value offset amount | 904 | 720 |
Derivative liability, fair value offset amount | 904 | 720 |
Derivative asset, cash collateral | 716 | 1,434 |
Derivative liability, cash collateral | 1,295 | 1,452 |
Derivative asset, net fair value | 3,296 | 4,379 |
Derivative liability, net fair value | 824 | 584 |
Commodity contracts: | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 678 | 411 |
Derivative liability, fair value | 653 | 384 |
Derivative asset, cash collateral | 8 | 4 |
Derivative liability, cash collateral | 407 | 103 |
Foreign exchange contracts and other | ||
Derivative [Line Items] | ||
Derivative asset, fair value | 215 | 271 |
Derivative liability, fair value | 442 | 590 |
Derivative asset, cash collateral | 8 | 4 |
Derivative liability, cash collateral | 96 | 170 |
Designated as Hedging Instruments under GAAP | ||
Derivative [Line Items] | ||
Derivative, notional amount | 58,900 | 48,103 |
Derivative asset, fair value | 14 | 14 |
Derivative liability, fair value | 129 | 22 |
Designated as Hedging Instruments under GAAP | Fair value hedges | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 22,802 | 24,153 |
Designated as Hedging Instruments under GAAP | Cash flow hedges | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 35,017 | 22,875 |
Derivative asset, fair value | 14 | 14 |
Derivative liability, fair value | 99 | |
Designated as Hedging Instruments under GAAP | Net investment hedges | Foreign exchange contracts: | ||
Derivative [Line Items] | ||
Derivative, notional amount | 1,081 | 1,075 |
Derivative asset, fair value | ||
Derivative liability, fair value | 30 | 22 |
Not Designated as Hedging Instrument under GAAP | ||
Derivative [Line Items] | ||
Derivative, notional amount | 405,652 | 418,604 |
Derivative asset, fair value | 4,902 | 6,519 |
Derivative liability, fair value | 2,894 | 2,734 |
Not Designated as Hedging Instrument under GAAP | Mortgage Banking | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 49,143 | 66,471 |
Derivative asset, fair value | 202 | 158 |
Derivative liability, fair value | 98 | 79 |
Not Designated as Hedging Instrument under GAAP | Mortgage Banking | Swaps | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 26,974 | 50,511 |
Derivative asset, fair value | ||
Not Designated as Hedging Instrument under GAAP | Mortgage Banking | Futures | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 2,883 | 2,841 |
Not Designated as Hedging Instrument under GAAP | Mortgage Banking | Mortgage-backed commitments | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 14,979 | 11,288 |
Derivative asset, fair value | 144 | 147 |
Derivative liability, fair value | 82 | 77 |
Not Designated as Hedging Instrument under GAAP | Mortgage Banking | Other | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 4,307 | 1,831 |
Derivative asset, fair value | 58 | 11 |
Derivative liability, fair value | 16 | 2 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 345,673 | 341,202 |
Derivative asset, fair value | 4,671 | 6,357 |
Derivative liability, fair value | 2,556 | 2,330 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 309,211 | 305,663 |
Derivative asset, fair value | 3,807 | 5,679 |
Derivative liability, fair value | 1,731 | 1,703 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Commodity contracts: | ||
Derivative [Line Items] | ||
Derivative, notional amount | 10,279 | 8,919 |
Derivative asset, fair value | 678 | 411 |
Derivative liability, fair value | 653 | 384 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Foreign exchange contracts and other | ||
Derivative [Line Items] | ||
Derivative, notional amount | 26,183 | 26,620 |
Derivative asset, fair value | 186 | 267 |
Derivative liability, fair value | 172 | 243 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Swaps | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 278,447 | 280,125 |
Derivative asset, fair value | 3,614 | 5,475 |
Derivative liability, fair value | 1,578 | 1,601 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Swaps | Commodity contracts: | ||
Derivative [Line Items] | ||
Derivative, notional amount | 7,032 | 6,149 |
Derivative asset, fair value | 558 | 350 |
Derivative liability, fair value | 533 | 323 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Futures | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 965 | 1,235 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Mortgage-backed commitments | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 7,324 | 4,178 |
Derivative asset, fair value | 36 | 11 |
Derivative liability, fair value | 30 | 14 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Other | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 22,475 | 20,125 |
Derivative asset, fair value | 157 | 193 |
Derivative liability, fair value | 123 | 88 |
Not Designated as Hedging Instrument under GAAP | Customer Contracts | Other | Commodity contracts: | ||
Derivative [Line Items] | ||
Derivative, notional amount | 3,247 | 2,770 |
Derivative asset, fair value | 120 | 61 |
Derivative liability, fair value | 120 | 61 |
Not Designated as Hedging Instrument under GAAP | Other Risk Management Activity | Foreign exchange contracts and other | ||
Derivative [Line Items] | ||
Derivative, notional amount | 10,836 | 10,931 |
Derivative asset, fair value | 29 | 4 |
Derivative liability, fair value | $ 240 | $ 325 |
Financial Derivatives (Narrativ
Financial Derivatives (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Cash and securities held to collateralize net derivative assets | $ 1,500,000,000 | |
Cash and securities pledged to collateralize net derivative liabilities | 2,000,000,000 | |
Derivative, net liability position, aggregate fair value | 1,800,000,000 | |
Collateral already posted, aggregate fair value | 1,300,000,000 | |
Maximum amount of collateral PNC would have been required to post if the credit-risk-related contingent features underlying these agreements had been triggered | $ 500,000,000 | |
Cash flow hedges | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Maximum length of time hedged in cash flow hedge | 10 years | |
Net investment hedges | Foreign exchange contracts: | ||
Derivative [Line Items] | ||
Derivative instruments, gain (loss) reclassified from accumulated oci into income, effective portion, net | $ (8,000,000) | $ 75,000,000 |
Gain loss from components excluded from assessment of net investment hedge effectiveness net | $ 0 | $ 0 |
Financial Derivatives (Gains (L
Financial Derivatives (Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loans | $ 1,996 | $ 2,480 |
Investment Securities | 421 | 582 |
Borrowed Funds | 95 | 314 |
Noninterest income | 1,872 | 1,825 |
Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Noninterest income | 483 | 343 |
Fair value hedges | Designated as Hedging Instrument | Investment Securities | Interest Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged items | (8) | 234 |
Derivatives | 9 | (231) |
Amounts related to interest settlements on derivatives | (1) | (2) |
Fair value hedges | Designated as Hedging Instrument | Borrowed Funds | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged items | 646 | (1,361) |
Derivatives | (664) | 1,339 |
Amounts related to interest settlements on derivatives | 134 | 59 |
Cash flow hedges | Designated as Hedging Instrument | Loans | Interest Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of derivative gains (losses) reclassified from AOCI | 100 | 42 |
Cash flow hedges | Designated as Hedging Instrument | Investment Securities | Interest Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of derivative gains (losses) reclassified from AOCI | 22 | 2 |
Cash flow hedges | Designated as Hedging Instrument | Other | Noninterest Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of derivative gains (losses) reclassified from AOCI | $ 13 | $ 1 |
Financial Derivatives (Impact o
Financial Derivatives (Impact of Fair Value Hedge Accounting on the Carrying Value of Hedged Items) (Details) - Fair value hedges - Designated as Hedging Instruments under GAAP - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Investment Securities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Value of the Hedged Items | $ 2,778 | $ 2,785 |
Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items | 22 | 30 |
Borrowed Funds | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Value of the Hedged Items | 23,936 | 25,797 |
Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items | 966 | 1,611 |
Borrowed Funds Discontinued Relationships | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative fair value hedge adjustment included in carrying value of hedged items | $ (100) | $ (100) |
Financial Derivatives (Gains _2
Financial Derivatives (Gains (Losses) on Derivatives Not Designated As Hedging Instruments under GAAP) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Derivative instruments not designated as hedging instruments gain (loss), net | $ (170) | $ 874 |
Mortgage Banking | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative instruments not designated as hedging instruments gain (loss), net | (322) | 654 |
Customer Contracts | ||
Derivative [Line Items] | ||
Derivative instruments not designated as hedging instruments gain (loss), net | 104 | 13 |
Customer Contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative instruments not designated as hedging instruments gain (loss), net | 82 | 2 |
Customer Contracts | Foreign exchange contracts and other | ||
Derivative [Line Items] | ||
Derivative instruments not designated as hedging instruments gain (loss), net | 22 | 11 |
Other Risk Management Activity | Foreign exchange contracts and other | ||
Derivative [Line Items] | ||
Derivative instruments not designated as hedging instruments gain (loss), net | $ 48 | $ 207 |
Financial Derivatives (Derivati
Financial Derivatives (Derivative Assets and Liabilities Offsetting) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting Derivative Assets [Abstract] | ||
Derivative asset, gross fair value | $ 4,916 | $ 6,533 |
Derivative Asset, Fair Value Offset Amount | 904 | 720 |
Derivative asset, cash collateral | 716 | 1,434 |
Derivative Asset, Net | 3,296 | 4,379 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 264 | 532 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 3,032 | 3,847 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative liability, gross fair value | 3,023 | 2,756 |
Derivative liability, fair value offset amount | 904 | 720 |
Derivative liability, cash collateral | 1,295 | 1,452 |
Derivative liability, net | 824 | 584 |
Derivative liability, fair value of collateral | ||
Derivative liability, fair value, amount offset against collateral | 824 | 584 |
Interest Rate Contracts | Over-the-counter cleared | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative asset, gross fair value | 101 | 48 |
Derivative Asset, Net | 101 | 48 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 101 | 48 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative liability, gross fair value | 158 | 42 |
Derivative liability, net | 158 | 42 |
Derivative liability, fair value, amount offset against collateral | 158 | 42 |
Interest Rate Contracts | Over-the-counter | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative asset, gross fair value | 3,922 | 5,803 |
Derivative Asset, Fair Value Offset Amount | 620 | 430 |
Derivative asset, cash collateral | 700 | 1,426 |
Derivative Asset, Net | 2,602 | 3,947 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 263 | 531 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 2,339 | 3,416 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative liability, gross fair value | 1,770 | 1,740 |
Derivative liability, fair value offset amount | 653 | 462 |
Derivative liability, cash collateral | 792 | 1,179 |
Derivative liability, net | 325 | 99 |
Derivative liability, fair value, amount offset against collateral | 325 | 99 |
Commodity contracts: | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative asset, gross fair value | 678 | 411 |
Derivative Asset, Fair Value Offset Amount | 190 | 209 |
Derivative asset, cash collateral | 8 | 4 |
Derivative Asset, Net | 480 | 198 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 480 | 198 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative liability, gross fair value | 653 | 384 |
Derivative liability, fair value offset amount | 184 | 182 |
Derivative liability, cash collateral | 407 | 103 |
Derivative liability, net | 62 | 99 |
Derivative liability, fair value, amount offset against collateral | 62 | 99 |
Foreign exchange contracts and other | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative asset, gross fair value | 215 | 271 |
Derivative Asset, Fair Value Offset Amount | 94 | 81 |
Derivative asset, cash collateral | 8 | 4 |
Derivative Asset, Net | 113 | 186 |
Derivative Asset, Securities Collateral Held Under Master Netting Agreements | 1 | 1 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 112 | 185 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative liability, gross fair value | 442 | 590 |
Derivative liability, fair value offset amount | 67 | 76 |
Derivative liability, cash collateral | 96 | 170 |
Derivative liability, net | 279 | 344 |
Derivative liability, fair value, amount offset against collateral | $ 279 | $ 344 |
Legal Proceedings (Narrative) (
Legal Proceedings (Narrative) (Details) $ in Millions | Mar. 31, 2021USD ($) |
SEC Schedule, 12-09, Reserve, Legal | Maximum | |
Loss Contingencies [Line Items] | |
Range of possible loss not accrued | $ 100 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2021operating_unitsegment | Jun. 30, 2020 | |
Segment Reporting [Abstract] | ||
Segment reporting, number of segments | segment | 3 | |
Number of distinct operating units | operating_unit | 2 | |
BlackRock, Inc. | Discontinued Operations, Disposed of by Sale | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 22.40% |
Segment Reporting (Segment Repo
Segment Reporting (Segment Reporting Table) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Net interest income | $ 2,348 | $ 2,511 |
Noninterest income | 1,872 | 1,825 |
Total revenue | 4,220 | 4,336 |
Provision for (recapture of) credit losses | (551) | 914 |
Depreciation and amortization | 234 | 240 |
Other noninterest expense | 2,340 | 2,303 |
Income from continuing operations before income taxes and noncontrolling interests | 2,197 | 879 |
Income taxes (benefit) | 371 | 120 |
Net income from continuing operations | 1,826 | 759 |
Less: Net income attributable to noncontrolling interests | 10 | 7 |
Net income from continuing operations excluding noncontrolling interests | 1,816 | 752 |
Average Assets | 468,220 | 412,436 |
Retail Banking | ||
Segment Reporting Information [Line Items] | ||
Noninterest income | 654 | 788 |
Retail Banking | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 1,362 | 1,456 |
Noninterest income | 654 | 788 |
Total revenue | 2,016 | 2,244 |
Provision for (recapture of) credit losses | (257) | 445 |
Depreciation and amortization | 63 | 57 |
Other noninterest expense | 1,413 | 1,471 |
Income from continuing operations before income taxes and noncontrolling interests | 797 | 271 |
Income taxes (benefit) | 183 | 62 |
Net income from continuing operations | 614 | 209 |
Less: Net income attributable to noncontrolling interests | 7 | 8 |
Net income from continuing operations excluding noncontrolling interests | 607 | 201 |
Average Assets | 92,891 | 97,062 |
Corporate & Institutional Banking | ||
Segment Reporting Information [Line Items] | ||
Noninterest income | 807 | 694 |
Corporate & Institutional Banking | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 991 | 950 |
Noninterest income | 807 | 694 |
Total revenue | 1,798 | 1,644 |
Provision for (recapture of) credit losses | (282) | 458 |
Depreciation and amortization | 47 | 48 |
Other noninterest expense | 664 | 674 |
Income from continuing operations before income taxes and noncontrolling interests | 1,369 | 464 |
Income taxes (benefit) | 308 | 94 |
Net income from continuing operations | 1,061 | 370 |
Less: Net income attributable to noncontrolling interests | 3 | |
Net income from continuing operations excluding noncontrolling interests | 1,058 | 370 |
Average Assets | 170,531 | 172,502 |
Asset Management Group | ||
Segment Reporting Information [Line Items] | ||
Noninterest income | 229 | 204 |
Asset Management Group | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 93 | 88 |
Noninterest income | 229 | 204 |
Total revenue | 322 | 292 |
Provision for (recapture of) credit losses | (9) | 3 |
Depreciation and amortization | 4 | 11 |
Other noninterest expense | 198 | 208 |
Income from continuing operations before income taxes and noncontrolling interests | 129 | 70 |
Income taxes (benefit) | 30 | 16 |
Net income from continuing operations | 99 | 54 |
Less: Net income attributable to noncontrolling interests | ||
Net income from continuing operations excluding noncontrolling interests | 99 | 54 |
Average Assets | 8,873 | 7,801 |
Other | ||
Segment Reporting Information [Line Items] | ||
Net interest income | (98) | 17 |
Noninterest income | 182 | 139 |
Total revenue | 84 | 156 |
Provision for (recapture of) credit losses | (3) | 8 |
Depreciation and amortization | 120 | 124 |
Other noninterest expense | 65 | (50) |
Income from continuing operations before income taxes and noncontrolling interests | (98) | 74 |
Income taxes (benefit) | (150) | (52) |
Net income from continuing operations | 52 | 126 |
Less: Net income attributable to noncontrolling interests | (1) | |
Net income from continuing operations excluding noncontrolling interests | 52 | 127 |
Average Assets | $ 195,925 | $ 135,071 |
Fee-Based Revenue from Contra_3
Fee-Based Revenue from Contracts with Customers - Narrative (Details) | 3 Months Ended |
Mar. 31, 2021segment | |
Revenue from Contract with Customer [Abstract] | |
Segment reporting, number of segments | 3 |
Fee-Based Revenue from Contra_4
Fee-Based Revenue from Contracts with Customers - Retail Banking Noninterest Income Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 1,872 | $ 1,825 |
Retail Banking | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 654 | 788 |
Retail Banking | In-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 484 | 526 |
Retail Banking | Out-of-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 170 | 262 |
Retail Banking | Debit card fees | In-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 138 | 129 |
Retail Banking | Deposit account fees | In-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 108 | 158 |
Retail Banking | Brokerage fees | In-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 102 | 93 |
Retail Banking | Net credit card fees | In-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 47 | 41 |
Interchange fees | 120 | 118 |
Credit card reward costs | 73 | 77 |
Retail Banking | Merchant services | In-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 32 | 49 |
Retail Banking | Other | In-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 57 | $ 56 |
Fee-Based Revenue from Contra_5
Fee-Based Revenue from Contracts with Customers - Corporate & Institutional Banking Noninterest Income Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 1,872 | $ 1,825 |
Corporate & Institutional Banking | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 807 | 694 |
Corporate & Institutional Banking | In-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 487 | 437 |
Corporate & Institutional Banking | Out-of-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 320 | 257 |
Corporate & Institutional Banking | Treasury management fees | In-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 235 | 216 |
Corporate & Institutional Banking | Capital markets fees | In-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 192 | 175 |
Corporate & Institutional Banking | Commercial mortgage banking activities | In-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 31 | 26 |
Corporate & Institutional Banking | Other | In-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 29 | $ 20 |
Fee-Based Revenue from Contra_6
Fee-Based Revenue from Contracts with Customers - Asset Management Group Noninterest Income Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 1,872 | $ 1,825 |
Asset Management Group | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 229 | 204 |
Asset Management Group | In-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 226 | 201 |
Asset Management Group | Out-of-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 3 | 3 |
Asset Management Group | Personal | In-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 173 | 150 |
Asset Management Group | Institutional | In-Scope | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 53 | $ 51 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - Senior Notes - 2.307% Senior Fixed-To-Floating Rate Notes $ in Billions | Apr. 23, 2021USD ($) |
Subsequent Event [Line Items] | |
Debt instrument, face amount | $ 1 |
Interest rate | 2.307% |
Compounded SOFR | |
Subsequent Event [Line Items] | |
Debt instrument, basis spread on variable rate | 0.97926% |