Cover
Cover | 6 Months Ended |
Jun. 30, 2021shares | |
Entity Listings [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2021 |
Entity File Number | 1-10853 |
Entity Registrant Name | TRUIST FINANCIAL CORPORATION |
Entity Tax Identification Number | 56-0939887 |
Entity Address, Address Line One | 214 North Tryon Street |
Entity Address, City or Town | Charlotte, |
Entity Address, State or Province | NC |
Entity Address, Postal Zip Code | 28202 |
City Area Code | (336) |
Local Phone Number | 733-2000 |
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 | 1,334,830,560 |
Entity Central Index Key | 0000092230 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Document Transition Report | false |
Entity Incorporation, State or Country Code | NC |
Common Stock, $5 par value | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Common Stock, $5 par value |
Trading Symbol | TFC |
Security Exchange Name | NYSE |
Series I | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock |
Trading Symbol | TFC.PI |
Security Exchange Name | NYSE |
Series J Preferred Stock | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock |
Trading Symbol | TFC.PJ |
Security Exchange Name | NYSE |
Series O Preferred Stock | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock |
Trading Symbol | TFC.PO |
Security Exchange Name | NYSE |
Series R Preferred Stock | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock |
Trading Symbol | TFC.PR |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and Due from Banks | $ 5,077 | $ 5,029 |
Interest-bearing deposits with banks | 21,480 | 13,839 |
Securities borrowed or purchased under resale agreements | 1,242 | 1,745 |
Trading assets at fair value | 5,945 | 3,872 |
AFS securities at fair value | 139,879 | 120,788 |
LHFS (including $2,816 and $4,955 at fair value, respectively) | 3,009 | 6,059 |
Loans and leases | 286,485 | 299,734 |
ALLL | (5,121) | (5,835) |
Loans and leases, net of ALLL | 281,364 | 293,899 |
Premises and equipment | 3,699 | 3,870 |
Goodwill | 24,374 | 24,447 |
CDI and other intangible assets | 2,665 | 2,984 |
MSRs at fair value | 2,231 | 2,023 |
Other assets (including $4,100 and $4,891 at fair value, respectively) | 30,999 | 30,673 |
Total assets | 521,964 | 509,228 |
Liabilities | ||
Noninterest-bearing deposits | 138,623 | 127,629 |
Interest-bearing deposits | 259,656 | 253,448 |
Short-term borrowings (including $1,213 and $1,115 at fair value, respectively) | 5,652 | 6,092 |
Long-term debt | 37,969 | 39,597 |
Other liabilities (including $574 and $555 at fair value, respectively) | 11,728 | 11,550 |
Total liabilities | 453,628 | 438,316 |
Shareholders’ Equity | ||
Preferred stock | 6,673 | 8,048 |
Common stock, $5 par value | 6,674 | 6,745 |
Additional paid-in capital | 34,898 | 35,843 |
Retained earnings | 21,139 | 19,455 |
AOCI, net of deferred income taxes | (1,048) | 716 |
Noncontrolling interests | 0 | 105 |
Total shareholders’ equity | 68,336 | 70,912 |
Total liabilities and shareholders’ equity | $ 521,964 | $ 509,228 |
Common shares outstanding | 1,334,770 | 1,348,961 |
Common shares authorized | 2,000,000 | 2,000,000 |
Preferred shares outstanding | 223 | 280 |
Preferred shares authorized | 5,000 | 5,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Loans Held for Sale, Fair Value | $ 2,816 | $ 4,955 |
Other Assets, Fair Value Disclosure | 4,100 | 4,891 |
Short-term borrowings, fair value | 1,213 | 1,115 |
Other Liabilities, Fair Value Disclosure | $ 574 | $ 555 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest Income | ||||
Interest and fees on loans and leases | $ 2,901 | $ 3,377 | $ 5,903 | $ 7,153 |
Interest on securities | 497 | 444 | 940 | 938 |
Interest on other earning assets | 45 | 67 | 94 | 223 |
Total interest income | 3,443 | 3,888 | 6,937 | 8,314 |
Interest Expense | ||||
Interest on deposits | 36 | 201 | 83 | 622 |
Interest on long-term debt | 147 | 211 | 295 | 483 |
Interest on other borrowings | 15 | 28 | 29 | 111 |
Total interest expense | 198 | 440 | 407 | 1,216 |
Net Interest Income | 3,245 | 3,448 | 6,530 | 7,098 |
Provision for credit losses | (434) | 844 | (386) | 1,737 |
Net Interest Income After Provision for Credit Losses | 3,679 | 2,604 | 6,916 | 5,361 |
Noninterest Income | ||||
Noninterest income | 2,405 | 2,423 | 4,602 | 4,384 |
Noninterest Expense | ||||
Personnel expense | 2,207 | 2,008 | 4,349 | 3,980 |
Professional fees and outside processing | 341 | 289 | 691 | 536 |
Net occupancy expense | 182 | 243 | 391 | 464 |
Software expense | 246 | 216 | 456 | 426 |
Amortization of intangibles | 142 | 178 | 286 | 343 |
Equipment expense | 122 | 120 | 235 | 236 |
Marketing and customer development | 66 | 56 | 132 | 140 |
Operating lease depreciation | 47 | 77 | 97 | 148 |
Loan-related expense | 55 | 56 | 109 | 118 |
Regulatory costs | 31 | 30 | 56 | 59 |
Merger-related and restructuring charges | 297 | 209 | 438 | 316 |
Loss (gain) on early extinguishment of debt | 0 | 235 | (3) | 235 |
Other expense | 275 | 161 | 384 | 308 |
Total noninterest expense | 4,011 | 3,878 | 7,621 | 7,309 |
Earnings | ||||
Income before income taxes | 2,073 | 1,149 | 3,897 | 2,436 |
Provision for income taxes | 415 | 191 | 766 | 415 |
Net income | 1,658 | 958 | 3,131 | 2,021 |
Noncontrolling interests | 1 | 3 | (3) | 6 |
Net income available to the bank holding company | 1,657 | 955 | 3,134 | 2,015 |
Preferred stock dividends and other | 98 | 53 | 241 | 127 |
Net income available to common shareholders | $ 1,559 | $ 902 | $ 2,893 | $ 1,888 |
Basic EPS | $ 1.16 | $ 0.67 | $ 2.16 | $ 1.40 |
Diluted EPS | $ 1.16 | $ 0.67 | $ 2.14 | $ 1.39 |
Basic weighted average shares outstanding (in shares) | 1,338,302 | 1,347,512 | 1,341,963 | 1,345,942 |
Diluted weighted average shares outstanding (in shares) | 1,349,492 | 1,355,834 | 1,354,210 | 1,356,809 |
Insurance income | ||||
Noninterest Income | ||||
Noninterest income | $ 690 | $ 581 | $ 1,316 | $ 1,130 |
Wealth management income | ||||
Noninterest Income | ||||
Noninterest income | 345 | 289 | 686 | 621 |
Service charges on deposits | ||||
Noninterest Income | ||||
Noninterest income | 253 | 202 | 511 | 507 |
Residential mortgage income | ||||
Noninterest Income | ||||
Noninterest income | 117 | 341 | 217 | 586 |
Investment banking and trading income | ||||
Noninterest Income | ||||
Noninterest income | 317 | 274 | 657 | 392 |
Card and payment related fees | ||||
Noninterest Income | ||||
Noninterest income | 225 | 171 | 425 | 358 |
Lending related fees | ||||
Noninterest Income | ||||
Noninterest income | 94 | 66 | 194 | 133 |
Operating lease income | ||||
Noninterest Income | ||||
Noninterest income | 66 | 83 | 134 | 160 |
Commercial real estate related income | ||||
Noninterest Income | ||||
Noninterest income | 138 | 49 | 181 | 93 |
Income from bank-owned life insurance | ||||
Noninterest Income | ||||
Noninterest income | 46 | 45 | 96 | 89 |
Securities gains (losses) | ||||
Noninterest Income | ||||
Noninterest income | 0 | 300 | 0 | 298 |
Other income | ||||
Noninterest Income | ||||
Noninterest income | $ 114 | $ 22 | $ 185 | $ 17 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,658 | $ 958 | $ 3,131 | $ 2,021 |
OCI, net of tax: | ||||
Net change in net pension and postretirement costs | (2) | 14 | 33 | 29 |
Net change in cash flow hedges | 10 | 11 | 46 | 22 |
Net change in AFS securities | 459 | (79) | (1,845) | 1,642 |
Other, net | 1 | 3 | 2 | (2) |
Total OCI, net of tax | 468 | (51) | (1,764) | 1,691 |
Total comprehensive income | 2,126 | 907 | 1,367 | 3,712 |
Income Tax Effect of Items Included in OCI: | ||||
Net change in net pension and postretirement costs | (1) | 4 | 10 | 9 |
Net change in cash flow hedges | 3 | 4 | 14 | 7 |
Net change in AFS securities | 139 | (24) | (568) | 503 |
Total income taxes related to OCI | $ 141 | $ (16) | $ (544) | $ 519 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained Earnings | AOCI | Noncontrolling Interests |
Beginning balance at Dec. 31, 2019 | $ 66,558 | $ 6,711 | $ 5,102 | $ 35,609 | $ 19,806 | $ (844) | $ 174 |
Beginning balance (in shares) at Dec. 31, 2019 | 1,342,166 | ||||||
Add (Deduct): | |||||||
Net income | 2,021 | 2,015 | 6 | ||||
OCI | 1,691 | 1,691 | |||||
Stock transactions: | |||||||
Issued in connection with equity awards, net | (84) | $ 27 | (109) | (2) | |||
Issued in connection with equity awards, net (in shares) | 5,443 | ||||||
Issued in connection with preferred stock offering | 2,544 | 2,544 | |||||
Redemption of preferred stock | (500) | (503) | 3 | ||||
Cash dividends declared on common stock | (1,210) | (1,210) | |||||
Cash dividends declared on preferred stock | (130) | (130) | |||||
Equity-based compensation expense | 176 | 176 | |||||
Cumulative effect adjustment for new accounting standards | (2,109) | (2,109) | |||||
Other, net | (74) | (74) | |||||
Ending balance at Jun. 30, 2020 | 68,883 | $ 6,738 | 7,143 | 35,676 | 18,373 | 847 | 106 |
Ending balance (in shares) at Jun. 30, 2020 | 1,347,609 | ||||||
Beginning balance at Mar. 31, 2020 | 66,061 | $ 6,737 | 4,599 | 35,584 | 18,076 | 898 | 167 |
Beginning balance (in shares) at Mar. 31, 2020 | 1,347,461 | ||||||
Add (Deduct): | |||||||
Net income | 958 | 955 | 3 | ||||
OCI | (51) | (51) | |||||
Stock transactions: | |||||||
Issued in connection with equity awards, net | (4) | $ 1 | (5) | ||||
Issued in connection with equity awards, net (in shares) | 148 | ||||||
Issued in connection with preferred stock offering | 2,544 | 2,544 | |||||
Cash dividends declared on common stock | (605) | (605) | |||||
Cash dividends declared on preferred stock | (53) | (53) | |||||
Equity-based compensation expense | 97 | 97 | |||||
Other, net | (64) | (64) | |||||
Ending balance at Jun. 30, 2020 | 68,883 | $ 6,738 | 7,143 | 35,676 | 18,373 | 847 | 106 |
Ending balance (in shares) at Jun. 30, 2020 | 1,347,609 | ||||||
Beginning balance at Dec. 31, 2020 | $ 70,912 | $ 6,745 | 8,048 | 35,843 | 19,455 | 716 | 105 |
Beginning balance (in shares) at Dec. 31, 2020 | 1,348,961 | 1,348,961 | |||||
Add (Deduct): | |||||||
Net income | $ 3,131 | 3,134 | (3) | ||||
OCI | (1,764) | (1,764) | |||||
Stock transactions: | |||||||
Issued in connection with equity awards, net | (88) | $ 28 | (114) | (2) | |||
Issued in connection with equity awards, net (in shares) | 5,597 | ||||||
Repurchase of common stock (in shares) | (19,788) | ||||||
Repurchase of common stock | (1,116) | $ (99) | (1,017) | ||||
Redemption of preferred stock | (1,415) | (1,375) | (40) | ||||
Cash dividends declared on common stock | (1,207) | (1,207) | |||||
Cash dividends declared on preferred stock | (201) | (201) | |||||
Equity-based compensation expense | 186 | 186 | |||||
Other, net | (102) | (102) | |||||
Ending balance at Jun. 30, 2021 | $ 68,336 | $ 6,674 | 6,673 | 34,898 | 21,139 | (1,048) | 0 |
Ending balance (in shares) at Jun. 30, 2021 | 1,334,770 | 1,334,770 | |||||
Beginning balance at Mar. 31, 2021 | $ 67,876 | $ 6,724 | 7,124 | 35,360 | 20,184 | (1,516) | 0 |
Beginning balance (in shares) at Mar. 31, 2021 | 1,344,845 | ||||||
Add (Deduct): | |||||||
Net income | 1,658 | 1,657 | 1 | ||||
OCI | 468 | 468 | |||||
Stock transactions: | |||||||
Issued in connection with equity awards, net | (4) | $ 1 | (3) | (2) | |||
Issued in connection with equity awards, net (in shares) | 209 | ||||||
Repurchase of common stock (in shares) | (10,284) | ||||||
Repurchase of common stock | (610) | $ (51) | (559) | ||||
Redemption of preferred stock | (465) | (451) | (14) | ||||
Cash dividends declared on common stock | (602) | (602) | |||||
Cash dividends declared on preferred stock | (84) | (84) | |||||
Equity-based compensation expense | 100 | 100 | |||||
Other, net | (1) | (1) | |||||
Ending balance at Jun. 30, 2021 | $ 68,336 | $ 6,674 | $ 6,673 | $ 34,898 | $ 21,139 | $ (1,048) | $ 0 |
Ending balance (in shares) at Jun. 30, 2021 | 1,334,770 | 1,334,770 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows From Operating Activities: | ||
Net income | $ 3,131 | $ 2,021 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for credit losses | (386) | 1,737 |
Depreciation | 401 | 476 |
Amortization of intangibles | 286 | 343 |
Equity-based compensation expense | 186 | 176 |
Securities (gains) losses | 0 | (298) |
Net change in operating assets and liabilities: | ||
LHFS | 2,139 | 894 |
MSRs | (156) | 553 |
Pension asset | (479) | (367) |
Derivative assets and liabilities | 668 | (2,079) |
Trading assets | (2,073) | 1,909 |
Other assets and other liabilities | (223) | (1,068) |
Other, net | (191) | 307 |
Net cash from operating activities | 3,303 | 4,604 |
Cash Flows From Investing Activities: | ||
Proceeds from sales of AFS securities | 112 | 2,027 |
Proceeds from maturities, calls and paydowns of AFS securities | 17,175 | 7,352 |
Purchases of AFS securities | (39,378) | (8,663) |
Originations and purchases of loans and leases, net of sales and principal collected | 13,451 | (12,775) |
Net cash received (paid) for FHLB stock | 73 | 535 |
Net cash received (paid) for securities borrowed or purchased under resale agreements | 503 | 72 |
Net cash paid for premises and equipment | (175) | (586) |
Net cash received (paid) for mergers, acquisitions and divestitures | 1,130 | (79) |
Other, net | 84 | 148 |
Net cash from investing activities | (7,025) | (11,969) |
Cash Flows From Financing Activities: | ||
Net change in deposits | 17,209 | 41,547 |
Net change in short-term borrowings | (440) | (12,516) |
Proceeds from issuance of long-term debt | 3,333 | 25,796 |
Repayment of long-term debt | (4,546) | (25,912) |
Repurchase of common stock | (1,116) | 0 |
Net proceeds from preferred stock issued | 0 | 2,544 |
Redemption of preferred stock | (1,415) | (500) |
Cash dividends paid on common stock | (1,207) | (1,210) |
Cash dividends paid on preferred stock | (201) | (130) |
Other, net | (206) | (122) |
Net cash from financing activities | 11,411 | 29,497 |
Net Change in Cash and Cash Equivalents | 7,689 | 22,132 |
Cash and Cash Equivalents, January 1 | 18,868 | 19,065 |
Cash and Cash Equivalents, June 30 | 26,557 | 41,197 |
Supplemental Disclosure of Cash Flow Information: | ||
Net cash paid (received) during the period for interest expense | 461 | 1,292 |
Net cash paid (received) during the period for income taxes | $ 579 | $ 72 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation General See the Glossary of Defined Terms at the beginning of this Report for terms used herein. These consolidated financial statements and notes are presented in accordance with the instructions for Form 10-Q, and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations, and cash flow activity required in accordance with GAAP. In the opinion of management, all normal recurring adjustments necessary for a fair statement of the consolidated financial position and consolidated results of operations have been made. The year-end consolidated balance sheet data was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The information contained in the financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2020 should be referred to in connection with these unaudited interim consolidated financial statements. There were no significant changes to the Company’s accounting policies from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020 that could have a material effect on the Company’s financial statements. Reclassifications Certain amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the current presentation. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL; determination of fair value for financial instruments; valuation of MSRs; goodwill, intangible assets and other purchase accounting related adjustments; benefit plan obligations and expenses; and tax assets, liabilities, and expense. Changes in Accounting Principles and Effects of New Accounting Pronouncements There were no standards adopted during the current year that had a material effect on the Company’s financial statements, and no standards not yet adopted by the Company that are expected to have a material effect on the Company’s financial statements. |
Securities Financing Activities
Securities Financing Activities | 6 Months Ended |
Jun. 30, 2021 | |
Offsetting [Abstract] | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure | Securities Financing Activities Securities purchased under resale agreements are primarily collateralized by U.S. government or agency securities and are carried at the amounts at which the securities will be subsequently sold, plus accrued interest. Securities borrowed are primarily collateralized by corporate securities. The Company borrows securities and purchases securities under agreements to resell as part of its securities financing activities. On the acquisition date of these securities, the Company and the related counterparty agree on the amount of collateral required to secure the principal amount loaned under these arrangements. The Company monitors collateral values daily and calls for additional collateral to be provided as warranted under the respective agreements. At June 30, 2021 and December 31, 2020, the total market value of collateral held was $1.2 billion and $1.7 billion, of which amounts repledged were immaterial at June 30, 2021 and December 31, 2020. The following table presents securities borrowed or purchased under resale agreements: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Securities purchased under resale agreements $ 578 $ 1,158 Securities borrowed 664 587 Total securities borrowed or purchased under resale agreements $ 1,242 $ 1,745 For securities sold under agreements to repurchase, the Company would be obligated to provide additional collateral in the event of a significant decline in fair value of the collateral pledged. This risk is managed by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions. Refer to “Note 13. Commitments and Contingencies” for additional information related to pledged securities. The following table presents the Company’s related activity, by collateral type and remaining contractual maturity: June 30, 2021 December 31, 2020 (Dollars in millions) Overnight and Continuous Up to 30 days Total Overnight and Continuous Up to 30 days Total U.S. Treasury $ 1,161 $ — $ 1,161 $ 305 $ 31 $ 336 GSE 19 6 25 45 9 54 Agency MBS - residential 545 181 726 442 6 448 Corporate and other debt securities 263 77 340 204 179 383 Total securities sold under agreements to repurchase $ 1,988 $ 264 $ 2,252 $ 996 $ 225 $ 1,221 There were no securities financing transactions subject to legally enforceable master netting arrangements that were eligible for balance sheet netting for the periods presented. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Investment Securities The following tables summarize the Company’s AFS securities: June 30, 2021 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 9,670 $ 34 $ 16 $ 9,688 GSE 1,845 56 — 1,901 Agency MBS - residential 124,464 1,167 1,534 124,097 Agency MBS - commercial 3,174 38 29 3,183 States and political subdivisions 431 42 1 472 Non-agency MBS 507 — — 507 Other 31 — — 31 Total AFS securities $ 140,122 $ 1,337 $ 1,580 $ 139,879 December 31, 2020 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 1,721 $ 25 $ — $ 1,746 GSE 1,840 77 — 1,917 Agency MBS - residential 111,589 1,975 23 113,541 Agency MBS - commercial 2,987 72 2 3,057 States and political subdivisions 447 47 1 493 Other 34 — — 34 Total AFS securities $ 118,618 $ 2,196 $ 26 $ 120,788 Certain securities issued by FNMA and FHLMC exceeded 10% of shareholders’ equity at June 30, 2021. The FNMA investments had total amortized cost and fair value of $37.6 billion and $37.4 billion, respectively. The FHLMC investments had total amortized cost and fair value of $41.4 billion and $41.1 billion, respectively. The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected life of MBS may differ from contractual maturities because borrowers may have the right to prepay their obligations with or without penalties. Amortized Cost Fair Value June 30, 2021 Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years Total AFS securities: U.S. Treasury $ 246 $ 8,447 $ 977 $ — $ 9,670 $ 247 $ 8,457 $ 984 $ — $ 9,688 GSE 356 1,402 — 87 1,845 360 1,449 — 92 1,901 Agency MBS - residential — 1 350 124,113 124,464 — 1 362 123,734 124,097 Agency MBS - commercial — 1 23 3,150 3,174 — 1 24 3,158 3,183 States and political subdivisions 31 110 99 191 431 31 114 114 213 472 Non-agency MBS — — — 507 507 — — — 507 507 Other 1 6 — 24 31 1 6 — 24 31 Total AFS securities $ 634 $ 9,967 $ 1,449 $ 128,072 $ 140,122 $ 639 $ 10,028 $ 1,484 $ 127,728 $ 139,879 The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position: Less than 12 months 12 months or more Total June 30, 2021 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 3,753 $ 16 $ — $ — $ 3,753 $ 16 GSE 10 — — — 10 — Agency MBS - residential 70,027 1,533 123 1 70,150 1,534 Agency MBS - commercial 2,177 29 1 — 2,178 29 States and political subdivisions 10 — 22 1 32 1 Non-agency MBS 203 — — — 203 — Total $ 76,180 $ 1,578 $ 146 $ 2 $ 76,326 $ 1,580 Less than 12 months 12 months or more Total December 31, 2020 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 17 $ — $ — $ — $ 17 $ — Agency MBS - residential 4,028 21 203 2 4,231 23 Agency MBS - commercial 463 2 4 — 467 2 States and political subdivisions 20 — 32 1 52 1 Other 6 — — — 6 — Total $ 4,534 $ 23 $ 239 $ 3 $ 4,773 $ 26 At June 30, 2021 and December 31, 2020, no ACL was established for AFS securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. The following table presents gross securities gains and losses recognized in earnings: (Dollars in millions) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Gross realized gains $ — $ 300 $ — $ 300 Gross realized losses — — — (2) Securities gains (losses), net $ — $ 300 $ — $ 298 |
Loans and ACL
Loans and ACL | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans and ACL | Loans and ACL The following tables present loans and leases HFI by aging category. Government guaranteed loans are not placed on nonaccrual status regardless of delinquency because collection of principal and interest is reasonably assured. The past due status of loans that received a deferral under the CARES Act is generally frozen during the deferral period. In certain limited circumstances, accommodation programs result in the delinquency status being reset to current. Accruing June 30, 2021 Current 30-89 Days Past Due 90 Days Or More Past Due Nonperforming Total Commercial: Commercial and industrial $ 130,385 $ 128 $ 14 $ 397 $ 130,924 CRE 25,367 7 — 25 25,399 Commercial construction 6,147 1 — 12 6,160 Lease financing 4,934 18 — 5 4,957 Consumer: Residential mortgage 42,215 543 976 302 44,036 Residential home equity and direct 25,089 73 7 165 25,334 Indirect auto 26,118 428 2 148 26,696 Indirect other 10,985 47 1 6 11,039 Student 5,747 548 1,046 — 7,341 Credit card 4,546 31 22 — 4,599 Total $ 281,533 $ 1,824 $ 2,068 $ 1,060 $ 286,485 Accruing December 31, 2020 Current 30-89 Days Past Due 90 Days Or More Past Due Nonperforming Total Commercial: Commercial and industrial $ 137,726 $ 83 $ 13 $ 532 $ 138,354 CRE 26,506 14 — 75 26,595 Commercial construction 6,472 5 — 14 6,491 Lease financing 5,206 6 — 28 5,240 Consumer: Residential mortgage 45,333 782 841 316 47,272 Residential home equity and direct 25,751 98 10 205 26,064 Indirect auto 25,498 495 2 155 26,150 Indirect other 11,102 68 2 5 11,177 Student 5,823 618 1,111 — 7,552 Credit card 4,759 51 29 — 4,839 Total $ 294,176 $ 2,220 $ 2,008 $ 1,330 $ 299,734 The following table presents the amortized cost basis of loans by origination year and credit quality indicator: June 30, 2021 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term Other (1) 2021 2020 2019 2018 2017 Prior Total Commercial: Commercial and industrial: Pass $ 18,959 $ 21,211 $ 15,497 $ 10,804 $ 6,310 $ 11,388 $ 41,016 $ — $ (676) $ 124,509 Special mention 262 316 541 231 83 161 1,546 — — 3,140 Substandard 190 309 432 283 86 323 1,255 — — 2,878 Nonperforming 6 35 75 71 21 74 116 — (1) 397 Total 19,417 21,871 16,545 11,389 6,500 11,946 43,933 — (677) 130,924 CRE: Pass 1,982 3,873 6,029 4,019 2,411 2,932 539 — (61) 21,724 Special mention 87 108 457 269 54 90 — — — 1,065 Substandard 224 348 803 517 307 386 — — — 2,585 Nonperforming 3 2 — 1 8 11 — — — 25 Total 2,296 4,331 7,289 4,806 2,780 3,419 539 — (61) 25,399 Commercial construction: Pass 578 1,222 2,060 1,030 138 103 652 — 3 5,786 Special mention — 2 123 49 1 — — — — 175 Substandard 6 7 40 70 64 — — — — 187 Nonperforming — 1 1 — 6 — 3 — 1 12 Total 584 1,232 2,224 1,149 209 103 655 — 4 6,160 Lease financing: Pass 687 1,266 875 614 622 824 — — (49) 4,839 Special mention — 21 4 2 3 2 — — — 32 Substandard — — 30 6 — 45 — — — 81 Nonperforming — 1 3 — — — — — 1 5 Total 687 1,288 912 622 625 871 — — (48) 4,957 Consumer: Residential mortgage: Performing 6,332 7,755 4,985 2,637 3,147 18,763 — — 115 43,734 Nonperforming — 4 17 27 20 235 — — (1) 302 Total 6,332 7,759 5,002 2,664 3,167 18,998 — — 114 44,036 Residential home equity and direct: Performing 2,867 3,470 2,350 997 309 561 11,200 3,372 43 25,169 Nonperforming — 3 5 2 1 7 56 91 — 165 Total 2,867 3,473 2,355 999 310 568 11,256 3,463 43 25,334 Indirect auto: Performing 6,094 8,668 5,848 3,040 1,713 1,025 — — 160 26,548 Nonperforming 1 26 49 37 22 18 — — (5) 148 Total 6,095 8,694 5,897 3,077 1,735 1,043 — — 155 26,696 Indirect other: Performing 2,587 3,480 2,193 1,262 604 877 — — 30 11,033 Nonperforming — 2 2 — — 2 — — — 6 Total 2,587 3,482 2,195 1,262 604 879 — — 30 11,039 Student — 24 100 83 71 7,078 — — (15) 7,341 Credit card — — — — — — 4,566 33 — 4,599 Total $ 40,865 $ 52,154 $ 42,519 $ 26,051 $ 16,001 $ 44,905 $ 60,949 $ 3,496 $ (455) $ 286,485 December 31, 2020 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term Other (1) 2020 2019 2018 2017 2016 Prior Total Commercial: Commercial and industrial: Pass $ 34,858 $ 18,881 $ 13,312 $ 7,713 $ 5,174 $ 8,888 $ 42,780 $ 231 $ (579) $ 131,258 Special mention 471 434 343 98 120 157 1,808 5 (1) 3,435 Substandard 461 445 339 121 144 256 1,353 12 (2) 3,129 Nonperforming 38 92 48 29 25 61 233 4 2 532 Total 35,828 19,852 14,042 7,961 5,463 9,362 46,174 252 (580) 138,354 CRE: Pass 4,563 6,600 4,427 2,752 1,473 2,096 617 — (69) 22,459 Special mention 171 599 585 116 77 141 — — — 1,689 Substandard 410 776 438 281 182 280 5 — — 2,372 Nonperforming 1 15 1 9 6 43 — — — 75 Total 5,145 7,990 5,451 3,158 1,738 2,560 622 — (69) 26,595 Commercial construction: Pass 1,052 2,141 1,889 232 27 110 534 — 2 5,987 Special mention — 108 64 1 — — 2 — — 175 Substandard 70 106 73 59 6 1 — — — 315 Nonperforming 1 3 — 7 — — — 3 — 14 Total 1,123 2,358 2,026 299 33 111 536 3 2 6,491 Lease financing: Pass 1,377 1,139 775 746 241 760 — — 27 5,065 Special mention 1 39 20 5 — 7 — — — 72 Substandard — 34 3 4 3 31 — — — 75 Nonperforming 2 5 3 9 4 5 — — — 28 Total 1,380 1,217 801 764 248 803 — — 27 5,240 Consumer: Residential mortgage: Performing 8,197 6,729 3,735 4,374 5,424 18,333 — — 164 46,956 Nonperforming 3 13 16 13 14 257 — — — 316 Total 8,200 6,742 3,751 4,387 5,438 18,590 — — 164 47,272 Residential home equity and direct: Performing 4,513 3,126 1,416 481 214 557 13,886 1,619 47 25,859 Nonperforming 1 4 2 1 1 7 87 101 1 205 Total 4,514 3,130 1,418 482 215 564 13,973 1,720 48 26,064 Indirect auto: Performing 10,270 7,436 4,015 2,401 1,220 506 — — 147 25,995 Nonperforming 13 50 44 27 15 12 — — (6) 155 Total 10,283 7,486 4,059 2,428 1,235 518 — — 141 26,150 Indirect other: Performing 4,433 3,019 1,706 826 431 718 — — 39 11,172 Nonperforming 1 1 1 — — 2 — — — 5 Total 4,434 3,020 1,707 826 431 720 — — 39 11,177 Student 22 110 95 81 64 7,185 — — (5) 7,552 Credit card — — — — — — 4,802 37 — 4,839 Total $ 70,929 $ 51,905 $ 33,350 $ 20,386 $ 14,865 $ 40,413 $ 66,107 $ 2,012 $ (233) $ 299,734 (1) Includes certain deferred fees and costs, unapplied payments, and other adjustments. ACL The following tables present activity in the ACL: (Dollars in millions) Balance at Apr 1, 2020 Charge-Offs Recoveries Provision (Benefit) Other (2) Balance at Jun 30, 2020 Commercial: Commercial and industrial $ 1,813 $ (123) $ 21 $ 426 $ — $ 2,137 CRE 299 (14) 4 102 — 391 Commercial construction 88 — 7 39 — 134 Lease financing 79 (4) — (16) — 59 Consumer: Residential mortgage 427 (35) 2 36 1 431 Residential home equity and direct 607 (65) 15 137 3 697 Indirect auto 1,192 (80) 18 60 — 1,190 Indirect other 213 (20) 7 15 (2) 213 Student 146 (6) 1 (21) 3 123 Credit card 347 (50) 6 24 — 327 ALLL 5,211 (397) 81 802 5 5,702 RUFC 400 — — 42 (11) 431 ACL $ 5,611 $ (397) $ 81 $ 844 $ (6) $ 6,133 (Dollars in millions) Balance at Apr 1, 2021 Charge-Offs Recoveries Provision (Benefit) Other (2) Balance at Jun 30, 2021 Commercial: Commercial and industrial $ 2,091 $ (51) $ 20 $ (303) $ — $ 1,757 CRE 544 — 4 (108) — 440 Commercial construction 77 — 1 (9) — 69 Lease financing 45 (2) 3 1 — 47 Consumer: Residential mortgage 343 (4) 5 (23) — 321 Residential home equity and direct 707 (57) 20 24 — 694 Indirect auto 1,176 (69) 27 (18) — 1,116 Indirect other 187 (11) 7 (2) — 181 Student 131 (3) — — 1 129 Credit card 361 (42) 10 38 — 367 ALLL 5,662 (239) 97 (400) 1 5,121 RUFC 349 — — (34) — 315 ACL $ 6,011 $ (239) $ 97 $ (434) $ 1 $ 5,436 (Dollars in millions) Balance at Jan 1, 2020 (1) Charge-Offs Recoveries Provision (Benefit) Other (2) Balance at Jun 30, 2020 Commercial: Commercial and industrial $ 560 $ (162) $ 38 $ 797 $ 904 $ 2,137 CRE 150 (15) 4 170 82 391 Commercial construction 52 (3) 8 61 16 134 Lease financing 10 (6) — (39) 94 59 Consumer: Residential mortgage 176 (46) 4 32 265 431 Residential home equity and direct 107 (133) 30 239 454 697 Indirect auto 304 (222) 41 249 818 1,190 Indirect other 60 (38) 14 27 150 213 Student — (14) 1 13 123 123 Credit card 122 (103) 14 119 175 327 PCI 8 — — — (8) — ALLL 1,549 (742) 154 1,668 3,073 5,702 RUFC 340 — — 69 22 431 ACL $ 1,889 $ (742) $ 154 $ 1,737 $ 3,095 $ 6,133 (Dollars in millions) Balance at Jan 1, 2021 Charge-Offs Recoveries Provision (Benefit) Other (2) Balance at Jun 30, 2021 Commercial: Commercial and industrial $ 2,156 $ (124) $ 39 $ (314) $ — $ 1,757 CRE 573 (4) 5 (134) — 440 Commercial construction 81 (2) 2 (12) — 69 Lease financing 48 (8) 3 4 — 47 Consumer: Residential mortgage 368 (15) 7 (39) — 321 Residential home equity and direct 714 (112) 38 54 — 694 Indirect auto 1,198 (174) 49 43 — 1,116 Indirect other 208 (28) 13 (12) — 181 Student 130 (6) — 2 3 129 Credit card 359 (82) 19 71 — 367 ALLL 5,835 (555) 175 (337) 3 5,121 RUFC 364 — — (49) — 315 ACL $ 6,199 $ (555) $ 175 $ (386) $ 3 $ 5,436 (1) Balance is prior to the adoption of CECL. (2) Includes the adoption of CECL, the ALLL for PCD acquisitions, and other activity. The commercial ALLL decreased $444 million and $545 million for the three and six months ended June 30, 2021, respectively. The decreases for both the three and six month periods are due to an improving economic outlook and lower loan balances. The consumer ALLL decreased $103 million and $177 million for the three and six months ended June 30, 2021, respectively. The decrease for the three-month period reflects an improving economic outlook. The decrease for the six-month period reflects an improving economic outlook and lower loan balances primarily in the mortgage portfolio. The RUFC decreased $34 million and $49 million for the three and six months ended June 30, 2021, respectively. The decreases reflect an improving economic outlook. The quantitative models have been designed to estimate losses using macro-economic forecasts over a reasonable and supportable forecast period of two years, followed by a reversion to long-term historical loss conditions over a one-year period. These macro-economic forecasts include a number of key economic variables utilized in loss forecasting that include, but are not limited to, unemployment trends, US real GDP, corporate credit spreads, rental rates, property values, the primary 30-year mortgage rate, home price indices, and used car prices. The primary economic forecast incorporates a third-party baseline forecast that is adjusted to reflect Truist’s interest rate outlook. Management also considered multiple third-party macro-economic forecasts that reflected a range of possible outcomes in order to capture uncertainty in the economic environment. The economic forecast shaping the ACL estimate at June 30, 2021 included GDP growth in the high single digits through 2021, then slowing to the low single digits in 2022, and an improving unemployment rate to the mid-single-digits through the end of 2021 followed by continued improvement through the remainder of the reasonable and supportable period. Quantitative models have certain limitations with respect to estimating expected losses, particularly in times of rapidly changing macro-economic conditions and forecasts. As a result, management believes that the qualitative component of the ACL, which incorporates management’s expert judgment related to expected future credit losses, will continue to be an important component of the ACL for the foreseeable future. The June 30, 2021 ACL estimate includes adjustments to address risks not captured by the loss forecasting models including imprecision in future economic forecasts, uncertainty around the return of consumer and business confidence once stimulus ceases, and the impact of government relief programs and client accommodations on expected losses. PCD Loan Activity For PCD loans, the initial estimate of expected credit losses is recognized in the ALLL on the date of acquisition using the same methodology as other loans held for investment. The following table provides a summary of purchased student loans with credit deterioration at acquisition: Six Months Ended June 30, 2021 Par value $ 196 ALLL at acquisition (3) Non-credit premium (discount) 1 Purchase price $ 194 NPAs The following table provides a summary of nonperforming loans, excluding LHFS. Interest income recognized on nonperforming loans HFI was immaterial for the six months ended June 30, 2021 and 2020, respectively. June 30, 2021 December 31, 2020 Recorded Investment Recorded Investment (Dollars in millions) Without an ALLL With an ALLL Without an ALLL With an ALLL Commercial: Commercial and industrial $ 103 $ 294 $ 82 $ 450 CRE 2 23 63 12 Commercial construction — 12 — 14 Lease financing — 5 — 28 Consumer: Residential mortgage 4 298 4 312 Residential home equity and direct 3 162 2 203 Indirect auto 1 147 1 154 Indirect other — 6 — 5 Total $ 113 $ 947 $ 152 $ 1,178 The following table presents a summary of nonperforming assets and residential mortgage loans in the process of foreclosure. (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Nonperforming loans and leases HFI $ 1,060 $ 1,330 Nonperforming LHFS 78 5 Foreclosed real estate 13 20 Other foreclosed property 41 32 Total nonperforming assets $ 1,192 $ 1,387 Residential mortgage loans in the process of foreclosure $ 126 $ 140 TDRs The following table presents a summary of TDRs: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Performing TDRs: Commercial: Commercial and industrial $ 144 $ 78 CRE 24 47 Lease financing 58 60 Consumer: Residential mortgage 727 648 Residential home equity and direct 107 88 Indirect auto 389 392 Indirect other 7 6 Student 13 5 Credit card 32 37 Total performing TDRs 1,501 1,361 Nonperforming TDRs 190 164 Total TDRs $ 1,691 $ 1,525 ALLL attributable to TDRs $ 131 $ 132 The primary type of modification for newly designated TDRs is summarized in the tables below. New TDR balances represent the recorded investment at the end of the quarter in which the modification was made. The prior quarter balance represents recorded investment at the beginning of the quarter in which the modification was made. Rate modifications consist of TDRs made with below market interest rates, including those that also have modifications of loan structures. As of / For the Three Months Ended June 30, 2021 As of / For the Six Months Ended June 30, 2021 (Dollars in millions) Type of Modification Prior Quarter Loan Balance ALLL at Period End Type of Modification Prior Quarter Loan Balance ALLL at Period End Rate Structure Rate Structure Newly designated TDRs: Commercial: Commercial and industrial $ — $ 6 $ 6 $ — $ 27 $ 99 $ 141 $ 12 CRE — — — — — 10 12 1 Consumer: Residential mortgage 36 46 83 5 89 139 228 9 Residential home equity and direct 2 8 10 1 4 33 38 2 Indirect auto 24 12 38 4 43 45 94 12 Indirect other 1 — 1 — 2 1 2 — Student — 5 5 — — 8 8 — Credit card 2 — 3 1 6 — 7 3 Re-modification of previously designated TDRs 14 6 28 20 As of / For the Three Months Ended June 30, 2020 As of / For the Six Months Ended June 30, 2020 Type of Modification Prior Quarter Loan Balance ALLL at Period End Type of Modification Prior Quarter Loan Balance ALLL at Period End (Dollars in millions) Rate Structure Rate Structure Newly designated TDRs: Commercial: Commercial and industrial $ 5 $ 1 $ 12 $ 1 $ 33 $ 4 $ 48 $ 3 CRE 23 1 16 2 24 1 17 2 Lease financing — — — — 1 — 1 — Consumer: Residential mortgage 63 26 91 4 140 41 185 9 Residential home equity and direct 11 5 16 — 28 10 39 1 Indirect auto 22 8 31 7 78 22 104 12 Indirect other 1 — 1 — 2 — 2 — Student — 3 3 — — 4 4 — Credit card 8 — 7 3 18 — 17 6 Re-modification of previously designated TDRs 8 5 26 6 Charge-offs and forgiveness of principal and interest for TDRs were immaterial for all periods presented. The re-default balance for modifications that had been classified as TDRs during the previous 12 months that experienced a payment default was immaterial for the three and six months ended June 30, 2021 and 2020. Payment default is defined as movement of the TDR to nonperforming status, foreclosure, or charge-off, whichever occurs first. Unearned Income, Discounts and Net Deferred Loan Fees and Costs The following table presents additional information about loans and leases: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Unearned income, discounts and net deferred loan fees and costs $ 1,558 $ 2,219 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets The Company performed a qualitative assessment of current events and circumstances, including macroeconomic and market factors, industry and banking sector events, Truist specific performance indicators, and a comparison of management’s forecast and assumptions to those used in its October 1, 2020 quantitative impairment test, concluding that it was not more-likely-than-not that the fair value of one or more of its reporting units is below its respective carrying amount as of June 30, 2021, and therefore no triggering event occurred that required a quantitative goodwill impairment test. See “Note 1. Basis of Presentation” and “Note 7. Goodwill and Other Intangible Assets” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional information. The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. The adjustments for 2021 to CB&W reflect the divestiture of certain businesses. Refer to “Note 17. Operating Segments” for additional information on segments. (Dollars in millions) CB&W C&CB IH Total Goodwill, January 1, 2020 $ 14,040 $ 8,125 $ 1,989 $ 24,154 Mergers and acquisitions — — 450 450 Adjustments and other 1,801 (1,958) — (157) Goodwill, December 31, 2020 15,841 6,167 2,439 24,447 Mergers and acquisitions — — 13 13 Adjustments and other (124) 8 30 (86) Goodwill, June 30, 2021 $ 15,717 $ 6,175 $ 2,482 $ 24,374 The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets: June 30, 2021 December 31, 2020 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount CDI $ 2,600 $ (1,041) $ 1,559 $ 2,600 $ (852) $ 1,748 Other, primarily client relationship intangibles 2,140 (1,034) 1,106 2,217 (981) 1,236 Total $ 4,740 $ (2,075) $ 2,665 $ 4,817 $ (1,833) $ 2,984 Subsequent Event On July 1, 2021, Truist acquired Constellation Affiliated Partners, which resulted in approximately $900 million of goodwill and identifiable intangible assets in the IH segment. |
Loan Servicing
Loan Servicing | 6 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Loan Servicing | Loan Servicing The Company acquires servicing rights, and retains servicing rights related to certain of its sales or securitizations of residential mortgages and commercial loans. Servicing rights on residential and commercial mortgages are capitalized by the Company as MSRs on the Consolidated Balance Sheets. Income earned by the Company on its residential MSRs is derived primarily from contractually specified mortgage servicing fees and late fees, net of curtailment costs. Income earned by the Company on its commercial mortgage servicing rights is derived primarily from contractually specified servicing fees and other ancillary fees. Residential Mortgage Activities The following tables summarize residential mortgage servicing activities: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 UPB of residential mortgage loan servicing portfolio $ 224,035 $ 239,034 UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate 178,004 188,341 Mortgage loans sold with recourse 287 328 Maximum recourse exposure from mortgage loans sold with recourse liability 179 201 Indemnification, recourse and repurchase reserves 89 93 As of / For the Six Months Ended June 30, 2021 2020 UPB of residential mortgage loans sold from LHFS $ 22,020 $ 22,502 Pre-tax gains recognized on mortgage loans sold and held for sale 223 510 Servicing fees recognized from mortgage loans serviced for others 280 328 Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others 0.31 % 0.32 % Weighted average interest rate on mortgage loans serviced for others 3.66 3.98 The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value: Six Months Ended June 30, 2021 2020 Residential MSRs, carrying value, January 1 $ 1,778 $ 2,371 Additions 399 311 Change in fair value due to changes in valuation inputs or assumptions: Prepayment speeds 20 (557) OAS 153 52 Servicing costs — — Realization of expected net servicing cash flows, passage of time and other (387) (324) Residential MSRs, carrying value, June 30 $ 1,963 $ 1,853 In July 2021, Truist acquired a residential mortgage servicing portfolio with approximately $25 billion in unpaid principal with a fair value of approximately $275 million. The sensitivity of the fair value of the Company’s residential MSRs to changes in key assumptions is presented in the following table: June 30, 2021 December 31, 2020 Range Weighted Average Range Weighted Average (Dollars in millions) Min Max Min Max Prepayment speed 13.5 % 15.7 % 14.1 % 12.8 % 30.8 % 15.4 % Effect on fair value of a 10% increase $ (96) $ (89) Effect on fair value of a 20% increase (183) (171) OAS 3.3 % 9.4 % 5.1 % 3.5 % 13.7 % 7.3 % Effect on fair value of a 10% increase $ (40) $ (45) Effect on fair value of a 20% increase (78) (88) Composition of loans serviced for others: Fixed-rate residential mortgage loans 99.0 % 98.8 % Adjustable-rate residential mortgage loans 1.0 1.2 Total 100.0 % 100.0 % Weighted average life 5.1 years 4.8 years The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in the above table, the effect of an adverse variation in one assumption on the fair value of the MSRs is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another, which may magnify or counteract the effect of the change. See “Note 14. Fair Value Disclosures” for additional information on the valuation techniques used. Commercial Mortgage Activities The following table summarizes commercial mortgage servicing activities for the periods presented: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 UPB of CRE mortgages serviced for others $ 37,626 $ 36,670 CRE mortgages serviced for others covered by recourse provisions 9,813 9,019 Maximum recourse exposure from CRE mortgages sold with recourse liability 2,824 2,624 Recorded reserves related to recourse exposure 19 18 CRE mortgages originated during the year-to-date period 3,103 6,739 Commercial MSRs at fair value 268 245 |
Other Assets and Liabilites
Other Assets and Liabilites | 6 Months Ended |
Jun. 30, 2021 | |
Other Assets [Abstract] | |
Other Assets and Liabilities Disclosure | Other Assets and Liabilities Lessee Operating and Finance Leases The Company leases certain assets, consisting primarily of real estate, and assesses at contract inception whether a contract is, or contains, a lease. The following tables present additional information on leases, excluding leases related to the lease financing businesses: June 30, 2021 December 31, 2020 (Dollars in millions) Operating Leases Finance Leases Operating Leases Finance Leases ROU assets $ 1,233 $ 27 $ 1,333 $ 36 Lease liabilities 1,742 33 1,896 42 Weighted average remaining term 6.7 years 6.5 years 6.9 years 6.3 years Weighted average discount rate 2.4 % 3.6 % 2.4 % 4.8 % Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2021 2020 2021 2020 Operating lease costs $ 85 $ 97 $ 170 $ 193 Lessor Operating Leases The Company’s two primary lessor businesses are equipment financing and structured real estate with income recorded in Operating lease income on the Consolidated Statements of Income. The following table presents a summary of assets under operating leases and activity related to assets under operating leases. This table excludes subleases on assets included in premises and equipment. (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Assets held under operating leases (1) $ 1,952 $ 2,144 Accumulated depreciation (436) (517) Net $ 1,516 $ 1,627 (1) Includes certain land parcels subject to operating leases that have indefinite lives. The carrying value of assets previously under operating leases was immaterial. Bank-Owned Life Insurance Bank-owned life insurance consists of life insurance policies held on certain teammates for which the Company is the beneficiary. These policies provide the Company an efficient form of funding for retirement and other employee benefits costs. The carrying value of bank-owned life insurance was $6.5 billion at June 30, 2021 and December 31, 2020. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Borrowings The following table presents a summary of short-term borrowings: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Federal funds purchased $ 10 $ 79 Securities sold under agreements to repurchase 2,252 1,221 FHLB advances 1,125 2,649 Collateral in excess of derivative exposures 413 385 Master notes 632 621 Other short-term borrowings 1,220 1,137 Total short-term borrowings $ 5,652 $ 6,092 The following table presents a summary of long-term debt: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Truist Financial Corporation: Fixed rate senior notes $ 14,902 $ 15,984 Floating rate senior notes 1,349 900 Fixed rate subordinated notes 1,272 1,283 Capital notes 618 615 Structured notes (1) 110 108 Truist Bank: Fixed rate senior notes 11,136 11,907 Floating rate senior notes 1,450 1,567 Fixed rate subordinated notes 5,113 5,142 FHLB advances 871 878 Other long-term debt (2) 1,148 1,014 Nonbank subsidiaries: Other long-term debt (3) — 199 Total long-term debt $ 37,969 $ 39,597 (1) Consist of notes with various terms that include fixed or floating rate interest or returns that are linked to an equity index. (2) Includes debt associated with finance leases, tax credit investments, and other. (3) Includes debt associated with structured real estate leases. The Company does not consolidate certain wholly-owned trusts which were formed for the sole purpose of issuing trust preferred securities. The proceeds from the trust preferred securities issuances were invested in capital notes of the Parent Company. The Parent Company’s obligations constitute a full and unconditional guarantee of the trust preferred securities. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Common Stock The following table presents the dividends declared per share of common stock: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cash dividends declared per share $ 0.45 $ 0.45 $ 0.90 $ 0.90 Share Repurchase Activity In December 2020, Truist announced the Board of Directors had authorized the repurchase of up to $2.0 billion of common stock beginning in the first quarter of 2021 to optimize Truist’s capital position. For the six months ended June 30, 2021, the Company repurchased $1.1 billion of common stock, which represented 19.8 million shares. Repurchased shares revert to the status of authorized and unissued shares upon repurchase. At June 30, 2021, Truist had remaining authorization to repurchase $884 million of common stock under the Board approved repurchase plan. Effective July 1, 2021, the Board of Directors increased the previous repurchase authority to $4.2 billion of the Company’s common stock through September 30, 2022, of which, the Company has $3.1 billion remaining. Preferred Stock During the first quarter of 2021, the Company redeemed all 18,000 outstanding shares of its perpetual preferred stock series F and the corresponding depositary shares representing fractional interests in such series for $450 million, and all 20,000 outstanding shares of its perpetual preferred stock series G and the corresponding depositary shares representing fractional interests in such series for $500 million. During the second quarter of 2021, the Company redeemed all 18,600 outstanding shares of its perpetual preferred stock series H and the corresponding depositary shares representing fractional interests in such series for $465 million. |
AOCI
AOCI | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
AOCI | AOCI AOCI includes the after-tax change in unrecognized net costs related to defined benefit pension and OPEB plans as well as unrealized gains and losses on cash flow hedges and AFS securities. Three Months Ended June 30, 2021 and 2020 Pension and OPEB Costs Cash Flow Hedges AFS Securities Other, net Total AOCI balance, April 1, 2020 $ (1,107) $ (90) $ 2,101 $ (6) $ 898 OCI before reclassifications, net of tax (1) — 101 3 103 Amounts reclassified from AOCI: Before tax 20 14 (237) — (203) Tax effect 5 3 (57) — (49) Amounts reclassified, net of tax 15 11 (180) — (154) Total OCI, net of tax 14 11 (79) 3 (51) AOCI balance, June 30, 2020 $ (1,093) $ (79) $ 2,022 $ (3) $ 847 AOCI balance, April 1, 2021 $ (840) $ (28) $ (650) $ 2 $ (1,516) OCI before reclassifications, net of tax (9) — 394 1 386 Amounts reclassified from AOCI: Before tax 9 13 85 — 107 Tax effect 2 3 20 — 25 Amounts reclassified, net of tax 7 10 65 — 82 Total OCI, net of tax (2) 10 459 1 468 AOCI balance, June 30, 2021 $ (842) $ (18) $ (191) $ 3 $ (1,048) Six Months Ended June 30, 2021 and 2020 Pension and OPEB Costs Cash Flow Hedges AFS Securities Other, net Total AOCI balance, January 1, 2020 $ (1,122) $ (101) $ 380 $ (1) $ (844) OCI before reclassifications, net of tax (1) — 1,791 (2) 1,788 Amounts reclassified from AOCI: Before tax 40 29 (196) — (127) Tax effect 10 7 (47) — (30) Amounts reclassified, net of tax 30 22 (149) — (97) Total OCI, net of tax 29 22 1,642 (2) 1,691 AOCI balance, June 30, 2020 (1,093) (79) 2,022 (3) 847 AOCI balance, January 1, 2021 $ (875) $ (64) $ 1,654 $ 1 $ 716 OCI before reclassifications, net of tax 19 — (2,014) 2 (1,993) Amounts reclassified from AOCI: Before tax 18 60 221 — 299 Tax effect 4 14 52 — 70 Amounts reclassified, net of tax 14 46 169 — 229 Total OCI, net of tax 33 46 (1,845) 2 (1,764) AOCI balance, June 30, 2021 $ (842) $ (18) $ (191) $ 3 $ (1,048) Primary income statement location of amounts reclassified from AOCI Other expense Net interest income and Other expense Securities gains (losses) and Net interest income Net interest income |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFor the three months ended June 30, 2021 and 2020, the provision for income taxes was $415 million and $191 million, respectively, representing effective tax rates of 20.0% and 16.6%, respectively. For the six months ended June 30, 2021 and 2020, the provision for income taxes was $766 million and $415 million, respectively, representing effective tax rates of 19.7% and 17.0%, respectively. The higher effective tax rate for the three and six months ended June 30, 2021 was primarily due to higher pre-tax income and a decrease in discrete tax benefits. The Company calculated the provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income and adjusting for discrete items that occurred during the period. |
Benefit Plans
Benefit Plans | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans The components of net periodic benefit cost for defined benefit pension plans are summarized in the following table: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) Income Statement Location 2021 2020 2021 2020 Service cost Personnel expense $ 157 $ 118 $ 315 $ 236 Interest cost Other expense 80 78 159 156 Estimated return on plan assets Other expense (249) (217) (498) (433) Amortization and other Other expense 9 19 17 38 Net periodic (benefit) cost $ (3) $ (2) $ (7) $ (3) Truist makes contributions to the qualified pension plans in amounts between the minimum required for funding and the maximum deductible for federal income tax purposes. Discretionary contributions totaling $387 million were made to the Truist pension plan during the six months ended June 30, 2021. There are no required contributions for the remainder of 2021. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Commitments and Contingencies Truist utilizes a variety of financial instruments to meet the financing needs of clients and to mitigate exposure to risks. These financial instruments include commitments to extend credit, letters of credit and financial guarantees and derivatives. Truist also has commitments to fund certain affordable housing investments and contingent liabilities related to certain sold loans. Tax Credit and Certain Equity Investments The Company invests in certain affordable housing projects throughout its market area as a means of supporting local communities. Truist receives tax credits related to these investments, for which the Company typically acts as a limited partner and therefore does not exert control over the operating or financial policies of the partnerships. The following table summarizes certain tax credit and certain equity investments: (Dollars in millions) Balance Sheet Location Jun 30, 2021 Dec 31, 2020 Investments in affordable housing projects: Carrying amount Other assets $ 3,881 $ 3,823 Amount of future funding commitments included in carrying amount Other liabilities 1,099 1,057 Lending exposure NA 487 546 Renewable energy investments: Carrying amount Other assets 216 167 Amount of future funding commitments not included in carrying amount NA 147 76 Private equity and certain other equity method investments: Carrying amount Other assets 1,628 1,574 Amount of future funding commitments not included in carrying amount NA 450 471 The following table presents a summary of tax credits and amortization associated with the Company’s tax credit investment activity: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) Income Statement Location 2021 2020 2021 2020 Tax credits: Investments in affordable housing projects Provision for income taxes $ 119 $ 114 $ 239 $ 231 Other community development investments Provision for income taxes 23 22 46 45 Renewable energy investments NA (1) 21 102 60 102 Amortization and other changes in carrying amount: Investments in affordable housing projects Provision for income taxes $ 117 $ 116 $ 236 $ 227 Other community development investments Other noninterest income 19 19 38 38 Renewable energy investments Other noninterest income 2 2 2 2 (1) Tax credits received for these investments are recorded as a reduction to the carrying value of these investments. Letters of Credit and Financial Guarantees In the normal course of business, Truist utilizes certain financial instruments to meet the financing needs of clients and to mitigate exposure to risks. Such financial instruments include commitments to extend credit and certain contractual agreements, including standby letters of credit and financial guarantee arrangements. The following is a summary of selected notional amounts of off-balance sheet financial instruments: (Dollars in millions) June 30, 2021 December 31, 2020 Commitments to extend, originate, or purchase credit $ 200,626 $ 186,731 Residential mortgage loans sold with recourse 287 328 CRE mortgages serviced for others covered by recourse provisions 9,813 9,019 Letters of credit 5,120 5,066 Total Return Swaps The Company facilitates matched book TRS transactions on behalf of clients, whereby a VIE purchases reference assets identified by a client and the Company enters into a TRS with the VIE, with a mirror-image TRS facing the client. The Company provides senior financing to the VIE in the form of demand notes to fund the purchase of the reference assets. Reference assets are typically fixed income instruments primarily composed of syndicated bank loans. The TRS contracts pass through interest and other cash flows on the reference assets to the third party clients, along with exposing those clients to decreases in value on the assets and providing them with the rights to appreciation on the assets. The terms of the TRS contracts require the third parties to post initial margin collateral, as well as ongoing margin as the fair values of the underlying reference assets change. The Company concluded that the associated VIEs should be consolidated because the Company has (i) the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) the obligation to absorb losses and the right to receive benefits, that could potentially be significant. At June 30, 2021, the Company’s Consolidated Balance Sheet reflected $1.6 billion of assets and $175 million of other liabilities of the VIEs. At December 31, 2020, the Company’s Consolidated Balance Sheet reflected $1.3 billion of assets and $41 million of other liabilities of the VIEs. VIE assets include trading loans and bonds totaling $1.5 billion and $1.3 billion at June 30, 2021 and December 31, 2020, respectively. The activities of the VIEs are restricted to buying and selling the reference assets and the risks/benefits of any such assets owned by the VIEs are passed to the third party clients via the TRS contracts. For additional information on TRS contracts and the related VIEs, see “Note 15. Derivative Financial Instruments.” Pledged Assets Certain assets were pledged to secure municipal deposits, securities sold under agreements to repurchase, certain derivative agreements, and borrowings or borrowing capacity, as well as for other purposes as required or permitted by law. Assets pledged to the FHLB and FRB are subject to applicable asset discounts when determining borrowing capacity. The Company obtains secured financing and letters of credit from the FRB and FHLB. The Company’s letters of credit from the FHLB can be used to secure various client deposits, including public fund relationships. Excluding assets related to employee benefit plans, the majority of the agreements governing the pledged assets do not permit the other party to sell or repledge the collateral. The following table provides the total carrying amount of pledged assets by asset type: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Pledged securities $ 25,012 $ 24,974 Pledged loans: FRB 71,174 75,615 FHLB 63,800 69,994 Unused borrowing capacity: FRB 50,625 52,831 FHLB 48,864 52,274 Litigation and Regulatory Matters Truist and/or its subsidiaries are routinely parties to numerous legal proceedings, including private, civil litigation, and regulatory investigations, arising from the ordinary conduct of its regular business activities. The matters range from individual actions involving a single plaintiff to class action lawsuits with multiple class members and can involve claims for substantial amounts. Investigations involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations. These legal proceedings are at varying stages of adjudication, arbitration, or investigation and may consist of a variety of claims, including common law tort and contract claims, as well as statutory antitrust, securities, and consumer protection claims. The ultimate resolution of any proceeding is uncertain and inherently difficult to predict. It is possible that the ultimate resolution of these matters, if unfavorable, may be material to the consolidated financial position, consolidated results of operations, or consolidated cash flows of Truist. Truist establishes accruals for legal matters when potential losses associated with the actions become probable and the amount of loss can be reasonably estimated. There is no assurance that the ultimate resolution of these matters will not significantly exceed the amounts that Truist has accrued. Accruals for legal matters are based on management’s best judgment after consultation with counsel and others. The Company estimates reasonably possible losses, in excess of amounts accrued, of up to approximately $200 million as of June 30, 2021. This estimate is based upon currently available information and involves considerable judgment, given that claims often include significant legal uncertainties, damages alleged by plaintiffs are often unspecified or overstated, discovery may not have started or may not be complete and material facts may be disputed or unsubstantiated, among other factors. In addition, the matters underlying this estimate will change from time to time and actual losses may vary significantly from this estimate. As a result, the Company does not believe that an estimate of reasonably possible losses can be made for certain matters. Such matters are not reflected in the estimate provided herein. The following is a description of a certain legal proceeding in which Truist is involved: Bickerstaff v. SunTrust Bank This class action case was filed in the Fulton County State Court on July 12, 2010, and an amended complaint was filed on August 9, 2010. Plaintiff asserts that all overdraft fees charged to his account which related to debit card and ATM transactions are actually interest charges and therefore subject to the usury laws of Georgia. Plaintiff has brought claims for violations of civil and criminal usury laws, conversion, and money had and received. On October 6, 2017, the trial court granted plaintiff’s motion for class certification and defined the class as “Every Georgia citizen who had or has one or more accounts with SunTrust Bank and who, from July 12, 2006, to October 6, 2017 (i) had at least one overdraft of $500.00 or less resulting from an ATM or debit card transaction (the “Transaction”); (ii) paid any Overdraft Fees as a result of the Transaction; and (iii) did not receive a refund of those Fees,” and the granting of a certified class was affirmed on appeal. On April 8, 2020, the Company filed a motion seeking to narrow the scope of this class, and on May 29, 2020, it filed a renewed motion to compel arbitration of the claims of some of the class members. On February 9, 2021, the trial court denied both motions as premature but held that the issues could be raised again after the conclusion of discovery, which is currently underway. The Company believes that the claims are without merit. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Recurring Fair Value Measurements Accounting standards define fair value as the price that would be received on the measurement date to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants, with a three level measurement hierarchy: • Level 1: Quoted prices for identical instruments in active markets • Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets • Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis: June 30, 2021 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 1,827 $ — $ 1,827 $ — $ — GSE 213 — 213 — — Agency MBS - residential 865 — 865 — — Agency MBS - commercial 30 — 30 — — States and political subdivisions 36 — 36 — — Corporate and other debt securities 941 — 941 — — Loans 1,748 — 1,748 — — Other 285 247 38 — — Total trading assets 5,945 247 5,698 — — AFS securities: U.S. Treasury 9,688 — 9,688 — — GSE 1,901 — 1,901 — — Agency MBS - residential 124,097 — 124,097 — — Agency MBS - commercial 3,183 — 3,183 — — States and political subdivisions 472 — 472 — — Non-agency MBS 507 — 507 — — Other 31 — 31 — — Total AFS securities 139,879 — 139,879 — — LHFS at fair value 2,816 — 2,816 — — MSRs at fair value 2,231 — — 2,231 — Other assets: Derivative assets 3,188 824 4,022 56 (1,714) Equity securities 912 848 64 — — Total assets $ 154,971 $ 1,919 $ 152,479 $ 2,287 $ (1,714) Liabilities: Derivative liabilities $ 574 $ 351 $ 3,199 $ 18 $ (2,994) Securities sold short 1,213 20 1,193 — — Total liabilities $ 1,787 $ 371 $ 4,392 $ 18 $ (2,994) December 31, 2020 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 793 $ — $ 793 $ — $ — GSE 164 — 164 — — Agency MBS - residential 599 — 599 — — Agency MBS - commercial 21 — 21 — — States and political subdivisions 34 — 34 — — Corporate and other debt securities 545 — 545 — — Loans 1,586 — 1,586 — — Other 130 123 7 — — Total trading assets 3,872 123 3,749 — — AFS securities: U.S. Treasury 1,746 — 1,746 — — GSE 1,917 — 1,917 — — Agency MBS - residential 113,541 — 113,541 — — Agency MBS - commercial 3,057 — 3,057 — — States and political subdivisions 493 — 493 — — Other 34 — 34 — — Total AFS securities 120,788 — 120,788 — — LHFS at fair value 4,955 — 4,955 — — MSRs at fair value 2,023 — — 2,023 — Other assets: Derivative assets 3,837 752 4,903 186 (2,004) Equity securities 1,054 996 58 — — Total assets $ 136,529 $ 1,871 $ 134,453 $ 2,209 $ (2,004) Liabilities: Derivative liabilities $ 555 $ 386 $ 3,263 $ 14 $ (3,108) Securities sold short 1,115 3 1,112 — — Total liabilities $ 1,670 $ 389 $ 4,375 $ 14 $ (3,108) (1) Refer to “Note 15. Derivative Financial Instruments” for additional discussion on netting adjustments. At June 30, 2021 and December 31, 2020, investments totaling $413 million and $387 million, respectively, have been excluded from the table above as they are valued based on net asset value as a practical expedient. These investments primarily consist of certain SBIC funds. For additional information on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities that are measured at fair value on a recurring basis, see “Note 18. Fair Value Disclosures” of the Annual Report on Form 10-K for the year ended December 31, 2020. Activity for Level 3 assets and liabilities is summarized below: Three Months Ended June 30, 2021 and 2020 Non-agency MBS MSRs Net Derivatives Private Equity Investments Balance at April 1, 2020 $ 298 $ 2,150 $ 143 $ 448 Total realized and unrealized gains (losses): Included in earnings 303 (36) 126 — Included in unrealized net holding gains (losses) in OCI (114) — — — Issuances — 144 271 — Sales (481) — — — Settlements (6) (181) (337) — Transfers out of level 3 and other — — — (448) Balance at June 30, 2020 $ — $ 2,077 $ 203 $ — Balance at April 1, 2021 $ — $ 2,365 $ (10) $ — Total realized and unrealized gains (losses): Included in earnings — (192) 81 — Purchases — 20 — — Issuances — 227 81 — Settlements — (189) (114) — Balance at June 30, 2021 $ — $ 2,231 $ 38 $ — Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2021 $ — $ (174) $ 44 $ — Six Months Ended June 30, 2021 and 2020 Non-agency MBS MSRs Net Derivatives Private Equity Investments Balance at January 1, 2020 $ 368 $ 2,618 $ 19 $ 440 Total realized and unrealized gains (losses): Included in earnings 306 (562) 237 2 Included in unrealized net holding gains (losses) in OCI (178) — — — Purchases — — — 27 Issuances — 331 426 — Sales (481) — — — Settlements (15) (310) (479) (21) Transfers out of level 3 and other — — — (448) Balance at June 30, 2020 $ — $ 2,077 $ 203 $ — Balance at January 1, 2021 $ — $ 2,023 $ 172 $ — Total realized and unrealized gains (losses): Included in earnings — 182 (83) — Purchases — 52 — — Issuances — 387 177 — Settlements — (413) (228) — Balance at June 30, 2021 $ — $ 2,231 $ 38 $ — Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2021 $ — $ 182 $ 44 $ — Primary income statement location of realized gains (losses) included in earnings Securities gains (losses) Residential mortgage income and Commercial real estate related income Residential mortgage income and Commercial real estate related income Other income During 2020, Truist sold non-agency MBS previously categorized as Level 3 that represented ownership interests in various tranches of Re-REMIC trusts. Additionally during 2020, as a result of a change in control of the funds’ manager, the Company deconsolidated certain SBIC funds for which it had previously concluded that it was the primary beneficiary. Refer to “Note 6. Loan Servicing” for additional information on valuation techniques and inputs for MSRs. Fair Value Option The following table details the fair value and UPB of LHFS that were elected to be measured at fair value. Trading loans, included in other trading assets, were also elected to be measured at fair value. June 30, 2021 December 31, 2020 (Dollars in millions) Fair Value UPB Difference Fair Value UPB Difference Trading loans $ 1,748 $ 1,732 $ 16 $ 1,586 $ 1,619 $ (33) LHFS at fair value 2,816 2,719 97 4,955 4,736 219 Nonrecurring Fair Value Measurements The following table provides information about certain assets measured at fair value on a nonrecurring basis still held as of period end. The carrying values represent end of period values, which approximate the fair value measurements that occurred on the various measurement dates throughout the period. These assets are considered to be Level 3 assets. (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Carrying value: LHFS $ 166 $ 979 Loans and leases 130 142 Other 119 92 The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end. Six Months Ended June 30, 2021 2020 Valuation adjustments: LHFS $ (26) $ (55) Loans and leases (32) (27) Other (127) (133) LHFS with valuation adjustments in the table above consisted primarily of residential mortgages and commercial loans that were valued using market prices and measured at the lower of cost or market. LHFS as of December 31, 2020 includes the small ticket loan and lease portfolio that was sold during the first quarter of 2021. The table above excludes $27 million and $125 million of LHFS carried at cost at June 30, 2021 and December 31, 2020, respectively, that did not require a valuation adjustment during the period. The remainder of LHFS is carried at fair value. The Company held $78 million in nonperforming LHFS at June 30, 2021 and $5 million of nonperforming LHFS at December 31, 2020. LHFS that were 90 days or more past due and still accruing interest were not material at June 30, 2021. Loans and leases consists of larger commercial loans and leases that do not share similar risk characteristics. These loans and leases are collateral dependent and may be subject to liquidity adjustments. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional discussion of individually evaluated loans and leases. Other includes foreclosed real estate, other foreclosed property, ROU assets, premises and equipment, and OREO, and consists primarily of residential homes, commercial properties, vacant lots, and automobiles. ROU assets are measured based on the fair value of the assets, which considers the potential for sublease income. The remaining assets are measured at the lower of cost or fair value, less costs to sell. Financial Instruments Not Recorded at Fair Value For financial instruments not recorded at fair value, estimates of fair value are based on relevant market data and information about the instruments. Values obtained relate to trading without regard to any premium or discount that may result from concentrations of ownership, possible tax ramifications, estimated transaction costs that may result from bulk sales or the relationship between various instruments. An active market does not exist for certain financial instruments. Fair value estimates for these instruments are based on current economic conditions and interest rate risk characteristics, loss experience and other factors. Many of these estimates involve uncertainties and matters of significant judgment and cannot be determined with precision. Therefore, the fair value estimates in many instances cannot be substantiated by comparison to independent markets. In addition, changes in assumptions could significantly affect these fair value estimates. Financial assets and liabilities not recorded at fair value are summarized below: June 30, 2021 December 31, 2020 (Dollars in millions) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Loans and leases HFI, net of ALLL Level 3 $ 281,364 $ 283,130 $ 293,899 $ 295,461 Financial liabilities: Time deposits Level 2 17,545 17,651 21,941 22,095 Long-term debt Level 2 37,969 38,682 39,597 40,864 The carrying value of the RUFC, which approximates the fair value of unfunded commitments, was $315 million and $364 million at June 30, 2021 and December 31, 2020, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Impact of Derivatives on the Consolidated Balance Sheets The following table presents the gross notional amounts and estimated fair value of derivative instruments employed by the Company. Truist held no cash flow hedges as of June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Notional Amount Fair Value Notional Amount Fair Value (Dollars in millions) Assets Liabilities Assets Liabilities Fair value hedges: Interest rate contracts: Swaps hedging AFS securities $ 20,381 $ — $ (3) $ 17,765 $ — $ — Not designated as hedges: Client-related and other risk management: Interest rate contracts: Swaps 152,790 2,440 (772) 156,338 3,399 (862) Options 23,799 36 (14) 25,386 45 (18) Forward commitments 3,825 3 (2) 4,847 9 (11) Other 2,429 — — 2,573 — — Equity contracts 30,179 1,669 (2,077) 31,152 1,856 (2,297) Credit contracts: Loans and leases 765 — (3) 1,056 — (5) Risk participation agreements 7,852 — (9) 7,802 1 (13) Total return swaps 1,359 2 (33) 1,296 13 (33) Foreign exchange contracts 15,107 169 (122) 12,066 189 (219) Commodity 4,259 498 (490) 2,872 130 (124) Total 242,364 4,817 (3,522) 245,388 5,642 (3,582) Mortgage banking: Interest rate contracts: Swaps 807 — — 687 — — Interest rate lock commitments 4,805 56 (4) 8,609 186 (3) When issued securities, forward rate agreements and forward commitments 6,703 15 (37) 11,691 6 (73) Other 506 2 — 466 — — Total 12,821 73 (41) 21,453 192 (76) MSRs: Interest rate contracts: Swaps 26,257 — (1) 36,161 — (5) Options 101 1 — 101 — — When issued securities, forward rate agreements and forward commitments 2,851 11 (1) 1,314 7 — Other 11,149 — — 760 — — Total 40,358 12 (2) 38,336 7 (5) Total derivatives not designated as hedges 295,543 4,902 (3,565) 305,177 5,841 (3,663) Total derivatives $ 315,924 4,902 (3,568) $ 322,942 5,841 (3,663) Gross amounts in the Consolidated Balance Sheets: Amounts subject to master netting arrangements (1,444) 1,444 (1,561) 1,561 Cash collateral (received) posted for amounts subject to master netting arrangements (270) 1,550 (443) 1,547 Net amount $ 3,188 $ (574) $ 3,837 $ (555) The following table presents the offsetting of derivative instruments including financial instrument collateral related to legally enforceable master netting agreements and amounts held or pledged as collateral. U.S. GAAP does not permit netting of non-cash collateral balances in the Consolidated Balance Sheets: June 30, 2021 Gross Amount Amount Offset Net Amount in Consolidated Balance Sheets Held/Pledged Financial Instruments Net Amount Derivative assets: Derivatives subject to master netting arrangement or similar arrangement $ 3,904 $ (1,714) $ 2,190 $ (3) $ 2,187 Derivatives not subject to master netting arrangement or similar arrangement 525 — 525 — 525 Exchange traded derivatives 473 — 473 — 473 Total derivative assets $ 4,902 $ (1,714) $ 3,188 $ (3) $ 3,185 Derivative liabilities: Derivatives subject to master netting arrangement or similar arrangement $ (3,344) $ 2,994 $ (350) $ 58 $ (292) Derivatives not subject to master netting arrangement or similar arrangement (224) — (224) — (224) Total derivative liabilities $ (3,568) $ 2,994 $ (574) $ 58 $ (516) December 31, 2020 Gross Amount Amount Offset Net Amount in Consolidated Balance Sheets Held/Pledged Financial Instruments Net Amount Derivative assets: Derivatives subject to master netting arrangement or similar arrangement $ 4,383 $ (1,618) $ 2,765 $ (2) $ 2,763 Derivatives not subject to master netting arrangement or similar arrangement 705 — 705 (1) 704 Exchange traded derivatives 753 (386) 367 — 367 Total derivative assets $ 5,841 $ (2,004) $ 3,837 $ (3) $ 3,834 Derivative liabilities: Derivatives subject to master netting arrangement or similar arrangement $ (3,103) $ 2,722 $ (381) $ 35 $ (346) Derivatives not subject to master netting arrangement or similar arrangement (174) — (174) — (174) Exchange traded derivatives (386) 386 — — — Total derivative liabilities $ (3,663) $ 3,108 $ (555) $ 35 $ (520) The following table presents the carrying value of hedged items in fair value hedging relationships: June 30, 2021 December 31, 2020 Hedge Basis Adjustment Hedge Basis Adjustment (Dollars in millions) Hedged Asset / Liability Basis Items Currently Designated Discontinued Hedges Hedged Asset / Liability Basis Items Currently Designated Discontinued Hedges AFS securities (1) $ 99,627 $ (394) $ 46 $ 100,988 $ (33) $ 50 Loans and leases 451 — 16 470 — 18 Long-term debt 23,581 — 773 27,725 — 930 (1) The amortized cost of AFS securities was $100.3 billion at June 30, 2021 and $99.4 billion at December 31, 2020. Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income Derivatives Designated as Hedging Instruments under GAAP No portion of the change in fair value of derivatives designated as hedges has been excluded from effectiveness testing. The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts. Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2021 2020 2021 2020 Pre-tax gain (loss) reclassified from AOCI into interest expense: Deposits $ (1) (4) $ (2) $ (6) Short-term borrowings (7) (4) (12) (8) Long-term debt (5) (7) (10) (15) Total $ (13) $ (15) $ (24) $ (29) Pre-tax gain (loss) reclassified from AOCI into other expense: (1) Deposits $ — $ — $ (12) $ — Short-term borrowings — — (20) — Long-term debt — — (4) — Total $ — $ — $ (36) $ — (1) Represents the accelerated amortization of amounts reclassified from AOCI, where management determined that the forecasted transaction is probable of not occurring. The following table summarizes the impact on net interest income related to fair value hedges: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2021 2020 2021 2020 AFS securities: Amounts related to interest settlements $ (13) $ — $ (24) $ — Recognized on derivatives (163) — 361 — Recognized on hedged items 161 (2) (365) (4) Net income (expense) recognized (15) (2) (28) (4) Loans and leases: Recognized on derivatives — — — (3) Recognized on hedged items — (1) (1) 1 Net income (expense) recognized — (1) (1) (2) Long-term debt: Amounts related to interest settlements — 88 — 104 Recognized on derivatives — 8 — 930 Recognized on hedged items 75 (7) 154 (929) Net income (expense) recognized 75 89 154 105 Net income (expense) recognized, total $ 60 $ 86 $ 125 $ 99 The following table presents information about the Company’s cash flow and fair value hedges: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Cash flow hedges: Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2022) $ (18) $ (64) Estimated portion of net after-tax gain (loss) on terminated hedges to be reclassified from AOCI into earnings during the next 12 months (17) (42) Fair value hedges: Unrecognized pre-tax net gain (loss) on terminated hedges (to be recognized as interest primarily through 2029) $ 711 $ 862 Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months 249 292 Derivatives Not Designated as Hedging Instruments under GAAP The Company also enters into derivatives that are not designated as accounting hedges under GAAP to economically hedge certain risks as well as in a trading capacity with its clients. The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) Income Statement Location 2021 2020 2021 2020 Client-related and other risk management: Interest rate contracts Investment banking and trading income and other income $ 12 $ 37 $ 114 $ (27) Foreign exchange contracts Investment banking and trading income and other income 8 (26) 34 81 Equity contracts Investment banking and trading income and other income (12) 3 (20) (7) Credit contracts Investment banking and trading income and other income (27) (153) (61) 306 Commodity contracts Investment banking and trading income 3 1 5 4 Mortgage banking: Interest rate contracts Residential mortgage income (88) (26) 3 (148) Interest rate contracts Commercial real estate related income — (2) (1) — MSRs: Interest rate contracts Residential mortgage income 219 42 (114) 537 Interest rate contracts Commercial real estate related income 5 2 (7) 22 Total $ 120 $ (122) $ (47) $ 768 Credit Derivative Instruments As part of the Company’s corporate investment banking business, the Company enters into contracts that are, in form or substance, written guarantees; specifically, risk participations, TRS, and credit default swaps. The Company accounts for these contracts as derivatives. Truist has entered into risk participation agreements to share the credit exposure with other financial institutions on client-related interest rate derivative contracts. Under these agreements, the Company has guaranteed payment to a dealer counterparty in the event the counterparty experiences a loss on the derivative due to a failure to pay by the counterparty’s client. The Company manages its payment risk on its risk participations by monitoring the creditworthiness of the underlying client through the normal credit review process that the Company would have performed had it entered into a derivative directly with the obligors. At June 30, 2021, the remaining terms on these risk participations ranged from less than one year to 10 years. The potential future exposure represents the Company’s maximum estimated exposure to written risk participations, as measured by projecting a maximum value of the guaranteed derivative instruments based on scenario simulations and assuming 100% default by all obligors on the maximum value. The Company has also entered into TRS contracts on loans. To mitigate its credit risk, the Company typically receives initial margin from the counterparty upon entering into the TRS and variation margin if the fair value of the underlying reference assets deteriorates. For additional information on the Company’s TRS contracts, see “Note 13. Commitments and Contingencies.” The Company enters into credit default swaps to hedge credit risk associated with certain loans and leases. The Company accounts for these contracts as derivatives, and accordingly, recognizes these contracts at fair value. The following table presents additional information related to interest rate derivative risk participation agreements and total return swaps: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Risk participation agreements: Maximum potential amount of exposure $ 506 $ 530 Total return swaps: Cash collateral held 280 374 The following table summarizes collateral positions with counterparties: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Dealer and other counterparties: Cash and other collateral received from counterparties $ 274 $ 446 Derivatives in a net gain position secured by collateral received 443 585 Unsecured positions in a net gain with counterparties after collateral postings 160 49 Cash collateral posted to dealer counterparties 1,597 1,524 Derivatives in a net loss position secured by collateral 1,682 1,604 Additional collateral that would have been posted had the Company’s credit ratings dropped below investment grade 4 3 Central counterparties clearing: Cash collateral, including initial margin, posted to central clearing parties 77 172 Derivatives in a net loss position 38 90 Derivatives in a net gain position 1 5 Securities pledged to central counterparties clearing 1,183 1,281 |
Computation of EPS
Computation of EPS | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of EPS | Computation of EPS Basic and diluted EPS calculations are presented in the following table: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions, except per share data, shares in thousands) 2021 2020 2021 2020 Net income available to common shareholders $ 1,559 $ 902 $ 2,893 $ 1,888 Weighted average number of common shares 1,338,302 1,347,512 1,341,963 1,345,942 Effect of dilutive outstanding equity-based awards 11,190 8,322 12,247 10,867 Weighted average number of diluted common shares 1,349,492 1,355,834 1,354,210 1,356,809 Basic EPS $ 1.16 $ 0.67 $ 2.16 $ 1.40 Diluted EPS $ 1.16 $ 0.67 $ 2.14 $ 1.39 Anti-dilutive awards — 5,081 3 2,806 |
Operating Segments
Operating Segments | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating SegmentsTruist operates and measures business activity across three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings, with functional activities included in Other, Treasury and Corporate. The Company’s business segment structure is based on the manner in which financial information is evaluated by management as well as the products and services provided or the type of client served. For additional information, see “Note 21. Operating Segments” of the Annual Report on Form 10-K for the year ended December 31, 2020. The following table presents results by segment: Three Months Ended June 30, CB&W C&CB IH OT&C (1) Total 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Net interest income (expense) $ 1,688 $ 1,843 $ 1,182 $ 1,351 $ 25 $ 33 $ 350 $ 221 $ 3,245 $ 3,448 Net intersegment interest income (expense) 430 320 32 (59) (4) (10) (458) (251) — — Segment net interest income 2,118 2,163 1,214 1,292 21 23 (108) (30) 3,245 3,448 Allocated provision for credit losses (4) 270 (399) 534 (1) 6 (30) 34 (434) 844 Segment net interest income after provision 2,122 1,893 1,613 758 22 17 (78) (64) 3,679 2,604 Noninterest income 925 1,008 809 621 698 598 (27) 196 2,405 2,423 Amortization of intangibles 79 113 38 43 24 18 1 4 142 178 Other noninterest expense 1,843 1,856 812 843 491 430 723 571 3,869 3,700 Income (loss) before income taxes 1,125 932 1,572 493 205 167 (829) (443) 2,073 1,149 Provision (benefit) for income taxes 263 220 345 91 49 41 (242) (161) 415 191 Segment net income (loss) $ 862 $ 712 $ 1,227 $ 402 $ 156 $ 126 $ (587) $ (282) $ 1,658 $ 958 Identifiable assets (period end) $ 156,285 $ 167,792 $ 178,372 $ 198,869 $ 8,649 $ 7,360 $ 178,658 $ 130,315 $ 521,964 $ 504,336 Six Months Ended June 30, CB&W C&CB IH OT&C (1) Total 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Net interest income (expense) $ 3,440 $ 3,704 $ 2,390 $ 2,885 $ 49 $ 69 $ 651 $ 440 $ 6,530 $ 7,098 Net intersegment interest income (expense) 813 713 38 (266) (8) (21) (843) (426) — — Segment net interest income 4,253 4,417 2,428 2,619 41 48 (192) 14 6,530 7,098 Allocated provision for credit losses 96 707 (434) 933 — 7 (48) 90 (386) 1,737 Segment net interest income after provision 4,157 3,710 2,862 1,686 41 41 (144) (76) 6,916 5,361 Noninterest income 1,845 2,076 1,503 1,077 1,331 1,155 (77) 76 4,602 4,384 Amortization of intangibles 158 213 76 85 50 36 2 9 286 343 Other noninterest expense 3,674 3,742 1,555 1,690 944 851 1,162 683 7,335 6,966 Income (loss) before income taxes 2,170 1,831 2,734 988 378 309 (1,385) (692) 3,897 2,436 Provision (benefit) for income taxes 508 431 595 178 91 77 (428) (271) 766 415 Segment net income (loss) $ 1,662 $ 1,400 $ 2,139 $ 810 $ 287 $ 232 $ (957) $ (421) $ 3,131 $ 2,021 Identifiable assets (period end) $ 156,285 $ 167,792 $ 178,372 $ 198,869 $ 8,649 $ 7,360 $ 178,658 $ 130,315 $ 521,964 $ 504,336 (1) Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications | Reclassifications Certain amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the current presentation. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL; determination of fair value for financial instruments; valuation of MSRs; goodwill, intangible assets and other purchase accounting related adjustments; benefit plan obligations and expenses; and tax assets, liabilities, and expense. |
Securities Financing Activiti_2
Securities Financing Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Offsetting [Abstract] | |
Schedule of Resale Agreements | The following table presents securities borrowed or purchased under resale agreements: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Securities purchased under resale agreements $ 578 $ 1,158 Securities borrowed 664 587 Total securities borrowed or purchased under resale agreements $ 1,242 $ 1,745 |
Schedule of Repurchase Agreements | The following table presents the Company’s related activity, by collateral type and remaining contractual maturity: June 30, 2021 December 31, 2020 (Dollars in millions) Overnight and Continuous Up to 30 days Total Overnight and Continuous Up to 30 days Total U.S. Treasury $ 1,161 $ — $ 1,161 $ 305 $ 31 $ 336 GSE 19 6 25 45 9 54 Agency MBS - residential 545 181 726 442 6 448 Corporate and other debt securities 263 77 340 204 179 383 Total securities sold under agreements to repurchase $ 1,988 $ 264 $ 2,252 $ 996 $ 225 $ 1,221 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of AFS Securities | The following tables summarize the Company’s AFS securities: June 30, 2021 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 9,670 $ 34 $ 16 $ 9,688 GSE 1,845 56 — 1,901 Agency MBS - residential 124,464 1,167 1,534 124,097 Agency MBS - commercial 3,174 38 29 3,183 States and political subdivisions 431 42 1 472 Non-agency MBS 507 — — 507 Other 31 — — 31 Total AFS securities $ 140,122 $ 1,337 $ 1,580 $ 139,879 December 31, 2020 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 1,721 $ 25 $ — $ 1,746 GSE 1,840 77 — 1,917 Agency MBS - residential 111,589 1,975 23 113,541 Agency MBS - commercial 2,987 72 2 3,057 States and political subdivisions 447 47 1 493 Other 34 — — 34 Total AFS securities $ 118,618 $ 2,196 $ 26 $ 120,788 |
Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity | The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected life of MBS may differ from contractual maturities because borrowers may have the right to prepay their obligations with or without penalties. Amortized Cost Fair Value June 30, 2021 Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years Total AFS securities: U.S. Treasury $ 246 $ 8,447 $ 977 $ — $ 9,670 $ 247 $ 8,457 $ 984 $ — $ 9,688 GSE 356 1,402 — 87 1,845 360 1,449 — 92 1,901 Agency MBS - residential — 1 350 124,113 124,464 — 1 362 123,734 124,097 Agency MBS - commercial — 1 23 3,150 3,174 — 1 24 3,158 3,183 States and political subdivisions 31 110 99 191 431 31 114 114 213 472 Non-agency MBS — — — 507 507 — — — 507 507 Other 1 6 — 24 31 1 6 — 24 31 Total AFS securities $ 634 $ 9,967 $ 1,449 $ 128,072 $ 140,122 $ 639 $ 10,028 $ 1,484 $ 127,728 $ 139,879 |
Schedule of Fair Values and Gross Unrealized Losses | The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position: Less than 12 months 12 months or more Total June 30, 2021 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 3,753 $ 16 $ — $ — $ 3,753 $ 16 GSE 10 — — — 10 — Agency MBS - residential 70,027 1,533 123 1 70,150 1,534 Agency MBS - commercial 2,177 29 1 — 2,178 29 States and political subdivisions 10 — 22 1 32 1 Non-agency MBS 203 — — — 203 — Total $ 76,180 $ 1,578 $ 146 $ 2 $ 76,326 $ 1,580 Less than 12 months 12 months or more Total December 31, 2020 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 17 $ — $ — $ — $ 17 $ — Agency MBS - residential 4,028 21 203 2 4,231 23 Agency MBS - commercial 463 2 4 — 467 2 States and political subdivisions 20 — 32 1 52 1 Other 6 — — — 6 — Total $ 4,534 $ 23 $ 239 $ 3 $ 4,773 $ 26 |
Schedule of Realized Gain (Loss) | The following table presents gross securities gains and losses recognized in earnings: (Dollars in millions) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Gross realized gains $ — $ 300 $ — $ 300 Gross realized losses — — — (2) Securities gains (losses), net $ — $ 300 $ — $ 298 |
Loans and ACL (Tables)
Loans and ACL (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Aging Analysis of Past Due Loans and Leases | The following tables present loans and leases HFI by aging category. Government guaranteed loans are not placed on nonaccrual status regardless of delinquency because collection of principal and interest is reasonably assured. The past due status of loans that received a deferral under the CARES Act is generally frozen during the deferral period. In certain limited circumstances, accommodation programs result in the delinquency status being reset to current. Accruing June 30, 2021 Current 30-89 Days Past Due 90 Days Or More Past Due Nonperforming Total Commercial: Commercial and industrial $ 130,385 $ 128 $ 14 $ 397 $ 130,924 CRE 25,367 7 — 25 25,399 Commercial construction 6,147 1 — 12 6,160 Lease financing 4,934 18 — 5 4,957 Consumer: Residential mortgage 42,215 543 976 302 44,036 Residential home equity and direct 25,089 73 7 165 25,334 Indirect auto 26,118 428 2 148 26,696 Indirect other 10,985 47 1 6 11,039 Student 5,747 548 1,046 — 7,341 Credit card 4,546 31 22 — 4,599 Total $ 281,533 $ 1,824 $ 2,068 $ 1,060 $ 286,485 Accruing December 31, 2020 Current 30-89 Days Past Due 90 Days Or More Past Due Nonperforming Total Commercial: Commercial and industrial $ 137,726 $ 83 $ 13 $ 532 $ 138,354 CRE 26,506 14 — 75 26,595 Commercial construction 6,472 5 — 14 6,491 Lease financing 5,206 6 — 28 5,240 Consumer: Residential mortgage 45,333 782 841 316 47,272 Residential home equity and direct 25,751 98 10 205 26,064 Indirect auto 25,498 495 2 155 26,150 Indirect other 11,102 68 2 5 11,177 Student 5,823 618 1,111 — 7,552 Credit card 4,759 51 29 — 4,839 Total $ 294,176 $ 2,220 $ 2,008 $ 1,330 $ 299,734 |
Schedule of Carrying Amounts by Risk Rating | The following table presents the amortized cost basis of loans by origination year and credit quality indicator: June 30, 2021 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term Other (1) 2021 2020 2019 2018 2017 Prior Total Commercial: Commercial and industrial: Pass $ 18,959 $ 21,211 $ 15,497 $ 10,804 $ 6,310 $ 11,388 $ 41,016 $ — $ (676) $ 124,509 Special mention 262 316 541 231 83 161 1,546 — — 3,140 Substandard 190 309 432 283 86 323 1,255 — — 2,878 Nonperforming 6 35 75 71 21 74 116 — (1) 397 Total 19,417 21,871 16,545 11,389 6,500 11,946 43,933 — (677) 130,924 CRE: Pass 1,982 3,873 6,029 4,019 2,411 2,932 539 — (61) 21,724 Special mention 87 108 457 269 54 90 — — — 1,065 Substandard 224 348 803 517 307 386 — — — 2,585 Nonperforming 3 2 — 1 8 11 — — — 25 Total 2,296 4,331 7,289 4,806 2,780 3,419 539 — (61) 25,399 Commercial construction: Pass 578 1,222 2,060 1,030 138 103 652 — 3 5,786 Special mention — 2 123 49 1 — — — — 175 Substandard 6 7 40 70 64 — — — — 187 Nonperforming — 1 1 — 6 — 3 — 1 12 Total 584 1,232 2,224 1,149 209 103 655 — 4 6,160 Lease financing: Pass 687 1,266 875 614 622 824 — — (49) 4,839 Special mention — 21 4 2 3 2 — — — 32 Substandard — — 30 6 — 45 — — — 81 Nonperforming — 1 3 — — — — — 1 5 Total 687 1,288 912 622 625 871 — — (48) 4,957 Consumer: Residential mortgage: Performing 6,332 7,755 4,985 2,637 3,147 18,763 — — 115 43,734 Nonperforming — 4 17 27 20 235 — — (1) 302 Total 6,332 7,759 5,002 2,664 3,167 18,998 — — 114 44,036 Residential home equity and direct: Performing 2,867 3,470 2,350 997 309 561 11,200 3,372 43 25,169 Nonperforming — 3 5 2 1 7 56 91 — 165 Total 2,867 3,473 2,355 999 310 568 11,256 3,463 43 25,334 Indirect auto: Performing 6,094 8,668 5,848 3,040 1,713 1,025 — — 160 26,548 Nonperforming 1 26 49 37 22 18 — — (5) 148 Total 6,095 8,694 5,897 3,077 1,735 1,043 — — 155 26,696 Indirect other: Performing 2,587 3,480 2,193 1,262 604 877 — — 30 11,033 Nonperforming — 2 2 — — 2 — — — 6 Total 2,587 3,482 2,195 1,262 604 879 — — 30 11,039 Student — 24 100 83 71 7,078 — — (15) 7,341 Credit card — — — — — — 4,566 33 — 4,599 Total $ 40,865 $ 52,154 $ 42,519 $ 26,051 $ 16,001 $ 44,905 $ 60,949 $ 3,496 $ (455) $ 286,485 December 31, 2020 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term Other (1) 2020 2019 2018 2017 2016 Prior Total Commercial: Commercial and industrial: Pass $ 34,858 $ 18,881 $ 13,312 $ 7,713 $ 5,174 $ 8,888 $ 42,780 $ 231 $ (579) $ 131,258 Special mention 471 434 343 98 120 157 1,808 5 (1) 3,435 Substandard 461 445 339 121 144 256 1,353 12 (2) 3,129 Nonperforming 38 92 48 29 25 61 233 4 2 532 Total 35,828 19,852 14,042 7,961 5,463 9,362 46,174 252 (580) 138,354 CRE: Pass 4,563 6,600 4,427 2,752 1,473 2,096 617 — (69) 22,459 Special mention 171 599 585 116 77 141 — — — 1,689 Substandard 410 776 438 281 182 280 5 — — 2,372 Nonperforming 1 15 1 9 6 43 — — — 75 Total 5,145 7,990 5,451 3,158 1,738 2,560 622 — (69) 26,595 Commercial construction: Pass 1,052 2,141 1,889 232 27 110 534 — 2 5,987 Special mention — 108 64 1 — — 2 — — 175 Substandard 70 106 73 59 6 1 — — — 315 Nonperforming 1 3 — 7 — — — 3 — 14 Total 1,123 2,358 2,026 299 33 111 536 3 2 6,491 Lease financing: Pass 1,377 1,139 775 746 241 760 — — 27 5,065 Special mention 1 39 20 5 — 7 — — — 72 Substandard — 34 3 4 3 31 — — — 75 Nonperforming 2 5 3 9 4 5 — — — 28 Total 1,380 1,217 801 764 248 803 — — 27 5,240 Consumer: Residential mortgage: Performing 8,197 6,729 3,735 4,374 5,424 18,333 — — 164 46,956 Nonperforming 3 13 16 13 14 257 — — — 316 Total 8,200 6,742 3,751 4,387 5,438 18,590 — — 164 47,272 Residential home equity and direct: Performing 4,513 3,126 1,416 481 214 557 13,886 1,619 47 25,859 Nonperforming 1 4 2 1 1 7 87 101 1 205 Total 4,514 3,130 1,418 482 215 564 13,973 1,720 48 26,064 Indirect auto: Performing 10,270 7,436 4,015 2,401 1,220 506 — — 147 25,995 Nonperforming 13 50 44 27 15 12 — — (6) 155 Total 10,283 7,486 4,059 2,428 1,235 518 — — 141 26,150 Indirect other: Performing 4,433 3,019 1,706 826 431 718 — — 39 11,172 Nonperforming 1 1 1 — — 2 — — — 5 Total 4,434 3,020 1,707 826 431 720 — — 39 11,177 Student 22 110 95 81 64 7,185 — — (5) 7,552 Credit card — — — — — — 4,802 37 — 4,839 Total $ 70,929 $ 51,905 $ 33,350 $ 20,386 $ 14,865 $ 40,413 $ 66,107 $ 2,012 $ (233) $ 299,734 (1) Includes certain deferred fees and costs, unapplied payments, and other adjustments. |
Summary of Allowance for Credit Losses | The following tables present activity in the ACL: (Dollars in millions) Balance at Apr 1, 2020 Charge-Offs Recoveries Provision (Benefit) Other (2) Balance at Jun 30, 2020 Commercial: Commercial and industrial $ 1,813 $ (123) $ 21 $ 426 $ — $ 2,137 CRE 299 (14) 4 102 — 391 Commercial construction 88 — 7 39 — 134 Lease financing 79 (4) — (16) — 59 Consumer: Residential mortgage 427 (35) 2 36 1 431 Residential home equity and direct 607 (65) 15 137 3 697 Indirect auto 1,192 (80) 18 60 — 1,190 Indirect other 213 (20) 7 15 (2) 213 Student 146 (6) 1 (21) 3 123 Credit card 347 (50) 6 24 — 327 ALLL 5,211 (397) 81 802 5 5,702 RUFC 400 — — 42 (11) 431 ACL $ 5,611 $ (397) $ 81 $ 844 $ (6) $ 6,133 (Dollars in millions) Balance at Apr 1, 2021 Charge-Offs Recoveries Provision (Benefit) Other (2) Balance at Jun 30, 2021 Commercial: Commercial and industrial $ 2,091 $ (51) $ 20 $ (303) $ — $ 1,757 CRE 544 — 4 (108) — 440 Commercial construction 77 — 1 (9) — 69 Lease financing 45 (2) 3 1 — 47 Consumer: Residential mortgage 343 (4) 5 (23) — 321 Residential home equity and direct 707 (57) 20 24 — 694 Indirect auto 1,176 (69) 27 (18) — 1,116 Indirect other 187 (11) 7 (2) — 181 Student 131 (3) — — 1 129 Credit card 361 (42) 10 38 — 367 ALLL 5,662 (239) 97 (400) 1 5,121 RUFC 349 — — (34) — 315 ACL $ 6,011 $ (239) $ 97 $ (434) $ 1 $ 5,436 (Dollars in millions) Balance at Jan 1, 2020 (1) Charge-Offs Recoveries Provision (Benefit) Other (2) Balance at Jun 30, 2020 Commercial: Commercial and industrial $ 560 $ (162) $ 38 $ 797 $ 904 $ 2,137 CRE 150 (15) 4 170 82 391 Commercial construction 52 (3) 8 61 16 134 Lease financing 10 (6) — (39) 94 59 Consumer: Residential mortgage 176 (46) 4 32 265 431 Residential home equity and direct 107 (133) 30 239 454 697 Indirect auto 304 (222) 41 249 818 1,190 Indirect other 60 (38) 14 27 150 213 Student — (14) 1 13 123 123 Credit card 122 (103) 14 119 175 327 PCI 8 — — — (8) — ALLL 1,549 (742) 154 1,668 3,073 5,702 RUFC 340 — — 69 22 431 ACL $ 1,889 $ (742) $ 154 $ 1,737 $ 3,095 $ 6,133 (Dollars in millions) Balance at Jan 1, 2021 Charge-Offs Recoveries Provision (Benefit) Other (2) Balance at Jun 30, 2021 Commercial: Commercial and industrial $ 2,156 $ (124) $ 39 $ (314) $ — $ 1,757 CRE 573 (4) 5 (134) — 440 Commercial construction 81 (2) 2 (12) — 69 Lease financing 48 (8) 3 4 — 47 Consumer: Residential mortgage 368 (15) 7 (39) — 321 Residential home equity and direct 714 (112) 38 54 — 694 Indirect auto 1,198 (174) 49 43 — 1,116 Indirect other 208 (28) 13 (12) — 181 Student 130 (6) — 2 3 129 Credit card 359 (82) 19 71 — 367 ALLL 5,835 (555) 175 (337) 3 5,121 RUFC 364 — — (49) — 315 ACL $ 6,199 $ (555) $ 175 $ (386) $ 3 $ 5,436 (1) Balance is prior to the adoption of CECL. (2) Includes the adoption of CECL, the ALLL for PCD acquisitions, and other activity. |
Summary of purchased student loans with credit deterioration at acquisition | PCD Loan Activity For PCD loans, the initial estimate of expected credit losses is recognized in the ALLL on the date of acquisition using the same methodology as other loans held for investment. The following table provides a summary of purchased student loans with credit deterioration at acquisition: Six Months Ended June 30, 2021 Par value $ 196 ALLL at acquisition (3) Non-credit premium (discount) 1 Purchase price $ 194 |
Financing Receivable, Nonperforming | NPAs The following table provides a summary of nonperforming loans, excluding LHFS. Interest income recognized on nonperforming loans HFI was immaterial for the six months ended June 30, 2021 and 2020, respectively. June 30, 2021 December 31, 2020 Recorded Investment Recorded Investment (Dollars in millions) Without an ALLL With an ALLL Without an ALLL With an ALLL Commercial: Commercial and industrial $ 103 $ 294 $ 82 $ 450 CRE 2 23 63 12 Commercial construction — 12 — 14 Lease financing — 5 — 28 Consumer: Residential mortgage 4 298 4 312 Residential home equity and direct 3 162 2 203 Indirect auto 1 147 1 154 Indirect other — 6 — 5 Total $ 113 $ 947 $ 152 $ 1,178 |
Selected Information About Nonperforming Assets | The following table presents a summary of nonperforming assets and residential mortgage loans in the process of foreclosure. (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Nonperforming loans and leases HFI $ 1,060 $ 1,330 Nonperforming LHFS 78 5 Foreclosed real estate 13 20 Other foreclosed property 41 32 Total nonperforming assets $ 1,192 $ 1,387 Residential mortgage loans in the process of foreclosure $ 126 $ 140 |
Schedule of Performing and Nonperforming TDRs | TDRs The following table presents a summary of TDRs: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Performing TDRs: Commercial: Commercial and industrial $ 144 $ 78 CRE 24 47 Lease financing 58 60 Consumer: Residential mortgage 727 648 Residential home equity and direct 107 88 Indirect auto 389 392 Indirect other 7 6 Student 13 5 Credit card 32 37 Total performing TDRs 1,501 1,361 Nonperforming TDRs 190 164 Total TDRs $ 1,691 $ 1,525 ALLL attributable to TDRs $ 131 $ 132 |
Summary Of Primary Reason Loan Modifications Were Classified as TDRs | The primary type of modification for newly designated TDRs is summarized in the tables below. New TDR balances represent the recorded investment at the end of the quarter in which the modification was made. The prior quarter balance represents recorded investment at the beginning of the quarter in which the modification was made. Rate modifications consist of TDRs made with below market interest rates, including those that also have modifications of loan structures. As of / For the Three Months Ended June 30, 2021 As of / For the Six Months Ended June 30, 2021 (Dollars in millions) Type of Modification Prior Quarter Loan Balance ALLL at Period End Type of Modification Prior Quarter Loan Balance ALLL at Period End Rate Structure Rate Structure Newly designated TDRs: Commercial: Commercial and industrial $ — $ 6 $ 6 $ — $ 27 $ 99 $ 141 $ 12 CRE — — — — — 10 12 1 Consumer: Residential mortgage 36 46 83 5 89 139 228 9 Residential home equity and direct 2 8 10 1 4 33 38 2 Indirect auto 24 12 38 4 43 45 94 12 Indirect other 1 — 1 — 2 1 2 — Student — 5 5 — — 8 8 — Credit card 2 — 3 1 6 — 7 3 Re-modification of previously designated TDRs 14 6 28 20 As of / For the Three Months Ended June 30, 2020 As of / For the Six Months Ended June 30, 2020 Type of Modification Prior Quarter Loan Balance ALLL at Period End Type of Modification Prior Quarter Loan Balance ALLL at Period End (Dollars in millions) Rate Structure Rate Structure Newly designated TDRs: Commercial: Commercial and industrial $ 5 $ 1 $ 12 $ 1 $ 33 $ 4 $ 48 $ 3 CRE 23 1 16 2 24 1 17 2 Lease financing — — — — 1 — 1 — Consumer: Residential mortgage 63 26 91 4 140 41 185 9 Residential home equity and direct 11 5 16 — 28 10 39 1 Indirect auto 22 8 31 7 78 22 104 12 Indirect other 1 — 1 — 2 — 2 — Student — 3 3 — — 4 4 — Credit card 8 — 7 3 18 — 17 6 Re-modification of previously designated TDRs 8 5 26 6 |
Selected Information About Loans And Leases Unearned | The following table presents additional information about loans and leases: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Unearned income, discounts and net deferred loan fees and costs $ 1,558 $ 2,219 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amounts of Goodwill Attributable to Operating Segments | (Dollars in millions) CB&W C&CB IH Total Goodwill, January 1, 2020 $ 14,040 $ 8,125 $ 1,989 $ 24,154 Mergers and acquisitions — — 450 450 Adjustments and other 1,801 (1,958) — (157) Goodwill, December 31, 2020 15,841 6,167 2,439 24,447 Mergers and acquisitions — — 13 13 Adjustments and other (124) 8 30 (86) Goodwill, June 30, 2021 $ 15,717 $ 6,175 $ 2,482 $ 24,374 |
Identifiable Intangible Assets Subject to Amortization | The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets: June 30, 2021 December 31, 2020 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount CDI $ 2,600 $ (1,041) $ 1,559 $ 2,600 $ (852) $ 1,748 Other, primarily client relationship intangibles 2,140 (1,034) 1,106 2,217 (981) 1,236 Total $ 4,740 $ (2,075) $ 2,665 $ 4,817 $ (1,833) $ 2,984 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Summary of Residential Mortgage Banking Activities | The following tables summarize residential mortgage servicing activities: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 UPB of residential mortgage loan servicing portfolio $ 224,035 $ 239,034 UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate 178,004 188,341 Mortgage loans sold with recourse 287 328 Maximum recourse exposure from mortgage loans sold with recourse liability 179 201 Indemnification, recourse and repurchase reserves 89 93 As of / For the Six Months Ended June 30, 2021 2020 UPB of residential mortgage loans sold from LHFS $ 22,020 $ 22,502 Pre-tax gains recognized on mortgage loans sold and held for sale 223 510 Servicing fees recognized from mortgage loans serviced for others 280 328 Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others 0.31 % 0.32 % Weighted average interest rate on mortgage loans serviced for others 3.66 3.98 |
Analysis of Activity in Residential MSRs | The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value: Six Months Ended June 30, 2021 2020 Residential MSRs, carrying value, January 1 $ 1,778 $ 2,371 Additions 399 311 Change in fair value due to changes in valuation inputs or assumptions: Prepayment speeds 20 (557) OAS 153 52 Servicing costs — — Realization of expected net servicing cash flows, passage of time and other (387) (324) Residential MSRs, carrying value, June 30 $ 1,963 $ 1,853 |
Residential MSRs Sensitivity | The sensitivity of the fair value of the Company’s residential MSRs to changes in key assumptions is presented in the following table: June 30, 2021 December 31, 2020 Range Weighted Average Range Weighted Average (Dollars in millions) Min Max Min Max Prepayment speed 13.5 % 15.7 % 14.1 % 12.8 % 30.8 % 15.4 % Effect on fair value of a 10% increase $ (96) $ (89) Effect on fair value of a 20% increase (183) (171) OAS 3.3 % 9.4 % 5.1 % 3.5 % 13.7 % 7.3 % Effect on fair value of a 10% increase $ (40) $ (45) Effect on fair value of a 20% increase (78) (88) Composition of loans serviced for others: Fixed-rate residential mortgage loans 99.0 % 98.8 % Adjustable-rate residential mortgage loans 1.0 1.2 Total 100.0 % 100.0 % Weighted average life 5.1 years 4.8 years |
Summary of Commercial Mortgage Banking Activities | The following table summarizes commercial mortgage servicing activities for the periods presented: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 UPB of CRE mortgages serviced for others $ 37,626 $ 36,670 CRE mortgages serviced for others covered by recourse provisions 9,813 9,019 Maximum recourse exposure from CRE mortgages sold with recourse liability 2,824 2,624 Recorded reserves related to recourse exposure 19 18 CRE mortgages originated during the year-to-date period 3,103 6,739 Commercial MSRs at fair value 268 245 |
Other Assets and Liabilites (Ta
Other Assets and Liabilites (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Assets [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The following tables present additional information on leases, excluding leases related to the lease financing businesses: June 30, 2021 December 31, 2020 (Dollars in millions) Operating Leases Finance Leases Operating Leases Finance Leases ROU assets $ 1,233 $ 27 $ 1,333 $ 36 Lease liabilities 1,742 33 1,896 42 Weighted average remaining term 6.7 years 6.5 years 6.9 years 6.3 years Weighted average discount rate 2.4 % 3.6 % 2.4 % 4.8 % Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2021 2020 2021 2020 Operating lease costs $ 85 $ 97 $ 170 $ 193 |
Schedule of Assets Held Under Operating Leases and Related Activities | The following table presents a summary of assets under operating leases and activity related to assets under operating leases. This table excludes subleases on assets included in premises and equipment. (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Assets held under operating leases (1) $ 1,952 $ 2,144 Accumulated depreciation (436) (517) Net $ 1,516 $ 1,627 (1) Includes certain land parcels subject to operating leases that have indefinite lives. |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following table presents a summary of short-term borrowings: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Federal funds purchased $ 10 $ 79 Securities sold under agreements to repurchase 2,252 1,221 FHLB advances 1,125 2,649 Collateral in excess of derivative exposures 413 385 Master notes 632 621 Other short-term borrowings 1,220 1,137 Total short-term borrowings $ 5,652 $ 6,092 |
Schedule of Long-Term Debt, Interest Rates and Maturity Dates | The following table presents a summary of long-term debt: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Truist Financial Corporation: Fixed rate senior notes $ 14,902 $ 15,984 Floating rate senior notes 1,349 900 Fixed rate subordinated notes 1,272 1,283 Capital notes 618 615 Structured notes (1) 110 108 Truist Bank: Fixed rate senior notes 11,136 11,907 Floating rate senior notes 1,450 1,567 Fixed rate subordinated notes 5,113 5,142 FHLB advances 871 878 Other long-term debt (2) 1,148 1,014 Nonbank subsidiaries: Other long-term debt (3) — 199 Total long-term debt $ 37,969 $ 39,597 (1) Consist of notes with various terms that include fixed or floating rate interest or returns that are linked to an equity index. (2) Includes debt associated with finance leases, tax credit investments, and other. (3) Includes debt associated with structured real estate leases. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Summary of Cash Dividends Declared per Share | The following table presents the dividends declared per share of common stock: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cash dividends declared per share $ 0.45 $ 0.45 $ 0.90 $ 0.90 |
AOCI (Tables)
AOCI (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in AOCI | AOCI includes the after-tax change in unrecognized net costs related to defined benefit pension and OPEB plans as well as unrealized gains and losses on cash flow hedges and AFS securities. Three Months Ended June 30, 2021 and 2020 Pension and OPEB Costs Cash Flow Hedges AFS Securities Other, net Total AOCI balance, April 1, 2020 $ (1,107) $ (90) $ 2,101 $ (6) $ 898 OCI before reclassifications, net of tax (1) — 101 3 103 Amounts reclassified from AOCI: Before tax 20 14 (237) — (203) Tax effect 5 3 (57) — (49) Amounts reclassified, net of tax 15 11 (180) — (154) Total OCI, net of tax 14 11 (79) 3 (51) AOCI balance, June 30, 2020 $ (1,093) $ (79) $ 2,022 $ (3) $ 847 AOCI balance, April 1, 2021 $ (840) $ (28) $ (650) $ 2 $ (1,516) OCI before reclassifications, net of tax (9) — 394 1 386 Amounts reclassified from AOCI: Before tax 9 13 85 — 107 Tax effect 2 3 20 — 25 Amounts reclassified, net of tax 7 10 65 — 82 Total OCI, net of tax (2) 10 459 1 468 AOCI balance, June 30, 2021 $ (842) $ (18) $ (191) $ 3 $ (1,048) Six Months Ended June 30, 2021 and 2020 Pension and OPEB Costs Cash Flow Hedges AFS Securities Other, net Total AOCI balance, January 1, 2020 $ (1,122) $ (101) $ 380 $ (1) $ (844) OCI before reclassifications, net of tax (1) — 1,791 (2) 1,788 Amounts reclassified from AOCI: Before tax 40 29 (196) — (127) Tax effect 10 7 (47) — (30) Amounts reclassified, net of tax 30 22 (149) — (97) Total OCI, net of tax 29 22 1,642 (2) 1,691 AOCI balance, June 30, 2020 (1,093) (79) 2,022 (3) 847 AOCI balance, January 1, 2021 $ (875) $ (64) $ 1,654 $ 1 $ 716 OCI before reclassifications, net of tax 19 — (2,014) 2 (1,993) Amounts reclassified from AOCI: Before tax 18 60 221 — 299 Tax effect 4 14 52 — 70 Amounts reclassified, net of tax 14 46 169 — 229 Total OCI, net of tax 33 46 (1,845) 2 (1,764) AOCI balance, June 30, 2021 $ (842) $ (18) $ (191) $ 3 $ (1,048) Primary income statement location of amounts reclassified from AOCI Other expense Net interest income and Other expense Securities gains (losses) and Net interest income Net interest income |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for defined benefit pension plans are summarized in the following table: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) Income Statement Location 2021 2020 2021 2020 Service cost Personnel expense $ 157 $ 118 $ 315 $ 236 Interest cost Other expense 80 78 159 156 Estimated return on plan assets Other expense (249) (217) (498) (433) Amortization and other Other expense 9 19 17 38 Net periodic (benefit) cost $ (3) $ (2) $ (7) $ (3) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments and Contingencies | The following table summarizes certain tax credit and certain equity investments: (Dollars in millions) Balance Sheet Location Jun 30, 2021 Dec 31, 2020 Investments in affordable housing projects: Carrying amount Other assets $ 3,881 $ 3,823 Amount of future funding commitments included in carrying amount Other liabilities 1,099 1,057 Lending exposure NA 487 546 Renewable energy investments: Carrying amount Other assets 216 167 Amount of future funding commitments not included in carrying amount NA 147 76 Private equity and certain other equity method investments: Carrying amount Other assets 1,628 1,574 Amount of future funding commitments not included in carrying amount NA 450 471 |
Summary of Tax Credits and Amortization, Tax Credit Investment Activity | The following table presents a summary of tax credits and amortization associated with the Company’s tax credit investment activity: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) Income Statement Location 2021 2020 2021 2020 Tax credits: Investments in affordable housing projects Provision for income taxes $ 119 $ 114 $ 239 $ 231 Other community development investments Provision for income taxes 23 22 46 45 Renewable energy investments NA (1) 21 102 60 102 Amortization and other changes in carrying amount: Investments in affordable housing projects Provision for income taxes $ 117 $ 116 $ 236 $ 227 Other community development investments Other noninterest income 19 19 38 38 Renewable energy investments Other noninterest income 2 2 2 2 (1) Tax credits received for these investments are recorded as a reduction to the carrying value of these investments. |
Schedule of Off-Balance Sheet | The following is a summary of selected notional amounts of off-balance sheet financial instruments: (Dollars in millions) June 30, 2021 December 31, 2020 Commitments to extend, originate, or purchase credit $ 200,626 $ 186,731 Residential mortgage loans sold with recourse 287 328 CRE mortgages serviced for others covered by recourse provisions 9,813 9,019 Letters of credit 5,120 5,066 |
Schedule of Pledged Assets | The following table provides the total carrying amount of pledged assets by asset type: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Pledged securities $ 25,012 $ 24,974 Pledged loans: FRB 71,174 75,615 FHLB 63,800 69,994 Unused borrowing capacity: FRB 50,625 52,831 FHLB 48,864 52,274 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis: June 30, 2021 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 1,827 $ — $ 1,827 $ — $ — GSE 213 — 213 — — Agency MBS - residential 865 — 865 — — Agency MBS - commercial 30 — 30 — — States and political subdivisions 36 — 36 — — Corporate and other debt securities 941 — 941 — — Loans 1,748 — 1,748 — — Other 285 247 38 — — Total trading assets 5,945 247 5,698 — — AFS securities: U.S. Treasury 9,688 — 9,688 — — GSE 1,901 — 1,901 — — Agency MBS - residential 124,097 — 124,097 — — Agency MBS - commercial 3,183 — 3,183 — — States and political subdivisions 472 — 472 — — Non-agency MBS 507 — 507 — — Other 31 — 31 — — Total AFS securities 139,879 — 139,879 — — LHFS at fair value 2,816 — 2,816 — — MSRs at fair value 2,231 — — 2,231 — Other assets: Derivative assets 3,188 824 4,022 56 (1,714) Equity securities 912 848 64 — — Total assets $ 154,971 $ 1,919 $ 152,479 $ 2,287 $ (1,714) Liabilities: Derivative liabilities $ 574 $ 351 $ 3,199 $ 18 $ (2,994) Securities sold short 1,213 20 1,193 — — Total liabilities $ 1,787 $ 371 $ 4,392 $ 18 $ (2,994) December 31, 2020 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 793 $ — $ 793 $ — $ — GSE 164 — 164 — — Agency MBS - residential 599 — 599 — — Agency MBS - commercial 21 — 21 — — States and political subdivisions 34 — 34 — — Corporate and other debt securities 545 — 545 — — Loans 1,586 — 1,586 — — Other 130 123 7 — — Total trading assets 3,872 123 3,749 — — AFS securities: U.S. Treasury 1,746 — 1,746 — — GSE 1,917 — 1,917 — — Agency MBS - residential 113,541 — 113,541 — — Agency MBS - commercial 3,057 — 3,057 — — States and political subdivisions 493 — 493 — — Other 34 — 34 — — Total AFS securities 120,788 — 120,788 — — LHFS at fair value 4,955 — 4,955 — — MSRs at fair value 2,023 — — 2,023 — Other assets: Derivative assets 3,837 752 4,903 186 (2,004) Equity securities 1,054 996 58 — — Total assets $ 136,529 $ 1,871 $ 134,453 $ 2,209 $ (2,004) Liabilities: Derivative liabilities $ 555 $ 386 $ 3,263 $ 14 $ (3,108) Securities sold short 1,115 3 1,112 — — Total liabilities $ 1,670 $ 389 $ 4,375 $ 14 $ (3,108) (1) Refer to “Note 15. Derivative Financial Instruments” for additional discussion on netting adjustments. |
Rollforward of Level 3 Assets and Liabilities | Activity for Level 3 assets and liabilities is summarized below: Three Months Ended June 30, 2021 and 2020 Non-agency MBS MSRs Net Derivatives Private Equity Investments Balance at April 1, 2020 $ 298 $ 2,150 $ 143 $ 448 Total realized and unrealized gains (losses): Included in earnings 303 (36) 126 — Included in unrealized net holding gains (losses) in OCI (114) — — — Issuances — 144 271 — Sales (481) — — — Settlements (6) (181) (337) — Transfers out of level 3 and other — — — (448) Balance at June 30, 2020 $ — $ 2,077 $ 203 $ — Balance at April 1, 2021 $ — $ 2,365 $ (10) $ — Total realized and unrealized gains (losses): Included in earnings — (192) 81 — Purchases — 20 — — Issuances — 227 81 — Settlements — (189) (114) — Balance at June 30, 2021 $ — $ 2,231 $ 38 $ — Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2021 $ — $ (174) $ 44 $ — Six Months Ended June 30, 2021 and 2020 Non-agency MBS MSRs Net Derivatives Private Equity Investments Balance at January 1, 2020 $ 368 $ 2,618 $ 19 $ 440 Total realized and unrealized gains (losses): Included in earnings 306 (562) 237 2 Included in unrealized net holding gains (losses) in OCI (178) — — — Purchases — — — 27 Issuances — 331 426 — Sales (481) — — — Settlements (15) (310) (479) (21) Transfers out of level 3 and other — — — (448) Balance at June 30, 2020 $ — $ 2,077 $ 203 $ — Balance at January 1, 2021 $ — $ 2,023 $ 172 $ — Total realized and unrealized gains (losses): Included in earnings — 182 (83) — Purchases — 52 — — Issuances — 387 177 — Settlements — (413) (228) — Balance at June 30, 2021 $ — $ 2,231 $ 38 $ — Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2021 $ — $ 182 $ 44 $ — Primary income statement location of realized gains (losses) included in earnings Securities gains (losses) Residential mortgage income and Commercial real estate related income Residential mortgage income and Commercial real estate related income Other income |
Fair Value and UPB of LHFS | The following table details the fair value and UPB of LHFS that were elected to be measured at fair value. Trading loans, included in other trading assets, were also elected to be measured at fair value. June 30, 2021 December 31, 2020 (Dollars in millions) Fair Value UPB Difference Fair Value UPB Difference Trading loans $ 1,748 $ 1,732 $ 16 $ 1,586 $ 1,619 $ (33) LHFS at fair value 2,816 2,719 97 4,955 4,736 219 |
Assets Measured at Fair Value on a Nonrecurring Basis | The following table provides information about certain assets measured at fair value on a nonrecurring basis still held as of period end. The carrying values represent end of period values, which approximate the fair value measurements that occurred on the various measurement dates throughout the period. These assets are considered to be Level 3 assets. (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Carrying value: LHFS $ 166 $ 979 Loans and leases 130 142 Other 119 92 The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end. Six Months Ended June 30, 2021 2020 Valuation adjustments: LHFS $ (26) $ (55) Loans and leases (32) (27) Other (127) (133) |
Carrying Amounts and Fair Value of Financial Assets and Liabilities Not Recorded at Fair Value | Financial assets and liabilities not recorded at fair value are summarized below: June 30, 2021 December 31, 2020 (Dollars in millions) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Loans and leases HFI, net of ALLL Level 3 $ 281,364 $ 283,130 $ 293,899 $ 295,461 Financial liabilities: Time deposits Level 2 17,545 17,651 21,941 22,095 Long-term debt Level 2 37,969 38,682 39,597 40,864 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table presents the gross notional amounts and estimated fair value of derivative instruments employed by the Company. Truist held no cash flow hedges as of June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Notional Amount Fair Value Notional Amount Fair Value (Dollars in millions) Assets Liabilities Assets Liabilities Fair value hedges: Interest rate contracts: Swaps hedging AFS securities $ 20,381 $ — $ (3) $ 17,765 $ — $ — Not designated as hedges: Client-related and other risk management: Interest rate contracts: Swaps 152,790 2,440 (772) 156,338 3,399 (862) Options 23,799 36 (14) 25,386 45 (18) Forward commitments 3,825 3 (2) 4,847 9 (11) Other 2,429 — — 2,573 — — Equity contracts 30,179 1,669 (2,077) 31,152 1,856 (2,297) Credit contracts: Loans and leases 765 — (3) 1,056 — (5) Risk participation agreements 7,852 — (9) 7,802 1 (13) Total return swaps 1,359 2 (33) 1,296 13 (33) Foreign exchange contracts 15,107 169 (122) 12,066 189 (219) Commodity 4,259 498 (490) 2,872 130 (124) Total 242,364 4,817 (3,522) 245,388 5,642 (3,582) Mortgage banking: Interest rate contracts: Swaps 807 — — 687 — — Interest rate lock commitments 4,805 56 (4) 8,609 186 (3) When issued securities, forward rate agreements and forward commitments 6,703 15 (37) 11,691 6 (73) Other 506 2 — 466 — — Total 12,821 73 (41) 21,453 192 (76) MSRs: Interest rate contracts: Swaps 26,257 — (1) 36,161 — (5) Options 101 1 — 101 — — When issued securities, forward rate agreements and forward commitments 2,851 11 (1) 1,314 7 — Other 11,149 — — 760 — — Total 40,358 12 (2) 38,336 7 (5) Total derivatives not designated as hedges 295,543 4,902 (3,565) 305,177 5,841 (3,663) Total derivatives $ 315,924 4,902 (3,568) $ 322,942 5,841 (3,663) Gross amounts in the Consolidated Balance Sheets: Amounts subject to master netting arrangements (1,444) 1,444 (1,561) 1,561 Cash collateral (received) posted for amounts subject to master netting arrangements (270) 1,550 (443) 1,547 Net amount $ 3,188 $ (574) $ 3,837 $ (555) |
Netting of Financial Instruments - Derivatives | The following table presents the offsetting of derivative instruments including financial instrument collateral related to legally enforceable master netting agreements and amounts held or pledged as collateral. U.S. GAAP does not permit netting of non-cash collateral balances in the Consolidated Balance Sheets: June 30, 2021 Gross Amount Amount Offset Net Amount in Consolidated Balance Sheets Held/Pledged Financial Instruments Net Amount Derivative assets: Derivatives subject to master netting arrangement or similar arrangement $ 3,904 $ (1,714) $ 2,190 $ (3) $ 2,187 Derivatives not subject to master netting arrangement or similar arrangement 525 — 525 — 525 Exchange traded derivatives 473 — 473 — 473 Total derivative assets $ 4,902 $ (1,714) $ 3,188 $ (3) $ 3,185 Derivative liabilities: Derivatives subject to master netting arrangement or similar arrangement $ (3,344) $ 2,994 $ (350) $ 58 $ (292) Derivatives not subject to master netting arrangement or similar arrangement (224) — (224) — (224) Total derivative liabilities $ (3,568) $ 2,994 $ (574) $ 58 $ (516) December 31, 2020 Gross Amount Amount Offset Net Amount in Consolidated Balance Sheets Held/Pledged Financial Instruments Net Amount Derivative assets: Derivatives subject to master netting arrangement or similar arrangement $ 4,383 $ (1,618) $ 2,765 $ (2) $ 2,763 Derivatives not subject to master netting arrangement or similar arrangement 705 — 705 (1) 704 Exchange traded derivatives 753 (386) 367 — 367 Total derivative assets $ 5,841 $ (2,004) $ 3,837 $ (3) $ 3,834 Derivative liabilities: Derivatives subject to master netting arrangement or similar arrangement $ (3,103) $ 2,722 $ (381) $ 35 $ (346) Derivatives not subject to master netting arrangement or similar arrangement (174) — (174) — (174) Exchange traded derivatives (386) 386 — — — Total derivative liabilities $ (3,663) $ 3,108 $ (555) $ 35 $ (520) |
Schedule of Fair Value Hedging Basis Adjustments | The following table presents the carrying value of hedged items in fair value hedging relationships: June 30, 2021 December 31, 2020 Hedge Basis Adjustment Hedge Basis Adjustment (Dollars in millions) Hedged Asset / Liability Basis Items Currently Designated Discontinued Hedges Hedged Asset / Liability Basis Items Currently Designated Discontinued Hedges AFS securities (1) $ 99,627 $ (394) $ 46 $ 100,988 $ (33) $ 50 Loans and leases 451 — 16 470 — 18 Long-term debt 23,581 — 773 27,725 — 930 (1) The amortized cost of AFS securities was $100.3 billion at June 30, 2021 and $99.4 billion at December 31, 2020. |
Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income | The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts. Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2021 2020 2021 2020 Pre-tax gain (loss) reclassified from AOCI into interest expense: Deposits $ (1) (4) $ (2) $ (6) Short-term borrowings (7) (4) (12) (8) Long-term debt (5) (7) (10) (15) Total $ (13) $ (15) $ (24) $ (29) Pre-tax gain (loss) reclassified from AOCI into other expense: (1) Deposits $ — $ — $ (12) $ — Short-term borrowings — — (20) — Long-term debt — — (4) — Total $ — $ — $ (36) $ — (1) Represents the accelerated amortization of amounts reclassified from AOCI, where management determined that the forecasted transaction is probable of not occurring. The following table summarizes the impact on net interest income related to fair value hedges: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2021 2020 2021 2020 AFS securities: Amounts related to interest settlements $ (13) $ — $ (24) $ — Recognized on derivatives (163) — 361 — Recognized on hedged items 161 (2) (365) (4) Net income (expense) recognized (15) (2) (28) (4) Loans and leases: Recognized on derivatives — — — (3) Recognized on hedged items — (1) (1) 1 Net income (expense) recognized — (1) (1) (2) Long-term debt: Amounts related to interest settlements — 88 — 104 Recognized on derivatives — 8 — 930 Recognized on hedged items 75 (7) 154 (929) Net income (expense) recognized 75 89 154 105 Net income (expense) recognized, total $ 60 $ 86 $ 125 $ 99 The following table presents information about the Company’s cash flow and fair value hedges: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Cash flow hedges: Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2022) $ (18) $ (64) Estimated portion of net after-tax gain (loss) on terminated hedges to be reclassified from AOCI into earnings during the next 12 months (17) (42) Fair value hedges: Unrecognized pre-tax net gain (loss) on terminated hedges (to be recognized as interest primarily through 2029) $ 711 $ 862 Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months 249 292 The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) Income Statement Location 2021 2020 2021 2020 Client-related and other risk management: Interest rate contracts Investment banking and trading income and other income $ 12 $ 37 $ 114 $ (27) Foreign exchange contracts Investment banking and trading income and other income 8 (26) 34 81 Equity contracts Investment banking and trading income and other income (12) 3 (20) (7) Credit contracts Investment banking and trading income and other income (27) (153) (61) 306 Commodity contracts Investment banking and trading income 3 1 5 4 Mortgage banking: Interest rate contracts Residential mortgage income (88) (26) 3 (148) Interest rate contracts Commercial real estate related income — (2) (1) — MSRs: Interest rate contracts Residential mortgage income 219 42 (114) 537 Interest rate contracts Commercial real estate related income 5 2 (7) 22 Total $ 120 $ (122) $ (47) $ 768 |
Derivatives Credit Risk - Risk Participation Agreements | The following table presents additional information related to interest rate derivative risk participation agreements and total return swaps: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Risk participation agreements: Maximum potential amount of exposure $ 506 $ 530 Total return swaps: Cash collateral held 280 374 |
Schedule of Derivative Instruments Summary of Collateral Positions with Counterparties | The following table summarizes collateral positions with counterparties: (Dollars in millions) Jun 30, 2021 Dec 31, 2020 Dealer and other counterparties: Cash and other collateral received from counterparties $ 274 $ 446 Derivatives in a net gain position secured by collateral received 443 585 Unsecured positions in a net gain with counterparties after collateral postings 160 49 Cash collateral posted to dealer counterparties 1,597 1,524 Derivatives in a net loss position secured by collateral 1,682 1,604 Additional collateral that would have been posted had the Company’s credit ratings dropped below investment grade 4 3 Central counterparties clearing: Cash collateral, including initial margin, posted to central clearing parties 77 172 Derivatives in a net loss position 38 90 Derivatives in a net gain position 1 5 Securities pledged to central counterparties clearing 1,183 1,281 |
Computation of EPS (Tables)
Computation of EPS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted EPS | Basic and diluted EPS calculations are presented in the following table: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions, except per share data, shares in thousands) 2021 2020 2021 2020 Net income available to common shareholders $ 1,559 $ 902 $ 2,893 $ 1,888 Weighted average number of common shares 1,338,302 1,347,512 1,341,963 1,345,942 Effect of dilutive outstanding equity-based awards 11,190 8,322 12,247 10,867 Weighted average number of diluted common shares 1,349,492 1,355,834 1,354,210 1,356,809 Basic EPS $ 1.16 $ 0.67 $ 2.16 $ 1.40 Diluted EPS $ 1.16 $ 0.67 $ 2.14 $ 1.39 Anti-dilutive awards — 5,081 3 2,806 |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table presents results by segment: Three Months Ended June 30, CB&W C&CB IH OT&C (1) Total 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Net interest income (expense) $ 1,688 $ 1,843 $ 1,182 $ 1,351 $ 25 $ 33 $ 350 $ 221 $ 3,245 $ 3,448 Net intersegment interest income (expense) 430 320 32 (59) (4) (10) (458) (251) — — Segment net interest income 2,118 2,163 1,214 1,292 21 23 (108) (30) 3,245 3,448 Allocated provision for credit losses (4) 270 (399) 534 (1) 6 (30) 34 (434) 844 Segment net interest income after provision 2,122 1,893 1,613 758 22 17 (78) (64) 3,679 2,604 Noninterest income 925 1,008 809 621 698 598 (27) 196 2,405 2,423 Amortization of intangibles 79 113 38 43 24 18 1 4 142 178 Other noninterest expense 1,843 1,856 812 843 491 430 723 571 3,869 3,700 Income (loss) before income taxes 1,125 932 1,572 493 205 167 (829) (443) 2,073 1,149 Provision (benefit) for income taxes 263 220 345 91 49 41 (242) (161) 415 191 Segment net income (loss) $ 862 $ 712 $ 1,227 $ 402 $ 156 $ 126 $ (587) $ (282) $ 1,658 $ 958 Identifiable assets (period end) $ 156,285 $ 167,792 $ 178,372 $ 198,869 $ 8,649 $ 7,360 $ 178,658 $ 130,315 $ 521,964 $ 504,336 Six Months Ended June 30, CB&W C&CB IH OT&C (1) Total 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Net interest income (expense) $ 3,440 $ 3,704 $ 2,390 $ 2,885 $ 49 $ 69 $ 651 $ 440 $ 6,530 $ 7,098 Net intersegment interest income (expense) 813 713 38 (266) (8) (21) (843) (426) — — Segment net interest income 4,253 4,417 2,428 2,619 41 48 (192) 14 6,530 7,098 Allocated provision for credit losses 96 707 (434) 933 — 7 (48) 90 (386) 1,737 Segment net interest income after provision 4,157 3,710 2,862 1,686 41 41 (144) (76) 6,916 5,361 Noninterest income 1,845 2,076 1,503 1,077 1,331 1,155 (77) 76 4,602 4,384 Amortization of intangibles 158 213 76 85 50 36 2 9 286 343 Other noninterest expense 3,674 3,742 1,555 1,690 944 851 1,162 683 7,335 6,966 Income (loss) before income taxes 2,170 1,831 2,734 988 378 309 (1,385) (692) 3,897 2,436 Provision (benefit) for income taxes 508 431 595 178 91 77 (428) (271) 766 415 Segment net income (loss) $ 1,662 $ 1,400 $ 2,139 $ 810 $ 287 $ 232 $ (957) $ (421) $ 3,131 $ 2,021 Identifiable assets (period end) $ 156,285 $ 167,792 $ 178,372 $ 198,869 $ 8,649 $ 7,360 $ 178,658 $ 130,315 $ 521,964 $ 504,336 (1) Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |
Securities Financing Activiti_3
Securities Financing Activities - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting [Abstract] | ||
Market Value of Collateral Held for Securities Borrowed and Securities Under Resell Agreements | $ 1,200 | $ 1,700 |
Securities Purchased under Agre
Securities Purchased under Agreements to Resale & Securities Borrowed (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting [Abstract] | ||
Securities purchased under resale agreements | $ 578 | $ 1,158 |
Securities borrowed | 664 | 587 |
Total securities borrowed or purchased under resale agreements | $ 1,242 | $ 1,745 |
Securities Financing Activiti_4
Securities Financing Activities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting Liabilities [Line Items] | ||
Short-term Debt | $ 5,652 | $ 6,092 |
Securities Sold under Agreements to Repurchase | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 2,252 | 1,221 |
Securities Sold under Agreements to Repurchase | U.S. Treasury | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 1,161 | 336 |
Securities Sold under Agreements to Repurchase | GSE | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 25 | 54 |
Securities Sold under Agreements to Repurchase | Agency MBS - residential | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 726 | 448 |
Securities Sold under Agreements to Repurchase | Corporate and other debt securities | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 340 | 383 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 1,988 | 996 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | U.S. Treasury | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 1,161 | 305 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | GSE | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 19 | 45 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | Agency MBS - residential | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 545 | 442 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | Corporate and other debt securities | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 263 | 204 |
Securities Sold under Agreements to Repurchase | Up to 30 days | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 264 | 225 |
Securities Sold under Agreements to Repurchase | Up to 30 days | U.S. Treasury | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 0 | 31 |
Securities Sold under Agreements to Repurchase | Up to 30 days | GSE | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 6 | 9 |
Securities Sold under Agreements to Repurchase | Up to 30 days | Agency MBS - residential | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 181 | 6 |
Securities Sold under Agreements to Repurchase | Up to 30 days | Corporate and other debt securities | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | $ 77 | $ 179 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) $ in Millions | Jun. 30, 2021USD ($) |
Debt Securities Exceeding Ten Percent of Stockholders Equity [Line Items] | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 |
FNMA investments | |
Debt Securities Exceeding Ten Percent of Stockholders Equity [Line Items] | |
Securities, amortized cost | 37,600 |
Securities, fair value | 37,400 |
FHLMC investments | |
Debt Securities Exceeding Ten Percent of Stockholders Equity [Line Items] | |
Securities, amortized cost | 41,400 |
Securities, fair value | $ 41,100 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
AFS securities | ||
Amortized Cost | $ 140,122 | $ 118,618 |
Gross Unrealized Gains | 1,337 | 2,196 |
Gross Unrealized Losses | 1,580 | 26 |
AFS securities, Fair Value | 139,879 | 120,788 |
U.S. Treasury | ||
AFS securities | ||
Amortized Cost | 9,670 | 1,721 |
Gross Unrealized Gains | 34 | 25 |
Gross Unrealized Losses | 16 | 0 |
AFS securities, Fair Value | 9,688 | 1,746 |
GSE | ||
AFS securities | ||
Amortized Cost | 1,845 | 1,840 |
Gross Unrealized Gains | 56 | 77 |
Gross Unrealized Losses | 0 | 0 |
AFS securities, Fair Value | 1,901 | 1,917 |
Agency MBS | Agency MBS - residential | ||
AFS securities | ||
Amortized Cost | 124,464 | 111,589 |
Gross Unrealized Gains | 1,167 | 1,975 |
Gross Unrealized Losses | 1,534 | 23 |
AFS securities, Fair Value | 124,097 | 113,541 |
Agency MBS | Commercial Mortgage Backed Securities | ||
AFS securities | ||
Amortized Cost | 3,174 | 2,987 |
Gross Unrealized Gains | 38 | 72 |
Gross Unrealized Losses | 29 | 2 |
AFS securities, Fair Value | 3,183 | 3,057 |
States and political subdivisions | ||
AFS securities | ||
Amortized Cost | 431 | 447 |
Gross Unrealized Gains | 42 | 47 |
Gross Unrealized Losses | 1 | 1 |
AFS securities, Fair Value | 472 | 493 |
Non-agency MBS | ||
AFS securities | ||
Amortized Cost | 507 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
AFS securities, Fair Value | 507 | |
Other | ||
AFS securities | ||
Amortized Cost | 31 | 34 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
AFS securities, Fair Value | $ 31 | $ 34 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value by Contractual Maturity (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
AFS, Amortized Cost | ||
Due in one year or less | $ 634 | |
Due after one year through five years | 9,967 | |
Due after five years through ten years | 1,449 | |
Due after ten years | 128,072 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 140,122 | $ 118,618 |
AFS, Fair Value | ||
Due in one year or less | 639 | |
Due after one year through five years | 10,028 | |
Due after five years through ten years | 1,484 | |
Due after ten years | 127,728 | |
Debt Securities, Available-for-sale, Total | 139,879 | 120,788 |
U.S. Treasury | ||
AFS, Amortized Cost | ||
Due in one year or less | 246 | |
Due after one year through five years | 8,447 | |
Due after five years through ten years | 977 | |
Due after ten years | 0 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 9,670 | 1,721 |
AFS, Fair Value | ||
Due in one year or less | 247 | |
Due after one year through five years | 8,457 | |
Due after five years through ten years | 984 | |
Due after ten years | 0 | |
Debt Securities, Available-for-sale, Total | 9,688 | 1,746 |
GSE | ||
AFS, Amortized Cost | ||
Due in one year or less | 356 | |
Due after one year through five years | 1,402 | |
Due after five years through ten years | 0 | |
Due after ten years | 87 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 1,845 | 1,840 |
AFS, Fair Value | ||
Due in one year or less | 360 | |
Due after one year through five years | 1,449 | |
Due after five years through ten years | 0 | |
Due after ten years | 92 | |
Debt Securities, Available-for-sale, Total | 1,901 | 1,917 |
Agency MBS | Agency MBS - residential | ||
AFS, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 1 | |
Due after five years through ten years | 350 | |
Due after ten years | 124,113 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 124,464 | 111,589 |
AFS, Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 1 | |
Due after five years through ten years | 362 | |
Due after ten years | 123,734 | |
Debt Securities, Available-for-sale, Total | 124,097 | 113,541 |
Agency MBS | Commercial Mortgage Backed Securities | ||
AFS, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 1 | |
Due after five years through ten years | 23 | |
Due after ten years | 3,150 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 3,174 | 2,987 |
AFS, Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 1 | |
Due after five years through ten years | 24 | |
Due after ten years | 3,158 | |
Debt Securities, Available-for-sale, Total | 3,183 | 3,057 |
States and political subdivisions | ||
AFS, Amortized Cost | ||
Due in one year or less | 31 | |
Due after one year through five years | 110 | |
Due after five years through ten years | 99 | |
Due after ten years | 191 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 431 | 447 |
AFS, Fair Value | ||
Due in one year or less | 31 | |
Due after one year through five years | 114 | |
Due after five years through ten years | 114 | |
Due after ten years | 213 | |
Debt Securities, Available-for-sale, Total | 472 | 493 |
Non-agency MBS | ||
AFS, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | 507 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 507 | |
AFS, Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | 507 | |
Debt Securities, Available-for-sale, Total | 507 | |
Other | ||
AFS, Amortized Cost | ||
Due in one year or less | 1 | |
Due after one year through five years | 6 | |
Due after five years through ten years | 0 | |
Due after ten years | 24 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 31 | 34 |
AFS, Fair Value | ||
Due in one year or less | 1 | |
Due after one year through five years | 6 | |
Due after five years through ten years | 0 | |
Due after ten years | 24 | |
Debt Securities, Available-for-sale, Total | $ 31 | $ 34 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Values of Investments in Continuous Unrealized Loss Positions (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
AFS securities, Fair Value | ||
Less than 12 months | $ 76,180 | $ 4,534 |
12 months or more | 146 | 239 |
Total | 76,326 | 4,773 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 1,578 | 23 |
12 months or more | 2 | 3 |
Total | 1,580 | 26 |
U.S. Treasury | ||
AFS securities, Fair Value | ||
Less than 12 months | 3,753 | 17 |
12 months or more | 0 | 0 |
Total | 3,753 | 17 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 16 | 0 |
12 months or more | 0 | 0 |
Total | 16 | 0 |
GSE | ||
AFS securities, Fair Value | ||
Less than 12 months | 10 | |
12 months or more | 0 | |
Total | 10 | |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | |
12 months or more | 0 | |
Total | 0 | |
Agency MBS | Agency MBS - residential | ||
AFS securities, Fair Value | ||
Less than 12 months | 70,027 | 4,028 |
12 months or more | 123 | 203 |
Total | 70,150 | 4,231 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 1,533 | 21 |
12 months or more | 1 | 2 |
Total | 1,534 | 23 |
Agency MBS | Commercial Mortgage Backed Securities | ||
AFS securities, Fair Value | ||
Less than 12 months | 2,177 | 463 |
12 months or more | 1 | 4 |
Total | 2,178 | 467 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 29 | 2 |
12 months or more | 0 | 0 |
Total | 29 | 2 |
States and political subdivisions | ||
AFS securities, Fair Value | ||
Less than 12 months | 10 | 20 |
12 months or more | 22 | 32 |
Total | 32 | 52 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or more | 1 | 1 |
Total | 1 | 1 |
Non-agency MBS | ||
AFS securities, Fair Value | ||
Less than 12 months | 203 | |
12 months or more | 0 | |
Total | 203 | |
AFS securities, Unrealized Losses | ||
12 months or more | 0 | |
Total | $ 0 | |
Other | ||
AFS securities, Fair Value | ||
Less than 12 months | 6 | |
12 months or more | 0 | |
Total | 6 | |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | |
12 months or more | 0 | |
Total | $ 0 |
Investments Securities - Gain (
Investments Securities - Gain (Loss) on Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Gain (Loss) on Securities [Line Items] | ||||
Gross realized gains | $ 0 | $ 300 | $ 0 | $ 300 |
Gross realized losses | 0 | 0 | 0 | (2) |
Noninterest income | 2,405 | 2,423 | 4,602 | 4,384 |
Securities gains (losses) | ||||
Gain (Loss) on Securities [Line Items] | ||||
Noninterest income | $ 0 | $ 300 | $ 0 | $ 298 |
Loans and ACL - Narrative (Deta
Loans and ACL - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Commercial: | ||
Financing Receivable | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ (444) | $ (545) |
Commitments to extend, originate, or purchase credit | ||
Financing Receivable | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | (34) | (49) |
Consumer: | ||
Financing Receivable | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ (103) | $ (177) |
Loans and ACL - Aging Analysis
Loans and ACL - Aging Analysis of Loans and Leases (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable [Line Items] | ||
Nonperforming | $ 1,060 | $ 1,330 |
Total | 286,485 | 299,734 |
Financial Asset, Not Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 281,533 | 294,176 |
Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,824 | 2,220 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,068 | 2,008 |
Commercial: | Commercial and industrial | ||
Financing Receivable [Line Items] | ||
Nonperforming | 397 | 532 |
Total | 130,924 | 138,354 |
Commercial: | Commercial and industrial | Financial Asset, Not Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 130,385 | 137,726 |
Commercial: | Commercial and industrial | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 128 | 83 |
Commercial: | Commercial and industrial | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 14 | 13 |
Commercial: | CRE | ||
Financing Receivable [Line Items] | ||
Nonperforming | 25 | 75 |
Total | 25,399 | 26,595 |
Commercial: | CRE | Financial Asset, Not Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 25,367 | 26,506 |
Commercial: | CRE | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 7 | 14 |
Commercial: | CRE | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Commercial: | Commercial construction | ||
Financing Receivable [Line Items] | ||
Nonperforming | 12 | 14 |
Total | 6,160 | 6,491 |
Commercial: | Commercial construction | Financial Asset, Not Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,147 | 6,472 |
Commercial: | Commercial construction | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1 | 5 |
Commercial: | Commercial construction | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Commercial: | Lease financing | ||
Financing Receivable [Line Items] | ||
Nonperforming | 5 | 28 |
Total | 4,957 | 5,240 |
Commercial: | Lease financing | Financial Asset, Not Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,934 | 5,206 |
Commercial: | Lease financing | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 18 | 6 |
Commercial: | Lease financing | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Consumer: | Residential mortgage | ||
Financing Receivable [Line Items] | ||
Nonperforming | 302 | 316 |
Total | 44,036 | 47,272 |
Consumer: | Residential mortgage | Financial Asset, Not Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 42,215 | 45,333 |
Consumer: | Residential mortgage | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 543 | 782 |
Consumer: | Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 976 | 841 |
Consumer: | Residential home equity and direct | ||
Financing Receivable [Line Items] | ||
Nonperforming | 165 | 205 |
Total | 25,334 | 26,064 |
Consumer: | Residential home equity and direct | Financial Asset, Not Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 25,089 | 25,751 |
Consumer: | Residential home equity and direct | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 73 | 98 |
Consumer: | Residential home equity and direct | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 7 | 10 |
Consumer: | Indirect auto | ||
Financing Receivable [Line Items] | ||
Nonperforming | 148 | 155 |
Total | 26,696 | 26,150 |
Consumer: | Indirect auto | Financial Asset, Not Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 26,118 | 25,498 |
Consumer: | Indirect auto | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 428 | 495 |
Consumer: | Indirect auto | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2 | 2 |
Consumer: | Indirect other | ||
Financing Receivable [Line Items] | ||
Nonperforming | 6 | 5 |
Total | 11,039 | 11,177 |
Consumer: | Indirect other | Financial Asset, Not Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 10,985 | 11,102 |
Consumer: | Indirect other | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 47 | 68 |
Consumer: | Indirect other | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1 | 2 |
Consumer: | Student | ||
Financing Receivable [Line Items] | ||
Nonperforming | 0 | 0 |
Total | 7,341 | 7,552 |
Consumer: | Student | Financial Asset, Not Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 5,747 | 5,823 |
Consumer: | Student | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 548 | 618 |
Consumer: | Student | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,046 | 1,111 |
Credit card | ||
Financing Receivable [Line Items] | ||
Nonperforming | 0 | 0 |
Total | 4,599 | 4,839 |
Credit card | Financial Asset, Not Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,546 | 4,759 |
Credit card | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 31 | 51 |
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 22 | $ 29 |
Loans and ACL - Risk Rating (De
Loans and ACL - Risk Rating (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable | |||
Loans and leases | $ 286,485 | $ 299,734 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 40,865 | 70,929 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 52,154 | 51,905 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 42,519 | 33,350 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 26,051 | 20,386 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 16,001 | 14,865 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 44,905 | 40,413 | |
Revolving Credit | 60,949 | 66,107 | |
Loans Converted to Term | 3,496 | 2,012 | |
Other (1) | [1] | (455) | (233) |
Credit card | |||
Financing Receivable | |||
Loans and leases | 4,599 | 4,839 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving Credit | 4,566 | 4,802 | |
Loans Converted to Term | 33 | 37 | |
Other (1) | [1] | 0 | 0 |
Commercial: | Commercial and industrial | |||
Financing Receivable | |||
Loans and leases | 130,924 | 138,354 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 19,417 | 35,828 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 21,871 | 19,852 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 16,545 | 14,042 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 11,389 | 7,961 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,500 | 5,463 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 11,946 | 9,362 | |
Revolving Credit | 43,933 | 46,174 | |
Loans Converted to Term | 0 | 252 | |
Other (1) | [1] | (677) | (580) |
Commercial: | Commercial and industrial | Pass | |||
Financing Receivable | |||
Loans and leases | 124,509 | 131,258 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 18,959 | 34,858 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 21,211 | 18,881 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 15,497 | 13,312 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 10,804 | 7,713 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,310 | 5,174 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 11,388 | 8,888 | |
Revolving Credit | 41,016 | 42,780 | |
Loans Converted to Term | 0 | 231 | |
Other (1) | [1] | (676) | (579) |
Commercial: | Commercial and industrial | Special mention | |||
Financing Receivable | |||
Loans and leases | 3,140 | 3,435 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 262 | 471 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 316 | 434 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 541 | 343 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 231 | 98 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 83 | 120 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 161 | 157 | |
Revolving Credit | 1,546 | 1,808 | |
Loans Converted to Term | 0 | 5 | |
Other (1) | [1] | 0 | (1) |
Commercial: | Commercial and industrial | Substandard | |||
Financing Receivable | |||
Loans and leases | 2,878 | 3,129 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 190 | 461 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 309 | 445 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 432 | 339 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 283 | 121 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 86 | 144 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 323 | 256 | |
Revolving Credit | 1,255 | 1,353 | |
Loans Converted to Term | 0 | 12 | |
Other (1) | [1] | 0 | (2) |
Commercial: | Commercial and industrial | Nonperforming | |||
Financing Receivable | |||
Loans and leases | 397 | 532 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 6 | 38 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 35 | 92 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 75 | 48 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 71 | 29 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 21 | 25 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 74 | 61 | |
Revolving Credit | 116 | 233 | |
Loans Converted to Term | 0 | 4 | |
Other (1) | [1] | (1) | 2 |
Commercial: | CRE | |||
Financing Receivable | |||
Loans and leases | 25,399 | 26,595 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,296 | 5,145 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,331 | 7,990 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 7,289 | 5,451 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 4,806 | 3,158 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,780 | 1,738 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,419 | 2,560 | |
Revolving Credit | 539 | 622 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | (61) | (69) |
Commercial: | CRE | Pass | |||
Financing Receivable | |||
Loans and leases | 21,724 | 22,459 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,982 | 4,563 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,873 | 6,600 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 6,029 | 4,427 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 4,019 | 2,752 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,411 | 1,473 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,932 | 2,096 | |
Revolving Credit | 539 | 617 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | (61) | (69) |
Commercial: | CRE | Special mention | |||
Financing Receivable | |||
Loans and leases | 1,065 | 1,689 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 87 | 171 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 108 | 599 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 457 | 585 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 269 | 116 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 54 | 77 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 90 | 141 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 0 | 0 |
Commercial: | CRE | Substandard | |||
Financing Receivable | |||
Loans and leases | 2,585 | 2,372 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 224 | 410 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 348 | 776 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 803 | 438 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 517 | 281 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 307 | 182 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 386 | 280 | |
Revolving Credit | 0 | 5 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 0 | 0 |
Commercial: | CRE | Nonperforming | |||
Financing Receivable | |||
Loans and leases | 25 | 75 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 3 | 1 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2 | 15 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 1 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1 | 9 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 8 | 6 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 11 | 43 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 0 | 0 |
Commercial: | Commercial construction | |||
Financing Receivable | |||
Loans and leases | 6,160 | 6,491 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 584 | 1,123 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,232 | 2,358 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,224 | 2,026 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,149 | 299 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 209 | 33 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 103 | 111 | |
Revolving Credit | 655 | 536 | |
Loans Converted to Term | 0 | 3 | |
Other (1) | [1] | 4 | 2 |
Commercial: | Commercial construction | Pass | |||
Financing Receivable | |||
Loans and leases | 5,786 | 5,987 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 578 | 1,052 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,222 | 2,141 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,060 | 1,889 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,030 | 232 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 138 | 27 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 103 | 110 | |
Revolving Credit | 652 | 534 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 3 | 2 |
Commercial: | Commercial construction | Special mention | |||
Financing Receivable | |||
Loans and leases | 175 | 175 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2 | 108 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 123 | 64 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 49 | 1 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving Credit | 0 | 2 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 0 | 0 |
Commercial: | Commercial construction | Substandard | |||
Financing Receivable | |||
Loans and leases | 187 | 315 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 6 | 70 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7 | 106 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 40 | 73 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 70 | 59 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 64 | 6 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 1 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 0 | 0 |
Commercial: | Commercial construction | Nonperforming | |||
Financing Receivable | |||
Loans and leases | 12 | 14 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 1 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1 | 3 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1 | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 7 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving Credit | 3 | 0 | |
Loans Converted to Term | 0 | 3 | |
Other (1) | [1] | 1 | 0 |
Commercial: | Lease financing | |||
Financing Receivable | |||
Loans and leases | 4,957 | 5,240 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 687 | 1,380 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,288 | 1,217 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 912 | 801 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 622 | 764 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 625 | 248 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 871 | 803 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | (48) | 27 |
Commercial: | Lease financing | Pass | |||
Financing Receivable | |||
Loans and leases | 4,839 | 5,065 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 687 | 1,377 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,266 | 1,139 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 875 | 775 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 614 | 746 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 622 | 241 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 824 | 760 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | (49) | 27 |
Commercial: | Lease financing | Special mention | |||
Financing Receivable | |||
Loans and leases | 32 | 72 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 1 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 21 | 39 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4 | 20 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2 | 5 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2 | 7 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 0 | 0 |
Commercial: | Lease financing | Substandard | |||
Financing Receivable | |||
Loans and leases | 81 | 75 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 34 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 30 | 3 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6 | 4 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 3 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 45 | 31 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 0 | 0 |
Commercial: | Lease financing | Nonperforming | |||
Financing Receivable | |||
Loans and leases | 5 | 28 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 2 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1 | 5 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3 | 3 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 9 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 4 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 5 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 1 | 0 |
Consumer: | Residential mortgage | |||
Financing Receivable | |||
Loans and leases | 44,036 | 47,272 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,332 | 8,200 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,759 | 6,742 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5,002 | 3,751 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,664 | 4,387 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,167 | 5,438 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 18,998 | 18,590 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 114 | 164 |
Consumer: | Residential mortgage | Performing | |||
Financing Receivable | |||
Loans and leases | 43,734 | 46,956 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,332 | 8,197 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,755 | 6,729 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,985 | 3,735 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,637 | 4,374 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,147 | 5,424 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 18,763 | 18,333 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 115 | 164 |
Consumer: | Residential mortgage | Nonperforming | |||
Financing Receivable | |||
Loans and leases | 302 | 316 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 3 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4 | 13 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 17 | 16 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 27 | 13 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 20 | 14 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 235 | 257 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | (1) | 0 |
Consumer: | Residential home equity and direct | |||
Financing Receivable | |||
Loans and leases | 25,334 | 26,064 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,867 | 4,514 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,473 | 3,130 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,355 | 1,418 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 999 | 482 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 310 | 215 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 568 | 564 | |
Revolving Credit | 11,256 | 13,973 | |
Loans Converted to Term | 3,463 | 1,720 | |
Other (1) | [1] | 43 | 48 |
Consumer: | Residential home equity and direct | Performing | |||
Financing Receivable | |||
Loans and leases | 25,169 | 25,859 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,867 | 4,513 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,470 | 3,126 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,350 | 1,416 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 997 | 481 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 309 | 214 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 561 | 557 | |
Revolving Credit | 11,200 | 13,886 | |
Loans Converted to Term | 3,372 | 1,619 | |
Other (1) | [1] | 43 | 47 |
Consumer: | Residential home equity and direct | Nonperforming | |||
Financing Receivable | |||
Loans and leases | 165 | 205 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 1 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3 | 4 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5 | 2 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2 | 1 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1 | 1 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 7 | 7 | |
Revolving Credit | 56 | 87 | |
Loans Converted to Term | 91 | 101 | |
Other (1) | [1] | 0 | 1 |
Consumer: | Indirect auto | |||
Financing Receivable | |||
Loans and leases | 26,696 | 26,150 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,095 | 10,283 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,694 | 7,486 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5,897 | 4,059 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,077 | 2,428 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,735 | 1,235 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,043 | 518 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 155 | 141 |
Consumer: | Indirect auto | Performing | |||
Financing Receivable | |||
Loans and leases | 26,548 | 25,995 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,094 | 10,270 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,668 | 7,436 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5,848 | 4,015 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,040 | 2,401 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,713 | 1,220 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,025 | 506 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 160 | 147 |
Consumer: | Indirect auto | Nonperforming | |||
Financing Receivable | |||
Loans and leases | 148 | 155 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1 | 13 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 26 | 50 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 49 | 44 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 37 | 27 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 22 | 15 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 18 | 12 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | (5) | (6) |
Consumer: | Indirect other | |||
Financing Receivable | |||
Loans and leases | 11,039 | 11,177 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,587 | 4,434 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,482 | 3,020 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,195 | 1,707 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,262 | 826 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 604 | 431 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 879 | 720 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 30 | 39 |
Consumer: | Indirect other | Performing | |||
Financing Receivable | |||
Loans and leases | 11,033 | 11,172 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,587 | 4,433 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,480 | 3,019 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,193 | 1,706 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,262 | 826 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 604 | 431 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 877 | 718 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 30 | 39 |
Consumer: | Indirect other | Nonperforming | |||
Financing Receivable | |||
Loans and leases | 6 | 5 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 1 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2 | 1 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2 | 1 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2 | 2 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | 0 | 0 |
Consumer: | Student | |||
Financing Receivable | |||
Loans and leases | 7,341 | 7,552 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 22 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 24 | 110 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 100 | 95 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 83 | 81 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 71 | 64 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 7,078 | 7,185 | |
Revolving Credit | 0 | 0 | |
Loans Converted to Term | 0 | 0 | |
Other (1) | [1] | $ (15) | $ (5) |
[1] | Includes certain deferred fees and costs, unapplied payments, and other adjustments. |
Loans and ACL - Allowance for C
Loans and ACL - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Provision for credit losses | $ (434) | $ 844 | $ (386) | $ 1,737 | ||||
Commercial: | Commercial and industrial | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
ACL, beginning balance | 2,091 | 1,813 | 2,156 | 560 | [1] | |||
Charge-Offs | (51) | (123) | (124) | (162) | ||||
Recoveries | 20 | 21 | 39 | 38 | ||||
Provision for credit losses | (303) | 426 | (314) | 797 | ||||
Allowance for Loan and Lease Losses, Adjustments, Other | 0 | [2] | 0 | 0 | [2] | 904 | [2] | |
ACL, ending balance | 1,757 | 2,137 | 1,757 | 2,137 | ||||
Commercial: | CRE | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
ACL, beginning balance | 544 | 299 | 573 | 150 | [1] | |||
Charge-Offs | 0 | (14) | (4) | (15) | ||||
Recoveries | 4 | 4 | 5 | 4 | ||||
Provision for credit losses | (108) | 102 | (134) | 170 | ||||
Allowance for Loan and Lease Losses, Adjustments, Other | 0 | [2] | 0 | 0 | [2] | 82 | [2] | |
ACL, ending balance | 440 | 391 | 440 | 391 | ||||
Commercial: | Commercial construction | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
ACL, beginning balance | 77 | 88 | 81 | 52 | [1] | |||
Charge-Offs | 0 | 0 | (2) | (3) | ||||
Recoveries | 1 | 7 | 2 | 8 | ||||
Provision for credit losses | (9) | 39 | (12) | 61 | ||||
Allowance for Loan and Lease Losses, Adjustments, Other | 0 | [2] | 0 | 0 | [2] | 16 | [2] | |
ACL, ending balance | 69 | 134 | 69 | 134 | ||||
Commercial: | Lease financing | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
ACL, beginning balance | 45 | 79 | 48 | 10 | [1] | |||
Charge-Offs | (2) | (4) | (8) | (6) | ||||
Recoveries | 3 | 0 | 3 | 0 | ||||
Provision for credit losses | 1 | (16) | 4 | (39) | ||||
Allowance for Loan and Lease Losses, Adjustments, Other | 0 | [2] | 0 | 0 | [2] | 94 | [2] | |
ACL, ending balance | 47 | 59 | 47 | 59 | ||||
Consumer: | Residential mortgage | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
ACL, beginning balance | 343 | 427 | 368 | 176 | [1] | |||
Charge-Offs | (4) | (35) | (15) | (46) | ||||
Recoveries | 5 | 2 | 7 | 4 | ||||
Provision for credit losses | (23) | 36 | (39) | 32 | ||||
Allowance for Loan and Lease Losses, Adjustments, Other | 0 | [2] | 1 | 0 | [2] | 265 | [2] | |
ACL, ending balance | 321 | 431 | 321 | 431 | ||||
Consumer: | Residential home equity and direct | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
ACL, beginning balance | 707 | 607 | 714 | 107 | [1] | |||
Charge-Offs | (57) | (65) | (112) | (133) | ||||
Recoveries | 20 | 15 | 38 | 30 | ||||
Provision for credit losses | 24 | 137 | 54 | 239 | ||||
Allowance for Loan and Lease Losses, Adjustments, Other | 0 | [2] | 3 | 0 | [2] | 454 | [2] | |
ACL, ending balance | 694 | 697 | 694 | 697 | ||||
Consumer: | Indirect auto | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
ACL, beginning balance | 1,176 | 1,192 | 1,198 | 304 | [1] | |||
Charge-Offs | (69) | (80) | (174) | (222) | ||||
Recoveries | 27 | 18 | 49 | 41 | ||||
Provision for credit losses | (18) | 60 | 43 | 249 | ||||
Allowance for Loan and Lease Losses, Adjustments, Other | 0 | [2] | 0 | 0 | [2] | 818 | [2] | |
ACL, ending balance | 1,116 | 1,190 | 1,116 | 1,190 | ||||
Consumer: | Indirect other | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
ACL, beginning balance | 187 | 213 | 208 | 60 | [1] | |||
Charge-Offs | (11) | (20) | (28) | (38) | ||||
Recoveries | 7 | 7 | 13 | 14 | ||||
Provision for credit losses | (2) | 15 | (12) | 27 | ||||
Allowance for Loan and Lease Losses, Adjustments, Other | 0 | [2] | (2) | 0 | [2] | 150 | [2] | |
ACL, ending balance | 181 | 213 | 181 | 213 | ||||
Consumer: | Student | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
ACL, beginning balance | 131 | 146 | 130 | 0 | [1] | |||
Charge-Offs | (3) | (6) | (6) | (14) | ||||
Recoveries | 0 | 1 | 0 | 1 | ||||
Provision for credit losses | 0 | (21) | 2 | 13 | ||||
Allowance for Loan and Lease Losses, Adjustments, Other | 1 | [2] | 3 | 3 | [2] | 123 | [2] | |
ACL, ending balance | 129 | 123 | 129 | 123 | ||||
Credit card | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
ACL, beginning balance | 361 | 347 | 359 | 122 | [1] | |||
Charge-Offs | (42) | (50) | (82) | (103) | ||||
Recoveries | 10 | 6 | 19 | 14 | ||||
Provision for credit losses | 38 | 24 | 71 | 119 | ||||
Allowance for Loan and Lease Losses, Adjustments, Other | 0 | [2] | 0 | 0 | [2] | 175 | [2] | |
ACL, ending balance | 367 | 327 | 367 | 327 | ||||
PCI | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
ACL, beginning balance | [1] | 8 | ||||||
Charge-Offs | 0 | |||||||
Recoveries | 0 | |||||||
Provision for credit losses | 0 | |||||||
Allowance for Loan and Lease Losses, Adjustments, Other | [2] | (8) | ||||||
ACL, ending balance | 0 | 0 | ||||||
ALLL | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
ACL, beginning balance | 5,662 | 5,211 | 5,835 | 1,549 | [1] | |||
Charge-Offs | (239) | (397) | (555) | (742) | ||||
Recoveries | 97 | 81 | 175 | 154 | ||||
Provision for credit losses | (400) | 802 | (337) | 1,668 | ||||
Allowance for Loan and Lease Losses, Adjustments, Other | 1 | [2] | 5 | 3 | [2] | 3,073 | [2] | |
ACL, ending balance | 5,121 | 5,702 | 5,121 | 5,702 | ||||
RUFC | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
ACL, beginning balance | 349 | 400 | 364 | 340 | [1] | |||
Charge-Offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
Provision for credit losses | (34) | 42 | (49) | 69 | ||||
Allowance for Loan and Lease Losses, Adjustments, Other | 0 | [2] | (11) | 0 | [2] | 22 | [2] | |
ACL, ending balance | 315 | 431 | 315 | 431 | ||||
ACL | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
ACL, beginning balance | 6,011 | 5,611 | 6,199 | 1,889 | [1] | |||
Charge-Offs | (239) | (397) | (555) | (742) | ||||
Recoveries | 97 | 81 | 175 | 154 | ||||
Provision for credit losses | (434) | 844 | (386) | 1,737 | ||||
Allowance for Loan and Lease Losses, Adjustments, Other | 1 | [2] | (6) | 3 | [2] | 3,095 | [2] | |
ACL, ending balance | $ 5,436 | $ 6,133 | $ 5,436 | $ 6,133 | ||||
[1] | Balance is prior to the adoption of CECL. | |||||||
[2] | Includes the adoption of CECL, the ALLL for PCD acquisitions, and other activity. |
Loans and ACL - Summary of Purc
Loans and ACL - Summary of Purchased Student Loans With Credit Deterioration (Details) - Consumer: - Student $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Financing Receivable | |
Par value | $ 196 |
ALLL at acquisition | (3) |
Non-credit premium (discount) | 1 |
Purchase price | $ 194 |
Loans and ACL - Nonperforming L
Loans and ACL - Nonperforming Loans (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | $ 113 | $ 152 |
Recorded Investment With an ALLL | 947 | 1,178 |
Commercial: | Commercial and industrial | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 103 | 82 |
Recorded Investment With an ALLL | 294 | 450 |
Commercial: | CRE | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 2 | 63 |
Recorded Investment With an ALLL | 23 | 12 |
Commercial: | Commercial construction | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 0 | 0 |
Recorded Investment With an ALLL | 12 | 14 |
Commercial: | Lease financing | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 0 | 0 |
Recorded Investment With an ALLL | 5 | 28 |
Consumer: | Residential mortgage | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 4 | 4 |
Recorded Investment With an ALLL | 298 | 312 |
Consumer: | Residential home equity and direct | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 3 | 2 |
Recorded Investment With an ALLL | 162 | 203 |
Consumer: | Indirect auto | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 1 | 1 |
Recorded Investment With an ALLL | 147 | 154 |
Consumer: | Indirect other | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 0 | 0 |
Recorded Investment With an ALLL | $ 6 | $ 5 |
Loans and ACL - Summary of Nonp
Loans and ACL - Summary of Nonperforming Assets and Residential Mortgage Loans in the Process of Foreclosure (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable | ||
Nonperforming | $ 1,060 | $ 1,330 |
Foreclosed real estate | 13 | 20 |
Other foreclosed property | 41 | 32 |
Total nonperforming assets | 1,192 | 1,387 |
Residential mortgage loans in the process of foreclosure | 126 | 140 |
LHFS | ||
Financing Receivable | ||
Nonperforming | $ 78 | $ 5 |
Loans and ACL - Summary of TDRs
Loans and ACL - Summary of TDRs (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | $ 1,691 | $ 1,525 |
ALLL attributable to TDRs | 131 | 132 |
Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 1,501 | 1,361 |
Nonperforming TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 190 | 164 |
Commercial: | Commercial and industrial | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 144 | 78 |
Commercial: | CRE | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 24 | 47 |
Commercial: | Lease financing | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 58 | 60 |
Consumer: | Residential mortgage | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 727 | 648 |
Consumer: | Residential home equity and direct | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 107 | 88 |
Consumer: | Indirect auto | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 389 | 392 |
Consumer: | Indirect other | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 7 | 6 |
Consumer: | Student | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 13 | 5 |
Credit card | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | $ 32 | $ 37 |
Loans and ACL - Types of Modifi
Loans and ACL - Types of Modifications and Allowance at Period End (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Newly Designated TDRs | Commercial: | Commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
ALLL at Period End | $ 0 | $ 1 | $ 12 | $ 3 |
Financing Receivable, Troubled Debt Restructuring, Premodification | 6 | 12 | 141 | 48 |
Newly Designated TDRs | Commercial: | CRE | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
ALLL at Period End | 0 | 2 | 1 | 2 |
Financing Receivable, Troubled Debt Restructuring, Premodification | 0 | 16 | 12 | 17 |
Newly Designated TDRs | Commercial: | Lease financing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
ALLL at Period End | 0 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | 0 | 1 | ||
Newly Designated TDRs | Consumer: | Residential mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
ALLL at Period End | 5 | 4 | 9 | 9 |
Financing Receivable, Troubled Debt Restructuring, Premodification | 83 | 91 | 228 | 185 |
Newly Designated TDRs | Consumer: | Residential home equity and direct | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
ALLL at Period End | 1 | 0 | 2 | 1 |
Financing Receivable, Troubled Debt Restructuring, Premodification | 10 | 16 | 38 | 39 |
Newly Designated TDRs | Consumer: | Indirect auto | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
ALLL at Period End | 4 | 7 | 12 | 12 |
Financing Receivable, Troubled Debt Restructuring, Premodification | 38 | 31 | 94 | 104 |
Newly Designated TDRs | Consumer: | Indirect other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
ALLL at Period End | 0 | 0 | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Premodification | 1 | 1 | 2 | 2 |
Newly Designated TDRs | Consumer: | Student | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
ALLL at Period End | 0 | 0 | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Premodification | 5 | 3 | 8 | 4 |
Newly Designated TDRs | Credit card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
ALLL at Period End | 1 | 3 | 3 | 6 |
Financing Receivable, Troubled Debt Restructuring, Premodification | 3 | 7 | 7 | 17 |
Newly Designated TDRs | Rate | Commercial: | Commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 0 | 5 | 27 | 33 |
Newly Designated TDRs | Rate | Commercial: | CRE | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 0 | 23 | 0 | 24 |
Newly Designated TDRs | Rate | Commercial: | Lease financing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 0 | 1 | ||
Newly Designated TDRs | Rate | Consumer: | Residential mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 36 | 63 | 89 | 140 |
Newly Designated TDRs | Rate | Consumer: | Residential home equity and direct | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 2 | 11 | 4 | 28 |
Newly Designated TDRs | Rate | Consumer: | Indirect auto | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 24 | 22 | 43 | 78 |
Newly Designated TDRs | Rate | Consumer: | Indirect other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 1 | 1 | 2 | 2 |
Newly Designated TDRs | Rate | Consumer: | Student | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 0 | 0 | 0 | 0 |
Newly Designated TDRs | Rate | Credit card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 2 | 8 | 6 | 18 |
Newly Designated TDRs | Structure | Commercial: | Commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 6 | 1 | 99 | 4 |
Newly Designated TDRs | Structure | Commercial: | CRE | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 0 | 1 | 10 | 1 |
Newly Designated TDRs | Structure | Commercial: | Lease financing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 0 | 0 | ||
Newly Designated TDRs | Structure | Consumer: | Residential mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 46 | 26 | 139 | 41 |
Newly Designated TDRs | Structure | Consumer: | Residential home equity and direct | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 8 | 5 | 33 | 10 |
Newly Designated TDRs | Structure | Consumer: | Indirect auto | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 12 | 8 | 45 | 22 |
Newly Designated TDRs | Structure | Consumer: | Indirect other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 0 | 0 | 1 | 0 |
Newly Designated TDRs | Structure | Consumer: | Student | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 5 | 3 | 8 | 4 |
Newly Designated TDRs | Structure | Credit card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 0 | 0 | 0 | 0 |
Re-Modification of Previously Designated TDRs | Rate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | 14 | 8 | 28 | 26 |
Re-Modification of Previously Designated TDRs | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs | $ 6 | $ 5 | $ 20 | $ 6 |
Loans and ACL - Selected Inform
Loans and ACL - Selected Information About Loans and Leases (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable [Line Items] | ||
Unearned income, discounts and net deferred loan fees and costs | $ 1,558 | $ 2,219 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions | Jul. 01, 2021USD ($) |
Subsequent Event | |
Goodwill Adjustments [Line Items] | |
Goodwill and Identifiable Intangible Assets | $ 900 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Rollforward of Goodwill by Operating Segment (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 24,447 | $ 24,154 |
Goodwill, Acquired During Period | 13 | 450 |
Adjustments and other | (86) | (157) |
Goodwill, Ending Balance | 24,374 | 24,447 |
CB&W | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 15,841 | 14,040 |
Goodwill, Acquired During Period | 0 | 0 |
Adjustments and other | (124) | 1,801 |
Goodwill, Ending Balance | 15,717 | 15,841 |
C&CB | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 6,167 | 8,125 |
Goodwill, Acquired During Period | 0 | 0 |
Adjustments and other | 8 | (1,958) |
Goodwill, Ending Balance | 6,175 | 6,167 |
IH | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 2,439 | 1,989 |
Goodwill, Acquired During Period | 13 | 450 |
Adjustments and other | 30 | 0 |
Goodwill, Ending Balance | $ 2,482 | $ 2,439 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,740 | $ 4,817 |
Accumulated Amortization | (2,075) | (1,833) |
Net Carrying Amount | 2,665 | 2,984 |
CDI | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,600 | 2,600 |
Accumulated Amortization | (1,041) | (852) |
Net Carrying Amount | 1,559 | 1,748 |
Other, primarily client relationship intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,140 | 2,217 |
Accumulated Amortization | (1,034) | (981) |
Net Carrying Amount | $ 1,106 | $ 1,236 |
Loan Servicing - Narrative (Det
Loan Servicing - Narrative (Details) - Subsequent Event $ in Millions | Jul. 01, 2021USD ($) |
Servicing Assets at Fair Value [Line Items] | |
Acquired residential mortgage portfolio, UPB | $ 25,000 |
Acquired residential mortgage portfolio, fair value | $ 275 |
Loan Servicing - Residential Mo
Loan Servicing - Residential Mortgage Banking Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||||
Servicing fees recognized from mortgage loans serviced for others | $ 2,405 | $ 2,423 | $ 4,602 | $ 4,384 | |
Residential mortgage | |||||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||||
UPB of residential mortgage loan servicing portfolio | 224,035 | 224,035 | $ 239,034 | ||
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate | 178,004 | 178,004 | 188,341 | ||
Mortgage loans sold with recourse | 287 | 287 | 328 | ||
Maximum recourse exposure from mortgage loans sold with recourse liability | 179 | 179 | 201 | ||
Indemnification, recourse and repurchase reserves | $ 89 | 89 | $ 93 | ||
UPB of residential mortgage loans sold from LHFS | 22,020 | 22,502 | |||
Pre-tax gains recognized on mortgage loans sold and held for sale | $ 223 | $ 510 | |||
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others | 0.31% | 0.32% | 0.31% | 0.32% | |
Weighted average interest rate on mortgage loans serviced for others | 3.66% | 3.98% | 3.66% | 3.98% | |
Bank Servicing | Residential mortgage | |||||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||||
Servicing fees recognized from mortgage loans serviced for others | $ 280 | $ 328 |
Loan Servicing - Analysis of Ac
Loan Servicing - Analysis of Activity in Residential MSRs (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
MSRs, carrying value, beginning balance | $ 2,023 | |
MSRs, carrying value, ending balance | 2,231 | |
Residential MSRs | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
MSRs, carrying value, beginning balance | 1,778 | $ 2,371 |
Additions | 399 | 311 |
Realization of expected net servicing cash flows, passage of time and other | (387) | (324) |
MSRs, carrying value, ending balance | 1,963 | 1,853 |
Change in fair value due to changes in valuation inputs or assumptions: | ||
Prepayment speeds | 20 | (557) |
OAS | 153 | 52 |
Servicing costs | $ 0 | $ 0 |
Loan Servicing - Residential MS
Loan Servicing - Residential MSR Sensitivity (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Residential MSRs | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of loans serviced for others | 100.00% | 100.00% |
Residential MSRs | Min | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 13.50% | 12.80% |
OAS | 3.30% | 3.50% |
Residential MSRs | Max | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 15.70% | 30.80% |
OAS | 9.40% | 13.70% |
Residential MSRs | Weighted Average | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 14.10% | 15.40% |
Effect on fair value of a 10% increase | $ (96) | $ (89) |
Effect on fair value of a 20% increase | $ (183) | $ (171) |
OAS | 5.10% | 7.30% |
Effect on fair value of a 10% increase | $ (40) | $ (45) |
Effect on fair value of a 20% increase | $ (78) | $ (88) |
Weighted average life | 5 years 1 month 6 days | 4 years 9 months 18 days |
Fixed-rate residential mortgage loans | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of loans serviced for others | 99.00% | 98.80% |
Adjustable-rate residential mortgage loans | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of loans serviced for others | 1.00% | 1.20% |
Loan Servicing - Commercial Mor
Loan Servicing - Commercial Mortgage Banking Activities (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Servicing Assets at Fair Value [Line Items] | ||
MSRs at fair value | $ 2,231 | $ 2,023 |
CRE | ||
Servicing Assets at Fair Value [Line Items] | ||
UPB of CRE mortgages serviced for others | 37,626 | 36,670 |
Mortgage loans sold with recourse | 9,813 | 9,019 |
Maximum recourse exposure from CRE mortgages sold with recourse liability | 2,824 | 2,624 |
Recorded reserves related to recourse exposure | 19 | 18 |
CRE mortgages originated during the year-to-date period | 3,103 | 6,739 |
MSRs at fair value | $ 268 | $ 245 |
Other Assets and Liabilites - N
Other Assets and Liabilites - Narrative (Details) $ in Millions | Jun. 30, 2021USD ($) |
Narrative [Abstract] | |
Bank-Owned Life Insurance | $ 6,500 |
Other Assets and Liabilites - S
Other Assets and Liabilites - Schedule of Right of Use Assets and Future Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Right of Use Assets | |||||
Right-of-Use Asset, Operating Leases | $ 1,233 | $ 1,233 | $ 1,333 | ||
Right-of-Use Asset, Finance Leases | 27 | 27 | 36 | ||
Operating Lease Liabilities, Payments Due | |||||
Total lease liabilities, Operating Leases | $ 1,742 | $ 1,742 | $ 1,896 | ||
Weighted Average Remaining Lease Term, Operating Leases | 6 years 8 months 12 days | 6 years 8 months 12 days | 6 years 10 months 24 days | ||
Weighted Average Discount Rate, Percent, Operating Leases | 2.40% | 2.40% | 2.40% | ||
Operating Lease, Cost | $ 85 | $ 97 | $ 170 | $ 193 | |
Finance Lease Liabilities, Payments, Due | |||||
Total lease liabilities, Finance Leases | $ 33 | $ 33 | $ 42 | ||
Weighted Average Remaining Lease Term, Finance Leases | 6 years 6 months | 6 years 6 months | 6 years 3 months 18 days | ||
Weighted Average Discount Rate, Percent, Finance Leases | 3.60% | 3.60% | 4.80% |
Other Assets and Liabilites -_2
Other Assets and Liabilites - Schedule of Assets Held Under Operating Leases and Related Activities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Other Assets and Liabilities | |||
Assets held under operating leases (1) | [1] | $ 1,952 | $ 2,144 |
Accumulated depreciation | (436) | (517) | |
Net | $ 1,516 | $ 1,627 | |
[1] | (1) Includes certain land parcels subject to operating leases that have indefinite lives. |
Borrowings - Short-term Borrowi
Borrowings - Short-term Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Short-term Debt | $ 5,652 | $ 6,092 |
Federal Funds Purchased | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 10 | 79 |
Securities Sold under Agreements to Repurchase | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 2,252 | 1,221 |
FHLB Advances | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 1,125 | 2,649 |
Dealer Collateral | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 413 | 385 |
Master Notes | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 632 | 621 |
Other Short-term Borrowings | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 1,220 | $ 1,137 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long Term Debt, Interest Rates and Maturity Dates (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | $ 37,969 | $ 39,597 | |
Truist Financial Corporation | Senior notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 14,902 | 15,984 | |
Truist Financial Corporation | Senior notes | Floating rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 1,349 | 900 | |
Truist Financial Corporation | Subordinated notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 1,272 | 1,283 | |
Truist Financial Corporation | Capital Notes | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 618 | 615 | |
Truist Financial Corporation | Structured Notes | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | [1] | 110 | 108 |
Truist Bank | Senior notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 11,136 | 11,907 | |
Truist Bank | Senior notes | Floating rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 1,450 | 1,567 | |
Truist Bank | Subordinated notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 5,113 | 5,142 | |
Truist Bank | FHLB advances | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 871 | 878 | |
Truist Bank | Other long-term debt | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | [2] | 1,148 | 1,014 |
Nonbank | Other long-term debt | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | [3] | $ 0 | $ 199 |
[1] | Consist of notes with various terms that include fixed or floating rate interest or returns that are linked to an equity index. | ||
[2] | Includes debt associated with finance leases, tax credit investments, and other. | ||
[3] | Includes debt associated with structured real estate leases. |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jul. 01, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||||
Repurchase of common stock | $ 610 | $ 1,116 | |||
Redemption of preferred stock | (465) | (1,415) | $ (500) | ||
Common Stock | |||||
Class of Stock [Line Items] | |||||
Repurchase of common stock | $ 51 | $ 99 | |||
Repurchase of common stock (in shares) | 10,284,000 | 19,788,000 | |||
Common Stock | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | ||||
Repurchase of common stock | $ 1,100 | ||||
Repurchase of common stock (in shares) | 19,800,000 | ||||
Common stock, remaining dollar amount authorized for repurchase | $ 884 | $ 884 | |||
Common Stock | Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 4,200 | ||||
Common stock, remaining dollar amount authorized for repurchase | $ 3,100 | ||||
Series F | |||||
Class of Stock [Line Items] | |||||
Stock Redeemed or Called During Period, Shares | 18,000 | ||||
Redemption of preferred stock | $ 450 | ||||
Series G | |||||
Class of Stock [Line Items] | |||||
Stock Redeemed or Called During Period, Shares | 20,000 | ||||
Redemption of preferred stock | $ 500 | ||||
Series H | |||||
Class of Stock [Line Items] | |||||
Stock Redeemed or Called During Period, Shares | 18,600 | ||||
Redemption of preferred stock | $ 465 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Cash Dividends Declared per Share (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Equity [Abstract] | ||||
Cash dividends declared per share | $ 0.45 | $ 0.45 | $ 0.90 | $ 0.90 |
AOCI (Details)
AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Amounts reclassified from AOCI: | ||||
OCI | $ 468 | $ (51) | $ (1,764) | $ 1,691 |
Pension and OPEB Costs | ||||
AOCI, Net of Tax [Roll Forward] | ||||
AOCI, beginning balance | (840) | (1,107) | (875) | (1,122) |
OCI before reclassifications, net of tax | (9) | (1) | 19 | (1) |
Amounts reclassified from AOCI: | ||||
OCI | (2) | 14 | 33 | 29 |
AOCI, ending balance | (842) | (1,093) | (842) | (1,093) |
Pension and OPEB Costs | Amounts reclassified from AOCI | ||||
Amounts reclassified from AOCI: | ||||
Before tax | 9 | 20 | 18 | 40 |
Tax effect | 2 | 5 | 4 | 10 |
Amounts reclassified, net of tax | 7 | 15 | 14 | 30 |
Cash Flow Hedges | ||||
AOCI, Net of Tax [Roll Forward] | ||||
AOCI, beginning balance | (28) | (90) | (64) | (101) |
OCI before reclassifications, net of tax | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI: | ||||
OCI | 10 | 11 | 46 | 22 |
AOCI, ending balance | (18) | (79) | (18) | (79) |
Cash Flow Hedges | Amounts reclassified from AOCI | ||||
Amounts reclassified from AOCI: | ||||
Before tax | 13 | 14 | 60 | 29 |
Tax effect | 3 | 3 | 14 | 7 |
Amounts reclassified, net of tax | 10 | 11 | 46 | 22 |
AFS Securities | ||||
AOCI, Net of Tax [Roll Forward] | ||||
AOCI, beginning balance | (650) | 2,101 | 1,654 | 380 |
OCI before reclassifications, net of tax | 394 | 101 | (2,014) | 1,791 |
Amounts reclassified from AOCI: | ||||
OCI | 459 | (79) | (1,845) | 1,642 |
AOCI, ending balance | (191) | 2,022 | (191) | 2,022 |
AFS Securities | Amounts reclassified from AOCI | ||||
Amounts reclassified from AOCI: | ||||
Before tax | 85 | (237) | 221 | (196) |
Tax effect | 20 | (57) | 52 | (47) |
Amounts reclassified, net of tax | 65 | (180) | 169 | (149) |
Other, net | ||||
AOCI, Net of Tax [Roll Forward] | ||||
AOCI, beginning balance | 2 | (6) | 1 | (1) |
OCI before reclassifications, net of tax | 1 | 3 | 2 | (2) |
Amounts reclassified from AOCI: | ||||
OCI | 1 | 3 | 2 | (2) |
AOCI, ending balance | 3 | (3) | 3 | (3) |
Other, net | Amounts reclassified from AOCI | ||||
Amounts reclassified from AOCI: | ||||
Before tax | 0 | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 | 0 |
Amounts reclassified, net of tax | 0 | 0 | 0 | 0 |
Total | ||||
AOCI, Net of Tax [Roll Forward] | ||||
AOCI, beginning balance | (1,516) | 898 | 716 | (844) |
OCI before reclassifications, net of tax | 386 | 103 | (1,993) | 1,788 |
Amounts reclassified from AOCI: | ||||
OCI | 468 | (51) | (1,764) | 1,691 |
AOCI, ending balance | (1,048) | 847 | (1,048) | 847 |
Total | Amounts reclassified from AOCI | ||||
Amounts reclassified from AOCI: | ||||
Before tax | 107 | (203) | 299 | (127) |
Tax effect | 25 | (49) | 70 | (30) |
Amounts reclassified, net of tax | $ 82 | $ (154) | $ 229 | $ (97) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Contingency [Line Items] | ||||
Provision for income taxes | $ 415 | $ 191 | $ 766 | $ 415 |
Effective Income Tax Rate, Percent | 20.00% | 16.60% | 19.70% | 17.00% |
Benefit Plans - Narrative (Deta
Benefit Plans - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Discretionary contributions | $ 387 |
Benefit Plans - Summary of the
Benefit Plans - Summary of the Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net periodic pension cost: | ||||
Service cost | $ 157 | $ 118 | $ 315 | $ 236 |
Interest cost | 80 | 78 | 159 | 156 |
Estimated return on plan assets | (249) | (217) | (498) | (433) |
Net amortization and other | 9 | 19 | 17 | 38 |
Net periodic (benefit) cost | $ (3) | $ (2) | $ (7) | $ (3) |
Commitments and Contingencies -
Commitments and Contingencies - Narrative - (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||
Other Liabilities | $ 11,728 | $ 11,550 |
Trading assets at fair value | 5,945 | 3,872 |
Variable Interest Entity & TRS Contracts | ||
Other Commitments [Line Items] | ||
VIE Assets | 1,600 | 1,300 |
Other Liabilities | 175 | 41 |
Trading assets at fair value | 1,500 | $ 1,300 |
Max | ||
Loss Contingency [Abstract] | ||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 200 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Investments in affordable housing projects | ||
Tax Credit and Certain Equity Investments | ||
Carrying amount | $ 3,881 | $ 3,823 |
Amount of future funding commitments included in carrying amount | 1,099 | 1,057 |
Lending exposure | 487 | 546 |
Renewable Energy Investments | ||
Tax Credit and Certain Equity Investments | ||
Carrying amount | 216 | 167 |
Amount of future funding commitments not included in carrying amount | 147 | 76 |
Private equity and certain other equity method investments: | ||
Tax Credit and Certain Equity Investments | ||
Carrying amount | 1,628 | 1,574 |
Amount of future funding commitments not included in carrying amount | $ 450 | $ 471 |
Commitments and Contingencies_3
Commitments and Contingencies - Tax Credits and Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||
Investments in affordable housing projects | ||||||
Income Tax Contingency [Line Items] | ||||||
Investment tax credit | $ 119 | $ 114 | $ 239 | $ 231 | ||
Amortization and other changes in carrying amount | 117 | 116 | 236 | 227 | ||
Other Community Development Investment | ||||||
Income Tax Contingency [Line Items] | ||||||
Investment tax credit | 23 | 22 | 46 | 45 | ||
Amortization and other changes in carrying amount | 19 | 19 | 38 | 38 | ||
Renewable energy investments | ||||||
Income Tax Contingency [Line Items] | ||||||
Investment tax credit | 21 | 102 | 60 | [1] | 102 | [1] |
Amortization and other changes in carrying amount | $ 2 | $ 2 | $ 2 | $ 2 | ||
[1] | Tax credits received for these investments are recorded as a reduction to the carrying value of these investments |
Commitments and Contingencies_4
Commitments and Contingencies - Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Residential mortgage | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | $ 287 | $ 328 |
CRE | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 9,813 | 9,019 |
Commitments to extend, originate, or purchase credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 200,626 | 186,731 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | $ 5,120 | $ 5,066 |
Commitments and Contingencies_5
Commitments and Contingencies - Pledged Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Pledged securities | $ 25,012 | $ 24,974 |
Federal Reserve Bank Advances [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Pledged loans | 71,174 | 75,615 |
Line of Credit Facility, Remaining Borrowing Capacity | 50,625 | 52,831 |
FHLB Advances | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Pledged loans | 63,800 | 69,994 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 48,864 | $ 52,274 |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments excluded from Fair Value Hierarchy, net asset value practical expedient | $ 413 | $ 387 |
Loans Held-for-sale | 2,816 | 4,955 |
Carrying value of unfunded commitments | 315 | 364 |
Nonperforming | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Loans Held-for-sale | 5 | |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Loans Held-for-sale | 27 | 125 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Loans Held-for-sale | $ 0 | $ 0 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Assets | |||
Trading assets | $ 5,945 | $ 3,872 | |
AFS securities | 139,879 | 120,788 | |
Loans Held for Sale, Fair Value | 2,816 | 4,955 | |
MSRs at fair value | 2,231 | 2,023 | |
Derivative Asset, Net | 3,188 | 3,837 | |
Derivative Asset, Gross | 4,902 | 5,841 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (1,714) | (2,004) | |
Equity securities | 912 | 1,054 | |
Total assets | 154,971 | 136,529 | |
Liabilities | |||
Derivative liabilities | 574 | 555 | |
Derivative Liability, Gross | 3,568 | 3,663 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (2,994) | (3,108) | |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 1,213 | 1,115 | |
Total liabilities | 1,787 | 1,670 | |
Level 1 | |||
Assets | |||
Trading assets | 247 | 123 | |
AFS securities | 0 | 0 | |
Loans Held for Sale, Fair Value | 0 | 0 | |
MSRs at fair value | 0 | 0 | |
Derivative Asset, Gross | 824 | 752 | |
Equity securities | 848 | 996 | |
Total assets | 1,919 | 1,871 | |
Liabilities | |||
Derivative Liability, Gross | 351 | 386 | |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 20 | 3 | |
Total liabilities | 371 | 389 | |
Level 2 | |||
Assets | |||
Trading assets | 5,698 | 3,749 | |
AFS securities | 139,879 | 120,788 | |
Loans Held for Sale, Fair Value | 2,816 | 4,955 | |
MSRs at fair value | 0 | 0 | |
Derivative Asset, Gross | 4,022 | 4,903 | |
Equity securities | 64 | 58 | |
Total assets | 152,479 | 134,453 | |
Liabilities | |||
Derivative Liability, Gross | 3,199 | 3,263 | |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 1,193 | 1,112 | |
Total liabilities | 4,392 | 4,375 | |
Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities | 0 | 0 | |
Loans Held for Sale, Fair Value | 0 | 0 | |
MSRs at fair value | 2,231 | 2,023 | |
Derivative Asset, Gross | 56 | 186 | |
Equity securities | 0 | 0 | |
Total assets | 2,287 | 2,209 | |
Liabilities | |||
Derivative Liability, Gross | 18 | 14 | |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 | |
Total liabilities | 18 | 14 | |
U.S. Treasury | |||
Assets | |||
Trading assets | 1,827 | 793 | |
AFS securities | 9,688 | 1,746 | |
U.S. Treasury | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities | 0 | 0 | |
U.S. Treasury | Level 2 | |||
Assets | |||
Trading assets | 1,827 | 793 | |
AFS securities | 9,688 | 1,746 | |
U.S. Treasury | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities | 0 | 0 | |
GSE | |||
Assets | |||
Trading assets | 213 | 164 | |
AFS securities | 1,901 | 1,917 | |
GSE | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities | 0 | 0 | |
GSE | Level 2 | |||
Assets | |||
Trading assets | 213 | 164 | |
AFS securities | 1,901 | 1,917 | |
GSE | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities | 0 | 0 | |
Agency MBS | Agency MBS - residential | |||
Assets | |||
Trading assets | 865 | 599 | |
AFS securities | 124,097 | 113,541 | |
Agency MBS | Commercial Mortgage Backed Securities | |||
Assets | |||
Trading assets | 30 | 21 | |
AFS securities | 3,183 | 3,057 | |
Agency MBS | Level 1 | Agency MBS - residential | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities | 0 | 0 | |
Agency MBS | Level 1 | Commercial Mortgage Backed Securities | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities | 0 | 0 | |
Agency MBS | Level 2 | Agency MBS - residential | |||
Assets | |||
Trading assets | 865 | 599 | |
AFS securities | 124,097 | 113,541 | |
Agency MBS | Level 2 | Commercial Mortgage Backed Securities | |||
Assets | |||
Trading assets | 30 | 21 | |
AFS securities | 3,183 | 3,057 | |
Agency MBS | Level 3 | Agency MBS - residential | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities | 0 | 0 | |
Agency MBS | Level 3 | Commercial Mortgage Backed Securities | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities | 0 | 0 | |
States and political subdivisions | |||
Assets | |||
Trading assets | 36 | 34 | |
AFS securities | 472 | 493 | |
States and political subdivisions | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities | 0 | 0 | |
States and political subdivisions | Level 2 | |||
Assets | |||
Trading assets | 36 | 34 | |
AFS securities | 472 | 493 | |
States and political subdivisions | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities | 0 | 0 | |
Corporate and other debt securities | |||
Assets | |||
Trading assets | 941 | 545 | |
Corporate and other debt securities | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
Corporate and other debt securities | Level 2 | |||
Assets | |||
Trading assets | 941 | 545 | |
Corporate and other debt securities | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
Loans | |||
Assets | |||
Trading assets | 1,748 | 1,586 | |
Loans | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
Loans | Level 2 | |||
Assets | |||
Trading assets | 1,748 | 1,586 | |
Loans | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
Other | |||
Assets | |||
Trading assets | 285 | 130 | |
AFS securities | 31 | 34 | |
Other | Level 1 | |||
Assets | |||
Trading assets | 247 | 123 | |
AFS securities | 0 | 0 | |
Other | Level 2 | |||
Assets | |||
Trading assets | 38 | 7 | |
AFS securities | 31 | 34 | |
Other | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities | 0 | 0 | |
Non-agency MBS | |||
Assets | |||
AFS securities | 507 | ||
Non-agency MBS | Level 1 | |||
Assets | |||
AFS securities | 0 | ||
Non-agency MBS | Level 2 | |||
Assets | |||
AFS securities | 507 | ||
Fair Value, Concentration of Credit Risk, Master Netting Arrangements | |||
Assets | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (1,714) | (2,004) |
Liabilities | |||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | $ (2,994) | $ (3,108) |
[1] | Refer to “Note 15. Derivative Financial Instruments” for additional discussion on netting adjustments. |
Fair Value Disclosures - Rollfo
Fair Value Disclosures - Rollforward of Level 3 Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Non-agency MBS | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 0 | $ 298 | $ 0 | $ 368 |
Included in earnings | 0 | 303 | 0 | 306 |
Included in unrealized net holding gains (losses) in OCI | (114) | (178) | ||
Purchases | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 |
Sales | (481) | (481) | ||
Settlements | 0 | (6) | 0 | (15) |
Transfers out of level 3 and other | 0 | 0 | ||
Ending balance | 0 | 0 | 0 | 0 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 0 | 0 | ||
MSRs | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 2,365 | 2,150 | 2,023 | 2,618 |
Included in earnings | (192) | (36) | 182 | (562) |
Included in unrealized net holding gains (losses) in OCI | 0 | 0 | ||
Purchases | 20 | 52 | 0 | |
Issuances | 227 | 144 | 387 | 331 |
Sales | 0 | 0 | ||
Settlements | (189) | (181) | (413) | (310) |
Transfers out of level 3 and other | 0 | 0 | ||
Ending balance | 2,231 | 2,077 | 2,231 | 2,077 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | (174) | 182 | ||
Net Derivatives | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | (10) | 143 | 172 | 19 |
Included in earnings | 81 | 126 | (83) | 237 |
Included in unrealized net holding gains (losses) in OCI | 0 | 0 | ||
Purchases | 0 | 0 | 0 | |
Issuances | 81 | 271 | 177 | 426 |
Sales | 0 | 0 | ||
Settlements | (114) | (337) | (228) | (479) |
Transfers out of level 3 and other | 0 | 0 | ||
Ending balance | 38 | 203 | 38 | 203 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 44 | 44 | ||
Private Equity Investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 448 | 0 | 440 |
Included in earnings | 0 | 0 | 0 | 2 |
Included in unrealized net holding gains (losses) in OCI | 0 | 0 | ||
Purchases | 0 | 0 | 27 | |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | ||
Settlements | 0 | 0 | 0 | (21) |
Transfers out of level 3 and other | 448 | 448 | ||
Ending balance | 0 | $ 0 | 0 | $ 0 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | $ 0 | $ 0 |
Fair Value Disclosures - Loans
Fair Value Disclosures - Loans Held for Sale (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures | ||
Loans Held for Sale, Fair Value | $ 2,816 | $ 4,955 |
UPB | 2,719 | 4,736 |
Difference | 97 | 219 |
Trading loans | ||
Fair Value Disclosures | ||
Fair Value | 1,748 | 1,586 |
UPB | 1,732 | 1,619 |
Difference | $ 16 | $ (33) |
Fair Value Disclosures - Measur
Fair Value Disclosures - Measured on a Nonrecurring Basis (Details) - Nonrecurring - Level 3 - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
LHFS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value: | $ 166 | $ 979 | |
Valuation adjustments: | (26) | $ (55) | |
Loans and Leases | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value: | 130 | 142 | |
Valuation adjustments: | (32) | (27) | |
Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value: | 119 | $ 92 | |
Valuation adjustments: | $ (127) | $ (133) |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Loans and leases HFI, net of ALLL | $ 281,364 | $ 293,899 |
Financial liabilities: | ||
Long-term debt | 37,969 | 39,597 |
Carrying Amount | ||
Financial assets: | ||
Loans and leases HFI, net of ALLL | 281,364 | 293,899 |
Financial liabilities: | ||
Time deposits | 17,545 | 21,941 |
Long-term debt | 37,969 | 39,597 |
Fair Value | Level 2 | ||
Financial liabilities: | ||
Time deposits | 17,651 | 22,095 |
Long-term debt | 38,682 | 40,864 |
Fair Value | Level 3 | ||
Financial assets: | ||
Loans and leases HFI, net of ALLL | $ 283,130 | $ 295,461 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Notional Amount | $ 315,924 | $ 322,942 |
Amortized Cost | 140,122 | 118,618 |
Cash flow hedges | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Fair value hedges | AFS securities (1) | ||
Derivative [Line Items] | ||
Amortized Cost | $ 100,300 | $ 99,400 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Classifications and Hedging Relationships (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | $ 315,924 | $ 322,942 |
Derivative Asset, Fair Value, Gross | 4,902 | 5,841 |
Derivative Liability, Fair Value, Gross | (3,568) | (3,663) |
Derivative Asset [Abstract] | ||
Amounts subject to master netting arrangements | (1,444) | (1,561) |
Cash collateral (received) posted for amounts subject to master netting arrangements | (270) | (443) |
Net Amount in Consolidated Balance Sheets | 3,188 | 3,837 |
Derivative Liability [Abstract] | ||
Amounts subject to master netting arrangements | 1,444 | 1,561 |
Cash collateral (received) posted for amounts subject to master netting arrangements | 1,550 | 1,547 |
Net amount | (574) | (555) |
Fair value hedges | Interest rate contracts | Swap | AFS securities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 20,381 | 17,765 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | (3) | 0 |
Not designated as hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 295,543 | 305,177 |
Derivative Asset, Fair Value, Gross | 4,902 | 5,841 |
Derivative Liability, Fair Value, Gross | (3,565) | (3,663) |
Not designated as hedges | Client-related and other risk management | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 242,364 | 245,388 |
Derivative Asset, Fair Value, Gross | 4,817 | 5,642 |
Derivative Liability, Fair Value, Gross | (3,522) | (3,582) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 152,790 | 156,338 |
Derivative Asset, Fair Value, Gross | 2,440 | 3,399 |
Derivative Liability, Fair Value, Gross | (772) | (862) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 23,799 | 25,386 |
Derivative Asset, Fair Value, Gross | 36 | 45 |
Derivative Liability, Fair Value, Gross | (14) | (18) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Forward commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 3,825 | 4,847 |
Derivative Asset, Fair Value, Gross | 3 | 9 |
Derivative Liability, Fair Value, Gross | (2) | (11) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 2,429 | 2,573 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | Client-related and other risk management | Equity contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 30,179 | 31,152 |
Derivative Asset, Fair Value, Gross | 1,669 | 1,856 |
Derivative Liability, Fair Value, Gross | (2,077) | (2,297) |
Not designated as hedges | Client-related and other risk management | Credit Contract | Loans and leases | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 765 | 1,056 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | (3) | (5) |
Not designated as hedges | Client-related and other risk management | Credit Contract | Risk participation agreements | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 7,852 | 7,802 |
Derivative Asset, Fair Value, Gross | 0 | 1 |
Derivative Liability, Fair Value, Gross | (9) | (13) |
Not designated as hedges | Client-related and other risk management | Credit Contract | Total Return Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 1,359 | 1,296 |
Derivative Asset, Fair Value, Gross | 2 | 13 |
Derivative Liability, Fair Value, Gross | (33) | (33) |
Not designated as hedges | Client-related and other risk management | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 15,107 | 12,066 |
Derivative Asset, Fair Value, Gross | 169 | 189 |
Derivative Liability, Fair Value, Gross | (122) | (219) |
Not designated as hedges | Client-related and other risk management | Commodity Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 4,259 | 2,872 |
Derivative Asset, Fair Value, Gross | 498 | 130 |
Derivative Liability, Fair Value, Gross | (490) | (124) |
Not designated as hedges | Mortgage banking | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 12,821 | 21,453 |
Derivative Asset, Fair Value, Gross | 73 | 192 |
Derivative Liability, Fair Value, Gross | (41) | (76) |
Not designated as hedges | Mortgage banking | Interest rate contracts | Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 807 | 687 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | Mortgage banking | Interest rate contracts | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 506 | 466 |
Derivative Asset, Fair Value, Gross | 2 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | Mortgage banking | Interest rate contracts | Interest rate lock commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 4,805 | 8,609 |
Derivative Asset, Fair Value, Gross | 56 | 186 |
Derivative Liability, Fair Value, Gross | (4) | (3) |
Not designated as hedges | Mortgage banking | Interest rate contracts | When issued securities, forward rate agreements and forward commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 6,703 | 11,691 |
Derivative Asset, Fair Value, Gross | 15 | 6 |
Derivative Liability, Fair Value, Gross | (37) | (73) |
Not designated as hedges | MSRs | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 40,358 | 38,336 |
Derivative Asset, Fair Value, Gross | 12 | 7 |
Derivative Liability, Fair Value, Gross | (2) | (5) |
Not designated as hedges | MSRs | Interest rate contracts | Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 26,257 | 36,161 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | (1) | (5) |
Not designated as hedges | MSRs | Interest rate contracts | Options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 101 | 101 |
Derivative Asset, Fair Value, Gross | 1 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | MSRs | Interest rate contracts | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 11,149 | 760 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | MSRs | Interest rate contracts | When issued securities, forward rate agreements and forward commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 2,851 | 1,314 |
Derivative Asset, Fair Value, Gross | 11 | 7 |
Derivative Liability, Fair Value, Gross | $ (1) | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Master Netting (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | $ 4,902 | $ 5,841 |
Amount Offset | (1,714) | (2,004) |
Net Amount in Consolidated Balance Sheets | 3,188 | 3,837 |
Derivative, Collateral, Obligation to Return Securities | (3) | (3) |
Net Amount | 3,185 | 3,834 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (3,568) | (3,663) |
Amount Offset | 2,994 | 3,108 |
Net amount | (574) | (555) |
Held/Pledged Financial Instruments | 58 | 35 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (516) | (520) |
Derivatives Subject to Master Netting Arrangements | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | 3,904 | 4,383 |
Amount Offset | (1,714) | (1,618) |
Net Amount in Consolidated Balance Sheets | 2,190 | 2,765 |
Derivative, Collateral, Obligation to Return Securities | (3) | (2) |
Net Amount | 2,187 | 2,763 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (3,344) | (3,103) |
Amount Offset | 2,994 | 2,722 |
Net amount | (350) | (381) |
Held/Pledged Financial Instruments | 58 | 35 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (292) | (346) |
Derivatives Not Subject to Master Netting Arrangement | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | 525 | 705 |
Amount Offset | 0 | 0 |
Net Amount in Consolidated Balance Sheets | 525 | 705 |
Derivative, Collateral, Obligation to Return Securities | 0 | (1) |
Net Amount | 525 | 704 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (224) | (174) |
Amount Offset | 0 | 0 |
Net amount | (224) | (174) |
Held/Pledged Financial Instruments | 0 | 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (224) | (174) |
Exchange Traded | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | 473 | 753 |
Amount Offset | 0 | (386) |
Net Amount in Consolidated Balance Sheets | 473 | 367 |
Derivative, Collateral, Obligation to Return Securities | 0 | 0 |
Net Amount | $ 473 | 367 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (386) | |
Amount Offset | 386 | |
Net amount | 0 | |
Held/Pledged Financial Instruments | 0 | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Fair Value Hedges Basis Adjusments (Details) - Fair Value Hedges - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
AFS securities (1) | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Asset / Liability Basis | [1] | $ 99,627 | $ 100,988 |
AFS securities (1) | Items Currently Designated | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | (394) | (33) | |
AFS securities (1) | Discontinued Hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | 46 | 50 | |
Loans and leases | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Asset / Liability Basis | 451 | 470 | |
Loans and leases | Items Currently Designated | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | 0 | 0 | |
Loans and leases | Discontinued Hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | 16 | 18 | |
Long-term debt | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Asset / Liability Basis | 23,581 | 27,725 | |
Long-term debt | Items Currently Designated | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | 0 | 0 | |
Long-term debt | Discontinued Hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | $ 773 | $ 930 | |
[1] | The amortized cost of AFS securities was $100.3 billion at June 30, 2021 and $99.4 billion at December 31, 2020. |
Derivative Financial Instrume_7
Derivative Financial Instruments - Amounts Related to Cash Flow Hedges (Details) - Cash Flow Hedges - Interest Rate Contracts - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Interest Expense | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | $ (13) | $ (15) | $ (24) | $ (29) | |
Other Expense | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | 0 | 0 | (36) | [1] | 0 |
Deposits | Interest Expense | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | (1) | (4) | (2) | (6) | |
Deposits | Other Expense | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | 0 | 0 | (12) | [1] | 0 |
Short-term Debt | Interest Expense | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | (7) | (4) | (12) | (8) | |
Short-term Debt | Other Expense | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | 0 | 0 | (20) | [1] | 0 |
Long-term debt | Interest Expense | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | (5) | (7) | (10) | (15) | |
Long-term debt | Other Expense | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Pre-tax gain (loss) reclassified from AOCI into expense | $ 0 | $ 0 | $ (4) | [1] | $ 0 |
[1] | Represents the accelerated amortization of amounts reclassified from AOCI, where management determined that the forecasted transaction is probable of not occurring. |
Derivative Financial Instrume_8
Derivative Financial Instruments - Amounts Related to Fair Value Hedges (Details) - Fair Value Hedges - Interest Rate Contracts - Net interest income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized | $ 60 | $ 86 | $ 125 | $ 99 |
AFS securities (1) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts related to interest settlements | (13) | 0 | (24) | 0 |
Recognized on derivatives | (163) | 0 | 361 | 0 |
Recognized on hedged items | 161 | (2) | (365) | (4) |
Net income (expense) recognized | (15) | (2) | (28) | (4) |
Loans and leases | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on derivatives | 0 | 0 | 0 | (3) |
Recognized on hedged items | 0 | (1) | (1) | 1 |
Net income (expense) recognized | 0 | (1) | (1) | (2) |
Long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amounts related to interest settlements | 0 | 88 | 0 | 104 |
Recognized on derivatives | 0 | 8 | 0 | 930 |
Recognized on hedged items | 75 | (7) | 154 | (929) |
Net income (expense) recognized | $ 75 | $ 89 | $ 154 | $ 105 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Cash Flow and Fair Value Hedges (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Cash flow hedges | ||
Derivative [Line Items] | ||
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2022) | $ (18) | $ (64) |
Estimated portion of net after-tax gain (loss) on terminated hedges to be reclassified from AOCI into earnings during the next 12 months | (17) | (42) |
Fair Value Hedges | ||
Derivative [Line Items] | ||
Unrecognized pre-tax net gain (loss) on terminated hedges (to be recognized as interest primarily through 2029) | 711 | 862 |
Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months | $ 249 | $ 292 |
Derivative Financial Instrum_10
Derivative Financial Instruments - Amounts Related to Derivative Instruments Not Designated as Hedges (Details) - Not designated as hedges - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax Gain (Loss) Recognized in Income | $ 120 | $ (122) | $ (47) | $ 768 |
Client-related and other risk management | Interest rate contracts | Investment banking and trading income and other income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax Gain (Loss) Recognized in Income | 12 | 37 | 114 | (27) |
Client-related and other risk management | Foreign exchange contracts | Investment banking and trading income and other income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax Gain (Loss) Recognized in Income | 8 | (26) | 34 | 81 |
Client-related and other risk management | Equity contracts | Investment banking and trading income and other income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax Gain (Loss) Recognized in Income | (12) | 3 | (20) | (7) |
Client-related and other risk management | Credit Contract | Investment banking and trading income and other income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax Gain (Loss) Recognized in Income | (27) | (153) | (61) | 306 |
Client-related and other risk management | Commodity Contract | Investment banking and trading income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax Gain (Loss) Recognized in Income | 3 | 1 | 5 | 4 |
Mortgage banking | Interest rate contracts | Residential mortgage income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax Gain (Loss) Recognized in Income | (88) | (26) | 3 | (148) |
Mortgage banking | Interest rate contracts | Commercial real estate related income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax Gain (Loss) Recognized in Income | 0 | (2) | (1) | 0 |
MSRs | Interest rate contracts | Residential mortgage income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax Gain (Loss) Recognized in Income | 219 | 42 | (114) | 537 |
MSRs | Interest rate contracts | Commercial real estate related income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-tax Gain (Loss) Recognized in Income | $ 5 | $ 2 | $ (7) | $ 22 |
Derivative Financial Instrum_11
Derivative Financial Instruments - Risk Participation Agreements (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Risk Participation Agreements Sold | ||
Credit Derivatives [Line Items] | ||
Maximum potential amount of exposure | $ 506 | $ 530 |
Total Return Swap | ||
Credit Derivatives [Line Items] | ||
Cash collateral held | $ 280 | $ 374 |
Derivative Financial Instrum_12
Derivative Financial Instruments - Dealer Counterparties and Central Clearing Parties (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Credit Derivatives [Line Items] | ||
Unsecured positions in a net gain with counterparties after collateral postings | $ 3,185 | $ 3,834 |
Dealer Counterparties | ||
Credit Derivatives [Line Items] | ||
Cash and other collateral received from counterparties | 274 | 446 |
Derivatives in a net gain position secured by collateral received | 443 | 585 |
Unsecured positions in a net gain with counterparties after collateral postings | 160 | 49 |
Cash collateral posted | 1,597 | 1,524 |
Derivatives in a net loss position | 1,682 | 1,604 |
Additional collateral that would have been posted had the Company’s credit ratings dropped below investment grade | 4 | 3 |
Central Clearing Parties | ||
Credit Derivatives [Line Items] | ||
Derivatives in a net gain position secured by collateral received | 1 | 5 |
Cash collateral posted | 77 | 172 |
Derivatives in a net loss position | 38 | 90 |
Securities pledged to central counterparties clearing | $ 1,183 | $ 1,281 |
Computation of EPS (Details)
Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income available to common shareholders | $ 1,559 | $ 902 | $ 2,893 | $ 1,888 |
Weighted average number of common shares | 1,338,302 | 1,347,512 | 1,341,963 | 1,345,942 |
Effect of dilutive outstanding equity-based awards | 11,190 | 8,322 | 12,247 | 10,867 |
Weighted average number of diluted common shares | 1,349,492 | 1,355,834 | 1,354,210 | 1,356,809 |
Basic EPS | $ 1.16 | $ 0.67 | $ 2.16 | $ 1.40 |
Diluted EPS | $ 1.16 | $ 0.67 | $ 2.14 | $ 1.39 |
Anti-dilutive awards | 0 | 5,081 | 3 | 2,806 |
Operating Segments - Narrative
Operating Segments - Narrative (Details) | 6 Months Ended |
Jun. 30, 2021numberOfSegments | |
Segment Reporting [Abstract] | |
Number of Major Reportable Business Segments | 3 |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net Interest Income | $ 3,245 | $ 3,448 | $ 6,530 | $ 7,098 | ||||
Allocated provision for credit losses | (434) | 844 | (386) | 1,737 | ||||
Segment net interest income after provision | 3,679 | 2,604 | 6,916 | 5,361 | ||||
Noninterest income | 2,405 | 2,423 | 4,602 | 4,384 | ||||
Amortization of intangibles | 142 | 178 | 286 | 343 | ||||
Other expense | 275 | 161 | 384 | 308 | ||||
Income before income taxes | 2,073 | 1,149 | 3,897 | 2,436 | ||||
Provision for income taxes | 415 | 191 | 766 | 415 | ||||
Net income | 1,658 | 958 | 3,131 | 2,021 | ||||
Identifiable assets (period end) | 521,964 | 521,964 | $ 509,228 | |||||
CB&W | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net Interest Income | 1,688 | 1,843 | 3,440 | 3,704 | ||||
C&CB | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net Interest Income | 1,182 | 1,351 | 2,390 | 2,885 | ||||
IH | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net Interest Income | 25 | 33 | 49 | 69 | ||||
OT&C | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net Interest Income | 350 | [1] | 221 | [1] | 651 | 440 | ||
Operating Segments | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net Interest Income | 3,245 | 3,448 | 6,530 | 7,098 | ||||
Allocated provision for credit losses | (434) | 844 | (386) | 1,737 | ||||
Segment net interest income after provision | 3,679 | 2,604 | 6,916 | 5,361 | ||||
Noninterest income | 2,405 | 2,423 | 4,602 | 4,384 | ||||
Amortization of intangibles | 142 | 178 | 286 | 343 | ||||
Other expense | 3,869 | 3,700 | 7,335 | 6,966 | ||||
Income before income taxes | 2,073 | 1,149 | 3,897 | 2,436 | ||||
Provision for income taxes | 415 | 191 | 766 | 415 | ||||
Net income | 1,658 | 958 | 3,131 | 2,021 | ||||
Identifiable assets (period end) | 521,964 | 504,336 | 521,964 | 504,336 | ||||
Operating Segments | CB&W | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net Interest Income | 2,118 | 2,163 | 4,253 | 4,417 | ||||
Allocated provision for credit losses | (4) | 270 | 96 | 707 | ||||
Segment net interest income after provision | 2,122 | 1,893 | 4,157 | 3,710 | ||||
Noninterest income | 925 | 1,008 | 1,845 | 2,076 | ||||
Amortization of intangibles | 79 | 113 | 158 | 213 | ||||
Other expense | 1,843 | 1,856 | 3,674 | 3,742 | ||||
Income before income taxes | 1,125 | 932 | 2,170 | 1,831 | ||||
Provision for income taxes | 263 | 220 | 508 | 431 | ||||
Net income | 862 | 712 | 1,662 | 1,400 | ||||
Identifiable assets (period end) | 156,285 | 167,792 | 156,285 | 167,792 | ||||
Operating Segments | C&CB | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net Interest Income | 1,214 | 1,292 | 2,428 | 2,619 | ||||
Allocated provision for credit losses | (399) | 534 | (434) | 933 | ||||
Segment net interest income after provision | 1,613 | 758 | 2,862 | 1,686 | ||||
Noninterest income | 809 | 621 | 1,503 | 1,077 | ||||
Amortization of intangibles | 38 | 43 | 76 | 85 | ||||
Other expense | 812 | 843 | 1,555 | 1,690 | ||||
Income before income taxes | 1,572 | 493 | 2,734 | 988 | ||||
Provision for income taxes | 345 | 91 | 595 | 178 | ||||
Net income | 1,227 | 402 | 2,139 | 810 | ||||
Identifiable assets (period end) | 178,372 | 198,869 | 178,372 | 198,869 | ||||
Operating Segments | IH | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net Interest Income | 21 | 23 | 41 | 48 | ||||
Allocated provision for credit losses | (1) | 6 | 0 | 7 | ||||
Segment net interest income after provision | 22 | 17 | 41 | 41 | ||||
Noninterest income | 698 | 598 | 1,331 | 1,155 | ||||
Amortization of intangibles | 24 | 18 | 50 | 36 | ||||
Other expense | 491 | 430 | 944 | 851 | ||||
Income before income taxes | 205 | 167 | 378 | 309 | ||||
Provision for income taxes | 49 | 41 | 91 | 77 | ||||
Net income | 156 | 126 | 287 | 232 | ||||
Identifiable assets (period end) | 8,649 | 7,360 | 8,649 | 7,360 | ||||
Operating Segments | OT&C | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net Interest Income | [1] | (108) | (30) | (192) | 14 | |||
Allocated provision for credit losses | (30) | [1] | 34 | [1] | (48) | 90 | ||
Segment net interest income after provision | [1] | (78) | (64) | (144) | (76) | |||
Noninterest income | (27) | [1] | 196 | [1] | (77) | 76 | ||
Amortization of intangibles | 1 | 4 | 2 | 9 | ||||
Other expense | 723 | [1] | 571 | [1] | 1,162 | 683 | ||
Income before income taxes | [1] | (829) | (443) | (1,385) | (692) | |||
Provision for income taxes | (242) | [1] | (161) | [1] | (428) | (271) | ||
Net income | [1] | (587) | (282) | (957) | (421) | |||
Identifiable assets (period end) | [1] | 178,658 | 130,315 | 178,658 | 130,315 | |||
Intersegment Eliminations | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net Interest Income | 0 | 0 | 0 | 0 | ||||
Intersegment Eliminations | CB&W | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net Interest Income | 430 | 320 | 813 | 713 | ||||
Intersegment Eliminations | C&CB | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net Interest Income | 32 | (59) | 38 | (266) | ||||
Intersegment Eliminations | IH | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net Interest Income | (4) | (10) | (8) | (21) | ||||
Intersegment Eliminations | OT&C | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Net Interest Income | $ (458) | [1] | $ (251) | [1] | $ (843) | $ (426) | ||
[1] | Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |